Immutable Holdings Inc. — Interim / Quarterly Report 2026

May 14, 2026

Immutable Holdings

Condensed Interim Consolidated Financial Statements

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian Dollars)

1

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NOTICE TO READER

Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim consolidated financial statements have been prepared by and are the responsibility of management.

The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

Vancouver, BC
May 14, 2026

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3

Immutable Holdings Inc.

Condensed Interim Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)

	Notes	March 31, 2026 (unaudited)	December 31, 2025 (audited)
Assets		$	$
Current
Cash		2,469,570	3,182,412
Digital assets	5	6,343,795	7,601,098
GST receivable		49,631	35,078
Prepaid expenses	8	448,660	267,389
Total current assets		9,311,656	11,085,977
Total assets		9,311,656	11,085,977
Liabilities
Current
Accounts payable and accrued liabilities	10	251,444	185,771
Total liabilities		251,444	185,771
Shareholders’ equity
Share capital	9	24,221,218	24,221,218
Reserves	9	5,971,016	5,970,939
Accumulated other comprehensive income		2,811,080	3,942,483
Deficit		(23,943,102)	(23,234,434)
Total shareholders’ equity		9,060,212	10,900,206
Total liabilities and shareholders’ equity		9,311,656	11,085,977

Nature and continuance of operations (Note 1)
Provisions (Note 13)

“Jordan Fried” Director
“Alberto Franco” Director

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

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4

Immutable Holdings Inc.

Condensed Interim Consolidated Statements of Income (Loss) and Comprehensive Income (Loss)
(Expressed in Canadian Dollars)

For the three-month periods ended	Notes	March 31, 2026	March 31, 2025
		$	$
Operating expenses
Consulting fees	10	76,071	164,013
Custodian fees		14,537	15,212
Depreciation	7	-	3,145
Filing and transfer agent fees		29,972	51,472
General and administrative		37,152	41,469
Insurance		64,472	64,478
Marketing		2,321	2,428
Payroll	10	74,140	82,418
Professional fees	10	385,004	495,572
Rent	6	18,491	33,935
Share-based payments	9,10	77	36,312
		(702,237)	(990,454)
Loss before other items
Revaluation loss on digital assets	5	-	(15,510)
Foreign exchange loss		(6,431)	(14,013)
Loss and comprehensive loss before income taxes		(708,668)	(1,019,977)
Deferred tax recovery		-	1,042,000
Income (loss) and comprehensive income (loss) for the period		(708,668)	22,023
Other comprehensive (loss) income
Foreign currency translation		232,868	(45,201)
Net unrealized depreciation of investments	5	(1,364,271)	(7,497,613)
Comprehensive (loss for the year		(1,840,071)	(7,520,791)
Basic and diluted loss per share		(0.01)	0.00
Weighted average number of voting shares outstanding – basic and diluted	9	98,091,317	98,091,317

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

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5

Immutable Holdings Inc.

Condensed Interim Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars)

For the three-month periods ended	Notes	March 31, 2026	March 31, 2025
		$	$
Cash provided by (used in):
Operating activities
(Loss) income for the period		(708,668)	22,023
Items not involving cash:
Depreciation	6	-	3,145
Deferred tax recovery		-	(1,042,000)
Share-based payments	8	77	36,312
Revaluation loss on digital assets	5	-	15,510
Unrealized loss on foreign exchange		-	74
Changes in non-cash working capital items:
Prepaid expenses		(183,362)	(109,135)
GST receivable		(14,550)	(21,995)
Accounts payable and accrued liabilities		67,705	57,781
Net cash used in operating activities		(838,798)	(1,038,285)
Net change in cash during the period		(838,798)	(1,038,285)
Change in foreign exchange – cash and other		125,956	(15,086)
Cash, beginning of year		3,182,412	8,295,966
Cash, end of period		2,469,570	7,242,595

Supplementary cash flow information (Note 14)

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

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6

Immutable Holdings Inc.

