SEDAR Interim Financial Statements

RUSH GOLD CORP. CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE THREE AND SIX MONTHS ENDED OCTOBER 31, 2025 AND 2024 Unaudited - Expressed in Canadian Dollars 4 NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed 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 interim financial statements of the Company have been prepared by management and approved by the Audit Committee and Board of Directors of the Company. The Company’s independent auditors have not performed a review of these condensed interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim statements by an entity’s auditors. 5 RUSH GOLD CORP. CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION As at October 31, 2025 and April 30, 2025 (Unaudited) (Expressed in Canadian Dollars) October 31, 2025 April 30, 2025 (Unaudited) (Audited) Note $ $ ASSETS Current: Cash and cash equivalents 234,548 501 Prepayment 5 120,628 38,350 Project prepaid 5 10,000 - Receivables 6 6,076 10,975 371,252 49,826 Non-current: Mineral property 4 92,745 41,914 Total Assets 463,997 91,740 LIABILITIES Current: Accounts payable and accrued liabilities 7 77,038 140,800 Subscriptions payable 3,000 3,000 Due to related party 9 - 5,125 Total Liabilities 80,038 148,925 SHAREHOLDERS’ EQUITY (DEFICIENCY) Share capital 10 1,191,544 388,485 Reserve 82,806 - Deficit (890,391) (445,670) Total shareholders’ equity (deficiency) 383,959 (57,185) Total Liabilities and Shareholder’s Equity 463,997 91,740 Nature of business and going concern (Note 1) Subsequent events (Note 13) Approved on behalf of the board of directors: The accompanying notes form an integral part of these financial statements. “Anthony Zelen” “Robert Birmingham” Anthony Zelen, Director Robert Birmingham, Director 4 RUSH GOLD CORP. CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS For the Three and Six Months Ended October 31, 2025 and 2024 (Unaudited) (Expressed in Canadian Dollars) Note Three months ended October 31, 2025 Three months ended October 31, 2024 Six months ended October 31, 2025 Six months ended October 31, 2024 $ $ $ $ EXPENSES Exploration Expense 4 886 - 1,264 - Insurance Expense 2,625 - 3,500 - Interest and bank charges 2,287 883 4,041 1,459 Investor relations 52,186 - 63,591 - Office expense 10,756 894 11,943 894 Professional fees 8 32,500 647 68,560 10,285 Consulting fees 9 152,638 3,000 160,388 6,000 Share based Compensation 10 52,371 - 52,371 - 306,249 5,424 365,658 18,638 Other (Income) Expense Listing Expense 2,742 - 77,669 - Exchange Loss 904 - 1,395 - NET LOSS AND COMPREHENSIVE LOSS 309,895 5,424 444,722 18,638 Loss per common share: - Basic and diluted (0.017) (0.001) (0.028) (0.002) Weighted average number of common shares outstanding: - Basic and diluted 18,401,543 10,663,500 15,608,772 10,663,500 The accompanying notes form an integral part of these financial statements. 5 RUSH GOLD CORP. CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (DEFICIENCY) For the Six Months Ended October 31, 2025 and 2024 (Unaudited) (Expressed in Canadian Dollars) Note Number of Shares Share Capital Amount Reserve Deficit Total $ $ $ $ Balance, April 30, 2024 10,663,5 --- 00 388,485 - (296,585) 91,900 Net loss for the period - - - (18,638) (18,638) Balance, October 31, 2024 10,663,500 388,485 - (315,223) 73,262 Balance, April 30, 2025 10,663,500 388,485 - (445,669) (57,184) Issuance of common shares for private placement 10 9,645,000 964,500 - - 964,500 Shares issued for mineral property 4,10 80,000 8,000 - - 8,000 Share issuance costs 10 250,000 (139,006) - - (139,006) Fair value of agent warrants 10 - (30,435) 30,435 - - Fair value of options granted 10 - 52,371 - 52,371 Net loss for the year - - - (444,722) (444,722) Balance, October 31, 2025 20,638,500 1,191,544 82,806 (890,391) 383,959 The accompanying notes form an integral part of these financial statements. 6 RUSH GOLD CORP. CONDENSED INTERIM STATEMENTS OF CASH FLOWS For the Six Months Ended October 31, 2025 and 2024 (Expressed in Canadian Dollars) Note Six months ended October 31, 2025 Six months ended October 31, 2024 $ $ Cash provided by (used in): Operating activities Net loss for the period (444,722) (18,638) Item not affecting cash Share based compensation 9,10 52,371 - Changes in non-cash working capital: Amounts receivable 6 4,899 - Accounts payable and accrued liabilities 7 (63,762) 9,688 Due to related party (5,125) - Prepayment 5 (82,278) - Cash used in operating activities (538,617) (8,950) Investing activity Mineral property costs 4 (42,830) - Project prepaid 5 (10,000) - Cash used in investing activity (52,830) - Financing activity Proceeds from share issuance 10 964,500 - Share issuance costs 10 (139,006) - Cash used in financing activity 825,494 - Change in cash 234,047 (8,950) Cash, beginning of year 501 78,111 Cash, end of year 234,548 69,161 Supplemental cash flow information and non-cash transactions $ $ Issued agent warrants for finders’ fee 10 30,435 - Issued shares for acquisition of mineral property 