SEDAR Interim Financial Statements

Condensed Consolidated Financial Statements For the Periods Ended September 30, 2025 and 2024 Notice of No Auditor Review of Interim Financial Statements Under National Instrument 51-102, “Continuous Disclosure Obligations”, 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 Corporation’s external auditors have not performed a review of these financial statements. VULCAN MINERALS INC. September 30, 2025 Table of Contents PAGE Condensed Consolidated Statements of Financial Position 1 Condensed Consolidated Statements of Income (Loss) 2 Condensed Consolidated Statements of Comprehensive Income (Loss) 3 Condensed Consolidated Statements of Changes in Equity 4 Condensed Consolidated Statements of Cash Flows 5 Notes to the Condensed Consolidated Financial Statements 6 (Unaudited) As at September 30 December 31 (in Canadian dollars) 2025 2024 $ $ Assets Current assets Cash and cash equivalents 2,037,209 5,620,024 Guaranteed investment certificates 3,018,848 - Accounts receivable 13,708 66,323 Prepaid expenses 7,211 27,177 5,076,976 5,713,524 Investments (Note 4) 470,561 181,895 Investment in associates (Note 5) 36,255,610 36,854,402 Exploration and evaluation assets (Note 6) 2,581,645 2,473,519 Capital assets (Note 7) 20,560 22,527 Total Assets 44,405,352 45,245,867 Liabilities Current liabilities Accounts payable and accrued liabilities 56,240 96,990 56,240 96,990 Deferred income tax liability 2,971,710 3,227,329 Total Liabilities 3,027,950 3,324,319 Equity Shareholders' equity (Note 8) 41,377,402 41,921,548 Total Equity 41,377,402 41,921,548 Total Liabilities and Equity 44,405,352 45,245,867 Contingencies (Note 14) Approved on Behalf of the Board of Directors Patrick J. Laracy Director Carson Noel Director VULCAN MINERALS INC. Condensed Consolidated Statements of Financial Position See accompanying notes to the condensed consolidated financial statements 1 VULCAN MINERALS INC. Condensed Consolidated Statements of Income (Loss) (Unaudited) (in Canadian dollars) 2025 2024 2025 2024 $ $ $ $ Expenses General and administrative (Note 10) (146,307) (160,307) (515,811) (407,254) Director's fees - - (47,000) (20,000) Depreciation (Note 7) (1,820) (1,553) (5,461) (7,771) Share-based compensation (Note 9) (27,590) - (177,494) - Loss from operations (175,717) (161,860) (745,766) (435,025) Other income (expenses) Interest income 29,241 70,157 104,325 215,999 Income from option payments (Note 6) - (28,201) - 64,762 Dilution gain (loss) (Note 5) 159,105 (231,118) (144,192) 8,537 Write-down of mineral exploration and evaluation assets (Note 6) - (28,226) - (36,069) Income (loss) from equity accounted investments (Note 5) 28,922 (305,874) (486,190) (935,744) 217,268 (523,262) (526,057) (682,515) Income (loss) before taxes 41,551 (685,122) (1,271,823) (1,117,540) Deferred income tax 30,715 145,956 306,742 (1,599,089) Net income (loss) 72,266 (539,166) (965,081) (2,716,629) Net income (loss) per share - basic and diluted 0.001 (0.004) (0.007) (0.021) Weighted-average number of common shares outstanding - basic and diluted 129,309,265 129,309,265 129,309,265 129,278,608 Three Months Ended Nine Months Ended September 30 September 30 See accompanying notes to the condensed consolidated financial statements 2 VULCAN MINERALS INC. Condensed Consolidated Statements of Comprehensive Income (L --- oss) (Unaudited) (in Canadian dollars) 2025 2024 2025 2024 $ $ $ $ Net income (loss) 72,266 (539,166) (965,081) (2,716,629) Other comprehensive income (loss): Items that may subsequently be reclassified to profit or loss Change in fair value on investments classified as FVOCI, net of taxes (Note 4) 337,316 (67,429) 245,367 (50,982) 337,316 (67,429) 245,367 (50,982) Comprehensive income (loss) 409,582 (606,595) (719,714) (2,767,611) Three Months Ended Nine Months Ended September 30 September 30 See accompanying notes to the condensed consolidated financial statements 3 (in Canadian dollars) Share Capital Warrants Contributed Surplus Accumulated Other Comprehensive Loss Retained Earnings Total Shareholders' Equity $ $ $ $ $ $ (Note 8) (Note 8) Balance December 31, 2023 26,206,598 3,021 5,833,286 (1,407,273) 13,031,289 43,666,921 Net loss and comprehensive loss January 1, 2024 - September 30, 2024 - - - (50,982) (2,716,629) (2,767,611) Exercise of warrants 60,336 (2,736) - - - 57,600 Share issuance costs, net of taxes (8,106) - - - - (8,106) Expiry of warrants - (285) 285 - - - Balance September 30, 2024 26,258,828 - 5,833,571 (1,458,255) 10,314,660 40,948,804 Net loss and comprehensive