Wealth Minerals Ltd. — Interim / Quarterly Report 2026

Apr 10, 2026

1

Wealth Minerals LTD

WEALTH MINERALS LTD.
(An Exploration Stage Company)

Interim Consolidated Financial Statements
(Expressed in Canadian Dollars)

Three months ended February 28, 2026
(Unaudited – Prepared by Management)

Corporate Head Office
1570 – 200 Burrard Street
Vancouver, BC
V6C 3L6

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

WEALTH MINERALS LTD.

NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor.

The accompanying unaudited interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

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

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WEALTH MINERALS LTD.
Interim Consolidated Statements of Financial Position
As at February 28, 2026 and November 30, 2025
(Unaudited - Expressed in Canadian Dollars)

	February 28, 2026	November 30, 2025
ASSETS
Current
Cash	$ 843,888	$ 470,901
Accounts receivable	28,682	21,017
Marketable securities (Note 4)	2,221,374	989,879
Prepaid expenses	422,520	264,579
	3,516,464	1,746,376
Non-current
Exploration and evaluation assets (Notes 5 and 12)	1,820,556	1,820,556
	$ 5,337,020	$ 3,566,932
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current
Accounts payable and accrued liabilities	$ 1,306,494	$ 1,279,402
Due to related parties (Note 9)	6,154	78,533
	1,312,648	1,357,935
Non-Current
Loans payable (Note 8)	521,414	491,651
	1,834,062	1,849,586
Shareholders’ equity
Capital stock (Note 6)	181,270,628	179,780,483
Share-based payment reserve (Notes 6 and 7)	29,226,236	28,707,895
Deficit	(206,993,906)	(206,771,032)
	3,502,958	1,717,346
	$ 5,337,020	$ 3,566,932

Subsequent event (Note 14)

Approved on behalf of the Board by:

(signed) “Hendrik Van Alphen”
Hendrik Van Alphen, Director

(signed) “Gordon Neal”
Gordon Neal, Director

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

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WEALTH MINERALS LTD.

Interim Consolidated Statements of Loss and Comprehensive Loss

For the three months ended February 28, 2026 and 2025

(Unaudited - Expressed in Canadian Dollars)

	Three months ended
	2026	2025
Expenses
Accretion (Note 8)	$ 21,991	$ -
Consulting (Note 9)	255,940	350,364
Exploration and evaluation expenditures (Note 5)	381,355	347,659
Interest (Note 8)	7,772	-
Listing and transfer agent fees	10,119	10,694
Office, administration and miscellaneous	19,081	18,071
Professional fees	139,166	70,943
Rent (Note 9)	12,553	19,267
Salaries and benefits	862	2,758
Share-based payments (Notes 7 and 9)	489,845	-
Shareholders’ communications	52,235	66,418
Travel and promotion	46,804	36,321
	(1,437,723)	(922,495)
Foreign exchange (loss) gain	(16,646)	38,439
Unrealized gain (loss) on marketable securities (Note 4)	1,231,495	(887,379)
Net Loss and Comprehensive Loss for the Period	$ (222,874)	$ (1,771,435)
Basic and Diluted Loss per Share	$ (0.00)	$ (0.01)
Basic and Diluted Weighted Average Number of Common Shares Outstanding	368,888,191	335,905,941

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Interim Consolidated Statements of Cash Flows

For the three months ended February 28, 2026 and 2025

(Unaudited - Expressed in Canadian Dollars)

	Three months ended
	2026	2025
Operating Activities
Net loss for the period	$ (222,874)	$ (1,771,435)
Items not affecting cash
Accretion	21,991	-
Interest	7,772	-
Unrealized (gain) loss on marketable securities	(1,231,495)	887,379
Share-based payments	489,845	-
Changes in non-cash working capital
Accounts receivable	(7,665)	873
Prepaid expenses and advances	(157,941)	114,346
Accounts payable and accrued liabilities	27,092	38,030
Due to/from related parties	(72,379)	(5,352)
Cash Used in Operating Activities	(1,145,654)	(736,159)
Cash Provided by (Used in) Investing Activities	-	-
Financing Activities
Issuance of capital stock	1,566,000	-
Share issuance costs	(47,359)	(1,000)
Cash Provided by Financing Activities	1,518,641	(1,000)
Changes in Cash	372,987	(737,159)
Cash, Beginning of Year	470,901	1,412,674
Cash, End of Year	$ 843,888	$ 675,515
Supplemental Cash Flow Information
Interest paid	$ -	$ -
Taxes paid	$ -	$ -
Warrants issued on private placements	$ 28,496	$ -

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WEALTH MINERALS LTD.
Consolidated Statements of Changes in Shareholders' Equity
(Expressed in Canadian Dollars)

	Number of Common Shares	Capital Stock	Share-based Payment Reserve	Deficit	Total
Balance: November 30, 2024	335,905,941	$ 178,407,149	$ 28,139,564	$(200,790,178)	$ 5,756,535
Share issuance costs – cash	-	(1,000)	-	-	(1,000)
Net loss for the period	-	-	-	(1,771,435)	(1,771,435)
Balance: February 28, 2025	335,905,941	$ 178,406,149	$ 28,139,564	$(202,561,613)	$ 3,984,100
Private placements	20,457,250	1,022,863	-	-	1,022,863
Shares issued for exploration and evaluation assets	6,000,000	360,000	-	-	360,000
Share issuance costs – cash	-	(8,529)	-	-	(8,529)
Share-based payments	-	-	440,949	-	440,949
Warrants issued on loan advances	-	-	174,496	-	174,496
Deferred income tax recover on warrants issued on loan advances	-	-	(47,114)	-	(47,114)
Net loss for the year	-	-	-	(4,209,419)	(4,209,419)
Balance: November 30, 2025	362,363,191	179,780,483	28,707,895	(206,771,032)	1,717,346
Private placements	19,575,000	1,566,000	-	-	1,566,000
Share issuance costs – cash	-	(47,359)	-	-	(47,359)
Share issuance costs – finders’ warrants	-	(28,496)	28,496	-	-
Share-based payments	-	-	489,845	-	489,845
Net loss for the year	-	-	-	(222,874)	(222,874)
Balance: February 28, 2026	381,938,191	$ 181,270,628	$ 29,226,236	$(206,993,906)	$ 3,502,958

WEALTH MINERALS LTD.

