Silver Range Resources Ltd.
Consolidated Financial Statements
December 31, 2025
(Expressed in Canadian Dollars)

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Baker Tilly WM LLP
900 – 400 Burrard Street
Vancouver, British Columbia
Canada V6C 3B7
T: +1 604.684.6212
F: +1 604.688.3497
[email protected]
www.bakertilly.ca

INDEPENDENT AUDITOR'S REPORT

To the Shareholders of Silver Range Resources Ltd.:

Opinion

We have audited the consolidated financial statements of Silver Range Resources Ltd. and its subsidiary (together, the "Company"), which comprise the consolidated statements of financial position as at December 31, 2025 and 2024, and the consolidated statements of loss and comprehensive loss, consolidated statements of changes in shareholders' equity and consolidated statements of cash flows for the years then ended, and notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Company as at December 31, 2025 and 2024, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with IFRS Accounting Standards.

Basis for Opinion

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements for the year ended December 31, 2025. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. We have determined the matter described below to be the key audit matter to be communicated in our auditor's report.

Baker Tilly WM LLP is a member of Baker Tilly Canada Cooperative, which is a member of the global network of Baker Tilly International Limited. All members of Baker Tilly Canada Cooperative and Baker Tilly International Limited are separate and independent legal entities.

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Key audit matter	How our audit addressed the key audit matter
Assessment of the existence of impairment indicators for mineral property interests
Refer to note 6	Our approach to addressing the matter involved the following procedures, among others:
As at December 31, 2025, the carrying amount of the Company's mineral property interests was $2,392,325.

At each reporting period, management assesses mineral property interests to determine whether there are any indicators of impairment. If any such indicators exist, the asset's recoverable amount is estimated. An impairment loss is recognized if the carrying amount of an asset exceeds its estimated recoverable amount.

Management assesses mineral property interests for impairment based on, at minimum, the presence of any of the following indicators:
(i) the period for which the Company has the right to explore in the specific area has expired during the year or will expire in the near future, and is not expected to be renewed;
(ii) substantive expenditure on further exploration for, and evaluation of, mineral resources in the specific area is neither budgeted nor planned;
(iii) the Company has decided to discontinue exploration for and evaluation of mineral resources in the specific area; and/or
(iv) for areas of likely development, available data indicates that the carrying amount exceeds the recoverable amount.

An impairment indicator was identified for certain mineral property interests in the Yukon, Nunavut, Northwest Territories, Nevada and Arizona. The carrying amount exceeds the recoverable amount of the assets and for the year ended December 31, 2025, an impairment of $685,236 was recognized.

We considered this a key audit matter due to the significance of the mineral property interests and the judgments made by management in their assessment of impairment indicators related to the mineral property interests. These factors have resulted in a high degree of subjectivity in performing audit procedures, related to the judgment applied by management. | Evaluating the judgments made by management in determining the impairment indicators, which included the following:
• Obtained, for a sample of claims by reference to government registries, evidence to support (i) the right to explore the area and (ii) claim expiration dates.
• Read the new releases and observed evidence supporting the continued and planned exploration expenditures, which included evaluating results of the Company's work programs.
• Assessed whether available data indicates the potential for commercially viable mineral resources.
• Based on evidence obtained in other areas of the audit, considered whether other facts and circumstances suggest that the carrying amount may exceed the recoverable amount. |

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Other Information

Management is responsible for the other information. The other information comprises the information included in the Management's Discussion and Analysis filed with the relevant Canadian securities commissions.

Our opinion on the consolidated financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the consolidated financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the consolidated financial statements or our knowledge obtained in the audit and remain alert for indications that the other information appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact in this auditor's report. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Consolidated financial statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with IFRS Accounting Standards, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Consolidated financial statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.
Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the Company as a basis for forming an opinion on the group financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Graeme L. Cocke.

Baker Tilly WM LLP

CHARTERED PROFESSIONAL ACCOUNTANTS

Vancouver, B.C.

April 27, 2026

Silver Range Resources Ltd.
Consolidated Statements of Financial Position
(Expressed in Canadian Dollars)

As at December 31, 2025 and December 31, 2024

	Note	December 31, 2025 $	December 31, 2024 $
Assets
Current assets
Cash and cash equivalents	10	2,225,121	1,568,225
Short-term investment	10	409,205	-
Receivables and prepayments	3	76,862	45,143
Marketable securities - public companies	4	320,787	1,521,000
		3,031,975	3,134,368
Non-current assets
Marketable securities - private companies	4	1	1
Mineral property interests	6	2,392,325	2,844,067
		2,392,326	2,844,068
Total assets		5,424,301	5,978,436
Liabilities and shareholders' equity
Current liabilities
Accounts payable and accrued liabilities		62,741	41,315
Accounts payable to related parties	9	42,700	79,854
Total liabilities		105,441	121,169
Shareholders' equity
Share capital	7	39,684,269	39,625,928
Reserves	7	788,127	672,193
Deficit		(35,153,536)	(34,440,854)
Total shareholders' equity		5,318,860	5,857,267
Total liabilities and shareholders' equity		5,424,301	5,978,436
Nature of operations and going concern	1
Events after the reporting period	14

Approved on behalf of the Board of Directors on April 27, 2026:

"Elizabeth Wallinger" Director "Bruce Youngman" Director

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

Silver Range Resources Ltd.
Consolidated Statements of Changes in Shareholders' Equity
(Expressed in Canadian Dollars)

For the years ended December 31, 2025 and December 31, 2024

	Number of shares #	Share capital $	Subscriptions received $	Reserves $	Commitment to issue shares $	Deficit $	Total shareholders' equity $
January 1, 2024	94,465,841	39,380,558	10,000	581,527	15,000	(30,264,201)	9,722,884
Private placement units issued	3,491,005	246,870	(10,000)	42,410	-	-	279,280
Share issue costs	-	(16,500)	-	-	-	-	(16,500)
Shares issued - services	170,038	15,000	-	-	(15,000)	-	-
Share-based payments	-	-	-	48,256	-	-	48,256
Loss and comprehensive loss for the year	-	-	-	-	-	(4,176,653)	(4,176,653)
December 31, 2024	98,126,884	39,625,928	-	672,193	-	(34,440,854)	5,857,267
January 1, 2025	98,126,884	39,625,928	-	672,193	-	(34,440,854)	5,857,267
Exercise of options	256,115	20,490	-	-	-	-	20,490
Re-allocated on exercise of options	-	15,772	-	(15,772)	-	-	-
Re-allocated on expiry of options	-	-	-	(44,822)	-	44,822	-
Re-allocated on expiry of warrants	-	22,079	-	(22,079)	-	-	-
Share-based payments	-	-	-	198,607	-	-	198,607
Loss and comprehensive loss for the year	-	-	-	-	-	(757,504)	(757,504)
December 31, 2025	98,382,999	39,684,269	-	788,127	-	(35,153,536)	5,318,860

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

Silver Range Resources Ltd.

Consolidated Statements of Loss and Comprehensive Loss

(Expressed in Canadian Dollars)

For the years ended December 31, 2025 and December 31, 2024

	Note	December 31, 2025 $	December 31, 2024 $
Expenses
Administrative		13,935	5,614
Insurance		28,881	32,534
Investor relations and shareholder information		31,848	48,660
Management, administrative and corporate development fees	9	155,593	246,103
Office rent	9	3,600	10,200
Professional fees	9	141,502	146,162
Share-based payments	7,9	198,607	48,256
Transfer agent and filing fees		15,734	21,658
Loss from operating expenses		(589,700)	(559,187)
Interest and other income		89,836	5,909
Foreign exchange loss		(28,091)	(2,956)
Gain (loss) on marketable securities	4	550,458	(1,081,408)
Change in fair value of marketable securities	4	-	(2,260,166)
Project generation costs	9	(119,588)	(65,921)
Gain on sale of mineral property interests	6	24,817	39,915
Mineral property impairments	6	(685,236)	(252,839)
Loss and comprehensive loss for the year		(757,504)	(4,176,653)
Loss per share
Weighted average number of common shares outstanding
- basic #	8	98,230,032	96,412,665
- diluted #	8	98,230,032	96,412,665
Basic loss per share $	8	(0.01)	(0.04)
Diluted loss per share $	8	(0.01)	(0.04)

Silver Range Resources Ltd.
Consolidated Statements of Cash Flows
(Expressed in Canadian Dollars)

	Note	December 31, 2025 $	December 31, 2024 $
Operating activities
Loss for the year		(757,504)	(4,176,653)
Adjustments for:
Share-based payments		198,607	48,256
Interest income		(49,134)	(5,909)
Change in fair value of marketable securities		-	1,081,408
(Gain) loss on marketable securities	4	(550,458)	2,260,166
Gain on sale of mineral property interests	6	(24,817)	(39,915)
Mineral property impairments		685,236	252,839
Net change in non-cash working capital items	10	(61,137)	58,005
		(559,207)	(521,803)
Financing activities
Issue of shares/units for cash	7	20,490	279,280
Share issue costs		-	(16,500)
Lease payments		-	(3,000)
		20,490	259,780
Investing activities
Interest income on cash and cash equivalents		39,929	5,909
Purchase of short-term investment		(400,000)	-
Purchase of marketable securities	4	(205,000)	-
Proceeds from sale of marketable securities	4	2,033,488	1,881,392
Mineral property option proceeds	6	102,709	60,292
Mineral property acquisition costs	6	(189,928)	(154,196)
Exploration and evaluation expenditures		(185,585)	(28,538)
		1,195,613	1,764,859
Change in cash and cash equivalents		656,896	1,502,836
Cash and cash equivalents, beginning of year		1,568,225	65,389
Cash and cash equivalents, end of year		2,225,121	1,568,225

Supplemental cash flow information
10

Silver Range Resources Ltd.
Notes to the Consolidated Financial Statements
(Expressed in Canadian Dollars)
For the years ended December 31, 2025 and December 31, 2024

Nature of operations and going concern

Silver Range Resources Ltd. (the "Company" or "Silver Range") was incorporated on May 18, 2010, under the laws of the Province of British Columbia, Canada as a wholly owned subsidiary of Strategic Metals Ltd. ("Strategic"). In 2011, the Company and Strategic completed a Plan of Arrangement which reduced Strategic's investment in the Company to less than 20%. The Company is registered extra-territorially to conduct operations in the Yukon Territory, Northwest Territories and Nunavut, Canada. The Company also has a wholly-owned US incorporated subsidiary, Manta Minerals Corporation (note 5). The Company's head office and principal place of business is located at 510 - 1100 Melville Street, Vancouver, BC, V6E 4A6. Its records office is located at 1710 - 1177 West Hastings Street, Vancouver, British Columbia, Canada, V6E 2L3. The Company's common shares trade under the symbol "SNG.V" on the TSX Venture Exchange ("TSX-V").

The Company's main corporate strategy is to advance its mineral properties to a drill-ready stage and then option or sell them to other parties. Under option or sale agreements, the Company may receive cash and/or shares in the acquiring companies and may retain interests or royalty interests in the properties. Through this process, the Company is assembling a portfolio of direct and indirect mineral property interests and marketable securities, which will assist in generating cash flows to meet overheads and ongoing exploration programs. The Company has not yet determined whether its direct or indirect mineral property interests contain mineral reserves that are economically viable. The Company's continued operations, and the underlying value and recoverability of the amounts shown for mineral property interests and marketable securities, are entirely dependent upon the existence of economically recoverable mineral reserves of the Company and those in which it holds a mineral property or shareholder interest. The continued exploration of projects will depend on it receiving future cash flows from the disposition or option of its mineral property interests and sale of marketable securities, or from its ability to obtain financing.

These annual consolidated financial statements (the "financial statements") are prepared on the basis that the Company will continue as a going concern, which assumes that the Company will be able to continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of operations. As an exploration stage company, the Company does not have traditional sources of revenue and historically has relied on property option or sale proceeds, proceeds from the sale of marketable securities, and share capital (private placement) financing to cover its operating expenses and exploration programs.

Material accounting policies

(a) Basis of presentation

These financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee ("IFRIC").

These financial statements have been prepared on an historical cost basis, except for certain financial instruments which are measured at fair value. In addition, these financial statements have been prepared using the accrual basis of accounting, except for cash flow information.

