SEDAR Interim Financial Statements

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED SEPTEMBER 30, 2025 (Unaudited – Prepared by Management) (Expressed in Canadian Dollars) NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS In accordance with National Instrument 51-102 of the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed the unaudited condensed interim consolidated financial statements for the nine months ended September 30, 2025. These financial statements have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company. RADIUS GOLD INC. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Expressed in Canadian Dollars) 1 As at: September 30, 2025 December 31, 2024 ASSETS Current assets Cash and cash equivalents (Note 4) $ 1,219,680 $ 838,209 Equity investments (Note 5) 813,992 565,963 Receivables (Notes 6 and 13) 34,465 51,236 Prepaid expenses and deposits (Note 13) 24,737 20,552 Total current assets 2,092,874 1,475,960 Non-current assets Long-term deposits (Note 13) 66,907 66,907 Sales tax recoverable (Note 6) 107,404 98,038 Property and equipment (Note 7) 30,704 38,143 Right-of-use assets (Note 8) 79,687 93,695 Mineral property and royalty interests (Note 9) 120,189 64,301 Total non-current assets 404,891 361,084 TOTAL ASSETS $ 2,497,765 $ 1,837,044 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities (Note 13) $ 460,539 $ 342,047 Current portion of lease liabilities (Note 8) 15,235 14,202 475,774 356,249 Non-current liabilities Lease liabilities (Note 8) 70,276 81,321 Total liabilities 546,050 437,570 Shareholders' equity Share capital (Note 11) 59,509,219 59,344,933 Other equity reserve (Note 12) 7,610,298 7,565,158 Accumulated other comprehensive loss (3,424,071) (4,731,676) Deficit (61,743,731) (60,778,941) Total shareholders' equity 1,951,715 1,399,474 TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY $ 2,497,765 $ 1,837,044 APPROVED ON BEHALF OF THE BOARD OF DIRECTORS AND AUTHORIZED FOR ISSUE ON NOVEMBER 24, 2025 BY: “Bruce Smith” , Director “William Katzin” , Director Bruce Smith William Katzin The accompanying notes form an integral part of these condensed interim consolidated financial statements RADIUS GOLD INC. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND OTHER COMPREHENSIVE INCOME (LOSS) (UNAUDITED) (Expressed in Canadian Dollars) 2 Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Exploration expenditures (Note 13) $ 165,899 $ 131,644 $ 580,672 $ 307,251 General and administrative expenses Amortization (Note 7) 4,121 2,094 8,757 6,638 Depreciation of right-of-use asset (Note 8) 4,721 15,241 14,008 45,392 Interest expense on lease liability (Note 8) 2,129 848 6,570 3,968 Legal and audit fees 6,311 2,930 8,461 7,288 Management fees (Note 13) 16,000 14,500 46,750 35,500 Office and miscellaneous (Note 13) 25,928 5,802 87,479 22,511 Salaries and benefits (Note 13) 26,983 50,458 89,134 128,985 Share-based compensation (Note 12) - - 45,140 2,593 Shareholder communications (Note 13) 11,079 3,564 22,935 24,707 Transfer agent and regulatory fees (Note 13) 2,487 1,151 16,312 15,312 Travel and accommodation (Note 13) 1,479 7,717 12,857 18,944 101,238 104,305 358,403 311,838 Loss from operations (267,137) (235,949) (939,075) (619,089) Investment income 1,080 2,225 1,887 7,102 Foreign currency exchange g --- ain (loss) (2,126) (9,570) (27,602) 9,722 Net loss for the period $ (268,183) $ (243,294) $ (964,790) $ (602,265) Other comprehensive income (loss) Items that will not be reclassified subsequently to profit or loss: Gains (losses) on sale of equity investments (Note 5) 285,078 (57,603) 169,286 (57,603) Fair value gains (losses) on equity investments (Note 5) 325,726 (152,997) 1,138,319 (490,762) Total comprehensive income (loss) $ 342,621 $ (453,894) $ 342,815 $ (1,150,630) Basic and diluted loss per share $(0.00) $(0.00) $(0.01) $(0.01) Weighted average number of common shares outstanding 107,869,467 99,118,533 107,628,033 99,118,533 The accompanying notes form an integral part of these condensed interim consolidated financial statements RADIUS GOLD INC. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 3 Number of common shares Share capital Other equity reserve Accumulated other comprehensive gain (loss) Deficit Total Balance, December 31, 2023 99,118,533 $ 58,776,806 $ 7,562,565 $ (4,326,829) $ (59,823,254) $ 2,189,288 Loss for the period - - - - (602,265) (602,265) Equity investments - - - (548,365) - (548,365) Share-based compensation - - 2,593 - - 2,593 Balance, September 30, 2024 99,118,533 58,776,806 7,565,158 (4,875,194) (60,425,519) 1,041,251 Loss for the period - - - - (353,422) (353,422) Shares issued for private placement 8,292,859 580,500 - - - 580,500 Share issuance costs - (12,373) - - - (12,373) Equity investments - - - 143,518 - 143,518 Balance, December 31, 2024 107,411,392 59,344,933 7,565,158 (4,731,676) (60,778,941) 1,399,474 Loss for the period - - - - (964,790) (964,790) Warrants exercised 1,642,858 164,286 - - - 164,286 Equity investments - - - 1,307,605 - 1,307,605 Share-based compensation - - 45,140 - - 45,140 Balance, September 30, 2025 109,054,250 $ 59,509,219 $ 7,610,298 $ (3,424,071) $ (61,743,731) $ 1,951,715 The accompanying notes form an integral part of these condensed interim consolidated financial statements RADIUS GOLD INC. