SEDAR Interim Financial Statements

KEON CAPITAL INC. Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) 2 NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements have been prepared by and are the responsibility of management. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of condensed interim consolidated financial statements by an entity's auditor. KEON CAPITAL INC. Condensed Interim Consolidated Statements of Financial Position As at September 30, 2025 and December 31, 2024 (Unaudited – Expressed in Canadian Dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 3 Note September 30, 2025 December 31, 2024 $ $ ASSETS Current assets Cash 76 612 Receivables 11,275 7,184 11,351 7,796 TOTAL ASSETS 11,351 7,796 LIABILITIES Current liabilities Accounts payable and accrued liabilities 6 224,833 164,062 Loan payable 3 32,015 21,003 Advances payable 4 34,238 22,188 TOTAL LIABILITIES 291,086 207,253 SHAREHOLDERS' DEFICIT Share capital 5 13,785,069 13,785,069 Contributed surplus 2,358,806 2,358,806 Deficit (16,423,610) (16,343,332) TOTAL SHAREHOLDERS’ DEFICIT (279,735) (199,457) 11,351 7,796 Nature of business and going concern (Note 1) Approved on behalf of the Board of Directors on December 1, 2025 “Ashish Misquith” “Nader Vatanchi” Director Director KEON CAPITAL INC. Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 4 Three months ended, Nine months ended, Note September 30, 2025 September 30, 2024 September 30, 2025 September 30, 2024 $ $ Expenses Management fees 6 15,000 15,000 45,000 45,000 Filing fees 1,385 7,700 7,848 12,063 Office and other 224 207 828 647 Professional fees 6 7,306 10,115 24,833 53,039 (23,915) (33,022) (78,509) (110,749) Other Item: Interest expense 3 (399) (270) (1,769) (741) Loss and comprehensive loss for the period (24,314) (33,292) (80,278) (111,490) Loss per share – basic and diluted (0.00) (0.01) (0.02) (0.02) Weighted average number of shares outstanding – basic and diluted 4,983,466 4,983,466 4,983,466 4,983,466 KEON CAPITAL INC. Condensed Interim Consolidated Statements of Changes in Shareholders’ Deficit (Unaudited - Expressed in Canadian Dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 5 Number of common shares Share Capital Contributed Surplus Deficit Total # $ $ $ $ Balance, December 31, 2023 4,983,466 13,785,069 2,358,806 (16,191,842) (47,967) Loss for the period - - - (111,490) (111,490) Balance, September 30, 2024 4,983,466 13,785,069 2,358,806 (16,303,332) (159,457) Loss for the period - - - (40,000) (40,000) Balance, December 31, 2024 4,983,4 --- 66 13,785,069 2,358,806 (16,343,332) (199,457) Loss for the period - - - (80,278) (80,278) Balance, September 30, 2025 4,983,466 13,785,069 2,358,806 (16,423,610) (279,735) KEON CAPITAL INC. Condensed Interim Consolidated Statements of Cash Flow For the Nine Months Ended September 30, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 6 September 30, September 30, 2025 2024 $ $ Cash flows used in operating activities Loss for the period (80,278) (111,490) Non-cash item: Accrued interest 1,012 741 Changes in non-cash working capital: Receivables (4,091) 9,934 Prepaids - 2,743 Accounts payable and accrued liabilities 60,771 61,442 (22,586) (36,630) Cash flows provided by financing activities Proceeds from loan 10,000 20,000 Advances received 12,050 13,000 22,050 33,000 Change in cash during the period (536) (3,630) Cash, beginning of period 612 4,459 Cash, end of period 76 829 Supplemental disclosures with respect to cash flows: During the nine months ended September 30, 2025 and 2024, the Company did not have any non-cash investing or financing activities. During the nine months ended September 30, 2025, the Company paid $757 (2024 - $nil) in interest and $nil (2024 - $nil) in income taxes. KEON CAPITAL INC. Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 7 1. NATURE OF BUSINESS AND GOING CONCERN Keon Capital Inc. (“Keon” or the “Company”) was incorporated under the Business Corporations Act of British Columbia on March 31, 2008. The Company’s common shares trade on the NEX board of the TSX Venture Exchange under the symbol “KEON.H”. The Company’s principal activity was the acquisition and exploration of mineral properties. The address of the Company’s head office is Suite 1800 – 510 West Georgia Street, Vancouver, British Columbia, V6B 0M3. The Company’s unaudited condensed interim consolidated financial statements have been prepared on the basis of accounting principles applicable to a going concern, which presumes that the Company will realize its assets and discharge its liabilities in the normal course of business for at least the next twelve months. The Company has experienced losses and negative cash flow from operations since incorporation. As at September 30, 2025, the Company had not yet generated revenues. These factors indicate the existence of a material uncertainty that casts significant doubt about the Company’s ability to continue as a going concern. The Company’s ability to continue as a going concern and to realize the carrying value of its assets and discharge its liabilities when due is dependent upon obtaining additional financing and generating revenues sufficient to cover its operating costs. These unaudited condensed interim consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts difference from those reflected in the unaudited condensed interim consolidated financial statements. 