LFNT Resources Corp. — Interim / Quarterly Report 2025

Sep 29, 2025

LFNT RESOURCES CORP.

CONDENSED INTERIM FINANCIAL STATEMENTS

For the Nine Months Ended July 31, 2025 and 2024

(Expressed in Canadian dollars)

(Unaudited – Prepared by Management)

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NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS

In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its auditors have not reviewed the unaudited condensed interim financial statements for the nine months ended July 31, 2025.

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

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LFNT RESOURCES CORP.
Index to Condensed Interim Financial Statements
July 31, 2025

CONTENT	PAGE(S)
Condensed Interim Statements of Financial Position	4
Condensed Interim Statements of Loss and Comprehensive Loss	5
Condensed Interim Statements of Changes in Shareholders’ Equity	6
Condensed Interim Statements of Cash Flows	7
Notes to the Condensed Interim Financial Statements	8-15

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LFNT RESOURCES CORP.
Condensed Interim Statements of Financial Position
(Unaudited - Expressed in Canadian dollars)

| | Notes | July 31, 2025
$ | October 31, 2024
$ |
| --- | --- | --- | --- |
| Assets | | | |
| Current assets | | | |
| Cash | | 48,366 | 185,486 |
| Receivables | 3 | 1,976 | 7,089 |
| Total current assets | | 50,342 | 192,575 |
| Non-current assets | | | |
| Mineral properties | 4 | 170,000 | 170,000 |
| Total Assets | | 220,342 | 362,575 |
| Liabilities | | | |
| Current liabilities | | | |
| Accounts payable and accrued liabilities | 5,7 | 31,724 | 71,709 |
| Total Liabilities | | 31,724 | 71,709 |
| Shareholders' Equity | | | |
| Share capital | 6 | 1,581,709 | 1,581,709 |
| Deficit | | (1,393,091) | (1,290,843) |
| Total Shareholders' Equity | | 188,618 | 290,866 |
| Total Liabilities and Shareholders' Equity | | 220,342 | 362,575 |

Nature of Operations and Going Concern (Note 1)

Approved and authorized for dissemination by the Board of Directors on September 29, 2025:

“Sheri Rempel”
Sheri Rempel, Director

“Shayne Taker”
Shayne Taker, Director

The accompanying notes are integral to these condensed interim financial statements

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LFNT RESOURCES CORP.

Condensed Interim Statements of Loss and Comprehensive Loss

For the Three and Nine Months Ended July 31, 2025 and 2024

(Unaudited - Expressed in Canadian dollars)

	Three months ended July 31, 2025	Three months ended July 31, 2024	Nine months ended July 31, 2025	Nine months ended July 31, 2024
Operating Expenses
Administration	$ 5	$ 276	$ 62	$ 777
Professional fees	2,812	2,918	9,480	17,174
Management and consulting fees (Note 7)	33,000	10,500	99,000	31,500
Regulatory and transfer agent fees	6,555	4,428	21,324	15,407
Investor relations	-	81	-	986
Exploration cost (recovery) (Note 4)	-	66,010	(27,825)	66,010
Total expenses	(42,372)	(84,213)	(102,041)	(131,854)
Other Items
Impairment of mineral property (Note 4)	-	-	-	(650,000)
Interest expense	207	196	-	196
Interest income	-	-	(207)	-
Net loss	$ (42,165)	$ (84,017)	$ (102,248)	$ (781,658)
Loss and comprehensive loss	$ (42,165)	$ (84,017)	$ (102,248)	$ (781,658)
Basic and diluted loss per share	$ (0.00)	$ (0.00)	$ (0.00)	$ (0.03)
Weighted average number of common shares outstanding	23,350,333	23,150,333	23,350,333	23,150,333

The accompanying notes are integral to these condensed interim financial statements.

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LFNT RESOURCES CORP.
Condensed Interim Statements of Changes in Shareholders' Equity
For The Nine Months Ended July 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars except the number of shares)

	Common Shares		Deficit	Total
	Number	Amount
Balance at October 31, 2023	23,150,333	1,569,709	(397,189)	1,172,520
Net loss for the period	-	-	(781,658)	(781,658)
Balance at July 31, 2024	23,150,333	1,569,709	(1,178,847)	390,862
Balance at October 31, 2024	23,350,333	1,581,709	(1,290,843)	290,866
Net loss for the period	-	-	(102,248)	(102,248)
Balance at July 31, 2025	23,350,333	1,581,709	(1,393,091)	188,618

The accompanying notes are integral to these condensed interim financial statements.

