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IDEX Metals Corp. Management Reports 2026
48370_rns_2026-03-31_b5a2dcc2-d123-4363-855b-6c6b7d7504b8.pdf
Management Reports
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IDEX
METALS
IDEX Metals Corp.
(formerly known as Goodbridge Capital Corp.)
MANAGEMENT DISCUSSION AND ANALYSIS
FOR THE SIX MONTHS ENDED JANUARY 31, 2026
Table of Contents
INTRODUCTION ... 3
OVERVIEW ... 3
CORPORATE STRUCTURE ... 4
HIGHLIGHTS ... 4
EXPLORATION AND EVALUATION ASSETS ... 5
SELECTED INFORMATION ... 8
RESULTS OF OPERATIONS ... 9
LIQUIDITY AND CAPITAL RESOURCES ... 11
OUTSTANDING SHARE DATA ... 13
RELATED PARTY TRANSACTIONS AND BALANCES ... 14
SUBSEQUENT EVENTS ... 15
FINANCIAL INSTRUMENTS ... 15
CRITICAL ACCOUNTING ESTIMATES ... 15
NEW ACCOUNTING STANDARDS ... 15
OFF-BALANCE SHEET FINANCING ARRANGEMENTS ... 15
OTHER MD&A REQUIREMENTS ... 15
FORWARD- LOOKING INFORMATION ... 16
RISKS AND UNCERTAINTIES ... 16
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
INTRODUCTION
This Management's Discussion and Analysis ("MD&A") is intended to assist readers in understanding IDEX Metals Corp. (formerly Goodbridge Capital Corp.) ("IDEX") and Idaho Silver Corp. (formerly known as IDEX Metals Corp.) ("ISC"), including our operations, financial performance, and the current and future business environment. This MD&A is provided as a supplement to the consolidated financial statements and accompanying notes prepared in accordance with International Financial Reporting Standards ("IFRS") for the six months ended January 31, 2026. This MD&A should be read in conjunction with the unaudited condensed consolidated interim financial statements of the Company and the notes relating thereto, for the six months ended January 31, 2026, which are prepared in accordance with IFRS and the annual management discussion and analysis for the year ended July 31, 2025. which are available on the SEDAR website at www.sedarplus.ca.
This MD&A is prepared as of March 30, 2026. All dollar amounts in this MD&A are expressed in Canadian dollars ("$") or "CA$"), unless otherwise specified. United States dollars are referred to as "US$".
OVERVIEW
IDEX was incorporated under the Business Corporations Act (British Columbia) on February 7, 2022, and classified as a capital pool company listed on the TSX Venture Exchange (the "Exchange").
On May 30, 2025, IDEX completed a transaction with ISC, which was incorporated under the Business Corporations Act (British Columbia) on May 19, 2021, and is engaged in mineral exploration. The transaction constituted a reverse takeover ("RTO") under the policies of the Exchange. For accounting purposes, the transaction has been treated as a reverse acquisition under IFRS 3 Business Combinations. ISC has been identified as the accounting acquirer and IDEX as the accounting acquiree. Although IDEX is the legal parent, the consolidated financial statements represent a continuation of the financial information of ISC, with comparative figures presented on that basis.
In this MD&A, the term "Company" collectively refers to both IDEX and ISC.
On June 10, 2025, the Company commenced trading on the Exchange under the ticker symbol "IDEX."
On August 15, 2025, the Company began trading on the OTCQB under the symbol "IDXMF".
The Company's head office, principal address, registered address and records office is 1188-1095 West Pender St. Vancouver BC, V6E 2M6.
Upon completion of the RTO, the Company is an exploration company principally engaged in identifying, acquiring and exploring high-value potential mineral assets in the State of Idaho.
For further information, refer to the "Exploration and Evaluation Assets" section.
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
CORPORATE STRUCTURE
Following is the corporate structure of the Company as of January 31, 2026, and the date of this MD&A:
| Country of incorporation | Reporting date | |
|---|---|---|
| IDEX | Canada | March 31 |
| ISC | Canada | July 31 |
| Silver Rock Resources Inc. ("Silver Rock") | US | July 31 |
| 1212242 B.C. LTD.* | Canada | July 31 |
| Long Canyon Resources Inc.* | US | July 31 |
- Since the disposition of a 70% interest in 1212242 B.C. LTD. and Long Canyon Resources Inc. on November 16, 2022, the financial information of 1212242 B.C. LTD. and Long Canyon Resources Inc. has not been consolidated with the Company's financial statements.