Notes to the Interim Consolidated Financial Statements

February 28, 2026

1. NATURE OF OPERATIONS AND GOING CONCERN

The principal business activity of Wealth Minerals Ltd. (“Wealth” or the “Company”) is the exploration for minerals and the development of exploration and evaluation assets, primarily in Chile, Canada, Peru, and Mexico. The Company is an exploration stage company. The Company’s head office is located at 1570 – 200 Burrard Street, Vancouver, British Columbia, V6C 3L6.

These consolidated financial statements were prepared on the basis of accounting principles applicable to 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 business.

Several adverse conditions may cast significant doubt on the validity of this assumption. The Company incurred a significant operating loss of $222,874 during the period ended February 28, 2026 (2025 - $1,771,435) and, as of that date, the Company’s accumulated deficit is $206,993,906 (November 30, 2025 - $206,771,032). The Company is currently unable to self-finance operations, has limited resources, no source of operating cash flow, and no assurances that sufficient funding will be available to conduct further exploration and development of its exploration and evaluation assets.

The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company’s ability to continue as a going concern is dependent upon the ability of the Company to obtain the necessary financing to complete the development of its exploration and evaluation assets and future profitable production or proceeds from disposition of those exploration and evaluation assets.

The Company does not generate sufficient cash flow from operations to adequately fund its activities and has therefore relied principally upon the issuance of securities for financing. Future capital requirements will depend on many factors, including the Company’s ability to execute its business plan. The Company intends to continue relying upon the issuance of securities to finance its future activities, but there can be no assurance that such financing will be available on a timely basis under terms acceptable to the Company.

These consolidated financial statements do not include any adjustments to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue as a going concern. Such adjustments could be material.

1. BASIS OF PRESENTATION

Statement of compliance

These interim consolidated financial statements, including comparatives, are unaudited and have been prepared in accordance with IAS 34 ‘Interim Financial Reporting’ (“IAS 34”) using accounting policies consistent with the International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and Interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”).

These interim consolidated financial statements have been prepared on the basis of IFRS standards that are effective for the Company’s reporting period ended February 28, 2026. These interim consolidated financial statements were approved for issuance by the Company’s Board of Directors on April 10, 2026.

Basis of presentation

These consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments that have been measured at fair value. These consolidated financial statements are prepared using the accrual basis of accounting, except for cash flow information.

The accounting policies set out below have been applied consistently to all periods presented in these consolidated financial statements.

WEALTH MINERALS LTD.

Notes to the Interim Consolidated Financial Statements

February 28, 2026

2. BASIS OF PRESENTATION (Continued)

Functional and presentation currency

These consolidated financial statements are presented in Canadian dollars, which is the functional currency of the Company and its subsidiaries.

Principles of consolidation

These consolidated financial statements include the accounts of the Company and its subsidiaries in which the Company has control. Control is based on whether an investor has power over the investee, exposure or rights to variable returns from its involvement with the investee, and the ability to use its power over the investee to affect the amount of returns. All significant intercompany balances and transactions have been eliminated.

Significant subsidiaries are as follows:

	Country of Incorporation	Principal Activity	Effective interest
Wealth Minerals (Kuska) Ltd.	Canada	Mineral exploration	100%
Wealth Minerals Chile SpA	Chile	Mineral exploration	100%
Kuska Minerals SpA	Chile	Mineral exploration	100%
Minera Josefina SpA	Chile	Mineral exploration	100%

Critical accounting estimates and judgments

The preparation of the Company's consolidated financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continually evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates.

The areas which require management to make significant judgments, estimates and assumptions in determining carrying values include, but are not limited to:

Critical accounting estimates

Critical accounting estimates are estimates made by management that may result in a material adjustment to the carrying amount of assets and liabilities within the next financial year and include, but are not limited to, the following:

Share-based payments

Share-based payments related to issuance of options and warrants is valued using the Black-Scholes option pricing model at the date of grant. The Black-Scholes option pricing model utilizes subjective assumptions such as expected price volatility and expected life of the option. Share-based payment expense also utilizes subjective assumption on forfeiture rate. Changes in these input assumptions can significantly affect the fair value estimate.

Interest rates

The Company estimates a market interest rate in determining the fair value of the loans payable. The determination of market interest rate is subjective and could significantly affect the fair value estimate.

WEALTH MINERALS LTD.
Notes to the Interim Consolidated Financial Statements
February 28, 2026
(Unaudited - Expressed in Canadian Dollars)

2. BASIS OF PRESENTATION (Continued)

Critical accounting estimates and judgments (Continued)

Critical judgments

The preparation of these consolidated financial statements requires management to use judgment in applying its accounting policies and estimates and assumptions about the future. The following discusses the most significant accounting judgments the Company has made in the preparation of the consolidated financial statements.

Going concern

The assumption that the Company will be able to continue as a going concern is subject to critical judgments of management with respect to assumptions surrounding the short- and long-term operating budget, expected profitability, investing and financing activities, and management's strategic planning. Should those judgments prove to be inaccurate, management's continued use of the going concern assumption could be inappropriate.

Exploration and evaluation assets impairment

At the end of each reporting period, the Company assesses each of its exploration and evaluation assets or cash-generating units ("CGUs") to determine whether any indication of impairment exists. The Company has used geographical proximity, geological similarities, analysis of shared infrastructure, commodity type, assessment of exposure to market risks, and materiality to define its CGUs.

Judgment is required in determining whether indicators of impairment exist, including factors such as: the period for which the Company has the right to explore, expected renewals of exploration rights, whether substantive expenditures on further exploration and evaluation of resource properties are budgeted or planned, and results of exploration and evaluation activities on the exploration and evaluation assets. During the year ended November 30, 2025, the Company at the time, determined there were indicators of impairment with respect to the Ignace Ree Property. The Company estimated the recoverable amount, being the higher of value-in-use and fair value less cost of disposal, in order to determine the extent of the impairment (Note 5).

3. MATERIAL ACCOUNTING POLICIES

Exploration and evaluation assets

All of the Company's projects are currently in the exploration and evaluation phase. Pre-exploration costs are expensed in the period in which they are incurred. Acquisition costs include cash consideration and the fair value of common shares issued and are capitalized as exploration and evaluation assets.

