SEDAR Interim Financial Statements

ICONIC MINERALS LTD. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTHS ENDED FEBRUARY 28, 2026 Expressed in Canadian Dollars (Unaudited – prepared by management) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim 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 consolidated interim 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 Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity's auditor. VANCOUVER, BC April 24, 2026 Iconic Minerals Ltd. Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian dollars - unaudited) As at February 28, 2026 -$- August 31, 2025 -$- ASSETS Current assets Cash 2,505,646 182,135 Prepaid expenses and deposits 75,699 14,437 Receivables (Note 3) 29,121 18,483 Investments (Note 4) 143,680 134,730 2,754,146 349,785 Non-current assets Exploration and evaluation assets (Note 5) 1,437,239 1,435,247 TOTAL ASSETS 4,191,385 1,785,032 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable and accrued liabilities (Note 6 and 8) 656,182 1,395,319 656,182 1,395,319 Rehabilitation obligation (Note 5) 27,314 27,485 TOTAL LIABILITIES 683,496 1,422,804 SHAREHOLDERS’ EQUITY Share capital (Note 9) 33,110,564 29,491,151 Subscription receivable (Note 9) (83,000) - Reserves (Note 9) 5,849,885 5,229,210 Deficit (35,369,560) (34,358,133) TOTAL SHAREHOLDERS’ EQUITY 3,507,889 362,228 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 4,191,385 1,785,032 Nature of Operations and Going Concern (Note 1) Subsequent events (Note 13) Approved by the Directors: “Keturah Nathe” “Richard Kern” See accompanying notes to the condensed consolidated interim financial statements Iconic Minerals Ltd. Condensed Consolidated interim Statements of Income (Loss) and Comprehensive Income (Loss) (Expressed in Canadian dollars - unaudited) Six months ended Three months ended February 28, 2026 -$- February 28, 2025 -$- February 28, 2026 -$- February 28, 2025 -$- EXPENSES Business development (Note 8) 12,383 - 2,663 - Consulting (Note 8) 256,419 48,000 85,340 24,000 Foreign exchange loss (gain) (6,651) 30,735 (24,045) 10,246 Management fees (Note 8) 53,373 54,309 26,446 27,595 Office administration (Note 8) 81,900 78,863 42,073 39,194 Professional fees 47,984 25,033 37,984 6,607 Shareholder communications 47,255 520 25,855 520 Share-based compensation (Notes 8 and 9) 567,979 1,778 20,684 960 Transfer agent and regulatory fees 39,103 22,219 33,933 15,782 Operating loss (1,099,745) (261,457) (250,933) (124,904) Unrealized gain (loss) on investments (Note 4) 40,450 572,603 (8,980) 200,657 Loss on sale of investments (Note 4) (14,970) (144,113) - (116,993) Gain on write-off of accounts payable (Note 7) - 69,018 - - Gain on debt settlement (Note 8) 62,838 - 62,838 - Impairment recovery on exploration and evaluation assets (Note 7) - 318,693 - 318,693 Income (loss) and comprehensive income (loss) for the period (1,011,427) 554,744 (197,075) 277,453 Basic and diluted income (loss) per share $ (0.01) $ 0.00 $ (0.00) $ 0.00 Weighted average number of common shares outstandi --- ng – basic and diluted 160,517,338 147,509,051 165,592,384 147,509,051 See accompanying notes to the condensed consolidated interim financial statements Iconic Minerals Ltd. Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity (Expressed in Canadian dollars - unaudited) Share capital Number of shares Amount Subscriptions receivable Reserves Performance shares issuable Deficit Total Balance at August 31, 2024 147,509,051 $ 28,514,804 $ - $ 5,603,943 $ 225,338 $ (33,733,420) $ 610,665 Performance shares issuable - - - - 1,778 - 1,778 Income for the period - - - - - 554,744 554,744 Balance at February 28, 2025 147,509,051 $ 28,514,804 $ - $ 5,603,943 $ 227,116 $ (33,178,676) $ 1,167,187 Balance at August 31, 2025 155,259,051 $ 29,491,151 $ - $ 5,229,210 $ - $ (34,358,133) $ 362,228 Shares issued for cash 30,000,000 3,686,490 (83,000) - - - 3,603,490 Finders fees – cash - (45,631) - - - - (45,631) Finders fees - warrants - (88,148) - 88,148 - - - Shares issued for stock options exercised 500,000 66,702 - (35,452) - - 31,250 Share-based compensation - - - 567,979 - - 567,979 Loss for the period - - - - - (1,011,427) (1,011,427) Balance at February 28, 2026 185,759,051 $ 33,110,564 $ (83,000) $ 5,849,885 $ - $ (35,369,560) $ 3,507,889 See accompanying notes to the condensed consolidated interim financial statements Iconic Minerals Ltd. Condensed Consolidated Interim Statements of Cash Flows (Expressed in Canadian dollars - unaudited) Six months ended February 28, 2026 -$- February 28, 2025 -$- OPERATING ACTIVITIES Income (loss) for the period (1,011,427) 554,744 Adjustments for non-cash items: Foreign exchange loss (gain) (178,679) (20,376) Loss on sale of investments 14,970 144,113 Unrealized loss (gain) on investments (40,450) (572,603) Gain on write-off of accounts payable - (69,018) Gain on debt settlement (62,838) - Impairment recovery on exploration and evaluation assets - (318,693) Share-based compensation 567,979 1,778 Net change in non-cash working capital accounts: Prepaid expenses (61,262) (3,250) Receivables (10,638) (4,545) Accounts payable and accrued liabilities (497,791) (53,433) NET CASH FLOWS USED IN OPERATING ACTIVITIES (1,280,136) (341,283) INVESTING ACTIVITIES Exploration and evaluation assets expenditures and advances (1,992) (1,501) Net proceeds from sale of investments 16,530 348,956 NET CASH FLOWS PROVIDED BY INVESTING ACTIVITIES 14,538 347,455 FINANCING ACTIVITIES Shares issued for cash (net) 3,640,859 - Subscription receivable (83,000) Shares issued for stock options exercise 31,250 - NET CASH FLOWS PROVIDED BY FINANCING ACTIVITIES 3,589,109 - Increase (decrease) in cash in the period 2,323,511 6,172 Cash, beginning 182,135 36,141 CASH, ENDING 2,505,646 42,313 The significant non-cash