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MAXUS MINING INCORPORATED — Interim / Quarterly Report 2026
Dec 30, 2025
48563_rns_2025-12-29_c3a1c5ea-4cf8-40a7-851a-62f0ac320f7d.pdf
Interim / Quarterly Report
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Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Condensed Interim Financial Statements
For the three and nine months ended October 31, 2025 and the period from the date of incorporation on April 11, 2024 to October 31, 2024
(Unaudited - Expressed in Canadian dollars)
Notice of Disclosure of Non-auditor Review of the Condensed Interim Financial Statements for the three and nine months ended October 31, 2025 and from the date of incorporation on April 11, 2024 to October 31, 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 three and nine months ended October 31, 2025 and from the date of incorporation on April 11, 2024 to October 31, 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.
The independent auditors, WDM Chartered Professional Accountants, have not performed a review of these unaudited condensed interim financial consolidated statements.
December 29, 2025
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Condensed Interim Statements of Financial Position
(Unaudited - Expressed in Canadian dollars)
| Note | October 31, 2025 | January 31, 2025 (audited) | |
|---|---|---|---|
| $ | $ | ||
| ASSETS | |||
| Current | |||
| Cash and cash equivalents | 2,890,576 | 700,088 | |
| Accounts receivable | 56,516 | 7,691 | |
| Prepaid expenses | 401,508 | - | |
| Current Assets | 3,348,600 | 707,779 | |
| Resource properties | 5 | 580,000 | 15,000 |
| Total assets | 3,928,600 | 722,779 | |
| LIABILITIES | |||
| Current | |||
| Accounts payable and accrued liabilities | 8 | 111,171 | 54,903 |
| Flow-through premium liability | 6 | - | 14,879 |
| Total liabilities | 111,171 | 69,782 | |
| SHAREHOLDERS' EQUITY | |||
| Share capital | 7 | 4,359,625 | 406,951 |
| Shares to be issued | 7 | 800 | - |
| Reserves | 1,015,063 | 335,398 | |
| Deficit | (1,558,059) | (89,353) | |
| Total shareholders' equity | 3,817,429 | 652,997 | |
| Total liabilities and shareholders' equity | 3,928,600 | 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.
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Condensed Interim Statements of Loss and Comprehensive Loss
(Unaudited - Expressed in Canadian dollars, except number of shares)
| Note | Three months ended October 31, | Nine months ended October 31, | For the period ended from April 11, 2024 to October 31, 2024 | ||
|---|---|---|---|---|---|
| 2025 | 2024 | ||||
| $ | $ | $ | $ | ||
| Operating expenses | |||||
| Exploration and evaluation expenses | 5 | 465,587 | - | 502,341 | - |
| Investor relations | 207,070 | - | 214,264 | - | |
| Listing fees | 2,494 | - | 26,275 | - | |
| Management compensation | 8 | 54,000 | - | 104,402 | - |
| Office and miscellaneous | 10,596 | 25 | 11,990 | 25 | |
| Professional fees | 14,918 | - | 56,606 | - | |
| Share based compensation | 7, 8 | 370,398 | - | 570,978 | - |
| Total expenses | 1,125,063 | 25 | 1,486,856 | 25 | |
| Other income | |||||
| Interest Income | (3,271) | - | (3,271) | - | |
| Amortization of flow through premium | - | - | (14,879) | - | |
| Net loss and comprehensive loss | (1,121,792) | (25) | (1,468,706) | (25) | |
| Loss per share - Basic and diluted | (0.04) | (0.00) | (0.06) | (0.00) | |
| Weighted average number of common shares: | |||||
| Basic and diluted | 31,957,525 | 16,075,000 | 23,235,442 | 16,075,000 |
The accompanying notes are an integral part of these condensed interim financial statements.