Condensed Interim Consolidated Statements of Shareholders' Equity

(Expressed in Canadian Dollars)

	Share capital
	Outstanding shares
	MVS	SVS	Amount	Reserves	AOCI	Deficit	Total
			$	$	$	$	$
Balance, December 31, 2024	66,318	31,773,434	24,221,218	5,888,481	16,307,588	(20,149,800)	26,267,487
Share-based payments	-	-	-	82,458	-	-	82,458
Conversion of MVS to SVS	(810)	809,643	-	-	-	-	-
Net unrealized depreciation on investments	-	-	-	-	(11,595,849)	-	(11,595,849)
Foreign currency translation adjustment	-	-	-	-	(769,256)	-	(769,256)
Loss for the year	-	-	-	-	-	(3,084,634)	(3,084,634)
Balance, December 31, 2025	65,508	32,583,077	24,221,218	5,970,939	3,942,483	(23,234,434)	10,900,206
Share-based payments	-	-	-	77	-	-	77
Net unrealized depreciation on investments	-	-	-	-	232,868	-	232,868
Foreign currency translation adjustment	-	-	-	-	(1,364,271)	-	(1,364,271)
Loss for the period	-	-	-	-	-	(708,668)	(708,668)
Balance, March 31, 2026	65,508	32,583,077	24,221,218	5,971,016	2,811,080	(23,943,102)	9,060,212

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

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

1. NATURE AND CONTINUANCE OF OPERATIONS

Immutable Holdings Inc. (the "Company" or "Immutable") focuses on developing business lines in the digital asset and blockchain industries. Immutable is the resulting issuer after giving effect to a transaction contemplated in a Business Combination Agreement dated August 4, 2021 between Immutable Holdings Inc., Bexar Ventures Inc. ("Bexar") and 1309023 B.C. Ltd.

Bexar was incorporated under the provisions of the Business Corporations Act of British Columbia on January 31, 2017. On March 27, 2018, Bexar begun trading on the Canadian Stock Exchange under the symbol "BXV". Immutable was initially formed on December 22, 2020 pursuant to the General Corporation Law of the State of Delaware. On September 24, 2021, Bexar and Immutable completed a reverse takeover transaction ("RTO"). Reverse acquisition accounting was applied on the RTO and the financial information reflected the continuation of the financial position, operating results and cash flows of Immutable Holdings Inc. The Company changed its name from Bexar Ventures Inc. to Immutable Holdings Inc. and resumed trading on the CBOE Canadian Exchange ("CBOE") on September 28, 2021 under the new symbol "HOLD". During the year ended December 31, 2023, the Company's shares were listed on the OTCBQ Venture Market and began trading under the symbol "IHLDF".

The Company's registered office is located at Suite 2200, 700 West Georgia Street, Vancouver, British Columbia, V7Y 1K8.

These condensed interim consolidated financial statements have been prepared on the basis of accounting principles applicable to going concern, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company's ability to continue as a going concern is dependent upon its ability to generate sufficient cash flows and fund its operations through revenue generating activities, equity financings, or through other means. As at March 31, 2026, the Company had cash of $2,469,570 (December 31, 2025 - $3,182,412) and a positive working capital of $9,060,212 (December 31, 2025 - $10,900,206). The Company's continuation as a going concern is dependent on its ability to attain profitable operations. The Company has not yet identified a new business strategy or identified revenue streams to sustain future operations. Management is currently evaluating potential business opportunities. At this time, no formal plans or agreements have been established. These circumstances comprise a material uncertainty which may cast significant doubt about the Company's ability to continue as a going concern. Management estimates that the Company has sufficient funds to maintain its existing operations and activities for the upcoming year.

2. BASIS OF PRESENTATION

Statement of compliance

These unaudited condensed interim consolidated financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting under IFRS as issued by the International Accounting Standards Board ("IASB") and follow the same material accounting policies and methods of application as the Company's December 31, 2025 annual audited consolidated financial statements, unless otherwise noted. Accordingly, they should be read in conjunction with the Company's most recent annual statements.

These unaudited condensed interim consolidated financial statements were authorized for issuance by the Board of Directors on May 14, 2026.

