MAXUS MINING INCORPORATED — Interim / Quarterly Report 2025

Jun 26, 2025

Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)

Condensed Interim Financial Statements

For the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024

(Unaudited - Expressed in Canadian dollars)

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Notice of Disclosure of Non-auditor Review of the Condensed Interim Financial Statements for the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024

Pursuant to National Instrument 51-102 Continuous Disclosure Obligations, part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the interim financial statements have not been reviewed by an auditor.

The accompanying unaudited condensed interim financial statements of Maxus Mining Inc. (formerly 1475431 B.C. Ltd.) for the interim periods ended April 30, 2025 and 2024, have been prepared in accordance with the International Accounting Standard 34 Interim Financial Reporting, as issued by the International Accounting Standards Board, and are the responsibility of management.

June 26, 2025

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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Condensed Interim Statements of Financial Position
(Unaudited - Expressed in Canadian dollars)

	Note	April 30, 2025	January 31, 2025 (audited)
		$	$
ASSETS
Current
Cash and cash equivalents		682,708	700,088
Accounts receivable		7,691	7,691
Current Assets		690,399	707,779
Resource properties	5	15,000	15,000
Total assets		705,399	722,779
LIABILITIES
Current
Accounts payable and accrued liabilities	8	38,078	54,903
Flow-through premium liability	6	14,879	14,879
Total liabilities		52,957	69,782
SHAREHOLDERS’ EQUITY
Share capital	7	406,951	406,951
Reserves		335,398	335,398
Deficit		(89,908)	(89,353)
Total shareholders’ equity		652,442	652,997
Total liabilities and shareholders’ equity		705,399	722,779

Nature of operations and going concern (Note 1)
Subsequent events (Note 11)

Approved and authorized for issue on behalf of the Board of Directors:

"Scott Walters"
Director

"Ranbir Kalan"
Director

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

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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Condensed Interim Statements of Loss and Comprehensive Loss
(Unaudited - Expressed in Canadian dollars)

	Note	For the three months ended April 30, 2025	For the period ended from the date of incorporation on April 11, 2024 to April 30, 2024
Operating expenses		$	$
Office and miscellaneous		-	25
Professional fees		555	-
Total expenses		555	25
Other income
Amortization of flow-through premium liability	6	-	-
Net loss and comprehensive loss		(555)	(25)
Net loss per share:
Basic and diluted		0.00	0.00
Weighted average number of common shares:
Basic and diluted		16,075,000	16,075,000

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

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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Condensed Interim Statements of Cash Flows
(Unaudited - Expressed in Canadian dollars

	Three months ended April 30, 2025	For period ended from the date of incorporation on April 11, 2024 to April 30, 2024
Operating activities:	$	$
Net loss for the period	(555)	(25)
Changes in non-cash working capital:
Accounts payable and accrued liabilities	(16,825)	-
Cash used in operating activities	(17,380)	(25)
Investing activities:
Purchase of exploration and evaluation assets	-	-
Cash used in investing activities	-	-
Financing activities:
Proceeds from private placements	-	-
Cash provided by financing activities	-	-
Net change in cash	(17,380)	(25)
Cash, beginning of the period	700,088	669,045
Cash, end of the period	682,708	669,020
Supplemental cash flow information:
Cash income tax paid	-	-
Cash interest paid	-	-

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

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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Condensed Interim Statements of Changes in Shareholders' Equity
(Unaudited - Expressed in Canadian dollars, except number of shares)

	Common shares	Share capital	Reserves	Deficit	Total shareholders’ equity
	#	$	$	$	$
Balance, April 11, 2024 (date of incorporation)	1	-	-	-	-
Cancellation of share	(1)	-	-	-	-
Shares issued for private placement	7,000,000	392,500	-	-	392,500
Shares issued for flow-through common shares	9,075,000	181,500	-	-	181,500
Initial recognition of flow-through premium liability	-	(136,125)	-	-	(136,125)
Special warrants issued for private placement	-	-	335,398	-	335,398
Share issuance cost	-	(30,924)	-	-	(30,924)
Net loss for the period	-	-	-	(89,353)	(89,353)
Balance, January 31, 2025	16,075,000	406,951	335,398	(89,353)	652,997
Net loss for the period	-	-	-	(555)	(555)
Balance, April 30, 2025	16,075,000	406,951	335,398	(89,908)	652,442