transactions during the periods presented include: February 28, 2026 -$- February 28, 2025 -$- Accounts payable related to exploration and evaluation assets 142,010 298,286 Performance shares issuable for exploration and evaluation assets - 1,778 Fair value of options exercised 35,452 - Finders warrants 88,148 - Subscription receivable 83,000 - See accompanying notes to the condensed consolidated interim financial statements Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 1. NATURE OF OPERATIONS AND GOING CONCERN Iconic Minerals Ltd. (“Company”) is engaged in the acquisition and exploratio --- n of exploration and evaluation assets. The Company was incorporated under the laws of British Columbia on September 14, 1979. The Company’s head office and principal place of business is located at 303 - 595 Howe Street, Vancouver, British Columbia, V6C 2T5. These consolidated financial statements have been prepared on the assumption that the Company and its subsidiary will continue as a going concern, meaning they will continue in operation for the foreseeable future and will be able to realize assets and discharge liabilities in the ordinary course of operations. At February 28, 2026, the Company had working capital of $2,097,964 (August 31, 2025 - $1,045,534 deficit) and the Company’s ability to meet its obligations and maintain its current operations is contingent upon successful completion of additional financing arrangements, continued cooperation of creditors and related parties, and ultimately upon the discovery of proven reserves and generating profitable operations. These material uncertainties may cast significant doubt upon the entity’s ability to continue as a going concern. The Company is currently evaluating its exploration and evaluation assets and has not determined whether any of these properties contain reserves that are economically recoverable. The recoverability of amounts recorded for exploration and evaluation assets is dependent upon the discovery of economically recoverable reserves. The Company's future capital requirements depend on many factors, including costs of exploration and development of the exploration and evaluation assets, cash flow from operations, costs to complete additional exploration, and competition and global market conditions. The Company's operating losses and working capital deficiency will require that it obtain additional capital to continue operations. The Company will depend almost exclusively on outside capital. Such outside capital will include the issuance of additional equity shares. There can be no assurance that capital will be available to meet the continuing exploration costs or, if the capital is available, that it will be on terms acceptable to the Company. The issuances of additional equity securities by the Company may result in significant dilution to the equity interests of its current shareholders. Obtaining commercial loans, assuming those loans would be available, will increase the Company's liabilities and future cash commitments. If the Company is unable to obtain financing in the amounts and on terms deemed acceptable, the business and future success may be adversely affected, thus giving rise to doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments relating to the recoverability and reclassification of recorded asset amounts and classification of liabilities that might be necessary should the Company be unable to continue in existence. 2. MATERIAL ACCOUNTING POLICY INFORMATION Statement of compliance to IFRS Accounting Standards These condensed consolidated interim financial statements are prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting under International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). These Financial Statements follow the same accounting policies and methods of application as our most recent annual financial statements. These financial statements do not c --- ontain all of the information required for full annual financial statements and should be read in conjunction with the Company’s annual audited financial statements for the year ended August 31, 2025. The consolidated financial statements were authorized for issued on April 24, 2026 by the directors of the Company. Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 2. MATERIAL ACCOUNTING POLICY INFORMATION (cont’d…) Principles of consolidation These financial statements have been prepared on a consolidated basis and include the accounts of the Company, its wholly-owned subsidiary Bonaventure Nevada Inc.(“Bonaventure”) incorporated in the State of Nevada, USA and its wholly-owned subsidiary Goldnev Exploration Ltd. (“Goldnev”) incorporated in British Columbia, Canada. All significant inter-company balances and transactions have been eliminated on consolidation. All amounts are expressed in Canadian dollars which is the functional currency of the parent company and its subsidiaries, unless denominated otherwise. Exploration and evaluation assets Upon acquiring the legal right to explore, all costs related to the acquisition, exploration and development of exploration and evaluation assets are capitalized by property. If economically recoverable ore reserves are developed, capitalized costs of the related property are reclassified as mining assets and amortized using the unit of production method. When a property is abandoned, all related costs are written off to operations. If, after management review, it is determined that the carrying amount of an exploration and evaluation asset is impaired, that property is written down to its estimated net realizable value. An exploration and evaluation asset are reviewed for impairment whenever events or changes in circumstances indicate that its carrying amount may not be recoverable. The amounts shown