MineHub Technologies — Interim / Quarterly Report 2025

Jun 28, 2025

MINEHUB TECHNOLOGIES INC.

Condensed Consolidated Interim Financial Statements

For the Three Months Ended April 30, 2025 and 2024

(Expressed in Canadian Dollars)

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NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if an auditor has not performed a review of the interim 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 consolidated interim financial statements of MineHub Technologies Inc. (the "Company") have been prepared by and are the responsibility of the Company's management.

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

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

MINEHUB TECHNOLOGIES INC.

Condensed Consolidated Interim Statements of Financial Position

(Expressed in Canadian dollars, unaudited)

	Notes	April 30, 2025	January 31, 2025
Assets
Current assets
Cash		$ 359,080	$ 262,200
Receivables	3	374,204	440,802
Prepaid expenses		163,466	223,950
Investment	4	1,366,493	2,182,671
Total current assets		2,263,243	3,109,623
Intangible assets and goodwill	5	639,624	659,552
Total assets		$ 2,902,867	$ 3,769,175
Liabilities
Current liabilities
Trade payables and accrued liabilities	6,10	$ 476,536	$ 649,360
Short-term loans	7	1,410,917	757,130
Deferred revenue	11	13,177	13,177
Total current liabilities		1,900,630	1,419,667
Non-current liabilities
Deferred revenue	11	3,295	6,589
Total liabilities		1,903,925	1,426,256
Shareholders' equity
Share capital	8	37,018,397	36,512,994
Equity compensation reserve	8,9	2,080,712	2,204,289
Deficit		(38,100,167)	(36,374,364)
Total shareholders' equity		998,942	2,342,919
Total liabilities and shareholders' equity		$ 2,902,867	$ 3,769,175

Nature of and continuance of operations (Note 1)
Subsequent events (Note 7(c))

Approved on behalf of the Board:

"Vince Sorace"
Vince Sorace, Director

"Troy Bullock"
Troy Bullock, Director

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

MINEHUB TECHNOLOGIES INC.

Condensed Consolidated Interim Statements of Comprehensive Loss

(Expressed in Canadian dollars, unaudited)

	Notes	Three months ended
		April 30, 2025	April 30, 2024
Revenue	11	$ 362,022	$ 775,745
Cost of sales	12	276,845	309,501
Gross margin		85,177	466,244
Operating expenses
Research and development	12	688,324	874,067
Sales and marketing	12	321,065	221,331
General and administrative	10,12	519,332	502,379
Stock-based compensation	8,10,12	119,406	85,315
Amortization	5,12	19,928	26,820
Total operating expenses		(1,668,055)	(1,709,912)
Net loss from operations		(1,582,878)	(1,243,668)
Other income (expenses)
Interest and accretion expense	7,12	(8,434)	(23,796)
Other income (expense)		442	513
Gain (loss) on investment	4	(175,703)	-
Foreign exchange gain (loss)		(29,494)	(11,232)
Total other income (expenses)		(213,189)	(34,515)
Net and comprehensive loss		$ (1,796,067)	$ (1,278,183)
Loss per share – basic and diluted		$ (0.02)	$ (0.02)
Weighted Average Number of Shares Outstanding	8	87,507,172	68,134,675

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MINEHUB TECHNOLOGIES INC.

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity

(Expressed in Canadian dollars, unaudited)

	Notes	Share Capital		Equity Compensation Reserve	Equity Component of Convertible Debt Reserve	Deficit	Total Shareholders' Equity (Deficit)
		Number of Shares	Amount
Balance, January 31, 2024		68,134,675	$ 31,227,928	$ 2,414,059	$ 88,029	$ (30,962,003)	$ 2,768,013
Fair value reclass of expired warrants	8	-	-	(229,656)	-	229,656	-
Fair value reclass of expired options	8	-	-	(195,365)	-	195,365	-
Stock-based compensation	8,10	-	-	85,315	-	-	85,315
Net and comprehensive loss for the period		-	-	-	-	(1,278,183)	(1,278,183)
Balance, April 30, 2024		68,134,675	31,227,928	2,074,353	88,029	(31,815,165)	1,575,145
Balance, January 31, 2025		87,049,677	36,512,994	2,204,289	-	(36,374,364)	2,342,919
Warrants exercised	8	245,772	100,767	(2,458)	-	-	98,309
Options exercised	8	517,500	404,636	(170,261)	-	-	234,375
Fair value reclass of expired warrants	8	-	-	(8,385)	-	8,385	-
Fair value reclass of expired options	8	-	-	(61,879)	-	61,879	-
Stock-based compensation	8,10	-	-	119,406	-	-	119,406
Net and comprehensive loss for the period		-	-	-	-	(1,796,067)	(1,796,067)
Balance, April 30, 2025		87,812,949	$ 37,018,397	$ 2,080,712	$ -	$ (38,100,167)	$ 998,942

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

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

MINEHUB TECHNOLOGIES INC.