loss October 1, 2024 - December 31, 2024 - - - (246,458) 1,221,904 975,446 Share issuance costs, net of taxes (2,702) - - - - (2,702) Balance December 31, 2024 26,256,126 - 5,833,571 (1,704,713) 11,536,564 41,921,548 Net loss and comprehensive loss January 1, 2025 - September 30, 2025 - - - 245,367 (965,081) (719,714) Share issuance costs, net of taxes (7,823) - - - - (7,823) Share-based compensation capitalized to exploration and evaluation assets - - 5,897 - - 5,897 Share-based compensation - - 177,494 - - 177,494 Balance September 30, 2025 26,248,303 - 6,016,962 (1,459,346) 10,571,483 41,377,402 VULCAN MINERALS INC. Condensed Consolidated Statements of Changes in Equity (Unaudited) See accompanying notes to the condensed consolidated financial statements 4 Condensed Consolidated Statements of Cash Flows Period Ended (Unaudited) September 30 December 31 (in Canadian dollars) 2025 2024 $ $ Operating Activities Net loss (965,081) (1,494,725) Adjustment for non cash items: Dilution loss (Note 5) 144,192 190,827 Loss from equity accounted investments (Note 5) 486,190 1,288,945 Deferred option payments and investment in unrelated companies (Note 6) - (75,000) Write-down of mineral exploration and evaluation assets (Note 6) - 34,849 Income from guaranteed investment certificates (18,848) (96,219) Deferred income tax liability (306,742) (290,313) Share-based compensation (Note 9) 183,391 - Depreciation (Note 7) 5,461 9,324 (471,437) (432,312) Changes in non-cash working capital Accounts receivable 52,615 (13,897) Prepaid expenses 19,966 14,270 Accounts payable and accrued liabilities (40,749) (69,627) Cash used in operating activities (439,605) (501,566) Financing Activities Cash received upon exercise of warrants (Note 8) - 57,600 Repayment of loan - (30,000) Cash from financing activities - 27,600 Investing Activities Exploration and evaluation expenditures (Note 6) (108,126) (453,154) Purchase of guaranteed investment certificates - (7,090,247) Purchase of shares in associate (31,590) - Redemption of guaranteed investment certificates (3,000,000) 5,890,565 Purchase of capital assets (Note 7) (3,494) (16,053) Cash used in investing activities (3,143,210) (1,668,889) Reconciliation of cash and cash equivalents: Net change in cash and cash equivalents for the pe --- riod (3,582,815) (2,142,855) Cash and cash equivalents, beginning of period 1 5,620,024 4,453,493 Change due to reclassification of guaranteed investment certificates 2 - 3,309,386 Cash and cash equivalents, end of period 2,037,209 5,620,024 1 - Cash and cash equivalents consist of cash and short-term deposits. Short-term deposits are cashable within a three-month or less period. In 2024 there were no guaranteed investment certificates that were not cashable or non-redeemable within a three-month period. In 2023, there were some guaranteed investment certificates that were non-redeemable and greater than a three-month period and were shown as guaranteed investment certificates on the statement of financial position. 2 - Guaranteed investment certificates are short-term investments held with a chartered bank and are non- redeemable until the maturity date within a twelve-month or less period. VULCAN MINERALS INC. See accompanying notes to the condensed consolidated financial statements 5 VULCAN MINERALS INC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 6 1. NATURE OF OPERATIONS Vulcan Minerals Inc. is engaged in the evaluation, acquisition and exploration of mineral properties in Newfoundland and Labrador. The Company plans to ultimately develop the properties as joint ventures, bring them into production, option or lease properties to third parties, or sell the properties outright. The Company is in the exploration stage on its projects. As of September 30, 2025, the Company also owns 29.78% of Atlas Salt Inc. Vulcan’s ownership interest in Atlas Salt Inc. is the key advanced asset for the Company. The Company is a publicly traded company, incorporated under the laws of the Province of Alberta, Canada. Its head office address is 333 Duckworth Street, St. John’s, NL A1C 1G9. 