for exploration and evaluation assets do not necessarily represent present or future values. Their recoverability is dependent upon the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development, and future profitable production or proceeds from the disposition thereof. Recoveries on mineral properties are recorded against the related property cost as amounts are received, with any net excess recorded to profit or loss. Tax credits Any federal or provincial tax credits received by the Company, with respect to exploration or development work conducted on any of its exploration and evaluation assets are credited as a reduction to the carrying costs of the exploration and evaluation assets to which the credits relate. Until such time that there is significant certainty with regard to collections and assessments, the Company will record any recovered tax credits at the time of receipt. No gain or loss is realized during the exploration stage until all carrying costs of the specific interest have been offset. Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 2. MATERIAL ACCOUNTING POLICY INFORMATION (cont’d…) Future site restoration costs Provision for environmental rehabilitation The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated w --- ith the retirement of its exploration and evaluation assets, when those obligations result from the acquisition, construction, development, or normal operation of the assets. The net present value of future rehabilitation cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to the related assets along with a corresponding increase in the decommission liability in the period incurred. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. The rehabilitation asset is depreciated on the same basis as related assets. The Company’s estimates of decommissioning costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to the related asset with a corresponding entry to the rehabilitation provision. The Company’s estimates are reviewed at the end of each reporting period for changes in regulatory requirements, discount rates, effects of inflation and changes in estimates. Changes in the net present value, excluding changes in the Company’s estimates of decommissioning costs, are charged to profit or loss. Estimated future removal and site restoration costs will be provided for on the unit-of-production method. Costs will be based on estimates in accordance with current legislation and industry practices. Actual removal and site restoration expenditures will be charged to the accumulated provision account as incurred. Financial instruments Financial assets On initial recognition, financial assets are recognized at fair value and are subsequently classified and measured at: (i) amortized cost; (ii) fair value through other comprehensive income (“FVOCI”); or (iii) fair value through profit or loss (“FVTPL”). The classification of financial assets is generally based on the business model in which a financial asset is managed and its contractual cash flow characteristics. A financial asset is measured at fair value net of transaction costs that are directly attributable to its acquisition except for financial assets at FVTPL where transaction costs are expensed. All financial assets not classified and measured at amortized cost or FVOCI are measured at FVTPL. On initial recognition of an equity instrument that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in other comprehensive income. The classification determines the method by which the financial assets are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Cash, and receivables are measured at amortized cost with subsequent impairments recognized in profit or loss and investments are classified as FVTPL. Impairment An ‘expected credit loss’ impairment model applies which requires a loss allowance to be recognized based on expected credit losses. The estimated present value of future cash flows associated with the asset is determined and an impairment loss is recognized for the difference between this amount and the carrying amount as follows: the carrying amount of the asset is reduced to estimated present value of the future cash flows associated with the asset, discounted at the financial asset’s original effective interest rate, either directly or through the use of an allowance account and the resulting loss is re --- cognized in profit or loss for the period. Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 2. MATERIAL ACCOUNTING POLICY INFORMATION (cont’d…) Financial instruments (cont’d…) Impairment (cont’d) In a subsequent period, if the amount of the impairment loss related to financial assets measured at amortized cost decreases, the previously recognized impairment loss is reversed through profit or loss to the extent that the carrying amount of the investment at the date the impairment is reversed does not exceed what the amortized cost would have been had the impairment not been recognized. Financial liabilities Financial liabilities are designated as either: (i) fair value through profit or loss; or (ii) other financial liabilities. All financial liabilities are classified and subsequently measured at amortized cost except for financial liabilities at FVTPL. The classification determines the method by which the financial liabilities are carried on the statement of financial position subsequent to inception and how changes in value are recorded. Accounts payable and accrued liabilities are classified as other financial liabilities and carried on the statement of financial position at amortized cost. Income (loss) per share The Company computes income (loss) per share assuming that proceeds received from in-the-money stock options and share purchase warrants are used to repurchase common shares at the prevailing