SEDAR Interim Financial Statements

TRIUMPH GOLD CORP. (An Exploration Stage Corporation) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE SIX MONTH PERIOD ENDED JUNE 30, 2025 (Unaudited - Prepared by Management) (Expressed in Canadian dollars) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited interim consolidated financial statements have been prepared by and are the responsibility of the management. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Canadian Professional Accountants of Canada for a review of interim financial statements by an entity's auditor. VANCOUVER, BC August 28, 2025 TRIUMPH GOLD CORP. (An Exploration Stage Corporation) Consolidated Statements of Financial Position (Expressed in Canadian dollars) As at June 30, 2025 December 31, 2024 (Unaudited) (Audited) $ $ ASSETS Current assets Cash 51,349 2,412 Trade and other receivables 18,949 4,987 Prepayments and deposits 88,777 22,282 159,075 29,681 Non-current assets Property and equipment (note 3) 9,328 10,584 Investment in equities 1 1 Exploration and evaluation assets (note 4) 4,066,816 3,781,119 4,076,145 3,791,704 Total assets 4,235,220 3,821,385 LIABILITIES Current liabilities Trade and other payables (note 7) 345,856 755,442 Non-current liability Reclamation provision (note 4) 60,000 60,000 Total liabilities 405,856 815,442 SHAREHOLDERS' EQUITY Share capital (note 5) 78,390,087 76,637,399 Reserve (note 5) 9,467,494 8,534,009 Deficit ( 84,028,217) ( 82,165,465) 3,829,364 3,005,943 Total liabilities and shareholders' equity 4,235,220 3,821,385 Commitments and contingency (note 6) Subsequent event (note 11) Approved on behalf of the board: "John Anderson" "Gregory Sparks" John Anderson Gregory Sparks Director Director The accompanying notes are an integral part of these consolidated financial statements. Nature and continuance of operations and going concern (note 1) TRIUMPH GOLD CORP. (An Exploration Stage Corporation) Consolidated Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars) June 30, 2025 June 30, 2024 June 30, 2025 June 30, 2024 $ $ $ $ Expenses Administrative expenses (note 7) 19,049 22,914 34,965 51,023 Corporate communications (note 7) 125,107 6,731 245,321 12,754 Depreciation (note 3) 627 1,237 1,256 2,475 Exploration expenditures (notes 4 and 7) 86,737 31,443 116,087 32,184 Interest 541 577 5,140 998 Listing and filing fees 6,015 4,365 12,589 11,476 Professional fees (note 7) 306,654 71,257 357,350 107,894 Property investigation 1,395 - 33,840 - Share-based payments (note 5) 890,833 - 890,833 - Wages and salaries (note 7) 86,528 71,291 165,371 144,828 Net and comprehensive loss for the period ( 1,523,486) ( 209,815) ( 1,862,752) ( 363,632) Loss per share - basic and diluted (0.03) (0.00) (0.04) (0.01) Weighted average number of shares outstanding - basic and diluted 52,376,848 42,755,848 48,652,539 42,741,562 Three month period ended Six month period ended The accompanying notes are an integral part of these consolidated financial statements. TRIUMPH GOLD CORP. (An Exploration Stage Corporation) Consolidated Statements of Changes in Shareholders' Equity (Expressed in Canadian dollars) Total Number of Share Sharehold --- ers' Shares Capital Reserve Deficit Equity $ $ $ $ Balance, December 31, 2023 42,555,848 76,602,399 8,534,009 ( 81,424,145) 3,712,263 Exercise of warrants (note 5) 200,000 35,000 - - 35,000 Loss for the period - - - ( 363,632) ( 363,632) Balance, June 30, 2024 42,755,848 76,637,399 8,534,009 ( 81,787,777) 3,383,631 Loss for the period - - - ( 377,688) ( 377,688) Balance, December 31, 2024 42,755,848 76,637,399 8,534,009 ( 82,165,465) 3,005,943 Share issuance (note 5) 9,604,750 1,920,950 - - 1,920,950 Share issuance costs (note 5) ( 171,106) 42,652 - ( 128,454) Exercise of warrants (note 5) 16,250 2,844 - - 2,844 Share-based payments (note 5) - - 890,833 - 890,833 Loss for the period - - - ( 1,862,752) ( 1,862,752) Balance, June 30, 2025 52,376,848 78,390,087 9,467,494 ( 84,028,217) 3,829,364 The accompanying notes are an integral part of these consolidated financial statements. TRIUMPH GOLD CORP. (An Exploration Stage Corporation) Consolidated Statements of Cash Flows (Expressed in Canadian dollars) For the six month period ended June 30, 2025 June 30, 2024 $ $ Cash flows from operating activities Loss for the period ( 1,862,752) ( 363,632) Items not involving cash Depreciation 1,256 2,475 Share-based payments 890,833 - ( 970,663) ( 361,157) Change in non-cash working capital Trade and other receivables ( 13,962) 39,646 Prepayments and deposits ( 66,495) 4,514 Trade and other payables ( 409,586) 116,791 ( 1,460,706) ( 200,206) Cash flows from investing activity Acquisition of exploration and evaluation assets ( 285,697) ( 12,760) ( 285,697) ( 12,760) Cash flows from financing activities Proceeds on issuance of common shares, net 1,795,340 35,000 1,795,340 35,000 Change in cash 48,937 ( 177,966) Cash, beginning of the period 2,412 193,480 Cash, end of the period 51,349 15,514 Non-cash transactions: There were no non-cash transactions during the