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LFNT RESOURCES CORP.

Notes to the Condensed Interim Statements of Cash Flows

For the Nine Months Ended July 31, 2025 and 2024

(Unaudited - Expressed in Canadian dollars)

	For the nine months ended July 31, 2025	For the nine months ended July 31, 2024
	$	$
Operating activities
Net loss for the period	(102,248)	(781,658)
Adjustment for non-cash item:
Impairment of mineral property	-	650,000
Changes in non-cash working capital items:
Prepaids and deposit	-	(44,664)
Other receivables	5,114	3,741
Accounts payable and accrued liabilities	(39,986)	(59,031)
Net cash flows used in operating activities	(137,120)	(231,612)
Net change in cash	(137,120)	(231,612)
Cash, beginning	185,486	460,771
Cash, ending	48,366	229,159

The accompanying notes are integral to these condensed interim financial statements.

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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)

1. Nature of Operations and Going Concern

LFNT Resources Corp. (the "Company") was incorporated under the Business Corporations Act (British Columbia) on June 23, 2022. On February 10, 2023, the Company changed its name from LFNT Capital Corp. to LFNT Resources Corp. On April 26, 2023, trading of the Company's common shares commenced on the Canadian Securities Exchange under the symbol "LFNT."

The Company's head office and registered office address is 401 – 750 West Pender Street, Vancouver, British Columbia, Canada, V6C 2T7. The Company is a Canadian mineral exploration company focused on the acquisition, exploration and development of mineral projects in Canada.

The recovery of the amounts comprising mineral properties is dependent upon the confirmation of economically recoverable reserves, the ability of the Company to obtain necessary financing to successfully complete their exploration and development, and upon future profitable production.

These condensed interim financial statements have been prepared by management on a 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 for the foreseeable future. At July 31, 2025, the Company had not yet achieved profitable operations, had accumulated losses of $1,393,091 since its inception, and expects to incur further losses in the development of its business, all of which casts significant doubt about the Company's ability to continue as a going concern. A number of alternatives including but not limited to selling an interest in one or more of its properties or completing a financing, are being evaluated with the objective of funding ongoing activities and obtaining working capital. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future and repay its liabilities arising from normal business operations as they become due.

These condensed interim financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence.

1. Material Accounting Policies and Basis of Preparation

Statement of compliance with International Financial Reporting Standards

These condensed interim financial statements, including comparatives, have been prepared in accordance with International Accounting Standards 34 – Interim Financial Reporting using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRC"). The accounting policies and methods of computation applied by the Company in these condensed interim financial statements are the same as those applied in the Company's annual financial statements as at and for the year ended October 31, 2024.

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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)

1. Material Accounting Policies and Basis of Preparation (continued)

Statement of compliance with International Financial Reporting Standards (continued)

The condensed interim financial statements do not include all the information and note disclosures required for full annual financial statements and should be read in conjunction with the Company's annual financial statements as at and for the year ended October 31, 2024.

Basis of presentation

These condensed interim financial statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit or loss, which are stated at fair value. In addition, these condensed interim financial statements have been prepared using the accrual basis of accounting except for cash flow information. These condensed interim financial statements are presented in Canadian dollars, which is the Company's functional currency.

Material accounting judgments, estimates and assumptions

The preparation of the condensed interim financial statements in conformity with IFRS requires management to make certain estimates, judgments and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed interim financial statements and the reported revenues and expenses during this period.

Although management uses historical experience and its best knowledge of the amount, events, or actions to form the basis for judgments and estimates, actual results may differ from these estimates.

The most significant accounts that require estimates as the basis for determining the stated amounts include recognition of deferred tax amounts and provision for restoration, rehabilitation and environmental costs.

Critical judgments exercised in applying accounting policies that have the most significant effect on the amounts recognized in the condensed interim financial statements are as follows:

Economic recoverability and probability of future economic benefits of mineral properties

Management has determined that mineral property costs incurred which were capitalized have future economic benefits and are economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits including geological and metallurgic information, history of conversion of mineral deposits to proven and probable reserves, scoping and feasibility studies, accessible facilities, existing permits and life of my plans.

