Questcorp Mining — Interim / Quarterly Report 2026

Dec 19, 2025

QUESTCORP

MINING INC.

Condensed Interim Financial Statements

For the Three Months Ended October 31, 2025 and 2024

(Unaudited - Expressed in Canadian Dollars)

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Notice of Non-review of Condensed Interim Financial Statements

In accordance with National Instrument 51-102, the Company discloses that the accompanying condensed interim financial statements have been prepared by and are the responsibility of the Company's management.

They have been reviewed and approved by the Company's Audit Committee and the Board of Directors.

The attached condensed interim financial statements for the three months ended October 31, 2025 have not been reviewed by the Company's auditors.

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Questcorp Mining Inc.
Condensed Interim Statements of Financial Position
(Unaudited - Expressed in Canadian Dollars)

	Note(s)	October 31, 2025	July 31, 2025
ASSETS
Current assets:
Cash	$	259,584	$ 243,393
Other receivables		-	1,039
Restricted Cash - Current	5	957,504	-
GST recoverable		28,759	16,371
Prepaid expenses		199,064	160,072
Total current assets		1,444,911	420,875
Non-current assets:
Restricted Cash - Long term	5	957,496	-
Advances to Riverside Resources Inc.	3	-	158,341
Exploration and evaluation assets	3	3,249,166	2,593,102
Total assets	$	5,651,573	$ 3,172,318
LIABILITIES
Current liabilities:
Due to Riverside Resources Inc.	3	493,642	-
Accounts payable and accrued liabilities	4	$ 262,911	$ 72,787
		756,553	72,787
SHAREHOLDERS' EQUITY
Share capital	5	7,812,113	5,151,719
Contributed surplus	5	941,004	801,388
Subscription received	5	120,000	-
Deficit		(3,978,097)	(2,853,576)
Total shareholders' equity		4,895,020	3,099,531
Total liabilities and shareholders' equity	$	5,651,573	$ 3,172,318

Nature of Operations and Going Concern (Note 1)
Subsequent Events (Note 10)

APPROVED ON DECEMBER 19, 2025 ON BEHALF OF THE BOARD:

"Satvir 'Saf' Dhillon", Director
"Tim Henneberry", Director

• The accompanying notes are an integral part of these condensed interim financial statements -
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Questcorp Mining Inc.
Condensed Interim Statements of Loss and Comprehensive Loss
(Unaudited - Expressed in Canadian Dollars)

	Note(s)	Three months ended October 31,
		2025	2024
Expenses
Bank charges and interest		$ 307	$ 98
Investor relations	6	350,892	77,095
Listing and filing fees		12,039	33,677
Consulting fees	6	163,531	42,500
Office and sundry	6	5,189	3,138
Professional fees		55,920	30,338
Share-based compensation		507,897	-
Travel and conference		27,531	16,124
Loss before the undernoted		(1,123,306)	(202,970)
Other income (expenses)
Interest income		10	9
Foreign Exchange		(1,225)	34
Total comprehensive loss for the period		$ (1,124,521)	$ (202,927)
Basic and diluted income (loss) per common share		$ (0.02)	$ (0.01)
Weighted average number of common shares outstanding		74,812,987	14,999,999

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

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Questcorp Mining Inc.
Condensed Interim Statements of Cash Flows
(Unaudited - Expressed in Canadian Dollars)

Three months ended October 31,
	2025	2024
Cash flows from operating activities:
Net loss for the period	$ (1,124,521)	$ (202,927)
Changes in non-cash working capital:
Share-based compensation	507,897	-
GST recoverable	(12,388)	10,527
Prepaid expenses	(38,992)	47,425
Accounts payable and accrued liabilities	190,124	41,591
Net cash used in operating activities	(477,880)	(103,384)
Cash flows from investing activities:
Exploration and evaluation assets	(655,025)	(51,366)
Due to Riverside Resources Inc.	651,983	-
Net cash used in investing activities	(3,042)	(51,366)
Cash flows from financing activities:
Issuance of share capital, net of issuance costs	2,100,050	-
Share issuance costs	(25,587)	-
Shares issued in private placement - restricted cash – Note 5b	(1,915,000)	-
Subscriptions received	120,000	12,850
Warrants exercised	217,650	-
Net cash provided by financing activities	497,113	12,850
Change in cash	16,191	(141,900)
Cash, beginning of the period	243,393	178,901
Cash, end of the period	$ 259,584	$ 37,001

