Vantex Resources Ltd. — Interim / Quarterly Report 2026

Mar 31, 2026

VANTEsX RESOURCES LTD.
UNAUDITED INTERIM FINANCIAL STATEMENTS
AS AT JANUARY 31, 2026 AND 2025

Table of contents

Management statement 2
Interim statements of financial position 3
Interim statements of changes in equity 4
Interim statements of loss and comprehensive loss 5
Interim statements of cash flows 6
Notes to interim financial statements 7-23

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VANTEX RESOURCES LTD.
(The "Company")
INTERIM FINANCIAL STATEMENTS
Three Months Ended January 31, 2026 and 2025
NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

The management of Vantex Resources Ltd. is responsible for the preparation of the accompanying unaudited interim financial statements. The unaudited interim financial statements have been prepared using accounting policies in compliance with International Financial Reporting Standards for the preparation of interim financial statements and are in accordance with IAS 34 Interim Financial Reporting.

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

March 31, 2026

2

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VANTEX RESOURCES LTD.
Interim statements of financial position
As at January 31, 2026 and October 31, 2025
(Expressed in Canadian dollars)

| | January 31, 2026
(unaudited) | October 31, 2025
(audited) |
| --- | --- | --- |
| ASSETS | | |
| Current | | |
| Cash and cash equivalents (Note 8) | $ 192,228 | $ 264,552 |
| Accounts receivable (Note 9) | 3,012 | 1,372 |
| Deposit (Note 10) | 28,836 | 9,000 |
| Current assets | 224,076 | 274,924 |
| Total assets | $ 224,076 | $ 274,924 |
| LIABILITIES | | |
| Current | | |
| Accounts payable and accrued liabilities (Notes 15 and 16) | $ 104,561 | $ 119,935 |
| Loan payable (Note 17) | 12,270 | 12,191 |
| Current liabilities | 116,831 | 132,126 |
| Total liabilities | 116,831 | 132,126 |
| EQUITY | | |
| Share capital (Note 18a) | 19,951,710 | 19,951,710 |
| Contributed surplus | 4,946,018 | 4,946,018 |
| Deficit | (24,790,483) | (24,754,930) |
| Total equity | 107,245 | 142,798 |
| Total liabilities and equity | $ 224,076 | $ 274,924 |

Approved on behalf of the Board on March 31, 2026

Kenneth Tollstam (s)
Director

Quinn Field-Dyte (s)
Director

Notes to financial statements are an integral part of the interim financial statements.

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VANTEX RESOURCES LTD.
Interim statements of changes in equity
For the three months ended January 31, 2026 and 2025
(Expressed in Canadian dollars - unaudited)

	Share capital	Contributed surplus	Deficit	Total equity
	$	$	$	$
Balance - November 1, 2025	19,951,710	4,946,018	(24,754,930)	142,798
Comprehensive loss for the period	-	-	(35,553)	(35,553)
Balance - January 31, 2026	19,951,710	4,946,018	(24,790,483)	(107,245)
Balance - November 1, 2024	19,951,710	4,946,018	(24,538,973)	358,755
Comprehensive loss for the period	-	-	(40,681)	(40,681)
Balance - January 31, 2025	19,951,710	4,946,018	(24,579,654)	318,074

Notes to financial statements are an integral part of the interim financial statements.

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Notes to financial statements are an integral part of the interim financial statements.

VANTEX RESOURCES LTD.

Interim statements of loss and comprehensive loss

For the three months ended January 31,

(Expressed in Canadian dollars - unaudited)

	2026	2025
OPERATING EXPENSES
Accretion expenses	$ -	$ 2,317
Amortization - Leasehold improvements	-	9,375
Amortization - Right-of-use asset	-	9,822
Consulting and professional fees (Notes 15 and 19)	3,483	20,515
Insurance	2,324	2,551
Rent and office expenses	28,652	192
Registration and information to shareholders	1,094	1,071
Travelling expenses and entertainment	-	2,485
OPERATING LOSS	(35,553)	(48,328)
OTHER ITEM
Unrealized gain on investments (Note 11)	-	7,647
	-	7,647
NET LOSS AND COMPREHENSIVE LOSS FOR THE PERIOD	$ (35,553)	$ (40,681)
LOSS PER SHARE, BASIC AND DILUTED (Note 20)	$ (0.007)	$ (0.008)
WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING	4,809,252	4,809,252

