SEDAR Interim Financial Statements

RUNNING FOX RESOURCE CORP. Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended August 31, 2025 and 2024 (Unaudited – Prepared by Management) (Expressed in Canadian dollars) 2 NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed interim consolidated financial statements, they must be accompanied by a notice indicating that these condensed interim consolidated financial statements have not been reviewed by the Company’s auditors. The Company’s independent auditors have not performed an audit or review of these condensed interim consolidated financial statements. The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared by and are the responsibility of the Company’s management. RUNNING FOX RESOURCE CORP. Condensed Interim Consolidated Statements of Financial Position Unaudited – Prepared by Management (Expressed in Canadian dollars) (The accompanying notes are an integral part of these condensed interim consolidated financial statements) 3 August 31, 2025 $ November 30, 2024 $ ASSETS Current assets Cash 74,076 341 Marketable securities (Note 4) 154 80,326 Total current assets 74,230 80,667 Non-current assets Property and equipment (Note 5) 1,316 1,698 Total assets 75,546 82,365 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities Accounts payable and accrued liabilities 36,384 31,642 Total liabilities 36,384 31,642 Shareholders’ equity Share capital 22,816,298 22,816,298 Share-based payment reserve 220,800 220,800 Deficit (22,997,936) (22,986,375) Total shareholders’ equity 39,162 50,723 Total liabilities and shareholders’ equity 75,546 82,365 Going concern (Note 1) Approved and authorized for issuance on behalf of the Board of Directors on October 17, 2025 /s/ Steven Schurman /s/ Michael Meyers Steven Schurman, Director Michael Meyers, Director RUNNING FOX RESOURCE CORP. Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited – Prepared by Management) (Expressed in Canadian dollars) (The accompanying notes are an integral part of these condensed interim consolidated financial statements) 4 Three Months Ended Nine Months Ended August 31, 2025 $ August 31, 2024 $ August 31, 2025 $ August 31, 2024 $ Operating expenses Depreciation 127 182 382 546 Management fees (Note 8) – – – 22,500 Office and administration 2,671 2,112 3,873 4,385 Professional fees 2,730 2,730 19,190 19,190 Transfer agent and regulatory fees 4,160 5,673 10,389 12,250 Travel and automobile 269 2,087 269 2,087 Total operating expenses 9,957 12,784 34,103 60,958 Loss before other income (expense) (9,957) (12,784) (34,103) (60,958) Other income (expense) Foreign exchange gain (loss) (583) (148) (807) (418) Realized gain (loss) on sale of marketable securities (Note 4) (7,849) 2,607 (18,769) 5,431 Unrealized gain (loss) on marketable securities (Note 4) 41,689 (2,129) 42,118 56,301 Total other income (expense) 33,257 330 22,542 61,314 Net and comprehensive income (loss) 23,300 (12,454) (11,561) 356 Earnings (loss) per share, basic and diluted 0.00 (0.00) (0.00) 0.00 Weighted average shares outstanding, basic and diluted 54,770,548 54,770,548 54,770,548 54,770,548 RUNNING FOX RESOURCE CORP. Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity (Unaudited – Prepared b --- y Management) (Expressed in Canadian dollars) (The accompanying notes are an integral part of these condensed interim consolidated financial statements) 5 Share capital Share-based payment reserve $ Deficit $ Total shareholders’ equity $ Number of shares Amount $ Balance, November 30, 2024 54,770,548 22,816,298 220,800 (22,986,375) 50,723 Net loss for the period – – – (11,561) (11,561) Balance, August 31, 2025 54,770,548 22,816,298 220,800 (22,997,936) 39,162 Balance, November 30, 2023 54,770,548 22,816,298 220,800 (22,907,396) 129,702 Net income for the period – – – 356 356 Balance, August 31, 2024 54,770,548 22,816,298 220,800 (22,907,040) 130,058 RUNNING FOX RESOURCE CORP. Condensed Interim Consolidated Statements of Cash Flows (Unaudited – Prepared by Management) (Expressed in Canadian dollars) (The accompanying notes are an integral part of these condensed interim consolidated financial statements) 6 Nine Months Ended August 31, 2025 $ August 31, 2024 $ Operating activities Net income (loss) (11,561) 356 Items not involving cash: Depreciation 382 546 Realized loss (gain) on sale of marketable securities 18,769 (5,431) Unrealized loss (gain) on marketable securities (42,118) (56,301) Changes in non-cash operating working capital items: Prepaid expenses – (1,313) Accounts payable and accrued liabilities 4,741 29,332 Net cash used in operating activities (29,787) (32,811) Investing activities Proceeds from sale of marketable securities 103,522 53,809 Purchase of marketable securities – (30,064) Net cash provided by investing activities 103,522 23,745 Change in cash 73,735 (9,066) Cash, beginning of period 341 9,704 Cash, end of period 74,076 638 RUNNING FOX RESOURCE CORP. Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended August 31, 2025 and 2024 (Unaudited – Prepared by Management) (Expressed in Canadian dollars) 7 1. Nature of Operations Running Fox Resource Corp. (the “Company”) was incorporated under the laws of the province of British Columbia on September 1, 1981. The Company is in the business of reviewing, optioning or acquiring suitable projects and developing those projects for eventual cash flow in Canada and the United States of America. The Company’s head office is located at 8148 Carr Crescent, Arvada, Colorado, USA. These condensed interim consolidated financial statements are prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future and that management does not intend to liquidate the Company or to cease trading, unless it has no realistic alternative but to do so. During the nine months ended August 31, 2025, the Company had no revenues, had negative cash flows from operations, and incurred a net loss of $11,561. As at August 31, 2025, the Company had an accumulated deficit of $22,997,936. The Company's ability to continue its operations and to realize its assets at their carrying values is dependent upon obtaining additional financing or maintaining continued support from its shareholders and creditors, and generating profitable operations in the future. These factors indicate the existence of a material uncertainty that may cast significant doubt on the ability of the Company to continue as a going concern. These condensed interim consolidated financial statements do not include any adjustments relating to the recoverability and classif --- ication of recorded assets and liabilities that might be necessary should the Company be unable to continue in existence. Such adjustments could be material. 