SEDAR Interim Financial Statements

VVC EXPLORATION CORPORATION Consolidated Financial Statements The Nine Months Ended October 31, 2025 TABLE OF CONTENTS Consolidated Statements of Financial Position ………………………………………………. 4 Consolidated Statements of Loss and Comprehensive Loss ………………………………. 5 Consolidated Statements of Changes in Shareholders’ Equity ……………………………. 6 Consolidated Statements of Cash Flows …………………………………………………….. 7 Notes to Consolidated Financial Statements ………………………………………………… 8 1. Nature of Operations and Going Concern…...………………………………………. 8 2. Summary of Significant Accounting Policies ………………………………………… 8 3. Recent Accounting Pronouncements ………………………………………………... 10 4. Deposits and Other Receivables …………………………………………………...... 10 5. Investment ............................................................................................................ 10 6. Property and Equipment ....................................................................................... 11 7. Loan Payable ........................................................................................................ 11 8. Mineral Property Expenditures and Recoveries ……………………………………. 12 9. Accounts Payable and Accrued Liabilities …………………………………………... 13 10. Deferred Royalty Receipts .................................................................................... 13 11. Exploration Obligation ........................................................................................... 13 12. Related Party Transactions and Balances ………………………………………….. 13 13. Asset Retirement Obligation ................................................................................. 14 14. Share Capital …………………………………………………………………………… 14 (a) Authorized ....................................................................................................... 14 (b) Issued .............................................................................................................. 14 (c) Stock Options .................................................................................................. 14 (d) Warrants .......................................................................................................... 15 15. Loss Per Share …………………………………………………………………………. 16 16. Segmented Information ……………………………………………………………….. 16 17. Capital Management …………………………………………………………………… 17 18. Revenue ................................................................................................................ 17 19. Financial Instruments and Risk Management ………………………………………. 17 Page 2 NOTICE TO SHAREHOLDERS VVC EXPLORATION CORPORATION Unaudited Condensed Consolidated Financial Statements For The Three and Nine Months Ended October 31, 2025 Responsibility for Consolidated Financial Statements The accompanying unaudited condensed consolidated financial statements for VVC Exploration Corporation have been prepared by management and were approved by the Audit Committee and the Board of Directors. These unaudited condensed consolidated financial statements have been prepared in accordance with international financial reporting standards and were consistently applied. These statements are presented on the accrual basis of accounting. Accordingly, a precise determination of many assets and liabilities is dependent upon future events. Therefore, estimates and approximations have been made using careful judgment. Recognizing that the Company is responsible for both the integrity and objectivity of the unaudited condensed consolidated f --- inancial statements, management is satisfied that these unaudited condensed consolidated financial statements have been fairly presented. Auditor involvement The auditors of VVC Exploration Corporation have not performed a review of the unaudited condensed consolidated financial statements for the nine months ended October 31, 2025 and October 31, 2024. The accompanying notes are an integral part of these unaudited condensed consolidated financial statements Page 3 VVC Exploration Corporation Unaudited Condensed Consolidated Statements of Financial Position Audited October 31, January 31, 2025 2025 Assets Current assets Cash $ 80,207 $ 7,393 Deposits and other receivables (Note 4) 21,133 23,230 101,340 30,623 Investment (Note 5) 34,647,614 34,994,960 Property and equipment (Note 6) 1,542,622 1,658,293 $ 36,291,576 $ 36,683,876 Liabilities Current liabilities Accounts payable and accrued liabilities (Notes 9) $ 3,297,239 $ 2,574,567 Loan payable (Note 7) 2,842,394 2,232,000 Deferred royalty receipts (Note 10) 4,772,759 4,942,621 Exploration obligation (Note 11) 251,847 282,251 11,164,239 10,031,439 Asset retirement obligation (Note 13) 310,809 317,703 Deferred tax liability (Note 5) 987,001 987,001 12,462,049 11,336,143 Shareholders' equity Share capital (Note 14 (b)) 47,286,340 47,286,340 Contributed surplus 15,471,123 15,136,816 Accumulated