2. BASIS OF PRESENTATION The Company prepares its condensed consolidated financial statements with Canadian generally accepted accounting principles (“GAAP”) as set out in the Canadian Professional Accountants of Canada Handbook – Accounting – Part I (“CPA Canada Handbook”) which incorporates IFRS® Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”), and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). These condensed consolidated financial statements have been prepared on a historical cost basis, except for investments which are measured at fair value and investment in associates which is measured using the equity method. The Company’s presentation currency and the functional currency of all of its operations is the Canadian dollar as this is the principal currency of the economic environment in which it operates. All the Company’s assets are located in Canada. In addition to the Company, the condensed consolidated financial statements include all subsidiaries. Subsidiaries are all corporations, over which the Company is able, directly or indirectly, to control financial and operating policies, which is the authority usually connected with holding majority voting rights. Subsidiaries are fully consolidated from the date on which control is acquired by the Company. Intercompany transactions and balances are eliminated upon consolidation. They are deconsolidated from the date that control by the Company ceases. Any retained interest is measured to its fair value with the change in carrying amount recognized in income or loss. The fair value b --- ecomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate or joint venture. The Company has two wholly-owned subsidiaries which are both inactive. These unaudited interim condensed consolidated financial statements have been prepared in accordance with IFRS, as issued by the IASB applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. The accounting policies used in preparing these unaudited interim condensed consolidated financial statements are consistent with those used in the preparation of the Company’s annual financial statements. VULCAN MINERALS INC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 7 A summary of the Company’s material accounting policies under IFRS is presented in Note 4 to the year-end financial statements, December 31, 2024. These condensed consolidated financial statements were approved and authorized for issuance by the Board of Directors on November 26, 2025. 3. NEW AND AMENDED IFRS STANDARDS AND INTERPRETATIONS Future applicable accounting standards In April 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements which sets out the overall requirements for presentation and disclosures in the consolidated financial statements. The new standard replaces IAS 1 and although much of the substance of IAS 1 will carry over into the new standard, the new standard will require presentation of separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The new standard will also require disclosure and explanation of ‘management-defined performance measures’ in a separate note within the consolidated financial statements. The new standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim consolidated financial statements, and requires retrospective application. The Company is currently assessing the impact of the new standard. 4. INVESTMENTS September 30 2025 December 31 2024 $ $ Investments in public companies 78,944 100,438 Investment in Triple Point Resources (private company) 391,617 81,457 470,561 181,895 Investments classified as fair value through other comprehensive income consist of: shares in public companies received as consideration for option payments on mineral claims and shares received as consideration for the sale of mineral claims. At September 30, 2025, the fair value of these shares is $78,944 (December 31, 2024 – $100,438). As of November 30, 2024, the Company concluded that it no longer exercised significant influence over Triple Point, primarily due to the absence of common directors and other indicators of significant influence as of that date. Accordingly, the Company reclassified its investment in the common shares of Triple Point from an investment in an associate to an investment measured at fair value through other comprehensive income, in accordance with VULCAN MINERALS INC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 8 IFRS 9. At September 30, 2025, the estimated fair value of these shares is $391,617 (December 31, 2024 - $81,457). 