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Expressed in Canadian Dollars) 4 Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Cash provided by (used in): OPERATING ACTIVITIES Net loss for the period $ (268,183) $ (243,294) $ (964,790) $ (602,265) Items not involving cash: Amortization 4,121 2,094 8,757 6,638 Depreciation of right-of-use asset 4,721 15,241 14,008 45,392 Share-based compensation - - 45,140 2,593 (259,341) (225,959) (896,885) (547,642) Changes in non-cash working capital items: Receivables 1,980 (47,522) 16,771 49,226 Prepaid expenses and deposits (6,252) (19,935) (4,185) (8,757) Accounts payable and accrued liabilities 71,900 82,199 118,492 49,748 Exploration advance - (425,542) - 102,023 Cash used in operating activities (191,713) (636,759) (765,807) (355,402) FINANCING ACTIVITIES Proceeds on issuance of common shares, net 150,000 - 164,286 - Repayment of lease obligation (4,089) (20,715) (10,012) (60,721) Cash provided by (used for) financing activities 145,911 (20,715) 154,274 (60,721) INVESTING ACTIVITIES Long-term deposits - (3,907) - (3,907) Expenditures on mineral property acquisition costs (55,888) (50,729) (55,888) (145,573) Purchase of equipment (1,318) - (1,318) - Proceeds from mineral property option agreements - - - 94,844 Proceeds from sale of equity investments 625,078 29,777 1,05 --- 9,576 29,777 Long-term sales tax recoverable (4,867) - (9,366) - Cash provided by (used for) investing activities 563,005 (24,859) 993,004 (24,859) Increase (decrease) in cash and cash equivalents 517,203 (682,333) 381,471 (440,982) Cash and cash equivalents, beginning of period 702,477 1,152,106 838,209 910,755 Cash and cash equivalents, end of period $ 1,219,680 $ 469,773 $ 1,219,680 $ 469,773 The accompanying notes form an integral part of these condensed interim consolidated financial statements Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 5 1. NATURE AND GOING CONCERN Radius Gold Inc. (the “Company”) was formed by the amalgamation of Radius Explorations Ltd. and PilaGold Inc. effective on July 1, 2004 under the laws of British Columbia. The Company is engaged in the acquisition and exploration of mineral properties and investment in companies which hold mineral property interests. The address of the Company’s head office and principal place of business is 1111 Melville Street, Suite 1000, Vancouver, BC V6E 3V6, Canada. These condensed interim consolidated financial statements have been prepared on a going concern basis, which assumes that the Company will be able to meet its obligations and continue its operations for its next fiscal year. Realization values may be substantially different from carrying values as shown and these condensed interim consolidated financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. Such adjustments could be material. As of September 30, 2025, the Company had not yet achieved profitable operations and has accumulated losses of $61,743,731 (December 31, 2024: $60,778,941) since inception and is expected to incur further losses in the development of its business, all of which raise significant doubt about its ability to continue as a going concern. The Company will periodically have to raise additional financing in order to acquire and conduct work programs on mineral properties and meet its ongoing levels of corporate overhead and discharge its liabilities as they come due. While the Company has been successful in securing funding in the past, there is no assurance that it will be able to do so in the future. Management continues to investigate and pursue opportunities to raise financing for the Company. 2. BASIS OF PREPARATION Statement of Compliance These condensed interim consolidated financial statements are prepared in accordance with International Accounting Standard (“IAS”) 34 Interim Financial Reporting under IFRS Accounting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). These condensed interim consolidated financial statements follow the same accounting policies and methods of application as the most recent annual financial statements of the Company. These condensed interim consolidated financial statements do not contain all of the information required for full annual financial statements. Accordingly, these condensed interim consolidated financial statements should be read in conjunction with the Company’s most recent annual financial statements, which were prepared in accordance with IFRS as issued by the IASB. Basis of Measurement These condensed interim consolidated fina --- ncial statements have been prepared on the historical cost basis as modified by any revaluation of financial assets measured at fair value. The condensed interim consolidated financial statements are presented in Canadian dollars (“CDN”), which is also the Company’s functional currency. The preparation of financial statements in compliance with IFRS requires management to make certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment of complexity, or areas where assumptions and estimates are significant to the financial statements are disclosed in Note 3. Basis of Consolidation These condensed interim consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. A wholly owned subsidiary is an entity in which the Company has control, directly or indirectly, where control is defined as the power to govern the financial and operating policies of an enterprise so as to obtain benefits from its activities. All material intercompany transactions and balances have been eliminated on consolidation. Subsidiaries are deconsolidated from the date control ceases. Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 6 2. BASIS OF PREPARATION (cont’d) Basis of Consolidation (cont’d) Details of the Company’s principal subsidiaries at September 30, 2025 are as follows: Name Place of Incorporation Interest % Principal Activity Minerales Sierra Pacifico S.A. Guatemala 100% Exploration company Geometales Del Norte-Geonorte Mexico 100% Exploration company Minera Aymara S.A.C. Peru 100% Exploration company Radius (Cayman) Inc. Cayman Islands 100% Investment Holding company 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. The key areas of judgment applied in the preparation of the condensed interim consolidated financial statements that could result in a material adjustment to the carrying amounts of assets and liabilities are as follows: a) The functional currency for each of the Company’s subsidiaries is the currency of the primary economic environment in which the entity operates. Determination of the functional currency may involve certain judgments to determine the primary economic environment and the Company reconsiders functional currency of its entities if there is a change in events and conditions which determined the primary economic environment. b) The application of the Company’s accounting policy for exploration and evaluation assets and royalty interests requires judgment in determining whether it is likely that future economic benefits will flow to the Company. If, after exploration and evaluation a --- ssets are capitalized, information becomes available suggesting that the carrying amount of an exploration and evaluation asset may exceed its recoverable amount, the Company carries out an impairment test at the cash-generating unit or group of cash-generating units level in the year the new information becomes available. c) The determination of when receivables are impaired requires significant judgment as to their collectability. d) The Company applies judgment in determining whether a lease contract contains an identified asset, whether they have the right to control the asset, and the lease term. The lease term is based on considering facts and circumstances, both qualitative and quantitative, that can create an economic incentive to exercise renewal options. Management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not to exercise a termination option. e) The assessment of the Company’s ability to continue as a going concern to pay for its operating expenditures and meet its liabilities for the subsequent year involves significant judgment based on historical experiences and other factors including expectation of future events that are believed to be reasonable under the circumstances. Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 7 3. CRITICAL ACCOUNTING ESTIMATES AND JUDGMENTS (cont’d) The key estimates applied in the preparation of the condensed interim consolidated financial statements that could result in a material adjustment to the carrying amounts of assets and liabilities are as follows: a) In estimating the fair value of share-based payments and derivative instruments, using the Black-Scholes option pricing model, management is required to make certain assumptions and estimates. Changes in assumptions used to estimate fair value could result in materially different results. b) The Company uses estimation in determining the incremental borrowing rate used to measure the lease liability. Where the rate implicit in the lease is not readily determinable, the discount rate of the lease obligations is estimated using a discount rate similar to the Company’s specific borrowing rate. 4. CASH AND CASH EQUIVALENTS Cash and cash equivalents are held for the purpose of meeting short-term cash commitments rather than for investment or other purposes. The Company does not hold any deposits with maturities of greater than three months from the date of acquisition. Cash at banks and cash equivalents consisting of money market funds earn interest at floating rates based on daily bank deposit rates. As at September 30, 2025 and December 31, 2024, cash and cash equivalents is comprised of the following: September 30, 2025 December 31, 2024 Cash $ 501,373 $ 781,282 Cash equivalents 718,307 56,927 $ 1,219,680 $ 838,209 5. EQUITY INVESTMENTS The Company’s equity investments consist of the following: Number of common shares held as at: September 30, 2025 December 31, 2024 Electrum Discovery Corp. (“Electrum”) 632,906 632,906 Rackla Metals Inc. (“Rackla”) 1,009,775 3,628,275 Volcanic Gold Mines Inc. (“Volcanic”) 830,412 830,412 Electrum Rackla Volcanic Total Balance, December 31, 2023 $ 50,633 $ 735,056 $ 224,211 $ 1,009,900 Disposition of shares - (117,300) - (117,300) Net change in fair value recorded in other comprehensive income (loss) 31,645 (200,5 --- 04) (157,778) (326,637) Balance, December 31, 2024 82,278 417,252 66,433 565,963 Disposition of shares - (890,290) - (890,290) Net change in fair value recorded in other comprehensive income (loss) (37,974) 1,159,685 16,608 1,138,319 Balance, September 30, 2025 $ 44,304 $ 686,647 $ 83,041 $ 813,992 As at September 30, 2025, Volcanic had one common director and Rackla had three common directors with the Company. All of the Company’s equity investment companies are publicly listed companies as of September 30, 2025. During the nine-month period ended September 30, 2025, the Company sold 2,618,500 Rackla shares for net proceeds of $1,059,576 (2024: sold 257,000 common shares of Rackla for net proceeds of $29,777). Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 8 6. RECEIVABLES September 30, 2025 December 31, 2024 Royalty receivable $ 784,180 $ 784,180 Provision for impairment (784,180) (784,180) Royalty revenue receivable, net - - Sales taxes 34,465 31,154 Other receivables - 20,082 $ 34,465 $ 51,236 The provision for impairment of the royalty receivable was included in profit or loss during the 2016 fiscal year. Uncollectable amounts included in the provision are written off against the provision when there is no expectation of recovery. The royalty revenue receivable remains uncollected as of September 30, 2025 as the Company has allowed Kappes, Cassiday & Associates (“KCA”) to defer payment of the balance while KCA awaits a ruling on an arbitration hearing to overturn the suspension of operations of its mine-site and seek compensation from the Guatemalan authorities. 