SEDAR Interim Financial Statements

- 1 - KIPLIN METALS INC. Consolidated Interim Financial Statements For the Six Months Ended June 30, 2025 and 2024 (Unaudited – Expressed in Canadian Dollars) Notice of No Auditor Review These unaudited consolidated interim financial statements of Kiplin Metals Inc. (the “Company”) have not been reviewed by the auditors of the Company. This notice is being provided in accordance with Section 4.3 (3) (a) of National Instrument 51-102 - Continuous Disclosure Obligations. - 2 - KIPLIN METALS INC. Consolidated Interim Statements of Financial Position (Unaudited - Expressed in Canadian Dollars) June 30 December 31 2025 2024 Current assets Cash 15,641 $ 197,728 $ Short term investments (note 4) 762,918 782,918 GST receivable 2,773 2,541 Other receivable 25,646 10,595 Prepaid expenses 78,908 - Total Current Assets 885,886 993,782 Exploration and evaluation assets (note 5) 509,650 506,250 Total Assets 1,395,536 $ 1,500,032 $ Current liabilities Accounts payable 4,394 $ 650 $ Accrued liabilities - 15,000 Total Current Liabilities 4,394 15,650 Share capital (note 8) 24,027,414 24,027,414 Warrants reserve (note 8) 83,689 83,689 Share-based payments reserve (note 8) 1,401,898 1,401,898 Deficit (24,121,859) (24,028,619) Total Equity 1,391,142 1,484,382 Total Liabilities and Equity 1,395,536 $ 1,500,032 $ Going concern (note 1) Approved on behalf of the Board: Director "Peter Born" Peter Born Director “Richard Ko” Richard Ko ASSETS LIABILITIES SHAREHOLDERS' EQUITY The accompanying notes are an integral part of these consolidated interim financial statements - 3 - KIPLIN METALS INC. Consolidated Interim Statements of Comprehensive Loss (Unaudited - Expressed in Canadian Dollars) 2025 2024 2025 2024 EXPENSES Consulting fees 30,000 $ 30,000 $ 60,000 $ 60,000 $ Corporate communications 4,185 2,825 4,185 4,155 Geological consulting (note 6) 3,000 3,000 6,000 6,000 Management fees (note 6) 3,900 3,900 7,800 7,800 Office and general 4,649 4,568 9,192 4,597 Professional fees 3,185 13,101 12,196 19,050 Regulatory and transfer agent fees 1,610 9,842 10,349 18,728 (50,529) (67,236) (109,722) (120,330) Other item Interest income 8,019 12,039 16,482 24,055 8,019 12,039 16,482 24,055 Net loss and comprehensive loss (42,510) $ (55,197) $ (93,240) $ (96,275) $ Basic and diluted income per share (0.00) $ (0.00) $ (0.01) $ (0.01) $ Weighted average number of common shares outstanding 13,422,949 13,422,949 13,422,949 13,422,949 Six months ended June 30 The accompanying notes are an integral part of these consolidated interim financial statements Three months ended June 30 - 4 - KIPLIN METALS INC. Consolidated Interim Statements of Changes in Equity (Unaudited - Expressed in Canadian Dollars) Number of Shares Share capital Warrants Share-Based Payments Reserve Deficit Total Balance at January 1, 2024 13,422,949 24,027,414 $ 83,689 $ 1,401,898 $ (23,768,345) $ 1,744,656 $ Net loss and comprehensive loss - - - - (96,275) (96,275) Balance at June 30, 2024 13,422,949 24,027,414 83,689 1,401,898 (23,864,620) 1,648,381 Balance at January 1, 2025 13,422,949 24,027,414 83,689 1,401,898 (24,028,619) 1,484,382 Net loss and comprehensive loss - - - - (93,240) (93,240) Balance at June 30, 2025 13,422,949 24,027,414 $ 83,689 $ 1,401,898 $ (24,121,859) $ 1,391,142 $ The accompanying notes are an integral part of these consolidated interim financial statements - 5 - KIPLIN METALS INC. Consolidated Interim Statements of Cash Flows (Unaudited - Expressed in Canadian Dollars) 2025 2024 C --- ASH FLOWS FROM OPERATING ACTIVITIES Net loss (93,240) $ (96,275) $ Non-cash working capital items: GST receivable (232) 1,772 Other receivable (15,051) (16,829) Prepaid expenses (78,908) 1,030 Accounts payable 3,744 (19,220) Accrued liabilities (15,000) (15,376) Net cash flows used in operating activities (198,687) (144,898) CASH FLOWS FROM INVESTING ACTIVITIES Redemption of short term investments 20,000 - Additions to exploration and evaluation assets (3,400) - Net cash flows used in investing activities 16,600 - Change in cash during the period (182,087) (144,898) Cash, beginning of the period 197,728 510,861 Cash, end of the period 15,641 $ 365,963 $ Supplemental disclosure of cash flow information: Taxes paid - $ - $ Interest paid - $ - $ The accompanying notes are an integral part of these consolidated interim financial statements Six months ended June 30 - 6 - KIPLIN METALS INC. Notes to the Consolidated Interim Financial Statements As at and for the six months ended June 30, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) 1) NATURE OF OPERATIONS AND GOING CONCERN Kiplin Metals Inc. (“Kiplin” or the “Company”) was incorporated in the Province of British Columbia and is a junior exploration company engaged in the business of identification, acquisition and exploration of mineral interests. The Company’s common shares are listed for trading on the TSX Venture Exchange (the “Exchange”) under the symbol “KIP”, on the OTCPINK under the symbol “ALDVF”, and on the Frankfurt Exchange under the symbol “17G1”. The Company’s principal office and registered and records office is located at 2200-885 West Georgia Street, Vancouver, BC V6C 3E8. These consolidated interim financial statements were authorized for issue on July 22, 2025 by the directors of the Company. At the date of these consolidated interim financial statements, the Company has not identified a known