5

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VANTEX RESOURCES LTD.
Interim statements of cash flows
For the three months ended January 31,
(Expressed in Canadian dollars - unaudited)

| | 2026
$ | 2025
$ |
| --- | --- | --- |
| OPERATING ACTIVITIES | | |
| Net loss for the period | (35,553) | (40,681) |
| Non-cash items for the period: | | |
| Accretion expenses | - | 2,317 |
| Amortization – Leasehold improvements | - | 9,375 |
| Amortization – Right-of-use asset | - | 9,822 |
| Interest expense on loan payable | 79 | 79 |
| Unrealized gain on sale of investments | - | (7,647) |
| | (35,474) | (26,735) |
| Changes in non-cash working capital items: | | |
| Accounts receivable | (1,640) | 7,873 |
| Deposit | (19,836) | (15,000) |
| Accounts payable and accrued liabilities | (15,374) | 22,648 |
| | (36,850) | 15,521 |
| Net cash used in operating activities | (72,324) | (11,214) |
| Net decrease in cash and cash equivalents | (72,324) | (11,214)) |
| Cash and cash equivalents at the beginning of the period | 264,552 | 322,241 |
| Cash and cash equivalents at the end of the period (Note 8) | 192,228 | 311,027 |

Notes to financial statements are an integral part of the interim financial statements.

6

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

1. NATURE OF BUSINESS AND CONTINUING OPERATIONS

The Company was incorporated under the Company Act of British Colombia and obtained a certificate of continuance under the Canada Business Corporations Act. On February 23, 2004, a modification certificate was issued, modifying the name Vantex Oil, Gas and Minerals Ltd. by Vantex Resources Ltd. The Company's activities include the acquisition, exploration and development of mining properties. The Company has not yet determined whether these properties contain ore reserves that are economically recoverable. Its shares are trading on TSX Venture Stock Exchange ("TSX-V") on symbol VAX.

The address of registered office and its principal place of business is 3000 - 329 Howe Street, Vancouver BC V6C 3N2.

1. GOING CONCERN

These interim financial statements have been prepared on a going concern basis which presumes the realization of assets and discharge of liabilities in the normal course of business.

Given that the Company has not yet found a mining property which contains ore reserves that are economically recoverable, the Company did not generate income and cash flow from its operations until now. As at January 31, 2026, the Company has a deficit of $24,790,483 (October 31, 2025 - $24,754,930).

The Company's ability to continue as a going concern is dependent upon raising additional funds. In spite of the obtaining of funds in the past, there is no guarantee of success for the future. These conditions raise significant doubt regarding the Company's ability to continue as a going concern.

The carrying amounts of assets, liabilities, revenues and expenses presented in the financial statements and the balance sheet classification have not been adjusted as would be required, if the going concern assumption was not appropriate.

1. STATEMENT OF COMPLIANCE

These interim financial statements have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC"). These interim financial statements comply with International Accounting Standards (IAS) 34 "Interim Financial Reporting".

These interim financial statements were approved and authorized for issuance by the Board of Directors on March 31, 2026.

1. BASIS OF MEASUREMENT

The interim financial statements have been prepared on a historical cost basis, except for investments measured at fair value. The interim financial statements are presented in Canadian dollars, which is also the Company's functional currency.

The preparation of financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies. The areas involving a higher degree of judgment of complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 6.

The accounting policies set out in Note 5 have been applied consistently by the Company to all periods presented.

1. SUMMARY OF MATERIAL ACCOUNTING POLICIES

a) Exploration and Evaluation Assets

i. Pre-license expenditures

Pre-license expenditures are costs incurred before the legal rights to explore a specific area have been obtained. These costs are expensed in the period in which they are incurred as exploration and evaluation expense.

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

5. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)

a) Exploration and Evaluation Assets (continued)

ii. Exploration and evaluation expenditures

Once the legal right to explore has been acquired, costs directly associated with the exploration project are capitalized as either tangible or intangible exploration and evaluation assets ("E&E") according to the nature of the asset acquired. Such E&E costs may include undeveloped land acquisition, geological, geophysical and seismic, exploratory drilling and completion, testing, decommissioning and directly attributable internal costs. E&E costs are not depleted and are carried forward until technical feasibility and commercial viability of extracting a mineral resource is considered to be determined. The technical feasibility and commercial viability of a mineral resource is considered to be established when proved and or probable mineral reserves are determined to exist. All such carried costs are subject to technical, commercial and management review at least once a year to confirm the continued intent to develop or otherwise extract value from the exploratory activity. When this is no longer the case, impairment costs are charged to exploration and evaluation expense. Upon determination of mineral reserves, E&E assets attributed to those reserves are first tested for impairment and then reclassified to development and production assets within property, plant and equipment, net of any impairment. Expired land costs are also expensed to exploration and evaluation expense as they occur.

The Company has not established any NI 43-101 compliant proven or probable reserves on any of its mining properties which have been determined to be economically viable.

iii. Impairment

Exploration and evaluation assets are assessed for impairment when indicators and circumstances suggest that the carrying amount may exceed its recoverable amount. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment. Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the period.