5. INVESTMENT IN ASSOCIATES September 30 2025 December 31 2024 $ $ Investment in Atlas Salt Inc. 36,255,610 36,854,402 Atlas Salt Inc. Atlas Salt is incorporated under the laws of the Province of British Columbia. Atlas Salt’s hea --- d office is in St. George’s, Newfoundland and Labrador. Atlas Salt is a mineral exploration company engaged in the evaluation and exploration of mineral properties in Newfoundland and Labrador. The Company’s principal asset is the Great Atlantic salt deposit located in the St. George’s Bay basin of western Newfoundland. Management has determined that its investment in the common shares of Atlas Salt gives it significant influence over Atlas Salt. As a result, the Company applied the equity method of accounting for its investment in Atlas Salt. The continuity of the Company’s investment in Atlas Salt common shares is as follows: September 30 2025 December 31 2024 $ $ Balance, beginning of year 36,854,402 38,169,833 Addition of Atlas Salt shares during the year 31,590 - Share of loss and comprehensive loss (486,190) (1,095,228) Dilution loss (144,192) (220,203) Investment in Atlas Salt 36,255,610 36,854,402 The following summarizes financial information of Atlas Salt as at September 30, 2025 and December 31, 2024 and for the periods ended September 30, 2025 and 2024, including fair value adjustments made at the time of recognition of the interest, is as follows: VULCAN MINERALS INC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 9 September 30 2025 December 31 2024 $ $ Statement of Financial Position Cash and cash equivalents Other current assets 1,653,864 275,705 8,032,910 579,925 Non-current assets 56,643,391 52,296,131 Current liabilities 911,104 1,483,229 Non-current liabilities 508,566 216,550 Equity 57,153,290 59,209,187 Period Ended September 30 2025 Period Ended September 30 2024 Net loss and comprehensive loss $ $ Interest income 19,865 288,976 Net loss and comprehensive loss (1,632,623) (2,675,117) Atlas Salt had depreciation of $25,032 in 2025 (2024 – $34,012). There was $7,987 interest expense (2024 - $nil) and $nil income tax expense in 2025 (2024 – $nil). As of the period ended September 30, 2025, the Company did not identify any indications of impairment on this investment. 6. EXPLORATION AND EVALUATION ASSETS The Company has 25 mineral licences (December 31, 2024 - 28) which consist of 991 claims (December 31, 2024 – 1,199), which are active and in good standing with the Department of Industry, Energy and Technology in the Province of Newfoundland and Labrador. These licences are in the exploration and evaluation stage. As of September 30, 2025, 5 of these licences (December 31, 2024 – 7 of these licences) consisting of 183 claims (December 31, 2024 – 377 claims) were optioned to Sassy Resources Corporation (these have since been assigned to Gander Gold Corporation). A summary of the exploration and evaluation assets is as follows: VULCAN MINERALS INC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 10 September 30, 2025 Balance, Beginning of Year Additions Deposits Received Balance, End of Period $ $ $ $ Mineral properties property acquisition costs 158,775 2,500 - 161,275 Exploration costs 2,457,624 105,626 - 2,563,250 Deferred option payments (142,880) - - (142,880) 2,473,519 108,126 - 2,581,645 December 31, 2024 Balance, Beginning of Year Additions Write-down Balance, End of Year $ $ $ $ Mineral properties property acquisition costs 127,339 31,436 - 158,775 Exploration costs 2,062,767 429,706 (34,849) 2,457,624 Deferred option payments (134,892) (7,988) - (142,880) 2,055,214 453,154 (34,849) 2,473,519 Current year additions to mineral exploration costs include sh --- are-based compensation of $5,897 (December 31, 2024 - $nil). During the year, the Company recognized write-downs totaling $nil (December 31, 2024 - $34,849) related to exploration and evaluation expenditures capitalized in respect of certain areas of interest where the Company has determined that no further exploration activities will be undertaken. In February 2021, the Company entered into an option agreement with Sassy Gold Corp. (previously Sassy Resources Corporation) (“Sassy”) in relation to the Company's Gander Belt Gold mineral property. Subsequent to the date of this agreement, Sassy assigned the option to Gander Gold Corporation (“Gander Gold”). The first anniversary and subsequent option payments were paid by Gander Gold including the issuance of Gander Gold shares. Sassy has an option to earn a 100% interest in the property over a four-year period by incurring exploration expenditures of $2,000,000 and by making option cash payments of $200,000 (2021 - $100,000, 2022 - $50,000, 2023 - $50,000) and by issuing 3,600,000 common shares of the Company (2021 - 1,000,000, 2022 - 300,000, 2023 - 300,000, 2024 – 1,000,000, 2025 – 1,000,000). These terms are based on the amended option agreement dated May 20, 2025. The Company and Gander Gold amended the 2024 anniversary payment to be 1,000,000 shares of Gander Gold instead of 400,000 common shares and