SEDAR Interim Financial Statements

NEVADA LITHIUM RESOURCES INC. Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2025 and 2024 (Expressed in Canadian dollars) Notice of Disclosure of Non-auditor Review of the Condensed Interim Consolidated Financial Statements for the six months ended October 31, 2025 and 2024. Pursuant to National Instrument 51-102 Continuous Disclosure Obligations, part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the interim financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements of Nevada Lithium Resources Inc. for the interim periods ended October 31, 2025 and 2024, have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, as issued by the International Accounting Standards Board, and are the responsibility of management. The independent auditors, MNP LLP, have not performed a review of these unaudited condensed interim consolidated financial statements. December 30, 2025 NEVADA LITHIUM RESOURCES INC. Condensed Interim Consolidated Statements of Financial Position (Expressed in Canadian dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 4 Note October 31, 2025 April 30, 2025 $ $ ASSETS Current Cash and cash equivalents 987,498 2,321,434 Sales tax receivable 19,381 180,944 Prepaid expenses 25,549 35,295 Total Current Assets 1,032,428 2,537,673 Reclamation bond 4 355,588 350,362 Exploration and evaluation assets 4 41,934,643 41,239,730 Total assets 43,322,659 44,127,765 LIABILITIES Current Accounts payable and accrued liabilities 192,733 542,360 Restoration liability 24,245 23,888 Total liabilities 216,978 566,248 SHAREHOLDERS’ EQUITY Share capital 6 45,372,779 45,288,779 Reserves 6 6,662,967 6,515,469 Accumulated other comprehensive income 131,345 7,529 Deficit (9,061,410) (8,250,260) Total shareholders’ equity 43,105,681 43,561,517 Total liabilities and shareholders’ equity 43,322,659 44,127,765 Nature of operations and going concern (Note 1) Approved and authorized for issue on behalf of the Board of Directors: /s/ “Scott Eldridge” /s/ “Jerry Wang” Director Director NEVADA LITHIUM RESOURCES INC. Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 5 Three months ended October 31, Six months ended October 31, 2025 2024 2025 2024 Note $ $ $ $ Operating expenses Filing fees 22,126 23,269 36,010 39,167 General and administrative 17,254 5,473 22,786 33,588 Conferences and events 28,884 90,536 40,686 137,835 Investor relations 50,527 47,322 72,252 104,544 Management and consulting fees 5 239,665 237,598 478,861 482,837 Professional fees 9,256 72,788 37,582 102,547 Share-based compensation 6 94,763 155,781 147,498 311,562 Total operating expenses 462,475 632,767 835,675 1,212,080 Interest income (11,881) (33,018) (24,445) (42,676) Foreign exchange (gain)/loss - (65) (80) (2) Net loss for the period 450,594 599,684 811,150 1,169,402 Foreign exchange translation adjustment (117,780) (113,247) (123,816) (93,173) Net loss and comprehensive loss for the period 332,814 486,437 687,334 1,076,229 Net loss per share: Basic --- and diluted (0.00) (0.00) (0.00) (0.01) Weighted average number of common shares: Basic and diluted 260,748,541 251,575,453 260,536,715 231,488,493 NEVADA LITHIUM RESOURCES INC. Condensed Interim Consolidated Statements of Cash Flows (Expressed in Canadian dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 6 Six months ended Six months ended October 31, 2025 October 31, 2024 $ $ Operating activities: Net loss and comprehensive loss for the period (811,150) (1,169,402) Items not affecting cash: Share-based compensation (Note 6) 147,498 311,562 Foreign exchange 80 (2) Changes in non-cash working capital items: Sales tax receivable 161,563 (36,876) Prepaid expenses 9,746 22,294 Reclamation bond (5,226) (12,959) Accounts payable and accrued liabilities (349,707) (312,147) Cash used in operating activities (847,196) (1,197,530) Investing activities: Exploration and evaluation assets (694,556) (2,101,947) Cash used in investing activities (694,556) (2,101,947) Financing activities: Proceeds from warrants exercised 84,000 - Proceeds from issuance of units - 6,000,001 Cash share issuance costs - (539,846) Cash provided by financing activities 84,000 5,460,155 Effects of exchange rate changes on cash 123,816 93,173 Net change in cash (1,333,936) 2,253,851 Cash, beginning of period 2,321,434 1,491,963 Cash, end of period 987,498 3,745,814 For the six