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

2. BASIS OF PRESENTATION (continued)

Basis of measurement

These consolidated financial statements have been prepared on a historical cost basis except for certain financial instruments that are measured at fair value and digital assets. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

Basis of consolidation

These consolidated financial statements incorporate the financial statements of the Company, which is located in British Columbia, Canada, and the following subsidiaries:

Subsidiary	Location	Ownership %
		March 31, 2026	December 31, 2025
Immutable Holdings Inc.	USA	100%	100%
The NFT Company Inc.	Puerto Rico	100%	100%
Immutable Asset Management LLC	Puerto Rico	100%	100%
Immutable Advisory LLC	Puerto Rico	100%	100%
NFT.com LLC	Puerto Rico	51%	51%
CDBC LLC	Puerto Rico	100%	100%
HBAR LABS LLC	Puerto Rico	100%	100%
1800BITCOIN LLC	Puerto Rico	100%	100%

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. Subsidiaries are included in the consolidated financial statements from the date control is obtained until the date control ceases. All significant intercompany transactions and balances have been eliminated.

Functional and presentation currency

These consolidated financial statements are presented in Canadian Dollars. Items included in the consolidated financial statements of the Company are measured using the currency of the primary economic environment in which the entity operates. The functional currency of the parent company is the Canadian dollar and the functional currency of the Company's subsidiaries is the US dollar ("USD").

Critical accounting judgements and estimates

The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and contingent liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The Company operates in the blockchain and digital asset space, many aspects of which are not specifically addressed by current IFRS guidance. Management has exercised significant judgement as to the application of IFRS and the selection of appropriate accounting policies.

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

2. BASIS OF PRESENTATION (continued)

Critical accounting judgements and estimates (continued)

In the event authoritative guidance is enacted by the IASB, the Company may be required to change its policies which could result in a change in the Company's financial position and earnings.

Estimates and assumptions are continually evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.

Critical accounting judgements

Accounting for cryptocurrencies

Accounting for investments in digital currencies requires management to make judgements based on the entity's business model and its purpose and intent for investing in the assets, the nature and use of the assets and the expected timeline of the use. The Company currently holds certain digital assets, which are considered to be identifiable non-monetary assets without physical substance. The digital assets were acquired through sales and royalties initiated on the Company's www.nft.com platform, as well as through performance fee payments for managing the Immutable HBAR Opportunity 1 LLC Fund. The Company may convert digital assets into fiat currency in order to manage liquidity and risk exposure, in a reasonable timeframe. As a result, management has determined that the digital assets should be accounted for as intangible assets under IAS 38 – Intangible Assets as current assets on the statement of financial position. This judgement includes consideration of the operations, strategy and intent of management.

The Company applies the revaluation method to the asset classes whereby there is an active market in which the digital assets are traded. Management exercises judgement in defining active markets and assesses whether there is sufficient frequency and volume to provide pricing information on an ongoing basis.

Transactions

Judgment is used when determining whether an acquisition is a business combination or an asset acquisition. There are judgements in measuring the fair value of equity instruments issued as consideration and in allocating the fair value of consideration paid to the assets acquired and liabilities assumed. For asset acquisitions made in exchange for contingent consideration, management must develop and assess expectations for the probability of the liability being triggered in the future.

Going concern

The assessment of the Company's ongoing viability as an operating entity and determination of the related disclosures require significant judgment. In assessing the Company's ability to continue as a going concern, market and regulatory factors are considered.

Identifying whether a contract includes a lease

Judgement is applied when determining whether a contract contains a lease. Management applies judgment on certain factors, including whether the supplier or lessor has substantive substitution rights and if the

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

2. BASIS OF PRESENTATION (continued)

Critical accounting judgements and estimates (continued)

Company obtains substantially all of the economic benefits in the identified asset and the rights to direct the use of that asset. In addition, management exercises judgement in determining whether variable payments should be included in the calculation of a lease liability.

Critical accounting estimates

Share-based payments

Where applicable, the fair value of certain equity instruments is subject to the limitations of the Black-Scholes Option Pricing Model. The Company's use of an option pricing model requires inputs of highly subjective assumptions, including the volatility of share prices, forfeiture rates, risk-free rates and the expected term of the instrument.

Current and deferred taxes

The Company's provision for income taxes is estimated based on the expected annual effective tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The current and deferred components of income taxes are estimated based on forecasted movements in temporary differences. Changes to the expected annual effective tax rate and differences between the actual and expected effective tax rate and between actual and forecasted movements in temporary differences will result in adjustments to the Company's provision for income taxes in the period changes are made and/or differences are identified.

3. MATERIAL ACCOUNTING POLICY INFORMATION

Refer to the Company's December 31, 2025 annual audited consolidated financial statements for a comprehensive list of the Company's material accounting policy information.

