SEDAR Interim Financial Statements

The Western Investment Company of Canada Limited Condensed Interim Consolidated Financial Statements (Unaudited) For the period ended September 30, 2025 Notice of No Auditor Review of Condensed Interim Financial Statements Pursuant to National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, 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 condensed interim consolidated financial statements of The Western Investment Company of Canada Limited (the “Corporation”) for the interim reporting period ended September 30, 2025 have been prepared in accordance with IAS 34, Interim Financial Reporting, as issued by the International Accounting Standards Board, and are the responsibility of the Corporation’s management. The Corporation’s independent auditors, Ernst & Young LLP, have not performed a review of these unaudited condensed interim consolidated financial statements in accordance with the standards established by CPA Canada for a review of interim financial statements by an entity’s auditor. The Western Investment Company of Canada Limited Condensed Interim Consolidated Statements of Financial Position (unaudited) As at September 30 As at December 31 2025 2024 Notes $ $ Assets Cash and cash equivalents 52,782,039 43,245,301 Accounts receivable 254,488 50,263 Accrued interest receivable - 75,857 Income taxes receivable 337,437 - Investments 4 5,923,371 11,861,210 Reinsurance contract assets 5 38,236,153 20,953,679 Prepaid expenses 891,841 261,861 Due from related parties 20 1,313,379 1,303,339 Intangible assets 6 1,752,378 1,900,508 Right of use asset 83,806 137,682 Property, plant & equipment 27,439 35,389 Investment in associates 7 16,965,621 16,226,006 Goodwill 8 7,693,912 7,693,912 Total Assets 126,261,864 103,745,007 Liabilities Accounts payable and accrued liabilities 1,561,433 2,234,745 Due to related parties 20 66,760 234,966 Income taxes payable - 84,641 Other liabilities 14,791 - Lease liabilities 82,230 136,337 Fronting payable 4,302,206 1,460,149 Collateral held 9 5,085,125 213,891 Convertible debentures 11 - 4,835,088 Loan from related party 12 900,000 1,005,000 Deferred taxes payable 245,193 260,668 Insurance contract liabilities 5 47,879,323 32,535,600 Total Liabilities 60,137,061 43,001,085 Shareholders' Equity Share capital 14 51,332,407 46,171,043 Contributed surplus 19,090,840 19,059,726 Equity component of convertible debentures 11 - 400,908 Deficit (5,579,333) (5,949,811) Accumulated other comprehensive loss 6,292 (22,659) Equity attributable to shareholders 64,850,206 59,659,207 Equity attributable to non-controlling interests 15 1,274,597 1,084,715 Total Equity 66,124,803 60,743,922 Total Liabilities and Shareholders' Equity 126,261,864 103,745,007 Nature of operations 2 Subsequent events 23 Approved by the Board of Directors “Scott Tannas” Director “Sharon Ranson” Director The accompanying notes are an integral part of these condensed interim consolidated financial statements 3 The Western Investment Company of Canada Limited Condensed Interim Consolidated Statements of Income (Loss) (unaudited) For the three months ended September 30, For the three months ended September 30, For the nine months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 Notes $ $ $ $ Insurance se --- rvice result Insurance revenue 5 10,015,539 - 26,745,629 - Insurance service expenses 5 (8,292,729) - (21,822,686) - Net expenses from reinsurance contracts held (1,445,683) - (3,968,795) - Total insurance service result 277,127 - 954,148 - Net investment income 16 296,664 - 782,180 - Interest accreted on insurance contracts issued 189,724 - 798,110 - Interest accreted on reinsurance contracts held (128,673) - (617,521) - Net insurance financial expense 61,050 - 180,589 - Other Operating and Administrative Expenses Payroll 753,098 129,235 1,826,436 431,433 Share-based compensation 14,15 53,428 - 225,070 - Director fees 31,228 - 93,682 - Consulting fees 234,524 16,356 662,485 44,927 Professional fees 71,211 340,879 690,401 515,362 Depreciation and amortization 33,397 - 102,224 - Other operating expenses 83,170 16,528 285,683 46,189 Interest expense 10,12 17,438 50,414 54,127 109,280 Interest on convertible debentures 11 - 182,475 134,464 582,983 Total other operating and administrative expenses 1,277,494 735,887 4,074,572 1,730,174 Other income (expense) Income from equity investments 7 893,310 1,008,243 1,369,315 1,178,643 Other finance income 466,121 211,245 1,327,095 566,012 Gain on disposal in investment in associate - - - 22,978 Fronting administration fee 39,997 - 111,657 - Management fees 37,500 37,500 112,500 112,500 Total other income 1,436,928 1,256,988 2,920,567 1,880,133 Income (loss) before income taxes 672,175 521,101 401,734 149,959 Income tax recovery 97,788 - 46,731 - Deferred tax expense (27,864) - (15,475) - Net income (loss) 602,251 521,101 370,478 149,959 Net income (loss) attributable to: Shareholders 602,251 521,101 370,478 149,959 Non-controlling interests - - - - 602,251 521,101 370,478 149,959 Net income (loss) per common share Basic 0.004 0.017 0.002 0.005 Diluted 0.003 0.017 0.002 0.005 Weighted average number of common shares outstanding Basic 156,351,978 30,207,756 155,067,539 30,207,756 Diluted 175,983,549 30,651,205 174,701,539 30,684,108 The accompanying notes are an integral part of the consolidated financial statements. 4 The Western Investment Company of Canada Limited Condensed Interim Consolidated Statements of Comprehensive Income (Loss) (unaudited) For the three months ended September 30, For the three months ended September 30, For the nine months ended September 30, For the nine months ended September 30, 2025 2024 2025 2024 $ $ $ $ Net income (loss) 602,251 521,101 370,478 149,959 Items that may be reclassified to profit or loss in subsequent periods: Unrealized loss for FVOCI instruments 43,447 (22,978) 28,951 (22,978) Other comprehensive loss for the period 43,447 (22,978) 28,951 (22,978) Total comprehensive income (loss) for the period 645,698 498,123 399,429 126,981 Total comprehensive income (loss) attributable to: Shareholders 645,698 498,123 399,429 126,981 Non-controlling interests - - - - 645,698 498,123 399,429 126,981 5 The Western Investment Company of Canada Limited Condensed Interim Consolidated Statement of Changes in Shareholder's Equity (unaudited) Number of shares Share capital Contributed surplus Equity component of convertible debentures Accumulated other comprehensive income Deficit Equity attributable to NCI Total shareholders' equity Notes $ $ $ $ $ $ $ Balance – December 31, 2023 30,207,756 15,646,943 2,041,586 623,176 22,978 (5,554,627) - 12,780,056 Net Income (loss) for the period - - - - - 149,959 - 149,959 Other comprehensive income (loss) - - - - (22,978) - - (22,978 --- ) Total comprehensive loss - - - - (22,978) 149,959 - 126,981 Maturity of debentures 11 - - 222,268 (222,268) - - - - Balance – September 30, 2024 30,207,756 15,646,943 2,263,854 400,908 - (5,404,668) - 12,907,037 Number of shares Share capital Contributed surplus Equity component of convertible debentures Accumulated other comprehensive income Deficit Equity attributable to NCI Total shareholders' equity Notes $ $ $ $ $ $ $ Balance – December 31, 2024 148,269,043 46,171,043 19,059,726 400,908 (22,659) (5,949,811) 1,084,715 60,743,922 Net Income (loss) for the period - - - - - 370,478 - 370,478 Other comprehensive income (loss) - - - - 28,951 - - 28,951 Total comprehensive loss - - - - 28,951 370,478 - 399,429 Share-based compensation expense 14,15 - - 31,114 - - - 193,956 225,070 Redemption of share-based compensation - - - - - - (4,074) (4,074) Debenture conversion (note 8) 10,582,007 5,161,364 - (400,908) - - - 4,760,456 Balance – September 30, 2025 158,851,050 51,332,407 19,090,840 - 6,292 (5,579,333) 1,274,597 66,124,803 6 The Western Investment Company of Canada Limited Condensed Interim Consolidated Statements of Cash Flows (unaudited) For the nine months ended September 30, For the nine months ended September 30, 2025 2024 Cash provided by (used in): Notes $ $ Operating activities Net Income (loss) for the period 370,478 149,959 Adjustments for non-cash items: Income from equity investments 7 (1,369,315) (1,178,644) Gain on disposal in investment in associate - (22,978) Interest on convertible debentures 11 134,464 582,983 Share based compensation 14,15 225,070 - Realized gain (loss) on marketable securities (183,964) - Amortization and depreciation 221,907 4,125 Deferred tax recovery (15,475) - Interest accreted on lease liabilities 6,884 - Interest paid on convertible debentures 11 (209,096) (441,310) Net change in non-cash balances related to operations 19 3,837,276 (470,759) Cash used in operating activities 3,018,229 (1,376,624) Investing activities Repayments from related parties 21 283,412 - Advances to related parties 20 (336,700) (92,356) Return of capital from associates 7 479,700 - Dividends from associates 7 45,000 - Purchase of intangible assets & property, plant & equipment (42,666) - Purchases of investments 4 (1,939,213) - Proceeds from sale and maturities of investments 4 8,089,967 - Cash provided by investing activities 6,579,500 (92,356) Financing activities Repayment of convertible debentures 11 - (1,125,000) Advances (repayment) on operating loan 10 - 1,981,430 Lease liabilities payments (60,991) - Cash used in financing activities (60,991) 856,430 Net increase (decrease) in cash and cash equivalents during the year 9,536,738 (612,550) Non-controlling interest - - Cash and cash equivalents, beginning of period 43,245,301 618,673 Cash and cash equivalents, end of period 52,782,039 6,123 Supplemental cash flow information Restricted cash 5,085,125 - Dividends received 90,000 90,000 7 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 1 Incorporation 2 Nature of operations 3 Basis of preparation Statement of compliance Basis of measurement Basis of consolidation These interim consolidated financial statements include the accounts of the