All amounts on these financial statements are presented in Canadian dollars which is the functional currency of the Company and its wholly owned subsidiary.

(b) Principles of consolidation

These financial statements include the financial statements of the Company and its wholly-owned subsidiary (note 5). Subsidiaries are entities controlled by the Company and are included in the financial statements from the date that control commences until the date that control ceases. The Company controls an investee when it is exposed, or has the rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The accounting policies of investees are changed where necessary to align them with the policies adopted by the Company.

Inter-company balances and transactions, and any unrealized income and expenses arising from inter-company transactions, are eliminated in preparing the financial statements. Unrealized gains arising from transactions with equity accounted investees are eliminated against the investment, to the extent of the Company's interest in the investee. Unrealized losses are eliminated in the same way as unrealized gains, but only to the extent that there is no evidence of impairment.

Silver Range Resources Ltd.

Notes to the Consolidated Financial Statements

(Expressed in Canadian Dollars)

2. Material accounting policies

(c) Financial instruments

The Company classifies its financial instruments in the following categories: as fair value through profit or loss ("FVTPL"), financial assets at amortized cost, or as fair value through other comprehensive income ("FVTOCI"). The classification depends on the purpose for which the financial assets or liabilities were acquired or incurred. Management determines the classification of financial assets and liabilities at initial recognition.

Recognition and derecognition

The Company recognizes financial assets and financial liabilities on the date the Company becomes a party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial instrument at its fair value with adjustments for, in the case of a financial instrument not at FVTPL, transaction costs that are directly attributable to the acquisition or assumption of the financial instrument. Transaction costs of financial instruments carried at FVTPL are expensed in profit or loss.

Financial assets are derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset, or when cash flows expire. A write-off of a financial asset (or a portion thereof) constitutes a derecognition event. Write-off occurs when the Company has no reasonable expectations of recovering the contractual cash flows on a financial asset. A financial liability is derecognized when the contractual obligation under the liability is discharged, cancelled or expires or its terms are modified and the cash flows of the modified liability are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value.

Classification

The Company classifies its financial assets and financial liabilities using the following measurement categories:

(a) Those to be measured subsequently at fair value (either through other comprehensive income (loss) or through profit or loss); and
(b) Those to be measured at amortized cost.

The classification of financial assets depends on the business model for managing the financial assets and the contractual terms of the instrument. Financial liabilities are classified as those to be measured at amortized cost unless they are designated as those to be measured subsequently at FVTPL (an irrevocable election at the time of recognition).

The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified.

The Company's marketable securities are classified as FVTPL. Marketable securities held in companies traded in a public market are classified as current assets at fair value. Marketable securities held in companies not traded in a public market are classified as non-current assets as they are not expected to be sold within the next 12 months and are measured at fair value. If insufficient information is available to measure fair value, or if there is a wide range of possible fair value measurements and cost represents the best estimate of fair value within that range, the Company measures marketable securities of companies not traded in a public market at cost. After the date of initial recognition, the Company uses all available information about the performance and operations of an investee, and to the extent that any factors exist to indicate that cost might not be representative of fair value, the Company measures fair value.

Silver Range Resources Ltd.

Notes to the Consolidated Financial Statements

(Expressed in Canadian Dollars)

2. Material accounting policies (continued)

(c) Financial instruments (continued)

Classification (continued)

When marketable securities of companies not traded in a public market are received as sale or option proceeds for mineral property interests, cost is determined by reference to factors specific to those investees at or near the time of the receipt of proceeds, such as but not limited to (i) quantities of common shares issued, (ii) cash subscription price, (iii) any third-party transaction price in a transfer of those companies' common shares, and (iv) the net asset value of the investee which includes the fair value of any claims under option or sale.

Cash and cash equivalents, short-term investment, and marketable securities are classified as FVTPL and are subsequently measured and accounted for at fair value. Accrued receivables are classified as amortized cost and are accounted for using the effective interest method as these financial assets are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding.

Derivative financial assets

Warrants are classified as derivative financial assets and are recorded at FVTPL. Warrants without an active market that are received as attachments to common share units are initially recorded at fair value. Subsequent fair value is determined at each reporting date using the Black-Scholes option pricing model. If the Black-Scholes option pricing model input variables are not reliable, fair value is determined using the intrinsic value, which is equal to the higher of the market value of the underlying security, less the exercise price of the warrant, or zero.

Financial liabilities

The Company has the following financial liabilities: accounts payable and accrued liabilities, and accounts payable to related parties. Such financial liabilities are recognized initially at fair value less any directly attributable transaction costs. Subsequent to initial recognition these financial liabilities are measured at amortized cost using the effective interest method. The effective interest rate is the rate that discounts estimated future cash flows over the expected life of the financial instrument, or where appropriate, a shorter period. Interest expense is recognized in profit or loss.

(d) Short-term investment

Short-term investments are non-redeemable, interest-bearing investments with original maturities of twelve months or less. Short-term investments are not readily converted into cash and are held for investment purposes to maturity.

(e) Joint operations

A joint arrangement is an arrangement of which two or more parties have joint control. The Company determines the type of joint arrangement in which it is involved as either a joint operation or a joint venture and this depends on the rights and obligations of the parties to the joint arrangement. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement on a proportionate basis. Those parties are called joint operators. Joint control is the contractually agreed sharing of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. None of the parties that have joint control of the arrangement have rights to the net assets of the arrangement. The Company accounts for joint operations by recognizing its rights to assets and obligations for liabilities, its rights to corresponding revenues and obligations for corresponding expenses, and its share of any jointly held rights or jointly obligated liabilities together with their corresponding revenues and expenses.

2. Material accounting policies (continued)

(f) Mineral property interests

The acquisition costs of mineral property interests and any subsequent exploration and evaluation costs are capitalized until the property to which they relate is placed into production, sold, allowed to lapse or abandoned. Exploration and evaluation costs incurred prior to obtaining ownership, or the right to explore a property, are expensed as incurred as project generation costs. Mineral property interests that have close proximity and have the possibility of being developed as a single mine are grouped as projects and are considered separate cash generating units ("CGU") for the purpose of determining future mineral reserves and impairments.

The acquisition costs include the cash consideration paid and the fair value of any shares issued for mineral property interests being acquired or optioned pursuant to the terms of relevant agreements.

Proceeds received from a partial sale or option of any interest in a property are credited against the carrying value of the property. When the proceeds exceed the carrying costs, the excess is recorded in profit or loss in the year the excess is received. When all of the interest in a property is sold, subject only to any retained royalty interests which may exist, the accumulated property costs are written-off, with any gain or loss included in profit or loss in the year the transaction takes place.

Management reviews its mineral property interests at each reporting period for signs of impairment and annually after each exploration season taking into consideration current year exploration results, or the expectations for the disposition or option of the property. If a property is abandoned or inactive for a prolonged period, or considered to have no future economic potential, the acquisition and exploration and evaluation costs are written-off to profit or loss.

Once an economically viable resource has been determined for an area and the decision to proceed with development has been approved, mineral property interests attributable to that area are first tested for impairment and then reclassified to property and equipment. Subsequent recovery of the resulting carrying value depends on successful development or sale of the undeveloped project. Should a project be put into production, the costs of acquisition, exploration and evaluation will be amortized over the life of the project based on proven and probable reserves. If the carrying value of a project exceeds the higher of its fair value less costs of disposal and value in use, an impairment provision is recorded.

When the Company has complied with the conditions attached to a government grant, and has assurance that the grant will be received, the government grant is recorded as a reduction of the carrying amount of the mineral property interest. The Company records refundable mineral exploration tax credits on an accrual basis and as a reduction of the carrying value of the mineral property interest. When the Company is entitled to non-refundable exploration tax credits, and it is probable that they can be used to reduce future taxable income, a deferred tax benefit is recognized.

(g) Impairment

Financial assets

The Company assesses all information available, including on a forward-looking basis, the expected credit losses associated with its assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as the reporting date, with the risk of default as at the date of initial recognition, based on all information available, and reasonable and supportive forward-looking information.

Non-financial assets

Non-financial assets are reviewed quarterly by management for indicators that carrying value is impaired and may not be recoverable. When indicators of impairment are present the recoverable amount of an asset is evaluated at the CGU level, which is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. The recoverable amount of a CGU is the greater of the CGU's fair value less costs of disposal and its value in use. An impairment loss is recognized in profit or loss to the extent that the carrying amount exceeds the recoverable amount. The Company's mineral property interest impairment policy is more specifically discussed in note 2(f) above.

(h) Share capital

Common shares, options, and warrants are classified as equity. Transaction costs directly attributable to the issue of common shares are recognized as a deduction from equity, net of any tax effects. Common shares issued for consideration other than cash, are measured based on their fair value at the date the shares are issued.

The Company applies the residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more reliably measurable component based on fair value and then the residual value, if any, to the less reliably measurable component. The Company considers the fair value of common shares issued in a unit private placement to be the more reliably measurable component. The balance, if any, is allocated to the attached warrants. Any value attributed to the warrants is recorded as reserves.

As an incentive to complete private placements, the Company may issue units which include common shares and common share purchase warrants. Warrants issued on a standalone basis are valued using the Black-Scholes option pricing model. When warrants are exercised the consideration received is recorded as share capital and the related fair value originally recorded as reserves is transferred to share capital. When a warrant is cancelled or expires, the initial recorded value is reversed from reserves and credited to share capital or deficit, depending on the accounting on issuance. Finders' warrants may be issued as a private placement share issue cost and are valued using the Black-Scholes option pricing model.

Reserves is comprised of the accumulated fair value of stock options recognized as share-based payments, the value of previously forfeited common shares, the fair value of finders' warrants issued on private placements, and the residual value of warrants attached to private placement units, if any. Reserves is increased by the fair value of these items on vesting and/or issuance and is reduced by corresponding amounts when the options or warrants expire or are exercised or cancelled.

(i) Share-based payment transactions

The Company has a stock option plan that provides for the granting of options to Officers, Directors, and consultants to acquire shares of the Company. The fair value of the options is measured on grant date and is recognized as an expense with a corresponding increase in reserves as the options vest.

Options granted to employees and others providing similar services are measured at grant date at the fair value of the instruments issued. Fair value is determined using the Black-Scholes option pricing model considering the terms and conditions upon which the stock options were granted. The amount recognized as an expense is adjusted to reflect the actual number of stock options that are expected to vest. Each tranche in an award with graded vesting is considered a separate grant with a different vesting date and fair value, and measured accordingly.

Options granted to non-employees are measured at the fair value of the goods or services received, unless that fair value cannot be estimated reliably, in which case the fair value of the equity instruments issued is used. The value of the goods or services is recorded at the date the Company obtains the goods or the counterparty renders the service.

Over the vesting period, share-based payments are recorded as an expense and as reserves. When options are exercised the consideration received is recorded as share capital and the related share-based payments originally recorded as reserves are transferred to share capital. When an option is cancelled or expires, the initial recorded value is reclassified from reserves and credited to deficit.

(j) Environmental rehabilitation

An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development, or ongoing production of a mineral property interest. The estimated costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are determined, and capitalized at the start of each project to the carrying amount of the asset as soon as the obligation to incur such costs arises. Discount rates, using a pre-tax rate that reflects the time value of money, are used to calculate the net present value. These costs are charged against profit or loss over the economic life of the related asset, through amortization using the unit-of-production or the straight-line method. The related liability is adjusted at each reporting date for accretion, for changes to the current market-based discount rate, and for changes to the amount or timing of the underlying cash flows needed to settle the obligation. Costs for restoration of subsequent site damage which is created on an ongoing basis during production are provided for at their net present values and charged against profit or loss as extraction progresses.

The Company has no known restoration, rehabilitation, or environmental costs, of any significance, related to its mineral property interests.

(k) Foreign currency translation

The presentation and functional currency of the Company is the Canadian dollar. Transactions in currencies other than the Canadian dollar are recorded at the rates of exchange prevailing on the dates of transactions. At the end of each reporting period, monetary assets and liabilities that are denominated in foreign currencies are translated at the rates prevailing at that date. Non-monetary items that are measured in terms of historical cost in a foreign currency are not re-translated.