New accounting standards and interpretations issued but not yet adopted

IFRS 18 – Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”) to replace IAS 1 – Presentation of Financial Statements. In addition, some IAS 1 paragraphs have been moved to IAS 8 and IFRS 7. Furthermore, the IASB has made minor amendments to IAS 7 and IAS 33 Earnings per Share. This standard focuses on updates to the statement of profit or loss, including: (a) the structure of the statement of profit or loss; (b) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and (c) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. It will be effective for the annual reporting period beginning on or after January 1, 2027, and will be required to be applied retrospectively. The amendments to IAS 7 and IAS 33, as well as the revised IAS 8 and IFRS 7, become effective when an entity applies IFRS 18. The Company is currently assessing the effect of this new standard on its consolidated financial statements.

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

3. MATERIAL ACCOUNTING POLICY INFORMATION (continued)

Apart from IFRS 18, other new standards or amendments to existing standards issued but which have not yet been applied by the Company based on the effective date are not currently expected to have a material impact on the Company's condensed interim consolidated financial statements.

4. ASSET PURCHASE AGREEMENTS

Domain names

On May 18, 2021, the Company entered into two asset purchase agreements with the Chairman and the former Chief Executive Officer of the Company (the "Vendor"), whereby the Vendor owned the right, title and interest in five domain names: 1800bitcoin.com, CBDC.com, HBAR.com, Immutable.co, and NFT.com. In exchange for the intangible assets, the Company will pay the Vendor a total of USD $1,325,000 (the "Purchase Price") in quarterly payments beginning on the earlier of:

(i) such date that any of the Company's subsidiaries owning the domain names shall have been determined to have received earnings before interest income tax depreciation and amortization ("EBITDA") in excess of USD $1,000,000 for the preceding quarter; or
(ii) the Company shall have determined to have received EBITDA in excess of USD $1,000,000 for the preceding quarter, excluding amounts receivable by the Company that are attributable to the EBITDA received by the subsidiaries with rights to the specific domain.

Each quarterly payment shall amount to:

(i) a) the sum of the EBITDA received by the applicable subsidiary that has received EBITDA in excess of USD $1,000,000 for the preceding quarter; and
b) the EBITDA of the subsidiary if it has received EBITDA in excess of USD $1,000,000 in the preceding quarter, excluding any amounts receivable by the subsidiary that are attributable to EBITDA received by the applicable subsidiary.

(ii) Multiplied by 10%.

Each quarterly payment shall continue until the Purchase Price is paid in full.

The asset purchase agreements do not meet the definition of a business and therefore, were accounted for as asset acquisitions. Accordingly, the contingent consideration associated with the asset purchase agreements has been accounted for under IAS 37 – Provisions, contingent liabilities and contingent assets. It is management's view the variable future payments are dependent on the Company's future activities, and as a result, will not meet the initial recognition criteria of a financial liability until the financial targets are probable. When adjustments are made to the financial liability for the variable payments as they become probable, the corresponding increase to the assets will be recorded to the extent the payments are associated with future economic benefits to be derived from the assets. During the period end March 31, 2026 and the year ended December 31, 2025, the Company recognized $nil on the statement of financial position, as the financial targets are not yet probable.

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

4. ASSET PURCHASE AGREEMENTS (continued)

The total USD $1,325,000 payment associated with the domain names was allocated as follows: NFT.com (USD $1,000,000) owned by NFT.com LLC, 1800bitcoin.com (USD $25,000), CBDC.com (USD $150,000), HBAR.com (USD $100,000), and Immutable.co (USD $50,000); all of which have not yet been recognized.

Coffeeandcrypto.com

On October 3, 2022, the Company acquired the rights, title and interest in the domain name Coffeeandcrypto.com for total consideration of $20,367 (USD $15,000).

NFTbook.com

On May 6, 2022 the Company acquired the rights, title and interest in the domain name NFTbook.com for total consideration of $31,586 (USD $24,750).

MyHBAR wallet

On November 4, 2021, the Company prepaid $63,487 (USD $50,000) to purchase the domain name and associated intellectual properties of MyHBARwallet.com. On January 10, 2022, the domain name transferred to the Company and was recognized as an intangible asset.