Technical feasibility and commercial viability expenditures, net of recoveries, are capitalized on a property-by-property basis. Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, costs will be capitalized as the property is considered to be a mine under development and is classified as "mine development costs". On transfer to development properties, capitalized exploration and evaluation assets are assessed for impairment.

Exploration and evaluation expenditures are expensed as incurred. These direct expenditures include such costs as materials used, geological and geophysical evaluation, surveying costs, drilling costs, payments made to contractors, and depreciation on equipment during the exploration phase. As the Company currently has no operational income, any incidental revenues earned in connection with exploration activities are recorded in profit and loss.

3. MATERIAL ACCOUNTING POLICIES (Continued)

Impairment of non-current assets

Non-current assets are evaluated at each reporting date 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 level of a cash-generating unit ("CGU"), 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, where the recoverable amount of a CGU is the greater of the CGU's fair value less costs to sell and its value in use. An impairment loss is recognized in profit or loss to the extent the carrying amount exceeds the recoverable amount.

In calculating recoverable amount, if applicable, the Company uses discounted cash flow techniques to determine fair value when it is not possible to determine fair value either by quotes from an active market or a binding sales agreement.

Discounted cash flow techniques often require management to make estimates and assumptions, which if incorrect, could result in a material difference in the consolidated financial statements.

An impairment loss is reversed if there is an indication that there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment had been recognized.

Foreign currency translation

The functional currency of the Company and its subsidiaries is measured using the currency of the primary economic environment in which that entity operates.

Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the date of the transaction. Foreign currency monetary items are translated at the year-end exchange rate. Non-monetary items measured at historical cost continue to be carried at the exchange rate at the date of the transaction. Exchange differences arising on the translation of monetary items or on settlement of monetary items are recognized in profit or loss.

Exchange differences arising on the translation of non-monetary items are recognized in other comprehensive income (loss) to the extent that gains and losses arising on those non-monetary items are also recognized in other comprehensive income (loss).

Share-based compensation

The Company grants stock options to acquire common shares of the Company to directors, officers, employees, and consultants. An individual is classified as an employee when the individual is an employee for legal or tax purposes or provides services similar to those performed by an employee.

The fair value of stock options granted to employees is measured on the date of grant, using the Black-Scholes option pricing model, and is recognized over the vesting period. Consideration paid for the shares on the exercise of stock options is credited to capital stock.

In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at fair value of the equity instruments issued. Otherwise, share-based payments are measured at the fair value of goods or services received.

3. MATERIAL ACCOUNTING POLICIES (Continued)

Earnings or loss per share

Basic earnings or loss per share is calculated on the weighted average number of common shares outstanding during the reporting period. In the Company’s case when it incurs a net loss for the period, diluted loss per share presented is the same as basic loss per share, as the effect of outstanding options and warrants in the diluted loss per common share calculation would be anti-dilutive.

Capital stock

The proceeds from the issuance of common shares and exercise of stock options and warrants are recorded as capital stock. The Company’s shares are classified as equity instruments. Share issue costs on the issue of the Company’s shares are charged directly to share capital.

Valuation of warrants

The Company has adopted the residual value method with respect to the measurement of shares and warrants issued as part of units. The residual value method first allocates value to common shares issued in the private placements at their fair value, as determined by the last trading price on the closing date. The balance, if any, is allocated to the warrants. Any fair value attributed to the warrants is recorded in shareholders’ equity. Warrants issued as consideration outside the scope of IFRS 2 Share-based payment are valued using the Black-Scholes pricing model.

Financial instruments

Financial Assets

The Company recognizes a financial asset when it becomes a party to the contractual provisions of the instrument. The Company classifies financial assets at initial recognition as financial assets: measured at amortized cost, measured at fair value through other comprehensive income, or measured at fair value through profit or loss.

The Company’s business model for managing financial assets refers to how it manages its financial assets in order to generate cash flows. The business model determines whether cash flows will result from collecting contractual cash flows, selling the financial assets, or both. Assessment and decision on the business model approach used is an accounting judgment.

The Company only holds financial assets classified at fair value through profit or loss.

Financial assets measured at fair value through profit or loss (“FVTPL”)

A financial asset measured at FVTPL is recognized initially at fair value with any associated transaction costs being recognized in profit or loss when incurred. Subsequently, the financial asset is re-measured at fair value, and a gain or loss is recognized in profit or loss in the reporting period in which it arises.

The Company has classified its cash and marketable securities at fair value through profit and loss.

Impairment

In relation to the impairment of financial assets, IFRS 9 Financial Instruments requires an expected credit loss model. The expected credit loss model requires the Company to account for expected credit losses (“ECL”) and changes in those ECL at each reporting date to reflect changes in credit risk since initial recognition of the financial assets.

Financial Liabilities

Financial liabilities are recognized when the Company becomes a party to the contractual provisions of the financial instrument. A financial liability is derecognized when it is extinguished, discharged, cancelled, or when it expires. Financial liabilities are classified as either financial liabilities at fair value through profit or loss or financial liabilities subsequently measured at amortized cost. All interest-related charges are reported in profit or loss within interest expense, if applicable.

As at February 28, 2026, and November 30, 2025, the Company’s financial instruments are comprised of cash, marketable securities, receivables excluding GST, deposits, accounts payable and accrued liabilities, loans payable, and related party loans.

New accounting pronouncements

The Company is performing an assessment of upcoming accounting standards that are not yet effective to assess the impact of adopting these accounting standards on its consolidated financial statements.

4. MARKETABLE SECURITIES

Marketable securities are measured at fair value under Level 1 of the fair value hierarchy comprise of the following:

Investment in Electric Royalties Ltd., a publicly traded company

• Nil (November 30, 2025 – Nil) common shares.
• The investment was acquired at a cost of $500,000 was sold during in the 2nd Quarter ended May 31, 2025, for net proceeds of $241,281.
• During the period ending February 28, 2026, reported an unrealized loss of $Nil (2025 - $170,000) in the Company’s net loss and comprehensive loss during the period, and
• Reporting fair value as at February 28, 2026, of $Nil (November 30, 2025, of $Nil).

Investment in World Copper Ltd., a publicly traded company

• 12,783,566 (November 30, 2025 – 12,783,566) common shares
• During the period ending February 28, 2026, reported an unrealized gain of $63,917 (2025, loss - $717,379) in the Company’s net loss and comprehensive loss during the period; and
• Reporting fair value as at February 28, 2026, of $191,753 (November 30, 2025, of $127,836).