Supplemental Schedule of Non-Cash Investing and Financing Activities

Share issuance costs - non-cash	$	(130,000)	$
Shares issued as settlement of corporate finance fee (non - cash)	$	130.000	$

• The accompanying notes are an integral part of these condensed interim financial statements -
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Questcorp Mining Inc.
Condensed Interim Statements of Changes in Shareholder's Equity
(Unaudited - Expressed in Canadian Dollars)

	Share Capital		Contributed surplus	Subscription received	Deficit	Total shareholders' equity
	Number of shares	Amount
Balance at July 31, 2024	14,999,999	$ 1,167,991	$ 39,626	$ (12,850)	$ (804,028)	$ 390,739
Subscription received	-	-	-	12,850	-	12,850
Net loss for the period	-	-	-	-	(202,927)	(202,927)
Balance at October 31, 2024	14,999,999	$ 1,167,991	$ 39,626	$ -	$ (1,006,955)	$ 200,662
Balance at July 31, 2025	70,695,003	$ 5,151,719	$ 801,388	$ -	$ (2,853,576)	$ 3,099,531
Shares issued for private placement	14,000,334	2,030,048	70,002	-	-	2,100,050
Shares issuance costs - cash	-	(25,587)	-	-	-	(25,587)
Shares issuance costs – non-cash	-	(130,000)	-	-	-	(130,000)
Shares issued as settlement of corporate finance fee	866,667	125,667	4,333			130,000
Shares issued on settlement of RSUs	2,750,000	440,000	-	-	-	440,000
Shares issued for warrants exercised	2,176,500	220,266	(2,616)	-	-	217,650
Options vested	-	-	67,897	-	-	67,897
Subscription received	-	-	-	120,000	-	12,850
Net loss for the period	-	-	-	-	(1,124,521)	(1,124,521)
Balance at October 31, 2025	90,488,504	$ 7,812,113	$ 941,004	$ 120,000	$ (3,978,097)	$ 4,895,020

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

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Questcorp Mining Inc.

Notes to Condensed Interim Financial Statements for the Three Months Ended October 31, 2025 and 2024

(Unaudited - Expressed in Canadian Dollars)

1. Nature of operations and going concern

Questcorp Mining Inc. (the "Company" or "Questcorp") was incorporated under the laws of British Columbia on April 9, 2021. The Company's registered and records office is located at Suite 550, 800 West Pender Street, Vancouver, BC, V6C 2V6.

During the year ended July 31, 2024, the Company completed its initial public offering (Note 5) and its common shares were listed on the Canadian Securities Exchange on December 11, 2023, under the trading symbol QQQ.

On May 22, 2024, all issued and outstanding common shares of the Company were consolidated on a 2:1 basis. All references to share, option, warrant and per share amounts have been retroactively restated to reflect the share consolidation.

These condensed interim financial statements have been prepared assuming the Company will continue on a going-concern basis. The Company has incurred losses since its inception and the ability of the Company to continue as a going-concern depends upon its ability to raise adequate financing and to develop profitable operations. As at October 31, 2025, the Company had a working capital of $688,358 (July 31, 2025 – $348,088) and an accumulated deficit of $3,978,097 (July 31, 2025 - $2,853,576). Questcorp may be required to delay discretionary expenditures if additional financing cannot be obtained on reasonable terms. Failure to obtain additional financing when required may result in the loss of some, or all, of the Company's exploration and evaluation assets (Note 3). These material uncertainties may cast significant doubt about the Company's ability to continue as a going concern.

1. Material accounting policy information, estimates and judgements

a) Basis of presentation

These condensed interim financial statements of the Company have been prepared in accordance with International Accounting Standards 1, Presentation of Financial Statements ("IAS 1") using accounting policies consistent with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") for interim information, specifically International Accounting Standards ("IAS") 34 - Interim Financial Reporting. In addition, these condensed interim financial statements have been prepared using interpretations issued by the International Financial Reporting Interpretation Committee ("IFRIC") in effect at October 31, 2025 and the same accounting policies and methods of their application as the most recent annual financial statements of the Company. These condensed interim financial statements do not include all disclosures normally provided in the annual financial statements and should be read in conjunction with the Company's audited financial statements for the year ended July 31, 2025.

