SEDAR Interim Financial Statements

Condensed Interim Financial Statements (Unaudited) For the nine months ended September 30, 2025 Presented in Canadian dollars Table of Contents Condensed Interim Statements of Financial Position 2 Condensed Interim Statements of Loss and Comprehensive Loss 3 Condensed Interim Statements of Changes in Equity 4 Condensed Interim Statements of Cash Flows 5 Notes to Condensed Interim Financial Statements 6 - 11 The accompanying condensed interim financial statements of the Corporation have been prepared by and are the responsibility of the Corporation’s management and have not been reviewed by the Corporation’s independent auditor. NeoTerrex Minerals Inc. Condensed Interim Statements of Financial Position (Unaudited - in Canadian dollars) - 2 - Note As at September 30, 2025 As at December 31, 2024 (audited) $ $ Assets Current assets Cash and cash equivalents 3 2,095,151 3,250,957 Sales tax receivable 64,545 103,544 Tax credits and mining rights receivable 1,009,786 876,173 Prepaid expenses 21,458 15,304 Total assets 3,190,940 4,245,978 Liabilities Current liabilities Trade payables and other liabilities 148,534 262,482 Total liabilities 148,534 262,482 Equity Share capital 8,740,148 8,740,148 Warrants 4 384,150 395,400 Contributed surplus 827,172 815,922 Deficit (6,909,064) (5,967,974) Total equity 3,042,406 3,983,496 Total liabilities and equity 3,190,940 4,245,978 The accompanying notes are an integral part of these unaudited condensed interim financial statements. NeoTerrex Minerals Inc. Condensed Interim Statements of Loss and Comprehensive Loss (Unaudited - In Canadian dollars, except for number of shares) - 3 - Three months ended September 30, Nine months ended September 30, Note 2025 2024 2025 2024 $ $ $ $ Expenses Exploration and evaluation expenditures, net of tax credits and mining rights 5 126,291 285,976 461,568 1,189,770 Salaries 6 37,874 37,059 119,460 118,024 Share-based payments 6 - - - 760,000 Professional and consulting fees 6 29,528 41,024 171,885 246,126 Regulatory and transfer agent fees 3,335 4,745 43,291 108,104 Conference and promotion 107,690 2,978 176,419 158,326 Insurance 7,986 10,005 28,108 30,296 Tax on flow-through shares under part XII.6 and III.14 764 4,430 764 24,440 Other 1,171 2,670 10,613 15,411 Total expenses 314,639 388,887 1,012,108 2,650,497 Other items Flow-through shares premium - 79,169 - 320,464 Finance income 17,987 49,358 71,018 179,644 Total other items 17,987 128,527 71,018 500,108 Net loss and comprehensive loss (296,652) (260,360) (941,090) (2,150,389) Loss per share – Basic and diluted (0.004) (0.003) (0.012) (0.027) Weighted average number of shares outstanding – Basic and diluted 80,851,568 80,851,568 80,851,568 80,851,568 The accompanying notes are an integral part of these unaudited condensed interim financial statements. NeoTerrex Minerals Inc. Condensed Interim Statements of Changes in Equity (Unaudited - In Canadian dollars) - 4 - Note Number of Common Shares Outstanding Share Capital Warrants Contributed Surplus Deficit Total Equity $ $ $ $ $ Balance – December 31, 2024 80,851,568 8,740,148 395,400 815,922 (5,967,974) 3,983,496 Initial fair value of warrants expired 4 - - (11,250) 11,250 - - Net loss and comprehensive loss - - - - (941,090) (941,090) Balance – September 30, 2025 80,851,568 8,740,148 384,150 827,172 (6,909,064) 3,042,406 Note Number of Common Shares Outstanding Share Capital Warrants Contributed Surplus Deficit Total Equity $ $ $ $ $ Balance – December 31, 2023 80,85 --- 1,568 8,740,148 395,400 55,922 (3,341,713) 5,849,757 Share-based payments 5 - - - 760,000 - 760,000 Net loss and comprehensive loss - - - - (2,150,389) (2,150,389) Balance – September 30, 2024 80,851,568 8,740,148 395,400 815,922 (5,492,102) 4,459,368 The accompanying notes are an integral part of these unaudited condensed interim financial statements. NeoTerrex Minerals Inc. Condensed Interim Statements of Cash Flows (Unaudited - In Canadian dollars) - 5 - Nine months ended September 30, Note 2025 2024 $ $ Operating activities Net loss (941,090) (2,150,389) Adjustment for: Flow-through shares premium - (320,464) Share-based payments - 760,000 Changes in working capital items 7 (214,716) (541,539) Net cash from operating activities (1,155,806) (2,252,392) Change in cash and cash equivalents (1,155,806) (2,252,392) Cash and cash equivalents, beginning of period 3,250,957 6,274,252 Cash and cash equivalents, end of period 2,095,151 4,021,860 The accompanying notes are an integral part of these unaudited condensed interim financial statements. NeoTerrex Minerals Inc. Notes to Condensed Interim Financial Statements Nine months ended September 30, 2025 (Unaudited - In Canadian dollars) - 6 - 1. NATURE OF OPERATIONS AND NATURE OF ACTIVITIES NeoTerrex Minerals Inc. (the “Corporation” or “NeoTerrex”) continued under the Canada Business Corporations Act on December 21, 2023. The Corporation’s common shares are listed on the TSX Venture Exchange (the “Exchange”) under the symbol NTX. The address of its head office is 5390 West River Drive, Ottawa, Ontario, K4M 1G4. The Corporation is engaged in the evaluation, acquisition and exploration of mineral properties for critical elements with its activities focused in prospective areas in Canada. The Corporation plans to ultimately develop the properties, bring them into production, option or lease the properties to third parties, or sell the properties outright. The Corporation has not determined whether these properties contain mineral reserves that are economically recoverable, and the Corporation is considered to be in the exploration stage. The Corporation will periodically have to raise additional funds to continue operations, and while it has been successful in doing since its inception, there can be no assurance it will be able to do so in the future. Although the Corporation has taken steps to verify title to mineral properties in which it has an interest, in accordance with industry standards for the current stage of exploration of such properties, these procedures do not guarantee the Corporation’s title. Property title may be subject to government licensing requirements or regulations, unregistered prior agreements, unregistered claims, aboriginal claims, and non-compliance with regulatory, environmental and social requirements. 2. GENERAL INFORMATION, STATEMENT OF COMPLIANCE AND BASIS OF PRESENTATION 2.1 Statement of compliance with IFRS Accounting Standards and basis of presentation The accompanying financial statements (the “Financial Statements”) have been prepared in accordance with International Financial Reporting Standards (”IFRS Accounting Standards”) as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of interim financial statements, including International Accounting Standard (“IAS”) 34, Interim Financial Reporting. Accordingly, the Financial Statements do not include all the disclosures required by IFRS Accounting Standards for annual --- financial statements. The Financial Statements should be read in conjunction with the Corporation’s audited annual financial statements and note thereto for the year ended December 31, 2024. The Financial Statements were approved and authorised for issue by the Board of Directors on November 21, 2025. The Financial Statements have been prepared on an accrual basis and under the historical cost convention. The accounting policies, methods of computation and presentation applied in the Financial Statements are consistent with those of the Corporation’s previous financial year ended December 31, 2024. 2.2 Significant accounting judgments, estimates and assumptions The preparation of financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the reported amounts of the assets, liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements and the 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. In preparing the Financial Statements, the significant judgements made by management in applying the Corporation’s accounting policies and the key sources of estimation uncertainty were the same as those that applied to the Corporation’s audited annual financial statements for the year ended December 31, 2024. NeoTerrex Minerals Inc. Notes to Condensed Interim Financial Statements Nine months ended September 30, 2025 (Unaudited - In Canadian dollars) - 7 - 3. CASH AND CASH EQUIVALENTS As at September 30, 2025, cash and cash equivalents consist of cash ($178,506) and guaranteed investment certificates (“GIC”) ($1,916,645) bearing interest at 3.4% per annum, redeemable at any time and maturing on December 3, 2025. As at December 31, 2024, cash and cash equivalents consist of cash ($332,102) and GIC ($2,918,855) bearing interest between 3.4% and 4.2% per annum, redeemable at any time and maturing between August 15, 2025 and December 3, 2025. 