Investment in Edge Copper Corp., a publicly traded company

• 2,182,388 (November 30, 2025 – 2,182,388) common shares
• The shares were received as part of the disposition of Zonia Holdings Ltd, a subsidiary of World Copper Ltd (see investment above). at a cost transferred from the cost of the World Copper Shares in the amount $1,091,194 as a return of capital.
• During the period ending February 28, 2026, reported an unrealized gain of $1,167,578 (2025 - $Nil) in the Company’s net loss and comprehensive loss during the period; and
• Reporting fair value as at February 28, 2026, of $2,029,621 (November 30, 2025, of $862,043)

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5. EXPLORATION AND EVALUATION ASSETS

The acquisition costs capitalized to exploration and evaluation assets during the periods ended February 28, 2026 and November 30, 2025, were as follows:

| | Chile
Pabellon | Chile
Yapuckuta
(Atacama) | Chile
Kuska
(Ollagüe) | Canada
Ignace -Ree | Total |
| --- | --- | --- | --- | --- | --- |
| Balance, November 30, 2024 | $ - | $ 1 | $ 1,460,555 | $ 1,032,000 | $ 2,492,556 |
| Acquisition costs - shares | 360,000 | - | - | - | 360,000 |
| Impairment | - | - | - | (1,032,000) | (1,032,000) |
| Balance, November 30, 2025 | $ 360,000 | $ 1 | $ 1,460,555 | $ - | $ 1,820,556 |
| Acquisition costs - shares | - | - | - | - | 360,000 |
| Impairment | - | - | - | - | (1,032,000) |
| Balance, February 28, 2026 | $ 360,000 | $ 1 | $ 1,460,555 | $ - | $ 1,820,556 |

Exploration and evaluation expenditures

The exploration and evaluation expenditures during the period ended February 28, 2026, were as follows:

| | Eldorado
Canada | Other
Investigation
Various | Yapuckuta
Chile | Kuska
Chile | Total |
| --- | --- | --- | --- | --- | --- |
| Period ended February 28, 2026 | | | | | |
| Community relations | $ - | $ - | $ 38,526 | $ 38,525 | $ 77,051 |
| Field work, labour and other | - | - | 99,654 | 99,654 | 199,308 |
| Geological, consulting and study | - | - | 18,020 | 18,020 | 36,040 |
| Property taxes and claims maintenance | - | - | 19,304 | - | 19,304 |
| Property investigation costs | 49,652 | - | - | - | 49,652 |
| Total expenditures | $ 49,652 | $ - | $ 175,504 | $ 156,199 | $ 381,355 |

The exploration and evaluation expenditures during the period ended February 28, 2025, were as follows:

| | Eldorado
Canada | Kootenay
Canada | Yapuckuta
Chile | Kuska
Chile | Total |
| --- | --- | --- | --- | --- | --- |
| Period ended February 28, 2025 | | | | | |
| Community relations | $ - | $ - | $ 32,518 | $ 26,725 | $ 59,243 |
| Field work, labour and other | - | - | 98,152 | 141,903 | 240,055 |
| Geological, consulting and study | - | 3,886 | 14,033 | 14,034 | 31,953 |
| Property taxes and claims maintenance | - | - | 87,766 | 8,994 | 96,760 |
| Expense Recoveries | (80,352) | - | - | - | (80,352) |
| Total expenditures | $ (80,352) | $ 3,886 | $ 232,469 | $ 191,656 | $ 347,659 |

5. EXPLORATION AND EVALUATION ASSETS (Continued)

Chile

Pabellon Project, Chile

On March 14, 2025, the Company acquired 100% of Minera Josefina SpA from Chilean unrelated party Macarena Godomar through the issuance of 6,000,000 fully paid and non-assessable common shares of the Company fair valued at $360,000 ($0.06 per share), consisting of 26 mineral exploration licenses with an area of 7,600 hectares located in northern Chile, Region II, near the Chile-Bolivia border and approximately 70km due south of the Ollagüe salar. The Transaction is 100% royalty-free and all the licenses in the portfolio are free and clear of all liens, charges, and encumbrances. The only asset held in the Minera Josefina SpA are the 26 mineral exploration licenses.

Yapuckuta (formerly Atacama) Project, Chile

During the year ended November 30, 2021, the Company completed the option agreement to acquire 100% royalty-free interest in exploration concessions located in the Yapuckuta (Atacama) Salar, Region II, northern Chile by paying cash in aggregate of US$11,500,000 (CAD$15,024,544) and issuing 32,575,064 shares (issued at a value of CAD$19,952,503).

Harry Project, Yapuckuta (formerly Atacama) Salar, Chile

During the year ended November 30, 2018, the Company entered into an agreement to acquire a 100% interest in the Harry Project, located in the Atacama Salar. During the year ended November 30, 2019, the Company exercised the option by making the following payments:

	Share Issuance
Upon Signing Option Agreement	150,000 shares (issued at a value of $71,250)
March 10, 2019	500,000 shares (issued at a value of $237,500)

On October 12, 2021, the Company completed the acquisition of this additional license position by issuing 1,290,000 shares valued at $722,400 ($0.56 per share) pursuant to a property purchase agreement dated May 18, 2021, between the Company and Minera Josefina SpA, pursuant to which the Company acquired a 100% interest in the Harry property and 11 additional mining concessions located in the San Pedro de Atacama commune, province of El Loa Region II of Antofagasta, northern Chile.

During the year ended November 30, 2024, the Company made the decision to write down the Yapuckuta (Atacama Salar) Project to a nominal value of $1. The write-down is warranted due to the continued uncertainty of when the Chilean Government would allow development in the Atacama Salar region of Chile, the ongoing and increasing property holdings costs and the Company deciding not to commit any exploration funds to the Yapuckuta Project until such time that the Chilean Government allows development in the Atacama Salar region. The uncertainty is an indicator of impairment, and accordingly, an impairment expense of $39,665,347 was recorded in the consolidated statements of loss and comprehensive loss for the year ended November 30, 2024. The estimated recoverable value was based on its value-in-use of $1, estimated in accordance with Level 3 of the fair value hierarchy.