HIGHLIGHTS
Financings
- The Company completed a brokered private placement of 8,867,099 units at a price of $0.60 per unit, raising gross proceeds of $5,320,259. Each unit comprised one common share and one-half of one warrant. Each whole warrant entitles its holder to purchase one additional common share at an exercise price of $0.90 for a period of two years following the closing of the private placement.
In connection with the private placement, the Company paid finder's fees in the amount of $204,419 and issued 511,030 finder's warrants. Each finder's warrant entitles its holder to purchase one additional common share at an exercise price of $0.60 for a period of two years following the closing of the private placement.
Exploration Activities
During the six months ended January 31, 2026, and up to the date of this MD&A, the Company continued to advance exploration at the Freeze Project in Washington County, Idaho. Work during the period focused on completing the maiden 2025 drill program, receiving and interpreting final assay results, and integrating geological, geochemical, and geophysical datasets to refine the Company's understanding of the broader magmatic-hydrothermal system underlying the Property.
The Company completed six drillholes totaling 2,282 metres at the Kismet Breccia Complex, with all holes intersecting copper mineralization. Assay results received during the quarter for holes KSMT25003 through KSMT25006 further confirmed the scale and continuity of the Kismet system. Drilling demonstrated that the breccia complex extends over approximately 765 metres north–south, 135–150 metres east–west, and more than 500 metres vertically, and remains open in all directions. Key outcomes from results received during the period included:
- Additional broad intervals of copper mineralization from surface, including 130.93 m of 0.40% Cu within 344.34 m of 0.30% Cu in hole KSMT25004, and 57.10 m of 0.50% Cu within 134.22 m of 0.34% Cu in hole KSMT25003.
- Confirmation that mineralized breccia extends to the south and southeast, with KSMT25004 demonstrating that weakly mineralized tonalite encountered in earlier drilling does not close off the system in that direction.
- Expansion of mineralization to the east through hole KSMT25005, which intersected 87.03 m of 0.36% CuEq within 287.43 m of 0.27% CuEq, confirming lateral continuity of the breccia complex.
- Discovery of the Property's first intrusive-hosted copper-molybdenum mineralization in hole KSMT25006, which intersected 109.80 m of 0.54% CuEq within 428.55 m of 0.28% CuEq after drilling through a pyrite-rich shell.
Page 4 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
This zone is interpreted as part of a deeper magmatic-hydrothermal system and represents a significant vector toward a potential porphyry centre.
Surface exploration completed earlier in the year continued to inform the Company's geological model. The North Breccia Zone, located approximately 700 metres north of Kismet, and the Frostfall Zone, a gold-bearing structural trend located a further 950 metres north, remain priority targets for follow-up. These discoveries, combined with more than 2,300 soil and rock samples collected to date, support a metallogenic zonation across the Freeze Property transitioning from copper-molybdenum in the south to copper-gold in the north.
Geophysical work advanced significantly during the period. Results from the property-scale magnetotelluric (MT) and Extremely Low Frequency (ELF) surveys, combined with ongoing Induced Polarization (IP) surveying, outlined a large, coherent conductivity anomaly beneath the Kismet-North Breccia corridor. This anomaly is spatially associated with the pyrite shell intersected in KSMT25006 and is interpreted as a high-priority porphyry target for the 2026 drill season. Additional chargeability anomalies were identified along the Olive Creek and Hornet Creek structural trends, further expanding the pipeline of drill-ready targets.
Operationally, the Company continued to benefit from the U.S. Forest Service's approval of a Categorical Exclusion, which enables expanded exploration activities on western claims and supports future drilling at the CM prospect. This approval remains an important milestone in advancing district-scale exploration across the Freeze Project.
The Company is now integrating all geological, geochemical, and geophysical data from the 2025 program to finalize a comprehensive exploration model. This work will guide the design of an expanded Phase II drill program planned for the 2026 field season, with initial drilling expected to focus on the North Breccia and the deep conductivity anomaly interpreted as a potential porphyry centre.
For detailed information on the Company's exploration activities, including drill results, geophysical surveys, and property-scale discoveries, please refer to the press releases filed by the Company, which are available on sedarplus.ca.
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, title to all of its properties, are properly registered and in good standing.