Determination of functional currency

The Company determines the functional currency through an analysis of several indicators such as expenses and cash flow, financing activities, retention of operating cash flows, and frequency of transactions with the reporting entity.

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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)

1. Material Accounting Policies and Basis of Preparation (continued)

Material accounting judgments, estimates and assumptions (continued)

Income taxes

In assessing the probability of realizing income tax assets, management makes estimates related to expectations of future taxable income, applicable tax opportunities, expected timing of reversals of existing temporary differences and the likelihood that tax positions taken will be sustained upon examination by applicable tax authorities. In making its assessments, management gives additional weight to positive and negative evidence that can be objectively verified.

Site decommissioning obligations

The Company recognizes a provision for future abandonment activities in the condensed interim financial statements equal to the net present value of the estimated future expenditures required to settle the estimated future obligation at the statement of financial position date. The measurement of the decommissioning obligation involves the use of estimates and assumptions including the discount rate, the expected timing of future expenditures and the amount of future abandonment costs. The estimates were made by management and external consultants considering current costs, technology and enacted legislation. As a result, there could be significant adjustments to the provisions established which would affect future financial results.

Going concern

Management assesses the Company's ability to continue as a going concern at each reporting date, using all quantitative and qualitative information available. This assessment, by its nature, relies on estimates of future cash flows and other future events (as discussed in Note 1), whose subsequent changes could materially impact the validity of such an assessment.

1. Receivables

	July 31, 2025	October 31, 2024
	$	$
GST receivable	1,976	7,089
	1,976	7,089

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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)

1. Mineral Properties and Exploration Expenses

The following summarizes the cumulative costs capitalized as mineral property as at July 31, 2025, and October 31, 2024:

Property acquisition costs	Skyfire property $
Balance, July 31, 2025 and October 31, 2024	170,000

During the nine months ended July 31, 2025, the Company incurred $4,962 (nine months ended July 31, 2024 – $66,010) of exploration expenses and a cost recovery of $32,787 (nine months ended July 31, 2024 – $Nil) which have been recorded on the condensed interim statement of loss and comprehensive loss.

The exploration expenses incurred on the Skyfire property for the nine months ended July 31, 2025 are presented in the following table:

	Skyfire Property
Exploration expenses	$
Field personnel	4,863
Meals and accommodation	29
Transportation and travel	70
Subtotal	4,962
Cost recovery	(32,787)
Total	(27,825)

Skyfire property

On August 19, 2022, the Company entered into a Binding Letter Agreement (the "Agreement") whereby the Company will have the right to earn a 100% interest in the Skyfire property.

The Skyfire property is located in the Cariboo Mining Division, British Columbia, Canada. Pursuant to the terms of the Agreement, the Company can earn a 100% interest in the Skyfire property by making the following payments to the Skyfire optionors:

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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)

1. Mineral Properties and Exploration Expenses (continued)

	Shares to be issued to optionors	Minimum exploration requirements
$16,000 within 7 business days of signing the agreement (Paid).	100,000 shares to be issued within 10 days of listing on a Canadian stock exchange (Issued).	$75,000 to be spent on or before the 1st anniversary date of the effective date (Met).
$20,000 to be paid on or before the 1st anniversary date (Paid).	100,000 shares to be issued on the 1st anniversary date of the Agreement (Issued).	$120,000 to be spent on or before the 2nd anniversary date of the effective date (Met).
$32,000 to be paid on or before the 2nd anniversary date (Paid).	200,000 shares to be issued on the 2nd anniversary date of the Agreement (Issued).	$240,000 to be spent on or before the 3rd anniversary date of the effective date (Not met).
$48,000 to be paid on or before the 3rd anniversary date (Unpaid).	200,000 shares to be issued on the 3rd anniversary date of the Agreement (not issued).	$600,000 to be spent on or before the 4th anniversary date of the effective date.
$84,000 to be paid on or before the 4th anniversary date.	400,000 shares to be issued on the 4th anniversary date of the Agreement.
Total cash $200,000	1,000,000 shares	$1,035,000

Excess expenditures from one year can be applied to the next. If there is a shortfall in exploration expenditures in any one year, the Agreement can be maintained in good standing by making a payment, in the equivalent cash, of the shortfall to Skyfire optionors. If the Company spends more funds in one year than prescribed by this section, the surplus will be applied and carried forward to the following years.