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5. EXPLORATION AND EVALUATION ASSETS (Continued)

Kuska (formerly referred to as Ollagüe) Project, Chile

During the year ended November 30, 2019, the Company entered into an agreement to acquire the Flamenco property located in the Huasco Salar and Vapor property located in the Ollagüe Salar. During the years ended November 30, 2019 and 2020, the Company exercised the option by issuing 800,000 common shares with a value of $347,500.

During the year ended November 30, 2020, the Company decided to forgo making certain payments to maintain the Flamenco property and wrote-off $182,956 of exploration and evaluation assets. The Company maintained a 100% interest in the Vapor Project.

On October 12, 2021, the Company completed the acquisition of a property purchase agreement (the "Ollagüe Agreement") by issuing 1,210,000 common shares valued at $677,600 ($0.56 per share) pursuant to a property purchase agreement dated May 18, 2021, between the Company and Minera Josefina SpA.

On April 29, 2022, the Company entered into an agreement with Lithium Chile Inc. ("Lithium Chile") to acquire additional licenses adjacent and near-adjacent to its existing license position in the Ollagüe basin. Pursuant to the terms of the agreement, the Company issued 2,000,000 shares valued at $600,000 ($0.30 per share) to Lithium Chile. An additional payment of 1,000,000 shares is payable to Lithium Chile within twelve months if the Company either establishes within the acquired licenses a resource with an average grade of 300 parts per million lithium content, or a test well on the acquired licenses that produces material which tests no less than 300 parts per million lithium content. Should the Company not conduct work necessary to potentially determine a resource or does not have a test well to produce material for lithium testing within twelve months, then the Company is obligated to issue 500,000 shares to Lithium Chile. If the work necessary to potentially determine a resource or run a test well is completed, but a resource or test well does not produce an average grade higher than 300 parts per million lithium, then no further share payments are due by the Company to Lithium Chile. During the year ended November 30, 2023, the Company's work program and tests did not produce the average grade higher than 300 parts per million lithium, thus the condition was not met and no further shares were issued to Lithium Chile.

On May 23, 2025, the Company signed, together with the Quechua Indigenous Community of Ollagüe (the "Community" or "CIQO"), the documentation leading to the formation of Kuska Minerals SpA ("Kuska Minerals"), a joint venture that will continue to develop the Kuska Project (the "Project") in the Salar de Ollagüe area. Kuska Minerals is divided as 95% ownership for Wealth and 5% for the Community. Additionally, the Community ownership stake has certain preferential rights, including anti-dilution protection,

Canada

Ignace REE project, Ontario

On March 31, 2022, the Company entered into an assignment and assumption agreement (the "Assignment") with Storex Capital Investments Corp. (the "Assignor"), an arm's length private British Columbia corporation, whereby the Assignor assigned to the Company all of its rights under a property option agreement (the "Option Agreement") with third party underlying vendors (the "Vendors") that are at arm's length to the Company. Pursuant to the Assignment agreement, Wealth will be assigned the right to acquire a 100% interest (the "Option") in the Ignace REE property located east of the town of Ignace, Ontario, in the Thunder Bay Mining Division. In consideration for the Assignment, the Company issued 4,200,000 common shares with a value of $847,000 over a two-year period and issued 400,000 common shares with a value of $98,000 and made cash payments of $87,000 to the Vendors.

Ignace REE project, Ontario (Continued)

During the year ended November 30, 2025, the Company made the decision to write down the Ignace REE Project to $Nil. The write-down is warranted due to the continued uncertainty of exploration spending on the property. The uncertainty is an indicator of impairment, and accordingly, an impairment expense of $1,032,000 was recorded in the consolidated statements of loss and comprehensive loss for the year ended November 30, 2025. The estimated recoverable value was based on its value-in-use of $Nil, estimated in accordance with Level 3 of the fair value hierarchy.

6. CAPITAL STOCK

Authorized Unlimited number of common voting shares without par value Unlimited number of preferred shares, issuable in series

During the period ended February 28, 2026, the Company:

i) On January 30, 2026, and February 25, 2026, the Company closed on closing of two tranches of a non-brokered private placement issuing 19,575,000 units at a subscription price of $0.08 per unit for gross proceeds of $1,566,000. Each Unit consisted of one common share in the capital of the Company (each, a "Share") and one-half common share purchase warrant (a "Warrant") entitling the holder to purchase one Share (each, a "Warrant Share") at a price of $0.12 per Warrant Share for 24 months from closing of each tranche under the Offering. Finder's fees in the amount of $43,960 and 549,500 finder's warrants valued at $28,496 were issued on the private placement. The Company paid $3,399 in share issuance costs.

During the year ended November 30, 2025, the Company:

ii) On March 14, 2025, issued 6,000,000 shares valued at $360,000 ($0.06 per share) for the acquisition of the Pabellon Project in Chile (Note 5).

iii) On September 15, 2025, the Company closed a non-brokered private placement, issuing 20,457,250 units at a price of $0.05 for gross proceeds of $1,022,863. Each Unit will consist of one common share in the capital of the Company (each, a "Share") and one common share purchase warrant (a "Warrant") entitling the holder to purchase one Share (each, a "Warrant Share") at a price of $0.06 per Warrant Share for 36 months from closing of the Offering. No broker costs or broker warrants were issued. The Company paid $9,529 in share issue costs.

Warrants

Warrant transactions are summarized as follows:

	Number of Warrants	Weighted average exercise price
Outstanding, November 30, 2024	3,088,379	0.48
Expired	(3,088,379)	0.48
Issued	32,790,250	0.056
Outstanding, November 30, 2025	32,790,250	0.056
Issued	10,337,000	0.12
Outstanding, February 28, 2026	43,127,250	0.072

6. CAPITAL STOCK (Continued)

Warrants

The following warrants were outstanding at February 28, 2026, and November 30, 2025:

Expiry Date	Exercise Price	Number of Warrants
		February 28, 2026	November 30, 2025
July 3, 2027 (1)	$0.05	12,333,000	12,333,000
September 15, 2028	$0.06	20,457,250	20,457,250
January 30, 2028	$0.12	6,840,500	-
February 26, 2028	$0.12	3,496,500	-
		43,127,250	32,790,250

(1) Loan Bonus Warrants (see note 8)