Page 5 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
Following is the list of projects for which accumulated exploration and evaluation costs were incurred as of January 31, 2026, and July 31, 2025. The Company is actively engaged in exploration activities on these projects. Except for the Amie Project, which was acquired through an agreement, the Company holds a 100% interest in the projects through staking:
| Project | Location | Accumulated exploration and evaluation costs incurred as of | |
|---|---|---|---|
| January 31, 2026 | July 31, 2025 | ||
| Amie | Owyhee County, Idaho | 598,175 | 450,785 |
| Autunite Hill | Clark County, Idaho | - | - |
| Badger Creek | Butte County, Idaho | 486 | 486 |
| Basinger Canyon | Lemhi County, Idaho | - | - |
| Caribou | Bonneville County, Idaho | 64,972 | 64,972 |
| Deadman's Gulch | Shoshone County, Idaho | 286,836 | 286,836 |
| Demming | Owyhee County, Idaho | - | - |
| Fort Hall | Bannock County, Idaho | 18,715 | 18,715 |
| Foss | Butte County, Idaho | - | - |
| Freeze | Washington County, Idaho | 4,186,258 | 1,251,756 |
| Kismet | Washington County, Idaho | 18,177 | 17,511 |
| Kopper King | Bannock County, Idaho | - | - |
| Mineral Mountain | Lemhi County, Idaho | 108,445 | 108,445 |
| New Whitehorse | Lemhi County, Idaho | - | - |
| Silver Rock | Owyhee County, Idaho | 40,749 | 40,749 |
| South Creek | Butte County, Idaho | - | - |
| Squaw Creek | Lemhi County, Idaho | - | - |
| Viola project | Lemhi County, Idaho | 34,343 | 34,343 |
| Warm Springs | Butte County, Idaho | - | - |
| Worthing Kaufman | Lemhi County, Idaho | 15,600 | 15,600 |
| 5,372,756 | 2,290,198 |
Amie Project
On October 26, 2022, the Company entered into a mineral claim purchase agreement (the "Amie Purchase Agreement") with a vendor to acquire certain claims relating to the Amie Project by making a cash payment US$20,000 (paid (CA$27,495)). Upon execution of the Amie Purchase Agreement, the Company granted a 2.5% Net Smelter Royalty (the "NSR") for certain eligible claims to the vendor, of which 1% may be repurchased by the Company for US$1,000,000 on or before December 31, 2027. Most of the claims comprising the Amie Project were subsequently acquired through staking.
The Amie project is located 15 km south of the community of Oreana, Owyhee County, Idaho. The land package is comprised of 53 lode claims, totalling an area of 5 km². The project is 100% owned and is located entirely on Bureau of Land Management (BLM) land. The project is prospective for high-grade epithermal gold-silver mineralization and is located approximately 36 kilometers from Integra Resources' DeLamar project and the historic DeLamar mine. Historical workings have been located on the property by IDEX geologists, including 11 adits, 4 shafts and 46 test pits. Work to date has focused on ground truthing the geology and mineralization of historical workings and mineral showings.
Freeze Project
The Freeze project, located in Washington County, Idaho, is within 5 km of Hercules Silver's Leviathan Porphyry Copper Discovery. The land package is comprised of 153 lode claims, totalling an area of 12 km².
Page 6 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
The project is 100% owned and is located entirely on United States Forest Service (USFS) land. Work to date has identified a large copper-in-soil anomaly that has a 2 km strike length and occurs over a quartz eye porphyritic granodiorite intrusion. The property contains evidence of historical mining and exploration including workings such as historic pits, trenches, and dumps. No known drilling or geophysical surveys have been conducted on the property to date. Future work will consist of additional geochemical sampling, geological mapping, and an Induced Polarization (IP) survey over prospective geological targets.
Long Canyon Property
On November 16, 2022, the Company and USCM entered into a share purchase agreement (the “LGSPA”) to sell 70% of the Long Canyon Property, which was held by Long Canyon Resources Inc. through selling 70% issued and outstanding common shares of 1212242 B.C. LTD. and Long Canyon Resources Inc. The remaining 30% interest in Long Canyon Property is being held by the Company with a fair value of $140,058. The transaction was completed on December 15, 2022.
In exchange for the 70% interest in Long Canyon Property, USCM issued 1,000,000 common shares with a fair value of $276,801 and made a cash payment of $50,000 to the Company.
The Mineral Mountain Project
The Mineral Mountain Project (“Mineral Mountain”) is located in Lemhi County, Idaho, within five (5) kilometers of the historic lead-silver Leadville and Kimmel Mines, in the Junction Mining Distinct. Mineral Mountain has limited modern exploration and no known drilling.
Mineral Lease Agreement
On January 8, 2025, the Company, through Silver Rock Resources Inc., its wholly-owned subsidiary, entered into a lease agreement with the Idaho State Board of Land Commissioners (the “Land Board”) granting the Company the right to explore for and extract metallic minerals from state-owned mineral estate located in Idaho, USA.
The lease has an initial term of 20 years from September 1, 2025, with potential extensions subject to Idaho law and renegotiated terms.