Corporation and its wholly owned subsidiary, Fortress Insurance (“Fortress”). The principal business of Fortress involves property insurance, but the company also offers insura --- nce in niche products, including accident & sickness, automobile, boiler & machinery, fidelity, legal expense, liability, marine and surety. Fortress is incorporated under the Alberta Insurance Act and has regulatory licences and operates across Canada in all provinces and territories except for Quebec. The Corporation has a non-controlling interest investment in a number of companies that are accounted for under the equity method. See note 6 of our annual financial statements for additional information on these associates. The preparation of consolidated financial statements necessitates the use of judgments, estimates and assumptions that will affect assets, liabilities and the disclosure of contingent assets and liabilities at the date of the consolidated financial statements, as well as income and expenses during the reporting periods. The consolidated financial statements comprise the financial statements of the Corporation and its subsidiaries as at December 31, 2025. Control is achieved when the Corporation is exposed or has rights to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Specifically, the Corporation controls an investee if and only if, the Corporation has: - Power over the investee (i.e, existing rights that give it the current ability to direct the relevant activities of the investee) - Exposure, or rights, to variable returns from its involvement with the investee - The ability to use its power over the investee to affect its returns - The contractual arrangements with the other vote holders of the investee - Rights arising from other contractual arrangements - The Corporations' voting rights and potential voting rights The Western Investment Company of Canada Limited (“Western” or the “Corporation”) was incorporated pursuant to the provisions of the Business Corporations Act (Alberta) on October 28, 2015. The Corporation’s common shares began trading on December 20, 2016, and are listed on the TSX Venture Exchange under the stock symbol “WI”. The head office and principal address of the Corporation is Suite # 1700 - 95 St Clair Avenue West, Toronto, Ontario, M4V. The unaudited condensed interim consolidated financial statements (“the interim consolidated financial statements”) of the Corporation for the nine months ended September 30, 2025, were approved and authorized for issuance by the Corporation’s Board of Directors on November 25, 2025. These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board. The Corporation presents its consolidated balance sheets broadly in order of liquidity. These consolidated financial statements are presented in Canadian dollars, which is the Corporation’s functional currency, and were prepared on a going concern basis under the historical cost convention. Generally, there is a presumption that a majority of voting rights results in control. To support this presumption, when the Corporation has less than a majority of the voting or similar rights of an investee, the Corporation considers all relevant facts and circumstances in assessing whether it has power over an investee, including: 8 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Role of the Appointed Actuary --- Material accounting policy information Standards issued but not yet effective Use of judgments and estimates The accounting policies applied in these condensed interim financial statements are the same as those applied in note 4 to the Corporation’s audited consolidated financial statements for the year ended December 31, 2024. There have been no significant changes during 2025 as compared to the information provided in the annual consolidated financial statements for the year ended December 31, 2024. The preparation of financial statements necessitates the use of judgments, estimates and assumptions, as outlined in note 5 of the audited consolidated financial statements for the year ended December 31, 2024. These judgments, estimates and assumptions may affect the reported amounts of assets, liabilities and the disclosure of contingent assets and liabilities at the date of the financial statements, as well as income and expenses during the reporting periods. The Corporation re-assesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control. Consolidation of a subsidiary begins when the Corporation obtains control over the subsidiary and ceases when the Corporation loses control. Assets, liabilities, income and expenses of a subsidiary acquired or disposed of during the year are included in the consolidated financial statements from the date the Corporation gains control until the date the Corporation ceases to control the subsidiary. Profit or loss and each component of OCI are attributed to the equity holders of the parent of the Corporation and to the non-controlling interests, even if the results in the non-controlling interest have a deficit balance. When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with the Corporation's accounting policies. All intra-group assets and liabilities, equity, income, expenses and cash flows relating to transactions between members of the group are eliminated in full on consolidation. A change in ownership interest of a subsidiary, without loss of control, is accounted for as an equity transaction. If the Corporation loses control over a subsidiary, it derecognises the related assets (including goodwill), liabilities, non-controlling interest and other components of equity, while a resultant gain or loss is recognised in profit or loss. Any investment retained is recognised at fair value. The Appointed Actuary is appointed by the relevant Board of Directors pursuant to relevant legal and statutory requirements. The Appointed Actuary is responsible for ensuring that the assumptions and methods used in the valuation of the Corporation’s insurance contract liabilities are in accordance with IFRS 17, applicable legislation and associated regulations or directives. 9 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 4 Financial instruments Financial assets Carrying amount by classification Measured at Fair Value Through Profit and Loss (FVPL) Measured at Fair Value through Other Comprehensive Income (FVOCI) Carried at amortized cost Carrying amount by asset type Debt securities (measured at FVOCI) Provincial and Government of Canada bonds Corporate bonds Equities (measured at FVPL) Common shares Preferred shares Short-term investments (measure --- d at FVPL) Listed Loan with related party (measured at FVPL) Other (measured at amortized cost) Loans and amounts due from related parties Cash and cash equivalents Accounts receivable Income taxes receivable Accrued interest receivable Total financial assets Within one year More than one year As at September 30 As at December31 As at September 30 As at December31 337,437 - 65,133,850 61,194,529 59,497,883 50,993,328 5,635,967 10,201,201 119,065 50,263 - 75,857 52,782,039 43,245,301 1,257,129 769,594 - 2,635,922 25,000 3,486,032 Debt securities bear interest at rates ranging from 1.25% to 6.03% (2024 – 0.00% to 6.03%) and mature or will be called between December 2026 and June 2035 (2024 – December 2025 and December 2034). - 872,071 3,978,299 3,684,885 1,920,072 2,054,371 5,898,371 5,739,256 2025 2024 $ $ 4,714,809 5,192,304 5,898,371 5,739,256 57,953,350 48,563,725 65,133,850 61,194,529 The Corporation, as part of its operations, carries financial instruments consisting of cash, accounts receivable, investments, due from related parties, operating loan, accounts payable and accrued liabilities, loan from related party and convertible debentures. 2025 2024 $ $ 1,282,129 6,891,548 - 1,763,851 10 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Movements in carrying amount of investments At January 1, 2025 Additions in securities and cash Maturities and redemptions Disposals Net gain At September 30, 2025 At October 1, 2024 Additions in securities and cash Maturities and redemptions Disposals Net gain At December 31, 2024 Debt securities Government bonds Corporate bonds Equity securities Common shares Preferred shares Short term investments Loan to related parties 769,594 12,630,804 There were no transfers between Level 1 and Level 2 during the period ending September 30, 2025 (2024 $nil). The loan to related parties is the Foothills shareholder loan measured at fair value through profit or loss (note 23). All other loans to related parties are measured at amortized cost and their carrying value approximates their fair value. Loans to related parties also include the GlassMasters promissory note which is included in investment in associates (note 9). The convertible debentures are measured at amortized cost. The carrying value approximates the fair value due to the short time frame to maturity. 