7. PROPERTY AND EQUIPMENT Trucks Computer equipment Geophysical equipment Field equipment Leasehold improvements Total Cost Balance, December 31, 2023 $ 76,139 $ 6,789 $ 56,604 $ 9,856 $ - $ 149,388 Additions - - - - 7,326 7,326 Balance, December 31, 2024 76,139 6,789 56,604 9,856 7,326 156,714 Additions - 1,318 - - - 1,318 Balance, September 30, 2025 $ 76,139 $ 8,107 $ 56,604 $ 9,856 $ 7,326 $ 158,032 Accumulated amortization Balance, December 31, 2023 $ 44,070 $ 3,678 $ 53,718 $ 4,874 $ - $ 106,340 Charge for year 9,795 1,120 577 619 120 12,231 Balance, December 31, 2024 53,865 4,798 54,295 5,493 120 118,571 Charge for period 6,093 765 346 472 1,081 8,757 Balance, September 30, 2025 $ 59,958 $ 5,563 $ 54,641 $ 5,965 $ 1,201 $ 127,328 Carrying amounts At December 31, 2024 $ 22,274 $ 1,991 $ 2,309 $ 4,363 $ 7,206 $ 38,143 At September 30, 2025 $ 16,181 $ 2,544 $ 1,963 $ 3,891 $ 6,125 $ 30,704 Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 9 8. RIGHT-OF-USE ASSET AND LEASE LIABILITY The Company had a lease agreement for its headquarter office space in Vancouver, British Columbia that expired on December 31, 2024. During the 2024 fiscal year, the Company co-signed with two related parties, Volcanic and Rackla, a lease agreement for shared headquarter office space. In accordance with IFRS 16 – Leases, the Company recognized $94,926 for a right-of- use asset (“ROU asset”) and $94,926 for a lease liability. The term of the new lease is five years, commencing on January 1, 2025, with the Company taking early possession of the office space in December 2024. The continuity of the ROU assets and Lease liabilities for the --- nine-month period ended September 30, 2025 is as follows: Right-of-use assets Value of right-of-use asset as at December 31, 2023 $ 60,630 Value of right-of-use asset recognized during the year 94,926 Depreciation (61,861) Value of right-of-use asset as at December 31, 2024 93,695 Depreciation (14,008) Value of right-of-use asset as at September 30, 2025 $ 79,687 Lease liabilities Lease liability recognized as of December 31, 2023 $ 81,942 Lease liability recognized during the year 94,926 Lease payments (86,252) Lease interest 4,907 Lease liability recognized as of December 31, 2024 95,523 Lease payments (16,582) Lease interest 6,570 Lease liability recognized as of September 30, 2025 $ 85,511 Lease liability Current portion $ 15,235 Long-term portion 70,276 $ 85,511 9. MINERAL PROPERTY AND ROYALTY INTERESTS The Company capitalizes the acquisition costs of its mineral property interests. The following sets out any changes in capitalized amounts during the period from January 1, 2024 to September 30, 2025: Acquisition costs Mexico Guatemala Peru Total Balance, December 31, 2023 $ - $ 1 $ - $ 1 Additions – cash 246,483 - 64,300 310,783 Acquisition costs recovered (246,483) - - (246,483) Balance, December 31, 2024 - 1 64,300 64,301 Additions – cash - - 55,888 55,888 Balance, September 30, 2025 $ - $ 1 $ 120,188 $ 120,189 Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 10 9. MINERAL PROPERTY AND ROYALTY INTERESTS (cont’d) Details of the Company’s mineral property interests are disclosed in full in the consolidated financial statements for the year ended December 31, 2024. Mineral property interests that have been impacted by transactions since January 1, 2025 are as follows: Tierra Roja Project - Peru In September 2024, the Company was granted the exclusive option to acquire the Tierra Roja exploration-stage copper porphyry project, located in southern Peru. The Company may acquire a 100% interest in the Tierra Roja Project by making cash payments to the property owners totalling US$5.0 million over a five-year period which will commence upon issuance of initial drill permits. Of this total amount, US$1.0 million is required to be paid in instalments over the first three years, and US$2.0 million is payable on each of the fourth and fifth anniversaries of the drill permit date. As of September 30, 2025, the Company has paid $69,192 (US$50,000) in option payments and $37,145 in additional staking and finders’ fee costs, of which $42,037 (US$30,000) in options payments was paid during the period ended September 30, 2025. Additional Concession Options During the period ended September 30, 2025, the Company signed a six month exclusivity agreement with a local landowner regarding nine exploration concessions, two of which are adjoining and seven which are within the broader district of the Tierra Roja Project. The agreement allowed the Company to conduct prospecting and evaluation of the licences, and the exclusive right to enter into an option agreement for any or all nine of the concessions. In September 2025, as a result of this exclusivity agreement, the Company signed a Mining Assignment and Option Agreement to option the two Hidekel concessions adjoining Tierra Roja Project. The Company released the remaining concessions under review. The Company may acquire a 100% interest in each of the Hidekel concessions --- by making cash payments totalling US$165,000 over a three-year period per concession. As of September 30, 2025, the Company has paid $13,851 (US$10,000) in option payments. At any time during five years from the signing of the option agreement: i) an additional payment of US$100,000 per concession is due if a resource estimate is made; ii) an additional payment of US$200,000 per concession is due if there is a pre-feasibility study; and iii) an additional payment of US$200,000 per concession is due if mine construction commences, with production to be generated from the concession. If the option is exercised, the property owner retains a 5% NSR royalty that can be purchased by the Company in increments of US$1,000,000 per 1%. 