SEDAR Interim Financial Statements

NOTICE TO READER Under National Instrument 51-102 “Continuous Disclosure Obligations”, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated interim financial statements, they must be accompanied by a notice to this effect. The accompanying unaudited condensed consolidated interim financial statements of Namibia Critical Metals Inc. have been prepared by management. Management have compiled the unaudited condensed consolidated interim statement of financial position of Namibia Critical Metals Inc. as at February 28, 2026 and November 30, 2025 (audited), the unaudited condensed consolidated interim statements of net and comprehensive loss for the three months ended February 28, 2026 and 2025, and the changes in equity and cash flows for the three months ended February 28, 2026 and 2025. The Company's independent auditors have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of the February 28, 2026 and 2025 condensed consolidated interim financial statements. Readers are cautioned that these statements may not be appropriate for their intended purposes. Namibia Critical Metals Inc. UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED FEBRUARY 28, 2026 AND 2025 (CANADIAN DOLLARS) Namibia Critical Metals Inc. Unaudited Condensed Consolidated Interim Statements of Financial Position As at February 28, 2026 and November 30, 2025 (in Canadian dollars) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 1 Nature of operations and going concern (note 1) Subsequent events (note 5 and note 12) See accompanying notes to the condensed consolidated interim financial statements. February 28, 2026 $ November 30, 2025 $ (Audited) Assets Current assets Cash 1,767,934 1,120,481 Taxes and other receivables 176,987 90,432 Deposits and prepaid expenses (note 6) 50,772 64,342 1,995,693 1,275,255 Exploration and evaluation assets (note 5) 23,910,965 23,910,965 25,906,658 25,186,220 Liabilities Current liabilities Accounts payable and accrued liabilities (note 6) 573,805 266,282 Advances received for future exploration work (note 5) 189,256 193,316 763,061 459,598 Equity Equity attributable to the shareholders of the Company (note 7) 25,346,887 24,930,959 Non-controlling interest (203,290) (204,337) 25,143,597 24,726,622 25,906,658 25,186,220 On behalf of the Board of Directors: /s/ “Steve Herlihy” /s/ “William L. Price” Director Director Namibia Critical Metals Inc. Unaudited Condensed Consolidated Interim Statements of Loss and Comprehensive Loss For the three months ended February 28, 2026 and 2025 (in Canadian dollars except share and per share amounts) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 2 See accompanying notes to the condensed consolidated interim financial statements. Three months ended February 28 Three months ended February 28 2026 2025 Operating expenses Salaries and benefits 24,244 24,243 Office and administration 16,392 20,868 Consulting fees (note 6) 37,500 37,500 Professional fees 32,878 35,912 Travel 34,261 6,866 Listing and filing fees 17,186 11,051 Shareholder communications 42,096 11,712 Foreign currency exchange (gain) loss (4,064) (3,615) Write-down of exploration and evaluation assets (note 5) - 3,097 (200,493) (147,634) Other income Interest income 9,155 4,170 Operator fee (note 5) 29,980 55,503 39,135 59,673 Net lo --- ss and comprehensive loss for the period (161,358) (87,961) Net loss attributable to: Shareholders of the Company (162,405) (87,483) Non-controlling interest 1,047 (478) (161,358) (87,961) Loss per share – basic and diluted (0.00) (0.00) Weighted average number of shares outstanding – basic and diluted 231,468,909 217,824,875 Namibia Critical Metals Inc. Unaudited Condensed Consolidated Interim Statements of Changes in Equity For the three months ended February 28, 2026 and 2025 (in Canadian dollars) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 3 Common Shares Without Par Value Share-based Payments Contributed Total Shareholders’ Non- controlling Total Shares Amount Reserve Surplus Deficit Equity Interest Equity # $ $ $ $ $ $ $ Balance, November 30, 2025 226,803,446 48,636,327 1,437,151 7,872,301 (33,014,820) 24,930,959 (204,337) 24,726,622 Issuance of shares 5,783,333 578,333 - - - 578,333 - 578,333 Net loss and comprehensive loss - - - - (162,405) (162,405) 1,047 (161,358) Balance, February 28, 2026 232,586,779 49,214,660 1,437,151 7,872,301 (33,177,225) 25,346,887 (203,290) 25,143,597 Balance, November 30, 2024 217,824,875 48,059,899 2,035,676 6,936,564 (32,208,660) 24,823,479 (280,070) 24,543,409 Net loss and comprehensive loss - - - - (87,483) (87,483) (478) (87,961) Balance, February 28, 2025 217,824,875 48,059,899 2,035,676 6,936,564 (32,296,143) 24,735,996 (280,548) 24,455,448 See accompanying notes to the condensed consolidated interim financial statements. Namibia Critical Metals Inc. Unaudited Condensed Consolidated Interim Statements of Cash Flows For the three months ended February 28, 2026 and 2025 (in Canadian