Industry-specific indicators for an impairment review arise typically when one of the following circumstances applies:

• Substantive expenditure or further exploration and evaluation activities is neither budgeted nor planned;
• Title to the asset is compromised, has expired or is expected to expire;
• Adverse changes in the taxation, regulatory or political environment;
• Adverse changes in variables in commodity prices and markets making the project unviable; and
• Variations in the exchange rate for the currency of operation.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but to an amount that does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

5. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)

b) Restoration, Rehabilitation, and Environmental Obligations

An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration or development of a mineral property interest. Such costs arise from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized at the start of each project to the carrying amount of the asset, along with a corresponding liability as soon as the obligation to incur such costs arises. The timing of the actual rehabilitation expenditure is dependent on a number of factors such as the life and nature of the asset, the operating license conditions and, when applicable, the environment in which the mine operates.

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 either the unit-of-production or the straight-line method. The corresponding liability is progressively increased as the effect of discounting unwinds creating an expense recognized in profit or loss. The Company has no restoration, rehabilitation and environmental obligations as at January 31, 2026.

c) Cash and Cash Equivalents

Cash in the statement of financial position is comprised of cash held at major financial institutions and short-term investments which are readily convertible into a known amount of cash. The Company's cash is invested in business accounts which are available on demand by the Company.

d) Income Taxes

Income tax on the profit or loss for the periods presented comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized in other comprehensive income or loss or directly in equity, in which case it is recognized in other comprehensive income or loss or equity.

Deferred tax is provided using the balance sheet liability method, providing for unused tax loss carryforwards and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the end of the reporting period applicable to the period of expected realization or settlement.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized. Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same tax authority and the group intends to settle its current tax assets and liabilities on a net basis.

e) Share Capital

Share capital and warrants

Common shares and warrants are classified in equity. Issue costs that are directly attributable to the issuance of shares and warrants are recognized in equity as a deduction from the issue proceeds during the period when these transactions occur.

Proceeds from unit placements are allocated between shares and warrants issued using the relative fair value method. Proceeds are charged in proportion to the fair value of shares based on the stock prices at the time of issue and the fair value of the warrants determined using the Black-Scholes model.

The fair value attributed to the warrant is recorded as warrant equity. If the warrant is exercised, the value attributed to the warrant is transferred to share capital. If the warrant expires unexercised, the value is reclassified to contributed surplus within equity.

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

5. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)

e) Share Capital (continued)

Flow-through placements

The Company finances some exploration expenditures through the issuance of flow-through shares. Under the provisions of tax legislation relating to flow-through shares, the Company is required to renounce tax deductions for expenses related to exploration activities to the benefit of the investors.

Issuance of flow-through shares represents in substance a compound financial instrument. The liabilities compound represents the sale of the right to tax deductions to the investors. The proceeds received from flow-through placements are allocated between share capital and the deferred gain on flow-through placement, using the residual method. The shares are valued at the fair value of existing shares at the time of issuance and the residual proceeds is allocated to liability as a deferred gain which is reversed to net income when eligible expenditures have been made or when the liabilities are not met.

The Company recognizes a deferred tax liability for flow-through shares and a deferred tax expense, at the moment the eligible expenditures are made.

Contributed surplus

Contributed surplus includes, among other things, charges related to stock options expenses until the exercise of these options.

f) Share-Based Payments

Options and warrants granted are accounted for using the fair value method. Under this method, the fair value of stock options and warrants granted are measured at estimated fair value at the grant date and recognized over the vesting period. Consideration received on the exercise of stock options is recorded as share capital and the related contributed surplus on options granted is transferred to share capital.

The Company uses the Black-Scholes option pricing model to determine the fair value of these incentives taking into consideration terms and conditions upon which the options were granted. At each financial reporting date, the amount recognized as an expense is adjusted to reflect the actual number of share options that are expected to vest.

g) Profit (Loss) Per Share

The Company presents basic and diluted loss per share data for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. Diluted loss per share does not adjust the loss attributable to common shareholders or the weighted average number of common shares outstanding when the effect is anti-dilutive.

h) Leases

A lessee is required to recognize a right-of-use asset representing its right to use the underlying asset and a lease liability representing its obligation to make lease payments. Leases are recognized as a right-of-use asset and a corresponding lease liability at the date at which the leased asset is available for use, with the exception of leases of low-value assets or leases with a term of 12 months or less, which are recognized on a straight-line basis as an expense. Each lease payment is allocated between the repayment of the lease liability and finance cost. The finance cost is charged to the statement of loss and comprehensive loss over the lease period to produce a constant periodic rate of interest on the remaining balance of the lease liability for each period. The right-of-use asset is depreciated on a straight-line basis over the shorter of the asset's useful life and the lease term. Right-of-use assets and lease liabilities arising from a lease are initially measured on a present value basis. During the year ended October 31, 2024, the Company entered into lease agreement for a period of 12 months, with an option to renew of 12 months, for a total of 24 months, and was also granted a six month rent free by the lessor. Since the Company intends to exercise this option, a right-of-use asset was recognized. On March 1, 2025, the Company terminated the lease agreement. On April 1, 2025, the Company entered into a new lease agreement with a term of month to month. The new lease agreement is exempted from IFRS 16 provisions due to lease term of less than 12 months.