In management's opinion, all adjustments necessary for fair presentation have been included in these condensed interim financial statements. Interim results are not necessarily indicative of the results expected for the year ending July 31, 2026.

The condensed interim financial statements for the three months ended October 31, 2025 (including comparatives) have been prepared by management, reviewed by the Audit Committee and approved and authorized for issue by the Board of Directors on December 19, 2025.

The condensed interim financial statements are presented in Canadian dollars, which is the Company's functional currency.

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Questcorp Mining Inc.

Notes to Condensed Interim Financial Statements for the Three Months Ended October 31, 2025 and 2024

(Unaudited - Expressed in Canadian Dollars)

b) Critical accounting judgements and estimates

The preparation of these condensed interim financial statements requires the use of certain significant accounting estimates and judgments by management in applying the Company's accounting policies. The areas involving significant judgments, estimates and assumptions have been set out in and are consistent with Note 2 of the Company's annual audited financial statements for the year ended July 31, 2025.

3. Exploration and evaluation assets

	North Island, BC, Canada	La Union, Sonora, Mexico	Total
ACQUISITION
Balance July 31, 2024	$ 130,500	$ -	$ 130,500
Acquisition costs	13,500	1,758,145	1,771,645
Balance July 31, 2025	$ 144,000	$ 1,758,145	$ 1,902,145
Acquisition costs	-	-
Balance October 31, 2025	$ 144,000	$ 1,758,145	$ 1,902,145
EXPLORATION
Balance July 31, 2024	124,870	-	124,870
Assaying	23,793	-	23,793
Drilling	-	174,057	174,057
Field and camp costs	27,573	64,300	91,873
Geological consulting	-	123,328	123,328
Property claims taxes	-	54,232	54,232
Surveys & geophysics	-	25,374	25,374
Office, miscellaneous & travel	-	66,141	66,141
Legal fees	-	8,328	8,328
Recoveries	(1,039)	-	(1,039)
Balance July 31, 2025	$ 175,197	$ 515,760	$ 690,957
Assaying	-	8,204	8,204
Drilling	-	352,497	352,497
Field and camp costs	-	93,640	93,640
Geological consulting	1,000	160,089	161,089
Office, miscellaneous & travel	-	34,106	34,106
Legal fees	-	6,528	6,528
Balance October 31, 2025	$ 176,197	$ 1,170,824	$ 1,347,021
CARRYING VALUE
July 31, 2025	$ 319,197	$ 2,273,905	$ 2,593,102
October 31, 2025	$ 320,197	$ 2,928,969	$ 3,249,166

a) General

North Island Copper Property, BC, Canada

On October 4, 2021, the Company entered into an option agreement to acquire a 100% interest in the North Island Copper Property (the "Property") with a third party. Following the exercise of the option, the Property will remain subject to a 3% net smelter return royalty ("NSR"). The Company may purchase the first 1% of the NSR for $750,000 and may purchase the remaining 2% of the NSR for an additional $1,000,000.

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Questcorp Mining Inc.

Notes to Condensed Interim Financial Statements for the Three Months Ended October 31, 2025 and 2024

(Unaudited - Expressed in Canadian Dollars)

Pursuant to the option agreement, the Company is required to complete the following:

(1) to acquire a 51% interest in the Property, the Company shall pay $10,000 to the vendor upon the effective date of the Option Agreement (paid);

(2) to acquire an additional 49% interest in the Property, the Company shall: (a) pay a total of $85,000 to the vendor; (b) issue a total of 1,100,000 common shares; and (c) spend a total of $500,000 on exploration expenditures on the Property as set out below:

Due date	Cash payment	Share issuance	Exploration expenditures
Upon the date listed on a Canadian exchange (“Listing Date”) (December 11, 2023)	$10,000 (paid)	1,000,000 (issued)	N/A
On or before the 1st anniversary of the Listing Date (December 11, 2024)	$10,000 (paid)	50,000 (issued)	$80,000 (incurred)
On or before the 2nd anniversary of the Listing Date (December 11, 2025)*	$5,000	25,000	$100,000
On or before the 3rd anniversary of the Listing Date (December 11, 2026)	$60,000	25,000	$320,000
Total	$85,000	1,100,000	$500,000

• Subsequent to period end, the Company made the required cash payment, issued shares to the vendor, and incurred exploration expenditures in accordance with the agreement.