market rate. Basic income (loss) per share figures is calculated using the weighted average number of shares outstanding during the respective years. Diluted income (loss) per share is computed by dividing net income (loss) by the weighted average shares outstanding adjusted for additional shares from the assumed exercise of in the money stock options, restricted share units, or warrants, if dilutive. The number of additional shares is calculated by assuming the outstanding dilutive stock options are exercised and that the assumed proceeds are used to acquire common shares at the average market price during the year. Significant accounting judgments, estimates and assumptions The preparation of the Company’s consolidated financial statements in conformity with IFRS Accounting Standards requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the consolidated 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. Areas requiring a significant degree of estimation and judgment relate to the determination of the recoverability of the carrying value of exploration and evaluation assets, rehabilitation obligation, and other equity-based payments, including performance shares issuable. Actual results may differ from those estimates and judgments. Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 2. MATERIAL ACCOUNTING POLICY INFORMATION (cont’d…) Significant accounting judgments, estimates --- and assumptions (cont’d…) Rehabilitation obligation The Company has recorded an estimated present value of a rehabilitation obligation that is expected to be paid at a future date, determined by estimates of amounts to be paid in future years. Such estimates are revised based on market conditions. Valuation of Exploration and Evaluation assets Management has determined that exploration, evaluation, and related costs incurred which were capitalized may have future economic benefits and may be economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefits including, geologic and other technical information, a history of conversion of mineral deposits with similar characteristics to its own properties to proven and probable mineral reserves, the quality and capacity of existing infrastructure facilities, evaluation of permitting and environmental issues and local support for the project. Property under lease has attributes of an option agreement and accordingly the Company capitalizes annual lease payments and exploration and evaluation costs required under the lease agreement. Share-based compensation The Company grants stock options to directors, officers and consultants. All share-based awards are measured and recognized using a fair value-based method. The fair value of options and other share-based awards to employees or consultants, issued or altered in the period, are determined using the Black-Scholes option pricing model. In situations where equity instruments are issued to non-employees and some or all of the goods or services received by the entity as consideration cannot be specifically identified, they are measured at fair value of the share-based payment. Otherwise, share-based payments are measured at the fair value of goods or services received. The vesting of share-based payments is subject to estimation uncertainty. The Company uses the Black-Scholes option pricing model for valuation of share-based compensation. Option pricing models require the input of subjective assumptions including expected price volatility, interest rate and forfeiture rate. Changes in the input assumptions can significantly change the fair value estimate and the Company’s earnings and equity reserves. Performance shares issuable is calculated based on the fair value of the equity instruments effected for estimated forfeiture rates on performance benchmarks and is recorded as benchmarks are achieved. Deferred income taxes Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at period end, adjusted for amendments to tax payable with regards to previous years. Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 2. MATERIAL ACCOUNTING POLICY INFORMATION (cont’d…) Deferred income taxes (cont’d) Deferred tax is recorded based on temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets --- or liabilities that affect neither the accounting or taxable loss; and differences relating to investments in subsidiaries to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the statement of financial position date. A deferred tax asset is recognized only to the extent that it is probable that the future taxable profits will be available against which the assets can be utilized. Additional income taxes that arise from the distribution of dividends are recognized at the same time as the liability to pay the related dividend. Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis. Foreign currency translation The Company’s reporting currency and the functional currency of all its operations is the Canadian dollar as this is the principal currency of the economic environment in which the Company operates. The functional currency determination was conducted through an analysis of consideration factors identified in IAS 21, The Effect of Changes in Foreign Exchange Rates. Transactions in foreign currencies are translated at the exchange rate in effect at the date of the transaction. Foreign denominated monetary assets and liabilities are translated to their Canadian dollar equivalents using foreign exchange rates prevailing at the financial position reporting date. Exchange gains or losses arising on foreign currency translation are reflected in profit or loss. Impairment of assets The carrying amount of the Company’s assets is reviewed at each reporting date to determine whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss. An impairment loss is