10 8,000 - Issued common shares for finders’ fee 10 25,000 - The accompanying notes form an integral part of these financial statements. RUSH GOLD CORP. NOTES TO THE FINANCIAL STATEMENTS For the Three and Six Months ended October 31, 2025 and 2024 (Expressed in Canadian Dollars) 7 1. NATURE OF BUSINESS AND GOING CONCERN Rush Gold Corp. (the “Company”) was incorporated on June 23, 2020 under the laws of the Province of British Columbia, Canada by a Certificate of Incorporation issued pursuant to the provisions of the Business Corporations Act (British Columbia). The principal business of the Company is the acquisition, exploration and evaluation of resource properties. The head office of the Company is located at 650-1231 Pacific Blvd., Vancouver, British Columbia, V6Z 0E2, Canada. On June 20, 2025, the company’s shares started trading on the Canadian Security Exchange (“CSE”) under the symbol RGN, and on July 8, 2025, the Company shares began trading on the Frankfurt Stock Exchange (“FSE”) under the symbol B6H. These financial statements have been prepared on a going concern basis, which assumes the Company will continue its operation for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. The Company incurred a loss of $444,722 during the six months ended October 31, 2025 (2024 - $18,638), has a working capital of $291,214 as at October 31, 2025 (April 30, 2025 – working capital deficiency of $99,099), and has an accumulated deficit as at October 31, 2025 of $890,391 (April 30, 2025 - $445,670). The Company does not earn revenue and is re --- liant o share issuances for its funding. There is no assurance that sufficient funding (including adequate financing) will be available to conduct its business. These factors may present a material uncertainty over the Company’s ability to continue as a going concern. The application of the going concern concept is dependent upon the Company’s ability to generate future profitable operations and receive continued financial support from its creditors and shareholders. These financial statements do not give effect to any adjustments that might be required should the Company be unable to continue as a going concern. 2. BASIS OF PREPARATION Statement of compliance These interim financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) applicable to the preparation of interim financial statements, including International Accounting Standards (“IAS”) 34, Interim Financial Reporting. These interim financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the Company’s audited annual financial statements for the year ended April 30, 2025, which have been prepared in accordance with IFRS. These interim financial statements were authorized for issue on December 22, 2025 by the Board of Directors of the Company Basis of measurement These interim financial statements have been prepared on an accruals basis and are based on historical costs, except for certain financial instruments classified as financial instruments at fair value through profit or loss. These Financial Statements are presented in Canadian dollars unless otherwise noted Functional and Presentation Currency The presentation and functional currency of the Company is the Canadian dollar. All amounts in these financial statements are expressed in Canadian dollars (“CAD”), unless otherwise indicated. RUSH GOLD CORP. NOTES TO THE FINANCIAL STATEMENTS For the Three and Six Months ended October 31, 2025 and 2024 (Expressed in Canadian Dollars) 8 2. BASIS OF PREPARATION (Continued) Use of judgments and estimates The preparation of these interim financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Financial Statements and reported amounts of revenues and expenses during the reporting period. Estimates and judgments 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. Actual outcomes may differ from these estimates. Estimates and their underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and for any future years affected. Critical judgments and key sources of estimation uncertainty in applying accounting policies The following are critical judgments that management has made in the process of applying accounting policies and that have the most significant effect on the amounts recognized in the condensed interim financial statements. Deferred taxes Management is required to make estimations regarding the tax basis of assets and liabilities and related deferred income tax assets and liabilities, the measurement of income tax expense, and indirect taxes. A number of these estimates require management to make estimates of futu --- re taxable profit, and if actual results are significantly different than estimates, the ability to realize the deferred tax assets recorded on the statements of financial position could be impacted. The Company is subject to assessments by tax authorities who may interpret tax law differently. These factors may affect the final amount or the timing of tax payments. Contingencies Due to the nature of the Company’s