Bitcoinbook.com

On September 13, 2021, the Company acquired the rights, title and interest in the domain name bitcoinbook.com for total consideration of $33,722 (USD $26,395).

The domain names were determined to have indefinite useful lives. The assets are subject to annual impairment testing, as the assets had not yet been put into use, the Company recorded a full impairment charge of $153,613 during the year ended December 31, 2023.

5. DIGITAL ASSETS

Cryptocurrency holdings

A summary of the nature, initial investment and movement in the value of crypto assets is as follows:

	Digital assets
	$
Balance, December 31, 2024	19,171,478
Revaluation of digital assets	(11,595,849)
Digital assets purchased	480,653
Foreign translation adjustment	(455,184)
Balance, December 31, 2025	7,601,098
Revaluation of digital assets	(1,364,271)
Foreign translation adjustment	106,968
Balance, March 31, 2026	6,343,795

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

5. DIGITAL ASSETS (continued)

Crypto assets are recorded at their fair value on their acquisition date, or when they are received as revenues, and are revalued at their current market value at each reporting date. Crypto assets held are measured using the closing price per www.coinmarketcap.com at 12:00 am UTC, on each reporting date.

As at March 31, 2026, the total loss on revaluation of digital assets was $1,364,271 (March 31, 2025 – $7,513,123). The Company determines cost as the historical weighted average cost of the digital assets acquired and disposed of. The loss offsets a previously recognized gain which was recognized under the revaluation method during the period ended March 31, 2026 of $nil (March 31, 2025 – $15,510), and the remaining $1,364,271 (March 31, 2025 – $7,497,613) was recognized in other comprehensive (loss) income.

During the period ended March 31, 2026, the Company acquired nil (December 31, 2025 - 1,451,299 HBAR) for a total cost of $nil (December 31, 2025 - $480,653 (USD $348,341)).

As at March 31, 2026, the breakdown by crypto asset class was as follows:

	Number of coins	Fair value (USD) ($)	Fair value (CAD) ($)	Fair value %
ETH	67.81	142,714	198,930	3%
HBAR	50,167,026	4,393,126	6,123,579	97%
USDC	11,368	11,365	15,842	0%
WETH	1.86	3,908	5,445	0%
		4,551,113	6,343,796	100%

As at December 31, 2025, the breakdown by crypto asset class was as follows:

	Number of coins	Fair value (USD) ($)	Fair value (CAD) ($)	Fair value %
ETH	67.81	201,184	275,744	4%
HBAR	50,167,026	5,327,738	7,302,198	96%
USDC	11,368	11,368	15,581	0%
WETH	1.86	5,528	7,575	0%
		5,545,818	7,601,098	100%

6. LEASES

On October 19, 2021, the Company entered into a lease agreement for the exclusive right to the use of the toll-free number 1-800-BITCOIN for the use in 1800Bitcoin LLC's business and marketing efforts. The lease agreement has an initial term of five years, with the opportunity to extend the term for an additional three successive terms. Either party has the ability to terminate the agreement by giving 30 days written notice.

On the effective date of the arrangement, the Company paid an initial fee of USD $250,000 (paid). In addition, the Company will pay a monthly service fee for each service month, which will be the greater of USD $3,500 or the value of 1/12 of the average price of one Bitcoin in US dollars over each of the business

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

6. LEASES (continued)

days in the prior month based on the end of day Bitcoin Reference Rate for each such business date. During the first 6 months of the initial term, the monthly fee will be capped at USD $10,417 for any service month within the six-month period.

When a lease includes variable lease payments that depend on an index or rate, they are initially included in the lease liability using the index or rate as at the commencement date of the lease. Variable payments other than those that depend on an index or rate, are excluded from the lease liability calculation. Due to the constant volatility of the variable monthly payments, the payments do not meet the definition for recognition as a lease liability and have been recognized directly in the consolidated statements of loss and comprehensive loss when incurred. During the period ended March 31, 2026, the Company recognized $18,491 (March 31, 2025 - $33,935) in rent expense.

The Company has recognized a right-of-use asset ("ROU asset") in respect to the initial fee of $308,783 (USD $250,000) paid at the start of the lease agreement. The right-of-use asset is amortized evenly over the initial five-year term of the contract. As the only value attributed to the right-of-use asset is the prepaid fees, no lease liability was recognized at the commencement of the lease.