voided the cash payment of $100,000 originally due in 2024. On May 20, 2025, the 2025 option payment was amended to be 1,000,000 shares of Gander Gold instead of 500,000 common shares and voided the VULCAN MINERALS INC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 11 cash payment of $100,000 originally due in 2025. All other terms of the original agreement remain the same. The Company has not yet received the 2025 shares of Gander Gold as of the date of these financial statements. As at September 30, 2025, 200,000 common shares of Sassy and 177,240 common shares of Gander Gold (December 31, 2024 - 200,000 common shares of Sassy and 177,240 common shares of Gander Gold) having a fair value of $999,291 (December 31, 2024 - $999,291) at the time of their issuance and $200,000 cash (December 31, 2024 - $200,000) have been received. On August 23, 2024, Sassy completed a consolidation of its common shares on the basis of a one new share for every five old shares. Vulcan held 1,000,000 old shares of Sassy related to this option agreement at that date which were consolidated to 200,000 new shares of Sassy. In addition, Gander Gold completed a consolidation of its common shares on August 23, 2024, on the basis of one new share for every ten old shares. Vulcan held 1,772,408 common shares of Gander Gold at that date which were consolidated to 177,240 new shares of Gander Gold. Security deposits of $6,900 (December 31, 2024 - $6,900) paid on the claims have been reimbursed to the Company. As of September 30, 2025, $130,614 (December 31, 2024 - $130,614) has been recorded as cost recoveries to the Gander properties and $nil (December 31, 2024 - $64,762) recorded as income during period. After Sassy earns its 100% interest, the Company can retain a 3% net smelter royalty (NSR) covering the claims. Sassy has the right to repurchase one-half of that NSR (1.5%) for $2,000,000 in cash and 500,000 common shares within one year following delivery to Vulcan of a Feasibility Report on any deposit advanced on the properties. 7. CAPITAL ASSETS September 30, 2025 Drilling Rig Fur --- niture and Fixtures ATV Computer Equipment Total $ $ $ $ $ Opening Balance 798,368 12,296 14,298 107,008 931,970 Additions - - - 3,494 3,494 Sub-total 798,368 12,296 14,298 110,502 935,464 Accumulated Depreciation Opening (798,368) (12,296) (2,144) (96,635) (909,443) Depreciation - - (2,734) (2,727) (5,461) Sub-total (798,368) (12,296) (4,878) (99,362) (914,904) Net book value - - 9,420 11,140 20,560 VULCAN MINERALS INC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 12 December 31, 2024 Drilling Rig Furniture and Fixtures ATV Computer Equipment Total $ $ $ $ $ Opening Balance 798,368 12,296 - 105,253 915,917 Additions - - 14,298 1,755 16,053 Sub-total 798,368 12,296 14,298 107,008 931,970 Accumulated Depreciation Opening (795,589) (11,964) - (92,566) (900,119) Depreciation (2,779) (332) (2,144) (4,069) (9,324) Sub-total (798,368) (12,296) (2,144) (96,635) (909,443) Net book value - - 12,154 10,373 22,527 8. SHARE CAPITAL Authorized: Unlimited number of voting common shares Unlimited number of preferred shares, issuable in series Issued and outstanding: September 30, 2025 December 31, 2024 Number Share Capital Number Share Capital $ $ Balance, beginning of year 129,309,265 26,256,126 128,829,265 26,206,598 Exercise of share warrants - - 480,000 57,600 Transfer to share capital on exercise of warrants - - - 2,736 Share issuance cost, net of taxes - (7,823) - (10,808) Balance, end of period 129,309,265 26,248,303 129,309,265 26,256,126 VULCAN MINERALS INC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 13 Contributed surplus: A summary of contributed surplus is as follows: September 30 2025 December 31 2024 $ $ Balance, beginning of year 5,833,571 5,833,286 Share-based compensation (Note 9) 183,391 - Expiry of warrants - 285 Balance, end of period 6,016,962 5,833,571 9. SHARE-BASED COMPENSATION The Company has a stock option plan under which directors, officers, management, consultants and employees of the Company and its subsidiary are eligible to receive stock options. The aggregate number of shares to be issued upon exercise of all options granted under the plan shall not exceed 10% of the issued shares of the Company at the time of granting the options. The maximum number of common shares optioned to any one optionee shall not exceed 5% of the outstanding common shares of the Company. Options granted under the plan generally have a term of five years but may not exceed ten years and vest at terms to be determined