The fair value of broker and/or loan bonus warrants issued was estimated at the date of grant using the Black-Scholes option pricing model based on the following weighted average assumptions:

	Period ended February 28, 2026	Year ended November 30, 2025
Risk-free interest rate average	2.55%	2.69%
Weighted average share price	$0.12	$0.05
Weighted fair value of warrant issued	$0.05	$0.03
Expected life of options	2 years	2 years
Expected annualized volatility	140.61%	112.72%
Expected dividend rate	0.00%	0.00%

7. STOCK OPTION PLAN AND SHARE-BASED PAYMENTS

In January 2004, the Company adopted an incentive stock option plan (the "2004 Plan"). The 2004 Plan had an original life of ten years. On January 31, 2014, the 2004 Plan was extended for an additional ten-year period and on May 25, 2022, was amended to meet the requirements of the TSX Venture Exchange Policy 4.4 Security Based Compensation. The essential elements of the 2004 Plan provide that the aggregate number of common shares of the Company's capital stock issuable pursuant to options granted under the 2004 Plan may not exceed 10% of the number of issued shares of the Company at the time of granting of the options. Options granted under the 2004 Plan will have a maximum term of ten years. The exercise price of options granted under the 2004 Plan will not be less than the discounted market price of the common shares (defined as the last closing market price of the Company's common shares immediately preceding the issuance of a news release announcing the granting of the options, less the maximum discount permitted under TSX-V policies), or such other price as may be agreed to by the Company and accepted by the TSX-V. Unless otherwise determined by the directors at the date of grant, options granted under the 2004 Plan vest immediately, except for options granted to consultants conducting investor relation activities, which will become vested with the right to exercise one-fourth of the option upon the conclusion of each three-month period subsequent to the date of grant of the option.

7. STOCK OPTION PLAN AND SHARE-BASED PAYMENTS (Continued)

During the period ended February 28, 2026, the Company:

i) Granted 8,700,000 stock options to its directors, officers, and consultants of the Company exercisable at $0.10 on or before January 26, 2028. The grant resulted in share-based payments of $489,845, which have been expensed.

During the year ended November 30, 2025, the Company:

ii) Granted 15,050,000 stock options to its directors, officers, and consultants of the Company exercisable at $0.05 on or before June 18, 2027. The grant resulted in share-based payments of $440,949, which have been expensed.

The fair value of options granted was estimated at the date of grant using the Black-Scholes option pricing model based on the following weighted average assumptions:

	Period ended February 28, 2026	Year ended November 30, 2025
Risk-free interest rate average	2.57%	2.68%
Weighted average share price	$0.10	$0.05
Weighted fair value of options granted	$0.06	$0.03
Expected life of options	2 years	2 years
Expected annualized volatility	140.76%	112.75%
Expected dividend rate	0.00%	0.00%

Expected stock price volatility was derived from an average volatility based on historical movements in the closing prices of the Company's stock for a length of time equal to the expected life of the options. The risk-free rate of return is the yield on a zero-coupon Canadian Treasury Bill of a term consistent with the assumed option life. The expected average option term is the average expected period to exercise, based on the historical activity patterns for each individually vesting tranche.

Stock option transactions are summarized as follows:

	Number of Options	Weighted Average Exercise Price
Outstanding, November 30, 2024	30,835,000	0.30
Issued	15,050,000	0.05
Expired/Cancelled	(16,685,000)	0.46
Outstanding, November 30, 2025	29,200,000	0.135
Issued	8,700,000	0.10
Expired/Cancelled	(8,525,000)	0.24
Outstanding, February 28, 2026	29,375,000	0.09

7. STOCK OPTION PLAN AND SHARE-BASED PAYMENTS (Continued)

The following incentive stock options were outstanding and exercisable at February 28, 2026, and November 30, 2025:

Expiry Date	Exercise Price	Number of Options February 28, 2026	Number of Options November 30, 2025
January 19, 2026	$0.24	-	7,775,000
January 31, 2026	$0.25	-	750,000
March 22, 2026 (1)	$0.20	5,625,000	5,625,000
June 18, 2027	$0.05	15,050,000	15,050,000
January 26, 2028	$0.10	8,700,000	-
Outstanding and Exercisable		29,375,000	29,200,000
Weighted average life remaining		346 days	90 days

(1) Subsequent to February 28, 2026, the stock options expired unexercised

8. LOANS PAYABLE

On July 3, 2025, the Company entered into loan agreement for proceeds of $616,650 (the "Loans"). The Loans have a two-year term with a maturity date of July 3, 2027, and bear interest at a rate of 5% per annum compounded annually, and payable on or before the maturity date. The Company has issued an aggregate 12,333,000 non-transferable common share purchase warrants (each, a "Bonus Warrant") to the Lenders with an expiry date of July 3, 2027; each Bonus Warrant entitles the holder thereof to purchase one common share in the capital of the Company at an exercise price of $0.05 per share, expiring on July 3, 2027. The Loans are classified as compound financial instruments. The fair value of the liability component was determined first by discounting the future cash flows of the loan at an estimated market interest rate for a similar debt instrument without attached warrants. The residual value of the proceeds, amounting to $174,496, was allocated to the Bonus Warrants and recorded within equity, net of deferred taxes of $47,114, resulting in a net addition to equity of $127,382. This equity allocation represents a debt discount, which is being amortized over the term of the Loans using the effective interest method. During the period ended February 28, 2026, the Company recorded accretion expense of $21,991 (year ended November 30 2025 - $36,572), leaving an unamortized debt discount balance of $115,993 (November 30, 2025 - $137,924).

Should the Company choose to prepay the Loans and if such prepayment should be paid within the first year of the term of the loan, a pro rata portion of the bonus warrants will expire early in accordance with Section 2.2 (e) of Policy 5.1. Furthermore, if any financing or the sale of securities is used to prepay the loan involves a lender as a subscriber or participant, the prepayment will be subject to prior Exchange acceptance (with the application for Exchange acceptance to be made at that time). Further, if the loan is repaid, in whole or in part, during the first year, a pro rata portion of the bonus warrants shall have their term reduced to the later of one (1) year from the date of issuance or thirty (30) days from the date of such repayment, in accordance with section 2.2 (e) of TSXV Policy 5.1. The pro rata portion shall be calculated based on the percentage of the loan principal repaid during the first year. All securities issued pursuant to the Loans will be subject to a hold period of four months and one day in Canada from the date of issuance. The funds from the loans will be used for general working capital and claim fees.