body of commercial grade minerals on any of its properties. The ability of the Company to realize the costs it has incurred to date on these properties is dependent upon the Company identifying a commercial mineral body, to finance its development costs and to resolve any environmental, regulatory or other constraints which may hinder the successful development of the property. To date, the Company has not earned any revenues and is considered to be in the exploration stage. Management is targeting sources of additional financing through alliances with financial, exploration and mining entities, and other business and financial transactions which would assure continuation of the Company’s operations and exploration programs. In addition, management closely monitors commodity prices of precious and base metals, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company if favourable or adverse market conditions occur. These consolidated interim financial statements have been prepared on a going concern basis which presumes the realization of assets and settlement of liabilities in the normal course of operations in the foreseeable future. The Company has incurred operating losses since inception and at June 30, 2025, had a cumulative deficit of $24,121,859. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future. The aforementioned factors indicate the existence of a material uncertainty which may cast si --- gnificant doubt about the Company’s ability to continue as a going concern. These consolidated interim financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. Further discussion of liquidity risk is included in notes 7 and 9. - 7 - KIPLIN METALS INC. Notes to the Consolidated Interim Financial Statements As at and for the six months ended June 30, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) 2) BASIS OF PRESENTATION These consolidated interim financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) applicable to the preparation of interim financial statements, including International Accounting Standards (“IAS”) 34, Interim Financial Reporting. These consolidated interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Company’s audited consolidated financial statements for the year ended December 31, 2024, which have been prepared in accordance with IFRS. These consolidated interim financial statements have been prepared on the historical cost basis. The presentation and functional currency of the Company is the Canadian dollar. 3) MATERIAL ACCOUNTING POLICIES INFORMATION a) Significant accounting judgments, estimates and assumptions The preparation of the Company’s interim financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities and contingent liabilities at the date of the interim financial statements and reported amounts of revenues and expenses during the reporting period. Estimates and assumptions are continuously 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. However, actual outcomes can differ from these estimates. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. Critical judgments in applying accounting policies: The following are critical judgments that management has made in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the financial statements: • the determination that the Company will continue as a going concern for the next year. The factors considered by management are discussed in Note 1; and • the determination that there have been no events or changes in circumstances that indicate the carrying amount of exploration and evaluation assets may not be recoverable. The application of the Company’s accounting policy for exploration and evaluation expenditure requires judgment in determining whether it is likely that future economic benefits will flow to the Company, which may be based on assumptions about future events or circumstances. - 8 - KIPLIN METALS INC. Notes to the Consolidated Interim Financial Statements As at and for the six months ended June 30, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) 3) SIGNIFICANT ACCOUNTING POLICIES (continued) b) Impairment At each reporting period, management reviews all assets for indicators of impairment. If such indicati --- on exists, the recoverable amount of the asset is estimated to determine the extent of the impairment loss, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm’s length transaction. In assessing value in use, the estimated future cash flows are discounted to their present value. If the recoverable amount of the asset is less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for that period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which that asset belongs. Past impairments are also considered at each reporting period and where there is an indication that an impairment loss may have decreased, the recoverable amount is calculated as outlined above to determine the extent of the recovery. If the recoverable amount of the asset is more than its carrying amount, the carrying amount of the asset is increased to its recoverable amount and the impairment loss is reversed in the profit or loss for that period. The increased carrying amount due to reversal will not be more than what the depreciated historical cost would have been if the impairment had not been recognized. c) New accounting standards The Company has performed an assessment of new standards or amendments issued by the IASB and IFRIC that are not mandatory for the current period and has determined that any new standards or amendments would have no or very minimal impact on the Company’s interim financial statements. 