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

5. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)

i) Fixed assets

Fixed assets are recognized at cost less accumulated amortization and impairment losses.

The cost includes all costs incurred initially to acquire or construct an item of fixed assets, costs directly related to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management, and costs incurred subsequently to add to or replace part thereof. Recognition of costs in the carrying amount of an item of fixed assets ceases when the asset is in the location and condition necessary for it to be capable of operating in the manner intended by management.

Amortization of leasehold improvements is recognized on a straight-line basis over the lease term of 24 months, to write down the cost to its estimated residual value, with a constant charge over the useful life of the asset.

The amortization expense is recognized in profit or loss within Amortization.

The residual value, amortization method, and useful life of each asset are reviewed at least at each financial year-end.

The carrying amount of an item of fixed assets is derecognized on disposal or when no future economic benefits are expected from its use or disposal. The gain or loss arising from derecognition of an item of fixed assets is included in profit or loss when the item is derecognized.

j) Option Agreement on Mining Properties

Options on interests in mining properties acquired by the Company are recorded at the value of disbursed cash consideration, including any economic benefit transferred, but excluding future spending commitment. Since the commitment of future expenditures does not meet the definition of a liability, it is not recognized. Expenditures are recorded only when they are incurred by the Company.

When the Company sells its interests in mineral properties, it uses the book value of the property before the sale of the option as part of the carrying value of the property and credits any monetary consideration received and the fair value of other financial assets against the carrying value of this property. Any surplus is recorded in net income.

k) Provisions, Contingent Liabilities and Contingent Assets

A present obligation arises from the presence of legal or constructive commitment that has resulted from past events, such as legal disputes, liabilities related to decommissioning, restoration and similar liabilities or onerous contracts. The evaluation of provisions corresponds to the estimated expenditures required to settle the present obligation, based on the most reliable evidence available at the date of presentation of financial information, including risks and uncertainties relating to the obligation. When there is a large number of similar obligations, the likelihood that an outflow of resources will be required to settle these obligations is determined by considering the class of obligations as a whole. Provisions are discounted when the time value of money is significant. Any reimbursement that the Company can be virtually certain to collect from a third party to the obligation is recognized as a separate asset. However, this asset should not exceed the amount of the related provision. Provisions are reviewed at each reporting date for financial information and adjusted to reflect current best estimates at that date. When a possible outflow of resources of economic benefits as a result from present obligations is considered either improbable or a low probability is determined, no liability is recorded unless it was assumed in the course of a business combination. In a business combination, contingent liabilities related to a present obligation is recognized in the allocation of the purchase price of the assets acquired and liabilities are assumed as part of the business combination. They are subsequently measured at the highest amount of a comparable provision, as described above, and the amount initially recognized, net of depreciation.

Entries that are probable economic benefits to the Company that do not yet meet the recognition criteria of an asset are treated as contingent assets. The Company's operations are governed by laws and government regulations concerning environmental protection. The environmental consequences are difficult to identify, whether the amounts are based on timing or outcome. The Company currently operates in accordance with the laws and regulations currently in force. Any payment that may result from the restoration of mining properties, if any, will be recorded in cost of mining properties when it will be possible to make a reasonable estimate.

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

5. SUMMARY OF MATERIAL ACCOUNTING POLICIES (continued)

I) Financial Instruments

Classification

The Company classifies its financial instruments in the following categories: at fair value through profit or loss ("FVTPL"), at fair value through other comprehensive income (loss) ("FVTOCI") or at amortized cost. The Company determines the classification of financial assets at initial recognition. The classification of debt instruments is driven by the Company's business model for managing the financial assets and their contractual cash flow characteristics. Equity instruments that are held for trading are classified as FVTPL. For other equity instruments, on the day of acquisition the Company can make an irrevocable election (on an instrument-by-instrument basis) to designate them as at FVTOCI. Financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL (such as instruments held for trading or derivatives) or the Company has opted to measure them at FVTPL. The following table shows the classification under IFRS 9:

Financial assets/liabilities	Classification IFRS 9
Cash and cash equivalents	Amortized cost
Investments	FVTPL
Accounts payable and accrued liabilities	Amortized cost
Loan payable	Amortized cost

Measurement

Financial assets and liabilities at amortized cost

Financial assets and liabilities at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment.