25,000 5,898,371 1,257,129 7,180,500 6,121,954 5,739,256 769,594 769,594 - - 1,257,129 1,257,129 - - - 3,486,032 25,000 - - 25,000 3,486,032 - - 872,071 - - - - 872,071 - - - - - 1,763,851 - - 1,763,851 - 2,054,371 - 1,920,072 - 1,920,072 - 2,054,371 - 3,978,299 - 3,978,299 - 3,684,885 - 3,684,885 $ $ $ $ $ $ $ $ Level 1 Level 2 Level 3 Total Level 1 Level 2 6,121,954 5,739,256 11,861,210 Fair value Fair value represents the price at which a financial instrument could be exchanged in an orderly market, in an arm’s length transaction between knowledgeable and willing parties who are under no compulsion to act. The Corporation classifies the fair value of the financial instruments according to the following hierarchy based on the amount of observable inputs used to value the instrument. - Level 1 – Fair value measurements are those derived from quoted prices (unadjusted) in an active market for identical assets or liabilities. - Level 2 – Fair value measurements are those derived from inputs other than quoted prices that are observable for the ass --- et or liability, either directly (i.e, as prices) or indirectly (derived from prices). - Level 3 – Fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data. 2025 2024 92,612 (18,085) 74,527 285,052 148,399 433,451 (852,445) - (852,445) FVPL FVOCI Total 6,870,156 5,765,435 12,635,591 Level 3 Total 25,000 5,898,371 5,923,371 (3,461,032) - (3,461,032) (3,482,036) (1,146,899) (4,628,935) 6,121,954 5,739,256 11,861,210 728,293 1,210,919 1,939,212 (273,421) (156,493) (429,914) $ $ $ 117,821 95,095 212,916 FVPL FVOCI Total 11 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 5 Insurance and reinsurance results Insurance contracts issued by measurement component The following table shows the changes in liabilities for insurance contracts issued by measurement component: For the nine month period ending September 30, 2025 Beginning of period Opening balance Insurance contract assets Opening balance Insurance contract liabilities Net Opening Insurance contract balances Changes in the statement of Profit or Loss and OCI Current Service Provided in the period Future Service yet to be Provided Past Service Provided in the Prior Periods Insurance service result Effects of movements in exchange rates Total changes in the statement of Profit or Loss and OCI Cash flows Premiums received for insurance contracts Claims, benefits and other expenses paid Insurance Acquisition cash flows Total Cash flows Net Ending Insurance Contract Balances End of Period Ending Balance Insurance Contract Assets Ending Balance Insurance Contract Liabilities Ending Balance Insurance Contract Liabilities 21,246,579 2,346,099 8,412,988 32,005,666 - - - - 21,246,579 2,346,099 8,412,988 32,005,666 21,246,579 2,346,099 8,412,988 32,005,666 13,933,940 - - 13,933,940 Other Changes in the Net Carrying Amount of the Insurance Contract Liabilities (Rounding) - - - - (4,292,334) - - (4,292,334) (11,785,968) - - (11,785,968) 30,012,242 - - 30,012,242 - - - - (10,469,072) 680,386 3,638,399 (6,150,287) (10,884,040) 639,168 3,435,522 (6,809,350) Net finance (income) expenses from insurance contracts 414,968 41,218 202,877 659,063 Experience adjustments not related to incurred claims - - - - - - - - Adjustments to liabilities for incurred claims - - - - Changes in estimates that result in losses and reversal of losses on onerous contracts - - - - (6,221,412) 1,136,672 5,084,739 (1) Contracts initially recognized in the period (6,027,655) 1,437,155 4,590,500 - Changes in estimates that adjust the CSM (193,757) (300,483) 494,239 (1) (4,662,628) (497,504) (1,649,217) (6,809,349) Experience adjustments (4,662,628) - - (4,662,628) Revenue recognized for incurred policyholder tax expenses - - - - Contractual service margin recognized for service provided - - (1,649,217) (1,649,217) Change in risk adjustment for non-financial risk expired - (497,504) - (497,504) 17,781,711 1,665,713 4,774,589 24,222,013 17,781,711 1,665,713 4,774,589 24,222,013 - - - - The following tables show the changes in the net assets or liabilities for insurance contracts issued and reinsurance contracts held. The tables that illustrate changes by measurement component exclude insurance contracts measured using the PAA. The tables that illustrate changes by Remaining Coverage and Incurred Claims include insurance contrac --- ts measured using the PAA. Expected present value of future cash flows Risk adjustment Contractual service margin Total 12 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 For the twelve month period ending December 31, 2024 Beginning of period Opening balance Insurance contract assets Opening balance Insurance contract liabilities Net Opening Insurance contract balances Changes in the statement of Profit or Loss and OCI Current Service Provided in the period Future Service yet to be Provided Past Service Provided in the Prior Periods Insurance service result Effects of movements in exchange rates Total changes in the statement of Profit or Loss and OCI Cash flows Premiums received for insurance contracts Claims, benefits and other expenses paid Insurance Acquisition cash flows Total Cash flows Net Ending Insurance Contract Balances End of Period Ending Balance Insurance Contract Assets Ending Balance Insurance Contract Liabilities Ending Balance Insurance Contract Liabilities 17,781,711 1,665,713 4,774,589 24,222,013 - - - - 17,781,711 1,665,713 4,774,589 24,222,013 17,781,711 1,665,713 4,774,589 24,222,013 12,032,392 - - 12,032,392 Other Changes in the Net Carrying Amount of the Insurance Contract Liabilities (Rounding) - - - - (1,720,205) - - (1,720,205) (8,971,065) - - (8,971,065) 22,723,662 - - 22,723,662 - - - - 5,749,319 1,665,713 4,774,589 12,189,621 5,403,449 1,644,852 4,744,031 11,792,332 Net finance (income) expenses from insurance contracts 345,870 20,861 30,558 397,289 Experience adjustments not related to incurred claims - - - - - - - - Adjustments to liabilities for incurred claims - - - - Changes in estimates that result in losses and reversal of losses on onerous contracts - - - - 7,023,253 1,824,693 5,045,888 13,893,834 Contracts initially recognized in the period 8,092,422 2,226,604 3,574,808 13,893,834 Changes in estimates that adjust the CSM (1,069,169) (401,911) 1,471,080 - (1,619,804) (179,841) (301,857) (2,101,502) Experience adjustments (1,619,804) - - (1,619,804) Revenue recognized for incurred policyholder tax expenses - - - - Contractual service margin recognized for service provided - - (301,857) (301,857) Change in risk adjustment for non-financial risk expired - (179,841) - (179,841) - - - - - - - - - - - - Expected present value of future cash flows Risk adjustment Contractual service margin Total 13 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Insurance contracts issued by remaining coverage and incurred claims Opening Insurance contract liabilities Opening Insurance contract assets Net balance as at January 1 Insurance revenue As at September 30, 2025, $6,999,045 of the LRC relates to acquired claims (December 31, 2024 $12,017,695) 47,879,323 Net balance as at September 30 35,013,928 - 68,200 12,079,424 717,771 47,879,323 Closing insurance contract assets - - - - - - Closing insurance contract liabilities 35,013,928 - 68,200 12,079,424 717,771 Total items excluded from insurance revenue and insurance service expense (3,687,243) - 3,687,243 - - - 19,468,557 Items excluded from insurance revenue and insurance service expense (3,687,243) - 3,687,243 - - - Total cash flows 31,686,613 - (8,346,040) (3,872,016) - (12,218,056) Insurance acquisition cash flows (15,476,207) - - - - (15,476,207) Claims --- and other directly attributable expenses - - (8,346,040) (3,872,016) - Premiums received 47,162,820 - - - - 47,162,820 Cash flows 798,110 Total amounts recognized in income (loss) (20,895,798) - 4,726,997 11,521,950 522,017 (4,124,834) Finance (income) expense from insurance contracts issued 659,063 - - 139,047 - 21,822,685 Insurance service result (21,554,861) - 4,726,997 11,382,903 522,017 (4,922,944) Insurance service expenses 5,190,768 - 4,726,997 11,382,903 522,017 (909,231) Losses and reversal of losses on onerous contracts - - - - - - Adjustments to liabilities for incurred claims - - - (858,933) (50,298) 17,541,148 Amortization of insurance acquisition cash flows 5,190,768 - - - - 5,190,768 Insured claims and other insurance service expenses - - 4,726,997 12,241,836 572,315 (26,745,629) - - - - (26,745,629) 27,910,356 - - 4,429,490 195,754 32,535,600 - - - - - - Total 27,910,356 - - 4,429,490 195,754 32,535,600 Insurance contracts issued Excluding loss component Loss component Contracts under GMM Estimates of PV of future cash flows Risk adjustment for non-financial risk (PAA) The following table shows the changes in liabilities for remaining coverage and incurred claims for insurance contracts issued: Liability for remaining coverage (PAA and GMM) Liability for incurred claims For the nine month period ending September 30, 2025 14 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Opening Insurance contract liabilities Opening Insurance contract assets Net balance as at January 1 Insurance revenue 32,535,600 Net balance as at December 31 27,910,356 - - 4,429,490 195,754 32,535,600 Closing insurance contract assets - - - - - - Closing insurance contract liabilities 27,910,356 - - 4,429,490 195,754 - Total items excluded from insurance revenue and insurance service expense (1,494,766) - 1,494,766 - - - Items excluded from insurance revenue and insurance service expense (1,494,766) - 1,494,766 - - 33,687,591 Total cash flows 35,667,946 - (3,289,664) 1,309,309 - (1,980,355) Insurance acquisition cash flows (12,556,595) - - - - (12,556,595) Claims and other directly attributable expenses - - (3,289,664) 1,309,309 - Premiums received 48,224,541 - - - - 48,224,541 Cash flows (492,397) Total amounts recognized in income (loss) (6,262,824) - 1,794,898 3,120,181 195,754 (1,151,991) Finance (income) expense from insurance contracts issued 397,290 - - (889,687) - 7,482,484 Insurance service result (6,660,114) - 1,794,898 4,009,868 195,754 (659,594) Insurance service expenses 1,481,964 - 1,794,898 4,009,868 195,754 4,150,552 Losses and reversal of losses on onerous contracts - - - - - - Adjustments to liabilities for incurred claims - - - 3,954,798 195,754 1,849,968 Amortization of insurance acquisition cash flows 1,481,964 - - - - 1,481,964 Insured claims and other insurance service expenses - - 1,794,898 55,070 - (8,142,078) - - - - (8,142,078) - - - - - - - - - - - - Liability for remaining coverage (PAA and GMM) Liability for incurred claims Insurance contracts issued Excluding loss component Loss component Contracts under GMM Estimates of PV of future cash flows Risk adjustment for non-financial risk (PAA) Total For the Twelve month period ending December 31, 2024 15 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Reinsurance cont --- racts held by measurement component For the nine month period ending September 30, 2025 Beginning of period Opening balance