six month periods ended June 30, 2025 and 2024. The accompanying notes are an integral part of these consolidated financial statements. TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 1. NATURE AND CONTINUANCE OF OPERATIONS AND GOING CONCERN Triumph Gold Corp. was continued under the British Columbia Business Corporations Act on December 19, 2011 and is extra-provincially registered in the Yukon Territory. The Company is listed on the TSX Venture Exchange (“TSXV”), having the symbol “TIG”. The Company’s principal business activity is the exploration for mineral resources, primarily in the Yukon Territory, Canada. The Company’s corporate office and principal place of business is Suite 1100, 1111 Melville Street, Vancouver, British Columbia, Canada, V6E 3V6. The consolidated financial statements have been prepared on a going concern basis which assumes the Company will realize its assets and discharge its liabilities in the normal course of business. As at June 30, 2025, the Company had current liabilities in excess of current assets of $186,781 and an accumulated deficit of $84,028,217. The Company’s ability to continue as a going concern is dependent upon its ability in the future to achieve profitable operations and, in the meantime, to obtain the necessary financing to meet its obligations and repay its liabilities when they become due. External financing, predominantly by the issuance of equity to the public, will be sought to finance the operations of the Compan --- y. Although the Company has a history of raising money, there is no guarantee of this in the future. The Company’s business may be affected by changes in political and market conditions, such as interest rates, availability of credit, inflation rates, changes in laws, tariffs and national and international circumstances. Recent geopolitical events and potential economic global challenges such as the risk of the higher inflation and energy crises, may create further uncertainty and risk with respect to the prospects of the Company’s business. The impact on the Company is not currently determinable but management continues to monitor the situation. There can be no assurance that the Company will not be impacted by adverse consequences that may be brought about on its business, results of operations, financial position and cash flows in the future. As a result, there always exists uncertainty that causes significant doubt about the Company’s ability to continue as a going concern. These consolidated financial statements do not include any adjustments to the amounts and classification of assets and liabilities that might be necessary should the Company be unable to continue in business. 2. BASIS OF PREPARATION Statement of compliance to International Financial Reporting Standards These condensed consolidated interim financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). Therefore, these financial statements comply with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”. The financial statements were authorized for issue on August 28, 2025 by the directors of the Company. TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 2. BASIS OF PREPARATION (continued) Principles of consolidation These consolidated financial statements include the accounts of the Company and its wholly- owned subsidiary, Bushmaster Exploration Services (2007) Ltd. All significant intercompany transactions and balances have been eliminated upon consolidation. The financial statements of the subsidiary are prepared using consistent accounting policies and reporting dates of the Company. The functional currency for the Company and its subsidiary is the Canadian dollar. New or revised accounting standards not yet adopted In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements. This standard aims to improve the consistency and clarity of financial statement presentation and disclosures by providing updated guidance on the structure and content of financial statements. Key changes include enhanced requirements for the presentation of financial performance, financial position, and cash flows, as well as additional disclosures to improve transparency and comparability. In addition, IFRS 18 requires entities to classify income and expenses into five categories, three of which are new – i.e. operating, investing and financing – and the income tax and discontinued operation categories. The new standard sets out detailed requirements for classifying income and expenses into each category. These amendments are effective for annual periods beginning on or after January 1, 2027. The Company is currently assessing the impact that the adoption of IFRS 18 will have on its consolidated financial stat --- ements. Other new or revised accounting standards not yet adopted 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. 