Financial assets and liabilities at FVTPL

Financial assets and liabilities carried at FVTPL are initially recorded at fair value and transactions costs expensed in the statements of loss. Realized and unrealized gains or losses arising from changes in the fair value of the financial assets and liabilities held at FVTPL are included in the statements of loss in the period in which they arise.

Impairment of financial assets at amortized cost

At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting date, the financial asset's credit risk has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the statements of loss and comprehensive loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized.

Derecognition

Financial liabilities

The Company derecognizes financial liabilities only when its obligations under the financial liabilities are discharged, cancelled or expired. Generally, the difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in the statements of loss.

m) Revenue Recognition

Interest income is recognized on an accrual basis. They are recognized based on the number of days the investment is held during the period.

6. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS

The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual experience may differ from these estimates and assumptions.

The effect of a change in accounting estimate is recognized prospectively by including it in comprehensive

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

1. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (continued)

loss in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both.

Information about critical accounting estimates and judgments in applying accounting policies that have the most significant risk of causing material adjustment to the carrying amounts of assets and liabilities recognized in the financial statements are discussed below:

Exploration and evaluation expenditures

The application of the Company's accounting policy for exploration and evaluation expenditure requires judgment in determining whether it is likely that future economic benefits will flow to the Company, which may be based on assumptions about future events or circumstances. Estimates and assumptions made may change if new information becomes available. If, after an expenditure is capitalized, information becomes available suggesting that the recovery of the expenditure is unlikely, the amount capitalized is written-off in the profit or loss in the period the new information becomes available.

Impairment of exploration and evaluation assets

Determining if there are any facts and circumstances indicating impairment loss or reversal of impairment losses is a subjective process involving judgment and a number of estimates and assumptions in many cases ((Note 5 a) iii.).

When an indication of impairment loss or a reversal of an impairment loss exists, the recoverable amount of the individual asset or the cash-generating unit must be estimated.

In assessing impairment, the Company must make some estimates and assumptions regarding future circumstances, in particular, whether an economically viable extraction operation can be established, the probability that the expenses will be recovered from either future exploitation or sale of the property when the activities have not reached a stage that permits a reasonable assessment of the existence of reserves, the Company's capacity to obtain financial resources necessary to complete the evaluation and development and the renewal of permits. Estimates and assumptions may change if new information becomes available. If, after expenditures are capitalized, information becomes available suggesting that the recovery of the expenditures is unlikely, the amounts capitalized are written-off in profit or loss in the period in which the new information becomes available.

Going concern

The Company is a going concern and will continue in operation for the foreseeable future and at least one year. The factors considered by management are disclosed in Note 2.

Fair value

All financial instruments are required to be recognized at fair value on initial recognition. Subsequent measurement of these instruments is at amortized cost or at fair value depending on their classification.

Fair value is the amount of consideration that would be agreed upon in an arm's-length transaction, between knowledgeable, willing parties who are under no compulsion to act. This is a point-in-time measurement that may be changed in subsequent reporting periods due to market conditions or other factors.

Fair value of a financial instrument is determined by reference to quoted prices in the most advantageous active market to which the Company has immediate access. In the absence of an active market, fair value is determined on the basis of internal or external valuation models, including discounted cash flow models. Fair value determined using these valuation models, requires the use of assumptions concerning the amount and timing of estimated future cash flows, as well as the number of variables. In determining these assumptions, external readily observable market inputs are considered, as applicable, otherwise the Company uses the best possible estimate.

Deferred tax

When the Company anticipates an amount of tax to pay in the future according to its estimates, a liability is recognized.

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

1. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (continued)

Deferred tax (continued)

The evaluation of the probability of future taxable income involves judgment. A deferred tax asset is recognized to the extent that it is probable that taxable income will be available against which deductible temporary differences and the deferred unused tax credits and unused tax losses can be utilized.

Provisions and contingent liabilities

Judgments are made as to whether a past event has led to a liability that should be recognized in the financial statements or disclosed as a contingent liability. Quantifying any such liability often involves judgments and estimations. These judgments are based on a number of factors including the nature of the claims or dispute, the legal process and potential amount payable, legal advice received, previous experience and the probability of a loss being realized. Several of these factors are sources of estimation and uncertainty.

Lease

To determine the carrying amount of right-of-use assets and lease liabilities, the Company must estimate the incremental borrowing rate for each leased asset if the interest rate implicit in the lease cannot be readily determined. Management determines the incremental borrowing rate for each leased asset by taking into account the Company's credit standing, the guarantee, the term and the value of the underlying leased asset, as well as the economic environment in which the leased asset is operated. Incremental borrowing rates can be changed due to macroeconomic changes in the environment.

Impairment of property, plant and equipment (fixed assets)

Determining if there are any facts and circumstances indicating impairment loss or reversal of impairment losses is a subjective process involving judgment and a number of estimates and assumptions in many cases.