2. MATERIAL ACCOUNTING POLICIES AND BASIS OF PREPARATION The following is a summary of the material accounting policies used in the preparation of these unaudited condens --- ed interim consolidated financial statements. Statement of compliance These unaudited condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), effective for the Company’s reporting for the period ended September 30, 2025, including IAS 34, Interim Financial Reporting. Basis of presentation and functional currency The unaudited condensed interim consolidated financial statements of the Company have been prepared on an accrual basis and are based on historical costs, except for certain financial assets and liabilities that are measured at fair value and cash flow information. These unaudited condensed interim consolidated financial statements are presented in Canadian dollars which is the Company’s functional currency, unless otherwise noted. Accounting policies and judgements The unaudited condensed interim consolidated financial statements have been prepared on a basis consistent with the material accounting policies applied to the annual financial statements for the year ended December 31, 2024. Basis of consolidation These unaudited condensed interim consolidated financial statements include the financial statements of the Company and the following subsidiary subject to control by the Company: Percentage owned Incorporated in September 30, 2025 December 31, 2024 1469253 B.C. Ltd. Canada 100% 100% KEON CAPITAL INC. Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 8 Control is achieved when the Company has the power to, directly or indirectly, govern the financial and operating policies of an entity to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is obtained and continue to be consolidated until the date that such control ceases. Intercompany balances, transactions and unrealized intercompany gains and losses are eliminated upon consolidation. 3. LOAN PAYABLE $ Balance, December 31, 2023 - Loan received 20,000 Interest 1,003 Balance, December 31, 2024 21,003 Loan received 10,000 Interest 1,012 Balance, September 30, 2025 32,015 On January 9, 2024, the Company received $20,000 pursuant to a loan agreement entered into with Frame Holdings Inc. The loan bears interest at 5% per annum, compounded monthly and is due on demand. On April 28, 2025, the Company received $10,000 pursuant to a loan agreement entered into with a shareholder of the Company. The loan bears simple interest at 5% per annum and is due on demand. During the three and nine months ended September 30, 2025, the Company recorded interest expense of $399 and $1,012 (2024 - $270 and $741) related to the loans. 4. ADVANCES PAYABLE $ Balance, December 31, 2023 - Advances received 22,188 Balance, December 31, 2024 22,188 Advances received 12,050 Balance, September 30, 2025 34,238 During the year ended December 31, 2024, the Company received $13,000 in advances from the CEO of the Company, and $9,188 from a shareholder of the Company. During the nine months ended September 30, 2025, the Company received $5,000 in advances from the CEO of the Company, $3,000 in advances from a company controlled by the CEO of the Company and $4,050 from a shareholder of the Company. The amounts owing are unsecured, non-interest bearing and due on demand. 5. SHARE CAPITAL Authorized The --- Company’s authorized share capital consists of an unlimited number of common shares without par value. Issued and Outstanding As at September 30, 2025, there were 4,983,466 (December 31, 2024 – 4,983,466) issued and outstanding common shares. KEON CAPITAL INC. Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 9 During the nine months ended September 30, 2025 and the year ended December 31, 2024, the Company had no share issuances. Stock Options The Company has adopted an incentive stock option plan (the “Plan”), which provides that the Board of Directors of the company may from time to time, in its discretion, and in accordance with the TSX-V requirements, grant to directors, officers, employees and technical consultants, including investor relations advisors, 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 at the time each option is granted. The Plan contains restrictions on the number of options, including share compensation arrangements, to which any one service provider is entitled. Such options will be exercisable for a maximum period of up to 10 years form the date of grant. Extended vesting schedules to options issued were adopted by the Company. Options may be exercised no later than 90 days following cessation of the optionee’s position with the Company. As at September 30, 2025 and December 31, 2024, the Company had no options outstanding. 6. RELATED PARTY TRANSACTIONS AND KEY MANAGEMENT COMPENSATION Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. 