3. PROPERTY AND EQUIPMENT Automotive Computer Equipment Equipment Furniture and Fixtures Total $ $ $ $ $ Cost Balance, December 31, 2023, 2024 and June 30, 2025 120,292 51,532 76,401 5,000 253,225 Accumulated depreciation Balance, December 31, 2023 114,638 50,733 70,423 2,696 238,490 Depreciation 1,696 799 1,195 461 4,151 Balance, December 31, 2024 116,334 51,532 71,618 3,157 242,641 Depreciation 594 - 478 184 1,256 Balance, June 30, 2025 116,928 51,532 72,096 3,341 243,897 Net book value As at December 31, 2024 3,958 - 4,783 1,843 10,584 As at June 30, 2025 3,364 - 4,305 1,659 9,328 TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 4. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES Exploration and evaluation assets and related expenditures comprise: Freegold Mountain, Canada To June 30, 2025, the Company has recorded a $60,000 (December 31, 2024 - $60,000) provision for reclamation activities related to the Freegold Mountain Project. The timing of the reclamation activities cannot be estimated at this time, and will be performed upon the completion of the development of the project. The Freegold Mountain Project is comprised of the following exploration properties: (i) Tinta Hill Property, Yukon The Company holds a 100% interest in the Tinta Hill Property subject to an annual advanced royalty payment of $20,000 and a 3% Net Smelter Return (“NSR”). The advanced royalty payment will be netted against royalty interest payments after commencement of commercial production. Of the 3% NSR, the Company can elect to purchase 2% at a cost of $250,000 for the first 1% and $1,000,000 for the second 1%. As at June 30, 2025, the total advanced royalty payment made was $180,000 (December 31, 2024 – $160,000). (ii) Freegold Property, Yukon The Company holds a 100% interest in the Freegold Property subject to an annual advanced royalty payment of $ 10,000 and a 3% NSR. The advanced royalty payment will be netted against royalty interest payments after commencement of commercial production. Of the 3% NSR, the Company can elect to purchase 2% at a cost of $250,000 for the first 1% and $1,000,000 for the second 1%. As at June 30, 2025, the total advanced royalty payment made was $90,000 (December 31, 2024 – $80,000). (iii) Goldstar Property, Yukon The Company holds a 100% interest in the Goldstar Property subject to an advance payment of $10,000 and a 3% NSR. The advanced royalty payment will be netted against royalty interest payments after the commencement of commercial production. Of the 3% NSR, the Company can elect to purchase 2% at a cost of $500,000 for the first 1% and $1,000,000 for the second 1%. As at June 30, 2025, the total advanced royalty payment made was $90,000 (December 31, 2024 – $80,000). (iv) Golden Revenue Property, Yukon The Company holds a 100% interest in the Golden Revenue Property subject to a 1% NSR in favour of ATAC Resources Ltd on that portion of the property which is not subject to an underlying royalty. There is a 2% underlying NSR on a portion of the property. A total of 75% of the underlying NSR (1.5 --- % NSR) may be purchased at any time for $600,000. On June 13, 2018, the Company acquired the underlying NSR for a purchase price of $100,000, thereby conveying the exclusive right to be paid all future rights associated from the NSR to the Company. TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 4. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued) Big Creek, Canada On February 3, 2021, and as closed on March 1, 2021, the Company entered into a purchase and sale agreement to acquire certain claims, subject to 1.5% NSR, comprising the Big Creek copper- gold Property located in the Whitehorse Mining District of Yukon, Canada. As consideration, the Company issued 125,000 common shares at a fair value of $225,000. During the period ended June 30, 2025, the Company paid $Nil (December 31, 2024 - $5,160) in filing fees for the Big Creek Property. During the period ended June 30, 2025, the Company received a $Nil (December 31, 2024 - $44,264) grant from the Government of Yukon for the Big Creek Property. Other, Canada Tad/Toro Property, Yukon The Company holds a 100% interest in the Tad/Toro Property subject to a 3% NSR, of which the first 1% may be purchased for $500,000 and a second 1% for $1,000,000. The Company wrote- down the value of the Tad/Toro Property to $1 in previous years. During the period ended June 30, 2025, the Company paid $Nil (December 31, 2024 - $7,600) in filing fees for the Tad/Toro Property. Andalusite Peak, British Columbia, Canada The Company staked the Andalusite Peak Property and held a 100% interest. During the period ended June 30, 2025, the Company paid $28,013 (December 31, 2024 - $Nil) in filing fees for the Andalusite Property. DMG Claims, Utah, USA The Company paid $217,684, which includes a payment of US$150,000 as partial consideration towards the purchase for the rights, title and interest in and to certain mining claims and mining leases in Utah, USA, referred to as the DMG Claims. As additional compensation, the Company will also issue 3,000,000 common shares to the seller over 3 years and pay $3,000,000 in cash or the issuance of common shares in year 4. The agreement is subject to closing conditions and regulatory approvals. TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 4. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued) Freegold Mountain Big Creek Other Andalusite Peak DMG Claims Total $ $ $ $ $ $ Exploration and Evaluation Assets Balance, December 31, 2023 3,428,639 254,179 45,041 500 - 3,728,359 Additions 40,000 5,160 7,600 - - 52,760 Balance, December 31, 2024 3,468,639 259,339 52,641 500 3,781,119 Additions 40,000 - - 28,013 217,684 285,697 Balance, June 30, 2025 3,508,639 259,339 52,641 28,513 217,684 4,066,816 Current Exploration Expenditures Year ended December 31, 2024 Camp costs 330 - - - - 330 Exploration grant - (44,264) - (9,300) - (53,564) Geological costs 11,783 2,811 5,757 1,541 - 21,892 Transportation and storage 9,510 - - - - 9,510 Wages and labour costs 69,223 - 19,191 32,227 - 120,641 Total 90,846 (41,453) 24,948 24,468 - 98,809 Period ended June 30, 2025 Camp costs 330 - - - - 330 Geological costs 4,622 - 1,541 1,541 - 7,704 Transportation and storage 4,770 - - - - 4,770 Wages and labour cos --- ts 64,488 - - 13,991 24,804 103,283 Total 74,210 - 1,541 15,532 24,804 116,087 Cumulative Exploration Expenditures Administrative 702,295 3,042 166 1,050 - 706,553 Assaying 1,146,836 12,882 35,734 25,751 - 1,221,203 Camp costs 3,861,295 9,509 26,113 86 - 3,897,003 Community relations 9,125 - - - 9,125 Drilling costs 18,668,403 - - - 18,668,403 Environmental 33,800 - - - 33,800 Equipment and supplies 1,063,089 6,147 11,219 2,569 - 1,083,024 Exploration grant (325,455) (44,264) (50,000) (17,193) - (436,912) Geological costs 6,277,103 48,495 128,565 64,458 - 6,518,621 Geophysical costs 1,476,715 - - - 1,476,715 Helicopter 7,942 21,700 63,390 17,965 - 110,997 Reclamation provision 60,000 - - - 60,000 Resource work 243,501 - - - 243,501 Transportation and storage 1,525,454 6,451 31,265 2,591 - 1,565,761 Travel and accomodation 837,277 6,236 10,740 13,627 - 867,880 Wages and labour costs 13,395,713 28,296 84,365 130,958 24,804 13,664,136 Total 48,983,093 98,494 341,557 241,862 24,804 49,689,810 TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 5. SHARE CAPITAL Authorized: Unlimited common shares with no par value. Unlimited preferred shares, the series rights and restrictions to be determined by the Board of Directors on issuance. Issued: For the period ended June 30, 2025 During the six-month period, the Company: a) closed a non-brokered private placement for 9,604,750 units of the Company at a price of $0.20 per unit for gross proceeds of $1,920,950. Each unit is comprised of one common share and one-half of a common share purchase warrant, with each whole warrant exercisable to acquire one additional share at a price of $0.25, exercisable for a term of three years from the date of issuance. Finder’s fees in the amounts of $104,619 in cash (note 7), share issuance costs of $23,835 and 340,000 finder’s warrants were paid in connection with the private placement. The fair value attributable to the finder’s warrants of $42,652 was estimated using the Black-Scholes Option Pricing Model assuming an expected life of 3 years, expected dividend yield of 0%, a risk-free interest rate of 2.59%, share price on grant date of $0.22 and an expected volatility of 93.29%; and b) issued 16,250 common shares upon the exercise of warrants at a price of $0.175 per share. For the year ended December 31, 2024 During the year ended December 31, 2024, 200,000 warrants were exercised for proceeds of $35,000. Stock options: The Company has a stock option plan whereby options to purchase common shares are granted by the board of directors to directors, officers, employees and consultants to the Company. Under the terms of the plan, the Company has reserved an amount of common shares for options up to 10% of the issued and outstanding common shares. Options granted under this plan are non- transferable; expire no later than the tenth anniversary of the date the option is granted and must comply with the requirements of the regulatory authorities. TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 5. SHARE CAPITAL (continued) Stock options (continued): A summary of outstanding stock options at June 30, 2025, is as follows: Stock option transactions are summarized as follows: Number of stock options Weighted ave --- rage exercise price Weighted average remaining life $ December 31, 2023 745,000 3.40 0.93 Expired (120,000) 5.50 December 31, 2024 625,000 3.00 0.34 Granted 4,575,000 0.27 June 30, 2025 5,200,000 0.60 4.28 On May 7, 2025, the Company granted a total of 4,575,000 stock options to directors, officers, employees, and consultants. The options are exercisable at $0.27 per share for a period of five years, with immediate vesting. The total fair value was estimated using the Black-Scholes Option Pricing Model assuming an expected life of 5 years, expected dividend yield of 0%, a risk-free interest rate of 2.70%, share price on grant date of $0.28 and an expected volatility of 86.70%. The vesting of these options resulted in a total share-based