Under the lease agreement, the Company is required to make the following payments:
Annual Rent
- January 8, 2025 US$42,042 (paid)
- March 1, 2026 US$84,085^ (paid subsequent to January 31, 2026)
^ Annual rent is due each March 1 thereafter and increases by 3% cumulatively per year. The final payment will be prorated for six months.
Minimum Annual Royalty
- January 8, 2025 US$10,000 (paid)
- March 1, 2026 to March 1, 2029 US$20,000 per year
- March 1, 2030 to March 1, 2034 US$30,000 per year
- March 1, 2035 to March 1, 2039 US$70,000 per year
- March 1, 2040 to March 1, 2044 US$100,000 per year
- March 1, 2045 US$50,000
In addition, upon execution of the lease agreement, the Land Board is entitled to a 5% NSR on production of metallic minerals, which is credited against the minimum annual royalty.
Page 7 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
Reclamation Deposit
During the year ended July 31, 2025, the Company made a reclamation deposit of $152,000 (US$108,852) as collateral for the Kismet project in the event of future operations.
During the six months ended January 31, 2026, the Company made a reclamation deposit of $20,800 (US$14,817) as collateral for the Freeze project in the event of future operations.
SELECTED INFORMATION
| For the six months ended | |||
|---|---|---|---|
| January 31, 2026 | |||
| ("FY26") | January 31, 2025 | ||
| ("FY25") | January 31, 2024 | ||
| ("FY24") | |||
| $ | $ | $ | |
| Expenses | 4,864,290 | 742,820 | 933,645 |
| Other income (expenses) | (7,651) | 89,067 | (126,089) |
| Net loss | (4,871,941) | (653,753) | (1,119,734) |
| Loss and comprehensive loss | (4,889,654) | (621,417) | (1,117,575) |
| Basic and diluted loss per share | (0.09) | (0.02) | (0.04) |
| As at | January 31, 2026 | July 31, 2025 | July 31, 2024 |
| $ | $ | $ | |
| Working capital | 2,543,752 | 2,048,528 | 418,533 |
| Total assets | 4,629,633 | 3,916,014 | 1,308,605 |
| Total liabilities | 589,195 | 704,651 | 348,933 |
| Share capital | 13,336,285 | 8,172,955 | 2,815,994 |
| Deficit | 11,262,501 | 6,390,560 | 2,586,416 |
Expenses increased in FY26 relative to FY25 and FY24, primarily attributable to higher exploration and evaluation expenditures incurred as the Company advanced its project pipeline. The year-over-year increase also reflects higher operating costs associated with the post-RTO scale-up of activities, including the expansion of corporate support functions, incremental regulatory and compliance requirements, and continued execution of corporate initiatives.
Working Capital increased at each reporting period end, primarily driven by proceeds from private placements, which strengthened the Company's liquidity position and contributed to higher cash balances.
Total Assets increased across the reporting periods, reflecting the combined impact of increased cash balances from financing activities and continued capital deployment toward exploration and evaluation assets.
Total Liabilities consist predominantly of accounts payable and accrued liabilities and are consistent with the level and timing of the Company's operating activities during the respective periods.
Share Capital and Deficit increased at each reporting date as a result of equity financings completed during the periods presented. The accumulated deficit reflects net losses generated from operations over the same periods.
Page 8 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
RESULT OF OPERATIONS
| | January 31, 20265
("Q226") | October 31, 2025
("Q126") | July 31, 2025
("Q425") | April 30, 2025
("Q325") |
| --- | --- | --- | --- | --- |
| | $ | $ | $ | $ |
| Revenue | - | - | - | - |
| Net income (loss) | (1,821,384) | (3,050,557) | (2,180,657) | (969,734) |
| Basic and diluted earnings (loss) per share | (0.03) | (0.06) | (0.05) | (0.03) |
| | January 31, 2025
("Q225") | October 31, 2024
("Q125") | July 31, 2024
("Q424") | April 30, 2024
("Q324") |
| | $ | $ | $ | $ |
| Revenue | - | - | - | - |
| Net income (loss) | (176,260) | (477,493) | (630,699) | (205,776) |
| Basic and diluted earnings (loss) per share | (0.00) | (0.02) | (0.02) | (0.01) |
All of the Company's exploration and evaluation properties remain at the exploration stage. Since inception, the Company has not generated revenue and does not expect to generate revenue in the near term. The increase in expenditures since Q4 2025, is primarily attributable to higher exploration and evaluation activity as the Company advanced its project pipeline. The increase also reflects higher operating costs associated with the post-RTO scale-up of activities, including the expansion of corporate support functions, incremental regulatory and compliance requirements, and ongoing corporate initiatives. The Company's net loss continues to be driven by exploration and evaluation expenditures and professional fees, both of which are variable in nature and fluctuate period-to-period based on the level and timing of underlying business activities.