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Condensed Interim Statements of Cash Flows
(Unaudited - Expressed in Canadian dollars
| Nine months ended October 31, 2025 | For the period ended from April 11, 2024 to July 31, 2024 | |
|---|---|---|
| Operating activities: | $ | $ |
| Net loss for the period | (1,468,707) | (25) |
| Share based compensation | 570,978 | - |
| Changes in non-cash working capital: | ||
| Accounts receivable | (48,825) | - |
| Prepaid expenses | (401,508) | - |
| Accounts payable and accrued liabilities | 56,268 | - |
| Flow-through premium liability | (14,879) | - |
| Cash used in operating activities | (1,306,673) | (25) |
| Investing activities: | ||
| Resource properties | (385,000) | - |
| Cash used in investing activities | (385,000) | - |
| Financing activities: | ||
| Proceeds from private placement of units | 3,604,170 | - |
| Proceeds from shares to be issued | 800 | - |
| Proceeds from exercise of stock option | 33,750 | - |
| Proceeds from exercise of warrants | 495,900 | - |
| Share issuance costs | (252,459) | - |
| Cash provided by financing activities | 3,882,161 | - |
| Net change in cash | 2,190,488 | (25) |
| Cash, beginning of the period | 700,088 | 669,045 |
| Cash, end of the period | 2,890,576 | 669,020 |
| Supplemental cash flow information: | ||
| Cash received from interest | 3,271 | - |
| Cash paid for income taxes | - | - |
| Cash paid for the interest | - | - |
| Fair value of finders warrants issued | 444,085 | - |
| Fair value of shares issued for resource properties | 180,000 | - |
The accompanying notes are an integral part of these condensed interim financial statements
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 | Shares to be issued | 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) | 652,996 |
| Conversion of special warrants | 3,360,350 | 335,398 | - | (335,398) | - | - |
| Units issued for private placement | 10,302,200 | 3,604,170 | - | - | - | 3,604,170 |
| Shares issued for resource properties | 336,986 | 180,000 | - | - | - | 180,000 |
| Share based compensation | - | - | - | 570,978 | - | 570,978 |
| Shares issued on exercise of stock option | 75,000 | 33,750 | - | - | - | 33,750 |
| Shares issued on exercise of warrants | 2,479,500 | 495,900 | - | - | - | 495,900 |
| Shares to be issued | - | - | 800 | - | - | 800 |
| Share issuance cost | - | (696,544) | - | 444,085 | - | (252,459) |
| Net loss for the period | - | - | - | - | (1,468,706) | (1,468,706) |
| Balance, October 31, 2025 | 32,629,036 | 4,359,625 | 800 | 1,015,063 | (1,558,059) | 3,817,429 |
The accompanying notes are an integral part of these condensed interim financial statements.
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Condensed Interim Financial Statements
For the three and nine months ended October 31, 2025 and from the date of incorporation on April 11, 2024 to October 31, 2024
(Unaudited - Expressed in Canadian dollars, except where noted)
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. On May 8, 2025, the Company started trading on the Canadian Securities Exchange ("CSE") under the symbol "MAXM.CN" and on May 29, 2025, 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 condensed interim financial statements for the three and nine months ended October 31, 2025 and 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 October 31, 2025, the Company has working capital of $3,237,429 (January 31, 2025 - $637,997) and an accumulated deficit of $1,558,059 (January 31, 2025 - $89,353). For the three and nine months ended October 31, 2025, the Company incurred a comprehensive net loss of $1,121,792 and $1,468,706 respectively (2024 - $25 and $25 respectively). The company had cash used in operating activities during nine months ended October 31, 2025 of $1,306,673 (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 December 29, 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 functional and presentation currency, except as otherwise noted. References to "CAD" are to Canadian dollars and references to "USD" are to United States dollars.
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Condensed Interim Financial Statements
For the three and nine months ended October 31, 2025 and from the date of incorporation on April 11, 2024 to October 31, 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
A summary of the Company's exploration and evaluation for the nine months ended October 31, 2025 is as follows:
| Total | |
|---|---|
| Consulting | 163,294 |
| Mapping | 339,047 |
| 502,341 |
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).
- 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)
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Condensed Interim Financial Statements
For the three and nine months ended October 31, 2025 and from the date of incorporation on April 11, 2024 to October 31, 2024
(Unaudited - Expressed in Canadian dollars)
5. EXPLORATION AND EVALUATION EXPENDITURES (continued)
Acquisition of Lotto Tungsten Project
On June 4, 2025, the Company has entered into a Property Option Agreement with two 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 “Lotto Tungsten Project”). The antimony projects, Quarry, Hurley & Altura cover approximately 3,700 hectares of terrain and the tungsten project covers 422 hectares. 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.