recognized whenever the carrying amount of an asset or its cash generating unit exceeds its recoverable amount. Impairment losses are recognized in profit or loss. The recoverable amount of assets is the greater of an asset’s fair value less cost to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects the current market assessments of the time value of money and the risks specific to the asset. For an asset that does not generate cash inflows largely independent of those from other assets, the recoverable amount is determined for the cash-generating unit to which the asset belongs. An impairment loss is only reversed if there is an indication that the impairment loss may no longer exist and there has been a change in the estimates used to determine the recoverable amount, however, not to an amount higher than the carrying amount that would have been determined had no impairment loss been recognized in previous years. Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 2. MATERIAL ACCOUNTING POLICY INFORMATION (cont’d…) Related party transactions 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 operation 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 resource or obligations between related parties. New Standards, interpretations and amendments not yet effective A number of new standards, amendments to standards and interpretations are not yet effective as of February 28, 2026 and have not been applied in preparing these consolidated financial statements. IFRS 18 - Presentation and Disclosure in Financial Statements was issued by the International Accounting Standards Board (IASB) on 09 April 2024. The IASB will undertake activities to support implementation and consistent application of the Standard. IFRS 18 was issued in April 2024 and applies to an annual reporting period beginning on or after January 1, 2027. The Company continues to assess the impact of these standards on its future financial reporting. 3. RECEIVABLES The components of receivables are as follows: February 28, 2026 - $ - August 31, 2025 - $ - Due from government agencies 29,121 18,483 4. INVESTMENTS Investments consist of shares and warrants of publicly listed companies. The Company has the following investments at fair value as of February 28, 2026 and August 31, 2025: February 28, 2026 August 31, 2025 Number of Shares Fair value $ Number of Shares Fair value $ Nevada Lithium Resources Ltd. 898,000 143,680 998,000 134,730 The 4,000,000 warrants of Nevada Lithium expired on July 10, 2025. During the period ended February 28, 2026, the Company recognized a loss of $14,970 (2025 - $144,113) upon the sale of certain shares, an unrealized gain on investments held of $40,450 (2025 - $488,441), and an unrealized gain on warrants held of $nil (2025 - $84,162). Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 5. EXPLORATION AND EVALUATION ASSETS Title to exploration and evaluation assets involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many exploration and evaluation assets. The Company has investigated title to its exploration and evaluation assets and, to the best of its knowledge, they are in good standing. NEVADA, USA PROPERTIES The following table summarizes the consolidated schedule of exploration and evaluation assets: New Pass - The property consists of a 50% interest in certain unpatented mining claims located in Churchill County, Nevada (Note 13). The Company has estimated a rehabilitation obligation of $27,314 (August 31, 2025 - $27,485) related to this property. As at February 28, 2026, the Company has posted a bond of US$45,900 (August 31, 2025 - US$45,900). New Pass Midas South Smith Creek Grass Valley Total - $ - - $ - - $ - - $ - - $ - Beginning balance September 1, 2024 212,197 1 882,458 264,796 1,359,452 Claims renewals and reclamation bonds 13,443 17,472 39,596 20,331 90,842 Consulting geological 937 - - - 937 Drilling, geophysical and assay 1,488 1,488 - - 2,976 15,868 18,960 39,596 20,331 94,755 Less: Impairments - (18,960) - - (18,960) Ending balance August 31, 2025 228,065 1 922,0 --- 54 285,127 1,435,247 New Pass Midas South Smith Creek Grass Valley Total - $ - - $ - - $ - - $ - - $ - Beginning balance September 1, 2025 228,065 1 922,054 285,127 1,435,247 Claims renewals and reclamation bonds - - (1,379) - (1,379) Consulting geological 951 952 - - 1,903 Drilling, geophysical and assay 734 734 - - 1,468 1,685 1,686 (1,379) - 1,992 Ending balance February 28, 2026 229,750 1,687 920,675 285,127 1,437,239 Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 5. EXPLORATION AND EVALUATION ASSETS (cont’d…) On May 3, 2024, the Company entered into a property option agreement with Gold Basin Resources Corporation (TSXV: GXX) (“Gold Basin”), whereby Gold Basin can acquire from the Company and its wholly owned subsidiary a 50% interest in and to the New Pass gold property. Pursuant to the option agreement, the Company granted to Gold Basin the exclusive option to acquire an undivided 50% right, title and interest in and to the unpatented mineral claims comprising the property. In consideration of the payment of an aggregate of $750,000 in cash and the delivery of an aggregate of $750,000 in common shares in the capital of Gold Basin. In February 2025, the property option agreement was terminated as Gold Basin failed to deliver upon the option exercise conditions as was required. Midas South - The property consists of a 50% interest in certain unpatented mining claims located in Elko County, Nevada. Smith Creek Lithium - In October 2016, the Company entered into an option agreement with a company related by virtue of a common director to acquire a 100% interest in certain mining claims in Nevada. The Company may earn its 100% interest by: (a) reimbursing the vendor for all documented expenses, US $40,000; (b) expending