Silver Range Resources Ltd.
Notes to the Consolidated Financial Statements
(Expressed in Canadian Dollars)
For the years ended December 31, 2025 and December 31, 2024

(I) Income taxes

Income tax expense is comprised of current and deferred taxes. Current income tax and deferred tax are recognized in profit or loss, except to the extent that they relate to items recognized directly in equity.

Current income tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current income tax liabilities and assets, and they relate to income taxes levied by the same tax authority for the same taxable entity. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable income will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related income tax benefit will be realized.

(m) Earnings (loss) per share

The Company presents basic and diluted earnings (loss) per share ("EPS") data for its common shares. Basic EPS is calculated by dividing the profit or loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year, adjusted for own shares held. Diluted EPS is determined by dividing the profit attributable to common shareholders by the weighted average number of common shares outstanding, adjusted for own shares held and for the effects of all potential dilutive common shares related to outstanding stock options and warrants issued by the Company for the years presented, except if their inclusion proves to be anti-dilutive. Diluted loss per share is equivalent to basic loss per share, as the potential dilutive instruments would be anti-dilutive.

(n) Use of estimates and critical judgments

The preparation of financial statements requires management to make estimates and judgments that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the year. Actual results could differ from those estimates and judgments. Those areas requiring the use of management estimates and judgments include:

Estimates

(i) Option or sale agreements, under which the Company may receive shares as payment, require the Company to determine the fair value of the shares received. Many factors can enter into this determination, including, for shares traded in a public market, the number of shares received and their trading price and volume, and for unquoted shares, the net asset value of the investee, which includes the fair value of any claims under option or sale. This determination is subjective and changes in the assumptions underlying the estimate could have a material impact on the financial statements.

(ii) The determination of the fair value of stock options or warrants using stock pricing models requires the input of highly subjective assumptions, including expected price volatility and forfeiture rates. Changes in assumptions could materially affect the fair value estimate and the resulting amounts recognized for share-based payments.

(n) Use of estimates and critical judgments (continued)

Judgments

(i) The carrying amount of mineral property interests is the aggregate of the historical costs incurred less any impairments recognized and is not representative of a valuation or any other measurement. It is reasonably possible, based on existing knowledge, that a change in future conditions could result in material differences between the recorded costs and the present or future values of the properties. Management is required, at each reporting date, to review its mineral property interests for signs of impairment. This is a highly subjective process taking into consideration exploration and evaluation results, metal prices, economics, financing prospects, and sale or option prospects. Management makes these judgments based on information available, but there is no certainty that a property is or is not impaired. Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company's title. Such properties may be subject to prior agreements or transfers and title may be affected by undetected defects.

(ii) The determination of deferred tax assets or liabilities requires subjective assumptions regarding future income tax rates and the likelihood of utilizing tax carry-forwards. Changes in these assumptions could materially affect the recorded amounts within the next fiscal year.

(iii) As at December 31, 2025, the Company had a working capital of $2,926,534 (December 31, 2024 – $3,013,199), and shareholders' equity of $5,318,860 (December 31, 2024 - $5,857,267). Management has assessed that the Company has sufficient working capital to continue current operations and further advance its existing mineral property interests for beyond one year. The Company will continue to seek the funding necessary to enable it to carry on as a going concern through private placements, liquidating its positions in public and/or private company marketable securities, property option or sale proceeds, or through other sources of financing. However, management cannot provide assurance that the Company will be able to keep raising additional capital. If the Company is unable to raise additional capital, management expects that the Company will need to curtail operations, seek additional capital on less favorable terms, and/or pursue other remedial measures, or cease operations. If the going concern assumption were not appropriate for these financial statements, it could be necessary to remeasure the Company's assets and liabilities on a liquidation basis, and such remeasurements could be material.

(o) Recently adopted accounting standards

The Company adopted the following amendment to IFRS Accounting Standards that are mandatorily effective for the Company's accounting period beginning on January 1, 2025. Their adoption has not had a material impact on disclosures or amounts reported in these financial statements.

Amendments to IAS 21, The Effects of Changes in Foreign Exchange Rates

In August 2023, the IASB issued Lack of Exchangeability (Amendments to IAS 21). The amendments contain guidance to assess when a currency is exchangeable and to determine a spot exchange rate when exchangeability is lacking. The amendments also include disclosure requirements when an entity estimates a spot exchange rate because a currency is not exchangeable.

(p) Recently issued but not yet effective accounting standards

The Company has not yet adopted certain new standards, amendments and interpretations to existing standards as outlined below, which have been published but are only effective for the Company's accounting period beginning on January 1, 2026, or later periods. The Company is currently assessing the impact of these amendments on its financial statements.

(p) Recently issued but not yet effective accounting standards (continued)

Amendments to IFRS 9, Financial Instruments, and IFRS 7, Financial Instruments: Disclosures

In May 2024, the IASB issued Amendments to the Classification and Measurement of Financial Instruments. The amendments clarify that a financial liability is derecognized on the settlement date and introduce an accounting policy choice to derecognize a financial liability settled using an electronic payment system before the settlement date. Other clarifications include guidance on the classification of financial assets with ESG-linked features, non-recourse loans and contractually linked instruments. The amendments are effective for the Company's annual period beginning on January 1, 2026. The Company has determined that the impact of these amendments will have an immaterial effect on the Company's consolidated financial statements.

IFRS 18, Presentation and Disclosure in Financial Statements

In April 2024, the IASB issued IFRS 18, Presentation and Disclosure in Financial Statements ("IFRS 18"). This standard aims to improve the consistency and clarity of financial statement presentation and disclosures by providing updated guidance on the structure and content of financial statements. Key changes include enhanced requirements for the presentation of financial performance, financial position, and cash flows, as well as additional disclosures to improve transparency and comparability. In addition, IFRS 18 requires entities to classify income and expenses into five categories, three of which are new – i.e. operating, investing, and financing – and the income tax and discontinued operation categories. The new standard sets out detailed requirements for classifying income and expenses into each category. These amendments are effective for the Company's accounting period beginning on January 1, 2027. The Company is currently assessing the impact that the adoption of IFRS 18 will have on its consolidated financial statements.

3. Receivables and prepayments

Receivables and prepayments consist of the following:

	December 31, 2025	December 31, 2024
	$	$
Advanced royalty payments (note 6 (b)(i))	20,000	20,000
Sales tax recoverable	5,772	4,348
Prepaid expenses	51,090	20,795
	76,862	45,143

4. Marketable securities

The Company holds share positions in other resource companies (public and private) which were obtained under mineral property option agreements or by participation in private placements. The valuation of the shares classified as current has been determined in whole by reference to the bid price of the shares on the TSX-V or the Canadian Securities Exchange, as applicable, at each reporting date. The valuation of the shares classified as non-current has been determined using Level 2 fair value inputs in applying the market technique as further described in note 11. The Company has also purchased units of another public company which includes a common share and warrant component which does not trade in an active market. At the time of purchase, the per unit cost is allocated in full to each common share. The warrants are valued separately using the Black-Scholes option pricing model, and the Company determines the value of the warrants at each period end date using the Black-Scholes option pricing model.

In July 2025, the Company subscribed to a private placement closed by GGL Resources Corp. ("GGL") by purchasing 4,100,000 units at a price of $0.05 for a total cost of $205,000. Each unit comprised of one common share and one share purchase warrant exercisable at $0.10 each until July 24, 2027. The share purchase warrants were initially recognized at a value of $170,488 and marked down to a value of $92,720 as at December 31, 2025. Subsequent to December 31, 2025, the Company sold its common shares in GGL for net proceeds of $204,420 (note 14).

4. Marketable securities (continued)

A summary of the marketable security transactions for the years ended December 31, 2025 and December 31, 2024, is as follows:

	Public company common shares $	Warrants $	Private company common shares $	Total $	Total gain (loss) $
Cost
January 1, 2024	621,821	-	3,286,556	3,908,377
Additions	30,000	-	-	30,000
(1) Transfer	2,825,000	-	(2,825,000)	-
Proceeds on disposal	(1,881,392)	-	-	(1,881,392)
Realized loss	(132,928)	-	-	(132,928)	(132,928)
December 31, 2024	1,462,501	-	461,556	1,924,057
Fair value
January 1, 2024	216,300	-	6,497,666	6,713,966
Additions	30,000	-	-	30,000
(1) Transfer	4,237,499	-	(4,237,499)	-
Cost of disposals	(2,014,319)	-	-	(2,014,319)
Impairment loss (note 6(a)(ii))	-	-	(2,260,166)	(2,260,166)	(2,260,166)
Unrealized loss	(948,480)	-	-	(948,480)	(948,480)
December 31, 2024	1,521,000	-	1	1,521,001
Total loss					(3,341,574)
Cost
January 1, 2025	1,462,501	-	461,556	1,924,057
Additions	282,817	-	-	282,817
Proceeds on disposal	(2,033,488)	-	-	(2,033,488)
Realized gain	546,169	-	-	546,169	546,169
December 31, 2025	257,999	-	461,556	719,555
Fair value
January 1, 2025	1,521,000	-	1	1,521,001
(2) Additions	282,817	170,488	-	453,305	170,488
Cost of disposals	(1,487,319)	-	-	(1,487,319)
Unrealized (loss) gain	(88,431)	(77,768)	-	(166,199)	(166,199)
December 31, 2025	228,067	92,720	1	320,788
Total gain					550,458
Marketable securities - public companies				320,787
Marketable securities - private companies (note 6(a)(ii))				1
				320,788

(1) As at December 31, 2024, the Company held common shares of Silver47, which were acquired in November 2021 on the sale of the Michelle project (note 6(a)(i)). On November 14, 2024, Silver47 commenced trading on the TSX-V and accordingly were classified as public instead of private company shares.

(2) Additions include a subscription to GGL's private placement, and common shares received on the mineral property options as per Note 6(b)(i), Note 6(d)(i), and Note 6(d)(vi).

5. Subsidiary information

In 2016, the Company completed the purchase of various mineral properties located in the Northwest Territories and Nunavut, Canada, and in Nevada, USA, from Panarc Resources Ltd. ("Panarc") for consideration comprising common shares of the Company valued at $2,050,000. Also purchased from Panarc in 2016 was a 100% interest in the shares of Manta Minerals Corporation ("Manta"), a company incorporated in the State of Nevada, USA. A nominal amount of $1 was allocated to the share purchase. Other than to hold title to the Nevada minerals claims, Manta has no assets or liabilities and has had no transactions since being acquired by Silver Range.

6. Mineral property interests

The Company's mineral property interests include various mineral properties located in the Yukon Territory, Northwest Territories, and Nunavut in Canada and in Nevada and Arizona, USA.

	Yukon $	Northwest Territories $	Nunavut $	Nevada $	Utah $	Arizona $	Total $
January 1, 2024	3	3	1,232,569	1,714,562	-	22,273	2,969,410
Acquisitions/staking/assessments	5,283	9,398	-	136,160	-	3,355	154,196
Exploration and evaluation	464	907	-	22,268	-	38	23,677
Impairments	(5,747)	(10,305)	(58,457)	(178,330)	-	-	(252,839)
Option and sale proceeds (1)	-	(30,000)	-	(60,292)	-	-	(90,292)
Gain on sale of mineral property	-	30,000	-	9,915	-	-	39,915
December 31, 2024	3	3	1,174,112	1,644,283	-	25,666	2,844,067
January 1, 2025	3	3	1,174,112	1,644,283	-	25,666	2,844,067
Acquisitions/staking/assessments	-	4,874	1,024	145,822	2,898	35,310	189,928
Exploration and evaluation	39,518	105	-	106,041	8,759	64,852	219,275
Impairments	(39,518)	(105)	(189,502)	(440,961)	-	(15,150)	(685,236)
Option and sale proceeds (2)	-	(24,817)	-	(175,709)	-	-	(200,526)
Gain on option or sale of mineral properties	-	24,817	-	-	-	-	24,817
December 31, 2025	3	4,877	985,634	1,279,476	11,657	110,678	2,392,325

(1) Option and sale proceeds of $90,292 for the year ended December 31, 2024, was comprised of $60,292 in cash received, an additional $10,000 received in the form of common shares, plus an additional $20,000 accrued as at December 31, 2024 (note 4).