other comprehensive loss 30,234,810 29,785,527 Deficit (69,162,746) (66,860,950) 23,829,527 25,347,733 $ 36,291,576 $ 36,683,876 Going Concern (Note 1) Related party (Note 12) Approved by the Board Director Director The accompanying notes are an integral part of these unaudited condensed consolidated financial statements Page 4 VVC Exploration Corporation Unaudited Condensed Consolidated Statements of Loss and Comprehensive Loss Three Months Ended Nine Months Ended October 31, October 31, 2025 2024 2025 2024 Helium and natural gas sales, net (Note 18) $ 31,960 $ 47,091 $ 98,898 $ 86,510 Expenses Mineral and natural gas properties expense $ 138,775 $ 834,084 $ 958,022 $ 2,801,049 Stock-based compensation (Notes 14(c)) 63,926 97,766 334,308 430,730 Management and consulting fees 205,017 226,257 703,257 700,237 Professional fees 42,945 16,002 105,357 141,011 Investor relations - 2,247 - 4,614 Interest and accretion expense (Notes 7) 36,903 40,966 112,694 122,898 Office and sundry 32,215 32,517 68,383 75,530 Listing and transfer fees 2,156 1,519 4,655 6,731 Rent 6,480 8,366 18,900 26,186 Travel and promotion 5,764 29,026 23,766 62,538 Telephone 1,561 1,250 2,556 4,149 Depreciation 22,436 26,981 67,004 67,056 Bank charges 566 467 1,792 1,385 558,744 1,317,448 2,400,694 4,444,114 Net loss for the period (526,784) (1,270,357) (2,301,796) (4,357,604) Basic and diluted loss per share (Note 15) $ 0.00 $ 0.00 $ 0.00 $ (0.01) Consolidated Statements of Comprehensive Loss Net loss $ (526,784) $ (1,270,357) $ (2,301,796) $ (4,357,604) FVTOCI, net of income taxes - 37,754,715 347,145 37,754,715 Exchange adjustment 80,094 (452,105) 102,138 (496,716) Net loss and comprehensive loss for the period $ (446,690) $ 36,032,253 $ (1,852,513) $ 32,900,395 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements Page 5 VVC Exploration Corporation Unaudited Condensed Consolidated Statements of Changes in Shareholders' Equity As at October 31, 2025 2024 Share Capital (Note 14) Balance, opening and ending $ 47,286,340 $ 47,286,340 Contributed Surplus Balance, opening 15,136,816 --- 14,654,796 Stock-based compensation 334,308 430,730 Balance 15,471,124 15,085,526 Accumulated Other Comprehensive Loss Beginning balance 29,785,527 11,528,869 Reclassifiied gain on investment sold, net of income taxes 347,145 (902,648) Unrealized gain on short-term investment - 37,754,715 Change in foreign exchange 102,138 (496,716) Balance 30,234,810 47,884,220 Deficit Balance, opening (66,860,950) (64,102,236) Net loss (2,301,796) (4,357,604) Reclassified gain on investment sold - 902,648 Balance (69,162,746) (67,557,192) Total shareholders' equity $ 23,829,528 $ 42,698,894 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements Page 6 VVC Exploration Corporation Unaudited Condensed Consolidated Statements of Cash Flows For the Nine Months Ended October 31, 2025 2024 Cash flow from operating activities Loss for the period $ (2,301,796) $ (4,357,604) Items not affecting cash: Depreciation 67,004 67,056 Stock-based compensation 334,308 430,730 Non-cash mineral property expense (Note 13) 3,553 3,174 (1,896,931) (3,856,644) Change in non-cash working capital: Deposits and other receivable 2,097 31,893 Accounts payable and accrued liabilities 722,672 216,945 (1,172,162) (3,607,806) Cash flow from investing activities Proceeds from the sale of investments 347,346 903,003 347,346 903,003 Cash flow from financing activities Loan payable 610,394 - Repayment of loan loan payable - (67,500) Effects of changes in foreign exchange 287,236 (10,664) Change in cash 72,814 (2,782,967) Cash, beginning of period 7,393 3,263,929 Cash, end of period $ 80,207 $ 480,962 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements Page 7 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended October 31, 2025 1. NATURE OF OPERATIONS AND GOING CONCERN VVC Exploration Corporation (the "Company") was incorporated on April 11, 1983 under the Company Act (British Columbia) and in August 2003, was continued federally under the Canada Business Corporations Act. The Company's principal business activities include the exploration and development of helium, natural gas and precious metals mineral properties in Canada, the United States and Mexico. For the Company's exploration stage mineral properties, the Company is in the process of exploration and has not yet determined whether they contain economically recoverable reserves. The recoverability of amounts shown for exploration stage mineral properties is dependent upon the discovery of economically recoverable ore reserves in its mineral properties, the ability of the Company to obtain the necessary financing to complete development, maintenance of the Company's interest in the underlying mineral claims and leases and upon future profitable production from or the proceeds from the disposition of its mineral properties. In order