La Union Project, Sonora, Mexico

On May 5, 2025, the Company signed a definitive option agreement with Riverside Resources Inc. ("Riverside") and its subsidiary RRM Exploration, S.A.P.I. DE C.V., to acquire the La Union project—a 2,520.2-hectare property located in Sonora, Mexico. Under the agreement, the Company may acquire a 100% interest in the Project by completing a series of cash payments totalling $100,000, making staged issuances of common shares of the Company totalling 19.9%, and incurring $5,500,000 of exploration expenditures on the Project as outlined immediately below:

Due date	Cash payment	Share issuance	Exploration expenditures
Within two business days of the date of agreement	$25,000 (paid)	N/A	N/A
On the effective date (1) (May 20, 2025)	N/A	9.9% (2) (issued)	N/A
On or before the 1st anniversary of the effective date (May 20, 2026)	N/A	5.0% (2)(4)	$1,000,000
On or before the 2nd anniversary of the effective date (May 20, 2027)	$25,000	5.0% (2)(4)	$1,250,000
On or before the 3rd anniversary of the effective date (May 20, 2028)	$25,000	cumulative 19.9% (2)(3)	$1,500,000
On or before the 4th anniversary of the effective date (May 20, 2029)	$25,000	cumulative 19.9% (2)(3)	$1,750,000
Total	$100,000	cumulative 19.9% (2)(3)	$5,500,000

Notes:
1. "Effective Date" means the date on which Questcorp delivers to the Vendor a copy of the written approval of the Canadian Securities Exchange in respect of the transactions contemplated by the Option Agreement.
2. Issuable within the fifth business day after the applicable date.
3. Expressed as a cumulative total percentage of the undiluted issued and outstanding common shares of the Company as of the applicable payment date, and assuming Riverside has not previously disposed of any common shares.
4. Expressed as a non-cumulative, stand-alone percentage of the undiluted issued and outstanding common shares of the Company as of the applicable payment date.

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Questcorp Mining Inc.

Notes to Condensed Interim Financial Statements for the Three Months Ended October 31, 2025 and 2024

(Unaudited - Expressed in Canadian Dollars)

Cash for exploration expenditures are advanced to Riverside, who pays on behalf of the Company. As at October 31, 2025, there was $493,642 due to Riverside.

On May 7, 2025, the Company made the cash payment of $25,000 to Riverside and on May 20, 2025, issued 6,285,722 common shares (representing 9.9% of its outstanding shares) in accordance with the agreement terms.

4. Accounts payable

	October 31, 2025	July 31, 2025
Accounts payable	$ 211,824	$ 52,387
Accrued liabilities	51,087	20,400
Ending balance	$ 262,911	$ 72,787

5. Share Capital

a) Authorized

As at October 31, 2025, there were an unlimited number of common voting shares without par value authorized.

b) Issued

Share subscription received

During the period ended October 31, 2025, the Company received $120,000 in share subscriptions, related to the Company's upcoming final tranche of the private placement as outlined in Note 10. The common shares were issued subsequent to the period ended October 31, 2025.

Three months ended October 31, 2025

During the three months ended October 31, 2025, the following events took place:

• Issued 2,176,500 common shares pursuant to the exercise of 2,176,500 warrants at a price of $0.10 per share for gross proceeds of $217,650.
• Issued 2,750,000 common shares pursuant to the shareholder approval of 2,750,000 RSUs.

• Entered into a Sharing Agreement with Sorbie Bornholm LP and Sorbie Investments LLP (together "Sorbie"), whereas they subscribed to the amount of units equivalent to $2,000,000. The proceeds will be settled over 24 monthly payments and these payments may be adjusted based on a monthly evaluation of the 20-day volume-weighted average price ("Settlement Price") to a benchmark price of $0.1949 ("Benchmark Price").

• If the Settlement Price is above the Benchmark Price, the Company can receive greater than 100% of the related monthly settlement amount.

• If the Settlement Price is below the Benchmark Price, the Company can receive less than 100% of the related monthly settlement amount.

There is no cap on the additional proceeds the Company may receive and a decline in Settlement Price will not result in additional units being issued to Sorbie.

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Questcorp Mining Inc.