dollars) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 4 See accompanying notes to the condensed consolidated interim financial statements. Three months ended February 28, February 28, 2026 2025 $ $ Cash provided by (used in) Operating activities Net loss for the period (161,358) (87,961) Adjustments for: Unrealized foreign currency exchange (gain) loss (4,064) (3,615) Interest income recognized in net loss (9,155) (4,170) Write-down of resource property expenditures - 3,097 (174,577) (92,649) Net change in non-cash working capital balances related to operations Increase in amounts receivable, deposits and prepaid expenses (66,615) (221,423) Increase (decrease) in accounts payable and accrued liabilities (note 10) 28,055 54,883 Advances received for future exploration work, net of expenditures (notes 5 and 10) 262,204 361,563 49,067 102,374 Investing activities Interest income received 9,155 4,170 Expenditures on exploration and evaluation assets, net of recoveries (note 10) - (1,994) 9,155 2,176 Financing activities Issuance of share capital 578,333 - Effect of exchange rate changes on cash 10,898 5,577 Net change in cash during the period 647,453 110,127 Cash – Beginning of period 1,120,481 1,252,327 Cash – End of period 1,767,934 1,362,454 Supplemental cash flow information (note 10) Namibia Critical Metals Inc. Notes to Unaudited Condensed Consolidated Interim Financial Statements For the three months ended February 28, 2026 and 2025 (in Canadian dollars) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 5 1. Nature of operations and going concern Namibia Critical Metals Inc. (the “Company”) was incorporated pursuant to the Canada Business Corporations Act on Ap --- ril 26, 2010. The Company is a public company listed on the TSX Venture Exchange (the “TSXV”), trading under the symbol “NMI”. The address of the Company’s corporate office and principal place of business is Suite 802, 1550 Bedford Highway, Halifax, Nova Scotia, Canada. The Company is in the business of exploring and developing a diversified portfolio of critical metals properties in Namibia. The amount shown as exploration and evaluation assets, all of which are located in Namibia, represents costs net of recoveries to date, less amounts written off, and do not necessarily represent present or future values. The Company has not yet determined whether its exploration and evaluation assets contain economically recoverable reserves. The recoverability of the amounts shown for exploration and evaluation assets is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the development of the properties, and future profitable production or proceeds of disposition thereof. These consolidated financial statements have been prepared on a going concern basis, which contemplates the realization of assets and settlement of liabilities in the normal course of business as the liabilities come due. The Company has reported losses to date and at February 28, 2026 has an accumulated deficit of $33,177,225 and working capital, as defined by the excess of current assets over current liabilities, of $1,232,632. The Company does not generate income or consistent cash flows from operations. The Company must secure sufficient funding to maintain legal title to its exploration and evaluation assets and to fund its exploration and development activities and its general and administration costs through to production. The Company's ability to continue as a going concern is dependent upon its ability to fund its exploration activities, and eventually to generate positive cash flows, either from operations or sale of its properties. During the three months ended February 28, 2026, the Company generated $578,333 in gross cash proceeds through the exercise of warrants (note 7). The Company’s partner in its Lofdal project, the Japan Organization for Metals and Energy Security Corporation (“JOGMEC”), has approved $18,273,000 in total funding for the Lofdal project to March 31, 2026, of which $18,173,000 had been received as at February 28, 2026. In addition to the above, management continues to evaluate alternatives to secure additional favorable financing so that the Company can continue to operate as a going concern. Nevertheless, there can be no assurance that these initiatives will be successful or sufficient. These circumstances cast significant doubt upon the Company’s ability to continue as a going concern. These consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and consolidated statement of financial position classifications that would be necessary were the going concern assumption inappropriate, and these adjustments could be material. 