Condensed Consolidated Interim Statements of Cash Flows

(Expressed in Canadian dollars, unaudited)

	Three Months Ended
	April 30, 2025	April 30, 2024
Cash provided by (used in):
Operating activities
Net loss	$ (1,796,067)	$ (1,278,183)
Item not affecting cash:
Interest and accretion expense	8,434	23,796
Amortization	19,928	26,820
Finance expense	-	-
Stock-based compensation	119,406	85,315
(Gain) loss on investment	175,703	-
Unrealized foreign exchange (gains) losses	6,383	-
Changes in non-cash working capital items:
Accounts receivable	51,071	(22,100)
Prepaid expenses	60,484	17,345
Accounts payable and accrued liabilities	(163,680)	(551,386)
Deferred revenue	(3,294)	(338,604)
Net cash used in operating activities	(1,521,632)	(2,036,997)
Investing activities
Proceeds from investments	635,828	-
Net cash provided by investing activities	635,828	-
Financing activities
Loan received	750,000	-
Loan repayment	(100,000)	(495,000)
Proceeds from stock option and warrant exercises	332,684	-
Net cash provided by (used in) financing activities	982,684	(495,000)
Increase (decrease) in cash	96,880	(2,531,997)
Cash, beginning	262,200	3,869,376
Cash, ending	$ 359,080	$ 1,337,379
Supplemental cash flow information
Taxes paid	$ -	$ -
Interest paid	-	-

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MINEHUB TECHNOLOGIES INC.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended April 30, 2025 and 2024

(Expressed in Canadian dollars, unaudited)

1. Nature and continuance of operations

MineHub Technologies Inc. (the “Company”) was incorporated in the province of British Columbia on February 19, 2018. The Company is engaged in the development and operation of a digital supply chain platform for the commodity markets. The Company’s registered and records office is 2501-550 Burrard Street, Vancouver, British Columbia, V6C 0A8. The Company’s head office is located at 918-1030 West Georgia Street, Vancouver, British Columbia, V6E 2Y3. The Company’s common shares are listed on the TSX Venture Exchange (“TSX-V”) under the ticker MHUB and quoted on the OTCQB under the ticker MHUBF.

These condensed consolidated interim financial statements have been prepared on the assumption that the Company will continue as a going concern, meaning it will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. Different bases of measurement may be appropriate if the Company is not expected to continue operations for the foreseeable future. As at April 30, 2025, the Company has generated modest revenues but has incurred losses since inception. The Company’s continuation as a going concern is dependent on its ability to generate future cash flows and/or obtain additional financing. These factors indicate the existence of a material uncertainty that may cast significant doubt about the Company’s ability to continue as a going concern. Management intends to finance operating costs over the next twelve months with cash on hand, loans from directors and companies controlled by directors and/or private placements of common stock. There is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company. These condensed consolidated interim financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern, and such adjustments could be material.

These condensed consolidated interim financial statements were authorized for issue by the Board of Directors on June 24, 2025.

2. Material accounting policy information

(a) Statement of compliance to International Financial Reporting Standards

These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standard (“IAS”) 34 – Interim Financial Reporting, as issued by the International Accounting Standards Board (“IASB”). Accordingly, certain information and footnote disclosure normally included in annual financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”) have been omitted or condensed, and therefore these condensed consolidated interim financial statements should be read in conjunction with the Company’s January 31, 2025 audited annual consolidated financial statements and the notes to such financial statements.

(b) Basis of preparation

The condensed consolidated interim financial statements have been prepared on an accrual basis except for cash flow information and are based on historical costs modified where applicable. The condensed consolidated interim financial statements are presented in Canadian dollars unless otherwise noted. The policies set out below were consistently applied to all periods presented unless otherwise noted.

(c) Use of estimates, assumptions and material judgements

The preparation of condensed consolidated interim financial statements in accordance with IFRS requires the Company to make estimates and assumptions concerning the future as well as making judgements. The Company’s management reviews these estimates and underlying assumptions on an ongoing basis, based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Revisions to estimates are adjusted for prospectively in the period in which the estimates are revised.