compensation expense of $890,833 which was recorded during the six-month period ended June 30, 2025. Number of stock options outstanding Exercise price Expiry date Number of stock options exercisable $ 595,000 3.00 July 24, 2025 595,000 30,000 3.00 January 25, 2026 30,000 4,575,000 0.27 May 7, 2030 4,575,000 5,200,000 5,200,000 TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 5. SHARE CAPITAL (continued) Warrants: A summary of outstanding warrants at June 30, 2025 is as follows: Warrant transactions are summarized as follows: Reserve: The reserve records items recognized as share-based compensation expense and other share- based payments until such time that the stock options or warrants are exercised, at which time the corresponding amount will be transferred to share capital. Any fair value attributed to the warrants is recorded in the reserve. 6. COMMITMENTS AND CONTINGENCY a) The Company has included in officers’ employment agreements a change in control clause that entitles them to a lump sum severance payment equal to 1.5 to 2.0 times their annual base salaries. This would amount to up to $360,000 based on salaries in effect as at June 30, 2025. b) Under the terms of the Company’s by-laws, the Company indemnifies individuals who have acted at the Company’s request to be a director and/or officer of the Company. The claims covered by such indemnifications are subject to statutory and other legal limitation periods. Number of warrants outstanding Exercise price Expiry date Remaining life (years) $ 13,969,464 0.175 January 27, 2028 2.58 5,142,375 0.25 March 12, 2028 2.70 19,111,839 TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 7. RELATED PARTY TRANSACTIONS The Company had the following transactions involving key management during the six-month period ended June 30, 2025: (i) RIP Services Inc., a company controlled by an officer of the Company provides accounting services to the Company. Professional fees incurred during the six-month period were $24,000 (2024 - $24,000). At June 30, 2025, this officer was owed $16,800 (December 31, 2024 - $58,800). (ii) Purplefish Capital Limited, a company controlled by a director of the company, provides consulting services to the Company. Consulting fees incurred during the six-month period were $30,000 (2024 - $30,000) which were recorded in wages and salaries. The Company also paid $36,619 in finder’s fees related to a private placement (note 5). At June 30, 2025, this company was owed $10,500 (Dece --- mber 31, 2024 - $57,750). (iii) Halle Geological Services Ltd., a company controlled by the VP of Exploration of the company provided geological and consulting services. Geological and consulting fees incurred during the six-month period were $Nil (2024 - $11,686) and corporate communications of $Nil (2024 - $360). At June 30, 2025, this company was owed $Nil (December 31, 2024 - $2,627). (iv) Wiklow Corporate Services, Inc., a company controlled by an officer of the Company provided consulting services to the Company. Professional fees incurred during the six- month period were $21,000 (2024 - $21,000). At June 30, 2025, this company was owed $14,700 (December 31, 2024 - $27,345). (v) Wages and salaries of $90,000 (2024 – $90,000) were paid to a directors and officers of the Company. (vi) Recorded $413,775 (2024 - $Nil) in share-based payments, for stock options granted and vested, to officers and directors of the Company. (vii) Parallel Mining Corp., a company related by common directors and officers, rented office space from the Company and paid $2,300 (2024 - $Nil) in rent recorded as a reduction to administrative expenses during the six-month period. (viii) Triple Point Resources, a company related by common directors and officers, paid $Nil (2024 - $8,772) for the use of software to the Company during the six months period. Amounts owed above are included in trade and other payables. At June 30, 2025, the directors were owed $120,000 (December 31, 2024 - $120,000) in accrued directors’ fees. A further $Nil (December 31, 2024 - $107,250) is owing to a director of the Company at June 30, 2025. These balances are non-interest bearing, unsecured and have no specific terms of repayment. 8. SEGMENTED INFORMATION The Company operates in one operating segment, that being exploration of mineral properties. All of the Company’s assets are located in Canada. TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 9. CAPITAL MANAGEMENT The Company includes cash and equity, comprising issued common shares, reserve and deficit, in the definition of capital. The Company manages its capital structure and makes adjustments, based on the funds available to the Company, in order to support the acquisition, exploration and development of mineral properties. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company’s management to sustain future development of the business. 