Notes to Condensed Interim Financial Statements for the Three Months Ended October 31, 2025 and 2024

(Unaudited - Expressed in Canadian Dollars)

• Completed the first tranche of its non-brokered private placement, issuing a total of 14,000,334 units; each unit consists of one common share and one-half warrant, with each whole warrant exercisable at $0.20 for 24 months, subject to accelerated expiry if the Company's share price closes at $0.50 or higher for ten consecutive trading days. Of these, 13,333,334 units relate to the sharing agreement with Sorbie. All such units were issued to Sorbie, with an initial payment of $85,000 received; the remaining proceeds of $1,915,000 will be settled through 24 monthly payments, as described above and are recorded as restricted cash. Gross proceeds of $100,050 were received for the remaining 667,000 units. An additional 866,667 units were issued to settle a corporate finance fee of $130,000.

Three months ended October 31, 2024

During the three months ended October 31, 2024, there were no capital transactions.

c) Options

On September 26, 2025, the Company granted a total of 400,000 stock options to certain consultants of the Company. The Options are exercisable at a price of $0.18 until September 26, 2030. The Options vest immediately.

The changes in options issued are as follows:

	Number of Options	Weighted Average Exercise Price
Outstanding Options, July 31, 2024	-	$ -
Issued	4,500,000	$0.12
Exercised	(200,000)	$0.15
Outstanding Options, July 31, 2025	4,300,000	$0.12
Issued	400,000	$0.18
Outstanding Options, October 31, 2025	4,700,000	$0.13

At October 31, 2025, options enabling the holders to acquire common shares as follows:

Expiry Date	Weighted Average Exercise Price	Number of Options	Weighted Average Remaining Contractual Life in Years
January 24, 2030	$0.07	1,500,000	4.24
March 19, 2030	$0.15	2,800,000	4.38
September 26, 2030	$0.18	400,000	4.91
Weighted average of exercise price and remaining contractual life	$0.13	4,700,000	4.38

Share-based payments relating to options vested during the period ended October 31, 2025, using the Black-Scholes option pricing model, was $67,897 (2024 - $nil) which was recorded as reserves on the statements of financial position and as share-based compensation expense on the statements of loss and comprehensive loss. The share-based payment expense for the options granted during the period was calculated based on the following weighted average assumptions:

	October 31, 2025	October 31, 2024
Risk-free interest rate	2.56%	n/a
Expected dividend yield	0.00	n/a
Expected stock price volatility	167.73%	n/a
Average expected option life	5 years	n/a
Fair value of options granted	$0.170	n/a

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Questcorp Mining Inc.

Notes to Condensed Interim Financial Statements for the Three Months Ended October 31, 2025 and 2024

(Unaudited - Expressed in Canadian Dollars)

d) Warrants

The changes in warrants issued are as follows:

	Number of Warrants	Weighted Average Exercise Price
Outstanding Warrants, July 31, 2024	7,807,599	$0.10
Exercised	48,861,746	$0.10
Issued	(3,326,743)	$0.10
Outstanding Warrants, July 31, 2025	53,342,602	$0.10
Issued	7,433,501	$0.20
Exercised	(2,176,500)	$0.10
Outstanding Warrants, October 31, 2025	58,599,603	$0.11

At October 31, 2025, warrants enabling the holders to acquire common shares as follows:

Expiry Date	Weighted Average Exercise Price	Number of Warrants	Weighted Average Remaining Contractual Life in Years
December 12, 2025*	$0.20	250,000	0.12
June 28, 2026	$0.10	1,998,856	0.66
June 28, 2026	$0.10	20,000	0.66
November 5, 2026	$0.10	2,410,000	1.01
March 19, 2027	$0.10	43,482,539	1.38
March 19, 2027	$0.10	3,004,707	1.38
October 24, 2027	$0.20	7,433,501	1.98
Weighted average of exercise price and remaining contractual life	$0.11	58,599,603	1.41

*Subsequent to period end, 250,000 warrants expired unexercised.

1. Related Party Transactions

Key management compensation

Key management consists of Questcorp's directors and officers. In addition to management and consulting fees paid to these individuals, or companies controlled by these individuals, the Company provides non-cash benefits. The aggregate value of compensation with key management for the period ended October 31, 2025 was $431,000 (2024 - $37,500) and was comprised of the following:

		Three months ended October 31, 2025	Three months ended October 31, 2024
Consulting fees	$	51,000	$ 37,500
Exploration and evaluation assets		4,000	-
Investor relations		5,000	-
Share-based compensation		376,000	-
	$	431,000	$ 37,500

The amounts charged to Questcorp for the services provided have been determined by negotiation among the parties and, in certain cases, are covered by signed agreements.