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MINEHUB TECHNOLOGIES INC.
Notes to Condensed Consolidated Interim Financial Statements
For the three months ended April 30, 2025 and 2024
(Expressed in Canadian dollars, unaudited)

1. Material accounting policy information (continued)

(c) Use of estimates, assumptions and material judgements (continued)

The estimates, assumptions and judgements applied in the condensed consolidated interim financial statements, including the key sources of estimation uncertainty, were the same as those applied in the Company's last annual financial statements for the year ended January 31, 2025.

(d) Basis of consolidation

These condensed consolidated interim financial statements include the accounts of the Company and its wholly-owned subsidiaries, MineHub (USA) Inc., MineHub Technologies China, MineHub Technologies Singapore Pte Ltd (subsequently wound up as of May 29, 2025) and CMDTY UK Ltd. All inter-company balances and transactions have been eliminated upon consolidation.

1. Receivables

	April 30, 2025	January 31, 2025
Accounts receivable	$ 361,954	$ 370,127
Sales taxes recoverable	12,250	70,675
	$ 374,204	$ 440,802

1. Investment

During the year ended January 31, 2025 the Company received 456,359 shares of Abaxx Technologies Inc. ("Abaxx") with a fair value of $5,102,077 as part of a share exchange agreement dated July 31, 2024. The shares are listed on CBOE and OTCQX. During the three months ended April 30, 2025, the Company generated proceeds of $635,828 from its investment. As at April 30, 2025, the Abaxx shares were recorded at their fair value by reference to the share price of Abaxx resulting in a fair value loss on investment of $175,703.

1. Intangible assets and goodwill

	Backlog	Technology	Goodwill	Total
Cost
Balance, January 31, 2024 and 2025	$ 110,239	$ 260,741	$ 489,706	$ 860,686
Additions	-	-	-	-
Balance, April 30, 2025	$ 110,239	$ 260,741	$ 489,706	$ 860,686
Accumulated amortization
Balance, January 31, 2024	$ (48,227)	$ (45,633)	$ -	$ (93,860)
Amortization	(55,122)	(52,152)	-	(107,274)
Balance, January 31, 2025	$ (103,349)	$ (97,785)	$ -	$ (201,134)
Amortization	(6,890)	(13,038)	-	(19,928)
Balance, April 30, 2025	$ (110,239)	$ (110,823)	$ -	$ (221,062)
Net book value
Balance, January 31, 2025	$ 6,890	$ 162,956	$ 489,706	$ 659,552
Balance, April 30, 2025	$ -	$ 149,918	$ 489,706	$ 639,624

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MINEHUB TECHNOLOGIES INC.
Notes to Condensed Consolidated Interim Financial Statements
For the three months ended April 30, 2025 and 2024
(Expressed in Canadian dollars, unaudited)

6. Trade payables and accrued liabilities

	April 30, 2025	January 31, 2025
Trade payables (Note 10)	$ 268,223	$ 457,242
Accrued liabilities (Note 10)	208,313	192,118
	$ 476,536	$ 649,360

7. Convertible debt and short-term loans

	2020 Convertible Debenture (Note 7(a))	2021 Convertible Debenture (Note 7(b))	Short-Term Loans (Note 7(c))	Total
Balance, January 31, 2024	$ 845,323	$ 21,352	$ -	$ 866,675
Repayment of convertible debenture	(495,000)	-	-	(495,000)
Accretion of convertible debenture	39,463	1,051	-	40,514
Interest accrued	6,712	500	37,729	44,941
New promissory note issued	-	-	450,000	450,000
Repayment of promissory note	-	-	(150,000)	(150,000)
Transfer of convertible debt	(396,498)	(22,903)	419,401	-
Balance, January 31, 2025	$ -	$ -	$ 757,130	$ 757,130
Interest accrued	-	-	3,787	3,787
New promissory note issued	-	-	750,000	750,000
Repayment of promissory note	-	-	(100,000)	(100,000)
Balance, April 30, 2025	$ -	$ -	$ 1,410,917	$ 1,410,917

(a) On July 31, 2020, the Company entered into an agreement to combine four outstanding short-term loans into convertible debentures with a principal amount of $791,000. The lenders have an option to convert all or a portion of the principal amount of $664,500 and accrued interest into units of the Company at $0.25 per unit and $126,500 into common shares of the Company at $0.25 per share. Each unit consists of one common share of the Company and one-half share purchase warrant entitling the holder to purchase one share of the Company at an exercise price of $0.50 per unit until July 31, 2025.