Reinsurance contract held assets Opening balance Reinsurance contract held liabilities Net Opening reinsurance contract held balances Changes in the statement of Profit or Loss and OCI Current Service Provided in the period Future Service yet to be Provided Past Service Provided in the Prior Periods Effects of movements in exchange rates Total changes in the statement of Profit or Loss and OCI Cash flows Premiums paid Amounts received Reinsurance Acquisition cash flows Total Cash flows Net ending reinsurance contract held balances End of Period Ending Balance Reinsurance Contract held Assets Ending Balance Reinsurance Contract held Liabilities Ending Balance Reinsurance Contract held Liabilities - - - - 12,940,766 2,027,181 5,931,639 20,899,586 12,940,766 2,027,181 5,931,639 20,899,586 Other Changes in the Net Carrying Amount of the Insurance Contract Liabilities (Rounding) - - - - 12,940,766 2,027,181 5,931,639 20,899,586 - - - - 11,482,155 - - 11,482,155 15,193,421 - - 15,193,421 (3,711,266) - - (3,711,266) (8,285,842) 645,260 2,553,799 (5,086,783) Net finance (income) expense from reinsurance contracts held 310,343 47,671 138,926 496,940 - - - - (19,800) - - (19,800) Net expense from reinsurance contracts held (8,596,185) 597,589 2,414,873 (5,583,723) Adjustments to assets for incurred claims - - - - Experience adjustments not related to incurred claims (19,800) - - (19,800) (4,679,474) 979,437 3,700,037 - Changes in estimates that result in losses and reversal of losses on onerous contracts - - - - Changes in recoveries of losses on onerous underlying contracts that adjust the CSM - - - - Contracts initially recognized in the period (4,075,477) 1,233,869 2,841,608 - Changes in estimates that adjust the CSM (603,997) (254,432) 858,429 - (3,896,911) (381,848) (1,285,164) (5,563,923) Experience adjustments (3,896,911) - - (3,896,911) Incurred policyholder tax expenses on underlying contracts - - - - Contractual service margin recognized for service received - - (1,285,164) (1,285,164) Change in risk adjustment for non-financial risk expired - (381,848) - (381,848) - - - - 9,744,453 1,381,921 3,377,840 14,504,214 9,744,453 1,381,921 3,377,840 14,504,214 The following table shows the changes in assets for reinsurance contracts held by measurement component: Expected present value of future cash flows Risk adjustment Contractual service margin Total 16 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Reinsurance contracts held by measurement component Beginning of period Opening reinsurance contract held assets Opening reinsurance contract held liabilities Net Opening reinsurance contract held balances Changes in the statement of Profit or Loss and OCI Current Service Provided in the period Future Service yet to be Provided Past Service Provided in the Prior Periods Effects of movements in exchange rates Total changes in the statement of Profit or Loss and OCI Cash flows Premiums paid Amounts received Reinsurance Acquisition cash flows Total Cash flows Net ending reinsurance contract held balances End of Period Ending Balance Reinsurance Contract held Assets Ending Balance Reinsurance Contract held Liabilities Ending Balance Reinsurance Contract held Liabilities 9,744,453 1,381,921 3,377,840 14,504,214 9,744,453 1 --- ,381,921 3,377,840 14,504,214 - - - - 9,744,453 1,381,921 3,377,840 14,504,214 4,396,795 - - 4,396,795 Other Changes in the Net Carrying Amount of the Insurance Contract Liabilities (Rounding) - - - - (1,442,114) - - (1,442,114) - - - - 5,838,909 - - 5,838,909 - - - - 5,347,658 1,381,921 3,377,840 10,107,419 Net expense from reinsurance contracts held 5,087,342 1,352,143 3,358,100 9,797,585 Net finance (income) expense from reinsurance contracts held 260,316 29,778 19,740 309,834 Experience adjustments not related to incurred claims - - - - - - - - Adjustments to assets for incurred claims - - - - Changes in recoveries of losses on onerous underlying contracts that adjust the CSM - - - - 6,537,284 1,469,223 3,587,736 11,594,243 Changes in estimates that adjust the CSM (1,202,343) (197,529) 1,399,872 - Changes in estimates that result in losses and reversal of losses on onerous contracts - - - - Contracts initially recognized in the period 7,739,627 1,666,752 2,187,864 11,594,243 Incurred policyholder tax expenses on underlying contracts - - - - (1,449,942) (117,080) (229,636) (1,796,658) Change in risk adjustment for non-financial risk expired - (117,080) - (117,080) Experience adjustments (1,449,942) - - (1,449,942) Contractual service margin recognized for service received - - (229,636) (229,636) - - - - - - - - - - - - The following table shows the changes in assets for reinsurance contracts held by measurement component: Expected present value of future cash flows Risk adjustment Contractual service margin Total For the Twelve month period ending December 31, 2024 17 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Reinsurance contracts held by remaining coverage and incurred claims Net balance as at January 1 As at September, 2025, $5,908,167 of the ARC relates to acquired claims (December 31, 2024 $10,054,502) 38,236,153 Net balance as at September 30 28,272,361 - 117,608 9,463,832 382,352 38,236,153 Closing reinsurance contract held liabilities - - - - - - Closing reinsurance contract held assets 28,272,361 - 117,608 9,463,832 382,352 - Total items excluded from reinsurance contract held net income (expense) (3,325,087) - 3,325,087 - - - Items excluded from reinsurance contracts held net income (expense) (3,325,087) - 3,325,087 - - 20,633,747 Total cash flows 30,165,800 - (6,989,746) (2,542,307) - 30,165,800 Recoveries from reinsurance - - (6,989,746) (2,542,307) - (9,532,053) Premiums paid net of ceding commissions and other directly attributable expenses 30,165,800 - - - - (3,351,273) Cash flows Total amounts recognized in income (loss) (16,500,187) - 3,782,267 9,125,486 241,161 (3,968,795) Finance (income) expense from reinsurance contracts held 496,941 - - 120,581 - 617,522 Net Income (expense) from reinsurance contracts held (16,997,128) - 3,782,267 9,004,905 241,161 - Adjustments to assets for incurred claims - - - (385,043) (191,397) (576,440) Other directly incurred attributable expenses - - - - - (16,997,128) Claims recovered - - 3,782,267 9,389,948 432,558 13,604,773 Allocation of reinsurance premiums (16,997,128) - - - - - 17,931,835 - - 2,880,653 141,191 20,953,679 Opening reinsurance contract held liabilities - - - - - Total Opening reinsurance contract held assets 17,931,835 - - 2,880,653 141,191 20,953,679 Insurance contracts issued Excluding loss recovery component Loss recovery component Contracts under GMM Es --- timates of PV of future cash flows (PAA) Risk adjustment for non-financial risk (PAA) The following table shows the changes in assets for remaining coverage and incurred claims for reinsurance contracts held: Assets for remaining coverage (PAA and GMM) Assets for incurred claims For the nine month period ending September 30, 2025 18 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Net balance as at January 1 20,953,679 Net balance as at December 31 17,931,835 - - 2,880,653 141,191 20,953,679 Closing reinsurance contract held liabilities - - - - - - Closing reinsurance contract held assets 17,931,835 - - 2,880,653 141,191 - Total items excluded from reinsurance contract held net income (expense) (1,367,608) - 1,367,608 - - - Items excluded from reinsurance contracts held net income (expense) (1,367,608) - 1,367,608 - - 21,141,695 Total cash flows 25,710,722 - (2,557,013) (2,012,014) - 25,710,722 Recoveries from reinsurance - - (2,557,013) (2,012,014) - (4,569,027) Premiums paid net of ceding commissions and other directly attributable expenses 25,710,722 - - - - (188,016) Cash flows Total amounts recognized in income (loss) (6,411,279) - 1,189,405 4,892,667 141,191 (578,280) Finance (income) expense from reinsurance contracts held 309,834 - - 80,430 - 390,264 Net Income (expense) from reinsurance contracts held (6,721,113) - 1,189,405 4,812,237 141,191 - Adjustments to assets for incurred claims - - - 4,514,179 141,191 4,655,370 Other directly incurred attributable expenses - - - - - (6,721,113) Claims recovered - - 1,189,405 298,058 - 1,487,463 Allocation of reinsurance premiums (6,721,113) - - - - - - - - - - - Opening reinsurance contract held liabilities - - - - - - Opening reinsurance contract held assets - - - - - Assets for remaining coverage (PAA and GMM) Assets for incurred claims Insurance contracts issued Excluding loss recovery component Loss recovery component Contracts under GMM Estimates of PV of future cash flows (PAA) Risk adjustment for non-financial risk (PAA) Total For the twelve month period ending December 31, 2024 19 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Analysis of insurance revenue For the nine month period ended September 30 For Contracts Not Measured Using the PAA: Amounts Relating to Changes in Liabilities for Remaining Coverage Expected Claims and Other Expenses Release of Risk Adjustment CSM Recognized for Services Provided Premium Experience Adjustments Amortization of Insurance Acquisition Cash Flows Total Insurance Revenue for Contracts Not Measured Using the PAA For Contracts Measured Using the PAA: Insurance Revenue Total Insurance Revenue Analysis of insurance service expenses For the nine month period ended September 30 Incurred Claims Directly Attributable Operating Expenses and Commissions Total Incurred Claims and Other Expenses Amortization of Insurance Acquisition Cash Flows Insurance Acquisition Cash Flows Expensed as Incurred Changes Related to Future Service (Losses on Onerous Groups and Reversals of Such Losses) Changes Related to Past Service (Changes in FCF related to Liability for Incurred Claims) Total Insurance Service Expenses Contracts initially recognized in the period - insurance contracts issued For the period ended September 30 Insurance contracts issued Contracts --- Initially Recognized in the Period: Amounts Related