During the year ended December 31, 2023, it was determined that the ROU asset was impaired and as a result, the Company wrote-off the remaining balance of the asset of $185,708 through the statement of loss and comprehensive loss.

7. EQUIPMENT

	Computers	Studio equipment	Total
Costs	$	$	$
Balance, December 31, 2024	66,954	25,843	92,797
Foreign translation adjustment	(60)	-	(60)
Balance, December 31, 2025 and March 31, 2026	66,894	25,843	92,737
Accumulated depreciation
Balance, December 31, 2024	63,801	25,843	89,644
Depreciation	3,145	-	3,145
Foreign translation adjustment	(52)	-	(52)
Balance, December 31, 2025 and March 31, 2026	66,894	25,843	92,737
Net book value
Balance, December 31, 2025	-	-	-
Balance, March 31, 2026	-	-	-

8. PREPAIDS

	March 31, 2026	December 31, 2025
	$	$
Insurance	149,365	211,297
Professional fees	264,269	54,262
Other	35,026	1,830
	448,660	267,389

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

9. SHARE CAPITAL

a) Authorized

The Company is authorized to issue two classes of common shares:

• Subordinate Voting Shares (Class A common shares); and
• Multiple Voting Shares (Class B common shares)

The Company is authorized to issue an unlimited number of SVS and MVS, both without nominal or par value. Each MVS converts into 1,000 SVS. At a shareholder meeting of the Company, the holders of SVS are entitled to one vote in respect of each SVS held, and the holders of MVS are entitled to 1,000 votes in respect of each MVS held.

b) Earnings per share

During the periods ended March 31, 2026 and 2025, the Company’s stock options were excluded from the weighted average calculation as they were antidilutive.

c) Issued and outstanding

As at March 31, 2026, the issued and outstanding share capital is comprised of 65,508 (December 31, 2025 – 65,508) MVS and 32,583,077 (December 31, 2025 – 32,583,077) SVS for a total of 98,091,317 (December 31, 2025 – 98,091,317) voting shares on an as if fully converted basis.

During the year ended December 31, 2025, shareholders converted 809.643 MVS shares into 809,643 SVS shares.

d) Stock options

The Company has a stock option plan for directors, officers, employees, and consultants. The aggregate number of shares issuable pursuant to options granted under the plan is limited to 10% of the Company's issued and outstanding SVS and MVS (on a fully diluted basis) at the time the options are granted. The number of shares reserved for issuance to any individual director or officer shall not exceed 5% of the issued and outstanding SVS and MVS shares, and the number of SVS and MVS shares reserved for issuance to all consultants shall not exceed 2% of the issued and outstanding SVS and MVS shares. The exercise price of each option is determined by the Board, subject to the pricing policies of the CBOE.

The continuity of stock options is summarized as follows:

	Number outstanding	Weighted average exercise price
		$
Balance, December 31, 2024 and 2025, and March 31, 2026	5,276,100	1.65

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

9. SHARE CAPITAL (continued)

As at December 31, 2025, the stock options outstanding and exercisable were as follows:

Number outstanding	Exercise price	Exercisable	Expiry date
1,110,000	$0.75	1,110,000	September 27, 2026
370,000	$2.45	370,000	December 13, 2026
2,325,000	$2.60	2,325,000	December 28, 2026
1,101,100	$0.75	1,101,100	June 16, 2027
370,000	$0.30	366,875	April 12, 2028
5,276,100		5,272,975

The weighted average remaining life of the stock options is 0.88 years.

10. RELATED PARTY TRANSACTIONS

Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include the Company's executive officers and Board of Director members.

	March 31, 2026	March 31, 2025
	$	$
Professional and consulting fees	203,577	269,067
Payroll	74,140	-
Share-based payments	-	1,024
	277,717	270,091

As at March 31, 2026, there was $45,000 (December 31, 2025 - $nil) outstanding in accounts payable and accrued liabilities due to an officer. Amounts are unsecured, do not bear interest and due on demand.

As at March 31, 2026, there was $205,730 (December 31, 2025 - $nil) outstanding in prepaid expenses for professional and consulting fees paid to related parties.