2. Basis of preparation a) Statement of compliance These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board (“IFRS Accounting Standards”). These consolidated financial statements were authorized for issue by the Board of Directors on April --- 23, 2026. Namibia Critical Metals Inc. Notes to Unaudited Condensed Consolidated Interim Financial Statements For the three months ended February 28, 2026 and 2025 (in Canadian dollars) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 6 b) Basis of consolidation These consolidated financial statements include the accounts of the Company’s subsidiaries as at February 28, 2026 listed below. All intercompany balances and transactions are eliminated upon consolidation. Subsidiaries are consolidated from the date on which control is obtained by the Company and are deconsolidated from the date that control ceases. Non-controlling interest represents the portion of a subsidiary’s income and losses and net assets that is not held by the Company. Subsidiary Jurisdiction Nature of business Direct or Indirect ownership Cayman Namibia Rare Earths Ltd. Cayman Islands Asset holding company 100% Namibia Rare Earths (Pty) Ltd. Namibia Asset holding company 95% Epembe Holdings (Pty) Ltd. Namibia Asset holding company 95% Epembe Mining (Pty) Ltd. Namibia Asset holding company 95% Solarwind Investments (Pty) Ltd. Namibia Asset holding company 100% Philco One Hundred Seventy-Four (Pty) Ltd. Namibia Asset holding company 95% Philco One Hundred Eighty (Pty) Ltd. Namibia Asset holding company 95% c) Critical accounting estimates and judgments The preparation of these consolidated financial statements requires management to make estimates, judgments and assumptions that affect the amounts reported in the consolidated financial statements and notes. By their nature, these estimates, judgments and assumptions are subject to measurement uncertainty and the effect of changes in these estimates in future periods could be material. These estimates are based on historical experience, current and future economic conditions, and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Actual results could differ from these estimates. Revisions to estimates are accounted for prospectively. The more significant areas requiring the use of management estimate and judgments are as follows: Critical accounting estimates At the end of each reporting period, management assesses whether there are any indicators of impairment related to exploration and evaluation assets. Management applies judgment in determining whether indicators of impairment exist, considering the factors outlined in note 3 c). No indicators of impairment were identified related to the Lofdal property as at February 28, 2026. Where an indicator of impairment exists, an estimate of the recoverable amount is calculated by management, which is considered to be the higher of fair value less cost of disposal and value in use. The value in use of exploration and evaluation assets is generally determined as the present value of future cash flows arising from the continued use of the assets. The determination of discounted cash flows is dependent on a number of factors, including future metal prices, the amount of reserves, the cost of bringing the project into production, production schedules, production costs, sustaining capital expenditures, and site closure, restoration and environmental rehabilitation costs. These factors may change due to changing economic conditions or the accuracy of certain assumptions and, hence, affect the recoverable amount. The fair value of resource properties is estimated by mana --- gement through the use of, where available, comparison to similar assets and industry benchmarks. Actual results may differ materially from these estimates. Namibia Critical Metals Inc. Notes to Unaudited Condensed Consolidated Interim Financial Statements For the three months ended February 28, 2026 and 2025 (in Canadian dollars) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 7 Critical accounting judgments The following accounting policies involve judgments or assessments made by management: • determination of a cash-generating unit for assessing and testing impairment, which management has determined to be individual mineral properties; • determination of the functional currency of the Company and of its subsidiaries; • determination of when an exploration and evaluation asset has indicators of impairment; • determination of whether exploration and evaluation costs are eligible for capitalization; • determination of whether an acquisition of exploration and evaluation assets is considered to be an asset acquisition or a business combination; and • assessment of the Company’s ability to continue as a going concern. 3. Material accounting policies These condensed consolidated interim financial statements should be read in conjunction with the Company’s annual consolidated financial statements and accompanying notes for the year ended November 30, 2025. These condensed consolidated interim financial statements have been prepared using the same accounting policies and judgments and estimates as described in the Company’s November 30, 2025 annual consolidated financial statements. 