months ended October 31, 2025 and 2024 the Company had no cash paid for income taxes. NEVADA LITHIUM RESOURCES INC. Condensed Interim Consolidated Statement of Changes in Shareholders’ Equity (Expressed in Canadian dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 7 Common shares Share capital Reserves Accumulated other comprehensive income Deficit Total shareholders’ equity Balance, April 30, 2024 211,401,534 $40,131,731 $5,698,097 $(9,697) $(5,983,411) $39,836,720 Private placements (Note 6) 48,000,007 6,000,001 - - - 6,000,001 Share issuance costs (Note 6) - (973,184) 433,338 - - (539,846) Share-based compensation (Note 6) - - 311,562 - - 1,697,406 RSUs reclassified as liability - - (38,000) - - (38,000) Foreign exchange translation adjustment - - - 93,173 - 93,173 Net loss for the period - - - - (1,169,402) (1,169,402) Balance, October 31, 2024 259,539,041 45,186,048 6,404,997 83,476 (7,152,813) 44,521,708 Balance, April 30, 2025 260,076,541 45,288,779 6,515,469 7,529 (8,250,260) $ 43,561,517 Share-based compensation (Note 6) - - 147,498 - - 147,498 Shares issued - Warrants exercised (Note 6) 672,000 84,000 - - - 84,000 Foreign exchange translation adjustment - - - 123,816 - 123,816 Net loss for the period - - - - (811,150) (811,150) Balance, October 31, 2025 260,748,541 $ 45,372,779 $6,662,967 $131,345 $(9,061,410) $43,105,681 NEVADA LITHIUM RESOURCES INC. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2025 and 2024 (Expressed in Canadian dollars, except where noted) 8 1. NATURE OF OPERATIONS AND GOING CONCERN Nevada Lithium Resources Inc. (the “Company” or “Nevada Lithium”) is in the business of the exploration and evaluation of mineral properties. The Company was incorporated under the Business Corporations Act of British Columbia on December 17, 2020. The registered address of the Company's office and principal place of business is 1500-1055 West Georgia Street, P.O Box 11117, Vancouver, British Columbia, Canada --- , V6E 4N7. The Company’s common shares are listed on the TSX Venture Exchange (“TSXV”) in Canada under the ticker symbol “NVLH” and on the OTCQB Market under the symbol “NVLHF” and on the Frankfurt Stock Exchange under the symbol “87K”. The Company acquired an initial 50% interest in the Bonnie Claire Project based on Option Agreement between the Company and Iconic Minerals Ltd. dated November 30th, 2020, as amended on December 14th and 30th, 2020 and May 3rd, 2021. The Company acquired the remaining 50% interest through a Plan of Arrangement under the Business Corporations Act (British Columbia) (the “BCBCA“) (the “Arrangement”) dated March 24, 2023 between the Company and Iconic Minerals Ltd. completing 100% ownership of the Bonnie Claire Project on July 7, 2023. There has been no determination whether properties held contain mineral resources or mineral reserves that are economically recoverable. The recoverability of valuations assigned to mineral properties is dependent upon the discovery of economically recoverable mineral resources and mineral reserves, confirmation of the Company’s interest in the properties, the ability to obtain the necessary financing to complete development, and future profitable production or proceeds from disposition. These Condensed Interim Consolidated Financial Statements for the six months ended October 31, 2025 and 2024 (the “Financial Statements”) have been prepared on a going concern basis, which assumes the Company will continue in operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. At October 31, 2025, the Company had working capital of $ 815,450 (April 30, 2025 - $1,971,425) and an accumulated deficit of $ 9,061,410 (April 30, 2025 - $8,250,260). The Company has no sources of operating cash flows, and there is no assurance that sufficient funding (including adequate financing) will be available to conduct the required exploration and development of its mineral property projects. These factors present a material uncertainty that casts significant doubt over the Company’s ability to continue as a going concern. The application of the going concern concept is dependent upon the Company’s ability to generate future profitable operations and receive continued financial support from its creditors and shareholders. These Financial Statements do not give effect to any adjustments that might be required should the Company be unable to continue as a going concern. 