operations, various legal and tax matters are outstanding from time to time. In the event that management’s estimate of the probability of a financial impact of these matter changes, the Company will recognize the effects of the changes in its condensed interim financial statements on the date such changes occur. Impairment indicators The assessment of impairment indicators as required by IFRS 6 – Exploration for and evaluation of mineral resources and International Accounting Standard (“IAS”) 36 – Impairment of assets requires management to make judgements in estimates for costs, future commodity prices or recoverable reserves underlying its exploration and evaluation assets. Other significant judgments in applying the Company’s accounting policies relate to the assessment of the Company’s ability to continue as a going concern (Note 1), and the classification of its financial instruments. 3. MATERIAL ACCOUNTING POLICIES The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. The fair value of the common shares issued in a private placement is determined to be the more easily measurable component and are valued at their fair value, as determined by the closing quoted bid price on the day prior to the announcement date. The balance, if any, is allocated to the attached warrants. Any fair value attributed to the warrants is recorded as share-based payments reserve. RUSH GOLD CORP. NOTES TO THE FINANCIAL STATEMENTS For the Three and Six Months ended October 31, 2025 and 2024 (Expressed in Canadian Dollars) 9 3. MATERIAL ACCOUNTING POLICIES (Continued) Other than the above mentioned, the accounting policies followed in these condensed interim financial statements are the same as those applied in the Company’s most recent audited financial statements for the year ended April 30, 2025. Accounting standards and amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company’s financial statements. 4. MINERAL PROPERTY Skylight Property, Nevada, USA On July 15, 2021, and as amended on February 28, 2022, June 30, 2022, April 3, 2023, August 18, 2023, October 31, 2023 and January 5, 2024, the Company entered into a purchase option agreement (the “Option Agreement”) with Silver Range Resources Ltd. (“Silver Range”) and Manta Minerals Ltd. (“Manta”), whereby the Company was granted exclusive rights to acquire 100% of Silver Range’s 2 mining claims located in Nevada, United States. As the Company’s listing was not completed by March 31, 2024, the Option Agreement was automatically terminated in accordance with the terms of the agreement. On January 10, 2025, the Company entered into a new purchase option agreement (“New Option Agreement”) with Silver Rang --- e and Manta, whereby the Company was granted exclusive rights to acquire a 100% in the 16 mining claims comprising the Skylight Property located in Nevada, United States. The agreement was amended on April 24, 2025. In order to exercise the option, the Company must meet the following commitments: a) paying Silver Range the following aggregate payments: i. $10,000 on or before January 31, 2025; (paid) ii. an additional $5,125 on or before May 1, 2025; (paid) iii. an additional $100,000 on or before the 13-month anniversary of the IPO; and iv. an additional $200,000 on or before the 25-month anniversary of the IPO; b) issuing to Silver Range the following aggregate shares: i. 80,000 Shares upon the completion of the IPO; (issued) (Note 10) ii. an additional 100,000 Shares on or before the first anniversary of New Option Agreement; iii. an additional 200,000 Shares on or before the second anniversary of New Option Agreement; and iv. an additional 300,000 Shares on or before the third anniversary of New Option Agreement; c) completing an aggregate 3,000 m of drilling on the Property on or before the third anniversary of New Option Agreement; and d) providing the Operator with $4,400 USD (paid) on or before April 1, 2025 for the express purposes maintaining the mining claims comprising the Property in good standing under applicable Nevada mining and land laws for the periods ending no earlier than September 1, 2026. RUSH GOLD CORP. NOTES TO THE FINANCIAL STATEMENTS For the Three and Six Months ended October 31, 2025 and 2024 (Expressed in Canadian Dollars) 10 4. MINERAL PROPERTY (Continued) Legal Tender, Nevada, USA On September 15, 2025, the Company entered into a new agreement (“Legal Tender property option agreement”) with Silver Range and Manta, whereby the Company was granted to acquire a 100% in GR 1 through 12 mining claims, located in Nye County, Nevada, United States of America. In order to exercise the option, the Company must meet the following commitments: a) paying Silver Range not less than an aggregate $200,000 as follows i. $3,000 on the execution of this Agreement by both Silver Range and Rush Gold; (paid) ii. an additional $12,000 on or before the sixth month anniversary of the Effective Date; iii. an additional $25,000 on or before the first anniversary of the Effective Date; iv. an