4. New or amendments to accounting standards The following standards have not been applied in preparing these consolidated financial statements as their effective dates fall within periods beginning subsequent to the current reporting period. The Company is currently assessing the impact of these amendments. IFRS 18 Presentation and Disclosure in Financial Statements. IFRS 18 will replace IAS 1 Presentation of financial statements. IFRS 18 will retain many of the existing principles in IAS 1 and will focus on updates to the statement of profit or loss. Key new concepts relate to the structure of the statement of profit or loss; required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements; and enhanced principles on aggregation and disaggregation. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change the line items presented in the financial statements and what an entity reports as its ‘operating profit or loss’. IFRS 18 is effective for reporting periods beginning on or after January 1, 2027. Earlier adoption is permitted. 5. Exploration and evaluation assets November 30, 2025 $ Expenditures $ Recoveries $ February 28, 2026 $ Lofdal Rare Earths property 23,910,965 44,097 (44,097) 23,910,965 Depreciation charged on exploration equipment and motor vehicles of $nil (2025 - $1,103) has been capitalized to exploration and evaluation assets. Lofdal Rare Earths property The Lofdal Rare Earths property comprises a Mining License (“ML200”) located approximately 450 kilometres northwest of the capital city of Windhoek and 25 kilometres northwest of the town of Khorixas in the Kunene Region of north-western Namibia. ML200 was awarded in May 2021, subject to certain owners --- hip and management requirements. The original exclusive prospecting licence over the Lofdal property (“EPL 3400”) was granted in 2005 and provided for mineral rights to base and rare metals, and precious metals. EPL 3400 was relinquished in November 2023, as the entire Lofdal property is covered by ML200. The property is subject to a 2% net smelter revenue royalty. Partnership with JOGMEC on Lofdal On January 27, 2020, the Company announced that it had signed an agreement with JOGMEC to jointly explore, develop, exploit, refine and/or distribute mineral products from Lofdal. The agreement was amended on March 27, 2026 to increase JOGMEC’s earn-in expenditure by $3.0 million, with no dilution to the Company, and for JOGMEC to have the option to provide non-dilutive and non- Namibia Critical Metals Inc. Notes to Unaudited Condensed Consolidated Interim Financial Statements For the three months ended February 28, 2026 and 2025 (in Canadian dollars) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 8 interest-bearing capital funding prior to a final investment decision. The Company has the option to elect to avoid dilution following a final investment decision by funding its pro-rata portion. The amended agreement provides JOGMEC with the right to earn a 50% interest in the project by funding a total of $23,000,000 in exploration and development expenditures under the following terms: Term 1 – JOGMEC will fund $3,000,000 in exploration expenditures up to March 31, 2021. The first term funding amount is non- refundable and JOGMEC earns no interest in the Lofdal project; Term 2 – JOGMEC is entitled to elect to contribute an additional $7,000,000 in exploration expenditures from April 1, 2021 – March 31, 2024 to earn a 40% interest in the Lofdal project; and Term 3 – JOGMEC is entitled to elect to contribute an additional $13,000,000 in exploration and development expenditures from April 1, 2024 – March 31, 2028 to earn an additional 10% interest in the Lofdal project. Once JOGMEC has completed and exercised its 50% earn-in and a feasibility study has been completed on the project, JOGMEC has the right to purchase an additional 1% interest in the project from the Company for $5,000,000 and thereafter to exclusively provide funding to develop the project. The Company has the right to maintain its interest in the Lofdal project by funding its pro-rata share of post earn- in expenditures; alternatively, the Company can make a one-time cash payment of $5,000,000 to avoid being diluted below 21%. As of February 28, 2025, JOGMEC had fulfilled its $10,000,000 commitment for Terms 1 and 2 and elected to move to Term 3. Accordingly, JOGMEC has earned its 40% interest in the Lofdal project and the Company intends to formally transfer the 40% interest to JOGMEC in 2026. During the three months ended February 28, 2026, the Company received $728,000 (2025 - $1,304,000) from JOGMEC for exploration expenditures on the Lofdal property, for a cumulative total amount received of $18,173,000 (2025 - $15,745,000). As of February 28, 2026, $17,983,744 (2025 - $15,158,187) in exploration expenditures had been incurred. The Company has recorded the remaining $189,256 (2025 - $586,813) as a liability for advances received for future exploration work. The expenditures incurred related to the JOGMEC agreement, and funded by JOGMEC, for the three months ended