The option agreement is a combination of cash payments, common share issuances and incurrence of exploration expenditures, as follows:
- paying the aggregate of $150,000 in cash as follows:
- $50,000 on or before June 18, 2025 (paid);
- $50,000 on or before June 4, 2026; and
- $50,000 on or before June 4, 2027;
- issuing the aggregate of $400,000 in the Company’s common shares as follows:
- $100,000 in common shares at a deemed price equivalent on or before July 17, 2025 (issued);
- $100,000 in common shares at a deemed price equivalent on or before June 4, 2026;
- $100,000 in common shares at a deemed price equivalent on or before June 4, 2027; and
- $100,000 in common shares at a deemed price equivalent on or before June 4; and
- incurring a minimum of $1,000,000 in exploration expenditures on the Lotto Tungsten Project as follows:
- $150,000 on or before June 4, 2026;
- $250,000 on or before June 4, 2027; and
- $500,000 on or before June 4, 2028
Acquisition of Alturas Antimony Project
On September 17, 2025, the Company entered into a Property Acquisition Agreement with Equinox Resources Limited to acquire a 100% interest in the Alturas Antimony Project, located in the Slocan Mining Division of British Columbia, Canada. The Alturas Antimony Project consists of two claim blocks, Alturas East and Alturas West, covering approximately 1,748 hectares of prospective antimony-bearing ground (the “Alturas Antimony Project”).
Under the agreement, consideration for the acquisition is comprised of cash payments and common share issuances, as follows:
- paying the total of $300,000 in cash within 15 business days of the effective date (paid);
- Issuance of $400,000 worth of the Company’s common shares, to be completed on or before September 17, 2026.
Upon completion of the required cash payment and the issuance of the consideration shares, the Company will earn 100% interest in the Alturas Antimony Project.
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Condensed Interim Financial Statements
For the three and nine months ended October 31, 2025 and from the date of incorporation on April 11, 2024 to October 31, 2024
(Unaudited - Expressed in Canadian dollars)
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 and nine months ended October 31, 2025 the Company incurred $13,839 (2024 - $nil), of qualifying exploration expenditures. As a result, amortization of flow-through premium liability of $14,879 (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, January 31, 2025 | 13,839 | 14,879 |
| Eligible expenditures renounced | (13,839) | (14,879) |
| Balance, October 31, 2025 | - | - |
7. SHARE CAPITAL
a) Authorized share capital
Unlimited number of common shares without par value.
b) Issued share capital
During nine months ended October 31, 2025, the Company had the following share capital transactions.
- On May 8, 2025, 3,360,350, the special warrants were exercised and converted 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.
- 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. The Company recorded the fair value of the options using the black-scholes method to be $200,580.
- 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 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 2, 2025, the Company issued 136,986 common shares for $0.73 per share for fair value of $100,000 which has been capitalized to resource properties as part of the Lotto Tungsten Project (Note 5).
- On June 29, 2025, the Company raised gross proceeds of $3,605,770 by issuing 10,302,200 units at $0.35 per unit, with each unit consisting of one common share and one warrant exercisable at $0.46 for 24 months.
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Condensed Interim Financial Statements
For the three and nine months ended October 31, 2025 and from the date of incorporation on April 11, 2024 to October 31, 2024
(Unaudited - Expressed in Canadian dollars)
7. SHARE CAPITAL (continued)
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.
c) Issued warrants
During nine months ended October 31, 2025, the Company had the following warrants transactions.
- May 8, 2025, 3,360,350, the special warrants were exercised and converted into one Unit of the Company.
- 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 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 August 12, 2025, 36,000 warrants with an exercise price of $0.20 were excised for 36,000 common shares, resulting in gross proceeds of $7,200.
- On August 19, 2025, 32,000 warrants with an exercise price of $0.20 were excised for 32,000 common shares, resulting in gross proceeds of $6,400.
- On September 3, 2025, 4,500 warrants with an exercise price of $0.20 were excised for 4,500 common shares, resulting in gross proceeds of $900.
During the period ended from the date of incorporation on April 11, 2024 to January 31, 2025, the Company had the following warrants transactions.
- 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. 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; or
- January 21, 2026
10
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Condensed Interim Financial Statements
For the three and nine months ended October 31, 2025 and from the date of incorporation on April 11, 2024 to
October 31, 2024
(Unaudited - Expressed in Canadian dollars)
7. SHARE CAPITAL (continued)
d) Issued Options
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.
A summary of the Company's weighted average inputs used in the Black-Scholes option pricing model for the stock options is as follows:
| Share price | $0.45 |
|---|---|
| Exercise price | $0.45 |
| Expected life | 2 years |
| Risk-free interest rate | 2.62% |
| Expected volatility | 100.00% |
| Expected annual dividend yield | 0.00% |
On August 20, 2025, the Company granted a total of 250,000 stock options. The options are exercisable at a price of $0.92 per common share and will expire on August 20, 2027.