additional $40,000 on or before the second anniversary of the Effective Date v. an additional $50,000 on or before the second anniversary of the Effective Date; and vi. an additional $70,000 on or before the fourth anniversary of the Effective Date; and b) completing an aggregate 1,000 m of drilling on the Property on or before the fourth anniversary of this Agreement; The following summarizes the cumulative costs capitalized: Skylight Property Legal Tender Total $ $ $ Acquisition Cost Balance - April 30, 2024 26,789 - 26,789 Acquisition - - - Balance - April 30, 2025 26,789 - 26,789 Acquisition 8,000 4,277 12,277 Balance - October 31, 2025 34,789 4,277 39,066 Exploration Cost Balance - April 30, 2024 - - - Land taxes and government fees 15,125 - 15,125 Balance - April 30, 2025 15,125 - 15,125 Geophysical 15,706 10,470 26,176 Geological 5,193 2,314 7,507 Land taxes and government fees 4,871 - 4,871 Balance - October 31, 2025 40,895 12,784 53,679 Total exploration and evaluation asset 75,684 17,061 92,745 5. PREPAYMENTS Prepayments include advance payments to vendors for operating expenses. As of October 31, 2025, the total prepaid amount is $12 --- 0,628 (April 30, 2025 - $38,350). Prepayment consists of $105,444 professional fee, $7,875 investor relations, and $7,309 office expenses (April 30, 2025 - $34,850 listing fees and $3,500 professional fee). Pursuant to the commencement of the exploration project, the company prepaid a consulting company for $10,000 (April 30, 2025 - $NIL) to secure time commitment from the consulting company. RUSH GOLD CORP. NOTES TO THE FINANCIAL STATEMENTS For the Three and Six Months ended October 31, 2025 and 2024 (Expressed in Canadian Dollars) 11 6. RECEIVABLES The Company’s receivables consist of $6,076 GST receivables as at October 31, 2025 (April 30, 2025 - $10,975). 7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES The following table summarizes the accounts payable and accrued liabilities as at October 31, 2025 and April 30, 2025: October 31, 2025 $ April 30, 2025 $ Accounts payable 67,038 84,984 Accrued liabilities 10,000 55,816 Total Accounts payable and accrued liabilities 77,038 140,800 8. PROFESSIONAL FEES The following table summarizes the Company’s professional fees for the six months ended October 31, 2025 and 2024: Three Months ended October 31, 2025 Three months ended October 31, 2024 Six Months ended October 31, 2025 Six months ended October 31, 2024 $ $ $ $ Legal - 647 6,410 10,285 Audit and Accounting 32,500 - 62,150 - 32,500 647 68,560 10,285 9. RELATED PARTY TRANSACTIONS Key management compensation Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of members of the Company's Board of Directors and corporate officers. The remuneration of the key management personnel during the six months ended October 31, 2025 and 2024 were as follows: Three Months ended October 31, 2025 Three months ended October 31, 2024 Six Months ended October 31, 2025 Six months ended October 31, 2024 $ $ $ $ Consulting fees 12,500 - 12,500 - Professional fee (Note 8) - - 7,000 - Share-based compensation (Note 10) 16,434 - 16,434 - 28,934 - 35,934 - On September 2, 2025 the company granted 1,320,000 stock options of which 460,000 were granted to certain directors of the Company exercisable for a period of 5 years, at a price of $0.10 per share, and vesting over a period of six months to one year. During the six months ended October 31, 2025, the stock options issued to certain directors had a vesting portion of 223,635 resulting to $16,434 share-based compensation. RUSH GOLD CORP. NOTES TO THE FINANCIAL STATEMENTS For the Three and Six Months ended October 31, 2025 and 2024 (Expressed in Canadian Dollars) 12 10. SHARE CAPITAL a. Authorized The Company has unlimited number of common shares without par value. As at October 31, 2025, the Company had 20,638,500 common shares issued and outstanding. b. Issued and outstanding During the six months ended October 31, 2025, the Company issued the following: • 4,500,000 common shares at $0.10 per share related to initial public offering (IPO) for total proceeds of $450,000. The Company incurred $120,166 share issuance cost related to the IPO. • 250,000 common shares for finders’ fee in connection with the IPO, the Company recorded $25,000 as share issuance costs for the finders’ fee. • 80,000 common shares pursuant to property option agreement and recorded $8,000 of acquisition cost to the property (Note 4). • 5,145,000 common shares issued, with --- each unit consisting of one common share and one share purchase warrant, with each warrant being exercisable for a period of 24 months at a price of 20 cents per share. The Company incurred $18,840 as share issuance costs for the finders’ fee. During the year ended April 30, 2024, the Company issued 1,763,000 common shares pursuant to the automatic exercise of the Special Warrants originally issued on April 21, 2023, by way of a private placement with certain investors and Directors of the Company. c. Escrow Shares