initial and annual claim filing fees and expenses estimated at US $193,000; and (c) also expending for exploration in the first year US $200,000, second year US $500,000, third year US $500,000 and fourth year US $1,000,000, totaling US $2,000,000. The optionor has agreed to suspend the commitments under the option until additional funding is received to advance the property. As at February 28, 2026, the Company has posted a reclamation bond of US$19,209 (August 31, 2025 - US$19,209). Grass Valley Lithium – on August 19, 2023, the Company signed a letter of intent with a party related by virtue of a common director to acquire 100% interest in the Grass Valley lithium property located in Lander County, Nevada. In consideration of the option to the Company to acquire 100% interest in the property, the Company will commit to exploration expenditures of US$200,000 in 12 months. The Grass Valley property is subject to 3% NSR. The Company has the option to reduce the NSR to 2% for a cash payment of US$1,000,000. Technology Development and License Agreement – In January 2018, the Company entered into an exclusive definitive licensing agreement with St-Georges Eco-Mining Corp. (“St-Georges”), a non-arm’s length transaction by virtue of a common chief financial officer, to utilize its proprietary lithium extraction, purification and processing technology. The agreement grants the Company the exclusive right to a site license within the state of Nevada, to use St-Georges’ proprietary and related technology, products, patents and future improvements for the purpose of extracting, processing and selling lit --- hium. Pursuant to the agreement, St-Georges has agreed to provide engineering and technical services on all licensed production sites. In consideration for the licensing rights, the Company agreed to issue St-Georges a total of 5,000,000 common shares in stages over a 36-month period, subject to performance benchmarks. The performance shares vest in three tranches which are subject to estimated forfeiture rates of 0%, 100%, and 100% respectively. In July 2019, St-Georges completed a performance benchmark resulting in the Company issuing 2,000,000 common shares with a value of $234,000 to St-Georges. Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 5. EXPLORATION AND EVALUATION ASSETS (cont’d…) During the period ended February 28, 2026, the Company has recorded a total of $nil (2025 - $227,116) to performance shares issuable to record the fair value of the performance shares issuable should the performance benchmarks be achieved. The Company has agreed to pay a Net Revenue Interest Royalty (NRI) of 5% on all minerals produced and sold on all production sites licensed with St-Georges’ technologies. The Company is entitled to receive 20% of royalties received by St-Georges from other operations within a specified area. During the year ended August 31, 2025, research and development in the Bonnie Claire project was paused initially due to permitting delays barring St-Georges from receiving further materials. The parties have agreed to pause research indefinitely after the transaction between Nevada Lithium and the Company on Bonnie Claire project. During the year ended August 31, 2025, the Company revalued the performance shares issuable to $nil resulting in a reversal of share-based compensation of $225,338. 6. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES February 28, 2026 - $ - August 31, 2025 - $ - Trade payables 254,366 332,265 Amounts due to related parties (Note 8) - 639,212 Accrued liabilities 401,816 423,842 656,182 1,395,319 During the period ended February 28, 2026, the Company paid US$130,000 to settle an aggregate of US$175,000 of indebtedness, and recorded a gain of $62,838 on the settlement. 7. WRITE-OFF DEBTS During the period ended February 28, 2025, the Company wrote off certain debts that had exceeded their recovery period. There were no such write-offs during the period ended February 28, 2026. The Company recorded a gain of $nil (2025 - $69,018) in write-off of accounts payable during the period ended February 28, 2026. 8. RELATED PARTY TRANSACTIONS AND BALANCES The Company defines key management as directors and officers of the Company. During the periods ended February 28, 2026 and 2025, transactions with key management were as follows: 2026 - $ - 2025 - $ - Management fees paid or accrued to the CEO and CFO 53,373 54,309 Fees paid or accrued to the CEO or Company under control by CEO included in exploration and evaluation assets 1,467 1,501 Consulting fees and business development services paid or accrued to a company controlled by the corporate manager 24,000 24,000 Consulting fees to a company controlled by director 24,000 24,000 Fees paid or accrued to a company controlled by the corporate manager for office administration, accounting, consulting fees on financing, and work on acquisitions 156,000 75,000 Share-based compensation 292,928 - Total 551,768 178,810 Iconic Minerals Ltd. Notes to the Con --- densed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 8. RELATED PARTY TRANSACTIONS AND BALANCES (cont’d…) The amounts due to key management personnel as at February 28, 2026 and August 31, 2025 were as follows: Feb. 28, 2026 - $ - Aug. 31 2025 - $ - Included in accounts payable and accrued liabilities are amounts due to the corporate manager or companies controlled by the corporate manager - 262,026 Included in accounts payable are amounts due to the CEO and companies controlled by the CEO - 377,186 Total - 639,212 During the period ended February 28, 2026, the Company paid US$130,000 to settle an aggregate of US$175,000 of indebtedness owed to a director, and recorded a gain of $62,838 on the settlement. As at February 28, 2026, $12,685 (August 31, 2025 - $nil) was