In addition, the Skyfire optionors will receive an additional 500,000 shares on the confirmation of a resource on the Skyfire property and an additional 500,000 shares upon a decision by the Company to produce minerals from the property.

The Skyfire property is subject to a 2% Net Smelter Royalty ("NSR") royalty in favor of the property Skyfire optionors. The Company has the right to purchase 1% of the NSR for $2,000,000 any time prior to the commencement of commercial production. The NSR buy-out price will be adjusted annually according to the consumer price index with a base of December 31, 2025.

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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)

1. Accounts Payable and Accrued Liabilities

	July 31, 2025	October 31, 2024
	$	$
Accounts payable	9,261	53,683
Amounts due to related parties (Note 7)	14,025	3,955
Accrued liabilities	8,438	14,071
Accounts payable and accrued liabilities	31,724	71,709

1. Share Capital

Authorized

Unlimited number of common shares without par value.

Issued share capital

As at July 31, 2025, there were 23,350,333 (October 31, 2024 – 23,350,333) common shares issued and outstanding.

There were no shares issued during the nine months ended July 31, 2025.

Stock Options

As at July 31, 2025 and October 31, 2024 the Company had no stock options outstanding.

Warrants

A summary of the continuity of the Company’s warrants, is as follows:

	Number of Warrants	Weighted Average Exercise Price ($)
Balance, July 31, 2025 and October 31, 2024	9,649,998	0.10

Warrants outstanding and exercisable at April 30, 2025, are as follows:

Number of Warrants	Exercise Price ($)	Expiry Date	Weighted Average Remaining Life
8,599,998	0.10	October 15, 2027	2.21
1,050,000	0.12	November 25, 2027	2.32
9,649,998			2.22

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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)

1. Related Party Transactions

Balances

The following amounts due to related parties are unpaid director fees, management and consulting fees and expense reimbursements included in accounts payables and accrued liabilities (Note 5). These amounts are unsecured, non-interest bearing and have no fixed terms of repayment.

	July 31, 2025	October 31, 2024
	$	$
Company controlled by a director of the Company	14,025	3,675
Chief Executive Officer	-	280
	14,025	3,955

Transactions

The Company incurred $31,500 in management and consulting fees to ARO Consulting Inc., a company controlled by one of the Company's directors during the nine months ended July 31, 2025 (nine months ended July 31, 2024 - $31,500).

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

1. Capital Management

The Company defines its capital as 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 the acquisition and exploration and development of mineral properties. The Board of Directors do 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 properties in which the Company currently has an interest are in the exploration stage. As such, the Company has historically relied on the equity markets to fund its activities. In addition, the Company is dependent upon external financings to fund activities. In order to carry out planned exploration and pay for administrative costs, the Company will need to raise additional funds. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes in the Company's approach to capital management during the period ended July 31, 2025. The Company is not subject to externally imposed capital requirements.

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LFNT RESOURCES CORP.
Notes to the Condensed Interim Financial Statements
For the Nine Months Ended July 31, 2025 and 2024
(Unaudited - Expressed in Canadian dollars)

1. Financial Instruments

The Company’s financial instruments consist of cash and accounts payable and accrued liabilities and the carrying values approximate their fair values because of the relatively short-term nature of the instruments. These estimates are subjective and involve uncertainties and matters of significant judgment and therefore cannot be determined with precision. Changes in assumption could significantly affect the estimates.

There are three levels of the fair value hierarchy as follows:

Level 1: Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities.

Level 2: Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability.

Level 3: Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement.

The Company’s cash is considered to be Level 1 within the fair value hierarchy.

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 process, 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 summarized as follows:

Foreign exchange risk

The Company’s functional and reporting currency is the Canadian dollar and major purchases are transacted in Canadian dollars. As a result, the Company’s exposure to foreign currency risk is minimal.

Credit risk

The Company’s cash is held in large Canadian financial institutions. The Company has not experienced nor is exposed to any significant credit losses. As a result, the Company’s exposure to credit risk is minimal.

Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. As the Company has no interest-bearing assets or liabilities, the Company is not exposed to significant interest rate risk.

Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company aims to have sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from its ability to raise equity capital or borrowing sufficient funds and its holdings of cash and cash equivalents.

Price risk

The ability of the Company to explore its mineral properties and the future profitability of the Company are directly related to the market price of precious metals. The Company monitors precious metals prices to determine the appropriate course of action to be taken by the Company.

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