(2) Option and sale proceeds of $200,526 for the year ended December 31, 2025, was comprised of $102,709 in cash received, and $77,817 received in the form of common shares, plus an additional $20,000 accrued as at December 31, 2025 (note 4).

6. Mineral property interests (continued)

Changes in the project carrying amounts for the year ended December 31, 2024, are summarized as follows:

	Beginning balance $	Acquisitions/ staking/ assessments $	Exploration and evaluation $	Impairments $	Option and sale proceeds $	Gain on sale $	Ending balance $
Yukon Projects
Barb	1	-	-	-	-	-	1
Mel	1	-	-	-	-	-	1
Silver Range	1	5,283	464	(5,747)	-	-	1
Total	3	5,283	464	(5,747)	-	-	3
Northwest Territories Projects
Cabin Lake	-	-	-	-	(30,000)	30,000	-
Hare	1	-	-	-	-	-	1
Sparta	1	-	-	-	-	-	1
Uptown Gold	1	9,398	907	(10,305)	-	-	1
Total	3	9,398	907	(10,305)	(30,000)	30,000	3
Nunavut Projects
Atlantis	1	-	-	(1)	-	-	-
Hard Cash	1	-	-	-	-	-	1
Noomut	1	-	-	(1)	-	-	-
Quartzite	1	-	-	-	-	-	1
South Kitikmeot	1,232,563	-	-	(58,454)	-	-	1,174,109
Tree River	1	-	-	(1)	-	-	-
Yandle	1	-	-	-	-	-	1
Total	1,232,569	-	-	(58,457)	-	-	1,174,112
Nevada Projects
Bankroll	3,008	-	-	(3,007)	-	-	1
Bellehelen	262,884	26,051	21	-	(21,895)	-	267,061
Black Star	12,176	-	-	(12,176)	-	-	-
Bottom Dollar	34,372	-	-	(34,371)	-	-	1
Chestnut	10,188	-	-	(10,188)	-	-	-
Cold Springs	205	3,862	1,863	(5,930)	-	-	-
East Gold Point	2,513	-	-	-	-	-	2,513
East Goldfield	57,143	32,126	21	-	(25,000)	-	64,290
Enigma-Cambridge	248,400	8,180	5,996	-	-	-	262,576
Gold Chief	188,981	6,959	21	-	-	-	195,961
Hannapah	16,048	3,777	40	-	-	-	19,865
Ingot	8,309	-	-	(8,309)	-	-	-
Krug	22,469	-	-	(22,469)	-	-	-
Legal Tender	15,691	3,488	2	-	-	-	19,181
Loner	23,323	4,648	591	-	-	-	28,562
Lucky Boy	39,514	-	-	(39,514)	-	-	-
Opulent	10,971	-	-	(10,970)	-	-	1
Rand	28,724	2,620	19	-	-	-	31,363
Robot	31,397	-	-	(31,396)	-	-	1
Sand Springs	38,513	5,810	21	-	-	-	44,344
Shamrock	13,202	2,620	4,442	-	-	-	20,264
Skylight	100,040	4,645	207	-	-	-	104,892
Sniper	28,960	1,173	2,561	-	-	-	32,694
Silver Mountain	16,201	2,331	6,404	-	-	-	24,936
Steptoe/Stinson	202,457	6,091	21	-	-	-	208,569
Tom	2,100	-	-	-	-	-	2,100
Tonto Del Pueblo	55,807	4,356	21	-	-	-	60,184
Tule Canyon	237,534	17,373	17	-	-	-	254,924
Weepah South	3,432	50	-	-	(13,397)	9,915	-
Total	1,714,562	136,160	22,268	(178,330)	(60,292)	9,915	1,644,283
Arizona Projects
Chloride	12,908	2,223	19	-	-	-	15,150
Crosby	9,365	1,132	19	-	-	-	10,516
Total	22,273	3,355	38	-	-	-	25,666
Total Projects	2,969,410	154,196	23,677	(252,839)	(90,292)	39,915	2,844,067

6. Mineral property interests (continued)

Exploration and evaluation expenditures on the projects consisted of the following:

Year ended December 31, 2024	Yukon $	Northwest Territories $	Nevada $	Arizona $	Total $
Assays	-	-	652	-	652
Field	24	185	3,346	38	3,593
Labour	440	722	-	-	1,162
Survey and consulting	-	-	16,447	-	16,447
Travel and accommodation	-	-	1,823	-	1,823
Total	464	907	22,268	38	23,677
Write-offs	(464)	(907)	(1,863)	-	(3,234)
Total	-	-	20,405	38	20,443

Changes in the project carrying amounts for year ended December 31, 2025, are summarized as follows:

	Note 6	Beginning balance $	Acquisitions/ staking / assessments $	Exploration and evaluation $	Impairments $	Option and sale proceeds $	Gain on option or sale $	Ending balance $
Yukon Projects	(a)
Barb		1	-	-	-	-	-	1
Mel		1	-	38,148	(38,148)	-	-	1
Silver Range	(a)(ii)	1	-	1,370	(1,370)	-	-	1
Total		3	-	39,518	(39,518)	-	-	3
Northwest Territories Projects	(b)
Cabin Lake	(b)(i)	-	-	-	-	(24,817)	24,817	-
Hare		1	-	-	-	-	-	1
Sparta		1	-	-	-	-	-	1
Uptown Gold		1	4,874	105	(105)	-	-	4,875
Total		3	4,874	105	(105)	(24,817)	24,817	4,877
Nunavut Projects	(c)
Hard Cash		1	-	-	-	-	-	1
Quartzite		1	-	-	-	-	-	1
South Kitikmeot	(c)(i)	1,174,109	1,024	-	(189,502)	-	-	985,631
Yandle		1	-	-	-	-	-	1
Total		1,174,112	1,024	-	(189,502)	-	-	985,634
Nevada Projects	(d)
Bankroll		1	-	-	-	-	-	1
Bellehelen	(d)(i)	267,061	-	1	-	(85,000)	-	182,062
Bottom Dollar		1	-	-	-	-	-	1
Cold Springs		-	2,371	-	(2,370)	-	-	1
Cambridge-Enigma	(d)(ii)	262,576	15,044	22	-	(28,607)	-	249,035
East Gold Point	(d)(iii)	2,513	-	-	(2,513)	-	-	-
East Goldfield	(d)(iv)	64,290	32,566	49,133	-	-	-	145,989
Gold Chief		195,961	6,955	-	(202,915)	-	-	1
Hannapah		19,865	3,829	-	(23,693)	-	-	1
Legal Tender	(d)(v)	19,181	3,535	18	-	(4,122)	-	18,612
Loner		28,562	4,712	22	-	-	-	33,296
Luxor		-	3,284	24,292	-	-	-	27,576
Mako		-	1,971	-	(1,970)	-	-	1
Opulent		1	-	-	-	-	-	1
Quinn		-	3,169	5,522	-	-	-	8,691
Rand		31,363	2,654	-	(34,016)	-	-	1
Robot		1	-	-	-	-	-	1
Sand Springs		44,344	5,889	20	-	-	-	50,253
Shamrock		20,264	-	-	-	-	-	20,264
Skylight	(d)(vi)	104,892	-	1	-	(23,125)	-	81,768
Sniper		32,694	5,924	2,574	-	-	-	41,192
Silver Mountain	(d)(vii)	24,936	-	-	-	(6,915)	-	18,021
Steptoe/Stinson		208,569	6,175	-	(124,829)	-	-	89,915
Tom		2,100	-	-	(2,100)	-	-	-
Tonto Del Pueblo		60,184	1,189	18	-	-	-	61,391
Tule Canyon	(d)(viii)	254,924	46,555	24,418	(46,555)	(27,940)	-	251,402
Total		1,644,283	145,822	106,041	(440,961)	(175,709)	-	1,279,476
Utah Projects
Drum		-	2,898	8,759	-	-	-	11,657
Total		-	2,898	8,759	-	-	-	11,657
Arizona Projects	(e)
Alamo		-	15,102	59,789	-	-	-	74,891
Chloride		15,150	-	-	(15,150)	-	-	-
Crosby		10,516	1,160	17	-	-	-	11,693
Tesoro		-	19,048	5,046	-	-	-	24,094
Total		25,666	35,310	64,852	(15,150)	-	-	110,678
Total Projects		2,844,067	189,928	219,275	(685,236)	(200,526)	24,817	2,392,325

Exploration and evaluation expenditures on the projects consisted of the following:

Year ended December 31, 2025	Yukon $	Northwest Territories $	Nevada $	Arizona $	Utah $	Total $
Assays	-	-	14,180	15,579	1,515	31,274
Drilling	-	-	1,753	-	-	1,753
Field	4,788	8	13,316	3,624	1,491	23,227
Helicopter and fixed wing	20,299	-	-	-	-	20,299
Labour	13,898	97	17,103	1,978	-	33,076
Survey and consulting (note 9)	-	-	53,505	40,286	5,306	99,097
Travel and accommodation	533	-	6,184	3,385	447	10,549
Total	39,518	105	106,041	64,852	8,759	219,275
Write-offs	(39,518)	(105)	-	-	-	(39,623)
Total	-	-	106,041	64,852	8,759	179,652

The cumulative acquisition, exploration and evaluation costs incurred on the projects for all years and the current carrying values are as follows:

As at December 31, 2025	Cumulative costs, net $	Proceeds / Impairments / Gain on option or sale $	Carrying value $
Yukon	28,789,963	(28,789,960)	3
Northwest Territories	1,137,509	(1,132,632)	4,877
Nunavut	2,532,093	(1,546,459)	985,634
Nevada	2,628,134	(1,348,658)	1,279,476
Utah	11,657	-	11,657
Arizona	125,828	(15,150)	110,678
Total	35,225,184	(32,832,859)	2,392,325

Certain of the Company's mineral property interests are subject to option out or sale agreements, earn-in or purchase agreements or net smelter return royalties ("NSR"), as detailed below.

(a) Yukon projects

(i) Michelle project

The Michelle property was acquired in 2015 in exchange for cash and the Company's Mint property. The Michelle property is located in the Dawson and Mayo Mining Districts, Yukon Territory. As at December 31, 2025, the carrying value of the property was $nil.

In 2021, the Company signed an Asset Purchase Agreement with Silver47 Exploration Corp. ("Silver47") a private British Columbia company, to sell Silver47 a 100% interest in the Company's Michelle project. Under terms of the Agreement, Silver47 issued the Company 19.9% of its common shares in 2021 which were received at a fair value of $2,825,000.

During the year ended December 31, 2025, the Company sold its remaining holdings of Silver47 common shares for proceeds of $2,019,747 (note 4) resulting in total proceeds of $3,730,924 when combining the proceeds received during the year ended December 31, 2024. Accordingly, the Company realized a total gain of $905,924 of which $557,247 was recognized during the year ended December 31, 2025, and $348,677 was recognized during the year ended December 31, 2024.

Additionally, the Company was granted a 1.0% NSR royalty, subject to a right of first refusal on any future sale of the royalty held by Silver47.

(ii) Silver Range project

The Silver Range group of claims were acquired in 2011 from Strategic, by the issue of Silver Range common shares and warrants. The claims are located in the Whitehorse Mining District, Yukon Territory.

The Silver Range project includes the JRV claims and the BP4 claim.

In 2016, and as most recently amended on August 8, 2025, the Company signed a Letter of Intent to option out its Silver Range project to Broden Mining Ltd., ("Broden Mining") a private British Columbia company, of which the Company is a 10% shareholder, for consideration as described below and a retained 2.0% NSR on all future precious metals production and a 1.0% NSR on all future non-precious metals production from the project.

To complete the purchase, Broden Mining is required to:

Issue to the Company 10% of Broden Mining's common shares upon completion of an equity financing by Broden Mining immediately following the completion of development agreements to explore and develop the land package (known as the Vangorda Lands), on or before August 31, 2026; and
Make a one-time cash payment of $10,000,000 in advance of commercial production commencing at the project or any portion thereof, due 12 months from the commencement date of commercial production.