to All Contracts Initially Recognized: Estimates of Present Value of Future Cash Inflows Estimates of Present Value of Future Cash Outflows Insurance Acquisition Cash Flows Other Cash Outflows Risk Adjustment CSM Total Contracts Initially Recognized in the Period: Amounts Related to Onerous Contracts Included in Total Contracts Above: Estimates of Present Value of Future Cash Inflows Estimates of Present Value of Future Cash Outflows Insurance Acquisition Cash Flows Other Cash Outflows Risk Adjustment Total Onerous Contracts - - - - - - - - - - - - - - 11,977,696 - 1,437,155 - 4,590,500 - (29,746,934) - 23,719,279 - 11,741,583 - $ $ 4,212,328 - 21,822,686 - The table below illustrates the effect on the Statement of Financial Position of insurance contracts initially recognized during the period, excluding contracts measured using the PAA: 2025 2024 1,262,166 - 3,928,602 - - - 12,111,780 - 307,810 - 12,419,590 - 26,745,629 - 2025 2024 $ $ 8,744,807 - 18,000,822 - 1,649,217 - - - 1,262,166 - 5,329,720 - 503,704 - 2025 2024 $ $ 20 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Contracts initially recognized in the period – reinsurance contracts held For the period ended September 30 Reinsurance contracts held Contracts Initially Recognized in the Period: Amounts Related to All Contracts Initially Recognized: Estimates of Present Value of Future Cash Inflows Estimates of Present Value of Future Cash Outflows Premiums and other expenses Insurance Acquisition Cash Flows Risk Adjustment CSM Total Contracts Initially Recognized in the Period Amounts Related to Onerous Contracts Included in Total Contracts Above: Estimates of Present Value of Future Cash Inflows Estimates of Present Value of Future Cash Outflows Insurance Acquisition Cash Flows Other Cash Outflows Risk Adjustment Total reinsurance contracts held with a loss recovery component Loss recoveries at initial recognition of onerous underlying contracts CSM recognition timing For the period ended September 30 Insurance contracts issued Within 1 Year 1 - 3 Years 3 - 5 Years 5 - 10 Years Over 10 Years Total For the period ended September 30 Reinsurance contracts held Within 1 Year 1 - 3 Years 3 - 5 Years 5 - 10 Years Over 10 Years Total 5,931,639 - 2,003,818 - 339,942 - - - $ $ 1,167,740 - 2,420,139 - - - 8,412,988 - 2025 2024 3,448,360 - 2,933,703 - 451,550 - The following tables set out the expected recognition of the CSM for insurance contracts issued and reinsurance contracts held: 2025 2024 $ $ 1,579,375 - - - - - - - - - - - - - - - - - - - - - (1,233,869) - (2,841,608) - (10,333,724) - 14,409,201 - 14,409,201 - $ $ The table below illustrates the effect on the Statement of Financial Position of insurance contracts initially recognized during the period, excluding contracts measured using the PAA: 2025 2024 21 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 6 Intangible assets 2025 Cost January 1 Additions in the year Disposals and adjustments At September 30 Accumulated amortization January 1 Amortization in the year Disposals and adjustments At September 30 Net carrying amount September 30 2024 Cost - Business combination October 1 Additions in the year At December 31 Accumulated amortization October 1 Amortization in th --- e year At December 31 Net carrying amount December 31 7 Investment in associates The investments in associates balance consists of the following: Western’s interest in Foothills Creamery Ltd Western’s interest in Golden Health Care Western’s interest in GlassMasters ARG Autoglass Two Inc 4,460,945 4,820,146 9,959,873 8,832,693 16,965,621 16,226,006 The Data Management System has a useful life of 2 years, and the broker relationships have a useful life of 7 years. Amounts incurred related to the acquisitions of insurance licenses are considered to have an indefinite life. 2025 2024 $ $ 2,544,803 2,573,167 September 30, December 31, - (23,214) (35,978) (59,192) 1,110,000 626,786 163,722 1,900,508 - - - - - (23,214) (35,978) (59,192) - (69,642) (144,476) (214,118) 1,110,000 650,000 199,700 1,959,700 1,110,000 650,000 175,610 1,935,610 - - 24,090 24,090 Licenses $ Broker relationships $ Data management system $ Total $ 1,110,000 650,000 199,700 1,959,700 - (46,428) (115,997) (162,425) 10,728 - 26,783 37,511 1,120,728 650,000 195,768 1,966,496 - - (30,715) (30,715) - - 7,499 7,499 - (23,214) (35,978) (59,192) 1,120,728 580,358 51,292 1,752,378 Licenses $ Broker relationships $ Data management system $ Total $ 22 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 (a) Nature of investments in associates Foothills Creamery Ltd (Foothills) Golden Health Care group of companies (Golden) GlassMasters ARG Autoglass Two Inc (GlassMasters) In 2022, the shareholders of GlassMasters passed a special resolution to distribute $8 million in capital to shareholders by way of reducing the stated capital on the Class A common shares. The distribution has been treated as a return of paid-up capital for tax purposes and was paid by the issuance of a five-year-term promissory note. The return of capital and related promissory note related to Western’s shareholdings was $4,658,559. Terms on the note include a five-year term, with automatic renewal for a period of five years upon each maturity date, unless the directors of GlassMasters otherwise determine. The next automatic renewal date is March 31, 2027. The interest rate will be set by the Board of Directors of GlassMasters from time to time and was set at 14% for the fiscal year 2025 (2024 – 14%). Western has entered into a put/call agreement in regards to its partner’s 37% interest in GlassMasters, in which Western’s partner has the option to require Western to purchase their 37% interest, or Western has the option to require their partner to sell to Western. The Corporation has deemed the fair value of this agreement to be nil as at December 31, 2024, and 2023. The agreement may be exercised on February 1 on each of 2024, 2028, 2032, or 2036. The Corporation holds a 49% interest in Foothills, which was acquired in 2018. Western appoints two of seven directors of the Board of Directors and, as such, has the ability to exercise significant influence but not control over Foothills and, accordingly, the Corporation is using the equity method to account for this investment. On April 22, 2025, Western exercised its fourth option to extend the maturity of the Foothills shareholder loan to October 27, 2025, upon which time the loan was not repaid and was extended until the end of 2025. Due to a breach of its covenants with its lender in the prior year, Foothills made an agreement with the lender for shareholders t --- o provide equity cure payments to be in compliance with its covenants. In line with this agreement, Western contributed $250,000 in December 2024 and $336,700 in June 2025. These payments were added to the shareholder loan balance due from Foothills. The company signed an extension agreement for their bank facilities on August 1, 2025, obtaining a 0.4% reduction in interest rate. As at September 30, 2025, Foothills complied with the Senior Funded Debt covenant and will breach the Fixed Charge Coverage covenant. The lender is aware of the breach and will prepare a letter of tolerance. Western has entered into a put/call agreement in regards to its partner’s 38% interest in Foothills, in which Western’s partner has the option to require Western to purchase their 38% interest, or Western has the option to require their partner to sell to Western. The Corporation has deemed the fair value of this agreement to be nil as at December 31, 2024, and 2023. The agreement is in place until April 30, 2026. The Corporation acquired a minority interest in Golden in 2017. Western appoints two of nine directors of the Board of Directors of Golden Health Care Management Inc., the company that oversees the operating companies. Through its share ownership and its appointments to the Board of Directors, the Corporation can exercise significant influence over the investment in Golden and, accordingly, the Corporation is using the equity method to account for this investment. The financial statement reporting date for Golden is August 31; however, the Corporation records equity income aligned with its own reporting periods. On June 24, 2025, Golden declared a return of capital, of which Western’s share amounted to $479,700. This amount was applied as a reduction to the carrying value of the investment. During the nine months ended September 30, 2025, $489,148 of interest was earned and received related to this note (September 30, 2024 – $489,148). This promissory note is considered part of Western’s net investment in GlassMasters. The Corporation holds a 55% interest in GlassMasters, which was acquired in 2016. Western has two of six directors appointed to the GlassMasters’ Board of Directors. Through the extent of its share ownership and its seats on the Board of Directors, the Corporation has the ability to exercise significant influence but not control over GlassMasters and, accordingly, the Corporation is using the equity method to account for this investment. 23 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Fortress Insurance Company (b) Summarized financial information for associates As at September 30, 2025 Current assets Non-current assets Current liabilities Non-current liabilities Net assets Revenue Total net Income and comprehensive income As at December 31, 2024 Current assets Non-current assets Current liabilities Non-current liabilities Net assets Revenue Total net Income and comprehensive income Fortress ceased to be an associate on Oct 1, 2024. Revenue and net income are for the nine-month period ended September 30, 2024, for which Fortress was an associate of Western. 