The convertible debenture is a compound financial instrument as it includes both liability and equity components. On initial recognition, the Company determined the fair value of the liability component on the date of issue to be $702,971. The fair value of the liability was determined by calculating the fair value of the future cash flows of the loan assuming a discount rate of 12%. The equity component of the debenture was determined to be $88,029, which comprises of the principal value less the liability component.

On April 14, 2023, the lenders extended convertible promissory debentures to July 31, 2024, which resulted in a gain on debt modification of $87,638.

On February 5, 2024, the Company repaid $495,000 of the principal amount.

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MINEHUB TECHNOLOGIES INC.

Notes to Condensed Consolidated Interim Financial Statements

For the three months ended April 30, 2025 and 2024

(Expressed in Canadian dollars, unaudited)

7. Convertible debt and short-term loans (continued)

(b) On September 4, 2021, $20,000 of the principal from the loan described in Note 7(a) was assigned to a new lender with the same terms. On April 14, 2023, the Company extended convertible promissory note to July 31, 2024, which resulted in a gain on debt modification of $2,368.

(c) On July 31, 2024, the outstanding principal and interest amounts for the convertible debentures were transferred into loans payable from the same counterparties at an interest rate of 5% per annum and are repayable on demand. As the loans are no longer convertible the equity component of the convertible debentures ($88,029), was transferred to deficit.

On July 30, 2024 the Company entered into a promissory note for a principal amount of $450,000 at an interest rate of 8% per annum. An arrangement fee of $9,000 was incurred in connection with the promissory note. The Company made a $150,000 partial repayment of the promissory note on January 23, 2025 and another partial repayment of $100,000 on April 15, 2025. The promissory note is repayable on July 31, 2025.

On April 13, 2025, the Company entered into a loan agreement for a principal amount of $750,000 at an interest rate of 7% per annum. On June 25, 2025 the Company received an additional $300,000 under this loan agreement. The loan is repayable on August 31, 2025.

8. Share capital

Authorized share capital

Unlimited common shares without par value.

Issued share capital

At April 30, 2025, there were 87,812,949 issued and fully paid common shares (January 31, 2025 – 87,049,677).

On March 1, 2024, the company consolidated its shares on the basis of one post-consolidation share for every two pre-consolidation shares. All references to the number of shares and per share amounts have been retrospectively restated to reflect the consolidation.

Share issuance

Three Months Ended April 30, 2025:

The Company issued 245,772 common shares for 245,772 warrants exercised at an exercise price of $0.40 per warrant. The average share price on the dates of exercise was $0.68.

The Company issued 517,500 common shares for 517,500 stock options exercised at an average exercise price of $0.45 per option. The average share price on the dates of exercise was $0.58.

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MINEHUB TECHNOLOGIES INC.
Notes to Condensed Consolidated Interim Financial Statements
For the three months ended April 30, 2025 and 2024
(Expressed in Canadian dollars, unaudited)

8. Share capital (continued)

Warrants

Warrant transactions are summarized as follows:

	Number of warrants	Weighted average exercise price
Warrants outstanding, January 31, 2024	23,316,619	$ 0.58
Issued	8,333,333	0.35
Exercised	(765,664)	0.40
Expired	(9,338,139)	0.62
Warrants outstanding, January 31, 2025	21,546,149	$ 0.48
Exercised	(245,772)	0.40
Expired	(33,750)	0.80
Warrants outstanding, April 30, 2025	21,266,627	$ 0.48

Details of warrants outstanding as at April 30, 2025 are as follows:

Exercise Price	Expiry Date	Number of warrants
$ 0.80	June 9, 2025	1,250,000
1.00	October 13, 2025	1,171,969
0.80	April 17, 2026	1,018,750
0.40	January 31, 2027	17,825,908
		21,266,627

At April 30, 2025, the weighted-average remaining contractual life of warrants outstanding was 1.55 years.

During the three months ended April 30, 2025, 33,750 (2024 – 956,250) warrants expired, accordingly a total of $8,385 (2024 – $229,656) was transferred to deficit.

Stock options

The Company has an incentive stock option plan, which provides that the Board of Directors of the Company may from time-to-time, in its discretion, grant to directors, officers, employees and technical consultants to the Company, non-transferable stock options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed a rolling 10% of the Company's issued and outstanding common shares at the time the options are granted.