During the year ended December 31, 2024, the Company recognized a change in fair value of $2,260,166 on its investment in Broden Mining, resulting in a carrying value of $1 as at December 31, 2024 and December 31, 2025 (note 4).

(b) Northwest Territories projects

(i) Cabin Lake royalty interest

In 2017, and as most recently amended on February 26, 2026, the Company agreed to sell 100% of its Cabin Lake property located in the Northwest Territories, to Stockworks Gold Inc. ("Stockworks") (formerly Rover Critical Minerals Corp.) which was assigned as of the abovementioned date, to Fin Resources (Canada) Ltd. ("Fin Resources").

The Company retains a 2.0% NSR on all mineral production from the Cabin Lake property and Stockworks is required to make annual advance royalty payments as described below. As at December 31, 2025, the Company has received aggregate royalty payments of $120,000, and accrued a further $20,000 receivable ($140,000 in aggregate), of a maximum of $220,000.

2020 and 2021 advance royalty payments: the Company received total payments of $40,000;
2022 advance royalty payment: pursuant to a March 1, 2023 amendment, the amount was amended to $30,000 and received in 2023, in Stockworks common shares at a fair value of $28,022.
2023 advance royalty payment: pursuant to the March 27, 2024 amendment, the amount was amended to $30,000 and was received during the year ended December 31, 2024, in Stockworks common shares at a fair value of $30,000. During the year ended December 31, 2024, $10,000 was presented as option proceeds and recognized within gain on sale of mineral property interests further to $20,000 included in accrued receivables as at December 31, 2023.
2024 advance royalty payment: $20,000 was accrued as at December 31, 2024, and received during the year ended December 31, 2025, in Stockworks common shares at a fair value of $24,817 ($0.22 each). During the year then ended, $4,817 was presented as option proceeds and recognized within gain on sale of mineral property interests.
2025 advance royalty payment: $20,000 was included in accrued receivables as at December 31, 2025 (subsequently received).

Fin Resources has the right to acquire up to 3/4 (being 1.5%) of the 2.0% NSR by making payments of either $750,000 or $1,500,000, depending on the indicated gold reserves that may be reported. If the resource on the property contains less than 1,000,000 ounces of gold, Fin Resources can purchase each 0.5% interest in the royalty for $250,000. If the resource on the property contains 1,000,000 or more ounces of gold, Fin Resources may purchase each 0.5% interest in the royalty for $500,000.

(c) Nunavut projects

(i) South Kitikmeot property option

In 2021, and as most recently amended on April 25, 2024, the Company executed a Binding Terms Sheet (the "Term Sheet") with an Australian company seeking a listing on the Australian Securities Exchange (the "ASX") to grant to the Australian company the option to earn up to a 100% interest in the Company's South Kitikmeot project located in Nunavut, Canada which comprises the Bling, Esker Lake, Gold Bugs, and Uist properties.

Pursuant to the Term Sheet, the Company will receive consideration for the right to grant the Australian company an option to purchase an interest in the project as described (expressed in Australian dollars "A$"). Under certain circumstances the amounts below may be settled, in part, through the issuance of common shares to the Company:

A$25,000 (received, $22,637) upon certain conditions precedent including but not limited to the Australian company completing due diligence on the project, and completing an initial public offering and obtaining all applicable regulatory and third-party approvals for a public listing;
A$200,000 upon definition of a JORC compliant inferred resource of at least 500,000 ounces at an average and cut-off grade of 1.8g/t; and
A$200,000 upon definition of a JORC compliant inferred resource of at least 1,000,000 ounces at an average and cut-off grade of 1.6g/t.

JORC refers to the Australasian Code for Reporting of Exploration Results, Mineral Resources and Ore Reserves (the "JORC Code").

The Australian company may earn a 100% interest in the project in staged commitments as follows:

An initial 51% interest by completing minimum exploration expenditures of A$1,500,000 on or before December 31, 2024 (completed during the year ended December 31, 2024);
An additional 15% interest by incurring additional minimum exploration expenditures of A$2,000,000 on or before December 31, 2027;
An additional 24% interest by completing a preliminary feasibility study for the commencement of mining operations on any of the properties at any time on or before December 31, 2037; and
The remaining 10% interest may be earned at the fair market value of the 10% interest, to be determined by an independent qualified valuator.

The Company will retain a 2.0% NSR on all mineral production from the properties, of which up to 1% can be purchased by the Australian company by either making a cash payment of A$1,500,000 to the Company or issuing common shares to the Company at an equivalent value.

During the year ended December 31, 2024, as a result of an April 25, 2024 amendment which altered the scope of the option agreement with Viridis, both parties allowed the Hiqiniq, Qannituq, and Ujaraq properties to lapse. This resulted in a mineral property impairment charge of $58,454 recognized by the Company during the year then ended.

During the year ended December 31, 2025, the Company wrote-off the SKPG claims and the Bling claims which resulted in a mineral property impairment charge of $189,502.

(d) Nevada projects

(i) Bellehelen property option

On December 16, 2022 and as most recently amended on July 17, 2025, the Company signed a Definitive Agreement to sell to Excalibur Metals Corp. ("Excalibur") up to a 100% interest in the Company's Bellehelen property which includes the Bellehelen, Kawich and Neversweat properties located in Nevada, USA.

Pursuant to the terms of the Definitive Agreement, the Company has received cash payments of $50,530 from Excalibur between 2022 and 2023, and will make additional cash payments and issue common shares to the Company as follows:

Cash payments of US$300,000:

US$10,000 upon Signing of a Definitive Agreement (received in 2022, $13,622);
US$15,997 for claims maintenance fees (received in 2024, $21,895);
$40,000 upon Excalibur obtaining a public listing on a Canadian stock exchange ("IPO") by August 31, 2025 (received in September 2025);
US$50,000 on or before the first anniversary of an IPO;
US$50,000 on or before the second anniversary of an IPO;
US$75,000 on or before the third anniversary of an IPO; and
US$75,000 on or before the fourth anniversary of an IPO.

Issuance of common shares equivalent to $225,000:

Common shares concurrently with Excalibur obtaining a public listing (received at a fair value of $45,000 in September 2025);
Common shares with a value of $50,000 on or before the first anniversary of an IPO;
Common shares with a value of $50,000 on or before the second anniversary of an IPO;
Common shares with a value of $50,000 on or before the third anniversary of an IPO; and
Common shares with a value of $50,000 on or before the fourth anniversary of an IPO.

If the volume weighted average price (VWAP) specific to any common share issuance is less than $0.05 per share, the issuance of the applicable common shares shall be satisfied by way of a cash payment of $50,000 to the Company.

In addition, Excalibur shall also make a defined resource payment ("DRP") of US$2 per ounce of gold equivalent, payable following the report of measured and indicated resources defined by a NI 43-101 compliant report on the property. Annual advance payments of US$10,000 are due on December 31, 2027, and subsequent anniversaries from then, if no measured and indicated resources have been reported. Additionally, the Company will retain a 2.0% Net Smelter Royalty ("NSR") over the property. One-half of the NSR may be repurchased by Excalibur prior to commercial production for a cash payment of US$1,000,000.

(d) Nevada projects (continued)

(ii) Cambridge-Enigma property option

In 2021, the Company entered into a Letter of Intent forming a joint arrangement with Auburn Gold Mining, LLC ("Auburn") to consolidate certain of their respective claim holdings in Nevada which is accounted for under IFRS 11 Joint Arrangements. The joint arrangement includes the Company's Enigma and Auburn's Cambridge properties, and certain intervening claims that connect the properties (the "Project Area", "Cambridge-Enigma"). Each party holds a 50% interest in the Project Area in the form of an unincorporated joint operation. Upon formation of the joint operation, a Technical Committee formed by the parties made up of two representatives from each party will determine exploration and marketing activities and the Company will act as operator. Each party will be responsible for maintaining their respective Project Area claims in good standing and will equally share the cost of maintaining the intervening claims. Costs incurred during the years ended December 31, 2024 and December 31, 2025, represent the Company's portion only.

On March 10, 2025 and as replaced on May 12, 2025, the Company and Auburn (the "Optionors") signed a binding letter of intent ("LOI") with Walker Lane Resources Ltd. ("Walker Lane") (formerly, CMC Metals Ltd.) which is intended to be superseded by a definitive agreement whereby the Optionors grant Walker Lane an option to acquire a 75% interest in the Cambridge-Enigma property (the "First Option") for cash payments totaling US$230,000 to each Optionor (US$460,000 in total), to which the payments attributable to the Company are as follows:

Cash payments and/or the issuance of common shares of US$230,000:

US$10,000 upon Walker Lane obtaining Exchange acceptance of the transaction under the LOI (received, $14,303 in August 2025);
US$10,000 upon signing of a Definitive Agreement (received in advance, $14,304 in August 2025);
US$10,000 by May 12, 2026;
US$40,000 by May 12, 2027;
US$50,000 by May 12, 2028; and
US$110,000 by May 12, 2029.

One-half of the abovementioned cash payments may be satisfied through the issuance of common shares of Walker Lane, under specific circumstances, with the remainder required in cash.

Additionally, Walker Lane is required to incur an aggregate US$1,500,000 in exploration expenditures on the property including a minimum of 1,500 metres of diamond drilling on the property by May 12, 2029.

Upon exercise of the First Option, the Company will grant Walker Lane an option to acquire an additional 25% interest in the property (the "Second Option"). In order to exercise the Second Option, Walker Lane will be required to complete a NI 43-101 compliant report on the property identifying a measured or indicated resource on the property by December 31, 2033, and by paying each Optionor US$75,000 upon completion of the report.

At the time the Second Option is exercised, the Company will be deemed to have retained a 1.5% NSR over the property on all future mineral products from commercial production on the project of which up to 1.0% can be purchased by Walker Lane by making a cash payment of US$750,000 to the Company. Additionally, the Company will be entitled to receive a one-time cash payment of US$6 per ounce of gold or other metals identified in a NI 43-101 compliant measured or indicated resource estimate on the project up to a maximum of US$300,000. Certain NSR royalty and buy-down terms also apply to Auburn's interest.

(d) Nevada projects (continued)

(iii) East Gold Point project option

EGP claims:

In 2020, the Company signed an Option Agreement with GGL Resources Corp. (“GGL”), to sell GGL a 75% interest in certain claims underlying the East Gold Point Project (the “EGP property”). Pursuant to the terms of the Option Agreement, GGL has the right to acquire a 75% interest in the project by making cash payments to the Company as detailed below and incurring aggregate minimum exploration expenditures of US$1,500,000 on or before July 31, 2023 (completed), on the collective Gold Point project (EGP claims, TOM claims, and certain other claims under option to GGL from other parties).

Cash payments of $180,000 have been received from 2020 through to 2022.

The Company will be entitled to receive a one-time cash payment of US$4 per ounce of gold identified in a NI 43-101 compliant measured or indicated resource estimate (or proven or probable reserve estimate) on the project.

GGL has earned a 75% interest in the EGP property. On September 18, 2024, the Company entered into a Joint Venture Agreement with GGL to contractually explore the property on a 75%/25% basis, with each party accounting for its share of expenditures on the property in proportion to its interest, which may be adjusted from time to time. GGL will be the operator of the joint venture with full power and authority to perform actions necessary in facilitation of the joint venture activities. GGL will also earn an administration fee as the operator. As at December 31, 2025, the Company’s interest is 24.89%.

TOM claims:

In 2020, the Company and a private Nevada corporation (collectively, the “Optionors”) signed an Option Agreement with GGL, to sell GGL a 100% interest in certain additional claims underlying the East Gold Point Project (the “TOM property”) in which both the Company and the private Nevada corporation each hold a 50% interest. Pursuant to the terms of the Option Agreement, GGL can acquire the project by incurring aggregate minimum exploration expenditures of US$1,500,000 (completed) on the collective Gold Point project (EGP claims, TOM claims, and certain other claims as specified above, and reimbursing the Optionors for certain staking costs and fees.

Upon GGL having earned the 100% interest in the TOM property, the Optionors will be entitled to receive a one-time cash payment of US$1 per ounce of gold identified in a NI 43-101 compliant measured or indicated resource estimate (or proven or probable reserve estimate) on the project.