10. COMMITMENT During the 2024 fiscal year, the Company entered into a shared operating lease agreement for its office premises and paid a security deposit of $3,907. The term of the lease is five years, commencing January 1, 2025 and includes an early termination option whereby the Company and the other two co-signers of the lease agreement can terminate the lease upon the third anniversary date with a payment equal to two months gross rent. The Company’s portion of annual commitments under the lease, if the early termination option is not exercised, are as follows: 2025 $ 8,645 2026 40,798 2027 43,759 2028 41,612 2029 44,648 $ 179,462 Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 11 11. SHARE CAPITAL AND RESERVES Common Shares The Company is authorized to issue an unlimited number of common shares without par value. During the period ended September 30, 2025, a total of 1,642,858 share purchase warrants with an exercise price of $0.10 per share were exercised for proceeds of $164,286. There was no share capital activity during the period ended September 30, 2024. Share Purchase Warrants The following is a summary of changes in share purchase warrants from January 1, 2024 to September 30, 2025: Number of warrants Weighted average exercise price Balance, December 31, 2023 11,376,425 $0.35 Issued 8,292,859 $0.10 Balance, December 31, 2024 19,669,284 $0.24 Exercised (1,642,858) $0.10 Expired (11,376,425) $0.35 Balance, September 30, 2025 6,650,001 $0.10 As at September 30, 2025, the following warrants were outstanding: Expiry date Number of warrants Exercise price October 28, 2025 6,650,001 $0.10 Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 12 12. SHARE-BASED PAYMENTS a) Option Plan Details The Company has a formal stock option plan in accordance with the policies of the TSX Venture Exchange (“TSX-V”) under which it is authorized to grant options up to 10% of its outstanding shares to officers, directors, employees, and consultants. The exercise price of each option is not less than the closing market price of the Company’s stock on the trading day prior to the date of grant. Options granted to investor relations personnel vest in accordance with TSX-V regulations. The options are for a maximum term of ten years. The following is a summary of changes in options for the period ended September 30, 2025: During the period Grant date Expiry date Exercise price Opening balance Granted Exercised Expired / forfeited Closing balance Vested and exercisable Oct 1 --- 9, 2016 Oct 18, 2026 $0.15 1,230,000 - - (50,000) 1,180,000 1,180,000 May 22, 2018 May 21, 2028 $0.15 1,265,000 - - (30,000) 1,235,000 1,235,000 Nov 5, 2018 Nov 4, 2028 $0.15 75,000 - - - 75,000 75,000 Oct 8, 2019 Oct 7, 2029 $0.25 850,000 - - - 850,000 850,000 Mar 16, 2020 Mar 15, 2030 $0.15 280,000 - - - 280,000 280,000 Dec 9, 2020 Dec 8, 2030 $0.27 50,000 - - - 50,000 50,000 Feb 11, 2021 Feb 10, 2031 $0.34 50,000 - - - 50,000 50,000 Mar 4, 2021 Mar 3, 2031 $0.24 50,000 - - - 50,000 50,000 Oct 26, 2021 Oct 25, 2031 $0.34 300,000 - - - 300,000 300,000 Jan 10, 2023 Jan 9, 2033 $0.20 75,000 - - (75,000) - - Jun 7, 2023 Jun 6, 2033 $0.18 2,070,000 - - (195,000) 1,875,000 1,875,000 Sep 19, 2023 Sep 18, 2033 $0.23 50,000 - - - 50,000 50,000 Mar 27, 2024 Mar 26, 2034 $0.15 25,000 - - - 25,000 25,000 Jun 6, 2025 Jun 5, 2035 $0.12 - 500,000 - - 500,000 500,000 6,370,000 500,000 - (350,000) 6,520,000 6,520,000 Weighted average exercise price $0.19 $0.12 - $0.18 $0.18 $0.18 The following is a summary of changes in options for the period ended September 30, 2024: During the period Grant date Expiry date Exercise price Opening balance Granted Exercised Expired / forfeited Closing balance Vested and exercisable Oct 19, 2016 Oct 18, 2026 $0.15 1,230,000 - - - 1,230,000 1,230,000 May 22, 2018 May 21, 2028 $0.15 1,265,000 - - - 1,265,000 1,265,000 Nov 5, 2018 Nov 4, 2028 $0.15 75,000 - - - 75,000 75,000 Oct 8, 2019 Oct 7, 2029 $0.25 850,000 - - - 850,000 850,000 Mar 16, 2020 Mar 15, 2030 $0.15 280,000 - - - 280,000 280,000 Dec 9, 2020 Dec 8, 2030 $0.27 50,000 - - - 50,000 50,000 Feb 11, 2021 Feb 10, 2031 $0.34 50,000 - - - 50,000 50,000 Mar 4, 2021 Mar 3, 2031 $0.24 50,000 - - - 50,000 50,000 Oct 26, 2021 Oct 25, 2031 $0.34 300,000 - - - 300,000 300,000 Jan 10, 2023 Jan 9, 2033 $0.20 75,000 - - - 75,000 75,000 Jun 7, 2023 Jun 6, 2033 $0.18 2,070,000 - - - 2,070,000 2,070,000 Sep 19, 2023 Sep 18, 2033 $0.23 50,000 - - - 50,000 50,000 Mar 27, 2024 Mar 26, 2034 $0.15 - 25,000 - - 25,000 25,000 6,345,000 25,000 - - 6,370,000 6,370,000 Weighted average exercise price $0.19 $0.15 - - $0.19 $0.19 Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 13 12. SHARE-BASED PAYMENTS (cont’d) b) Fair Value of Options Granted During the Period The fair value at grant date of options granted during the period ended September 30, 2025 was $0.09 per option (2024: $0.10 per option). The weighted average remaining contractual life of the options outstanding at September 30, 2025 is 4.89 years (December 31, 2024: 5.34 years). Options Issued to Employees The fair value at grant date is determined using a Black-Scholes option pricing model that takes into account the exercise price, the term of the option, the impact of dilution, the share price at grant date, the expected price volatility of the underlying share, the expected dividend yield and the risk free interest rate for the term of the option. Options Issued to Non-Employees Options issued to non-employees are measured based on the fair value of the goods or services received, at the date of receiving those goods or services. If the fair value of the goods or services received cannot be estimated reliably, the options are measured by determining the fair value of the options granted using the Black-Scholes option pricing model. The model inputs for options granted during the period ended Septe --- mber 30, 2025 included: Grant date Expiry date Share price at grant date Exercise price Risk-free interest rate Expected life Volatility factor Dividend yield Jun 6, 2025 Jun 5, 2035 $0.11 $0.12 3.39% 10 years 80% 0% The model inputs for options granted during the period ended September 30, 2024 included: Grant date Expiry date Share price at grant date Exercise price Risk-free interest rate Expected life Volatility factor Dividend yield Mar 27, 2024 Mar 26, 2034 $0.13 $0.15 3.42% 10 years 77% 0% The expected