SEDAR Interim Financial Statements

Mongolia Growth Group Ltd. Condensed Interim Consolidated Financial Statements (Unaudited) For the nine months ended September 30, 2025 and 2024 (Expressed in Canadian dollars) Mongolia Growth Group Ltd. Condensed Interim Consolidated Statements of Financial Position (Unaudited) As at September 30, 2025 The accompanying notes are an integral part of these interim consolidated financial statements. 1 (expressed in Canadian dollars) September 30, December 31, 2025 $ 2024 $ Assets Current assets Cash and cash equivalents (note 5) 35,767,357 13,286,090 Marketable securities owned (note 7) - 32,205,889 Due from broker (note 6) 52,163 3,246 Other assets (note 9) 58,815 58,575 Non-current assets 35,878,335 45,553,800 Property and equipment (note 11) 1,652,514 1,776,992 1,652,514 1,776,992 Total assets 37,530,849 47,330,792 Liabilities Current liabilities Trade payables and accrued liabilities (note 12) 258,901 497,687 Unearned revenue (note 8) 887,527 950,615 Due to broker (note 6) 2,367,553 5,341,296 Income tax payable 30,011 - 3,543,992 6,789,598 Non-current liabilities Deferred income tax liability - 173,000 Total liabilities 3,543,992 6,962,598 Equity Share capital (note 13) 47,770,719 48,046,823 Contributed surplus 6,849,976 6,849,976 Accumulated other comprehensive gain 133,543 278,786 Deficit (20,767,381) (14,807,391) Total equity 33,986,857 40,368,194 Total equity and liabilities 37,530,849 47,330,792 Commitment and contingencies (note 16) Approved by the Board of Directors _ “Harris Kupperman”_ _ Director “Brad Farquhar” Director Mongolia Growth Group Ltd. Condensed Interim Consolidated Statements of Comprehensive Gain (Loss) (Unaudited) For the nine month period ended September 30 The accompanying notes are an integral part of these interim consolidated financial statements. 2 (expressed in Canadian dollars) For the three months ended September 30 For the nine months ended September 30 2025 2024 2025 2024 $ $ $ $ Revenue Rental income 22,063 24,195 64,345 74,822 Subscription revenue (note 8) 446,594 634,104 1,545,883 2,001,446 Total revenue 468,657 658,299 1,610,228 2,076,268 Expenses Salaries and wages 205,025 83,083 321,343 452,954 Other expenses (note 19) 655,624 857,101 1,919,900 2,167,106 Depreciation (note 11) 21,397 20,893 65,178 61,862 Total operating expenses (882,046) (961,077) (2,306,421) (2,681,922) Interest income 609 (84,042) 1,833 (35,847) Unrealized loss on short term investments 2,048,625 (552,035) (3,293,692) (1,149,142) Realized gain (loss) on short term investments (1,793,999) (11,931) (1,875,617) 1,443,483 Realized loss on digital assets (note 10) - - - (72,254) Foreign currency gain (loss) 266,095 (49,558) (199,497) 42,680 Total other income (loss) 521,330 (697,566) (5,366,973) 228,920 Net income (loss) before income taxes 107,941 (1,000,344) (6,063,166) (376,734) Income tax recovery (expense) (29,925) 239,191 103,176 (231,481) Net income (loss) for the period 78,016 (761,153) (5,959,990) (608,215) Net income (loss) per share Basic From net income (loss) for the period 0.00 (0.03) (0.23) (0.02) Diluted From net income (loss) for the period 0.00 (0.03) (0.23) (0.02) Mongolia Growth Group Ltd. Condensed Interim Consolidated Statements of Comprehensive Gain (Loss) (Unaudited) For the nine month period ended September 30 The accompanying notes are an integral part of these interim consolidated financial statements. 3 (expressed in Canadian dollars) For the three months ended September 30 For the nine months ended Se --- ptember 30 2025 2024 2025 2024 $ $ $ $ Net income (loss) for the period 78,016 (761,153) (5,959,990) (608,215) Other comprehensive income (loss) Items that may be subsequently reclassified to income or loss Unrealized gains (losses) on translation of financial statement operations with US Dollar functional currency to Canadian dollar reporting currency 24,027 68,484 (145,243) 19,306 Total comprehensive income (loss) 102,043 (692,669) (6,105,233) (588,909) Mongolia Growth Group Ltd. Condensed Interim Consolidated Statements of Changes in Equity (Unaudited) For the nine month period ended September 30 The accompanying notes are an integral part of these interim consolidated financial statements. 4 (expressed in Canadian dollars) Share capital Contributed surplus Accumulated other comprehensive loss Deficit Total $ $ $ $ $ Balance at January 1, 2024 49,773,082 6,849,976 (46,663) (7,416,275) 49,160,120 Net loss for the period - - - (608,215) (608,215) Other comprehensive gain - - 19,306 - 19,306 49,773,082 6,849,976 (27,357) (8,024,490) 48,571,211 Share repurchase (1,515,886) - - - (1,515,886) Balance at September 30, 2024 48,257,196 6,849,976 (27,357) (8,024,490) 47,055,325 Share capital Contributed surplus Accumulated other comprehensive gain Deficit Total $ $ $ $ $ Balance at January 1, 2025 48,046,823 6,849,976 278,786 (14,807,391) 40,368,194 Net loss for the period - - - (5,959,990) (5,959,990) Other comprehensive loss - - (145,243) - (145,243) 48,046,823 6,849,976 133,543 (20,767,381) 34,262,961 Share repurchase (276,104) - - - (276,104) Balance at September 30, 2025 47,770,719 6,849,976 133,543 (20,767,381) 33,986,857 Mongolia Growth Group Ltd. Condensed Interim Consolidated Statements of Cash Flow (Unaudited) For the nine month period ended September 30 The accompanying notes are an integral part of these interim consolidated financial statements. 