Operating Expenses
In Q226, operating expenses totaled $1,817,656, reflecting an increase of $1,602,329 compared to the $215,327 incurred in Q225. The detailed breakdown of operating expenses for both periods is as follows:
| For the three months ended | ||||
|---|---|---|---|---|
| January 31, 2026 | January 31, 2025 | Change | ||
| $ | $ | $ | % | |
| Expenses | ||||
| Consulting fees | 137,813 | - | 137,813 | 100% |
| Depreciation | 9,646 | - | 9,646 | 100% |
| Exploration and evaluation costs | 884,283 | 86,366 | 797,917 | 924% |
| Foreign exchange gain (loss) | 2,978 | (6,481) | 9,459 | (146%) |
| General and administrative expenses | 15,856 | 17,681 | (1,825) | (10%) |
| Management fees | 60,000 | 30,000 | 30,000 | 100% |
| Professional fees | 119,082 | 82,761 | 36,321 | 44% |
| Share-based payments | 232,549 | - | 232,549 | 100% |
| Shareholder information and investor relations | 342,287 | - | 342,287 | 100% |
| Transfer agent, regulatory and filing fees | 12,806 | 5,000 | 7,806 | 156% |
| Travel | 356 | - | 356 | 100% |
| Total expenses | 1,817,656 | 215,327 | 1,602,329 | 744% |
Page 9 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
In FY26, operating expenses totaled $4,864,290, reflecting an increase of $4,121,470 compared to the $742,820 incurred in FY25. The detailed breakdown of operating expenses for both periods is as follows:
| For the six months ended | ||||
|---|---|---|---|---|
| January 31, 2026 | January 31, 2025 | Change | ||
| $ | $ | $ | % | |
| Expenses | ||||
| Consulting fees | 255,313 | - | 255,313 | 100% |
| Depreciation | 19,294 | - | 19,294 | 100% |
| Exploration and evaluation costs | 3,082,558 | 474,325 | 2,608,233 | 550% |
| Foreign exchange gain (loss) | 58,835 | 7,087 | 51,748 | 730% |
| General and administrative expenses | 47,308 | 32,300 | 15,008 | 46% |
| Management fees | 120,000 | 60,000 | 60,000 | 100% |
| Professional fees | 197,731 | 152,832 | 44,899 | 29% |
| Share-based payments | 532,319 | - | 532,319 | 100% |
| Shareholder information and investor relations | 504,804 | 11,276 | 493,528 | 4,377% |
| Transfer agent, regulatory and filing fees | 27,874 | 5,000 | 22,874 | 457% |
| Travel | 18,254 | - | 18,254 | 100% |
| Total expenses | 4,864,290 | 742,820 | 4,121,470 | 555% |
Consulting fees are primarily attributable to expanded corporate development initiatives, including enhanced strategic advisory services, support for business development activities, and the engagement of specialized consultants to advance the Company's growth objectives.
Exploration and Evaluation Costs ("E&E Costs") represent expenditures incurred on exploration projects, excluding acquisition costs (refer to "Exploration and Evaluation Assets"). During the periods presented, the majority of E&E Costs were incurred in connection with activities at the Freeze Project.
Foreign exchange loss (gain) arises primarily from the translation of the Company's US dollar-denominated monetary assets and liabilities into Canadian dollars at period-end exchange rates.
General and administrative expenses consist primarily of insurance, lease-related costs not required to be capitalized under IFRS, and other general office expenditures.
Management and directors' fees relate to compensation paid or accrued to key management personnel, including the Chief Executive Officer ("CEO") (refer to "Related Party Transactions and Balances").
Professional fees primarily include accounting and legal costs incurred to support ongoing operations and the Transaction. These fees also include compensation paid to the Chief Financial Officer ("CFO") (refer to "Related Party Transactions and Balances").
Share-based payments represent the recognition of the grant-date fair value of stock options and restricted share units ("RSUs") over the applicable vesting periods. Previously recognized amounts related to forfeited awards are reversed in the period of forfeiture.
Shareholder information and investor relations expenses relate to costs incurred to enhance investor communications and increase the Company's visibility within the investment community. The increase in these costs reflects the broader post-RTO scale-up of corporate activities.
Page 10 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
Transfer agent, regulatory, and filing fees reflect costs incurred to maintain the Company's public listing and ensure compliance with applicable securities regulations.