to meet future expenditures and cover administrative costs, the Company will need to raise additional financing. Although the Company has been successful in raising funds to date, there can be no assurance that adequate funding will be available in the future, or available under terms favourable to the Company. As at October 31, 2025 the Company has an accumulated deficit of $(69,162,746) and working capital of $(11,062,899). The working capital is not considered sufficient to settle the Company's current liabilities and pay for its oper --- ating activities over the next 12 months. These circumstances create material uncertainty that may cast significant doubt to the ability of the Company to meet its obligations as they come due and, accordingly, the appropriateness of the use of accounting principles applicable to a going concern. These unaudited condensed consolidated financial statements were approved by the Board of Directors on December 19, 2025. 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES These consolidated financial statements have been prepared in accordance with IFRS International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee ("IFRIC"). These unaudited condensed consolidated financial statements of the Company and its subsidiaries were prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"). These unaudited consolidated financial statements do not include all of the information required for full annual financial statements and should be read in conjunction with the consolidated audited financial statements for the year ended January 31, 2025. The preparation of the consolidated financial statements in accordance with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company’s accounting policies. The areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the consolidated financial statements are disclosed below: Basis of presentation and consolidation These consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, VVC Exploracion de Mexico, S. de R.L. de C.V., Samalayuca Cobre S.A de C.V. ("Samalayuca"), both incorporated under the laws of Mexico, Camex Mining Development Group Inc. ("Camex"), a company incorporated under the laws of Canada, Plateau Helium Corporation and Plateau Operating Corporation (collectively "PHC"), both incorporated under the laws of Wyoming, Plateau Helium Syracuse I LP and Plateau Helium Syracuse 2 LP, both incorporated under the laws of Wyoming. All intercompany transactions and balances have been eliminated upon consolidation. Mineral and natural gas properties Mineral and natural gas property acquisition costs and related direct exploration and development expenditures, net of recoveries, are charged to the consolidated statements loss and comprehensive loss. Mineral and natural gas properties expense include any cash consideration paid, and the fair market value of shares issued, if any, on the acquisition of property interests. Page 8 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended October 31, 2025 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Property and equipment Property and equipment is carried at cost, less accumulated depreciation and accumulated impairment losses. The cost of an item of property and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. An item of property and equipment is derecognized upon disposal or when no fut --- ure economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in the consolidated statements of loss and comprehensive loss. Property and equipment under construction is carried at cost and is not depreciated until the property and equipment is fully constructed and is ready for use. Where an item of property and equipment comprises major components with different useful lives, the components are accounted for as separate items of property and equipment. Expenditures incurred to replace a component of an item of property and equipment that is accounted for separately, including major inspection and overhaul expenditures are capitalized. The Company provides for depreciation of its property and equipment at the following methods and annual rates: Machinery and equipment Straight Line, 10 years Pipeline Straight Line, 20 years Foreign exchange These unaudited condensed consolidated financial statements are presented in Canadian dollars, which is the Company's presentation currency. Items included in the financial statements of each of the Company's subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the "functional currency"). The functional currency of the Company's Mexican subsidiaries, including the recently acquired Samalayua is the Mexican Peso ("MXN"). The functional currency of PHC is the U.S dollar ("US"). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities not denominated in the functional currency of an entity are recognized in the statement of operations and deficit. Assets and liabilities of entities with functional currencies other than Canadian dollars are translated into the presentation currency at the year end rates of exchange, and the results of their operations are translated at average rates of exchange for the respective period. The resulting translation adjustments are included in accumulated other comprehensive loss in shareholders' equity. Additionally, foreign exchange gains and losses related to certain intercompany loans that are not expected to be repaid in the foreseeable future are included in accumulated other comprehensive loss. Elements of equity are translated at historical rates. Measurement uncertainty and significant judgements The preparation of the consolidated financial statements, requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting year. Actual results could differ from those reported. Significant estimates used in the preparation of these consolidated financial statements include, but are not limited to, stock-based compensation, valuation of conversion feature on convertible debt, estimation of the exploration obligation, valuation of payable on asset purchase, and composition of deferred income tax assets and liabilities. The Black-Scholes option valuation model used by the Company to determ --- ine fair values was developed for use in estimating the fair value of freely traded options. This model requires the input of highly subjective assumptions including future stock price volatility and expected time until exercise. Changes in the subjective input assumptions can materially affect the fair value estimates, and therefore the existing model does not necessarily provide a reliable single measure of the fair value of the Company's stock options and warrants granted during the year. Page 9 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended October 31, 2025 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (continued) Going concern The preparation of the consolidated financial statements requires management to make judgments regarding the going concern of the Company as previously discussed in Note 1 of the consolidated financial statements. Asset Retirement Obligation Accounting for restoration provisions requires management to make estimates of the future costs the Company will incur to complete the restoration and remediation work required to comply with existing laws, regulations and agreements in place related to the restoration sites and any environmental and social principles the Company is in compliance with. The calculation of the present value of these costs also includes assumptions regarding the timing of restoration and remediation work, applicable risk free interest rate for discounting those future cash outflows, inflation and foreign exchange rates. Actual costs incurred may differ from those amounts estimated. Option Valuation The Black-Scholes option valuation model used by the Company to determine fair values was developed for use in estimating the fair value of freely traded options. This model requires the input of highly subjective assumptions including future stock price volatility and expected time until exercise. Changes in the subjective input assumptions can materially affect the fair value estimates, and therefore the existing model does not necessarily provide a reliable single measure of the fair value of the Company's stock options and warrants granted during the period. 3. RECENT ACCOUNTING PRONOUNCEMENTS There were no recent accounting pronouncements that are considered to have an impact on the Company's operations or financial statements. 4. DEPOSITS AND OTHER RECEIVABLES October 31, 2025 January 31, 2025 Sales tax recoverable $ 9,676 $ 17,506 Prepaid expenses 11,457 5,724 Balance $ 21,133 $ 23,230 5. INVESTMENT In 2022, the Company acquired a 19% interest in Proton Green LLC ("Proton Green"), a limited liability Company in the State of Wyoming for $23,480. The Company does not have control or significant influence over Proton Green. Proton Green's primary purpose is the collection and storage of carbon emissions in an effort to aid in the reduction of US carbon emissions, helium sales and sales of food grade CO2. The Company intends to hold its investment in Proton Green for the longterm. The investment is measured at fairvalue and will be remeasured at each reporting date with gains or losses reflected in other comprehensive income. On July 28, 2023, Proton Green signed a definitive share exchange agreement with Cyber App Solutions (Ticker: CRYB). Upon closing the transaction, Proton Green became publicly traded by a reverse take over of Cyber App Solutions. The Company received 8,097,660 shares of Cyber App Solutions in exchange fo --- r its interest in Proton Green. Between July 28, 2023 and January 31, 2025 the Company sold 232,917 shares of Cyber App Solutions for $1,434,002 (US$1,020,002) and recognized a gain of $1,243,495 net of income taxes. During the period ended October 31, 2025, the Company sold 81,000 shares of Cyber App Solutions for $347,346 (US$251,700) and recognized a gain of $347,145. The Company's 7,783,743 shares of Cyber App Solutions are carried at $34,647,614 (2025 - $34,994,960) on the consolidated statements of financial position. The value of the shares were determined based on the most recent sale of the shares to arms length parties for $4.45 (USD$3.09) per share. Due to the sale of shares by the Company and other dilution, the Company currently holds less than a 10% interest in Cyber App Solutions. The shares are remeasured through FVOCI. If the Company were to sell its entire investment in one year, it would have a tax payable on the gain from the sale of investment. Page 10 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended October 31, 2025 6. PROPERTY AND EQUIPMENT Cost Pipeline Equipment Total Balance, February 1, 2024 $1,534,739 $ 265,738 $1,800,477 Effect of exchange rate changes 62,439 2,125 64,564 Balance, January 31, 2025 1,597,178 267,863 1,865,041 Effect of exchange rate changes (48,667) - (48,667) Balance, October 31, 2025 1,548,511 $ 267,863 1,816,374 Accumulated Depreciation Balance, February 1, 2024 73,695 43,094 116,789 Depreciation 76,539 13,420 89,959 Balance, January 31, 2025 150,234 56,514 206,748 Depreciation 56,939 10,065 67,004 Balance, October 31, 2025 207,173 66,579 273,752 Carrying Amounts At January 31, 2025 $1,446,944 $ 211,349 $1,658,293 At October 31, 2025 $1,341,338 $ 201,284 $1,542,622 7. LOAN PAYABLE (i) In 2022, the Company raised US$1,500,000 (CA$2,085,000) through a shortterm loan facility provided by the Chairman of the Company's Board of Directors. The loan bears interest at an annual rate based on the Secured Overnight Financing Rate plus 2.75%. The loan is secured by a 1% interest in the Company's interest in Proton Green. The loan matured on May 31, 2024 and is currently due. The loan was assumed by the CEO and the President of the Company on the same terms. (ii) In 2024, the Company received a short-term demand loan of US$50,000 (CA$66,985) from the Chairman of the Company's Board of Directors. This shortterm loan is due on demand. There are no other repayment terms. The loan was assumed by the CEO and the President of the Company on the same terms. (iii) During the period ended October 31, 2025, the Company negotiated access to a short-term loan from the Chairman of the Board of up to US$700,000, of which the Company has used US$435,150 (CA$610,394). This short-term loan is non-interest bearing and is due on demand. Accounts payable and accrued liabilities include $434,756 (2025 - $324,611) of accrued interest related to these loans. Page 11 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended October 31, 2025 8. MINERAL AND NATURAL GAS PROPERTIES EXPENDITURES AND RECOVERIES Cumeral, Mexico In April 2010, the Company finalized an agreement which provides an option to acquire a 100% interest in the 685 hectare gold mining project known as Cumeral (the "Cumeral Property"), consisting of three mining concessions in the State of Sonora, Mexico. The 100% interest in the Cume --- ral Property can be acquired for cash consideration of US$800,000 (CA$880,000) plus applicable taxes ("VAT"), payable over a year of three years and the issuance of 200,000 common shares of the Company (issued). The Cumeral Property is subject to the reservation of a 2% Net Smelter Return ("NSR"). A finder’s fee of US$5,000 (CA$5,500) and 130,000 common shares of the Company was paid to third parties who were instrumental in arranging the transaction. The Company has a 100% interest in three additional mining concessions in the Cumeral area of Mexico. Samalayuca Through its 100% investment in Samalayuca (33.75% prior to November 2, 2020), the Company has an interest in the Samalayuca Copper Project, located in Chihuahua State, Mexico. Samalayuca has entered into a Mining Exploration and Rights Assignment Contract to acquire a 100% interest in the Kaity Property, which includes the Samalayuca Copper Project, for aggregate payments of US$1,875,000 (CA$2,062,500) with payments of US$25,000 (CA$27,500) due every six months during the exploration phase. Subsequent to October 31, 2025, the Company committed to a plan to exit Samalayuca. PHC Helium Resource Properties PHC’s first project is located in Kansas and currently comprises 69 leases covering 13,760 acres known as the Syracuse Helium Project (the "Syracuse Project”). The property (the "Syracuse Property") on which the Syracuse Project is located hosts more than 150 potential well sites. On April 6, 2021, the Company acquired the helium property known as the Monarch Lease. The Monarch Lease was purchased from Monarch Petroleum ("MP") at a nominal cost and a commitment to recommence