4. EQUITY a) Share capital Authorized The authorized capital of the Corporation consists of an unlimited number of common shares having no par value. b) Warrants Compensation warrants outstanding as at September 30, 2025 are as follows: Number of Warrants Carrying Value Exercise price Expiry date $ $ 512,850 51,285 0.25 December 21, 2025 339,275 30,535 0.30 December 21, 2025 4,319,000 302,330 0.40 December 21, 2025 5,171,125 384,150 For the nine-month period ended September 30, 2025 For the year ended December 30, 2024 Number of Warrants Weighted average exercise price Number of Warrants Weighted average exercise price $ $ Outstanding, beginning 5,296,125 0.37 5,296,125 0.37 Expired (125,000) 0.20 - - Balance, end 5,171,125 0.38 5,296,125 0.37 c) Escrowed shares 29,008,000 common shares and 2,867,000 warrants of the Corporation held by principals of the Corporation are subject to a surplus security escrow agreement, (the “Surplus Escrowed Shares”) in accordance with the Exchange policies, whereby a 36-month escrow period applies, with 5% to be released upon issuance of the final Qualifying Transaction Exchange Bulletin (“the Bulletin”) (issued on January 5, 2024), 5% been releasable on the date that is --- 6 months from the date of the Bulleting, 10% being releasable on the dates that are 12 months and 18 months from the date of the Bulletin, 15% being releasable on the dates that are 24 months and 30 months from the date of the Bulletin and 40% being releasable on the date that is 36 months from the date of the Bulletin. As at September 30, 2025, 20,305,600 common shares and 2,006,900 warrants are subject to this escrow. NeoTerrex Minerals Inc. Notes to Condensed Interim Financial Statements Nine months ended September 30, 2025 (Unaudited - In Canadian dollars) - 8 - 4. EQUITY (CONT’D) In addition to the Surplus Escrowed Shares and the CPC Escrowed Shares certain non-principals are subject to Value Security Escrow in accordance with the Exchange policies for an aggregate of 2,900,000 of the Corporation with 10% to be released on the date of the Bulleting, and a further 15% being releasable every six months thereafter. As at September 30, 2025, 1,305,000 common shares are subject to this escrow. 5. EXPLORATION AND EVALUATION EXPENDITURES Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 $ $ $ $ Mineral acquisition and maintenance costs 2,061 13,489 35,047 75,791 Exploration and evaluation expenses, net of tax credits and mining rights 124,230 272,487 426,521 1,113,979 126,291 285,976 461,568 1,189,770 Three months ended September 30, Nine months ended September 30, Mineral acquisition and maintenance costs Interest 2025 2024 2025 2024 $ $ $ $ Quebec Mount Discovery 100% - - - 1,657 Valour 50% Block A and 85% Block B 1,109 5,000 1,664 5,000 Galactic 100% - 635 8,249 42,054 Gravitas 100% - 5,936 Revolver 100% - 5,159 - 5,159 Monument 100% 80 2,695 159 2,695 Strange Lake West 100% - - 9,608 14,966 Decelles 100% - - 5,151 - Lindsay 100% - - 714 - Beauchene 100% - - - - Roman 100% - - - - Riel 100% - - 2,694 - Other 100% 872 - 872 4,260 2,061 13,489 35,047 75,791 NeoTerrex Minerals Inc. Notes to Condensed Interim Financial Statements Nine months ended September 30, 2025 (Unaudited - In Canadian dollars) - 9 - 5. EXPLORATION AND EVALUATION EXPENDITURES (CONT’D) Exploration and evaluation expenses, net of tax credits and mining rights Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 $ $ $ $ Quebec Mount Discovery 11,455 121,116 28,492 736,041 Valour 40,561 22,604 64,778 22,604 Galactic 8,617 33,422 305,147 448,532 Gravitas 64,481 - 245,575 - Revolver 64,029 159,660 72,985 161,060 Monument 16,494 70,217 18,314 70,217 Strange Lake West 2,276 - 19,539 5,460 Decelles - 140 1,400 560 Lindsay - - 280 4,060 Beauchene - - 280 560 Roman - - 474 8,996 Riel - - 280 - Other 12,004 - 12,004 1,540 Sub-total 219,917 407,159 769,548 1,459,630 Less: tax credits and mining rights (95,687) (134,672) (343,027) (345,651) 124,230 272,487 426,521 1,113,979 Mount Discovery The Corporation owns the Mount Discovery property, and some claims are subject to a 2.5% net smelter royalty (“NSR”). The Corporation has a right to purchase one-half (1.25%) of the NSR for $1,000,000. 1% of the NSR is held by the President, Chief Executive Officer (“CEO”) and a director of the Corporation and 0.5% of the NSR is held by a company which is a shareholder of the Corporation, and a director of the Corporation is an officer of this company. Valour On September 13, 2024, amended on October 16, 2024, the Corporation entered into an option agreement, pursuant to which the Corporation has been granted the right to acquire --- 50% of the title and interest in and to 34 mineral claims. 