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. During the nine months ended September 30, 2025, the Company incurred management fees of $45,000 (2024 - $45,000) paid or accrued to a company controlled by the CEO of the Company. During the nine months ended September 30, 2025, the Company incurred professional fees of $11,965 (2024 - $28,612) paid or accrued to a company in which the former CFO of the Company acted as management. During the year ended December 31, 2024, the Company received $13,000 in advances from the CEO of the Company (Note 4). During the nine months ended September 30, 2025, the Company received $5,000 in advances from the CEO of the Company and $3,000 in advances from a company controlled by the CEO of the Company. As at September 30, 2025, the Company had $125,500 (December 31, 2024 - $136,054) owing to related parties included in accounts payable and accrued liabilities. As at September 30, 2025, the Company had advances payable of $21,000 (December 31, 2024 - $13,000) owing to related parties (Note 4). KEON CAPITAL INC. Notes to the Condensed Interim Conso --- lidated Financial Statements For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 10 7. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Categories of financial assets and financial liabilities Financial instruments are classified into one of the following categories: FVTPL; amortized cost; and FVTOCI. The carrying values of the Company’s financial instruments are classified into the following categories: Financial Instrument Category September 30, 2025 December 31, 2024 $ $ Cash Amortized cost 76 612 Accounts payable and accrued liabilities Amortized cost (224,833) (164,062) Loan payable Amortized cost (32,015) (21,003) Advances payable Amortized cost (34,238) (22,188) The Company’s financial instruments recorded at fair value require disclosure about how the fair value was determined based on significant levels of inputs described in the following hierarchy: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions occur in sufficient frequency and value to provide pricing information on an ongoing basis. Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1. Prices in Level 2 are either directly or indirectly observable as of the reporting date. Level 2 valuations are based on inputs including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the market-place. Level 3 - Valuations in this level are those with inputs for the asset or liability that are not based on observable market data. The recorded amounts for cash, bank indebtedness, accounts payable and accrued liabilities, loan payable and advances payable approximate their fair value due to their short-term nature. The Company’s financial instruments are exposed to the following risks: Credit Risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company’s cash is held at a large Canadian financial institution. The carrying amount of financial assets represents the maximum credit exposure. 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 its capital management and ensuring that sufficient financial resources to meet liabilities as they come due. As at September 30, 2025, the Company had a cash balance of $76 to settle current liabilities of $291,086 and is subject to liquidity risk. Market Risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates, commodity and equity prices and foreign exchange rates. The Company does not have any financial assets exposed to market risk. KEON CAPITAL INC. Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended September 30, 2025 and 2024 (Unaudited - Expressed in Canadian dollars) 11 Foreign Exchange Rate Risk Foreign currency exchange rate risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. The Company’s operations are carried out entirely in Canada and the Company’s exposure to foreign currency exchange rate risk is low. Interest Rate Risk Interest rate risk is the risk the fair value or future cas --- h flows of a financial instrument will fluctuate because of changes in market interest rates. Financial assets and liabilities with variable interest rates expose the Company to cash flow interest rate risk. The Company does not hold any financial liabilities with variable interest rates and it does not believe it is currently subject to any material interest rate risk. 8. CAPITAL MANAGEMENT The Company does not have any externally imposed regulatory capital requirements for managing capital. The Company has defined its capital as items within shareholders’ deficit, as determined at each reporting date. The Company’s objectives when managing capital are to safeguard the entity’s ability to continue as a going concern, so that it can continue to provide returns for shareholders and benefits for other stakeholders. The Company sets the amount of capital in proportion to risk. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new shares, or engage in debt financing. The Company is dependent on the capital markets as its sole source of operating capital and the Company’s capital resources are largely determined by the strength of the junior resource markets and by the status of the Company’s projects in relation to these markets, and its ability to compete for investor support for its projects. The Company is not subject to any externally imposed capital requirements.