2. BASIS OF PREPARATION a) Statement of compliance These financial statements were approved by the Board of Directors and authorized for issue on December 30, 2025. These financial statements, including comparatives, have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board and interpretations of the International Financial Reporting Interpretations Committee applicable to the preparation of interim financial statements including International Accounting Standard 34 Interim Financial Reporting. These financial statements do not include all disclosures required for annual audited financial statements. Accordingly, they should be read in conjunction with the notes to the Company’s audited financial statements for the years ended April 30, 2025 and 2024 (the “Annual Financial Statements”). b) Basis of presentation These financial statements have been prepared on a historical cost bas --- is. In addition, these financial statements have been prepared using the accrual basis of accounting except for cash flow information. c) Functional and presentation currency These financial statements have been prepared in Canadian dollars (“CAD”), which is the Company's presentation currency. As of October 31, 2025 and 2024 the functional currency was determined to be CAD for Nevada Lithium Resources Inc. and subsidiaries, with the exception of Bonnie Claire Lithium Resources Corp. where the functional currency was determined to be United States dollars (“USD”) which is the primary economic environment in which the subsidiary operates. NEVADA LITHIUM RESOURCES INC. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2025 and 2024 (Expressed in Canadian dollars, except where noted) 9 2. BASIS OF PREPARATION (continued) For the purpose of presenting the consolidated financial statements, the assets and liabilities are presented in CAD using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rate for the period, unless the exchange rate fluctuated significantly during the period, in which case the exchange rates at the date of the transactions are used. Exchange differences arising are recognized as a separate component of equity and as a cumulative translation adjustment in other comprehensive income in the consolidated statements of loss and comprehensive loss. d) Basis of consolidation These financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances are eliminated on consolidation. Control exists where the parent entity has power over the investee and is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are included in the financial statements from the date control commences until the date control ceases. A summary of the Company’s subsidiaries included in these financial statements as at October 31, 2025 are as follows: Name of subsidiary Country of incorporation Percentage ownership Principal activity 1426354 B.C. Ltd (1) Canada 100% Holding company Bonnie Claire Holdings Corp.(2) Canada 100% Holding company Bonnie Claire Lithium Ressources Corp. USA 100% Exploration company Nevada Lithium Corp. USA 100% Holding company (1) Entity the result of amalgamation of 1406923 B.C. Ltd. (“Nevada Lithium SubCo“) and 1396483 B.C. Ltd. (“Nevada Lithium FinCo“) (2) Entity the result of amalgamation of 1406917 B.C. Ltd (“Nevada Lithium MergeCo”) and 1259318 B.C. Ltd. (“Iconic MergeCo”) 3. MATERIAL ACCOUNTING POLICIES The financial framework and accounting policies applied in the preparation of these unaudited condensed interim consolidated financial statements are consistent with those as disclosed in its most recently completed audited consolidated financial statements for the fiscal year ended April 30, 2025. 4. EXPLORATION AND EVALUATION ASSETS Bonnie Claire Project Acquisition Costs $ Balance, October 31, 2025, April 30, 2025 & 2024 33,273,554 Exploration Expenditures $ Balance, April 30, 2024 5,232,174 Exploration 2,488,123 Claims maintenance 267,498 Effect of movement in exchange rates (21,619) Total Exploration, April 30, 2025 7,966,176 Exploration 418,602 Claims maintenance 271,675 Effect of movement in exchange rates 4,634 Total --- Exploration, October 31, 2025 8,661,089 Total Acquisition and Exploration, October 31, 2025 41,934,643 NEVADA LITHIUM RESOURCES INC. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2025 and 2024 (Expressed in Canadian dollars, except where noted) 10 4. EXPLORATION AND EVALUATION ASSETS (continued) Reclamation bond In connection with the Project, a surety reclamation bond of $355,588 (US $253,665) (April 30, 2025 – US $253,665) is held by the U.S. Department of the Interior, Bureau of Land Management, Nevada State Office (NSO) and is treated as a restricted cash asset. Net Smelter Return The Property is subject to a 2.0% net smelter return upon commencement of commercial production. There is currently no right to buy back any portion of the net smelter return. 5. RELATED PARTY TRANSACTIONS The Company’s related parties include subsidiaries, affiliated entities and key management personnel and their close family members. Transactions with and amounts due to or from related parties are unsecured and non-interest bearing and measured at the amount of consideration established and agreed to by the related parties. Key management personnel include the Board of Directors, CEO, COO and CFO. As at October 31, 2025, accounts payable and accrued liabilities included $18,000 (April 30, 2025 - $ 21,000) due to related parties. A summary of the Company’s related party transactions for the six months October 31, 2025 and 2024 is as follows: October 31, 2025 October31, 2024 $ $ Management and consulting fees 369,354 378,283 Share-based compensation 45,734 136,026 415,088 267,077 6. SHARE CAPITAL AND RESERVES a) Authorized share capital The Company is authorized to issue an unlimited number of common shares. On August 15, 2024 the Company completed a non-brokered private placement for gross proceeds of $6,000,001 for a total of 48,000,007 units at a price of $0.125 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each warrant entitling the holder to purchase one common share at a price of $0.175 per share for a period of three years. The Company paid certain financing, legal and other expenses of $544,615 and issued 3,840,000 warrants valued at $433,338 to finders. Each warrant is exercisable to acquire one unit with the same features as the private placement. During the year ended April 30, 2025 the Company issued an aggregate of 675,000 common shares pursuant to a warrant exercises, resulting in proceeds to the Company of $135,000. On June 27, 2025 Company issued an aggregate of 672,000 common shares pursuant to a warrant exercises, resulting in proceeds to the Company of $84,000. NEVADA LITHIUM RESOURCES INC. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2025 and 2024 (Expressed in Canadian dollars, except where noted) 11 6. SHARE CAPITAL AND RESERVES (continued) b) Reserves Warrants On July 2, 2025, the Company received TSX V approval to extend the expiry date of 19,488,992 warrants originally issued on February 24, 2023 from July 7, 2025 to July 7, 2027. The exercise price of $0.20 remains unchanged. On July 7, 2025 1,983,859 warrants issued on July 7, 2023 with an exercise price of $0.125 expired unexercised. On July 7, 2025 4,000,000 warrants issues on July 7, 2023 with the exercise price of $0.20 expired unexercised. On August 15, 2024 in connection with the non-brokered private --- placement the Company issued a total of 48,000,007 common share purchase warrants, each warrant entitling the holder to purchase one common share at a price of $0.175 per share for a period of three years. The Company also issued 3,840,001 warrants (units) to finders, each warrant is exercisable to acquire one unit at and an exercise price of $0.125 per unit. Each unit consists of one common share of the Company and one common share purchase warrant, with each warrant entitling the holder to purchase one common share at a price of $0.175 per share for a period of three years. A summary of the Company’s warrant activity is as follows: Number of warrants Weighted average exercise price Balance, April 30, 2024 77,516,795 0.226 Warrants from private placement(1) 48,000,007 0.175 Finder warrants(2) 3,840,001 0.125 Warrants exercised (675,000) 0.20 Balance, April 30, 2025 128,681,803 0.204 Finder warrants exercised (672,000) 0.125 Finder warrants expired (1,983,859) 0.125 Warrants expired (4,000,000) 0.020 Balance, October 31, 2025 122,025,944 0.202 (1) Based on the residual value method, $0 was allocated to reserves. (2) The fair value of warrants are estimated on the date of measurement using the Black Scholes method with the assumptions outlined in the table below. The fair