42,486,026 10,237,692 35,731,916 17,778,333 1,112,431 658,883 (536,696) 529,499 14,151,332 9,708,631 2,615,471 - 7,159,391 7,692,153 5,368,365 - 20,789,201 17,150,386 22,949,199 - 8,102,575 1,310,716 23,633,271 - Foothills $ Golden $ GlassMasters $ Fortress $ 8,624,097 15, --- 611,114 8,667,908 - 30,422,545 8,178,716 36,531,431 - (58,087) 898,842 2,037,564 - 4,015,587 11,001,752 16,125,597 - 5,310,277 6,593,563 9,302,649 - 24,126,326 16,802,912 21,267,327 - 23,638,739 1,350,466 8,940,965 - The below summarized financial information of each associate (disclosed at 100%) is presented in accordance with IFRS, prior to any intercompany eliminations, adjusted to reflect any adjustments required when applying the equity method of accounting for each investment. Foothills $ Golden $ GlassMasters $ Fortress $ 8,838,277 2,142,869 13,101,884 - During the previously financial year from January 1, 2024 up to the acquisition date, October 1, 2024, the Corporation held a 28% interest in Fortress. Western appointed two of eight directors to the Board of Directors and, as such, had the ability to exercise significant influence but not control over Fortress and, accordingly, the Corporation used the equity method to account for this investment. As at October 1, 2024, through a share acquisition, the Corporation obtained control over Fortress becoming a subsidiary of Western (note 10). In association with the acquisition of control of Fortress on October 1, 2024, Fortress ceased to be an associate. A gain on disposal was recognized in the amount of $2.6 million on the revaluation of this portion of our investment in Fortress to its fair value at the acquisition date. 24 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 (c) Reconciliation of investments in associates' carrying value As at September 30, 2025 Western's ownership interest (%) Investment at December 31 2024 Share of dividends paid out Return of capital Share of net income (loss) Investment at December 31 2025 As at December 31, 2024 Western's ownership interest (%) Investment at December 31 2023 Share of dividends paid out Loss on dilution Share of net income (loss) Disposal of associate Investment at December 31 2024 8 Business combination - - - - On October 1, 2024, the Corporation completed the acquisition of Fortress (“the Acquisition”). Prior to the Acquisition, the Corporation held a 28% interest in the shares of Fortress. The Corporation issued 25,193,922 shares to acquire an additional 56% interest of Fortress, thereby increasing its total ownership interest to 84%. Fortress was acquired by the corporation in line with its long term strategy to become a successful Canadian Insurance and Investments group. The Acquisition has been accounted for as a business combination under IFRS 3 whereby the Corporation was identified as the acquirer and Fortress as the acquiree. The Corporation has elected to measure the non-controlling interest at its proportionate share of the fair value of the acquiree’s net identifiable assets. 2,573,167 4,820,146 8,832,693 - 16,226,006 (259,895) 198,807 644,238 150,628 733,778 - - - (2,876,819) (2,876,819) - (90,000) - - (90,000) (9,102) - - - (9,102) 49% 25-30% 55% 28% 2,842,164 4,711,339 8,188,455 2,726,191 18,468,149 2,544,803 4,460,945 9,959,873 16,965,621 Foothills $ Golden $ GlassMasters $ Fortress $ Total $ - - (479,700) - (479,700) (28,364) 270,499 1,127,180 1,369,315 2,573,167 4,820,146 8,832,693 16,226,006 - (150,000) - (150,000) 49% 25-30% 55% Foothills $ Golden $ GlassMasters $ Total $ Fortress $ N/a 25 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For --- the period ended September 30, 2025 Purchase consideration Goodwill arising from the acquisition represents future income and growth, and other intangibles that do not qualify for separate recognition. Intangible assets acquired include a data management system and licenses, which were valued by the cost approach, based on replacement cost; and broker relationships, which were valued by the income approach using the present value of the after-tax cash flows attributable to the relationships. Goodwill is not deductible for tax purposes. Non-controlling interest was calculated as $1,824,653 based on the percentage of net assets acquired plus $933,916 for the fair value of outstanding Fortress’s employee stock options that had vested as at the acquisition date. Fair value was determined with the Black Scholes option pricing model. Settlement of the employee option plan will be made with Western shares. A gain of $2.6 million was recognized from remeasuring the Corporation's equity interest in Fortress held just prior to the business combination to fair value. From the date of acquisition through December 31, 2024, Fortress contributed $8.1 million to the Corporation’s insurance revenue and losses of $244,227 to total comprehensive loss for the year. If the acquisition had occurred on January 1, 2024, insurance revenue would have been $23.9 million and consolidated total comprehensive income for the year would have been $1.5 million. At December 31, 2024, Western acquired the remaining 16.4% of Fortress shares for $3.5 million, paid for with a combination of $2.2 million in cash and 2.125 million of Western shares at a fair value of $1.3 million. The Corporation incurred a loss, recorded directly to equity, of $1.7 million on the acquisition of $1.8 million in non-controlling interest. Transaction costs relating to the Acquisition of $187,107 were expensed as incurred in 2024. Total identifiable net assets at fair value 11,106,212 Goodwill arising on acquisition 7,693,912 Due to related parties (211,284) Insurance contract liabilities (23,552,367) (26,595,196) Deferred tax liability (397,975) Accounts payable (616,246) Fronting payable (1,817,324) Income taxes recoverable 42,136 37,701,408 Liabilities Reinsurance contract assets 12,593,518 Property, plant and equipment 35,509 Intangible assets 1,935,610 Investments 12,635,591 Receivables 68,243 Prepaid assets 351,229 Net identifiable assets acquired (liabilities assumed) Assets Cash and cash equivalents 10,039,572 Fair value of previously held equity interest in Fortress 5,460,108 Non-controlling interests 2,758,569 18,800,124 The following table summarizes the total consideration paid and the fair value of the identifiable assets acquired, and liabilities assumed at October 1, 2024, the date of acquisition. $ Share consideration 10,581,447 26 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 9 Collateral 10 Operating loan 11 Convertible debentures 12 Loan from related party During the period interest expense of $134,464 was accounted for with regards to the debentures and $209,096 paid including prior period accruals (2024 $582,983 interest expense and $441,310 interest paid). As at December 31, 2024, the Corporation had issued unsecured convertible debentures (“the Debentures”) with an aggregate face value of $5.0 million and a principal amount of $1,000 per Debenture. Each Debenture w --- as convertible, at the holder’s option, into common shares of Western at a conversion price of $0.48 per share. The Debentures bore interest at 9.6% per annum, payable semi-annually at the end of March and September, and were scheduled to mature on December 31, 2025. The Debentures were classified as compound financial instruments, comprising both liability and equity components. The liability component represented the present value of the interest and principal payments, discounted at 15%, which approximated the Corporation’s borrowing rate for similar non-convertible debt at the time of issuance in 2023. The Debentures also included a forced conversion feature allowing Western, at its option, to convert the Debentures into common shares if the closing price of Western’s shares on the TSX Venture Exchange reached or exceeded $0.65 for 20 consecutive trading days. During the six months ended June 30, 2025, these conditions were satisfied, and on March 7, 2025, Western exercised this conversion option. As a result, all outstanding Debentures were converted into 10,582,007 common shares at a conversion price of $0.4725 per share. At the time of conversion, the carrying value of the liability component was $4,760,456, and the equity component was $400,908, resulting in a total increase in share capital of $5,161,364. The Corporation holds a $0.9 million shareholder loan from Golden (December 2024 – $1.005 million). The loan bears interest at 6.09% annually, payable with monthly interest only and matures annually on January 31 with automatic annual renewal if all amounts of interest owing are not in default. There have been no amounts in default since the inception of the loan and there are no financial covenants affecting the loan. The Corporation has signed a share pledge agreement with respect to its interest in Golden as security for the loan. During the period ended September 30, 2025, Golden declared and paid dividends to its shareholders. Western’s share of the dividend was $150,000 of which $105,000 was applied to the outstanding balance of the loan. The Corporation is currently the beneficiary of two standby letters of credit issued by the Bank of Montreal in the amount of $2,300,000 ($2,300,000 – December 31, 2024) associated with Prairie View Holdings Ltd and with Arch Reinsurance Ltd in the amount of $2,050,000 ($2,050,000 – December 31, 2024). The Corporation also holds cash from Prairie View Holdings to cover any amount needed as collateral in excess of the aforementioned letter of credit; as of September 30, 2025, the Corporation held $85,894 ($213,891 – December 31, 2024). Lastly, the Corporation currently holds $5,000,000 in cash from Adventist Risk Management as collateral for the program that launched in August 2025 ($nil - December 31, 2024). The Corporation has a committed revolving facility agreement (the “facility”) with a Canadian financial institution to a maximum amount of $2,000,000. The facility has a three-year revolving period with a maturity date of October 6, 2025, bears interest at the bank’s prime rate plus 2% per annum and carries a standby fee of 0.5% per annum on the unused portion. Security for the facility includes: (a) a general security agreement over all present and after-acquired property; (b) a share pledge agreement in respect to the Corporation’s interest in some of its associates; (c) an assignment of material contracts; and (d) a continuing guarantee from material wholly owned subsidiaries of --- the Corporation, of which there are currently none. As at September 30, 2025, $nil was drawn on the facility (2024 – $nil). 