prepaid to the corporate manager. The remuneration of directors and other key management personnel, which include the amounts disclosed above for the periods ended February 28, 2026 and 2025, were as follows: 2026 - $ - 2025 - $ - Short-term employee benefits – management, administrative, and consulting fees 115,223 102,309 Share-based compensation 292,928 - 9. SHARE CAPITAL AND RESERVES During the year ended August 31, 2025 In August 2025, the Company issued 7,750,000 common shares for $387,500 for the exercise of stock options. During the period ended February 28, 2026 On September 4, 2025, the Company issued 250,000 common shares for $12,500 for the exercise of stock options. On January 29, 2026, the Company issued 250,000 common shares for $18,750 for the exercise of stock options. On January 29, 2026, the Company closed a non-brokered private placement of 30,000,000 units at a price of $0.125 per unit for total gross proceeds of $3,750,000. Each unit consists of one common share in the capital of the Company and one common share purchase warrant. Each unit warrant entitles the holder to purchase one share at an exercise price of $0.17 per share until January 29, 2028. The Company paid finder fees of $45,631 in cash and issued 365,050 finders warrants at a fair value of $88,148 at an exercise price of $0.17 per share until January 29, 2028. Stock options The Company’s stock option plan allows for the granting of options to acquire a number of common shares equal to 10% of the issued and outstanding common shares at the time of the grant. Options granted under the plan will vest at a schedule determined by the board of directors. Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 9. SHARE CAPITAL AND RESERVES (cont’d…) Share-based payment On May 14, 2025, a total of 3,000,000 stock options were granted to purchase common shares exercisable on or before May 14, 2028, at an exercise price of $0.05 per share. The estimated grant date fair value of these options was $105,925. The grant date fair values of the options granted above were based on the following assumptions: share price at grant date of $0.04; exercise price of $0.05; expected life of 3 years; expected volatility of 184.99%; risk free interest rate of 2.61%; expected dividend yield rate of 0%; and forfeiture rate of 0%. On August 15, 2025, a total of 1,300,000 stock options were granted to an investor relation services company to purchase common shares exercisable on or before August 15, 2027, at an exercise pri --- ce of $0.075 per share. The options vest quarterly over a period of twelve months from November 15, 2025. The estimated grant date fair value of these options was $82,733 with $nil recorded in fiscal 2025 (Note 13). During the period ended February 28, 2026, the estimated grant date fair value of 650,000 vested options was $41,366. The grant date fair values of the options granted above were based on the following assumptions: share price at grant date of $0.075; exercise price of $0.075; expected life of 2 years; expected volatility of 200.81%; risk free interest rate of 2.72%; expected dividend yield rate of 0%; and forfeiture rate of 0%. On August 15, 2025, a total of 1,700,000 stock options were granted to purchase common shares exercisable on or before August 15, 2027, at an exercise price of $0.075 per share. The estimated grant date fair value of these options was $108,189. The grant date fair values of the options granted above were based on the following assumptions: share price at grant date of $0.075; exercise price of $0.075; expected life of 2 years; expected volatility of 200.81%; risk free interest rate of 2.72%; expected dividend yield rate of 0%; and forfeiture rate of 0%. On September 11, 2025, a total of 8,000,000 stock options were granted to purchase common shares exercisable on or before September 11, 2030, at an exercise price of $0.075 per share. The estimated grant date fair value of these options was $526,613. The grant date fair values of the options granted above were based on the following assumptions: share price at grant date of $0.071; exercise price of $0.075; expected life of 5 years; expected volatility of 158.76%; risk free interest rate of 2.74%; expected dividend yield rate of 0%; and forfeiture rate of 0%. February 28, 2026 August 31, 2025 Number of options Weighted average exercise price Number of options Weighted average exercise price Options outstanding, beginning of the year 6,250,000 $ 0.06 8,000,000 $ 0.05 Options granted 8,000,000 0.075 6,000,000 0.06 Options exercised (500,000) 0.05 (7,750,000) 0.05 Options outstanding, end of the year 13,750,000 $ 0.07 6,250,000 $ 0.06 Options exercisable, end of the year 13,100,000 $ 0.07 4,950,000 $ 0.06 The Company has outstanding options entitling the holders to purchase common shares as at February 28, 2026 as follows: Number of outstanding Number of exercisable Exercise price $ Remaining life (years) Expiry date 3,000,000 3,000,000 0.05 2.21 May 14, 2028 3,000,000 2,350,000 0.075 1.46 August 15, 2027 7,750,000 7,750,000 0.075 4.54 September 11, 2030 13,750,000 13,100,000 Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 9. SHARE CAPITAL AND RESERVES (cont’d…) Warrants Details of the Company’s warrants are as follows: Number of Warrants Weighted Average Prices Weighted Average Remaining Life Balance, August 31, 2025 - $ - - Warrants issued 30,365,050 0.17 1.92 years Balance, February 28, 2026 30,365,050 $ 0.17 1.92 years The following warrants were outstanding as at February 28, 2026: Number of Warrants Exercise Price Expiry Date 30,365,050 $ 0.17 January 29, 2028 10. SEGMENTED INFORMATION The Company operates in one business segment being the acquisition and exploration of mineral properties. Geographic information is as follows: Exploration and evaluation assets United States - $ - At August 31, 2025 1,435,247 At February 28, 2 --- 026 1,437,239 11. CAPITAL MANAGEMENT The Company’s objective when managing capital is to safeguard the Company’s ability to continue as a going concern in order to carry out exploration and evaluation activities and to maintain a flexible capital structure which optimizes the costs of capital at an acceptable risk. The Company depends on external financing to fund its activities. The capital structure of the Company currently consists of common shares. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares, acquire or dispose of assets or adjust the amount of cash. The issuance of common shares requires approval of the Board of Directors. It is the Company’s objective to safeguard its ability to continue as a going concern, so that it can continue to explore and develop its properties for the benefit of its stakeholders. There are no externally imposed capital requirements, and no changes to the management of capital. Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 12. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Financial Instruments The fair value of investments (shares) is measured using level 1 of the fair value hierarchy. Investments (warrants) are measured using level 2 of the fair value hierarchy. The carrying values of cash, receivables, and accounts payable and accrued liabilities approximate fair values because of the short-term nature of these instruments. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: • Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs other than quoted prices that are observable either directly or indirectly; and • Level 3 – Inputs that are not based on observable market data. The Company’s financial instruments are exposed to a number of financial and market risks, including credit, liquidity, interest rate and price risks. The Company may, or may not, establish from time to time active policies to manage these risks. The Company does not currently have in place any active hedging or derivative trading policies to manage these risks since the Company’s management does not believe that the current size, scale and pattern of its operations would warrant such hedging activities. Credit Risk Credit risk arises from non-performance by counterparties of contractual financial obligations. The Company’s credit risk is primarily attributable to cash and receivables. The Company’s cash is invested in established Canadian and US banking and federal institutions and collection of receivables is primarily due from government agencies and other public issuer. 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 by endeavoring to maintain sufficient cash to meet its anticipated operational needs. Liquidity requirements are managed based on expected cash flow to ensure that there is adequate capital to meet short term and long-term obligations. --- At February 28, 2026, the Company had a working capital deficit of $1,340,564 (August 31, 2025 - $1,045,534) and is seeking additional financing. Currency risk The Company operates in Canada and the United States. At February 28, 2026, the Company had foreign exchange risk with respect to US accounts payable of $570,293 (August 31, 2025 - $981,958). If the Canadian dollar changes by one percent against all foreign currencies, with all other variables held constant, the impact of the foreign currency change on the Company’s foreign denominated financial instruments would result in a reduction or increase of after-tax net loss of approximately $5,703 (August 31, 2025 - $9,820) for the period ended February 28, 2026. Interest rate risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has minimal risk as it does not carry interest bearing debt. Commodity price risk The ability of the Company to find and explore exploration and evaluation assets and the future profitability of the Company are directly related to the market price of base metals. The Company closely monitors commodity prices to determine the appropriate course of action to be taken by the Company. Iconic Minerals Ltd. Notes to the Condensed Consolidated Interim Financial Statements for the six months ended February 28, 2026 (Expressed in Canadian dollars - unaudited) 12. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (cont’d…) Risk management The Company conducts business in Canada and the United States giving rise to exposure to market risks from changes in foreign currency rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. The Company is engaged primarily in mineral exploration and manages related industry risk issues directly. The Company is at risk for environmental issues and fluctuations in commodity pricing. Management is not aware of and does not anticipate any significant environmental remediation costs or liabilities in respect of its current operations. The Company is not exposed to significant credit concentration risk or interest rate risk. 13. SUBSEQUENT EVENTS On March 19, 2026, the Company announced the termination of its investor relations agreement with Pollen Agency Ltd., and the 1,300,000 stock options were cancelled. On March 19, 2026, the Company granted stock options to eligible participants to purchase a total of 5,500,000 common shares at an exercise price of $0.09 per share until March 19, 2029. On April 1, 2026, the Company’s wholly owned subsidiary entered into a formal joint venture agreement with McEwen Mining Inc. to advance the New Pass gold property in Nevada, USA. The agreement formalizes a 50% and 50% joint venture on the property. The parties will fund exploration and other joint venture expenditures on the property in proportion to their respective participating interests. The Company will initially act as the manager of the joint venture.