Additionally, the Optionors shall each retain a 1.0% NSR on all mineral production from the property, from which half of the NSR can be purchased by GGL for a payment of US$2 per ounce on the first 250,000 ounces of gold contained in any measured or indicated resource estimate (or proven or probable reserve estimate), and US$1 per ounce of gold above 250,000 ounces thereafter.

(iv) East Goldfield property

Effective May 12, 2024, the Company and Green Gold Resources LLC (“Green Gold”) terminated a letter of intent signed and amended during 2023 which granted Green Gold the option to acquire up to a 100% interest in the East Goldfield property located in Nevada, USA. During the term that the letter of intent was active, the Company received a cash payment of US$20,000 ($26,480).

On August 2, 2024, the Company signed a Royalty Agreement with Eagle Royalties Ltd. (“Eagle”) to sell a 1.0% NSR royalty in certain mineral claims underlying the property for $25,000 (received).

(v) Legal Tender property option

In 2021, the Company signed a Property Option Agreement with QLM Royston Hills, LLC ("QLM") to sell QLM a 100% interest in the Company's Legal Tender property located in Nevada, USA. In 2022, the parties signed a Restated Property Option Agreement to sell QLM a 100% interest in certain claims underlying the Legal Tender property for staged cash payments of which US$10,000 ($13,058) was received through to the Company issuing a notice of termination on February 5, 2024, as QLM was in default of the next staged cash payment.

On September 15, 2025, the Company signed an Option Agreement with Rush Gold Corp. ("Rush") to sell Rush a 100% interest in the Company's Legal Tender property located in Nevada, USA for cash payments to the Company as described below:

Cash payments of US$200,000:
- US$3,000 upon execution of the agreement (received, $4,122 in September 2025);
- US$12,000 by March 15, 2026 (extension under negotiation);
- US$25,000 by September 15, 2026;
- US$40,000 by September 15, 2027;
- US$50,000 by September 15, 2028; and
- US$70,000 by September 15, 2029.

To exercise the option, Rush is also required to complete 1,000 metres of drilling on the property by September 15, 2029.

The Company will retain a 3.0% NSR over the property on all future mineral products from commercial production on the project of which up to 2.0% can be purchased by Rush by making a cash payment of US$1,000,000 to the Company. Additionally, the Company will be entitled to receive a one-time cash payment of US$4 per ounce of gold identified in a NI 43-101 compliant measured or indicated resource estimate (or proven or probable reserve estimate) on the project. If Rush has not identified either a mineral resource or reserve on the property by September 15, 2031, Rush will make a cash payment of US$10,000 to the Company and on all subsequent anniversaries of the agreement until such time a mineral resource or reserve has been identified on the property.

(vi) Skylight property option

From 2021 through to an amendment effective January 5, 2024, the Company signed an Option Agreement with Rush Gold Corp. ("Rush") superseding previous option and amending agreements signed between the parties from 2020 to 2021 to sell Rush a 100% interest in the Company's Skylight property located in Nevada, USA. As Rush was unable to complete its initial public offering by March 31, 2024 (Rush commenced trading on the TSX-V on June 23, 2025), the parties terminated the Option Agreement effective May 8, 2024. The Company received US$4,400 ($5,974) for claims maintenance fees from Rush in 2023.

On January 10, 2025 and as amended on April 24, 2025 and April 20, 2026, the Company and Rush signed a new Property Option Agreement to sell Rush a 100% interest in the Skylight property for cash payments and issuances of common shares to the Company as described below.

(vi) Skylight property option (continued)

Cash payments of $315,125:

$10,000 by January 31, 2025 (received);
$5,125 by May 1, 2025 (received);
$100,000 by July 10, 2026; and
$200,000 by July 10, 2027.

Issuance of 680,000 common shares:

80,000 common shares upon completion of an IPO (received at a fair value of $8,000);
100,000 common shares by January 10, 2026 (extension under negotiation);
200,000 common shares by January 10, 2027; and
300,000 common shares by January 10, 2028.

In addition to the above, Rush must complete an aggregate of 3,000 metres of drilling on the property by January 10, 2028.

The Company will retain a 3.0% NSR over the property on all future mineral products from commercial production on the project of which up to 2.0% can be purchased by Rush by making a cash payment of $1,000,000 to the Company. Additionally, the Company will be entitled to receive a one-time cash payment of US$4 per ounce of gold identified in a NI 43-101 compliant measured or indicated resource estimate (or proven or probable reserve estimate) on the project. If Rush has not identified either a mineral resource or reserve on the property by January 31, 2031, Rush will make a cash payment of US$10,000 to the Company and on all subsequent anniversaries of the agreement until such time a mineral resource or reserve has been identified on the property.

(vii) Silver Mountain property option

On March 10, 2025 and as replaced on May 12, 2025, the Company signed a binding letter of intent ("LOI") with Walker Lane which is intended to be superseded by a definitive agreement whereby the Company grants Walker Lane an option to acquire a 100% interest in the Silver Mountain property for cash payments to the Company as follows:

Cash payments of US$200,000:

US$5,000 by August 1, 2025 (received, $6,915 in August 2025);
US$5,000 by August 1 of each of the calendar years 2026 to 2034 (nine (9) payments totaling US$45,000); and
US$150,000 by August 1, 2035.

Certain of the abovementioned cash payments may be satisfied through the issuance of common shares of Walker Lane, under specific circumstances.

Additionally, Walker Lane is required to complete a minimum of 1,000 metres of diamond drilling on the property by August 1, 2035. Upon exercise of the option, the Company will be deemed to have retained a 2.5% NSR over the property on all future mineral products from commercial production on the project of which up to 1.5% can be purchased by Walker Lane by making a cash payment of US$1,500,000 to the Company. Additionally, the Company will be entitled to receive a one-time cash payment of US$10 per ounce of gold or other metals identified in a NI 43-101 compliant measured or indicated resource estimate.

(viii) Tule Canyon property option

Effective May 12, 2024, the Company and Green Gold Resources LLC (“Green Gold”) terminated a letter of intent signed and amended during 2023 which granted Green Gold the option to acquire up to a 100% interest in the Tule Canyon property located in Nevada, USA. During the term that the binding letter of intent was active, the Company received a cash payment of US$11,000 ($14,564).

On March 8, 2025 and as replaced on May 12, 2025, the Company signed a binding letter of intent (“LOI”) with Walker Lane whereby the Company grants Walker Lane an option to acquire an 80% interest in the Tule Canyon property (the “First Option”) for cash payments to the Company as follows:

Cash payments and/or the issuance of common shares of US$480,000:

US$20,000 (received, $27,940 in August 2025) upon signing the LOI;
US$20,000 upon signing of a Definitive Agreement (not yet completed);
US$40,000 by May 12, 2026;
US$75,000 by May 12, 2027;
US$100,000 by May 12, 2028; and
US$225,000 by May 12, 2029.

One-half of the abovementioned cash payments may be satisfied through the issuance of common shares of Walker Lane, under specific circumstances, with the remainder required in cash. Additionally, Walker Lane is required to complete a minimum of 1,500 metres of diamond drilling on the property by May 12, 2028.

Upon exercise of the First Option, the Company will grant Walker Lane an option to acquire an additional 20% interest in the property (the “Second Option”). In order to exercise the Second Option, Walker Lane will be required to complete a NI 43-101 compliant report on the property identifying a measured or indicated resource on the property by December 31, 2033. At the time the Second Option is exercised, the Company will be deemed to have retained a 2.5% NSR over the property on all future mineral products from commercial production on the project of which up to 1.5% can be purchased by Walker Lane by making a cash payment of US$1,500,000 to the Company. Additionally, the Company will be entitled to receive a one-time cash payment of US$10 per ounce of gold or other metals identified in a NI 43-101 compliant measured or indicated resource estimate on the project

(ix) Weepah South property sale

On February 8, 2024, the Company signed a property purchase agreement with GRC Nevada Inc. (a subsidiary of Fortitude Gold Corp.) (“GRC”) to sell GRC a 100% interest in the Weepah South property located in Nevada, USA for consideration of US$10,000 (received, $13,397 recognized as a gain on sale of mineral properties during the year ended December 31, 2024). The Company will retain a 2.0% NSR over the property on all future production and sale of products from the project.

(x) Sale of royalty interests

On August 26, 2024, the Company signed Royalty Agreements with three separate arm’s length entities on four projects including Bankroll, Bottom Dollar, Opulent, and Robot. Pursuant to each Royalty Agreement the respective entities acquired 100% interests in each of the abovementioned projects in exchange for a 1.0% NSR over the properties on all future production and sale of products from the projects.

During the year ended December 31, 2024, the Company wrote-down the carrying value of each property to $1 respectively.

(e) Arizona projects

(i) Generative Alliance Agreement

On March 20, 2023, the Company signed a Generative Alliance Agreement with Altius Minerals Corporation ("Altius") whereby the parties will form an exploration alliance (the "Alliance") for the purpose of financing, identifying, and acquiring gold and base metal properties in Arizona, USA. Further, Altius will acquire a 1.0% NSR on three of the Company's projects to be staked within a specified area of interest. In 2023, Altius participated in the Company's private placement for $500,000.

The Alliance requires the Company to acquire projects through staking that are deemed to have the potential to host a mineral deposit containing a minimum of 500,000 oz of gold or equivalent. Once a project is acquired, the Company will provide Altius with a technical report and underlying technical information (a "Project Submission"). The term of the Alliance will be the greater of March 1, 2027, and 90 days from the date on which Altius receives the seventh (7th) Project Submission from the Company, at which time Altius will select three projects to acquire a 1.0% NSR.

7. Share capital

The authorized share capital of the Company consists of an unlimited number of common shares without par value. All issued shares are fully paid.

Common share rights

The Company has approved the adoption of a "Rights Plan" dated November 19, 2021, under which one Right is issued for each issued and outstanding common share of the Company. Each Right entitles the holder to purchase from the Company one common share at an exercise price equal to one-half the then market price of the stock on the TSX-V, subject to certain adjusting events if they have occurred. The Rights are exercisable only if the Company receives an unacceptable take-over bid as defined in the Rights Agreement. Adoption of the Rights Plan was approved by the shareholders at a general meeting held on May 18, 2022.

Transactions for the issue of share capital during the year ended December 31, 2025:

In August 2025, 256,115 stock options were exercised by an Officer of the Company at $0.08 each for proceeds of $20,490. Additionally, $15,772 representing the fair value initially recognized, was re-allocated from reserves to share capital.

Transactions for the issue of share capital during the year ended December 31, 2024:

On January 12, 2024, the Company closed the second and final tranche of a non-brokered private placement of 500,000 units at a price of $0.10 per unit, for gross proceeds of $50,000, of which $10,000 was received during the year ended December 31, 2023 (subscriptions received). Each unit consisted of one common share and one share purchase warrant, exercisable at $0.15 each until January 12, 2026. The residual value of the warrants attached to the units was determined to be $12,500 and was recorded to reserves.

Finders' fees totaling $600 were incurred in respect of the placement. Additionally, $3,300 (note 9) in legal and filing fees were incurred as share issue costs.

On July 12, 2024, the Company closed a non-brokered private of 2,991,005 units at a price of $0.08 per unit, for gross proceeds of $239,280. Each unit consisted of one common share and one share purchase warrant, exercisable at $0.16 each until July 12, 2026. The residual value of the warrants attached to the units was determined to be $29,910 and was recorded to reserves. Additionally, $12,600 (note 9) in legal and filing fees were incurred as share issue costs.
On August 29, 2024, the Company issued 170,038 common shares to Paladin Geoscience Corp. ("Paladin") with a fair value of $15,000, in settlement of consulting fees accrued from October 1, 2023 to March 31, 2024.

7. Share capital (continued)

Commitment to issue shares

The Company has an ongoing Consulting Agreement (since April 2022) with Paladin, a company controlled by the President and CEO of the Company. The Consulting Agreement has historically been renewed with the current agreement active until March 31, 2026. The parties have executed an amending agreement effective on the same date that extends this agreement until March 31, 2027.