February 28, 2026 are as follows: November 30, 2025 $ Expenditur --- es $ February 28, 2026 $ Project Management 679,763 29,900 709,663 Geology, Drilling, Sample Analysis 9,068,198 539,000 9,607,198 43-101 Resource and Mine Model Update 2,758,143 107,932 2,866,075 Metallurgy 3,403,672 13,171 3,416,843 Operator's Fee 929,423 39,122 968,545 Mine planning 166,537 - 166,537 Other 245,948 2,935 248,883 17,251,684 732,060 17,983,744 Pursuant to the agreement with JOGMEC, the Company is entitled to an operator fee of 10% of the direct costs incurred, which is limited to 5% for any contracts requiring aggregate payments of more than $100,000. The Company first recognizes the operator fees against evaluation and exploration expenditures, as cost recoveries, and recognizes the excess as other income in the consolidated statement of loss and comprehensive loss. The portion of the operator fee recognized as income during the three months ended February 28, 2026 amounted to $29,980 (2025 - $55,503). Namibia Critical Metals Inc. Notes to Unaudited Condensed Consolidated Interim Financial Statements For the three months ended February 28, 2026 and 2025 (in Canadian dollars) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 9 6. Related party transactions Transactions with key management personnel for the three months ended February 28, 2026 and 2025 are as follows: 2026 $ 2025 $ Consulting fees charged to net loss 37,500 37,500 Key management personnel include officers and directors and companies directly controlled by key management personnel or shareholders, and payments are for consulting fees and share-based payments and are directly related to their position in the Company. The consulting agreements can be terminated by either party within notice periods ranging from three to six months (or payment in lieu if terminated by the Company) and the Company has the right to terminate any agreement immediately upon the consultant’s failure to perform any material provision. During the three months ended February 28, 2026 related party consulting fees of $94,082 (2025 – $89,982) were charged to JOGMEC in respect of the Lofdal project. Included in accounts payable and accrued liabilities are amounts owing to related parties of $33,284 (2025 - $26,875). Included in deposits and prepaid expenses is an amount of $11,000 (2025 - $11,000) representing retainers on services contracts with officers of the Company. 7. Capital stock Authorized capital stock An unlimited number of common shares without nominal or par value. Issued and outstanding During the three months ended February 28, 2026, the Company issued 5,783,333 common shares for proceeds of $578,333 pursuant to the exercise of warrants with an exercise price of $0.10. Stock option plan The Company has a stock option plan providing for the issuance of options equal to up to 10% of the outstanding shares. The Company may grant options to its directors, officers, employees, consultants and management company employees. The exercise price of each option cannot be lower than the market price of the shares at the date of grant of the option. The number of shares optioned to insiders may not exceed 10% of the issued and outstanding shares at the date of grant. The options are generally exercisable immediately for up to a five-year period from the date of grant. There was no change in stock options for the three months ended February 28, 2026. The following table summarizes information about options outstanding at February 28, 2026 --- : Exercise price $ Options outstanding and exercisable Expiry date Remaining contractual life (in years) 0.260 1,750,000 April 5, 2026 0.10 0.140 3,750,000 October 3, 2027 1.59 0.070 4,300,000 October 4, 2028 2.59 0.105 4,350,000 July 27, 2030 4.41 14,150,000 2.58 Warrants There are no warrants outstanding at February 28, 2026. During the three months ended February 28, 2026, the Company issued 5,783,333 common shares for proceeds of $578,333 pursuant to the exercise of warrants with an exercise price of $0.10. Namibia Critical Metals Inc. Notes to Unaudited Condensed Consolidated Interim Financial Statements For the three months ended February 28, 2026 and 2025 (in Canadian dollars) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 10 8. Capital disclosures The Company manages its capital to maintain adequate levels of funding to support the acquisition and exploration of mineral properties and to maintain the necessary corporate and administrative functions to facilitate these activities. The capital structure consists of working capital and equity. The Company raises capital, as necessary, to meet its needs and to take advantage of perceived opportunities and, therefore, does not have a numeric target for its capital structure. The Company invests all capital that is surplus to its immediate operational needs in highly liquid financial instruments such as high interest cash accounts. There were no changes to the Company’s approach to capital management during the three months ended February 28, 2026. Total managed capital was as follows: February 28, 2026 $ November 30, 2025 $ Working capital 1,232,632 815,657 Equity 25,143,597 24,930,959 There are no externally imposed capital requirements. 