value of the warrants were estimated on the date of measurement. The Black Scholes assumptions are as follows at the measurement date: (1) Expected Volatility is based on the average historical volatility from a sample of exploration companies listed on a Canadian stock exchange. A summary of the Company’s warrants outstanding as at October 31, 2025 is as follows: Date of expiry Warrants outstanding Weighted average exercise price Weighted average remaining life # $ Years November 30, 2026 6,128,945 0.250 1.08 July 7, 2027 19,488,992 0.200 1.68 July 7, 2026 41,333,333 0.250 0.68 July 7, 2026 3,234,666 0.150 0.68 August 15, 2027 48,000,007 0.175 1.79 August 15, 2027 3,840,001 0.125 1.79 122,025,944 0.202 1.33 Issue Number of Warrants Exercise price ($) Market price ($) Expected Volatility (%) (1) Risk-free interest rate (%) Expected life (years) Dividend yield (%) Fair value of warrants Finder warrants 3,840,001 0.125 0.140 142.94% 3.21% 3 - $ 433,338 NEVADA LITHIUM RESOURCES INC. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2025 and 2024 (Expressed in Canadian dollars, except where noted) 12 6. SHARE CAPITAL AND RESERVES (continued) Options On November 6, 2023 the Company granted 6,600,000 incentive stock options to certain directors, officers, employees, and consultants of the Company in accordance with the Company’s stock option plan (the “Option Plan“). Each option grants the holder the right to purchase one common share of the Company at a purchase price of $0.20 per common share for a period of five years from the date of issue unless terminated pursuant to the terms of the Option Plan. Accordingly, the options expire November 6, 2028. The options vest according to the following vesting schedule: 33% vest immediately upon issue; 33% vest upon the date that is one year from the date of issue and the remaining 34% vest upon the date that is two years from the date of issue. On March 15, 2024 the Company granted 250,000 incentive stock options (the “Options”) to a director of the Company in accordance with the Company’s stock option plan (the “Option Plan“). Each Option grants the holder the right to purchase o --- ne common share of the Company (each a “Common Share”) at a purchase price of $0.20 per Common Share until expiry on November 6, 2028 unless terminated pursuant to the terms of the Option Plan. The Options and any Common Shares issued upon exercise thereof are subject to a hold period of four months and one day from the date of grant. The Options vest according to the following vesting schedule: 33% vest immediately upon issue; 33% vest November 6, 2024 and the remaining 34% vest November 6, 2028. The fair value of the options were estimated on the date of measurement. The Black Scholes assumptions are as follows at the measurement date: (1) Expected Volatility is based on the average historical volatility from a sample of exploration companies listed on a Canadian stock exchange. On January 25, 2025 60,000 options with exercise price of $0.45 per common share expired unexercised. Share-based compensation in the amount of $105,471 (October 31, 2024 - $311,562) was recognized in the Condensed Interim Consolidated Statement of Loss and Comprehensive for Options for the six months ended October 31, 2025. A summary of the Company’s stock option activity is as follows: Options outstanding and exercisable Weighted average exercise price # $ Balance, April 30, 2024 14,710,000 0.20 Expired January 25, 2025 (60,000) 0.45 Balance, October 31, 2025 & April 30, 2025 14,650,000 0.20 Issue Number of Options Exercise price ($) Market price ($) Expected Volatility (%)(1) Risk-free interest rate (%) Expected life (years) Dividend yield (%) Fair value of options November 6, 2023 6,600,000 0.200 0.215 120.07% 3.840% 5 - $ 1,196,580 March 15, 2024 250,000 0.200 0.150 118.28% 3.62% 4.6 - $29,450 NEVADA LITHIUM RESOURCES INC. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2025 and 2024 (Expressed in Canadian dollars, except where noted) 13 6. SHARE CAPITAL AND RESERVES (continued) A summary of the Company’s options outstanding as at October 31, 2025 is as follows: Restricted share units On September 9, 2025, pursuant to an advisory agreement, and effective September 2, 2025, Nevada Lithium has issued 2,000,000 restricted stock units (the “RSUs”) to a consultant pursuant to its Omnibus Equity Incentive Plan. Each RSU may be settled for one common share of the Company. Date of Grant RSUs FMV Vesting Schedule Vesting Date September 2, 2025 2,000,000 $ 260,000.00 100% September 2, 2026 Share-based compensation in the amount of $42,027 (July 31, 2024 - $nil) was recognized in the Condensed Interim Consolidated Statement of Loss and Comprehensive for RSUs in the six months ended October 31, 2025. 7. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The Company provides disclosures that enable users to evaluate (a) the significance of financial instruments for the entity’s financial position and performance; and (b) the nature and extent of risks arising from financial instruments to which the entity is exposed during the period and at the date of the consolidated statement of financial position, and how the entity manages these risks. The Company’s financial instruments consist of cash and cash equivalents, restricted cash, restricted funds held in trust, accounts payables and accrued liabilities, subscription receipts and notes payable. The carrying values of these financial instruments approximate their respective fair values due to the short-term nature of these instruments. As at October 31, 2025, the Company had --- no financial instrument measured at fair value. The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below: a) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty fails to meet an obligation under contract. The Company’s cash and cash equivalents is exposed to credit risk. The Company reduces the credit risk on cash and cash equivalents by placing this instrument with financial institutions of high credit worthiness. b) Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with accounts payable and accrued liabilities. As the Company’s operations do not generate cash, financial liabilities are discharged using funding through the issuance of common shares or debt as required. As at October 31, 2025, the Company has current liabilities totaling $216,978 (April 30, 2025 - $566,248), cash and cash equivalents of $987,498 (April 30, 2025 - $2,321,434). c) Market risk Market risk is risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises currency risk, and interest rate risk. Date of expiry Outstanding Exercisable Subject to vesting Weighted average exercise price Weighted average remaining life # # # $ Years September 29, 2026 7,800,000 7,800,000 - 0.20 0.91 November 6, 2028 6,850,000 4,521,000 2,329,000 0.20 3.02 14,650,000 12,321,000 2,329,000 0.20 2.15 NEVADA LITHIUM RESOURCES INC. Notes to the Condensed Interim Consolidated Financial Statements For the six months ended October 31, 2025 and 2024 (Expressed in Canadian dollars, except where noted) 14 7. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to significant interest rate risk as its notes payable and GICs have a fixed rate of interest. Currency risk Currency is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to foreign currency risk from accounts payable and accrued liabilities denominated in USD. Assuming all other variables constant, for the three months ended October 31, 2025, a change of 10% of the USD against the Canadian dollar would not have significant impact (2025 - $210) on the condensed interim statements of loss and comprehensive loss. d) Commodity price risk The ability of the Company to raise funds to explore and develop its exploration and evaluation assets and the future profitability of the Company are directly related to the price of lithium. As the Company is in the exploration stage, it is not directly exposed to commodity risk. However, the Company continues to monitor lithium prices to determine the appropriate course of action to be taken. 8. CAPITAL MANAGEMENT The Company’s capital consists of all components of shareholder’s equity. The Company’s objective when managing capital is to maintain adequate levels of funding to support the current operations including corporate and administrative functions to support operations. The Company obtains funding through issuance of equity and debt. Future financings are dependent on market conditions and there can be no assurance the Company will be able to rai --- se funds in the future. There were no changes to the Company’s approach to capital management during the six months ended October 31, 2025. The Company is not subject to any external covenants.