In conjunction with the Company’s initial public offering, 4,605,000 shares held by principals were placed in escrow. The escrowed shares will be released subject to the approval of the Canadian Securities Exchange (CSE), an initial release of 10% of the escrow securities may occur no earlier than 10 days following the public announcement of the results from the first phase of the exploration program. The remaining escrow securities will then be released over a 36-month period in the following tranches of 15% each, following the initial release. As at October 31, 2025, 4,605,000 shares are held in escrow. d. Special warrants During the six months ended October 31, 2025 the Company did not issue any special warrants. During the year ended April 30, 2025 the Company did not issue any special warrants and collected gross proceeds of $Nil (2024 - $Nil) in relation to Special Warrants private placement. On April 21, 2023, under the First Special Warrant Private Placement, the Company issued an aggregate of 1,763,000 Special Warrants at a price of $0.10 per Special Warrant for gross proceeds of $176,300 received during the years ended 2021, 2022 and 2023 from the sale of the Special Warrants. The special warrants automatically converted to common shares for no additional consideration on December 10, 2024. RUSH GOLD CORP. NOTES TO THE FINANCIAL STATEMENTS For the Three and Six Months ended October 31, 2025 and 2024 (Expressed in Canadian Dollars) 13 10. SHARE CAPITAL (Continued) e. Agent warrants During the six months ended October 31, 2025, the Company issued a total of 450,000 agent warrants in connection to the private placements and recorded a fair value of $30,435 as share issuance cost. Number of Warrants Exercise Price $ Outstanding warrants, April 30, 2025 - - Granted agent warrants 450,000 0.10 Outstanding, October 31, 2025 450,000 0.10 The following table summarizes the information about agent warrants as at October 31, 2025: Expiry date Agents’ Warrants outstanding Exercise Price Weighted average remaining contractual life, in years $ June 20, 2027 450,000 0.10 1.64 Total 450,000 0.10 The Company determined the fair value of the warrants on grant date using Black-Scholes option valuation model with the following weighted average assumptions: October 31, 2025 Fair value of common stock $0.10 Exercise Price $0.10 Expected term (years) 2.00 Risk-free interest rate 2.64% Expected volatility 137.10% Dividend yield - Estimated forfeitures - f. Share warrants During the six months ended October 31, 2025, the Company issued a total of 5,145,000 share warrants in connection to the private placements. Each warrant is exercisable for a period of 24 months at a price of $0.20 per share. Number of Warrants Exercise Price $ Outstanding warrants, April 30, 2025 - - Granted share warrants 5,145,000 0.20 Outstanding, October 31, 2025 5,145,000 0.20 RUSH GOLD CORP. NOTES TO THE FINANCIAL STATEMENTS For the Three and Six Months ended Octo --- ber 31, 2025 and 2024 (Expressed in Canadian Dollars) 14 10. SHARE CAPITAL (Continued) f. Share warrants (Continued) The following table summarizes the information about share warrants as at October 31, 2025: Expiry date Share Warrants outstanding Exercise Price Weighted average remaining contractual life, in years $ September 26, 2027 5,145,000 0.20 1.90 Total 5,145,000 0.20 g. Share Options On September 2, 2025 the company granted 1,320,000 stock options to certain directors and consultants of the Company exercisable for a period of 5 years, at a price of $0.10 per share, and vesting over a varying period of six months to one year. During the six months ended October 31, 2025, the stock options had a vesting portion of 712,667 resulting to $52,371 share-based compensation of which $16,434 granted to certain directors and officers of the company (Note 9). As at October 31, 2025, 250,000 stock options are fully vested and exercisable. Number of Share Options Exercise Price $ Outstanding, April 30, 2025 - - Granted share options 1,320,000 0.10 Outstanding, October 31, 2025 1,320,000 0.10 The following table summarizes the information about Stock options as at October 31, 2025: Expiry date Stock Options outstanding Exercise Price Weighted average remaining contractual life, in years $ September 2, 2030 1,320,000 0.10 4.84 Total 1,320,000 0.10 The fair value of the options was estimated using the Black Scholes option pricing model and the following assumptions: September 2, 2025 Fair value of common stock $0.09 Exercise Price $0.10 Expected term (years) 5.00 Risk-free interest rate 2.92% Expected volatility 117.97% Dividend yield - Estimated forfeitures - RUSH GOLD CORP. NOTES TO THE FINANCIAL STATEMENTS For the Three and Six Months ended October 31, 2025 and 2024 (Expressed in Canadian Dollars) 15 11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT Fair value The fair value of financial assets and financial liabilities at amortized cost is determined in accordance with generally accepted pricing models based