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MINEHUB TECHNOLOGIES INC.
Notes to Condensed Consolidated Interim Financial Statements
For the three months ended April 30, 2025 and 2024
(Expressed in Canadian dollars, unaudited)

8. Share capital (continued)

Stock options transactions are summarized as follows:

	Number of options	Weighted average exercise price
Options outstanding, January 31, 2024	3,920,625	$ 0.62
Issued	4,287,500	0.27
Exercised	(7,500)	0.25
Forfeited/expired	(1,597,188)	0.55
Options outstanding, January 31, 2025	6,603,437	$ 0.41
Exercised	(517,500)	0.45
Forfeited/expired	(85,000)	0.99
Options outstanding, April 30, 2025	6,000,937	$ 0.40
Options exercisable, April 30, 2025	3,719,687	$ 0.46

Details of stock options outstanding and exercisable as at April 30, 2025 is as follows:

Range of exercise prices	Number of options	Weighted average remaining contractual life (years)	Number of options exercisable
$ 0.00-0.24	965,937	0.63	641,562
0.25-0.49	2,955,000	2.01	1,095,000
0.50-0.75	1,925,000	0.59	1,828,125
1.00-1.25	57,500	0.01	57,500
1.75-1.99	7,500	0.00	7,500
2.00-2.25	90,000	0.02	90,000
	6,000,937	3.26	3,719,687

There were no stock options granted in the three months ended April 30, 2025. The fair value of each option granted in the three months ended April 30, 2024 was estimated at the time of grant using the Black-Scholes option pricing model with the following assumptions. The expected volatility reflects the historical volatility in the price of the Company's shares over the expected life.

Grant Date	Expiry Date	Exercise Price	Risk-Free Interest Rate	Expected Life	Volatility Factor	Dividend Yield	Fair Value
March 26, 2024	March 26, 2029	$0.20	3.5%	5 years	113%	0%	$0.14
March 29, 2024	March 29, 2029	0.20	3.5%	5 years	113%	0%	0.17

During the three months ended April 30, 2025, the Company recorded $119,406 (2024 - $85,315) in stock-based compensation expense. During the three months ended April 30, 2025, 85,000 (2024 - 540,625) options expired, accordingly $61,879 (2024 - $195,365) was transferred to deficit.

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MINEHUB TECHNOLOGIES INC.
Notes to Condensed Consolidated Interim Financial Statements
For the three months ended April 30, 2025 and 2024
(Expressed in Canadian dollars, unaudited)

1. Reserves

Equity compensation reserve

The equity compensation reserve records items recognized as stock-based compensation expense until such time that the stock options are exercised, at which time the corresponding amount will be transferred to share capital. If the options expire unexercised and cancelled, the amount recorded is transferred to deficit.

Equity component of convertible debt reserve

The convertible debt reserve records the equity component of convertible debt with liability and equity components. On conversion, the amount recorded is transferred to share capital.

1. Related party transactions

For the three months ended April 30, 2025 and 2024, the Company had no transactions with related parties as defined in IAS 24 – Related Party Disclosures, except those pertaining to transactions with key management and director personnel in the ordinary course of their employment, or as disclosed below.

Key management and director compensation is as follows:

	Three Months Ended April 30,
	2025	2024
Aggregate compensation	$ 196,089	$ 147,131
Stock-based compensation (Note 8)	33,910	30,112
	$ 229,999	$ 177,243

At April 30, 2025, included in accounts payable and accrued liabilities is $81,600 (at January 31, 2025 - $61,850) due to directors and officers or companies controlled by directors and officers. These amounts are unsecured, non-interest bearing and have no fixed payment terms (Note 6).

1. Revenue

The following table presents revenue from contracts with customers disaggregated by service type:

	Three Months Ended April 30,
	2025	2024
Software as a service revenue	$ 362,022	$ 473,507
Professional services	-	302,238
	$ 362,022	$ 775,745

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MINEHUB TECHNOLOGIES INC.
Notes to Condensed Consolidated Interim Financial Statements
For the three months ended April 30, 2025 and 2024
(Expressed in Canadian dollars, unaudited)

11. Revenue (continued)

The following table provides information about deferred revenue (contract liability):

	April 30, 2025	January 31, 2025
Balance, beginning	$ 19,766	$ 392,522
Increase due to invoices issued, excluding amounts recognized as revenue during the period	-	-
Decrease from revenue recognized that was included in the deferred revenue balance at the beginning of the period	(3,294)	(372,756)
Balance, ending	$ 16,472	$ 19,766
Deferred revenue – current	$ 13,177	$ 13,177
Deferred revenue – non-current	$ 3,295	$ 6,589