19

8. LOANS PAYABLE (Continued)

Summary of outstanding loans payable on February 28, 2026 and November 30, 2025:

	Principal	Accrued Interest	Accretion Discount	Total
Loans payable – February 28, 2026:
Loan from a Director	$ 275,000	$ 9,230	$ (51,701)	$ 232,529
Loans from non-insiders	341,650	11,467	(64,232)	288,885
Long term portion	$ 616,650	$ 20,697	$ (115,933)	$ 521,414
Loans payable – November 30, 2025:
Loan from a Director	$ 275,000	$ 5,765	$ (61,508)	$ 219,257
Loans from non-insiders	341,650	7,160	(76,416)	272,394
Long term portion	$ 616,650	$ 12,925	$ (137,924)	$ 491,651

Continuity of the amounts owing as at February 28, 2026 and November 30, 2025, from a director and non-insiders of the Company as follows:

	Director Loan	Non-insider Loans	Total
Loans payable:
Balance – November 30, 2024	$ -	$ -	$ -
Advances	275,000	341,650	616,650
Residual value to loan bonus warrants	(77,818)	(96,678)	(174,496)
Interest expense	5,765	7,160	12,925
Accretion expense	16,310	20,262	36,572
Balance – November 30, 2025	$ 219,257	$ 272,394	$ 491,651
Interest expense	3,465	4,307	7,772
Accretion expense	9,807	12,184	21,991
Balance – February 28, 2026	$ 232,529	$ 288,885	$ 521,414

9. RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT COMPENSATION

Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of executive and non-executive members of the Company's Board of Directors and corporate officers and companies controlled by them. The remuneration of directors and other members of key management personnel during the periods ended February 28, 2026, and 2025, were as follows:

	2026	2025
Expenses
Consulting	$ 91,500	$ 103,667
Director fees (in consulting)	-	18,000
Office and administrative	10,123	9,182
Rent	12,553	19,267
	$ 114,176	$ 150,116
Key Management Compensation
Management fees – recorded as consulting	$ 91,500	$ 103,667
Management fees – share-based payments	$ 225,216	$ -

1. RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT COMPENSATION (Continued)

During the period ended February 28, 2026, the Company granted 4,000,000 (2025 - Nil) stock options to officers and directors resulting in share-based payments of $225,216 (2025 - $Nil).

As at February 28, 2026, liabilities include $6,154 (November 30, 2025 - $78,533) due to related parties. This amount is comprised of unpaid director fees, consulting fees, office costs, and other expense reimbursements. All amounts due to related parties are unsecured, non-interest bearing and have no fixed terms of repayment.

As at February 28, 2026, the Company had $1,112 (November 30, 2025 - $Nil) from Gelum Resources Ltd. The amount is non-interest bearing and have no fixed terms of repayment.

The Company entered into a loan agreement, dated June 11, 2025 amended June 23, 2025, pursuant to which the Company received $275,000 which was provided by a certain director (Note 8).

1. CAPITAL MANAGEMENT

The Company manages its capital structure to maximize its financial flexibility making adjustments to it in response to changes in economic conditions and the risk characteristics of the underlying assets and business opportunities. The Company does not presently utilize any quantitative measures to monitor its capital and is not subject to externally imposed capital requirements.

The Company currently has no source of revenues; as such, the Company is dependent upon external financings or the sale of assets (or an interest therein) to fund activities. In order to carry future projects and pay for administrative costs, the Company will spend its existing working capital and raise additional funds as needed. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There have been no changes to the Company's capital management approach during the period ended February 28, 2026.

1. FINANCIAL INSTRUMENTS

The Company's risk exposures and the impact on the Company's financial instruments are summarized below:

Credit risk

Credit risk is the risk of loss associated with counterparty's inability to fulfil its payment obligations. The Company's credit risk is primarily attributable to accounts receivable excluding GST and cash. The Company's management believes it has no significant credit risk.

Concentration of credit risk exists with respect to the Company's cash of $843,888 (November 30, 2025 - $470,901) and due from related parties of $1,112 from Gelum Resources Ltd. The credit risk associated with cash is minimized by ensuring that these financial assets are placed with major Canadian financial institutions with strong investment-grade ratings by a primary ratings agency. To reduce the credit risk of due from related parties, the Company regularly reviews the collectability of due from related parties to ensure there is no indication that these amounts will not be fully recoverable

Interest rate risk

Interest rate risk is the risk that future cash flows of the Company's assets and liabilities can change due to a change in interest rates. Loans payable have a fixed interest rate of 5% and cash earns interest rate at a nominal rate. The Company is not exposed to significant interest rate cash flow risk.

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11. FINANCIAL INSTRUMENTS (Continued)

Liquidity risk

The Company’s approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. At February 28, 2026, the Company had a cash balance of $843,888 (November 30, 2025 - $470,901) to settle current liabilities of $1,312,648 (November 30, 2025 - $1,357,935) and loans payable of $637,347 (November 30, 2025 - $626,575) in principal and interest. All of the Company’s accounts payable and accrued liabilities have contractual maturities of 30 days or due on demand and are subject to normal trade terms and loans payable which have varying payment terms as noted in Note 8. The Company expects to fund these liabilities through the use of existing cash resources and will need to obtain additional equity financing. The Company’s undiscounted financial liabilities are due as follows:

As at February 28, 2026:

	0 to 3 months	4 to 6 months	7 to 12 months	More than 12 months	Total
Accounts payable and accrued liabilities	$ 1,306,494	$ -	$ -	$ -	$ 1,306,494
Due to related partes	6,154	-	-	-	6,154
Loans payable	-	-	-	637,347	637,347
	$ 1,312,648	$ -	$ -	$ 637,347	$ 1,949,995

As at November 30, 2025:

	0 to 3 months	4 to 6 months	7 to 12 months	More than 12 months	Total
Accounts payable and accrued liabilities	$ 1,279,402	$ -	$ -	$ -	$ 1,279,402
Due to related partes	78,533	-	-	-	78,533
Loans payable	-	-	-	629,575	629,575
	$ 1,357,935	$ -	$ -	$ 629,575	$ 1,987,510

Market risk

Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and equity prices. The Company is not exposed to significant interest rate or equity price risks at February 28, 2026 and November 30, 2025.