production, with MP retaining a 3% royalty in the shallow well rights from surface to 3100 feet (the "Shallow Rights") and a 50% non-operated working interest in the deep oil and gas rights below 3100 feet (the "Deep Rights"). In addition to the 3% royalty, standard industry royalties of 12.5% are payable to arm's length land owners from the proceeds of any production. On April 28, 2021 the Company began acquiring the Syracuse Extension in Kansas and Colorado. The Syracuse Extension currently consists of a 17,747 acre gas property located in Cheyenne County, Colorado and a 3,320 acre property located in Kansas. The Syracuse Extension was acquired at a nominal cost and a commitment to commence production, with the seller retaining a 2% royalty in this property. In addition to the 2% royalty, standard industry royalties of 12.5% are payable to arm's length land owners from the proceeds of any production and the 15% Royalty is payable on the net proceeds received by PHC after deduction of all costs of production and payment of all pre-existing royalties. PHC owns a 100% working interest in the Syracuse Extension, subject only to the royalties. Page 12 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended October 31, 2025 9. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES October 31, 2025 January 31, 2025 Other trade payables $ 33,722 $ 109,660 Payables related to mineral properties 2,319,197 1,813,659 Amounts payable to related parties 944,320 651,248 Accounts payable and accrued liabilities $3,297,239 $2,574,567 10. DEFERRED ROYALTY RECEIPTS PHC is the general partner of Plateau Helium Syracuse LLP 2 ("Syracuse 2"). Syracuse 2 raised net proceeds of US$3,252,500 ($4,571,174) through the sale of participation units to certain limited partners. Participation --- units represent interests in drilled wells. The limited partners are entitled to 34% royalty on net revenues from the first 20 wells of the Syracuse 2 Project. The Syrcause 2 project is a cumulative 21,067 acre project that was leased throughout 2021. The funds raised by Syracuse 2 were transferred to PHC as the general partner to operate the Syracuse Project. PHC is the general partner of Plateau Helium Corporation Kansas Oil Project, LP ("Kansas Oil Project LP"). Kansas Oil Project LP raised net proceeds of US$150,000 ($201,585) through the sale of participation units to certain limited partners. Participation units represent interests in drilled oil wells. The receipts from the sale of participation units will be recognized over time as wells are drilled on the Syracuse 2 project. When recognized, the receipts will be allocated against the mineral property expenses on the consolidated statements of loss and comprehensive loss. Any excess receipts will be allocated as a gain on the sale of interest in wells. 11. EXPLORATION OBLIGATION PHC is the general partner of Plateau Helium Syracuse LLP. Prior to the acquisition, Plateau Helium Syracuse LLP raised $1,792,000 (US$1,400,000) through the issuance and sale of participation units to certain limited partners. The limited partners are entitled to 28% royalty on net revenues from the first 10 wells of the Syracuse Project. The funds raised by Plateau Helium Syracuse LLP were transferred to PHC as the general partner to operate the Syracuse Project. Therefore, on acquisition, VVC inherited an obligation to drill these wells. The fair value of the costs to fulfill this obligation is $251,847 (January 31, 2025 - $282,251). As at October 31, 2025, the Company drilled nine (9) wells of the 10 well obligation. The remaining one (1) well is expected to be drilled within one year. 12. RELATED PARTY TRANSACTIONS AND BALANCES Compensation to key management personnel were as follows: Three Months Ended Nine Months Ended October 31, October 31, 2025 2024 2025 2024 Compensation $ 139,080 $ 144,000 $ 438,220 $ 395,280 Share-based payments (1) 45,603 74,409 240,683 312,895 Total $ 184,683 $ 218,409 $ 678,903 $ 708,175 (1) Share-based payments are the fair value of options granted to key management personnel and expensed during the period. During the period, the Company paid or accrued $13,500 (2024 - $74,400) in fees to a director and a firm controlled by a director for certain services provided. Included in accounts payable and accrued liabilities is $944,320 (January 31, 2025 - $651,248) payable to key management personnel for services rendered and interest payable. Page 13 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended October 31, 2025 13. ASSET RETIREMENT OBLIGATION The Company has site restoration obligations related to its oil and gas properties upon the cessation of revenue producing activities. The undiscounted cost to return the environment associated with each well to their original condition is estimated to be USD$12,000 (2025 - US$12,000). As of April 30 and January 31, 2025, the Company had 