4) SHORT TERM INVESTMENTS Short term investments represent GIC deposits with a Canadian financial institution with maturities of more than 30 days when purchased. - 9 - KIPLIN METALS INC. Notes to the Consolidated Interim Financial Statements As at and for the six months ended June 30, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) 5) EXPLORATION AND EVALUATION ASSETS A summary of the Company’s exploration and evaluation assets is shown below: Lloyd Lake Project – Saskatchewan, Canada On November 8, 2023, the Company acquired all of the outstanding share capital of Lloyd Lake Uranium Corp. from an arm’s length party by issuing 750,000 common shares. No finders’ fees or commissions were payable by the Company in connection with this acquisition. As a result of this transaction, the Company holds a 100% interest in mineral claims known as the Lloyd Lake Uranium Project (“Lloyd Lake”), subject to a royalty interest retained by the Vendor. Lloyd Lake does not have any operations, nor does it have any assets or liabilities other than holding the Lloyd Lake Project. Therefore, the Company treated this transaction as an asset acquisition. The purchase price totaling $506,250 was valued based on the Company’s stock trading price at the date of issuance and was allocated according to the assets acquired. 6) RELATED PARTY TRANSACTIONS Related party transactions have been measured at the exchange amount of consideration agreed between the related parties. Related party transactions not disclosed elsewhere in these consolidated interim financial statements are listed below. Key management personnel comprise the Company’s Board of Directors and executive officers. No other remuneration was paid to key management personnel during th --- e six months ended June 30, 2025 and 2024 other than as indicated below: Lloyd Lake Acquisition Costs Balance, December 31, 2023 and 2024 506,250 $ Additions - Acquisition costs, June 30, 2025 506,250 Exploration Costs Balance, December 31, 2023 and 2024 - Additions 3,400 Exploration costs at June 30, 2025 3,400 Balance, June 30, 2025 509,650 $ 2025 2024 Management fees $ 7,800 $ 7,800 Geological consulting fees 6,000 6,000 Total $ 13,800 $ 13,800 - 10 - KIPLIN METALS INC. Notes to the Consolidated Interim Financial Statements As at and for the six months ended June 30, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) 7) CAPITAL MANAGEMENT The Company’s objectives for the management of capital are to safeguard the Company’s ability to continue as a going concern, including the preservation of capital, and to achieve reasonable returns on invested cash after satisfying the objective of preserving capital. The Company considers its cash to be its manageable capital. The Company’s policy is to maintain sufficient cash and deposit balances to cover operating and exploration costs over a reasonable future period. The Company accesses capital markets as necessary and may also acquire additional funds where advantageous circumstances arise. The Company currently has no externally imposed capital requirements. There was no change to the Company’s approach to capital management during the period. 8) SHARE CAPITAL Authorized Unlimited number of common shares, without par value. Issued At June 30, 2025, there were 13,422,949 (December 31, 2024 – 13,422,949) issued and outstanding common shares. For the year ended December 31, 2024: On June 7, 2024, the Company completed a share consolidation at a ratio of one new, post-consolidated share, for every six old, pre-consolidated shares. The number of shares and per share amounts for the current and comparative figures in these consolidated financial statements have been adjusted to reflect this share consolidation. Warrants Common share purchase warrant transactions during the six months ended June 30, 2025 and December 31, 2024 are as follows: Weighted Weighted average average Number of exercise Number of exercise Warrants price Warrants price Outstanding - beginning of period - - $ 208,333 1.38 $ Expired - - (208,333) 1.38 Outstanding - end of period - - $ - - $ June 30, 2025 December 31, 2024 Six months ended Year ended - 11 - KIPLIN METALS INC. Notes to the Consolidated Interim Financial Statements As at and for the six months ended June 30, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) 8) SHARE CAPITAL (continued) Share-based payments The Company has a stock option plan in place under which it is authorized to grant options to executive officers and directors, employees and consultants. The Company may reserve a maximum of 10% of the issued and outstanding listed common shares, the exercise price to be determined on the date of issuance of the options. Under the plan, the exercise price of each option cannot be less than the discounted market price as defined in Policy 1.1 of the Exchange policies. The options can be granted for a maximum term of five years and the vesting period of each option grant is at the discretion of the board of directors, subject to applicable Exchange policies. On June 29, 2023, the Company granted 5,150,000 incentive stock options to directors, officers and consultants of the Company. These options are exercisable at a price of $0.21 ($1.26 post sha --- re consolidation) until June 29, 2024 and vest immediately. The Company recorded share-based compensation of $377,155 in 2023 related to these stock options. The fair value of these options was determined to be $0.0732 per option at the grant date using the Black - Scholes option pricing model with the following assumptions: expected stock price volatility 86%; risk-free interest rate 4.61%; dividend yield 0%; expected life of options 1 year; stock price on date of grant $0.21; forfeiture rate 0%. The following table summarizes activity related to stock options for the six months ended June 30, 2025 and the year ended December 31, 2024: Share-based payments Reserve The share-based payment reserve records items recognized as stock-based compensation expense and other share-based payments until such time that the stock options or warrants are exercised, at which time the corresponding amount will be transferred to share capital. 9) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT As at June 30, 2025, the Company’s financial instruments consist of cash, short term investments, other receivable, and accounts payable. In management’s opinion, the Company’s carrying values of other receivable and accounts payable approximate their fair values due to the immediate or short-term maturity of these instruments. The Company classifies the fair value of these financial instruments according to the following hierarchy based on the amount of observable inputs used to value the instrument: Number of Options Weighted Average Exercise Price Number of Options Weighted Average Exercise Price Outstanding - beginning of period - - $ 166,667 1.26 $ Expired - - (166,667) (1.26) Outstanding - end of period - - $ - - $ June 30, 2025 December 31, 2024 Six months ended Year ended - 12 - KIPLIN METALS INC. Notes to the Consolidated Interim Financial Statements As at and for the six months ended June 30, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) 9) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) 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 volume to provide pricing information on an ongoing basis. Cash and short term investments are classified under Level 1. Level 2 – Fair value measurements are those derived from inputs other than quoted prices that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (derived from prices). The Company does not have any financial instruments classified under Level 2. Level 3 – Valuations in the level are those with inputs for the asset or liability that are not based on observable market data. The Company’s financial instruments are exposed to the following risks: Credit Risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Financial instruments which are potentially subject to credit risk for the Company consist primarily of cash and short-term investments, which are maintained with financial institutions of reputable credit. The carrying amount of financial assets represents the maximum credit exposure. The Company has gross credit exposure at June 30, 2025 relating to cash and short term investments of $778,559. The Company considers the credit risk to be minimal for all cash assets based on changes that are reasonably p --- ossible at the reporting date. Liquidity Risk Liquidity risk is the risk that the Company will not be able to pay financial instrument liabilities as they come due. The Company’s only liquidity risk from financial instruments is its need to meet accounts payable requirements. At present, the Company’s operations do not generate positive cash flows. The Company’s primary source of funding has been the issuance of equity securities through private placements. Despite previous success in acquiring these financings, there is no guarantee of obtaining future financing. Foreign Exchange Risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The Company is not exposed to foreign exchange risk. Interest Rate Risk Interest rate risk is the risk that an investment's value will change due to a change in the level of interest rates. The Company’s exposure to interest rate risk relates to its ability to maintain the current rate of interest on its cash equivalents. Management believes the interest rate risk to be minimal. Classification of Financial Instruments The classification of the Company’s financial instruments as at June 30, 2025 and December 31, 2024 is as follows: - 13 - KIPLIN METALS INC. Notes to the Consolidated Interim Financial Statements As at and for the six months ended June 30, 2025 and 2024 (Unaudited - Expressed in Canadian Dollars) 9) FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) During the six months ended June 30, 2025 and the year ended December 31, 2024, there were no transfers between level 1, level 2 and level 3 classified assets and liabilities. Fair value of Financial Instruments The fair values of other receivables (excluding taxes receivable) and accounts payable approximate their carrying values due to the short term to maturities of these financial instruments. Fair Value Level Fair value through profit or loss Amortized cost Fair value through profit or loss Amortized cost Financial assets: Cash 1 $ 15,641 - $ 197,728 - Short term investments 1 $ 762,918 - $ 782,918 - Other receivable $ 25,646 $ - $ 10,595 Financial liabilities: Accounts payable $ 4,394 $ 650 Accrued liabilities $ - $ 15,000 June 30, 2025 December 31, 2024