Other income (expenses)
In Q226, other expenses totaled $3,728, compared to other income of $39,067 in Q225. The detailed breakdown of other income for both quarters is as follows:
| For the three months ended | ||||
|---|---|---|---|---|
| January 31, 2026 | January 31, 2025 | Change | ||
| $ | $ | $ | % | |
| Other income (expenses) | ||||
| Accretion of interest of lease obligation | (3,728) | - | (3,728) | 100% |
| Change in fair value of marketable securities | - | 45,543 | (45,543) | (100%) |
| Finance costs | - | (6,476) | 6,476 | (100%) |
| Total other income (expenses) | (3,728) | 39,067 | (42,795) | (110%) |
In FY26, other expenses totaled $7,651, reflecting an increase of $96,718 compared to other income of the $89,067 in FY25. The detailed breakdown of operating expenses for both periods is as follows:
| For the six months ended | ||||
|---|---|---|---|---|
| January 31, 2026 | January 31, 2025 | Change | ||
| $ | $ | $ | % | |
| Other income (expenses) | ||||
| Accretion of interest of lease obligation | (7,651) | - | (7,651) | 100% |
| Change in fair value of marketable securities | - | 45,543 | (45,543) | (100%) |
| Finance costs | - | (6,476) | 6,476 | (100%) |
| Other income | - | 50,000 | (50,000) | (100%) |
| Total other income (expenses) | (7,651) | 89,067 | (96,718) | (109%) |
Accretion of interest on the lease obligation represents the non-cash finance expense recognized over the term of the Company's lease agreements. This expense reflects the unwinding of the discount on lease liabilities initially recognized in accordance with IFRS 16 – Leases.
Change in fair value of marketable securities reflects the remeasurement of these financial assets to fair value at each reporting date, as required under applicable IFRS standards. No change in fair value was recognized in Q2 2026 or FY26, as the Company did not hold any marketable securities during those periods.
Finance costs primarily consist of interest expense associated with promissory notes issued by the Company. No finance costs were recognized in Q2 2026 or FY26, as there were no promissory notes outstanding during those periods.
Other income recorded in FY25 relates to a dividend of $50,000 received from 1212242 B.C. Ltd., representing the Company's 30% ownership interest.
Page 11 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
LIQUIDITY AND CAPITAL RESOURCES
As of January 31, 2026, and July 31, 2025, the Company had working capital of $2,543,752 and $2,048,528, respectively, which included cash of $2,497,558 and $1,603,811, respectively.
Cash Flow
| FY26 | FY25 | |
|---|---|---|
| $ | $ | |
| Cash flow used in operating activities | (4,028,306) | (312,671) |
| Cash flow used in investing activities | (243,548) | (350,934) |
| Cash flow provided by financing activities | 5,165,601 | 300,000 |
| Increase (decrease) in cash | 893,747 | (363,605) |
Cash used in operating activities for the six months ended January 31, 2026 was $4,028,306, compared to $312,671 in the prior year period. The increase is primarily attributable to a higher net loss, reflecting increased exploration and evaluation activity and the post-RTO scale-up of operations.
Non-cash items, including share-based payments, partially offset the loss in the current period, while the prior period benefited from other income and fair value gains on marketable securities. Changes in working capital, particularly an increase in prepaid expenses, also contributed to higher cash outflows in the current period.
Overall, the increase in cash used in operating activities is consistent with the Company's expanded level of operational activity.
Cash provided by (used in) investing activities primarily relates to expenditures on exploration and evaluation assets, partially offset by proceeds from asset disposals and investment income.
During FY26, the Company incurred staking and acquisition costs totaling $222,748 across various projects, compared to $460,055 in FY25. The Company also made reclamation deposits of $20,800 (US$3,000) in FY26 and $6,982 (US$5,000) in FY25 in connection with the Freeze Project.
In FY25, investing inflows included a $50,000 dividend received from 1212242 B.C. Ltd. in respect of the Company's 30% ownership interest, as well as net proceeds of $66,103 from the disposition of marketable securities.
Cash used in financing activities primarily relates to net proceeds from equity issuances and, in the prior period, the issuance of promissory notes.
During FY26, the Company completed a brokered private placement of 8,867,099 units at $0.60 per unit for gross proceeds of $5,320,259, and incurred finders' fees of $204,419 and share issuance costs of $42,690. The Company also received $113,260 from the exercise of options and warrants. In addition, lease payments of $20,809 were made during the period.
In FY25, financing activities included proceeds of $300,000 from the issuance of promissory notes.