Pursuant to the Consulting Agreement, Paladin receives a monthly consulting fee of $11,250 in cash and/or shares, which at the sole discretion of Paladin at the time of submitting an invoice for services, may be up to a maximum of $5,000 in common shares. The consulting fee is paid/accrued on a monthly basis, and any common shares are issuable semi-annually. Amounts rendered by Paladin are recorded within both operating expenses and mineral property interests (notes 9,10).

The Consulting Agreement also includes a $250,000 termination provision which would be triggered by a change in control of the Company or the resignation or discharge of Paladin as a Director/Officer of the amalgamated or merged company in the event of a change in control.

All share issuances are subject to regulatory approval, including TSX-V acceptance, and are subject to such hold periods as are required by the TSX-V and applicable regulatory authorities. The number of any common shares to be issued by the Company is calculated at the end of each month during which services are provided, at a deemed price per share equal to the Market Price of the Company's shares (as that term is defined in the policies of the TSX-V) on the last day of each such month on which the shares of the Company traded, minus 50% of the maximum discount permitted by those policies.

As at December 31, 2025, the Company has issued 2,495,495 common shares to Paladin for services rendered from April 1, 2019 to March 31, 2024 (389,483 common shares issued during 2019, 710,439 common shares issued during 2020, 395,283 common shares issued during 2021, 445,046 common shares issued during 2022, and 385,206 common shares issued during 2023, and 170,038 common shares issued in 2024).

Since April 1, 2024, Paladin has received cash compensation for services rendered under the Consulting Agreement. Accordingly, there is no commitment to issue shares recognized as at December 31, 2025 and December 31, 2024.

Stock options

The Company has adopted an incentive stock option plan (the "Plan"). The essential elements of the Plan provide that the aggregate number of common shares issuable pursuant to options granted under the Plan may not exceed 10% of the number of issued shares of the Company at the time of grant. Options granted under the Plan may have a maximum term of ten years. A participant who is not a consultant conducting investor relations activities, who is granted an option that is exercisable at or above the market price at the date of grant, can have their options vest immediately, unless otherwise determined by the Board of Directors. A participant who is a consultant conducting investor relations activities, who is granted options under the Plan, will become vested with the right to exercise one-quarter of the options upon conclusion of every three months subsequent to the grant date.

A summary of the Company's stock options as at December 31, 2025 and December 31, 2024, and changes during the years then ended is as follows:

	Year ended December 31, 2025		Year ended December 31, 2024
	Options #	Weighted average exercise price $	Options #	Weighted average exercise price $
Options outstanding, beginning of year	9,565,000	0.12	5,825,000	0.14
Granted	225,000	0.12	3,740,000	0.08
Exercised	(256,115)	0.08	-	-
Expired	(500,000)	0.15	-	-
Options outstanding, end of year	9,033,885	0.11	9,565,000	0.12

7. Share capital (continued)

Stock options (continued)

During the year ended December 31, 2025, there was a single exercise for 256,115 stock options at $0.08 each. At the time of exercise, the fair value of the Company's common shares as quoted on the TSX-V was $0.11 per share.

As at December 31, 2025, the Company has stock options outstanding and exercisable as follows:

	Options outstanding #	Options exercisable #	Exercise price $	Weighted average remaining life (years)	Expiry date
(1)	300,000	300,000	0.21	0.53	July 11, 2026
	4,155,000	4,155,000	0.13	0.93	December 6, 2026
	620,000	620,000	0.14	1.15	February 22, 2027
	250,000	250,000	0.14	2.36	May 11, 2028
	3,483,885	3,483,885	0.08	3.92	November 29, 2029
	100,000	50,000	0.10	4.46	June 17, 2030
	125,000	-	0.13	4.84	October 31, 2030
	9,033,885	8,858,885	0.11	2.22

(1) 100,000 stock options were subsequently exercised (note 14).

During the year ended December 31, 2025, 225,000 stock options were granted to consultants of the Company which are exercisable at either $0.07 or $0.10 each, expiring on either June 17, 2030 and October 31, 2030, and vest quarterly over one year. Fair value was calculated using the following weighted average assumptions: expected life of options – five years, stock price volatility – 118.72%, no dividend yield, and a risk-free interest rate – 2.96%. The fair value is particularly impacted by the Company's stock price volatility, determined using stock price data from the previous five years. Using the above assumptions, the fair value of options granted was approximately $0.09 per option, for an aggregate total of $10,432.

During the year ended December 31, 2024, 3,740,000 stock options were granted to officers, directors, and consultants of the Company which are exercisable at $0.08 each, expiring on November 29, 2029 and vest quarterly over one year. Fair value was calculated using the following assumptions: expected life of options – five years, stock price volatility – 118.19%, no dividend yield, and a risk-free interest rate – 2.93%. The fair value is particularly impacted by the Company's stock price volatility, determined using stock price data from the previous five years. Using the above assumptions, the fair value of options granted was approximately $0.06 per option, for an aggregate total of $230,311.

The total share-based payment expense for the year ended December 31, 2025 was $198,607 (2024 - $48,256) and includes only options that vested during the period.

During the year ended December 31, 2025, 500,000 Director and consultant options expired unexercised. As a result, the original share-based payments expense of $44,822 was reversed from reserves and credited to deficit.

Warrants

A summary of the Company's warrants as at December 31, 2025 and December 31, 2024, and changes during the years then ended is as follows:

	Year ended December 31, 2025		Year ended December 31, 2024
	Warrants #	Weighted average exercise price $	Warrants #	Weighted average exercise price $
Warrants outstanding, beginning of year	4,702,272	0.17	7,541,267	0.24
Issued	-	-	3,491,005	0.16
Expired	(1,211,267)	0.20	(6,330,000)	0.25
Warrants outstanding, end of year	3,491,005	0.16	4,702,272	0.17

Warrants (continued)

As at December 31, 2025, the Company has warrants outstanding and exercisable as follows:

	Warrants outstanding #	Warrants exercisable #	Exercise price $	Weighted average remaining life (years)	Expiry date
(1)	500,000	500,000	0.15	0.03	January 12, 2026
	2,991,005	2,991,005	0.16	0.53	July 12, 2026
	3,491,005	3,491,005	0.16	0.46

(1) 172,130 warrants were subsequently exercised (note 14) with the remaining 327,870 warrants expiring unexercised.

During the year ended December 31, 2025, $22,079 representing the fair value initially recognized relating to the warrants that expired unexercised, was reversed from reserves and credited to share capital.

Reserves

	Shares $	Options $	Warrants $	Total $
January 1, 2024	9,874	539,970	31,683	581,527
Options vesting	-	48,256	-	48,256
Residual value of warrants issued	-	-	42,410	42,410
December 31, 2024	9,874	588,226	74,093	672,193
January 1, 2025	9,874	588,226	74,093	672,193
Options exercised	-	(15,772)	-	(15,772)
Options expired	-	(44,822)	-	(44,822)
Warrants expired	-	-	(22,079)	(22,079)
Options vesting	-	198,607	-	198,607
December 31, 2025	9,874	726,239	52,014	788,127

8. Loss per share

The calculation of basic and diluted loss per share for the year ended December 31, 2025, was based on the loss attributable to common shareholders of $757,504 (2024 – $4,176,653) and a weighted average number of common shares outstanding of 98,230,032 (2024 – 96,412,665). All stock options and warrants were excluded from the diluted weighted average number of common shares calculation for the period then ended, as their effect would have been anti-dilutive.

9. Related party payables and transactions

The Company's related parties include key management personnel and their management entities. Key management personnel are those persons having authority and responsibility for planning, directing, and controlling the activities of the entity, directly or indirectly, including any director (whether executive or otherwise) of that entity. There were no loans to key management personnel or their management entities during the years ended December 31, 2025 and December 31, 2024.

Key management personnel receive no salaries, non-cash benefits (other than incentive stock options), or other remuneration directly from the Company, other than noted below, and there are no contracts with them that can be terminated without penalty on thirty days' advance notice, except for the Paladin termination fee (note 7). Key management personnel participate in the Company's stock option plan.

There were no stock options granted to key management personnel during the years ended December 31, 2025. During the year ended December 31, 2024, 2,990,000 stock options were granted to officers and directors of the Company which are exercisable at $0.08 each, expiring on November 29, 2029. These options were granted at a fair value of $39,693.

The Company transacted with the following related parties:

(a) Archer, Cathro & Associates (1981) Limited ("Archer Cathro") is a geological consulting firm that provides the Company with geological consulting services, office rent and administration. By virtue of the services provided to the Company, Archer Cathro has significant influence over the Company's operations.

(b) Glenn Yeadon is the Company's Secretary. He controls Glenn R. Yeadon Personal Law Corporation ("Yeadon Law Corp."), which provides the Company with legal services.

(c) Dan Martino is the Company's CFO. He is a principal of Donaldson Brohman Martin CPA, Inc. ("DBM CPA"), a firm in which he has significant influence. DBM CPA provides the Company with accounting and tax services.

(d) Ian Talbot is the Company's COO. He provides the Company with management services.

(e) Michael Power is the Company's President and CEO. He controls Paladin, which provides the Company with consulting services. The consulting fees are paid by cash and common shares (note 7).

(f) Richard Drechsler was the Company's Vice President of Communications through to February 21, 2024. He controls Drechsler Consulting Ltd. ("Drechsler Consulting"), which provided the Company with management and administrative services.

(g) John Gilbert was the Company's Chief Corporate Development Officer, and effective February 21, 2024, became the Company's Vice President until resigning on March 12, 2025. He controls Grindstone Resources LLC ("Grindstone") and Hellion Resources LLC ("Hellion"), which provided the Company with corporate development and geological services. Mr. Gilbert continues to provide services to the Company on an ad hoc basis.

9. Related party payables and transactions (continued)

The transactions and outstanding balances with key management personnel and Directors and entities over which they have control or significant influence were as follows:

		Transactions for the year ended December 31, 2025 $	Transactions for the year ended December 31, 2024 $	Balances outstanding December 31, 2025 $	Balances outstanding December 31, 2024 $
Archer Cathro
- geological services		44,411	1,328	-	5,016
- rent and administration		27,274	16,264	3,246	1,654
		71,685	17,592	3,246	6,670
Yeadon Law Corp.	(1)	32,500	45,000	6,955	13,270
DBM CPA		51,350	40,500	15,500	12,500
Ian Talbot		42,000	42,000	3,675	-
Paladin	(2)(3)	135,000	135,000	11,813	33,324
Michael Power		-	-	1,511	2,263
Drechsler Consulting		-	1,350	-	-
John Gilbert (Grindstone, Hellion)		28,290	129,023	-	11,827
		360,825	410,465	42,700	79,854

(1) Includes $nil in share issue costs for the year ended December 31, 2025 (2024 - $15,900 in share issue costs).
(2) Includes geological services (within survey and consulting) of $81,520 for the year ended December 31, 2025 (2024 - $14,159).
(3) As at December 31, 2024, $20,000 had been advanced for working capital purposes and repaid during the year ended December 31, 2025.

All related party balances are unsecured and are due within thirty days without interest. The related party transactions do not include expense reimbursements or recoverable sales tax amounts that are included in the year end related party payable balances.

The transactions with the key management personnel are included in expenses as follows:

(a) Management, administration and corporate development fees

Includes the services of Company's COO, Ian Talbot.
Includes the services of Company's former Vice President of Communications, Richard Drechsler up to February 21, 2024, charged to the Company by Drechsler Consulting.
Includes charges by Archer Cathro for administrative personnel.
Includes the consulting fees paid to the Company's president and CEO, Michael Power, charged to the Company by Paladin.
Includes the services of the Company's Vice President, John Gilbert, charged to the Company by Grindstone and Hellion up to March 12, 2025.

(b) Office rent

Charged by Archer Cathro.

Includes the legal services of the Company's Secretary, Glenn Yeadon, charged to the Company by Yeadon Law Corp.
Includes the accounting and tax services of the Company's CFO, Dan Martino, charged to the Company by DBM CPA.

(d) Project generation costs

Includes charges by Paladin.
Includes charges by Grindstone and Hellion.

10. Supplemental cash flow information

Changes in non-cash working capital during the years ended December 31, 2025 and December 31, 2024, were comprised of the following:

	December 31, 2025 $	December 31, 2024 $
Receivables and prepayments	(51,719)	30,096
Accounts payable and accrued liabilities	21,425	7,349
Accounts payable to related parties	(30,843)	20,560
Net change	(61,137)	58,005

The Company incurred no non-cash financing activities during the years ended December 31, 2025 and December 31, 2024.