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

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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)

Notes to the Financial Statements

For the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024

(Unaudited - Expressed in Canadian dollars)

1. NATURE OF OPERATIONS AND GOING CONCERN

Maxus Mining Inc. (the "Company") was incorporated pursuant to the Business Corporations Act of British Columbia on April 11, 2024. The Company's registered and records office is located at 6th floor - 905 West Pender Street, Vancouver, BC V6C 1L6. The Company trades on the Canadian Securities Exchange ("CSE") under the symbol "MAXM.CN" and on the Frankfurt Stock Exchange under the symbol "R7V".

On January 23, 2025, the Company executed a name change from 1475431 B.C. Ltd. to Maxus Mining Inc.

The Company is in the business of acquisition, exploration and development of mineral properties. The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The recoverability of exploration and evaluation expenditures is dependent upon several factors. These include the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and future profitable production or proceeds from disposition of mineral properties.

These financial statements for the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024, (the "financial statements") have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for at least the next twelve months. As at April 30, 2025, the Company has working capital of $637,442 (January 31, 2025 - $637,997) and an accumulated deficit of $89,908 (January 31, 2025 - $89,353). For the three months ended April 30, 2025 and from the date of Incorporation on April 11, 2024 to April 30, 2024, the Company generated a net loss and comprehensive loss of $555 (2024 - $25) and used cash in operating activities of $555 (2024 - $25). These factors indicate the existence of a material uncertainty that may cast significant doubt upon the Company's ability to continue as a going concern. As a result, the Company may be unable to realize its assets and discharge its liabilities in the normal course of business. The Company's ability to continue as a going concern is dependent upon its ability to generate positive cash flows from operations, and/or raise adequate funding through equity or debt financing to discharge its liabilities as they come due. Although the Company has been successful in the past in obtaining financing, there is no assurance that it will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. Should the Company be unable to continue as a going concern, asset and liability realization values may be substantially different from their carrying values. These financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. Such adjustments could be material.

2. BASIS OF PREPARATION

a) Statement of compliance

These financial statements were approved by the Board of Directors and authorized for issue on June 26, 2025.

These financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee applicable to the preparation of interim financial statements including International Accounting Standard 34 Interim Financial Reporting.

b) Basis of presentation

The financial statements have been prepared using the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, as specified by IFRS for each type of asset, liability, income, and expense as set out in the accounting policies below, as well as information presented in the statement of cash flows.

c) Functional and presentation currency

The functional currency is the currency of the primary economic environment in which an entity operates. These financial statements have been prepared in Canadian dollars, which is the Company's and its subsidiaries functional and presentation currency, except as otherwise noted. References to "CAD" are to Canadian dollars and references to "USD" are to United States dollars.

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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Financial Statements
For the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024
(Unaudited - Expressed in Canadian dollars)

3. MATERIAL ACCOUNTING POLICY INFORMATION

In the preparation of these financial statements, the Company used the same accounting policies as those applied and disclosed in the Annual Financial Statements.

4. SIGNIFICANT ACCOUNTING JUDGMENTS AND ESTIMATES

The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets, liabilities, revenues and expenses.

The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances and which form the basis of making judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and further periods if the revision affects both current and future periods.

Significant assumptions about the future and other sources of estimation uncertainty that management has made that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:

a) Going concern

The assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay for its ongoing operating and mineral property expenditures and meet its liabilities for the ensuing year as they fall due involves judgment based on historical experience and other factors including the expectation of future events that are believed to be reasonable under the circumstances. Management takes into account all available information about the future, which is at least, but not limited to, twelve months from the end of the reporting period. The Company is aware that material uncertainties related to events or conditions exist that may cast significant doubt upon the Company's ability to continue as a going concern.