27 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 13 Capital management 14 Share capital Authorized Unlimited number of preferred shares, without par value Unlimited number of common shares, without par value Issued There are no preferred shares issued to date. The following is a summary of the common shares issued as at September 30, 2025, and as at December 31, 2024. Balance December 31, 2023 Shares issued in private placement Shares issued in rights exercise Shares issued in Fortress acquisition Balance December 31, 2024 Conversion of debentures Balance September 30, 2025 158,851,050 51,332,407 On October 1, 2024, the Corporation issued 25,193,922 shares in line with the acquisition of an additional 56% interest in Fortress as discussed in note 10. On December 19, 2024, the Corporation closed a private placement and issued 75,000,000 shares for gross proceeds of $30 million. Transaction costs relating to this transaction of $897,519, were capitalized to equity. Each unit subscribed to in the private placement included one common share and one share purchase warrant. Each warrant will be exercisable to purchase one additional common share for a period of 5 years from the date of closing at an exercise price of $0.47. The fair value of the warrants, as determined by the Black-Scholes option pricing model, was $16.8 million and is included in contributed surplus. As at September 30, 2025, all 75 million warrants remained outstanding. On December 5, 2024, the Corporation closed a rights offering, issuing 15,742,365 shares at $0.40 per common share for gross proceeds of $6.3 million. $40,524 in transaction costs related to this offering were capitalized to equity. On December 31, 2024, 2,125,000 common shares were issued in line with the acquisition of the remaining 16.4% interest in Fortress, thereby making Fortress a wholly-owned subsidiary of Western. 10,582,007 5,161,364 15,742,365 6,256,422 27,318,922 11,920,197 148,269,043 46,171,043 30,207,756 15,646,943 75,000,000 12,347,481 The Corporation’s capital consists of share capital and debt. The Corporation’s objective for managing capital is to maintain sufficient capital to cover its expenses and to identify, evaluate and execute acquisitions of private businesses that meet its investment criteria. The Corporation sets the amount of capital in relation to risk and manages the capital structure and makes adjustments to it in light of changes to economic conditions and the risk characteristics of the underlying assets. The Corporation’s objectives when managing capital are: - to maintain a flexible capital structure, which optimizes the cost of capital and acceptable risk; - to maintain investor, creditor and market confidence in order to sustain the future development of the business, and - to maintain compliance with minimum capital requirements under statutory insurance legislation. The Corporation is subject to certain requirements and restrictions under statutory insurance legislation in Alberta, which apply to the regulated insurance company of Fortress. Property and casualty insurance companies must maintain minimum levels of capital as determined in accordance with a prescribed test, the minimum capital test (“MCT”), which expresses available capital ( --- actual capital plus or minus specified adjustments) as a percentage of required capital. Dividend restrictions are also regulated. Management is not aware of any non-compliance with legislation during the year. Number of Amount shares $ 28 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 Debentures Omnibus equity incentive plan Stock options Risk-free interest rate Spot price ($) Exercise price ($) Dividend yield Expected life (years) Volatility In February 2025, Western notified holders of the debentures issued under the debenture indenture dated October 24, 2023, between Western and Odyssey Trust Company (the “Indenture”), that the forced conversion provisions of the Indenture had been triggered. This occurred after the 20-day volume-weighted average price of Western’s common shares reached $0.67 on February 25, 2025, surpassing the $0.65 threshold per the Indenture. The outstanding principal of $5,000,000 was subsequently converted into 10,582,007 common shares of Western at a conversion price of $0.4725/ share as of the close of business on March 7, 2025. Accrued and unpaid interest from October 1, 2024 to March 7, 2025, was paid to debenture holders at the time of conversion, and all debentures were cancelled effective March 7, 2025. A total of 3,059,000 options are outstanding and exercisable as at September 30, 2025 (December 31 , 2024- 2,939,000) with a weighted average exercise price of $0.42 (2023 – $0.42). The weighted average remaining contractual life of the outstanding options was 3.63 (December 2024 – 4.38) TOTAL number of options 3,059,000 Oct 17 2024 Oct 17 2034 0.49 120,000 9.05 0.34 Jun 22 2023 Jun 22 2033 0.35 275,000 7.73 0.21 Jun 29 2022 Jun 29 2032 0.34 220,000 6.75 0.24 May 03 2021 May 03 2031 0.27 360,000 5.59 0.18 Jun 01 2020 Jun 01 2030 0.27 360,000 4.67 0.17 Aug 23 2019 Aug 23 2029 0.40 294,000 3.90 0.25 Jul 04 2018 Jul 04 2028 0.50 320,000 2.76 0.23 Jun 19 2017 Jun 19 2027 0.65 150,000 1.72 0.33 Apr 21 2017 Apr 21 2027 0.65 30,000 1.56 0.39 Apr 06 2016 Apr 06 2026 0.56 140,000 0.52 0.46 Feb 24 2016 Feb 24 2026 0.50 790,000 0.40 0.60 Grant date Expiry date Exercise price ($) Number of options Remaining contractual life (years) Fair value of options at grant date ($) N/a - N/a 10 N/a 58% N/a 3.13% N/a 0.49 N/a 0.49 In terms of the plan, the Board of Directors of the Corporation may, from time to time, at its discretion, and in accordance with the TSX Venture Exchange requirements, grant Service providers equity-based awards provided that the number of common shares reserved for issuance under the plan shall not exceed 10% of the issued and outstanding common shares. During the year ended December 31, 2024 120,000 in Western stock options were issued (2023 – 275,000). All options vest immediately and are expensed at the time of grant. For the year ended December 31, 2024, $40,872 in share-based compensation expense was recognized related to these options (2023 - $56,513). Options are exercisable for period of up to years from the grant date. All options are settled through Western’s common shares. The compensation expense for options granted is calculated using the Black-Scholes option pricing model with the following assumptions: 2025 2024 During the year the Corporation approved and adopted an Omnibus Equity Incentive plan with the purpose of developing the interest of Service Providers (directors, officer --- s, bona fide Employees and bona fide Consultants of the Corporation and/or any Related Entity) in the growth and development of the Corporation by providing such persons with the opportunity to acquire a proprietary interest in the Corporation. The plan was approved by the Board of directors on September 22, 2025 and by the TSX Venture exchange on September 29, 2025. The Plan seeks to achieve these purposes by providing for awards in the form of Stock Options, Restricted Share Units (RSUs), Performance Share Units (PSUs), Deferred Share Units (DSUs) and Dividend-Equivalent Rights (all together referred to as equity-based awards) and provides governance of how equity-based awards are granted, managed and settled. 29 The Western Investment Company of Canada Limited Notes to the Consolidated Financial Statements For the year ended December 31, 2025 Restricted share units Share repurchases 15 Employee share ownership plan The Corporation had regulatory approval for a normal course issuer bid (the “Bid”) whereby Western may purchase up to a total of approximately 5.0% of common shares issued and outstanding at the time the bid was last renewed. Any acquisitions of common shares by the Corporation pursuant to the Bid are made through the facilities of the TSX Venture Exchange at the market price of the common shares at the time of the acquisition. The Corporation has an automatic share purchase plan in place with a dealer, in which the dealer shall purchase shares on behalf of the Corporation, subject to the limitations on the Bid. As at September 30, 2025, the Corporation had $1,274,597 in non-controlling interest related to this ESOP (September 30, 2024 - $nil). The most recent Bid expired on February 9, 2025, and has not been renewed this year to date. Any shares repurchased by the Corporation are cancelled at the end of the month in which they are repurchased with a reduction to share capital at their average issued price. The difference between the issued price and the repurchase price of the shares repurchased is recorded to contributed surplus. For the period ended September 30, 2025, no common shares were repurchased (2024 – nil) The Corporations wholly owned subsidiary, Fortress has implemented an Employee Share Ownership Plan (ESOP), which previously granted employees the option to acquire shares of Fortress. The primary objective of the ESOP is to align the interests of employees with those of shareholders and to provide employees with an opportunity to share in Fortress’s success. Subsequent to the October 1, 2024, acquisition, Fortress entered into an agreement, outlining that options granted under the Fortress ESOP would be settled with shares of the Corporation. This agreement applies to all options previously granted and to be granted in the future. Settlement may occur by cash, or by buying Western’s shares in the open market or through Western’s treasury. As at the acquisition date, 678,414 options were outstanding. The fair value of all vested options, as determined by the Black-Scholes option pricing model, was $933,916. This was included in the business combination as part of the non-controlling interest. Going forward, the unvested portion of these Fortress options will be recognized in consolidated profit or loss as they vest and are earned by the employees, based on their fair value as determined by the Black-Scholes option pricing model. In the 9 month period ending September 30, 2025, $196,956 was recognized as an ex --- pense in the consolidated profit and loss (September 30, 2024 - $nil). Fortress’s grants have a term of 0.50 – 4.25 years, with vesting periods of immediate to 2.25 years. As at September 30, 2025, 683,655 options were outstanding under the ESOP, 611,174 of which are exercisable. Exercise prices are between $0.44 - $2.94 with vesting dates until December 31, 2027. For the period ended September 30, 2025, each option outstanding had a fair value between $0.84 - $2.50. 