volatility is based on the historical volatility (based on the remaining contractual life of the options), adjusted for any expected changes to future volatility due to publicly available information. The risk free rate of return is the yield on a zero-coupon Canadian Treasury Bill of a term consistent with the assumed option life. The expected average option term is the average expected period to exercise, based on the historical activity patterns for each individually vesting tranche. Option pricing models require the input of highly subjective assumptions, including the expected price volatility. Changes in these assumptions can materially affect the fair value estimate and, therefore, the existing models do not necessarily provide a reliable single measure of the fair value of the Company’s stock options. c) Expenses Arising from Share-based Payment Transactions Total expenses arising from the share-based payment transactions recognized during the period ended September 30, 2025 as part of share-based compensation expense was $45,140 (2024: $2,593). Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 14 13. RELATED PARTY TRANSACTIONS The Company had transactions during the periods ended September 30, 2025 and 2024 with related parties who consisted of directors, officers and the following companies with common directors: Related Party Nature of Transactions Mill Street Services Ltd. (“Mill Street”) Management fees Gold Group Management Inc. (“Gold Group”) Shared general and administrative expenses Rackla Investment and shared office lease Volcanic Investment, property transactions, exploration support and shared office lease The following are balances and transactions with related parties not disclosed elsewhere in these condensed interim consolidated financial statements. The Company reimburses Gold Group, a company controlled by Simon Ridgway, a Director of the Company, for shared administrative costs and other business-related expenses paid by Gold Group on behalf of the Company. During the periods ended September 30, 2025 and 2024, the Company reimbursed Gold Group the following: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 General and administrative expenses: Office and miscellaneous $ 12,958 $ 10,291 $ 46,980 $ 32,544 Shareholder communications 9,805 2,339 18,585 11,241 Salaries and benefits 26,983 50,458 89,134 128,985 Transfer agent and regulatory fees 45 45 1,650 2,454 Travel and accommodation 1,478 3,945 7,861 10,804 $ 51,269 $ 67,078 $ 164,210 $ 186,028 Exploration expenditures $ - $ - $ 6,183 $ 9,911 Gold Group salaries and benefits costs for the periods ended September 30, 2025 include those for the Chief Financial Officer and Corporate Secretary (2024: include those for the Chief Financial Officer, Corporate Secretary, and former Vice President Corp --- orate Development). During the period ended September 30, 2025, Volcanic charged $119,529 (2024: $38,371) to the Company for joint venture costs and $Nil (2024: $19,136) for shared exploration costs. Prepaid expenses and deposits include an amount of $3,924 (December 31, 2024: $1,456) paid to Gold Group for shared office and administrative services and $3,633 (December 31, 2024: $Nil) paid to Rackla for shared administrative costs. Long-term deposits include an amount of $60,000 (December 31, 2024: $60,000) paid to Gold Group as a deposit on the shared office and administrative services agreement. Accounts payable and accrued liabilities include $18,427 (December 31, 2024: $Nil) payable to Gold Group for shared administrative costs, $33,287 (December 31, 2024: $21,024) to Bruce Smith, the Chief Executive Officer of the Company, for management fees and expense reimbursement, and $238,397 (December 31, 2024: $108,868) payable to Volcanic for shared exploration and joint venture costs. Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 15 13. RELATED PARTY TRANSACTIONS (cont’d) Key management compensation Key management personnel are those responsible for planning, directing and controlling the activities of an entity, and include certain directors and officers. Key management compensation comprises: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 Geological fees included in exploration expenditures $ 33,500 $ 30,500 $ 98,000 $ 75,500 Management fees 16,000 14,500 46,750 35,500 Salaries, benefits and fees* 6,500 22,047 20,908 49,650 $ 56,000 $ 67,047 $ 165,658 $ 160,650 *Included in reimbursements to Gold Group Key management compensation includes management and geological fees paid to Mill Street, a company controlled by Simon Ridgway, a director of the Company. The Company incurred the following expenditures charged by non-key management officers and companies which have common directors with the Company in the periods ended September 30, 2025 and 2024: Three months ended September 30, Nine months ended September 30, 2025 2024 2025 2024 General and administrative expenses: Salaries and benefits $ 3,600 $ 8,800 $ 16,000 $ 22,560 Exploration expenditures: Salaries and benefits 8,288 2,176 15,050 11,164 $ 11,888 $ 10,976 $ 31,050 $ 33,724 Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 16 14. SEGMENTED INFORMATION Operating segments are defined as components of an enterprise about which separate financial information is available that is evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. All of the Company’s operations are within the mining sector relating to mineral exploration. Due to the geographic and political diversity, the Company’s exploration operations are decentralized whereby exploration managers are responsible for business results and regional corporate offices provide support to the exploration programs in addressing local and regional issues. The Company’s operations are therefore segmented on a district basis. The Company’s assets were located in Canada, Guatemala, Mexico, Peru, and