11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Financial instruments and fair value

The Company's financial instruments consist of cash and accounts payable and accrued liabilities. The Company's cash is classified at FVTPL and its accounts payable and accrued liabilities is carried at amortized cost. In addition, the Company measures its digital assets at fair value using the revaluation method under IAS 38-Intangible assets.

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 as follows:

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

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.

The fair value of cash is determined based on level 1 inputs which consist of quoted prices in active markets for identical assets.

The fair value of digital assets is determined using level 2 inputs. The fair value is determined by utilizing a volume-weighted average price approach derived from quoted market prices across principal exchanges as of 12:00am UTC for identical assets per www.coinmarketcap.com.

As at March 31, 2026, the Company believes that the carrying values of its accounts payable and accrued liabilities and GST receivable approximates their fair values because of their nature and relatively short maturity dates or durations.

Risk management

The Company's financial instruments are exposed to a number of risks that are summarized below:

Credit risk

Credit risk is the risk of potential loss to the Company if the counterparty to a financial instrument fails to meet its contractual obligations. The Company's credit risk is primarily attributable to its cash and digital assets. The Company manages its credit risk by maintaining its cash in federally regulated financial institutions in the United States and Canada. The Company primarily secures its digital assets through the use of custodians on which the Company has performed internal due diligence procedures on.

The Company manages its credit risk on digital assets by maintaining, ETH, WETH, and USDC balances under thresholds set by the treasury team. For its HBAR balance, the Company monitors movements in the market and liquidates the assets on an as needed basis.

The Company limits its credit risk for digital assets by placing them with a high-quality financial institution that is believed to have sufficient capital to meet their obligations as they come due.

As of each reporting period, the Company assesses if there may be expected credit losses requiring recognition of a loss allowance. While the Company intends to only transact with counterparties that it believes to be creditworthy, there can be no assurance that a counterparty will not default and that the Company will not sustain a significant loss on a transaction as a result.

Digital asset risks

Digital asset prices are affected by various forces including global supply and demand, interest rates, exchange rates, inflation or deflation and global political and economic conditions. The profitability of the

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

Company's operations is directly related to the current and future market price of digital assets. A decline in the market prices for digital assets could negatively impact the Company's future operations.

Investing in cryptocurrencies is speculative, prices are volatile and market movements are difficult to predict. Supply and demand for such currencies change rapidly and are affected by a variety of factors, including regulation and general economic trends.

Cryptocurrencies have a limited history, their fair values have historically been volatile and the value of cryptocurrencies held by the Company could decline rapidly. Historical performance of digital assets is not indicative of their future performance.

Price and concentration risk

Price risk, specific to digital assets, is the risk of disposition of investments at less than favorable prices due to unfavorable market conditions. The Company is exposed to price and concentration risk on its digital asset holdings. As at March 31, 2026, if the market price of the Company's crypto assets, excluding USDC holdings, changed by 10% with all other variables being constant, the corresponding digital asset value change would amount to approximately USD $453,975. The Company may not be able to liquidate its digital assets at its desired price if required. The Company has not hedged the conversion of any of its cryptocurrency denominated digital assets.

Custody risk

The Company holds digital assets primarily through its accounts with institutional grade custodians. The Company's custody strategy is designed to secure its digital assets while providing the opportunity to maximize liquidity and efficient trading by making those assets readily available to deploy. The Company constantly monitors the digital asset balances it maintains with its custodians against deposits, and where the Company believes it to be necessary, will monetize digital assets into fiat currency.

The Company's custodians are SOC I Type II compliant institutions. The Company maintains internal controls to ensure that accounts held with each custodian are appropriately authorized and access restricted.

As part of regular operations, designated individuals of the Company review and monitor custodied balances against internal fund records, verifying the accuracy of each holding. In addition, the Company performs due-diligence procedures including regular reviews over each custodian issued SOC report covering the applicable period.

Security risk

Many cryptocurrency networks are decentralized online end-user-to-end-user networks that host a public transaction ledger (blockchain) and the source code that comprises the basis for the cryptographic and algorithmic protocols governing such networks. The system relies on cryptography to secure transactions, to control the creation of additional units and to verify the transfer of assets.