5. EXPLORATION AND EVALUATION EXPENDITURES

During the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024 the Company had no exploration and evaluation expenditures.

Acquisition of Penny Property

On May 17, 2024, the Company signed the Penny Project Purchase Agreement (the "Option") dated May 17, 2024, with a third party ("Seller") for the sale to the Company of all of the vendor's right, title and interest to acquire a 100% interest in the Penny Property located 9 kilometers southeast of the town of Kimberley and 8 kilometers northwest of the town of Cranbrook in British Columbia. The Penny Project consists of eight non-surveyed non-contiguous mineral claims totalling 3,122.952 hectares.

The Option is exercisable by the Purchaser upon the satisfaction of each of the following obligations:

• Cash payment to the Seller $15,000 on May 17, 2024 or June 16, 2024 (paid);
• Cash payment to the Seller $25,000 on or before the date that is ten calendar days after the date that the Company is publicly listed on the TSX Venture Exchange or the Canadian Securities Exchange on May 8, 2025 (paid) (Note 11);

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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)

Notes to the Financial Statements

For the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024

(Unaudited - Expressed in Canadian dollars)

Acquisition of Penny Property – (continued)

• Cash paid to the Seller $25,000 on or before May 16, 2026; and
• Issued to the Seller 200,000 common shares of the Company (issued) (Note 11)

The Seller acknowledges and agrees that any common shares issued pursuant will be subject to resale restrictions expiring as follows:

• one half six months from the date of issuance; and
• one half twelve months from the date of issuance

6. FLOW-THROUGH PREMIUM LIABILITY

On May 16, 2024, the Company issued 9,075,000 flow-through common shares at a price of $0.02 per flow-through common share for gross proceeds of $175,500. As a result, a flow-through premium liability of $136,125 was recorded (Note 7b).

During the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024, the Company incurred $nil (2024 - $nil), of qualifying exploration expenditures. As a result, amortization of flow-through premium liability of $nil (2024 - $nil) was recorded.

A summary of the Company's flow-through premium liability and remaining eligible expenditure obligation is as follows:

	Flow-through funding and eligible expenditures	Flow-through premium liability
	$	$
Balance, April 11, 2024	-	-
Flow-through funds raised	175,500	136,125
Eligible expenditures renounced	(161,661)	(121,246)
Balance, April 30, 2025 and January 31, 2025	13,839	14,879

7. SHARE CAPITAL

a) Authorized share capital

Unlimited number of common shares without par value.

b) Issued share capital

During three months ended April 30, 2025, the Company had no share capital transactions.

During the period ended from the date of incorporation on April 11, 2024 to January 31, 2025, the Company had the following share capital transactions:

• On April 11, 2024, the Company issued one common share for the price of $0.01 for gross proceeds of $0.01.
• On April 26, 2024, the Company repurchased one common share for return to treasury and cancellation.
• On April 26, 2024, the Company closed a private placement and issued 1,500,000 common shares at a price of $0.005 per common share for gross proceeds of $7,500.
• On May 16, 2024, the Company issued 9,075,000 flow-through common shares at a price of $0.02 per flow-through common share for gross proceeds of $175,500. The flow-through shares were issued at a premium of $0.015 per common share. As a result, a flow-through premium liability of $136,125 was recorded. Remaining proceeds were allocated using the residual method. As a result, $45,375 was allocated to share capital.
• On June 25, 2024, the Company closed a private placement and issued 5,500,000 common shares at a price of $0.07 per common share for gross proceeds of $385,000.
• On January 22, 2025, the Company closed a private placement and issued 3,360,350 special warrants at a price of $0.10 per special warrant for gross proceeds of $336,035 and recorded to reserves.
• During the period ended from the date of incorporation on April 11, 2024 to January 31, 2025, the Company recorded $30,924 in share issuance costs.