19 claims (“Block A”) are owned by a non-related party and 15 claims (“Block B”) are owned by the President, CEO and a director of the Corporation. Pursuant to the terms of this agreement, to earn a 50% undivided interest in this property, the Corporation must, for the Block A, pay a total of $5,000 to the vendor (paid as at December 31, 2024) and incur $300,000 in work expenditures by December 31, 2025, and for the Block B, incur $200,000 in work expenditures by December 31, 2025. Once the Corporation earns its initial interest of 50%, each party would contribute to the expenses pro-rate to their participating interest subject to subsequent adjustments in ownership made in accordance with the proportionate funding and dilution terms of the agreement. Dilution below 10% interest results in conversion of the interest to a 2% NSR with the right to purchase one-half (1%) of the NSR for $1,000,000. The Corporation shall continue as the operator if it has at least a 50% interest in the joint operation. The Corporation earned its initial 50% interest in Block A as of December 31, 2024. The Corporation earned its initial 50% interest and an additional 35% interest in Block B in accordance with the dilution terms of the agreement for a total interest of 85% as of December 31, 2024. NeoTerrex Minerals Inc. Notes to Condensed Interim Financial Statements Nine months ended September 30, 2025 (Unaudited - In Canadian dollars) - 10 - 5. EXPLORATION AND EVALUATION EXPENDITURES (CONT’D) Galactic On February 16, 2024, amended on June 13, 2024, the Corporation entered into an agreement to acquire 22 claims in exchange for a cash payment of $26,250 and granted a 2% NSR with the right to purchase one-half (1%) of such NSR for $1,000,000. Roman The property is subject to a 2.0% NSR held by the President, CEO and a director of the Corporation. The Corporation has a right to purchase one-half (1%) of the NSR for $500,000. 6. EMPLOYEE REMUNERATION a) Salaries Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 $ $ $ $ Salaries 60,000 60,000 172,304 161,250 Benefits 2,697 1,886 13,114 10,566 62,697 61,886 185,418 171,816 Less: salaries and benefits presented in exploration and evaluation expenditures 24,823 24,827 65,958 53,792 Salaries 37,874 37,059 119,460 118,024 b) Share-based payments Options outstanding as at September 30, 2025 and December 31, 2024 are as follows: Number of Options Carrying Value Exercise price Expiry date $ $ 4,000,000 760,000 0.25 January 29, 2029 c) Compensation to key management The Corporation’s key management personnel includes the President & CEO, the Chief Financial Officer & Corporate Secretary as well as members of the board of directors. Key management remuneration is as follows: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Short-term benefits $ $ $ $ Salaries including benefits 37,874 37,059 119,460 118,024 Professional and consulting fees 16,087 23,080 88,952 130,997 Long-term compensation Share-based compensation - - - 760,000 Total compensation 53,961 60,139 208,412 1,009,021 NeoTerrex Minerals Inc. Notes to Condensed Interim Financial Statements Nine months ended September 30, 2025 (Unaudited - In Canadian dollars) - 11 - 6. EMPLOYEE REMUNERATION (CONT’D) The Corporation has an employment agreement with the President and CEO and a consulting agreement with a wholly-owned company of the Vice --- -President and Corporate Secretary, which, among other things, provided that in the event of termination without cause or a change of control, a compensation will be paid for an aggregate amount of $475,000. d) Related party transactions in the normal course of operations In addition to the amounts listed above in the compensation to key management and elsewhere in the Financial Statements, the following are the related party transactions: The Vice-President & Corporate Secretary provided the Corporation with management consulting services through his wholly owned company. During the nine months ended September 30, 2025, this officer indirectly charged professional fees of $61,038 ($79,830 during the nine months ended September 30, 2024) debited to professional and consulting fees. In addition, his company charged $31,750 ($36,800 during the nine months ended September 30, 2024) for the support staff in respect of bookkeeping and administrative support. As at September 30, 2025, there was an outstanding payable of $7,280 ($8,724 as at December 31, 2024) to his company. A law firm in which a director of the Corporation is a partner provided the Corporation with legal services. During the nine months ended September 30, 2025, the firm invoiced fees of $27,914 ($51,167 during the nine months ended September 30, 2024) debited to professional and consulting fees. The amount billed is based on normal market rates. As at September 30, 2025, there was a payable of $2,935 ($9,541 as at December 31, 2024) owing to his firm. 7. SUPPLEMENTAL CASH FLOW INFORMATION Nine months ended September 30, 2025 2024 Changes in non-cash operating working capital: $ $ Sales tax receivable 38,999 15,513 Tax credits and mining rights receivable (133,613) (345,651) Prepaid expenses (6,154) 11,917 Trade payables and other liabilities (113,948) (223,318) (214,716) (541,539)