12. Expense by nature

The following table presents expenses by nature:

	Three Months Ended April 30,
	2025	2024
Payroll and contractor expenses	$ 1,390,822	$ 1,406,560
Office and miscellaneous	160,450	147,294
Stock-based compensation	119,406	85,315
Professional fees	100,076	91,798
Marketing	70,458	75,523
Administrative services	37,839	18,761
Travel	21,105	33,800
Amortization	19,928	26,820
Regulatory fees	12,816	24,052
Management fees	12,000	57,142
Interest and accretion expense	8,434	23,796
Consulting	-	48,678
Development costs	-	3,670
	$ 1,953,334	$ 2,043,209

13. Financial instruments and risks

(a) Fair values

The fair values of cash, receivables, accounts payable, short-term loans and convertible notes approximate their carrying values due to the short-term to maturities of these financial instruments.

(b) Interest rate risk

Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to interest rate risk.

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MINEHUB TECHNOLOGIES INC.
Notes to Condensed Consolidated Interim Financial Statements
For the three months ended April 30, 2025 and 2024
(Expressed in Canadian dollars, unaudited)

13. Financial instruments and risks (continued)

(c) Credit risk

Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is in its cash. The risk in cash is managed through the use of a major financial institution which has a high credit quality as determined by rating agencies. Credit risk is assessed as low.

(d) Foreign exchange rate risk

Foreign exchange risk is the risk that the Company’s financial instruments will fluctuate in value as a result of movements in foreign exchange rates. The Company is exposed to foreign exchange risk on fluctuations related to cash, receivables, and accounts payable denominated in US dollars, Euros, British Pound Sterling, Singapore Dollars and Chinese Renminbi; therefore, foreign exchange risk is assessed as high.

The following is an analysis of Canadian dollar equivalent of financial assets and liabilities that are denominated in US dollars:

	April 30, 2025	January 31, 2025
Cash	$ 18,074	$ 121,363
Receivables	355,048	366,600
Trade payables	(99,201)	(106,087)
	$ 273,921	$ 381,876

The following is an analysis of Canadian dollar equivalent of financial assets and liabilities that are denominated in Euros:

	April 30, 2025	January 31, 2025
Cash	$ -	$ -
Trade payables	(26,226)	(33)
	$ (26,226)	$ (33)

The following is an analysis of Canadian dollar equivalent of financial assets and liabilities that are denominated in British Pound Sterling:

	April 30, 2025	January 31, 2025
Cash	$ 9,108	$ 1,227
Receivables	1,947	2,356
Trade payables	(130,786)	(314,613)
	$ (119,731)	$ (311,030)

The following is an analysis of Canadian dollar equivalent of financial assets and liabilities that are denominated in Singapore dollars:

	April 30, 2025	January 31, 2025
Cash	$ -	$ -
Trade payables	-	(982)
	$ -	$ (982)

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MINEHUB TECHNOLOGIES INC.
Notes to Condensed Consolidated Interim Financial Statements
For the three months ended April 30, 2025 and 2024
(Expressed in Canadian dollars, unaudited)

13. Financial instruments and risks (continued)

(d) Foreign exchange rate risk (continued)

The following is an analysis of Canadian dollar equivalent of financial assets and liabilities that are denominated in Chinese Renminbi:

	April 30, 2025	January 31, 2025
Cash	$ 5,361	$ 5,508
Trade payables	(1,908)	(1,982)
	$ 3,453	$ 3,526

Based on the above net exposures, as at April 30, 2025, a 5% change in the Canadian dollar relative to the currencies listed below would impact the Company’s net loss by:

	April 30, 2025	January 31, 2025
US dollar	$ 13,700	$ 19,000
Euro	1,300	-
British Pound Sterling	6,000	15,550
Singapore dollar	-	50
Chinese Renminbi	200	200
	$ 21,200	$ 34,800

(e) Liquidity risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company requires funds to finance its business development activities. In addition, the Company needs to raise equity financing to carry out its research and development activities. There is no assurance that financing will be available or, if available, that such financings will be on terms acceptable to the Company. Liquidity risk is assessed as high.

14. Capital management

The Company’s capital structure consists of share capital. The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company. The Board of Directors does 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 Company is dependent on external financing to fund its activities. In order to carry out research and development and pay for administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. 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 since inception. The Company is not subject to externally imposed capital requirements.

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