In assessing impairment, management estimates the recoverable amount of each asset or cash-generating unit based on expected future cash flows and uses an interest rate to discount them. Estimation uncertainty relates to assumptions about future operating results and the determination of a suitable discount rate.

There was no impairment loss recognized on fixed assets in statements of loss and comprehensive loss for the three months ended January 31, 2026 and year ended October 31, 2025.

As at January 31, 2026, the contingencies of the Company concerning environmental impacts are disclosed in Note 23.

1. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS

New and revised standards that are effective

IAS 1 – Presentation of Financial Statements

This standard has been revised to incorporate amendments issued by the International Accounting Standards Board (IASB) in January 2020. The amendments clarify the criterion for classifying a liability as noncurrent relating to the right to defer settlement of the liability for at least 12 months after the reporting period. The application of these amendments had no impact on the Company's loss or financial position.

IFRS 16 – Leases

This standard has been revised to incorporate the amendments issued by the International Accounting Standards Board (IASB) in September 2022. The amendments add subsequent measurement requirements to IFRS 16 that explain how a company accounts for a sale and leaseback after the date of the transaction. The amendments are effective for annual reporting periods beginning on or after January 1, 2024. Earlier application is permitted.

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

1. APPLICATION OF NEW AND REVISED INTERNATIONAL FINANCIAL REPORTING STANDARDS (continued)

Standards, amendments and interpretations to existing standards that are not yet effective and have not been adopted early by the Company

Other new standards and interpretations have been issued but are not expected to have a material impact on the Company's financial statements.

IFRS 18 – Presentation and Disclosure in Financial Statements

This standard which will replace IAS 1, Presentation of Financial Statements aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation and disaggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from 1 January 2027. Earlier application is permitted.

IFRS 9 – Financial Instruments and IFRS 7 – Financial Instruments

Disclosures have been revised to incorporate amendments issued by the International Accounting Standards Board (IASB) in May 2024. The amendments address concerns raised regarding the settlement of liabilities through electronic payment systems. The amendments are effective for annual reporting periods beginning on or after January 1, 2026. Early application is permitted.

1. CASH AND CASH EQUIVALENTS

	January 31, 2026	October 31, 2025
	$	$
Cash	192,222	264,546
Investment - Cash	6	6
	192,228	264,552

1. ACCOUNTS RECEIVABLE

	January 31, 2026	October 31, 2025
	$	$
Taxes receivable	3,012	1,372

1. DEPOSIT

	January 31, 2026	October 31, 2025
	$	$
Rent – security deposit (Note 23)	28,836	9,000

1. INVESTMENTS

	Number of Shares	Cost	Fair Value
		$	$
Common shares of Fokus Mining Corporation (“Fokus”)
Balance, October 31, 2024	764,706	65,000	107,059
Sold shares	(764,706)	(65,000)	(65,000)
Unrealized loss on change in fair value	-	-	(42,059)
Balance, October 31, 2025 and January 31, 2026	-	-	-
Balance, October 31, 2025	-	-	-
Balance, January 31, 2026	-	-	-

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

11. INVESTMENTS (continued)

On September 2, 2020, the Company closed the option agreement entered on July 15, 2020, with Fokus Mining Corporation (formerly Fieldex Exploration Inc.) ("Fokus"), pursuant to the agreement Fokus acquired a 100% interest in the Galloway project for cash consideration of $1,000,000 and issuance of 3,000,000 shares with a fair value of $1,170,000. As at October 31, 2020, the Company held 6.25% of Fokus issued shares.

During the year ended October 31, 2021, the Company fully sold 3,000,000 shares of Fokus for a total net proceeds of $752,922 and recognized a loss on sale of investment of $413,067.

On August 25, 2022, pursuant to the agreement entered on August 22, 2022 with the Company, to which it sell additional payments right according to option agreement on July 15, 2020 concerning the minimum ounces of gold in qualifying 43-101 indicated mineral resources. The Company received 1,764,706 Fokus common shares ("Consideration Shares") with a fair value of $150,000. The Consideration Shares are subject to four, five, six-, seven-, eight- and nine-month voluntary resale restrictions, each applicable to the sixth (1/6) of the Consideration Shares since August 25, 2022.

During the year ended October 31, 2025, the Company fully sold all 764,706 (2024 - 1,000,000) shares of Fokus for net proceeds of $92,627 (2024 - $48,945) and recognized a realized gain on sale of investment of $27,627 (2024 - loss of $35,000).

As at January 31, 2026, the market value of the Fokus investment decreased and an unrealized gain of $Nil (2025 - $7,647) was recognized in the statement of loss. The Company held no shares of Fokus as at January 31, 2026 and October 31, 2025.