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Questcorp Mining Inc.

Notes to Condensed Interim Financial Statements for the Three Months Ended October 31, 2025 and 2024

(Unaudited - Expressed in Canadian Dollars)

Related party transactions and balances not disclosed elsewhere in these financial statements are as follows:

Other related party transactions

During the period ended October 31, 2025, Questcorp incurred a total of $4,500 (2024 - $3,000) in rent expenses to a company owned by the CEO.

Due to/from related parties

As at October 31, 2025, the Company owed $209 (2024 - $65,861) to related parties. The amount is included in accounts payable and accrued liabilities. Amounts due to related parties are unsecured, have no fixed repayments and are non-interest bearing.

As at October 31, 2025, there was $26,586 (2024 - $Nil) included in prepaid expenses to related parties.

7. Financial Instruments

Categories of financial assets and liabilities

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

• Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities;
• Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
• Level 3 – Inputs that are not based on observable market data.

The Company is exposed to various financial instrument risks and assesses the impact and likelihood of this exposure. These risks include capital management, liquidity risk, credit risk, and interest rate risk. Where material, these risks are reviewed and monitored by the Board of Directors.

Credit risk

Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligations. The Company's credit risk is primarily attributable to cash and GST recoverable.

The Company limits exposure to credit risk on liquid financial assets through maintaining its cash with high-credit quality financial institutions. The Company's cash is held with a major Canadian based financial institution. The carrying amount of financial assets represents the maximum credit exposure.

Liquidity risk

The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. At October 31, 2025, Questcorp had a cash balance of $259,584 (July 31, 2025 - $243,393) to settle accounts payable and accrued liabilities of $262,911 (July 31, 2025 - $72,787). Subsequent to period end, the Company received additional funds from private placement, which will be used to settle outstanding obligations.

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Questcorp Mining Inc.

Notes to Condensed Interim Financial Statements for the Three Months Ended October 31, 2025 and 2024

(Unaudited - Expressed in Canadian Dollars)

Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.

(a) Interest rate risk

The Company is not exposed to interest rate risk.

(b) Foreign currency risk

The Company's functional currency is the Canadian dollar and major purchases are transacted in Canadian dollars. The Company is not exposed to foreign currency risk.

8. Capital Management

The Company manages its capital to safeguard the Company's ability to continue as a going concern, so that it can continue to provide adequate returns to shareholders and benefits to other stakeholders, and to have sufficient funds on hand for business opportunities as they arise.

The Company considers the items included in shareholders' equity as capital. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares through short-term prospectuses, private placements, sell assets, incur debt, or return capital to shareholders. As at October 31, 2025, the Company is not subject to externally imposed capital requirements.

9. Segment Information

The Company operates in one business segment, being the acquisition, exploration, and evaluation of mineral properties. The Company's exploration activities are centralized whereby management of the Company is responsible for business results and the everyday decision-making. Geographical information is as follows:

Geography	October 31, 2025	July 31, 2025
Canada	320,197	319,197
Mexico	2,928,969	2,273,905
Total	$ 3,249,166	$ 2,593,102

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Questcorp Mining Inc.

Notes to Condensed Interim Financial Statements for the Three Months Ended October 31, 2025 and 2024

(Unaudited - Expressed in Canadian Dollars)

10. Subsequent Events

On December 8, 2025, the Company closed the final tranche of its non-brokered private placement, issuing a total of 1,266,667 units for gross proceeds of $190,000. Each unit consists of one common share and one-half warrant, with each whole warrant exercisable at $0.20 for 24 months. No finders' fees were paid in connection with closing of the final tranche.

On December 17, 2025, the Company closed its non-brokered private placement of flow-through units, issuing a total of 6,023,077 flow-through units for gross proceeds of $783,000. Each flow-through unit consists of one flow-through common share and one-half warrant, with each whole warrant exercisable at $0.20 for 24 months. $53,900 finders' fees were paid and 414,615 finders' warrants were issued in connection with closing of the private placement. Each finders' warrant is exercisable to acquire a common share of the Company until December 17, 2027, with 134,615 of the finders' warrants exercisable at a price of $0.13 and 280,000 exercisable at a price of $0.20.

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