Changes in non-cash investing activities during years ended December 31, 2025 and December 31, 2024, were comprised of the following:

	December 31, 2025 $	December 31, 2024 $
Non-cash investing activities:
Mineral property costs included in accounts payable and related party payables	-	6,311
Mineral property option proceeds received in common shares	77,817	10,000
Mineral property option proceeds included in receivables	20,000	20,000
	97,817	36,311

During the years ended December 31, 2025 and December 31, 2024, no amounts were paid for interest expense or income taxes. The Company received $49,134 in interest income during the year ended December 31, 2025 (2024 - $5,909).

Cash and cash equivalents consist of the following:

	December 31, 2025 $	December 31, 2024 $
Cash	1,265,566	817,415
Cash equivalents	959,555	750,810
Cash and cash equivalents, end of year	2,225,121	1,568,225

Cash and cash equivalents comprise redeemable GICs (guaranteed investment certificate) bearing interest at 2.25% per annum, maturing between March 2026 and August 2026.

Short-term investment comprises a non-redeemable GIC bearing interest at 3.00% per annum, maturing in April 2026.

11. Financial risk management

Capital management

The Company is a junior resource exploration company and considers items included in shareholders' equity as capital. The Company's capital structure as at December 31, 2025, is comprised of shareholders' equity of $5,318,860 (December 31, 2024 - $5,857,267). The Company has no debt and does not expect to enter into debt financing. The Company manages its capital structure and adjusts it in light of changes in economic conditions and the risk characteristics of underlying assets. In order to maintain or adjust its capital structure, the Company may issue new shares, purchase shares for cancellation pursuant to normal course issuer bids or make special distributions to shareholders. The Company is not subject to any externally imposed capital requirements and does not presently utilize any quantitative measures to monitor its capital. There were no changes to the Company's approach to capital management during the year ended December 31, 2025.

The Company currently has no source of revenues. In order to fund future projects and pay for administrative costs, the Company expects to spend its existing working capital and raise additional funds as needed.

Financial instruments - fair value

The Company's financial instruments consist of cash and cash equivalents, short-term investment, accrued receivables, marketable securities, accounts payable and accrued liabilities, and accounts payable to related parties.

The carrying value of accrued receivables, accounts payable and accrued liabilities, and accounts payable to related parties approximate their fair value because of the short-term nature of these instruments.

Financial instruments measured at fair value on the consolidated statements of financial position are summarized into the following fair value hierarchy levels:

Level 1: quoted prices (unadjusted) in active markets for identical assets or liabilities.

Level 2: inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices).

Level 3: inputs for the asset or liability that are not based on observable market data (unobservable inputs).

	Level 1 $	Level 2 $	Level 3 $	Total $
December 31, 2025
Cash and cash equivalents (note 10)	2,225,121	-	-	2,225,121
Short-term investment (note 10)	409,205	-	-	409,205
Marketable securities (note 4)	228,067	92,721	-	320,788
	2,862,393	92,721	-	2,955,114
December 31, 2024
Cash and cash equivalents (note 10)	1,568,225	-	-	1,568,225
Marketable securities (note 4)	1,521,000	1	-	1,521,001
	3,089,225	1	-	3,089,226

11. Financial risk management (continued)

Financial instruments - risk

The Company's financial instruments can be exposed to certain financial risks, including credit risk, liquidity risk, and market risk.

(a) Credit risk

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company is exposed to credit risk by holding cash and cash equivalents, accrued receivables, and short-term investment. This risk is minimized by holding the funds in Canadian banks or with Canadian governments. The Company's accrued receivables are due from creditworthy third parties and the Company believes the credit risk associated with these receivables to be low. The Company's maximum exposure to credit risk is equal to the carrying value of these instruments. The Company's exposure to credit risk has increased from the prior year given the increase in its holdings of cash and cash equivalents, and purchase of a short-term investment. The Company mitigates its exposure to credit risk with respect to cash and cash equivalents, and short-term investment with such instruments held in Canadian chartered banks where the risk is considered to be low. The Company's approach to the management of credit risk has not materially changed over the prior year.

(b) Liquidity risk

Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company's financial liabilities are all due within the next twelve months. The Company manages liquidity risk by careful management of its working capital to ensure its expenditures will not exceed available resources. The Company's exposure to and management of liquidity risk has not changed materially from that of the prior year.

(c) Market risk

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: interest rate risk, other price risk, and currency risk. The Company's exposure to and management of market risk has not changed materially from that of the prior year.

(i) Interest rate risk

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rate risk because of fluctuating interest rates. Fluctuations in market rates do not have a significant impact on the fair value of the Company's cash and cash equivalents, or short-term investment. For the year ended December 31, 2025, every 1% fluctuation in interest rates would have impacted profit or loss for the year by approximately $15,000 (2024 - $7,000) before income taxes.

(ii) Other price risk

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices (other than those arising from interest rate risk or currency risk). The Company is exposed to other price risk because of the fluctuating values of its marketable securities. The Company has no control over these fluctuations and does not hedge its investments. Based on the December 31, 2025 portfolio of common shares within marketable securities, every 10% fluctuation in the share price of the securities would have impacted profit or loss for the period by approximately $23,000 (2024 - $150,000) before income taxes.

11. Financial risk management (continued)

Financial instruments – risk (continued)

(iii) Currency risk

Currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to currency risk because it holds cash and cash equivalents, and has certain receivables and accounts payable denominated in United States Dollars, which, because of fluctuating exchange rates can create gains or losses at the time cash is converted to Canadian dollars, or receivables and payables are received or settled. The Company has no control over these fluctuations and does not hedge its foreign currency holdings. Based on its December 31, 2025 United States Dollar (USD) holdings, every 10% fluctuation in the exchange rate would have impacted profit or loss for the year by approximately $109,000 (2024 - $23,000) before income taxes. The Company's exposure to currency risk has increased from the prior year given the increase in its holdings of cash and cash equivalents denominated in USD.

12. Segmented information

The Company operates in one reportable operating segment being the acquisition, exploration, and evaluation of mineral properties in Canada and the USA. The Company holds non-current assets comprising mineral property interests of $1,401,811 (December 31, 2024 - $1,669,949) in the USA. The remainder of the Company's non-current assets are located in Canada.

13. Income taxes

Income tax expense varies from the amount that would be computed from applying the combined federal and provincial income tax rate to loss before income taxes as follows:

	December 31, 2025 $	December 31, 2024 $
Loss for the year before income taxes	(757,504)	(4,176,653)
Statutory Canadian corporate tax rate	27.0%	27.0%
	204,526	1,127,696
Changes in tax resulting from:
Unrecognized items for tax purposes	(18,003)	(467,006)
Change in unrecognized deferred tax assets and other	(186,523)	(660,690)
Income tax provision (recovery)	-	-

The deferred tax assets and liabilities reflect the tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and their tax values.

	December 31, 2025 $	December 31, 2024 $
Allowable capital losses	-	23,000
Mineral property interests	4,616,000	4,396,000
Investment tax credits	964,000	964,000
Marketable securities	54,000	54,000
Non-capital losses available for carryforward	1,694,000	1,694,000
Share issue costs	6,000	9,000
	7,334,000	7,140,000
Unrecognized deferred tax assets	(7,334,000)	(7,140,000)
Net deferred tax liability	-	-

13. Income taxes (continued)

As at December 31, 2025, the Company has unclaimed resource and other deductions in the amount of approximately $19,488,000 (December 31, 2024 - $19,126,000), which may be deducted against future taxable income. These costs are approximately $17,096,000 more than the carrying value of the mineral property interests. The tax benefit of approximately $4,616,000 on the difference has not been recognized for tax purposes as it is not probable that there will be adequate taxable income to utilize the deductions. There is no expiry date for these amounts.

As at December 31, 2025, the Company has unused non-capital losses of approximately $6,275,000 of which $219,000 will expire in 2031, $576,000 in 2032, $551,000 in 2033, $372,000 in 2034, $303,000 in 2035 and $4,254,000 thereafter. The tax benefit of approximately $1,694,000 on the losses has not been recognized for tax purposes as it is not probable that there will be adequate taxable income to utilize the losses.

As at December 31, 2025, the Company has share issue costs totaling approximately $23,000 (December 31, 2024 – $35,000), which have not been claimed for income tax purposes and expire between 2040 and 2048. The tax benefit of approximately $6,000 has not been recognized for tax purposes as it is not probable that there will be adequate taxable income to utilize the deductions.

As at December 31, 2025, the Company has unused capital losses of approximately $nil (December 31, 2024 - $84,000), which have no expiry dates and can only be used to reduce future income from capital gains.

As at December 31, 2025, the Company has unused investment tax credits of approximately $1,320,000 (December 31, 2024 - $1,320,000), of which $1,137,000 will expire in 2031, $87,000 in 2032 and $96,000 in 2033. The tax benefit of approximately $964,000 on the credits has not been recognized for tax purposes as it is not probable that there will be adequate taxable income to utilize the credits.

Income tax attributes are subject to review, and potential adjustments, by tax authorities.

14. Events after the reporting period

In January 2026, 172,130 common shares were issued on the exercise of warrants at $0.15 each for proceeds of $25,820 (note 7).

In February 2026, 100,000 common shares were issued on the exercise of stock options at $0.08 each for proceeds of $8,000 (note 7).

In January and February 2026, the Company sold marketable securities for net proceeds of $204,420 (note 4).

AI assistant

Silver Range Resources Ltd. — Audit Report / Information 2026

46877_rns_2026-04-27_9b25a648-f13b-4633-9b2f-c8e6fcb574db.pdf

INDEPENDENT AUDITOR'S REPORT

Opinion

Basis for Opinion

Key Audit Matters

Other Information

Responsibilities of Management and Those Charged with Governance for the Consolidated financial statements

Auditor's Responsibilities for the Audit of the Consolidated financial statements

Silver Range Resources Ltd.

Consolidated Statements of Loss and Comprehensive Loss

(Expressed in Canadian Dollars)

2. Material accounting policies

(c) Financial instruments

Recognition and derecognition

Classification

2. Material accounting policies (continued)

(c) Financial instruments (continued)

Classification (continued)

Derivative financial assets

Financial liabilities

(d) Short-term investment

(e) Joint operations

2. Material accounting policies (continued)

(f) Mineral property interests

(g) Impairment

Financial assets

Non-financial assets

(h) Share capital

(i) Share-based payment transactions

(j) Environmental rehabilitation

(k) Foreign currency translation

(I) Income taxes

(m) Earnings (loss) per share

(n) Use of estimates and critical judgments

Estimates

(n) Use of estimates and critical judgments (continued)

Judgments

(o) Recently adopted accounting standards

(p) Recently issued but not yet effective accounting standards

(p) Recently issued but not yet effective accounting standards (continued)

3. Receivables and prepayments

4. Marketable securities

4. Marketable securities (continued)

5. Subsidiary information

6. Mineral property interests

6. Mineral property interests (continued)

6. Mineral property interests (continued)

(a) Yukon projects

(i) Michelle project

(ii) Silver Range project

(b) Northwest Territories projects

(i) Cabin Lake royalty interest

(c) Nunavut projects

(i) South Kitikmeot property option

(d) Nevada projects

(i) Bellehelen property option

(d) Nevada projects (continued)

(ii) Cambridge-Enigma property option

(d) Nevada projects (continued)

(iii) East Gold Point project option

(iv) East Goldfield property

(v) Legal Tender property option

(vi) Skylight property option

(vi) Skylight property option (continued)

(vii) Silver Mountain property option

(viii) Tule Canyon property option

(ix) Weepah South property sale

(x) Sale of royalty interests

(e) Arizona projects

(i) Generative Alliance Agreement

7. Share capital

Common share rights

Transactions for the issue of share capital during the year ended December 31, 2025:

Transactions for the issue of share capital during the year ended December 31, 2024:

7. Share capital (continued)

Commitment to issue shares

Stock options

7. Share capital (continued)

Silver Range Resources Ltd. Audit Report / Information 2026