5 (expressed in Canadian dollars) September 30, September 30, Cash provided by (used in) 2025 $ 2024 $ Operating activities Net loss for the period (5,959,990) (608,215) Items not affecting cash Depreciation (note 11) 65,178 61,862 Deferred taxes (173,000) (24,007) Unrealized loss on marketable securities 3,293,692 1,149,142 Realized loss (gain) on marketable securities 1,875,617 (1,443,483) Realized loss on digital assets (note 10) - 72,254 (898,503) (792,447) Net change in non-cash working capital balances (note 17) (3,294,763) (6,934,190) (4,193,266) (7,726,637) Financing activities Share repurchase (note 13) (276,104) (1,515,886) CEBA loan (note 6) - (20,000) (276,104) (1,535,886) Investing activities Net sale of marketable securities 27,036,580 3,548,486 Acquisition of property and equipment - (203,018) Sale of digital assets (note 10) - 381,771 27,036,580 3,727,239 Increase (decrease) in cash from operations 22,567,210 (5,535,284) Effect of exchange rates on cash and cash equivalents (85,943) (26,302) Increase (decrease) in cash 22,481,267 (5,561,586) Cash and cash equivalents - Beginning of period 13,286,090 9,735,224 Cash and cash equivalents - End of period 35,767,357 4,173,638 Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 6 (expressed in Canadian dollars) 1 Corporate Information Mongolia Growth Group Ltd. (“MGG” or the “Company”) was incorporated in Alberta on December 17, 2007, and is a Merchant bank, previously owning real estate investments in Ulaanbaatar, Mongolia, along with a --- current subscription product business and a public securities portfolio. The Company trades on the TSX Venture Exchange, having the symbol YAK. MGG has three wholly-owned subsidiaries as of September 30, 2025; Mongolia (Barbados) Corp., MGG US Inc., and Lemontree PR LLC. MGG’s marketable securities are currently held in brokerage accounts owned by Mongolia (Barbados) Corp and MGG US Inc. At September 30, 2025 and December 31, 2024, the principal subsidiaries of the Company, their geographic locations, and the ownership interest held by the Company, were as follows: Ownership Name Principal Activity September 30, 2025 December 31, 2024 Location Mongolia (Barbados) Corp. Holding Company and Brokerage Account 100% 100% Barbados Lemontree PR LLC Real estate operations 100% 100% Puerto Rico MGG US Inc. Investments 100% 100% United States The Company is registered in Alberta, Canada, at its registered and records address at Centennial Place, East Tower, 1900, 520 – 3rd Avenue S.W. Calgary, Alberta, Canada T2P 0R3. The Company’s Canadian headquarters are located at 100 King Street West, Suite 5600, Toronto, Ontario, M5X 1C9, Canada. At September 30, 2025, the Company is organized into two segments based on the business operations: ? The MGG Corporate segment manages the Company’s corporate affairs, capital management and public securities portfolio. ? The Subscription Products segment manages the Company’s subscription product business. Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 7 (expressed in Canadian dollars) 2 Basis of presentation The consolidated financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) and International Financial Reporting Interpretations Committee (IFRIC), as issued by the International Accounting Standards Board (IASB) applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting (“IAS 34”). These condensed interim consolidated financial statements are compliant with IAS 34 and do not include all of the information required for full annual financial statements. These condensed interim consolidated financial statements should be read in conjunction with the Company’s annual financial statements for the year ending December 31, 2024. The significant accounting policies used in the preparation of these consolidated financial statements are summarized in note 3. The consolidated financial statements, including the notes to the consolidated financial statements, are presented in Canadian dollars ($) which is presentation currency and the functional currency of the parent Company. The functional currency of the Company’s operating subsidiary in Barbados is the Canadian Dollar. The functional currency of the Company’s operating subsidiaries in the United States is the US Dollar. These consolidated financial statements were approved by the Board of Directors of the Company for issue on November 24, 2025. 3 Significant Accounting Policies The Company has applied the same accounting policies in these condensed interim consolidated financial statements as those applied in the Company’s annual audited consolidated financial statements as at and for the year ended December 31, 2024. In preparing these condensed interim consolidated financial statements, the significant judgements made in applying the Company’s accounti --- ng policies and the key sources of estimation uncertainty were the same as those applied to the annual consolidated financial statements as at and for the year ended December 31, 2024. These condensed interim consolidated financial statements should be read in conjunction with the Company’s annual financial statements for the year ending December 31, 2024. Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 8 (expressed in Canadian dollars) 4 Significant accounting estimates and judgements The preparation of financial statements in accordance with IFRS requires Management to make estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgements are continually evaluated based on historical experiences and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The effect of a change in an accounting estimate is recognized prospectively by including it in net income (loss) in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Significant estimates made in the preparation of these consolidated financial statements include the following areas: ? Valuation of marketable securities - The Company recognizes marketable securities at fair value. Fair value is determined on the basis of market prices from independent sources, if available. If there is no market price, then the fair value is determined by using valuation models with inputs derived from observable market data where possible but where observable data is not available, judgement is required to establish fair values. The Company presents results from trading marketable securities on both a realized and unrealized basis separately in the consolidated statements of operations. A realized gain or loss is recorded upon transfer of ownership of a marketable security, calculated as proceeds (net of broker fees) less its cost which is measured on a first-in-first-out (“FIFO”) basis. Unrealized gains and losses are the fair value adjustments to positions still held at reporting dates. 5 Cash Cash at banks earns interest at floating rates based on daily bank deposit rates. The component of cash accounts currently consists only of cash amounts held in banks or on hand. The following table discloses the geographical location of cash: September 30, December 31, 2025 $ 2024 $ Barbados 33,231,072 12,218,010 Canada 2,219,011 288,653 United States 317,274 779,427 35,767,357 13,286,090 Cash is not collateralized. The carrying amount of cash approximates fair value. Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 9 (expressed in Canadian dollars) 6 Credit facilities and due from and due to brokers a) Credit facilities During the year ended December 31, 2020, the Company qualified for a government-guaranteed line of credit (Canada Emergency Business Account “CEBA”) of $40,000 which subsequently converted to a 0% interest term loan. On January 1, 2021 the Company qualified for an additional $20,000 2-year, 0% interest term loan. The Company repaid $40,000 in December 2023, and as part of the government program, the remaining --- $20,000 was forgiven on January 2, 2024. Due from and due to brokers The Company has margin facilities with its prime brokers. As at June 30, 2025, the Company’s amounts due to brokers have no specific repayment terms, and they are governed by the margin terms set forth in the prime brokerage agreements. As at September 30, 2025, the Company had net margin borrowings of $nil (Q3 2024 – $nil). The fair value of the collateral-listed equity securities is calculated daily and compared to the Company’s margin limits. The prime brokers can at any time demand full or partial repayment of the margin balances and any interest thereon or demand the delivery of additional assets as collateral. Due from and due to brokers balances are presented on a net basis by broker in the consolidated statement of financial position. Under the prime broker agreements, the broker may upon events of default offset, net and/or regroup any amounts owed by the Company to the broker by amounts owed to the Company by the broker. The following tables set out the offsetting of the Company’s various accounts with prime brokers. Due from and due to brokers September 30, 2025 Gross amounts due from brokers $ Gross amounts due to brokers $ Net amounts $ Due from brokers 52,240 (77) 52,163 Due to brokers - (2,367,553) (2,367,553) December 31, 2024 Gross amounts due from brokers $ Gross amounts due to brokers $ Net amounts $ Due from brokers 17,264 (14,018) 3,246 Due to brokers - (5,341,296) (5,341,296) Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 10 (expressed in Canadian dollars) 7 Equity investments and other holdings, securities sold short, derivatives and futures Equity Investments and other holdings September 30, December 31, 2025 $ 2024 $ Assets Equity securities - 32,007,160 Options on futures - 174,612 Calls - 24,117 - 32,205,889 8 Subscription Revenue The Company’s revenue from contracts with customers is comprised of data analytics subscriptions. The Company has built a data analytics service, named KEDM, that tracks various event-driven strategies. Revenue earned during the period is classified as subscription revenue on the consolidated statement. Revenue collected that has not yet been earned, have been classified as unearned revenue and will be classified according to the Company’s revenue policies described in note 3 of the December 31, 2024, consolidated financial statements. Contract Liabilities: As of September 30, 2025, the