on discounted cash flow analysis or using prices from observable current market transactions. The Company considers that the carrying amounts of all its financial assets and financial liabilities recognized at amortized cost in these financial statements approximate their fair values due to the demand nature or short-term maturity of these instruments. Cash is classified as Level 1 fair value. There were no transfers between Level 1 and Level 2 during the period end October 31, 2025. • Level 1 fair value measurements are those derived from quoted prices in active markets for identical assets or liabilities. • Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable either directly or indirectly. • Level 3 fair value measurements are those derived from valuation techniques that include inputs that are not based on observable market data. As at October 31, 2025, the Company does not have any Level 3 financial instruments. As at October 31, 2025 the Company’s financial instruments consisted of cash, accounts payable and accrued liabilities, and subscriptions payable, which are all measured at amortized cost. The carrying values of accounts receivable, accounts payable and accrued liabilities, due to related party, and subscription payable approximate their fair values due to the short period to maturity. The Company’s risk exposures and the impact on the Company’s financ --- ial instruments are summarized below: Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its cash held in bank accounts. All of the Company’s cash is deposited in bank accounts held with a major bank in Canada As all of the Company’s cash is held by one bank, there is a concentration of credit risk. This risk is managed by using major banks that are high credit quality financial institutions as determined by rating agencies. The Company’s secondary exposure to credit risk is on its other receivables. This risk is minimal as receivables consist primarily of refundable government goods and services taxes. 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 has a planning and budgeting process in place to help determine the funds required to support the Company’s normal operating requirements on an ongoing basis. The Company ensures that there are sufficient funds to meet its short-term business requirements, taking into account its anticipated cash flows from operations and its holdings of cash. Historically, the Company’s sole source of funding has been the issuance of equity securities for cash, primarily through private placements. The Company’s access to financing is always uncertain. There can be no assurance of continued access to significant equity funding. Market risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices. RUSH GOLD CORP. NOTES TO THE FINANCIAL STATEMENTS For the Three and Six Months ended October 31, 2025 and 2024 (Expressed in Canadian Dollars) 16 11. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Continued) Market risk (Continued) (a) 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 the market interest rates. The Company’s cash is held in an account with a major Canadian financial institution with minimal interest. A 1% change in market interest rates would not have a material impact on the Company’s net loss. (b) Foreign currency risk 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 has minimal transactions in other currency and is not exposed to significant foreign exchange rate risk. (c) Other price risk Other price risk is the risk that the future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk or foreign currency risk. As at October 31, 2025 the Company has no investments in publicly traded securities and is not exposed to price risk. 12. CAPITAL MANAGEMENT Capital is comprised of the Company’s shareholders’ equity. As at October 31, 2025, the Company’s shareholders’ equity was $383,959 (April 30, 2025, shareholders’ deficiency - $57,185) and current liabilities was $80,038 (April 30, 2025 - $148,925). The Company’s objectives when managing capital are to maintain financial strength and to protect its ability to meet its future liabilities, to continue as a going concern, to maintain creditworthiness and to maximize returns for shareholders over the long t --- erm. Protecting the ability to pay current and future liabilities includes maintaining capital above minimum regulatory levels, current financial strength rating requirements and internally determined capital guidelines and calculated risk management levels. The Company currently is not subject to externally imposed capital requirements, and there have been no changes in the Company’s management of capital during the year. 13. SUBSEQUENT EVENTS Subsequent to October 31, 2025, the Company had the following transaction: • The Company entered into a six-month arm’s-length consulting agreement effective on November 1, 2025, for business development and investor relations services, for total consideration of $60,000, with no equity interest held by the consultant.