17 wells expected to be closed between 5 to 20 years. The undiscounted cost of the environmental restoration for pipeline related assets is $100,000. The provision is initially recorded as a liability based on management's best estimate of cash flows, using a risk-free discount rate of 3.52% (2025 - 3.52%) and a producing life rangin --- g between five and twenty years. Site restoration activity is expected to occur when a producing well has been fully depleted. The following table summarizes the movements in asset retirement obligations: Balance, February 1, 2024 $ 281,810 Estimates - new wells drilled 8,278 Accretion 4,580 Effect of exchange rate changes 23,035 Balance, January 31, 2025 317,703 Accretion 3,553 Effect of exchange rate changes (10,447) Balance, October 31, 2025 $ 310,809 14. SHARE CAPITAL (a) Authorized Unlimited common shares without par value (b) Issued: Number of shares Amount Balance, January 31, 2025 and October 31, 2025 572,681,815 $ 47,286,340 (c) Stock Options The Company grants options pursuant to the policies of the TSX Venture Exchange with respect to eligible persons, exercise price, maximum options per person and termination of eligible person status. Options granted vest as to 25% upon grant and 25% each nine months thereafter. Stock option transactions and the number of stock options outstanding were as follows: Weighted average Number of Exercise Options Price Balance, February 1, 2024 69,275,000 $ 0.07 Granted 14,650,000 0.08 Expired/Cancelled (2,225,000) 0.07 Balance, January 31, 2025 81,700,000 0.07 Granted 15,700,000 0.05 Balance, October 31, 2025 97,400,000 $ 0.07 Page 14 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended October 31, 2025 14. SHARE CAPITAL (continued) The weighted average remaining contractual life and weighted average exercise price of options outstanding and of options exercisable as at October 31, 2025 are as follows: Options Outstanding Options Exercisable Weighted Weighted Average Weighted Average Remaining Average Exercise Number Exercise Contractual Number Exercise Range Outstanding Price Life (years) Exercisable Price $0.05 - $0.10 83,500,000 $ 0.06 5.31 71,725,000 $ 0.05 $0.11 - $0.14 13,900,000 $ 0.14 6.00 13,900,000 $ 0.14 97,400,000 $ 0.07 5.67 85,625,000 $ 0.07 During the period ended October 31, 2025, the Company granted 15,700,000 (2024 - nil) stock options to purchase common shares at a price of $0.05 (2024 - nil) for a period of 10 years. The fair value of stock options granted in year was estimated using the Black-Scholes model for pricing stock options and will be expensed over the vesting period of the stock options. Assumptions used in pricing the stock options were: 2025 2024 Risk free interest rate 2.99% NIL Dividend yield 0% NIL Expected stock volatility 138.27% NIL Expected life 10 years NIL Stock price on date of grant 0.03 NIL Fair value of stock options on the grant date 0.02 NIL Stock based compensation of $63,926 and $334,308 (October 31, 2024 - $97,766 and $430,730) for the period relates to vesting of stock options that were granted either in the current period or a prior period and recognized as an expense consistent with their vesting features. (d) Warrants The following tables reflects the continuity of warrants: Balance Balance Exercise January 31, Warrants Warrants Expired/ October 31, Expiry Date Price 2025 Issued Exercised Cancelled 2025 June 8, 2025 $0.06 11,799,000 - (11,799,000) - - September 30, 2025 $0.075 57,567,800 - (57,567,800) - - November 3, 2025 $0.06 32,500,000 - - - 32,500,000 December 30, 2028 $0.06 10,000,000 - - - 10,000,000 $0.06 - $0.075 111,866,800 - (69,366,800) - 42,500,000 Page 15 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months --- Ended October 31, 2025 15. LOSS PER SHARE The following table sets forth the computation of basic and diluted loss per share: Three Months Ended Nine Months Ended October 31, October 31, 2025 2024 2025 2024 Numerator Net loss $ (526,784) $ (1,270,357) $ (2,301,796) $ (4,357,604) Denominator Weighted average number of common shares outstanding, basic and diluted 572,681,815 572,681,815 572,681,815 572,681,815 Basic and diluted loss per share $ 0.00 $ 0.00 $ - $ (0.01) As a result of losses incurred, the potential effect of the exercise of stock options and warrants was anti-dilutive. 