Foreign currency risk

The Company is exposed to foreign currency risk as certain monetary financial instruments are denominated in Chilean and United States currencies. Canadian dollar denominated balances generated foreign exchange gains and losses that are reported on the condensed consolidated statement of loss and comprehensive loss. A strengthening of 10% in the Chilean and US dollars against the Canadian dollar would have increased the Company’s net loss and comprehensive loss by $54,100 (November 30, 2025 - $57,380) due to the impact of the exchange rate fluctuation on Canadian dollar denominated financial instruments.

At February 28, 2026 the Company had the following financial instruments denominated in foreign currencies (presented in Canadian dollars):

	Chilean Pesos	United States Dollars	Total
Cash	$ 46,647	$ 341,516	$ 388,163
Accounts payable and accrued liabilities	(716,495)	(212,652)	(929,147)
Net	$ (669,848)	$ 128,864	$ (540,984)

11. FINANCIAL INSTRUMENTS (Continued)

At November 30, 2025, the Company had the following financial instruments denominated in foreign currencies (presented in Canadian dollars):

	Chilean Pesos	United States Dollars	Total
Cash	$ 138,270	$ 138,219	$ 276,489
Accounts payable and accrued liabilities	(737,765)	(112,531)	(850,296)
Net	$ (599,495)	$ 25,688	$ (573,807)

Other price risk

Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. The Company's investments in World Copper Ltd. (Note 4) and Edge Copper Corp. is subject to price risks associated with the share price in the future. A 10% change in the share prices would have changed the Company's net loss and comprehensive loss by $222,000 (November 30, 2025 - $99,000), due to the impact of the share price on the fair value of the marketable security.

Fair value

The fair value of the Company's cash, receivables excluding GST, and accounts payable and accrued liabilities approximates the carrying amount due to their short-term maturity of the instruments. The fair value of related party loans and loan payable is determined by using discounted cash flows based on the expected amounts and timing of the cash flows discounted using a market rate of interest adjusted for appropriate credit risk.

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

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

The Company's fair value hierarchy is as follows:

As at	February 28, 2026
	Level 1	Level 2	Level 3
Marketable securities	$ 2,221,374	$ -	$ -
Accounts payable and accrued liabilities	1,306,494	$ -	-
Due to related parties	6,154	-	-
Loan payable	-	637,347	-
As at	November 30, 2025
---	---	---	---
	Level 1	Level 2	Level 3
Marketable securities	$ 989,879	$ -	$ -
Accounts payable and accrued liabilities	1,279,402	$ -	-
Due to related parties	78,533	-	-
Loan payable	-	629,575	-

12. GEOGRAPHIC SEGMENTED INFORMATION

The Company has one operating segment, being the mineral resource industry with its exploration and evaluation assets in Canada and Chile. The Company’s exploration and evaluation assets at February 28, 2026 and November 30, 2025 are as follows:

	Canada	Chile	Total
February 28, 2026
Exploration and evaluation assets	$ -	$ 1,820,556	$ 1,820,556
November 30, 2025
Exploration and evaluation assets	$ -	$ 1,820,556	$ 1,820,556

13. INCOME TAXES

A reconciliation of the income tax benefits (provisions) with amounts determined by applying the Canadian income tax rate of 27% to the consolidated net loss for the fiscal year ended November 30, 2025 is as follows:

	November 30, 2025
Loss before income taxes	$ 5,980,850
Income tax recovery at Canadian statutory rates	$ (1,614,830)
Non-deductible items	120,367
Other temporary differences	377,596
Over (under) provided in prior years	(71,988)
Unrecognized tax losses	1,141,741
Income tax recovery	$ (47,114)

The tax effected items that give rise to significant portions of the deferred income tax assets and deferred income tax liabilities as at November 30, 2025 are as follows:

	November 30, 2025
Deferred income tax assets:
Losses available for future periods	$ 199,428
Deferred income tax liabilities:
Mineral properties	-
Investments – Fair Value	(199,428)
Investment in World Copper	-
Net deferred income tax assets	$ -

13. INCOME TAXES (Continued)

The significant components of the Company’s unrecognized deferred income tax assets are as follows:

	November 30, 2025
Deferred income tax assets:
Equipment	$ 87,715
Mineral properties	17,102,214
Share issuance costs	13,723
Losses available for future periods	19,982,857
Investments – Equity	691,667
Investments – Fair Value	(254,622)
Capital losses	1,915,086
Loan Payable	19,719
Non-refundable ITC	25,345
Deferred income tax assets not recognized	$ 39,838,326

The above losses available for future periods have been determined by applying the income tax rate of 27%. These tax benefits have not been recognized in the consolidated financial statements, as the benefits are not probable of being realized.

Subject to certain restrictions, the Company has exploration and development expenditures of approximately $7,008,708, net capital losses of $10,424,473 and operating losses of approximately $47,964,000 available to reduce future taxable income in Canada and $23,973,000 in foreign jurisdictions as follows:

	Canada	Foreign	Total
2025	$ -	$ 43,000	$ 43,000
2026	502,000	84,000	586,000
2027	1,968,000	69,000	2,037,000
2028	2,102,000	52,000	2,154,000
2029	1,795,000	-	1,795,000
2030	1,526,000	-	1,526,000
2031	1,836,000	-	1,836,000
2032	1,327,000	-	1,327,000
2033	947,000	-	947,000
2034	504,000	-	504,000
2035	1,506,000	-	1,506,000
2036	3,695,000	-	3,695,000
2037	3,656,000	-	3,656,000
2038	3,520,000	-	3,520,000
2039	3,643,000	-	3,643,000
2040	2,183,000	-	2,183,000
2041	3,944,000	-	3,944,000
2042	4,477,000	-	4,477,000
2043	3,543,000	-	3,543,000
2044	3,508,000	-	3,508,000
2045	1,782,000	-	1,782,000
Indefinite	-	23,725,000	23,725,000
	$ 47,964,000	$ 23,973,000	$ 71,937,000

14. SUBSEQUENT EVENTS

On April 10, 2026, the Company granted incentive stock options to directors, officers, employees, and consultants of the Company to purchase up to 11,700,000 common shares in the capital stock of the Company. The options are exercisable on or before April 10, 2028 at a price of $0.10 per share.

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