2. Basis of Preparation (a) Statement of Compliance and Basis of Presentation These condensed interim consolidated financial statements are unaudited and have been prepared in accordance with International Financial Reporting Standards (“IFRS”) applicable to the preparation of interim financial statements, including International Accounting Standard (“IAS”) 34, Interim Financial Reporting. The accounting policies applied by the Company in these condensed interim consolidated financial statements are the same as those applied by the Company in its audited consolidated financial statements for the year ended November 30, 2024. These condensed interim consolidated financial statements do not include all of the information and footnotes required by IFRS for complete financial statements for year-end reporting purposes. Results for the period ended August 31, 2025 are not necessarily indicative of future results. These condensed interim consolidated financial statements have been prepared on a historical cost basis, except for financial instruments which are measured at fair value. These condensed interim consolidated financial statements are presented in Canadian dollars, which is also the Company’s functional currency. (b) Principles of Consolidation These condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned inactive subsidiary, Running Fox (U.S.) Inc. The Company’s condensed interim consolidated financial statements include the accounts of all subsidiaries subject to control by the Company. Control is achieved when the Company has the power to, directly or indirectly, govern the financial and operating policies of an entity so as to obtain benefits from its activities. Subsidiaries are fully consolidated from the date on which control is obtained and continue to be consolidated until the date that such control ceases. Intercompany balances, transactions, and unrealized intercompany gains and losses are eliminated upon consolidation. RUNNING FOX RESOURCE CORP. Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended August 31, 2025 and 2024 (Unaudited – Prepared by Management) (Expressed in Canadian dollars) 8 2. Basis of Preparation (continued) (c) Use of Estimates and Judgments The preparation of these condensed interim consolidated financial statements requires management to make certain estimates, judgments, and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed interim consolidated financial statements and reported amounts of expenses during the period. These estimates are, by their nature, uncertain. The impacts of such estimates are pervasive throughout the condensed interim consolidated financial statements and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. These estimates are based on historical experience, current and future economic conditions, and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant assumptions about the future and other sources of estimation uncertain --- ty that management has made at the reporting date that could result in a material adjustment to the carrying amounts of assets and liabilities, in the event that actual results differ from assumptions made, relate to, but are not limited to, the impairment of marketable securities and unrecognized deferred income tax assets. Significant Judgements The Company’s policy for property and equipment requires judgment in determining whether the present value of future expected economic benefits exceeds capitalized costs. The policy requires management to make certain estimates and assumptions about future economic benefits related to its oil and gas interest. Estimates and assumptions may change if new information becomes available. If information becomes available suggesting that the recovery of capitalized cost is unlikely, the capitalized costs are written off to the consolidated statement of operations. The assessment of the going concern assumption requires management to take into account all available information about the future, which is at least, but is not limited to, 12 months from the end of the reporting period. 3. Accounting Standards Issued but Not Yet Effective A number of new standards, and amendments to standards and interpretations, are not yet effective for the period ended August 31, 2025, and have not been applied in preparing these condensed interim consolidated financial statements. IFRS 18 – Presentation and Disclosure in Financial Statements IFRS 18 Presentation and Disclosure in Financial Statements, which will replace IAS 1 – Presentation of Financial Statements, aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation and disaggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company has not yet determined the impact of this amendment on its financial statements. Other accounting standards or 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 consolidated financial statements. RUNNING FOX RESOURCE CORP. Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended August 31, 2025 and 2024 (Unaudited – Prepared by Management) (Expressed in Canadian dollars) 9 4. Marketable Securities Marketable securities are comprised of common shares of publicly-traded companies, and are classified as fair value through profit or loss and measured at fair value with unrealized gains and losses recognized through the consolidated statement of operations. The fair value of the marketable securities has been determined directly by reference to public price quotations in an active market. August 31, 2025 $ Opening Balance 80,326 Acquisitions – Proceeds from disposition (103,521) Realized loss on sale of marketable securities (18,769) Unrealized gain on marketable securities 42,118 Ending Balance 154 5. Property and Equipment Equipment $ Vehicles $ Computer hardware $ Oil and gas option interest $ Total $ Cost: Balance, November 30, 2022, 202 --- 3, and 2024 1,534 55,841 3,585 3,699,496 3,760,456 Accumulated Depreciation, Depletion, and Impairment: Balance, November 30, 2023 1,534 53,415 3,585 3,699,496 3,758,030 Additions – 728 – – 728 Balance, November 30, 2024 1,534 54,143 3,585 3,699,496 3,758,758 Additions – 382 – – 382 Balance, August 31, 2025 1,534 54,525 3,585 3,699,496 3,759,140 Carrying Amounts: Balance, November 30, 2024 – 1,698 – – 1,698 Balance, August 31, 2025 – 1,316 – – 1,316 Oil and Gas Project – Alberta, Canada The Company had a 5 ~ 15% non-operated option interest in certain oil and gas leasehold lands located in southwestern Alberta, Canada, with no interest in the area infrastructure. There are no reserves or proven technically and economically recoverable resources connected with this property. The project’s carrying value was reduced to $nil during the year ended November 30, 2015 as the property was shut-in. 6. Share Capital Authorized capital: unlimited common shares without par value RUNNING FOX RESOURCE CORP. Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended August 31, 2025 and 2024 (Unaudited – Prepared by Management) (Expressed in Canadian dollars) 10 7. Stock Options The Company’s shareholders have approved a stock option plan pursuant to which options may be granted to directors, officers, employees, and consultants of the Company to a maximum of 10% of the issued and outstanding common shares. As the board of directors has not formally approved the plan, the Company has not enacted the stock option plan. As at August 31, 2025 and November 30, 2024, the Company had no outstanding stock options. 8. Related Party Transactions During the three and nine months ended August 31, 2025, the Company incurred $nil and $nil (2024 – $nil and $22,500) in management fees to the Chief Executive Officer (“CEO”) of the Company. As at August 31, 2025, the Company owed $23,625 (November 30, 2024 - $23,625) to the CEO of the Company, which is recorded in accounts payable and accrued liabilities, and is unsecured, non-interest bearing, and due on demand. 9. Capital Management The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company comprises equity, including issued share capital and share-based payment reserve. The Company manages its capital structure and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances. The Company is not subject to externally imposed capital requirements and the Company’s overall strategy with respect to capital risk management remains unchanged from the year ended November 30, 2024. 10. Financial Instruments and Risk Management (a) Fair Values Assets and liabilities measured at fair value on a recurring basis were presented on the Company’s condensed interim consolidated statement of financial position as at August 31, 2025 as follows: Fair Value Measurements Using Quoted prices in active markets for identical instruments (Level 1) $ Significant other observable inputs (Level 2) $ Significant unobservable inputs (Level 3) $ Carrying Amount $ Marketable securities 154 – – 154 The fair values of other financial instruments, which include c --- ash and accounts payable and accrued liabilities approximate their carrying values due to the relatively short-term maturity of these instruments. (b) Credit Risk Financial instruments that potentially subject the Company to a concentration of credit risk consist primarily of cash. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. The carrying amount of financial assets represents the maximum credit exposure. RUNNING FOX RESOURCE CORP. Notes to the Condensed Interim Consolidated Financial Statements For the Three and Nine Months Ended August 31, 2025 and 2024 (Unaudited – Prepared by Management) (Expressed in Canadian dollars) 11 10. Financial Instruments and Risk Management (continued) (c) Foreign Exchange Rate Risk The Company has entities in Canada and the United States but operates primarily in Canada. Foreign exchange risk arises from purchase transactions as well as financial assets and liabilities denominated in foreign currencies. The Company is exposed to foreign exchange risk on its cash and marketable securities. As at August 31, 2025, the Company had approximately US$53,000 of cash and US$nil of marketable securities denominated in US dollars. A fluctuation of 5% in the foreign exchange rate between the US dollar and the Canadian dollar would result in an increase or decrease in the Company’s net income of approximately $4,000. The Company does not use derivative instruments to hedge exposure to foreign exchange rate risk. (d) 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 is not exposed to significant interest rate risk as it does not have any liabilities with variable rates. (e) 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 currently settles its financial obligations out of cash. The ability to do this relies on the Company raising debt or equity financing in a timely manner and by maintaining sufficient cash in excess of anticipated needs. (f) Market Risk The Company's investments are in the form of publicly listed companies, of which the market values may fluctuate. As at August 31, 2025, a 10% increase or decrease in the price of the Company’s marketable securities would result in an increase or decrease in the Company’s net income (loss) of approximately $15.