by the directors at the time of grant. The exercise price of each option is determined by the directors at the time of grant but shall not be less than the price permitted by the policy or policies of the stock exchange(s) on which the Company's common shares are then listed. A summary of the status of the Company’s stock option plan is as follows: September 30, 2025 December 31, 2024 Number of Options Weighted- Average Exercise Price Number of Options Weighted- Average Exercise Price $ $ Outstanding, beginning of year 6,550,000 0.18 7,375,000 0.17 Granted 3,750,000 0.15 - - Expired (700,000) 0.10 (825,000) 0.13 Outstanding, end of period 9,600,000 0.17 6,550,000 0.18 Exercisable, end of period 7,725,000 0.17 6,550,000 0.18 The weighted average remaining contractual life of outstanding options is 1.90 years (December 31, 2024 – 2.74 years). The weighted average remaining contractual life of exercisable options is 1.97 (December 31, 2024 – 2.74 years). VULCAN MINERALS I --- NC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 14 The Company granted 3,750,000 stock options to directors and employees with each option entitling the holder to purchase one common share at $0.15 per share for a period of two years. 1,875,000 options vested on the date of grant February 14, 2025 and the remaining 1,875,000 options vest on February 14, 2026. Fair value assumptions: The weighted average fair value of stock options granted in the period ended September 30, 2025 was estimated to be $0.0605 (December 31, 2024 - $nil) using the Black-Scholes fair value option pricing model and the following weighted average assumptions: September 30 2025 December 31 2024 Expected volatility (%) 82 - Risk free interest rate (%) 2.73 - Weighted-average expected life (years) 2.00 - Dividend yield (%) - - Consolidated share-based compensation expense: The Company recognized share-based compensation costs in the amount of $183,391 in the period ended September 30, 2025 (September 30, 2024 - $nil). Share-based compensation in the amount of $177,494 was expensed for the period ended September 30, 2025 (September 30, 2024 - $nil) and $5,897 (September 30, 2024 - $nil) was capitalized to mineral exploration and evaluation assets. 10. GENERAL AND ADMINISTRATIVE EXPENSES September 30 2025 September 30 2024 $ $ Salaries and benefits and cost recoveries 155,843 95,210 Office and administrative 129,102 111,248 Management and sub-contractor fees 129,428 129,328 Transfer agent and professional fees 51,861 66,043 Conferences, travel, and accommodation 26,777 5,425 Marketing and communications 22,800 - 515,811 407,254 VULCAN MINERALS INC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 15 11. RELATED PARTY TRANSACTIONS Compensation for key management personnel, which includes the President and Chief Executive Officer, Chief Financial Officer and Directors, is as follows: September 30 2025 September 30 2024 $ $ Management fees, salaries and benefits for key management personnel: General and administrative 253,231 227,354 Capitalized as exploration and evaluation assets 9,577 24,528 Share-based compensation for key management personnel: General and administrative 69,728 - Capitalized as exploration and evaluation assets 5,897 - 338,433 251,882 Rent paid to a corporation which is controlled by the President and CEO of the Company 36,000 18,000 12. CAPITAL MANAGEMENT The Company’s objective when managing capital is to safeguard its accumulated capital in order to maintain its ability to continue as a going concern, to fund its exploration activities and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of capital and equity comprised of share capital, contributed surplus, and deficit. The Company manages its capital structure and adjusts it in light of economic conditions. The Company will balance its overall capital structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances. To maintain or adjust the capital structure, the Company may issue new equity if available on favorable terms, option its exploration and evaluation assets for cash and/or expenditure commitments from optionees and enter into joint venture arrangements or dispose of its exploration and evaluation assets. The Company is not subject to externally imposed capital requirements. VULCAN MINERALS INC. Not --- es to the Condensed Consolidated Financial Statements September 30, 2025 16 13. FINANCIAL INSTRUMENTS Fair Values: Financial instruments recorded at fair value on the consolidated statement of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 – valuation