16. SEGMENTED INFORMATION The Company operates in one reportable operating segment, being mineral exploration. As at October 31, 2025, the Company's mineral resource and exploration properties are located in the United States, Mexico and Canada and its corporate assets are located in Canada. A summary of total assets by geographic region is as follows: October 31, 2025 United States Canada Mexico Total Current assets $ 76,689 $ 24,197 $ 454 $ 101,340 Investment - 34,647,614 - 34,647,614 Equipment 1,316,568 - 226,054 1,542,622 $ 1,393,257 $ 34,671,811 $ 226,508 $ 36,291,576 January 31, 2025 United States Canada Mexico Total Current assets $ (12,201) $ 51,387 $ (8,563) $ 30,623 Investment - 34,994,960 - 34,994,960 Equipment 1,422,770 - 235,523 1,658,293 $ 1,410,569 $ 35,046,347 $ 226,960 $ 36,683,876 Page 16 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended October 31, 2025 17. CAPITAL MANAGEMENT In the management of capital, the Company includes shareholders’ equity (excluding accumulated other comprehensive loss). The Company's objective in managing capital is to ensure that financial flexibility is present to increase shareholder value and respond to changes in economic and/or market conditions; to retain a strong capital base so as to maintain investor, creditor and market confidence and to safeguard the Company’s ability to obtain financing should the need arise. In maintaining its capital, the Company has a strict investment policy which includes investing its surplus capital only in highly liquid and highly rated financial instruments. The Company reviews its capital management approach on an ongoing basis. There were no changes in the Company’s approach to capital management during the period. 18. REVENUE The following table summarizes the Company's revenue by product: Three Months Ended Nine Months Ended October 31, October 31, 2025 2024 2025 2024 Helium and other natural gas $ 35,305 $ 58,863 $ 110,340 $ 108,937 Royalty (3,345) (11,772) (11,442) (22,427) Total revenue $ 31,960 $ 47,091 $ 98,898 $ 86,510 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The Company's financial instruments are as follows: October 31, January 31, Fair value 2025 2025 Hierarchy Fair value through profit or loss (FVTPL): Loans and receivable, measured at amortized cost: Investment $ 34,647,614 $ 34,994,960 (1) Cash $ 80,207 $ 7,393 Other liabilities, measured at amortized cost: Accounts payable and accrued liabilities $ 3,297,239 $ 2,574,567 Loan payable $ 2,842,394 $ 2,232,000 (1) Financial instruments recorded at fair value on the balance sheet 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 identica --- l assets or liabilities. Level 2 - valuation techniques based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability either directly or indirectly. Level 3 - valuation techniques based on inputs for the asset or liability that are not based on observable market data. The Company uses Level 2 fair value hierarchy to determine the value of its investment due to observable transaction prices during the year. Page 17 VVC Exploration Corporation Notes to Unaudited Condensed Consolidated Financial Statements For the Nine Months Ended October 31, 2025 19. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (Continued) Interest rate and credit risk It is management's opinion that the Company is not exposed to significant interest rate or credit risks arising from its financial instruments given their short-term nature. Price risk The Company is exposed to price risk with respect to commodity and equity prices. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company is exposed to the variability of copper prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. The Company closely monitors individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company. Liquidity Risk The Company has no income and relies on equity financing or the sale of its investments to support its exploration programs. Management prepares budgets and ensures funds are available prior to commencement of any such program. As at October 31, 2025, the Company has sufficient capital to fund its operations over the next twelve months. The Company had a cash balance of $80,207 (January 31, 2025 - $7,393) and investments of $34,647,614 (January 31, 2025 - $34,994,960) to settle current liabilities of $11,164,239 (January 31, 2025 - $10,031,439) of which $5,024,606 is non-cash (January 31, 2025 - $5,224,872). Market Risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates and commodity and equity prices. Currency Risk The Company engages in significant transactions and activities in currencies other than its reported currency. The Company's exploration activities are primarily in Mexico and the United States of Ameria; accordingly, the resulting assets and liabilities are exposed to foreign exchange fluctuations. The Company is exposed to foreign currency risk on fluctuations of financial instruments related to cash, deposits and other receivables and accounts payable and accrued liabilities that are denominated in US Dollars and Mexican Pesos. Sensitivity of closing balances to a plus or minus 10% change in foreign exchange rates, with all other variables held constant, would affect net loss by approximately $280,000 (January 31, 2025 - $224,440). Page 18 VVC Exploration Corporation 2369 Kingston Road, P.O. Box 28059 Terry Town Scarborough, Ontario M1N 4E7 Tel: 416-619-5304 http://www.vvcresources.com