2,460,316 31,114 Sep 29 2025 Aug 31 2035 396,825 242,063 9.92 1,923 Sep 29 2025 Aug 31 2030 396,825 242,063 4.92 3,846 Sep 29 2025 Aug 06 2035 833,333 508,333 9.85 7,518 Sep 29 2025 Aug 06 2030 833,333 508,333 4.85 17,827 Grant date Vesting date Number of units issued Fair value of RSUs at grant date ($) Remaining contractual life (years) Amount expensed in the Income statement in the current year During the period ending September 30, 2025, 2,460,360 Restricted Share Units were issued to officers. These units represent the right, that upon vesting, the participant would have the right to receive one fully paid up share per unit on the date of redemption. 50% of these units vest 5 years from the issue date, with the remaining 50% vesting 10 years from the issue date. 30 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 16 Investment income Net investment return 2025 Debt securities At fair value through profit/loss At fair value through OCI Equities At fair value through profit/loss Short-term investments At fair value through profit/loss Cash and cash equivalents At cost basis Management fees paid Total investment income Investment income presented as: Net Realized Investment income Unrealized gain for FV OCI instruments Total investment income Total dividend income Total interest income 2024 Debt securities At fair value through profit/loss At fair value through OCI Equities At fair value through profit/loss Short-term investments At fair value through profit/loss Cash and cash equivalents Management fees paid Total investment income Investment income presented as: Net Investment income Unrealized gain for FV OCI instruments Total investment income Total dividend income Total interest income 257,023 22,236 176,477 284,137 (27,114) (13,098) - - (13,098) 184,599 28,362 44,062 257,023 36,642 - - 36,642 93,111 - - 93,111 22,564 22,939 71,176 116,679 - - (27,114) (27,114) 45,380 5,423 - 50,803 60,909 577,361 Net investment income $ Net realized gains and losses $ Changes in fair value $ Net investment return $ 28,951 811,131 782,180 598,216 183,964 28,951 811,131 - - - - (40,054) - - (40,054) 85,472 - - 85,472 65,697 117,820 - 183,517 111,602 66,144 - 177,746 - - 28,951 28,951 Net investment income $ Net realized gains and losses $ Changes in fair value $ Net investment return $ 375,499 - - 375,499 31 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 17 Dividends declared 18 Earnings (loss) per common share Earnings (loss) per common share is calculated as follows: Net income for the year period ending September 30 Basic weighted average number of common shares outstanding Effect of dilutive securities Diluted weighted average number of common shares outstanding Basic earnings (loss) per common share Diluted earnings (loss) per common share 476,352 0.002 0.005 As at Septem --- ber 30, 2025, there were 2,460,318 Restricted share units issued. Of these options and 3,059,000 share options outstanding (December 31, 2024 – 3,059,000) , 180,000 were anti-dilutive (December 31, 2024 - 180,000) No dividends were declared or paid in the period ended September 30, 2025 (2024 nil). 2025 2024 $ $ 370,478 149,959 175,983,549 30,684,108 0.002 0.005 156,351,978 30,207,756 19,631,571 32 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 19 Supplemental cash flow information The net change in non-cash working capital is as follows: Accounts receivable Accrued interest receivable Income taxes Reinsurance contract assets Prepaid assets Accounts payable Fronting payable Due to related parties Collateral held Insurance contract liabilities Other liabilities 20 Due (to) from related parties The following amounts are due (to) from related parties: Amounts due from associates GlassMasters management fees GlassMasters interest due on promissory note GlassMasters shareholder loan Foothills shareholder loan Amounts due to associates Golden shareholder loan Amounts due to Fortress from a shareholder of the Corporation Deductibles recoverable from policy holders Amounts due by Fortress to a shareholder of the Corporation Receivable from cost-neutral arrangement Cash held as collateral September 30, December 31, 900,000 1,005,000 15,343,723 8,983,233 3,837,276 1,949,619 2,062,854 1,565,563 1,257,129 769,594 1,313,379 1,303,339 56,250 19,687 - 163,049 - 351,009 2025 2024 $ - (357,175) 23,682 213,891 $ (66,760) (234,966) On March 10, 2025, dividends totalling $150,000 were declared at Golden payable to Western. $105,000 of this was used to pay down the Golden shareholder loan, and $45,000 was paid in cash to Western. (85,125) (213,891) (151,885) (448,857) GlassMasters’ shareholder loans was subject to 12% interest per annum compounded monthly. Interest accrued on all amounts owing to Western including management fees and cash advances. The loan is composed of cash advances, unpaid management fees and interest. The loan terms are such that it matures annually, on December 31st, with automatic renewal if all interest has been paid. The the loan was settled in July 2025, with the only remaining portion being management fees for 2025 which are being reviewed by Western and Glassmasters. 1,260,056 41,431 (199,625) (37,574) (7,613) 126,777 2025 2024 $ $ (17,282,474) (8,360,161) (767,625) 104,503 (535,666) 90,944 (144,645) (128,766) (422,078) 7,842,058 33 The Western Investment Company of Canada Limited Notes to the Condensed Interim Consolidated Financial Statements For the period ended September 30, 2025 21 Related party transactions The following is a summary of the Corporation’s transactions with related parties: Transactions with associates Management fees Finance Income Dividends received Interest expense Tevir Capital holdings Management fee 22 Subsequent events In November 2025, a further 806,452 restricted share units (RSUs) were issued with the appointment of a chief actuary. These RSUs are subject to the Omnibus equity incentive plan described on note 14 and have the same vesting conditions as previously issued RSUs. September 30, September 30, 340,000 - In accordance with the terms of a shareholder’s agreement, Western earns an annual management fee, to provide strategic, governance and other advisory services, from certain of its ass --- ociates, payable on a quarterly basis. As at September 30, 2025 $112,500 in management fees for 2025 was due from associates (December 31, 2024, $19,687). Finance income relates to interest earned on loans to associates. As at September 30, 2025, $203,867 in interest was due from associates (December 31, 2024 – $163,050). The Corporation has a management services agreement in place with the Tevir Capital Corp (“Tevir”), a company owned by the CEO of the Corporation. The agreement was signed December 6, 2024, for a two-year term with annual renewal thereafter. The first management fee was paid in January of 2025. The management fee payable under this agreement is $500,000 annually plus expenses, payable on monthly basis. During the period ended September 30, 2025, $880,972 in salaries and benefits was paid or payable to key members of management (December 31, 2024 – $729,016), and $31,114 in share-based compensation (December 31, 2024 - $183,576). 112,500 112,500 603,724 561,818 90,000 90,000 (42,471) (41,950) Western’s related parties consist of directors and officers of Western and its subsidiary, and Western’s associates. These transactions are in the normal course of operations and are measured at the exchange amount, which is the amount of consideration established and agreed to by the related parties. 2025 2024 $ $ The loan has a one-year maturity date, with the option to extend consecutive six-month periods. At the maturity date, Western has the option to convert the outstanding principal sum, together with all accrued and unpaid interest, into shares of Foothills at a conversion price of $1.00 per share. If the conversion option is exercised, Western will receive share purchase warrants of Foothills in the amount of one-third of one share purchase warrant for every one share issued upon conversion of the loan. Each warrant shall entitle Western to purchase one share of Foothills. In June 2025, the Corporation advanced $336,700 to Foothills, in addition to previous advances of $500,000 made prior to 2025. In addition, any outstanding management fees are added to the principal sum owing and the shareholder loan bears interest at 13% per annum. Foothills’ shareholder loan is considered not to represent solely payments of principal and interest and, accordingly, is classified at fair value through profit or loss. As at September 30, 2025, fair value has been determined to equal principal amounts of the loan $836,700 (December 2024 $500,000), due management fees $216,563 (2024 157,500) and accrued interest of $203,867 (2024 - $112,094). The fair value is based on Level 3 inputs, using a discounted cash flow model. The loan matured on October 27, 2025 and the maturity date was extended at the Foothills board meeting in November 2025. 34