In many cryptocurrency transactions, the recipient or the buyer must provide its public key, which serves as an address for a digital wallet, to the seller. To confirm transaction activity each party must sign

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

transactions with a data code derived from entering the private key into a hashing algorithm. This signature serves as validation that the transaction has been authorized by the owner of the cryptocurrency. Security breaches, computer malware, and computer hacking attacks have been a prevalent concern in the digital assets exchange markets.

Loss of access risk

The loss of access to the private keys associated with the Company's cryptocurrency holdings may be irreversible and could adversely affect an investment. Cryptocurrencies are controllable only by an individual that possesses both the unique public key and private key or keys relating to the "digital wallet" in which the cryptocurrency is held. To the extent a private key is lost, destroyed or otherwise compromised and no backup is accessible the Company may be unable to access the cryptocurrency.

Regulatory oversight risk

Regulatory changes or actions may restrict the use of cryptocurrencies or the operation of cryptocurrency networks or exchanges in a manner that adversely affects investments held by the Company.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its obligations with respect to financial liabilities as they fall due. The Company's financial liabilities consist of its accounts payable and accrued liabilities. The Company manages its liquidity risk through the management of its capital structure as described in Note 12. The Company's accounts payable and accrued liabilities have contractual maturities of 30 days or are due on demand, do not generally bear interest and are subject to normal trade terms. As at March 31, 2026, the Company had $2,469,570 in cash to cover its accounts payable and accrued liabilities of $251,444.

Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, investment fluctuations, and equity prices. Market conditions will cause fluctuations in the fair values of financial assets classified as fair value through profit or loss, and cause fluctuations in the fair value of future cash flows for assets or liabilities measured at fair value. Currently, the Company is not exposed to significant market risk, other than that noted on digital assets.

Foreign exchange risk

Foreign exchange risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in the foreign currency exchange rates. Revenue and expenses are mostly denominated in US dollars and Canadian dollars.

A significant change in the currency exchange rates between the US dollar and the Canadian dollar could have an effect on the Company's results of operations, financial position or cash flows. The majority of the Company's financial instruments are denominated in US dollars, therefore, the Company is not subject to any significant foreign exchange risk at this time. As at March 31, 2026, a change of 10% in the

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Immutable Holdings Inc.
Notes to the Condensed Interim Consolidated Financial Statements
For the three months ended March 31, 2026 and 2025
(Expressed in Canadian Dollars)

11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued)

foreign exchange rates from Canadian dollar to the US dollar would result in approximately an increase or decrease of approximately $6,400 in the Company's net loss for the year. The Company has not hedged its exposure to currency fluctuations.

12. CAPITAL MANAGEMENT

The Company considers the items included in shareholders' equity as capital. The Company manages the capital structure and makes adjustments to it in response to changes in economic conditions and the risk characteristics of the underlying assets. The Company's primary objective with respect to its capital management is to maintain sufficient and existing cash resources to fund the operations of the Company. The Company is not subject to any external capital requirements imposed by a regulator.

13. PROVISIONS

Due to the size and nature of the Company's operations, the Company may, from time-to-time, be subject to threats for potential or actual litigation. As at March 31, 2026, the Company is unable to estimate the financial impact or measure the timing of any existing claims as the probability is remote. In the event that management's estimate of the future resolution of matters changes, the Company will recognize the effects of the changes in its consolidated financial statements on the date such these changes occur.

14. SUPPLEMENTAL CASH FLOW INFORMATION

Investing and financing activities that do not have a direct impact on cash flows are excluded from the statement of cash flows.

During the periods ended March 31, 2026 and 2025, there were no non-cash financing or investing activities. During the period ended March 31, 2026, the Company paid $nil (March 31, 2025 - $nil) in cash for taxes and interest expense and received $nil (March 31, 2025 - $nil) in interest income.

15. SEGMENTED OPERATIONS

Geographic location

The Company primarily operates in two reporting locations: the United States and Canada. During the period ended March 31, 2026 and the year ended December 31, 2025, all of the Company's assets were held in the United States, with the exception of the GST receivable of $49,631 (December 31, 2025 - $35,078) and cash of $2,031,612 (December 31, 2025 - $1,997,652). Of the total loss recognized during the period ended March 31, 2026, a loss of $161,729 (March 31, 2025 –$202,709) was recorded in Canada and a loss of $546,939 (March 31, 2025 – net income of $224,732) was recorded in the United States.

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