Cayman Islands. Details of identifiable assets by --- geographic segments are as follows: Period ended September 30, 2025 Canada Guatemala Mexico Peru Other Consolidated Exploration expenditures $ - $ 121,129 $ 124,650 $ 278,115 $ 56,778 $ 580,672 Investment income 1,887 - - - - 1,887 Amortization 1,778 - 6,979 - - 8,757 Depreciation on right-of-use asset 14,008 - - - - 14,008 Interest expense on lease liability 6,570 - - - - 6,750 Net loss (312,815) (121,129) (170,197) (299,399) (61,250) (964,790) Capital expenditures* 1,318 - - 55,888 - 57,206 Period ended September 30, 2024 Canada Guatemala Mexico Peru Other Consolidated Exploration expenditures $ - $ 66,353 $ 168,559 $ 29,792 $ 42,547 $ 307,251 Investment income 7,102 - - - - 7,102 Depreciation on right-of-use asset 45,392 - - - - 45,392 Interest expense on lease liability 3,968 - - - - 3,968 Net loss (320,363) (66,353) (137,095) (29,792) (48,662) (602,265) Capital expenditures* - - 94,844 50,729 - 145,573 *Capital expenditures consists of additions of property and equipment and/or exploration and evaluation assets As at September 30, 2025 Canada Guatemala Mexico Peru Other Consolidated Total current assets $ 1,860,505 $ 16,415 $ 202,364 $ 4,970 $ 8,620 $ 2,092,874 Total non-current assets 156,993 1 127,709 120,188 - 404,891 Total assets $ 2,017,498 $ 16,416 $ 330,073 $ 125,158 $ 8,620 $ 2,497,765 Total liabilities $ 387,669 $ 3,405 $ 154,721 $ 255 $ - $ 546,050 As at December 31, 2024 Canada Guatemala Mexico Peru Other Consolidated Total current assets $ 1,159,227 $ 16,684 $ 279,666 $ 8,882 $ 11,501 $ 1,475,960 Total non-current assets 171,461 1 125,322 64,300 - 361,084 Total assets $ 1,330,688 $ 16,685 $ 404,988 $ 73,182 $ 11,501 $ 1,837,044 Total liabilities $ 289,950 $ 3,461 $ 143,842 $ 317 $ - $ 437,570 Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 17 15. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The Company is exposed to the following financial risks: • Market Risk • Credit Risk • Liquidity Risk In common with all other businesses, the Company is exposed to risks that arise from its use of financial instruments. This note describes the Company’s objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information in respect of these risks is presented throughout these condensed interim consolidated financial statements. General Objectives, Policies and Processes The Board of Directors has overall responsibility for the determination of the Company’s risk management objectives and policies and, whilst retaining ultimate responsibility for them, it has delegated the authority for designing and operating processes that ensure the effective implementation of the objectives and policies to the Company’s finance function. The Board of Directors receive periodic reports through which it reviews the effectiveness of the processes put in place and the appropriateness of the objectives and policies it sets. The overall objective of the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Company’s competitiveness and flexibility. Further details regarding these policies are set out below. a) Market Risk Market risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market prices. Market prices are comprised of three types of risk: foreign --- currency risk, interest rate risk, and equity price risk. Foreign Currency Risk Foreign currency risk 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 fluctuations in foreign currencies through its operations in foreign countries. The Company monitors this exposure but has no hedge positions. As at September 30, 2025, the Company is exposed to currency risk through the following financial assets and liabilities denominated in currencies other than the Canadian dollar: September 30, 2025 US Dollar Mexican Peso Guatemala Quetzal Peruvian Sol (CDN equivalent) (CDN equivalent) (CDN equivalent) (CDN equivalent) Cash $ 187,308 $ 3,366 $ 10,475 $ 2,733 Receivables - 135,312 - - Current liabilities (4,564) (154,721) (3,405) (255) $ 182,744 $ (16,043) $ 7,070 $ 2,478 Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 18 15. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (cont’d) a) Market Risk (cont’d) Foreign Currency Risk (cont’d) December 31, 2024 US Dollar Mexican Peso Guatemala Quetzal Peruvian Sol (CDN equivalent) (CDN equivalent) (CDN equivalent) (CDN equivalent) Cash $ 273,535 $ 4,188 $ 10,647 $ 7,982 Receivables - 120,725 - - Current liabilities (13,265) (143,678) (3,461) (317) $ 260,270 $ (18,765) $ 7,186 $ 7,665 Based on the above net exposures at September 30, 2025, a 10% depreciation or appreciation of the above currencies against the Canadian dollar would result in an approximate $17,600 (December 31, 2024: $25,600) increase or decrease in profit or loss, respectively. Commodity Price Risk The Company’s royalty revenue has been derived from a royalty interest that is based on the extraction and sale of gold. Factors beyond the control of the Company may affect the marketability of gold discovered or extracted. Gold prices have historically fluctuated widely. Consequently, the economic viability of the Company’s royalty interest cannot be accurately predicted and may be adversely affected by fluctuations in gold prices. The Company has not engaged in any hedging activities. The Company is not exposed to commodity price risk as the Company did not earn any royalty revenue during the periods ended September 30, 2025 and 2024. Interest Rate Risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company does not have any borrowings. Interest rate risk is limited to potential decreases on the interest rate offered on cash held with chartered Canadian financial institutions. The Company considers this risk to be limited as it holds no assets or liabilities subject to variable rates of interest. Equity Price Risk Equity price risk is the uncertainty associated with the valuation