A summary of the Company's weighted average inputs used in the Black-Scholes option pricing model for the stock options is as follows:
| Share price | $0.92 |
|---|---|
| Exercise price | $0.92 |
| Expected life | 2 years |
| Risk-free interest rate | 2.69% |
| Expected volatility | 100.00% |
| Expected annual dividend yield | 0.00% |
On October 17, 2025, the Company granted a total of 350,000 stock options to two consultants. The options are exercisable at a price of $1.12 per common share and will expire on October 17, 2027. All options were granted in accordance with the Company's stock option plan.
A summary of the Company's weighted average inputs used in the Black-Scholes option pricing model for the stock options is as follows:
| Share price | $1.12 |
|---|---|
| Exercise price | $1.12 |
| Expected life | 2 years |
| Risk-free interest rate | 2.43% |
| Expected volatility | 100.00% |
| Expected annual dividend yield | 0.00% |
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Condensed Interim Financial Statements
For the three and nine months ended October 31, 2025 and from the date of incorporation on April 11, 2024 to October 31, 2024
(Unaudited - Expressed in Canadian dollars)
7. SHARE CAPITAL (continued)
Share purchase option transactions are summarized as follows:
| Number of Stock options | Exercise Price | |
|---|---|---|
| $ | $ | |
| Balance, January 31, 2025 and April 11, 2024 | - | - |
| Granted | 850,000 | 0.45 |
| Balance, July 31, 2025 | 850,000 | 0.45 |
| Granted | 250,000 | 0.92 |
| Granted | 350,000 | 1.12 |
| Balance, October 31, 2025 | 1,450,000 | 0.69 |
A summary of the Company's outstanding stock options as at October 31, 2025, is as follows:
| Date of expiry | Number of stock options outstanding | Number of stock options exercisable | Weighted average exercise price | Weighted average remaining life |
|---|---|---|---|---|
| # | # | $ | Years | |
| May 22, 2027 | 850,000 | 850,000 | 0.45 | 1.56 |
| August 17, 2027 | 350,000 | 350,000 | 1.12 | 1.96 |
| August 20, 2027 | 250,000 | 250,000 | 0.92 | 1.80 |
| Total outstanding and exercisable | 1,450,000 | 1,450,000 | 0.69 | 1.70 |
Restricted Share Units
On October 17, 2025, the Company granted 300,000 restricted share units ("RSUs"). The RSUs will vest evenly over a sixteen-month period and will expire on October 17, 2028. The RSUs were granted in accordance with the Company's equity incentive plan. No RSUs were granted in the twelve months prior to this grant.
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.
A summary of the Company's related party transactions with key management is as follows:
| Three months ended October 31, 2025 | Three months ended October 31, 2024 | Nine months ended October 31, 2025 | For the period ended from April 11, 2024 to October 31, 2024 | |
|---|---|---|---|---|
| $ | $ | $ | $ | |
| Management and consulting fees | 54,000 | - | 104,402 | - |
| Share based compensation | 21,000 | - | 162,586 | - |
| 75,000 | - | 266,988 | - |
As at October 31, 2025, amount due to related parties comprised of amounts owing to key management members and directors totalling to $nil (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.
Maxus Mining Inc. (formerly 1475431 B.C. Ltd.)
Notes to the Condensed Interim Financial Statements
For the three and nine months ended October 31, 2025 and from the date of incorporation on April 11, 2024 to October 31, 2024
(Unaudited - Expressed in Canadian dollars)
9. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT
As at October 31, 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 October 31, 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.
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 nine months ended October 31, 2025. The Company is not subject to externally imposed capital requirements.
11. SUBSEQUENT EVENTS
An aggregate of 17,000 warrants with an exercise price of $0.20 were excised for 17,000 common shares, resulting in gross proceeds of $3,400.
An aggregate of 45,000 options with an exercise price of $0.45 were excised for 45,000 common shares, resulting in gross proceeds of $20,250.
On November 7, 2025, the Company closed a non-brokered private placement of 2,364,091 flow-through common shares at $1.10 per share, raising gross proceeds of $2,600,500. The proceeds are intended to be used to fund eligible Canadian exploration expenditures on the Company's mineral projects, and the related tax-benefit status will be renounced in favor of the subscribers effective December 31, 2025. The Company paid finder's fees totaling $155,700 cash in connection with the placement.
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