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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Financial Statements
For the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024
(Unaudited - Expressed in Canadian dollars)

7. SHARE CAPITAL (continued)

c) Issued warrants

On January 22, 2025, the Company closed a private placement and issued 3,360,350 special warrants at a price of $0.10 per special warrant for gross proceeds of $336,035 and recorded to reserves. Each special warrant can be converted at any time without payment of additional consideration into one unit of the Company (a "Unit"). Each Unit will be comprised of one common share (an "Underlying Share") of the Company and one share purchase warrant (a "Warrant") of the Company, with each Warrant exercisable into one common share (a "Warrant Share") at an exercise price of $0.20 for two years from the Listing Date.

All unexercised Special Warrants will be deemed to be exercised on the date that is the earlier of:

• the third business day after the date on which a receipt for a final prospectus to qualify for distribution of the Underlying Shares is received by the Issuer from the British Columbia Securities Commission (Note 11); or
• January 21, 2026

8. RELATED PARTY TRANSACTIONS

Key management personnel include those persons having the authority and responsibility of planning, directing and executing the activities of the Company. The Company has determined that its key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers.

During the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024 the Company had no related party transactions.

As at April 30, 2025, amount due to related parties comprised of amounts owing to key management members and directors totalling to $23,078 (January 31, 2025 - $23,078) included in accounts payable and accrued liabilities. Due to related parties is unsecured and non-interest-bearing and with no specific terms of repayment.

9. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

As at April 30, 2025, financial instruments comprising cash as well as accounts payable and accrued liabilities are classified and measured at amortized cost. The carrying value of cash as well as accounts payable and accrued liabilities approximate the fair value due to the relatively short-term maturity of these instruments.

The Company is exposed in varying degrees to a variety of financial instrument related risks. The type of risk exposure and the way in which such exposure is managed is provided as follows:

a) Credit risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to fulfill its contractual obligations. The Company's credit risk relates primarily to cash. The Company minimizes its credit risk related to cash by placing cash with major financial institutions and regularly reviews the recoverability of them.

b) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they come due. The Company is exposed to liquidity risk through accounts payable and accrued liabilities and subscription advances but controls liquidity risk by ensuring that it has sufficient cash resources to pay for its financial obligations.

As at April 30, 2025, the Company had sufficient cash on hand to discharge its accounts payable and accrued liabilities as they become due. As the Company's operations do not generate cash, financial liabilities are discharged using funding through the issuance of common stock or debt as required, the Company may need to seek a combination of debt and equity to meet the spending requirements to continue its operations.

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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Financial Statements
For the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024
(Unaudited - Expressed in Canadian dollars)

9. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT – (continued)

c) Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange rates. The Company is not exposed to significant interest rate risk on the basis that its financial liabilities bear no interest or interest at fixed rates. The Company is exposed to foreign currency risk, as certain monetary financial instruments are denominated in USD.

10. CAPITAL MANAGEMENT

The Company's capital structure consists of all components of shareholders' equity. The Company's objective when managing capital is to maintain adequate levels of funding to support the current operations comprising the acquisition, exploration and development of its mineral properties. The Company obtains funding primarily through issuing share capital. Future financings are dependent on market conditions and there can be no assurance the Company will be able to raise funds in the future.

There were no changes to the Company's approach to capital management during the three months ended April 30, 2025. The Company is not subject to externally imposed capital requirements.

11. SUBSEQUENT EVENTS

On May 8, 2025, the Company listed on the Canadian Securities Exchange ("CSE") under the symbol "MAXM.CN".

On May 8, 2025, 3,360,350, the special warrants were exercised and converted into one Unit of the Company.

On May 14, 2025, the Company paid $25,000 to the Seller of the Penny Property.

On May 18, 2025, the Company issued 200,000 common shares for $0.40 per share for fair value of $80,000 related to the acquisition of Penny Property.

On May 22, 2025, the Company issued 850,000 stock options to members of its board of directors, management team and a consultant of the Company. The options are exercisable at a price of $0.45 per common share for a term of two years. Any common shares issued upon the exercise of, are subject to a four month hold period from the date of grant in accordance with the policies of the Canadian Securities Exchange.