of assets arising from changes in equity markets. The Company’s equity investments consisting of common shares are exposed to significant equity price risk due to the potentially volatile and speculative nature of the businesses in which the investments are held. The Company’s equity investments are monitored by the Board with decisions on sale or exercise taken by Management. A 10% decrease in fair value of the shares would result in an approximate $81,000 (December 31, 2024: $57,000) decrease in comprehensive income and shareholders’ equity. b) Credit Ris --- k Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The Company’s credit risk is primarily attributable to its cash and cash equivalents, equity investments, and receivables. The Company limits exposure to credit risk by maintaining its cash and cash equivalents with large financial institutions. The Company does not have cash and cash equivalents or equity investments that are invested in asset based commercial paper. For other receivables, the Company estimates, on a continuing basis, the probable losses and provides a provision for losses based on the estimated realizable value. Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 19 15. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (cont’d) c) 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’s approach to managing liquidity risk is to provide reasonable assurance that it will have sufficient funds to meet liabilities when due. The Company manages its liquidity risk by forecasting cash flows required by operations and anticipated investing and financing activities. At September 30, 2025, the Company had working capital of $1.69 million (December 31, 2024: $1.12 million) available to apply against short-term business requirements. All of the Company’s financial liabilities have contractual maturities of less than 45 days and are subject to normal trade terms with the exception of the Company’s lease liability which matures based on the lease agreement (Note 8). Determination of Fair value Fair values have been determined for measurement and/or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. Management considers that due to their short-term nature the carrying amounts of financial assets and financial liabilities, which include cash and cash equivalents, receivables, deposits, and accounts payables and accrued liabilities are assumed to approximate their fair values. Fair Value Hierarchy Financial instruments that are measured subsequent to initial recognition at fair value are grouped in Levels 1 to 3 based on the degree to which the fair value is observable: Level 1 Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 Inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 Inputs for the asset or liability that are not based on observable market data (unobservable inputs). The equity investments are based on quoted prices and are therefore considered to be Level 1. The lease liability is based on inputs other than quoted prices and therefore considered to be Level 3. As of September 30, 2025, there was no embedded derivative on royalty income receivables derived from gold prices to include as a Level 2 measurement and therefore no fair value measurement was necessary. There were no transfers between Levels 1, 2, or 3 during the period ended September 30, 2025. Radius Gold Inc. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) For the n --- ine months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars) 20 16. CAPITAL MANAGEMENT The Company’s objectives when managing capital are to safeguard the Company’s ability to continue as a going concern in order to advance its mineral properties. In order to facilitate the management of its capital requirements, the Company prepares periodic budgets that are updated as necessary. The Company manages its capital structure and adjusts it to effectively support the acquisition and exploration of mineral properties. The properties in which the Company currently has a direct or indirect interest are in the exploration or development stage. As such the Company is dependent on external financing to fund its activities. In order to carry out the planned exploration and pay for general administrative costs, the Company will spend its existing working capital and raise additional amounts as needed. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company monitors its cash and cash equivalents, equity investments, common shares, and stock options as capital. There were no changes in the Company’s approach to capital management during the period ended September 30, 2025. The Company’s investment policy is to hold cash in interest bearing bank accounts or highly liquid short-term interest-bearing investments with maturities of one year or less and which can be liquidated at any time without penalties. Neither the Company nor any of its subsidiaries is subject to externally imposed capital requirements and does not have exposure to asset-backed commercial paper or similar products. The Company expects its current capital resources to be sufficient to cover its corporate operating costs but not significant exploration expenditures or mineral property acquisitions through the next twelve months. As such, the Company will continue to seek to raise additional capital as needed and believes it will be able to do so, but recognizes the uncertainty attached thereto. Actual funding requirements may vary from those planned due to a number of factors, including future property option payments, potential property acquisitions and exploration activity. 17. EVENTS AFTER THE REPORTING DATE Subsequent to September 30, 2025, the following events which have not been disclosed elsewhere in these condensed interim consolidated financial statements has occurred: A total of 6,650,001 share purchase warrants were exercised for proceeds of $665,000.