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 properties in which the Company currently has an interest are in the exploration stage; as such the Company is dependent upon external financings to fund activities. In order to carry out planned exploration and pay for administrative costs, the Company will spend its existing working capital and raise additional funds 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. There were no changes in the Company’s approach to capital management during the period ended June 30, 2025. The Company is not subject to externally imposed capit --- al requirements. 10. FINANCIAL INSTRUMENTS The Company is exposed in varying degrees to financial instrument related risks by virtue of its activities. The overall financial risk management program focuses on preservation of capital, and protecting current and future Company assets and cash flows by reducing exposure to risks posed by the uncertainties and volatilities of financial markets. The types of risk exposure and the way in which such exposures are managed are as follows: Credit Risk - The Company’s credit risk is primarily attributable to its liquid financial assets. The Company limits exposure to credit risk on liquid financial assets through maintaining its cash with high-credit quality financial institutions. Other receivables are comprised primarily of tax receivables generated on the purchase of supplies and services for the Company’s exploration programs, which are refundable from the Canadian government. The Company’s maximum exposure to credit risk is the carrying amount of financial assets on the consolidated statements of financial position. Liquidity Risk – The Company’s cash is invested in business accounts with high-credit quality financial institutions which are available on demand for the Company’s programs. Future operations or exploration programs will require additional financing primarily through equity markets. The Company has a planning and budgeting process in place to help determine the funds required to support normal operating requirements on an ongoing basis. Historically, the Company’s primary 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. TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 10. FINANCIAL INSTRUMENTS (continued) Liquidity Risk (continued) The Company has current liabilities in excess of current assets of $186,781 (December 31, 2024 – $725,761) at June 30, 2025. Liquidity risk is assessed as high. 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 prices. Interest rate risk – In respect to the Company’s financial assets, the interest rate risk mainly arises from the interest rate impact on cash. Every 1% fluctuation in interest rates up or down would have an insignificant impact on profit or loss. Foreign currency risk - The Company is exposed to foreign currency risk to the extent that certain monetary financial instruments and other assets are denominated in United States dollars. The Company has not entered into any foreign currency contracts to mitigate this risk and has no financial instruments held in United States funds. Therefore, foreign currency risk is minimized. Commodity price risk – The value of the Company’s mineral resource properties is related to the price of various commodities and the outlook for them. Commodity prices have historically fluctuated widely and are affected by numerous factors outside of the Company’s control, including, but not limited to, industrial retail demand, central bank lending, forward sales by producers and speculators, level of worldwide production and short-term changes in supply and demand. The Company is not exposed to s --- ignificant price risk. Fair Value - The Company has various financial instruments comprised of cash, trade and other receivables, investment in equities and trade and other payables. For disclosure purposes, all financial instruments measured at fair value are categorized into one of three hierarchy levels, described below. Each level is based on the transparency of the inputs used to measure the fair values of assets and liabilities: Level 1 – Values based on unadjusted quoted prices in active markets that are accessible at the measurement date for identical assets or liabilities. Level 2 – Values based on quoted prices in markets that are not active or model inputs that are observable either directly or indirectly for substantially the full term of the asset or liability. Level 3 – Values based on prices or valuation techniques that require inputs that are both unobservable and significant to the overall fair value measurement. TRIUMPH GOLD CORP. Notes to the Condensed Consolidated Financial Statements Six-month period ended June 30, 2025 (Unaudited – Prepared by management) (Expressed in Canadian dollars) 10. FINANCIAL INSTRUMENTS (continued) 11. SUBSEQUENT EVENT Subsequent to June 30, 2025, the Company received $56,875 for the exercise of 325,000 warrants and 595,000 stock options expired, unexercised. Level 1 Level 2 Level 3 Total $ $ $ $ June 30, 2025 Assets: Cash 51,349 - - 51,349 Investment in equities - - 1 1 December 31, 2024 Assets: Cash 2,412 - - 2,412 Investment in equities - - 1 1