The Company expects to obtain financing in the future primarily through further equity financings. At present, the Company has no operations that generate cash flow, and its financial success depends on management's ability to discover economically viable mineral deposits and arrange the required funding through future equity issuances, asset sales, or a combination thereof. The mineral exploration process can take many years and is subject to factors beyond the Company's control. The Company relies on equity financings and the exercise of options and warrants to fund its exploration activities and corporate and overhead expenses. Many factors influence the Company's ability
Page 12 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
to raise funds, including the health of the resource market, the climate for mineral exploration investment, the Company's track record, and the experience and caliber of its management. Actual funding requirements may vary from those planned due to a number of factors, including the progress of exploration activities.
The Company's operations to date have been financed by issuing securities. Its ability to continue as a going concern depends on its ability to obtain additional financing to meet its obligations as they come due. If the Company were unable to continue as a going concern, significant adjustments would be required to the carrying value of assets and liabilities, and to the balance sheet classifications currently used. There is no guarantee that the Company will be able to secure additional financings in the future on favorable terms. To date, the Company has not used debt or other means of financing for its exploration programs and has no plans to use debt financing at the present time. Based on the current working capital as of the date of this MD&A, it is expected that the current cash position will be sufficient to fund the Company's needs for at least the next twelve months.
OUTSTANDING SHARE DATA
As of January 31, 2026, the Company had 57,408,899 common shares issued and outstanding with a value of $13,336,285.
Common shares
FY26:
- The Company completed a brokered private placement of 8,867,099 units at a price of $0.60 per unit, raising gross proceeds of $5,320,259. Each unit comprised one common share and one-half of one warrant. Each whole warrant entitles its holder to purchase one additional common share at an exercise price of $0.90 for a period of two years following the closing of the private placement.
In connection with the private placement, the Company paid finder's fees in the amount of $204,419 and issued 511,030 finder's warrants. Each finder's warrant entitles its holder to purchase one additional common share at an exercise price of $0.60 for a period of two years following the closing of the private placement.
- 56,520 warrants were exercised for proceeds of $38,260.
- 500,000 stock options were exercised for proceeds of $75,000.
- The Company issued 342,500 common shares in settlement of restricted share units.
- The Company incurred share issuance costs of $42,690 in connection with the shares issued as discussed above.
Page 13 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
Options
FY26:
- On November 13, 2025, the Company granted 125,000 stock options to a consultant. The options have an exercise price of $0.52 per share and are exercisable for a period of five years from the grant date. The options vest in tranches of one-fourth at six-month intervals following the grant date.
- On January 23, 2026, the Company granted 200,000 stock options to a consultant. The options have an exercise price of $0.50 per share and are exercisable for a period of five years from the grant date. The options vest in tranches of one-fourth at six-month intervals following the grant date.
- 250,000 stock options with an exercise price of $0.05 were forfeited.
As at the date of this MD&A, the Company had the following common shares, options and warrants issued and outstanding:
- 57,408,899 common shares;
- 11,408,146 warrants with exercise price ranging from $0.50 to $0.90 per share;
- 4,530,466 stock options with exercise ranging from $0.15 to $0.52 per share; and
- 4,337,500 RSUs.
RELATED PARTY TRANSACTIONS AND BALANCES
Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers.
Total compensation of key company personnel for the six months ended January 31, 2026, and 2025 is as follows:
| For the six months ended | ||
|---|---|---|
| January 31, 2026 | January 31, 2025 | |
| $ | $ | |
| Management fees | 120,000 | 60,000 |
| Professional fees | 78,000 | 66,040 |
| Shareholder information and investor relations | 18,000 | - |
| Exploration and evaluation costs and project evaluation costs | 90,880 | 94,750 |
| Share-based payments | 357,857 | - |
| 664,737 | 220,790 |
Related party balances
The balances due to the Company's directors and officer included in accounts payables and accrued liabilities were $13,650 as of January 31, 2026 (July 31, 2025 – $14,199). These amounts are unsecured, non-interest bearing and payable on demand.
Page 14 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
SUBSEQUENT EVENTS
- None
FINANCIAL INSTRUMENTS
In the normal course of business, the Company is inherently exposed to certain financial risks, including market risk, credit risk and liquidity risk, through the use of financial instruments. The timeframe and manner in which the Company manages these risks varies based upon management's assessment of the risk and available alternatives for mitigating risk. The Company does not acquire or issue derivative financial instruments for trading or speculative purposes. All transactions undertaken are to support the Company's operations. These financial risks and the Company's exposure to these risks are provided in various tables in note 11 of our unaudited condensed consolidated interim financial statements for the six months ended January 31, 2026. For a discussion on the significant assumptions made in determining the fair value of financial instruments, refer also to note 2 of the audited consolidated financial statements for the years ended July 31, 2025 and 2024.
