Totec Resources Ltd. — Audit Report / Information 2025

Jan 14, 2026

Horizon Assurance LLP

January 12, 2026

To: TSX Venture Exchange

Dear Sirs/Mesdames:

We refer to the filing statement of Totec Resources Ltd. dated January 12, 2026, prepared in connection with its qualifying transaction with Usha Resources Ltd. ("Usha") for the acquisition of the White Willow Project through the purchase of 1540359 BC Ltd., a wholly-owned subsidiary of Usha (the "Filing Statement").

We, Horizon Assurance LLP, consent to being named and to the use, in the Filing Statement, of our report dated January 8, 2026 to the shareholders of Usha on the following financial statements of the White Willow Project:

• The carve-out statements of financial position as at March 31, 2025 and 2024; and
• The carve-out statements of loss and comprehensive loss, changes in net parent investment and cash flows for the years ended March 31, 2025 and 2024, and a summary of accounting policies and other explanatory information.

We also consent to being named and to the use, in the Filing Statement, of our report dated November 3, 2025 to the shareholders of 1540359 BC Ltd. on the following financial statements:

• The statement of financial position as at August 31, 2025; and
• The statements of loss and comprehensive loss, changes in shareholders' equity and cash flows for the period from May 20, 2025 (date of incorporation) to August 31, 2025, and a summary of accounting policies and other explanatory information.

We report that we have read the Filing Statement and all information specifically incorporated by reference therein and have no reason to believe that there are any misrepresentations in the information contained therein that are derived from the financial statements upon which we have reported or that are within our knowledge as a result of our audits of such financial statements. We have complied with Canadian generally accepted standards for an auditor's consent to the use of a report of the auditor included in an offering document, which does not constitute an audit or review of the Filing Statement as these terms are described in the CPA Canada Handbook – Assurance.

This letter is provided solely for the purpose of assisting the stock exchange(s) to which it is addressed in discharging its responsibilities and should not be used for any other purpose.

Yours truly,

Horizon Assurance LLP
Chartered Professional Accountants
Licensed Public Accountants

219 - 7100 Woodbine Ave., Markham, ON L3R 5J2
info@horizonllp.ca
www.horizonllp.ca