On May 26, 2025, 1,521,500 warrants with an exercise price of $0.20 were excised for 1,521,500 common shares for gross proceeds of $304,300.

On May 29, 2025, the Company listed on the Frankfurt Stock Exchange under the symbol "R7V".

On May 30, 2025, 250,000 warrants with an exercise price of $0.20 were excised for 250,000 common shares for gross proceeds of $50,000.

On June 5, 2025, the Company announced it has entered into a Property Option Agreement (the "Agreement") with two (2) optionors (the "Optionors") to acquire a 100% interest in one tungsten & three antimony exploration properties, located in British Columbia which cover 4,122 hectares in total (the "Project" or the "Properties"). The antimony projects, Quarry, Hurley & Altura cover approximately 3,700 hectares of terrain and the Lotto Tungsten Project covers 422 hectares.

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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)

Notes to the Financial Statements

For the three months ended April 30, 2025 and from the date of incorporation on April 11, 2024 to April 30, 2024

(Unaudited - Expressed in Canadian dollars)

11. SUBSEQUENT EVENTS (continued)

The option agreement is a combination of cash payments, common share issuances and incurrence of exploration expenditures, as follows:

• paying the Optionors an aggregate of $150,000 in cash as follows:
• $50,000 on or before the date that is ten (10) business days after June 4, 2025 (the “Effective Date”) (paid);
• $50,000 on or before the date that is one (1) year after the Effective Date; and

• $50,000 on or before the date that is two (2) years after the Effective Date;

• issuing to the Optionors an aggregate of $400,000 in common shares (“Shares”) as follows:

• $100,000 in common shares at a deemed price equivalent to the volume-weighted average closing price of the common shares on the Canadian Securities Exchange (the “CSE”) in the five (5) trading days immediately prior to issuance on or before the date that is thirty (30) business days after the Effective Date (the “First Tranche Shares”);
• $100,000 in common shares at a deemed price equivalent to the volume-weighted average closing price of the common shares on the CSE in the five (5) trading days immediately prior to issuance on or before the date that is one (1) year after the Effective Date (the “Second Tranche Shares”);

• $100,000 in common shares at a deemed price equivalent to the volume-weighted average closing price of the common shares on the CSE in the five (5) trading days immediately prior to issuance on or before the date that is two (2) years after the Effective Date (the “Third Tranche Shares”); and d. $100,000 in common shares at a deemed price equivalent to the volume-weighted average closing price of the common shares on the CSE in the five (5) trading days immediately prior to issuance on or before the date that is three (3) years after the Effective Date (the “Fourth Tranche Shares”); and

• incurring a minimum of $1,000,000 in exploration expenditures on the Projects as follows:

• $150,000 on or before the date that is one (1) calendar year after the Effective Date;
• $250,000 on or before the date that is two (2) calendar years after the Effective Date; and
• $500,000 on or before the date that is three (3) calendar years after the Effective Date.

Pursuant to the Agreement, the First Tranche Shares, Second Tranche Shares, Third Tranche Shares and Fourth Tranche Shares will all be subject to escrow, with half of the First Tranche Shares released over a 36-month period, the Second Tranche Shares released over a 24-month period, the Third Tranche Shares released over a 18-month period and the Fourth Tranche Shares released over a 12-month period. All securities issued in connection with the Agreement will be subject to a statutory hold period of four months and one day and the Exchange Hold as defined in the policies of the CSE. The Optionors will retain a 2.0% net smelter returns royalty on the Project, of which 1.0% may be purchased back at any time for a one-time cash payment of $1,000,000. No finders' fees were paid on this arm's length Agreement.

On June 20, 2025, the Company announces that it will propose to undertake a non-brokered private placement of up to 10,571,438 units, at a purchase price of $0.35 per unit for gross proceeds of $3,700,003. Each unit will consist of one common share of the Company and one transferable common share purchase warrant. Each common share purchase warrant will entitle the holder to acquire one additional share at an exercise price of $0.46 for a period of 24 months from the closing date.

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