CRITICAL ACCOUNTING ESTIMATES
The preparation of our financial statements requires management to use judgment and make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent liabilities at the date of the financial statements, and the reported amount of expenses during the period. Actual results could materially differ from these estimates. For a more detailed discussion of the critical accounting estimates and judgments, refer to note 2 of our annual audited financial statements for the years ended July 31, 2025, and 2024.
NEW ACCOUNTING STANDARDS
Certain new standards, interpretations, amendments, and improvements to existing standards were issued by the IASB or IFRIC, which are mandatory for accounting periods beginning on or after August 1, 2025. The Company does not expect that any new or amended standards or interpretations effective for annual periods beginning on or after August 1, 2025, will significantly impact the Company's results of operations or financial position.
OFF-BALANCE SHEET FINANCING ARRANGEMENTS
As of January 31, 2026, and the date of this MD&A, the Company did not have any off-balance sheet financing arrangements.
OTHER MD&A REQUIREMENTS
Management's responsibility for financial statements
Management is responsible for the preparation and fair presentation of these financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Page 15 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
FORWARD-LOOKING INFORMATION
This MD&A may contain forward-looking statements based on assumptions and judgments of management regarding events or results that may prove to be inaccurate as a result of exploration or other risk factors beyond its control. Actual results may differ materially from the expected results.
Except for statements of historical fact, this MD&A contains certain “forward-looking information” within the meaning of applicable securities law. Forward-looking information is frequently characterized by words such as “plan”, “expect”, “project”, “intend”, “believe”, “anticipate”, “estimate” and other similar words, or statements that certain events or conditions “may” or “will” occur. In particular, forward-looking information in this MD&A includes, but is not limited to, statements with respect to future events and is subject to certain risks, uncertainties and assumptions. Although we believe that the expectations reflected in the forward-looking information are reasonable, there can be no assurance that such expectations will prove to be correct. We cannot guarantee future results, performance or achievements. Consequently, there is no representation that the actual results achieved will be the same, in whole or in part, as those set out in the forward-looking information.
Forward-looking information is based on the opinions and estimates of management at the date the statements are made, which are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those anticipated in the forward-looking information. Some of the risks and other factors that could cause results to differ materially from those expressed in the forward-looking statements include, but are not limited to: general economic conditions in Canada, the United States and globally; industry conditions, including fluctuations in commodity prices; governmental regulation of the mining industry, including environmental regulation; geological, technical and drilling problems; unanticipated operating events; competition for and/or inability to retain drilling rigs and other services; the availability of capital on acceptable terms; the need to obtain required approvals from regulatory authorities; stock market volatility; volatility in market prices for commodities; liabilities inherent in mining operations; changes in tax laws and incentive programs relating to the mining industry; and the other factors described herein under “Risks and Uncertainties” as well as in our public filings available at www.sedarplus.ca. Readers are cautioned that this list of risk factors should not be construed as exhaustive.
The forward-looking information contained in this MD&A is expressly qualified by this cautionary statement. We undertake no duty to update any of the forward-looking information to conform such information to actual results or to changes in our expectations except as otherwise required by applicable securities legislation. Readers are cautioned not to place undue reliance on forward-looking information.
RISKS AND UNCERTAINTIES
The Company is engaged in the acquisition and exploration of mineral properties. As is typical within the mineral exploration sector, the Company is subject to a range of risks and uncertainties inherent to the industry:
- Capital Intensity: Mineral exploration and development are capital-intensive at all stages, requiring significant ongoing investment.
- Commodity Price Volatility: Fluctuations in global commodity prices directly impact project economics and investor sentiment.
- Market and Currency Risks: The Company is exposed to variations in market sentiment, exchange rates, and inflationary pressures, all of which may affect operating costs and financing capacity.
- Revenue Limitations: At present, the Company has no operating revenue other than interest income. Exploration activities are not expected to generate near-term cash flows.
Page 16 of 17
Page 17 of 17
IDEX Metals Corp. (formerly known as Goodbridge Capital Corp.)
Management Discussion and Analysis
For the Six Months Ended January 31, 2026
(Expressed in Canadian Dollars)
- Financing Dependence: The Company will rely primarily on equity financing to fund exploration programs and property acquisitions. Access to capital markets and investor appetite remain critical to sustaining operations.
Risk Disclosure
For a comprehensive discussion of risk factors specific to the Company, reference should be made to the filing statement filed by IDEX on May 20, 2025, available on sedarplus.ca.