12. PROPERTY, PLANT AND EQUIPMENT

In June 2024, the Company entered into a one-year lease agreement with an option to renew for additional 12 months for an office space, from June 13, 2024 to June 13, 2026. In connection to lease, the Company incurred leasehold improvements of $75,000 amortized over the lease term. During the three months ended January 31, 2026, the Company recognized $Nil (2025 - $9,375) of amortization in the statement of loss and comprehensive loss. On March 1, 2025, the Company terminated this lease agreement (Note 13) and recognized $28,229 in the statement of loss and comprehensive loss as a result of loss on leasehold improvements disposal of $48,229 reduce by $20,000 as a write-off of accounts payable (Note 16).

	$
Balance, October 31, 2024	60,729
Amortization	(12,500)
Write-off of accounts payable	(20,000)
Loss on leasehold improvements disposal	(28,229)
Balance, October 31, 2025 and January 31, 2026	-

13. RIGHT-OF-USE ASSET AND LEASE LIABILITY

In June 2024, the Company entered into a lease agreement with monthly lease payments of $5,000 over a period of two years, of which the first six months are rent free. Under IFRS 16, the Company recognizes lease liability measured at the present value of the remaining lease payments, discounted using the Company's incremental borrowing rate. The Company's incremental borrowing rate applied to the lease liability in June 2024 was determined to be 12%. The right-of-use assets of $78,569 recognized was measured at an amount equal to the recognized lease liability. On March 1, 2025, the Company terminated this lease agreement and recognized a gain on termination of lease of $19,409 in the statement of loss and comprehensive loss during the year ended October 31, 2025.

The details of the right-of-use asset and lease liability recognized as at January 31, 2026 are as follows:

Right-of-use asset

	$
Balance, October 31, 2024	62,201
Amortization	(16,369)
Loss on termination of lease	(45,832)
Balance, October 31, 2025 and January 31, 2026	-

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

1. RIGHT-OF-USE ASSET AND LEASE LIABILITY (continued)

Lease liability

	$
Balance, October 31, 2024	81,602
Accrued interest	3,639
Rent payment due	(20,000)
Gain on termination of lease	(65,241)
Balance, October 31, 2025 and January 31, 2026	-

1. CAPITAL MANAGEMENT POLICIES AND PROCEDURES

The Company's capital management objectives are:

• To ensure the Company's ability to continue as a going concern;
• To increase the value of the assets of the business; and
• To provide an adequate return to the shareholders of the Company.

These objectives will be achieved by identifying the right exploration projects, adding value to these projects and ultimately taking them through to production, sale and cash flow, either with partners or by the Company's own means.

The Company monitors capital on the basis of the carrying amount of equity. Capital for the reporting periods decrease by $35,553 during the period, under review is summarized in Note 19 and in the statement of changes in equity.

The Company is not exposed to any externally imposed capital requirements except when the Company issues flow-through shares for which an amount should be used for exploration work. See all details in Note 19.

The Company sets the amount of capital in proportion to its overall financing structure, i.e. equity and financial liabilities. The Company manages the capital structure and makes adjustments within the changes in economic conditions and the risk characteristic of the underlying assets. In order to maintain or adjust the capital structure, the Company might issue new shares, or sell assets to reduce debt.

1. RELATED PARTY TRANSACTIONS AND BALANCES

The following transactions occurred between related parties:

For the three months ended January 31,	2026	2025
Operating expense:	$	$
Consulting and professional fees paid to an officer	3,483	20,000
	3,483	20,000

The accounts payable include $1,545 (October 31, 2025 - $5,000) owing to an officer of the Company.

All of the above transactions have been in the normal course of operations and have been recorded at their exchange amounts which are the amounts agreed upon by the transacting parties. The amounts due to and due from related parties are unsecured and non-interest bearing.

1. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

	January 31, 2026	October 31, 2025
	$	$
Vendors, accrued liabilities, other payable and part XII.6 taxes	104,561	119,935

1. LOAN PAYABLE

During the year ended October 31, 2020, the Company received a loan of $10,500 from a non-related party. The loan bears 3% interest per annum, unsecured and due on demand. During the three months ended January 31, 2026, the Company accrued $79 (2025 - $79) as interest. As at January 31, 2026, the balance outstanding including accrued interest was $12,270 (October 31, 2025 - $12,191).

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

18. SHARE CAPITAL

a) Authorized Share Capital

Unlimited number of voting and participating common shares, without par value.

Issued:

	January 31, 2026		October 31, 2025
	Number of shares	Amount	Number of shares	Amount
		$		$
Balance at the beginning and end of the period	4,809,252	19,951,710	4,809,252	19,951,710

b) Warrants

There were no outstanding warrants as at January 31, 2026 and October 31, 2025.