based on quoted prices (unadjusted) observed in active markets for identical assets and liabilities; Level 2 – valuation techniques based on inputs that are quoted process of similar instruments in active markets; inputs other than quoted process used in a valuation model that are observable for that instrument; and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and Level 3 – valuation techniques with significant unobservable market inputs. The carrying amount of cash and cash equivalents, guaranteed investment certificate, accounts receivable and accounts payable and accrued liabilities, approximate their fair value due to their short-term nature. The recognized investments disclosed in Note 4 are Level 1 measurements. The fair value of Triple Point Resources (Note 4) is considered a Level 3 measurement. Financial Risk Management: The Company has exposure to credit risk, liquidity risk, market risk and commodity price risk. The source of risk exposure and how each is managed is outlined below: Credit Risk: Credit risk is the risk of loss associated with a counterparty’s inability to fulfill its payment obligation. The Company is exposed to credit risk on its cash and cash equivalents, guaranteed investment certificate, and accounts receivable. The credit risk on cash and cash equivalents and guaranteed investment certificates is limited because the counterparty is a chartered bank with a high credit rating. The Company assesses its credit risk with respect to cash and cash equivalents, guaranteed investment certificate, and accounts receivable as not significant. Liquidity Risk: The Company’s approach to managing liquidity risk is to ensure it will have sufficient liquidity to meet liabilities when due. To the extent that the Company does not believe it has sufficient liquidity to meet these obligations, management will consider securing additional funds through debt or equity transactions. The Company manages its liquidity risk by continuously monitoring its forecast and actual cash flow from operations. These funds are unrestricted and are intended to be used as working capital and to increase the Company’s ability to fund VULCAN MINERALS INC. Notes to the Condensed Consolidated Financial Statements September 30, 2025 17 future exploration projects. As of September 30, 2025 the Company had a cash balance of $2,037,209 (December 31, 2024 - $5,620,024), guaranteed investment certificate balance of $3,018,848 (December 31, 2024 - $nil) and a positive working capital of $5,020,736 (December 31, 2024 - $5,616,534). Accounts payable and accrued liabilities at September 30, 2025 is $56,240 (December 31, 2024 - $96,990). Market Risk: Market risk relates to changes in economic conditions, changes in market prices, interest rates, foreign exchange rates, and commodity prices which will affect the Company’s net loss or the value of its financial instruments. Commodity Price Risk: The value of the Company’s exploration and evaluation assets is partially related to the market price o --- f metals and minerals. The Company does not hedge this exposure to fluctuations in commodity prices. The Company’s ability to continue with its exploration programs is also indirectly subject to commodity prices. 14. CONTINGENCIES The Company was added as a co-defendant in a legal action Geophysical Service Incorporated (GSI) had with NWest Energy Corp. (now Ceylon Graphite Corp. by way of name change) regarding an alleged breach of an agreement between those parties. GSI submitted a Statement of Claim and the Company filed a Statement of Defence. The Company advises that the legal action by GSI against the Company has been discontinued by GSI. It has been the Company’s position since the start of litigation that this case had no basis or merit and the dropping of the case by GSI confirms this and puts an end to this legal claim. CORPORATE INFORMATION OFFICERS AND MANAGEMENT Patrick J. Laracy CEO, President and Chairman Gillian Russell Chief Financial Officer and Corporate Secretary BOARD OF DIRECTORS Patrick J. Laracy Carson Noel Philip E. Collins Fraser Edison EXCHANGE LISTING TSX Venture – “VUL” REGISTRAR AND TRANSFER AGENT Computershare Trust Company of Canada BANKERS Scotiabank LEGAL COUNSEL Osler, Hoskin & Harcourt LLP, Calgary, AB Cox & Palmer, St. John’s, NL AUDITORS MNP LLP ADDITIONAL INFORMATION Please contact, Patrick J. Laracy Tel: (709) 754-3186 e-mail: [email protected] HEAD OFFICE 333 Duckworth Street St. John’s, NL, A1C 1G9 Tel: (709) 754-3186 Fax: (709) 754-3946 Website: www.vulcanminerals.ca