9. Financial instruments and risk management The Company’s financial instruments consist of cash, taxes and other receivables, accounts payable and accrued liabilities, and advances received for future exploration work. All of the Company’s financial instruments are recognized at fair value and are subsequently measured at their amortized cost. The recorded values of all financial instruments approximate their current fair values because of their nature and respective maturity dates or durations. The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below. Credit risk The Company’s credit risk is primarily attributable to cash. The Company’s exposure to credit risk on its cash is limited by maintaining these assets in a high-interest savings account with a high-credit quality financial institution. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company manages this risk through regular monitoring and adjustment of its cash flow requirements to support ongoing operations and to ensure, to the extent possible, that there is sufficient cash on hand to meet its liabilities when due. In the event the Company obtains the permits and necessary approvals to proceed with the development of the Lofdal property, it will require substantial additional capital resources and there can be no assurance that funding will be available to the Company in the future on acceptable terms (note 1). Financial liabilities are due within one year. Market risk Market risk is the risk of loss that may arise from changes --- in market factors such as foreign exchange rates, interest rates and commodity prices. Foreign exchange risk Certain of the Company’s expenditures are denominated in Namibia dollars (which are pegged to the South African rand) and US dollars. The Company’s cash, amounts receivable, deposits, and accounts payable and accrued liabilities include amounts denominated in foreign currencies. Accordingly, the results of the Company’s operations are subject to currency transaction risk and currency translation risk. Namibia Critical Metals Inc. Notes to Unaudited Condensed Consolidated Interim Financial Statements For the three months ended February 28, 2026 and 2025 (in Canadian dollars) NAMIBIA CRITICAL METALS INC. – UNAUDITED CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS PAGE 11 As at February 28, 2026, the Company had the following amounts denominated in the above currencies and converted to Canadian dollars: $590,987 in cash, $10,934 in deposits and prepaids, $163,954 in taxes and other receivables, and $437,738 in accounts payable and accrued liabilities. A 10% change in the exchange rates would impact the Company’s working capital as follows: $ Namibia dollars and South African rand 28,633 US dollars 295 The operating results and financial position of the Company are reported in Canadian dollars in the Company’s consolidated financial statements. The fluctuation of the Canadian dollar, primarily in relation to the Namibian dollar, will consequently have an impact on the profitability of the Company and the value of the Company’s assets and equity. The Company does not currently undertake any hedging activities to mitigate foreign exchange risk. Interest rate risk In respect of financial assets, the Company’s policy is to invest cash at floating rates of interest. Cash reserves maintain liquidity while achieving a satisfactory return for shareholders. The impact of fluctuations in interest rates is not significant. Commodity price risk The Company’s financial instruments are not exposed to any direct commodity price risk, as the Company does not have any financial instruments associated with commodity prices and currently has no revenues derived from mining operations. Fluctuation in commodity prices do however impact the overall viability of the Company as is common in the mineral exploration and mining industries. 10. Supplemental cash flow information During the three months ended February 28, 2026, the Company incurred expenditures on exploration and evaluation assets of $266,264 which were recorded as an increase in accounts payable (2025 - $333,465) and $nil in amortization of equipment which was recorded to exploration and evaluation assets (2025 - $1,103). These items are non-cash transactions and have been excluded from the consolidated statement of cash flows. 11. Segmented reporting The Company has one reportable operating segment, being that of acquisition, exploration and evaluation activities. All exploration and evaluation assets are located in Namibia. 12. Subsequent events Subsequent to the quarter-end, the Company issued 1,000,000 common shares for $260,000 cash pursuant to the exercise of stock options, and 750,000 stock options expired unexercised.