Warrants issued to brokers:

There were no outstanding warrants issued to brokers as of January 31, 2026 and October 31, 2025.

c) Stock options

The Company has adopted an incentive stock option plan, which provides that the Board of Directors of the Company may from time to time, at its discretion, and in accordance with the TSX-V requirements, grant to directors, officers, employees and technical consultants to the Company, non-transferable stock options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the Company's issued and outstanding common shares. Such options will be exercisable for a period of up to 10 years from the date of grant.

There were no outstanding stock options as at January 31, 2026 and October 31, 2025.

d) Flow-through shares issued

Funds raised through the issuance of flow-through shares are required to be expended on qualified Canadian mineral exploration expenditures, as defined pursuant to Canadian income tax legislation.

19. MANAGEMENT REMUNERATION

For the three months ended January 31,	2026	2025
	$	$
Consulting and professional fees for officers	3,483	20,000
	3,483	20,000

20. BASIC AND DILUTED LOSS PER SHARE

The calculation of basic loss per share is based on the loss for the period divided by the weighted average number of shares in circulation during the period. In calculating the diluted earnings per share, dilutive potential ordinary shares such as warrants and share options have not been included as they would have the effect of decreasing the loss per share. Decreasing the loss per share would be anti-dilutive. Details of warrants and share options issued that could potentially dilute earnings per share in the future are given in Note 18.

The calculation of basic and diluted loss per share for the three months ended January 31, 2026 and 2025 was based on the loss attributable to common shareholders of $35,553 (2025 - $40,681) and the weighted average number of common shares outstanding of 4,809,252 (2025 - 4,809,252).

10

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

21. FINANCIAL INSTRUMENTS

The Company is exposed to varying degrees to a variety of financial instrument related risks. The Board approves and monitors the risk management processes. The type of risk exposure and the way in which such exposure is managed is provided as follows:

Credit Risk

Credit risk is the risk of potential loss to the Company if a counterparty to a financial instrument fails to meet its contractual obligations. The Company's credit risk is primarily attributable and to its liquid financial assets including cash. The Company limits the exposure to credit risk by only investing its cash with high-credit quality institutions.

Liquidity Risk

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure and financial leverage as described in Note 14.

The Company monitors its ability to meet its short-term exploration and administrative expenditures by raising additional funds through share issuance when required. All of the Company's financial liabilities have contractual maturities of 30 days or due on demand and are subject to normal trade terms. The Company have no investments in any asset-backed deposits.

In the normal course of business, the Company enters into contracts that give rise to commitments for future minimum payments. The following table summarizes the Company's significant commitments and corresponding maturities:

January 31, 2026	<1 year	1-3 years	Total
Accounts payable and accrued liabilities	$ 104,561	$ -	$ 104,561
Loan payable	$ 12,270	$ -	$ 12,270
October 31, 2025	<1 year	1-3 years	Total
Accounts payable and accrued liabilities	$ 119,935	$ -	$ 119,935
Loan payable	$ 12,191	$ -	$ 12,191

Market Risk

The Company is exposed to risks from changes in interest rates, currency and other price that affect its future cash flows which will fluctuate because of changes in market prices.

Interest Rate Risk

The Company is not exposed to significant interest rate risk.

Foreign Exchange Risk

The Company currently does not have significant foreign exchange risk as almost all of its transactions are in Canadian dollars.

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 foreign exchange risk), whether those changes are caused by factors specific to the individual financial instrument or its issuer, or factors affecting all similar financial instruments traded in the market. The company is exposed to other price risk through its investments in quoted shares for which the value fluctuates with the quoted market price.

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VANTEX RESOURCES LTD.

Notes to interim financial statements

For the three months ended January 31, 2026 and 2025

(Expressed in Canadian dollars - unaudited)

21. FINANCIAL INSTRUMENTS (continued)

Fair Value Measurements

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

The three levels of the fair value hierarchy are:

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

The fair value of investments is determined based on "Level 1" inputs, which consist of quoted prices in active markets for identical assets. As at January 31, 2026, the Company believes that the carrying values of cash and cash equivalent, accounts payable and loan payable approximates its fair value because of their nature and relatively short maturity dates or durations.

22. CONTINGENCIES

During the three months ended January 31, 2026, the Company did not subscribe insurance for new business office which allowed reducing the various risks inherent to the Company's use.

The Company's operations are governed by governmental laws and regulations regarding environmental protection. Environmental consequences are hardly identifiable. According to management, the Company is in conformity with the laws and regulations. Restoration costs will be accounted in net income of the year following a reasonable estimate of monetary impacts.

23. COMMITMENT

On June 13, 2024, the Company rented a new office and entered with a non-related party into a 12-month lease agreement, with a monthly rent of $5,000 of which the first six months are rent free. On March 1, 2025, the Company terminated this lease agreement.

On April 1, 2025, the Company entered into a new lease agreement with a month-to-month lease term and a monthly rent of $9,000. The lease has no renewal period. In addition, the Company paid a security deposit amounting to $9,000.