Company has unearned revenue of $887,527 to be fully recognized by the end of September 2026, in accordance with contract terms (September 30, 2024 - $1,218,589). September 30, December 31, 2025 $ 2024 $ Opening balance 950,615 1,126,439 Additions 1,482,795 2,427,351 Revenue earned (1,545,883) (2,603,175) Closing balance 887,527 950,615 When the Company first launched its subscription business, the Company engaged an arm’s length company to compile and produce the KEDM report on an ongoing basis, while MGG acted as the distributor and marketer of the product. As a part of this engagement, MGG paid the direct and approved expenses related to producing KEDM in addition to 20% of quarterly earned revenues above a threshold of $125,000 USD. Beginning on January 1, 2023, MGG engaged Praetorian PR LLC (PPR), a Puerto Rican company owned by the MGG’s Chairman and CEO, to produce KEDM. Under the terms of the agreement, MGG paid PPR a monthly fee --- of USD $50,000 along with 20% of any quarterly revenue in excess of USD $125,000. On April 1, 2025, the monthly fee was reduced to USD $40,000 as USD $10,000 of monthly expenses were transferred to MGG. The Company paid $50,686 in revenue share during the third quarter of 2025 (Q3 2024 - $87,742), classified as subscription product expenses in note 19. Most of the expenses related to the unearned revenue have not yet been incurred and are not reflected in the Company’s financial statements. On August 27, 2025, the Company entered into a definitive agreement to sell its KEDM business for consideration of the assumption of all obligations related to the deferred revenues associated with the KEDM business up to and including October 31, 2025. The transaction closed on October 31, 2025 and the deferred revenue obligation of CAD $845,803.83 was transferred to the arms- length third party purchaser. Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 11 (expressed in Canadian dollars) 9 Other assets Short term other assets September 30, 2025 $ December 31, 2024 $ Accounts receivable 52,231 30,532 Prepaid expenses 6,584 28,043 58,815 58,575 10 Digital assets September 30, December 31, 2025 $ 2024 $ Balance - beginning of year - 438,872 Net sales - (381,771) Realized loss - (72,254) Foreign currency gain - 15,153 Balance - end of year - - Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 12 (expressed in Canadian dollars) 11 Property and equipment 2024 Furniture and fixtures $ Equipment $ Buildings $ Total $ December 31 Cost 163,536 50,761 1,809,546 2,023,843 Accumulated depreciation 80,977 36,908 128,966 246,851 Net book value 82,559 13,853 1,680,580 1,776,992 2025 Furniture and fixtures $ Equipment $ Buildings $ Total $ Cost At January 1 163,536 50,761 1,809,546 2,023,843 Foreign exchange adjustment (5,314) (1,681) (60,335) (67,331) At September 30 158,222 49,080 1,749,211 1,956,512 Lemontree LLC, an entity owned by Harris Kupperman, the Chairman and Chief Executive Officer of the Company, has agreed to purchase the office property for USD$1.45 million (approximately CAD$2.0 million). The transaction is subject to standard terms and conditions for transactions of this nature, and was approved by shareholders during the annual and special meeting of shareholders of the Company on October 7, 2025. The Company continues to work towards the closing of the sale of its office property in Rincon, Puerto Rico. 2025 Furniture and fixtures $ Equipment $ Buildings $ Total $ Accumulated depreciation At January 1 80,977 36,908 128,966 246,851 Depreciation 23,827 7,537 33,814 65,178 Foreign exchange adjustment (2,748) (927) (4,356) (8,031) At September 30 102,056 43,518 158,424 303,998 Net book value at September 30 56,166 5,562 1,590,787 1,652,514 Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 13 (expressed in Canadian dollars) 12 Trade payables and accrued liabilities September 30, 2025 $ December 31, 2024 $ Trade and accrued payables 253,333 490,492 Security deposits 5,568 7,195 258,901 497,687 The carrying amounts above reasonably approximate fair value at the consolidated statement of financial position date. All trade and other payables are current. 13 Share capital an --- d contributed surplus Common shares The Company is authorized to issue an unlimited number of common and preferred shares. The issued and outstanding common shares are as follows: Number of shares Amount $ Balance, December 31, 2024 25,771,999 48,046,823 Shares re-purchased - (276,104) Treasury stock cancelled (313,300) - Balance September 30, 2025 25,458,699 47,770,719 As at September 30, 2025, the Company held nil (Q3 2024-87,100) shares in Treasury. Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 14 (expressed in Canadian dollars) 13 Share capital and contributed surplus (continued) Earnings per share The following table summarizes the shares used in calculating earnings (loss) per share: September 30, 2025 $ December 31, 2024 $ Weighted average number of shares – basic 25,555,596 26,112,087 Effect of dilutive stock options - - Weighted average number of shares – diluted 25,555,596 26,112,087 Basic earnings (loss) per share are derived by dividing net income (loss) for the period by the weighted average number of common shares outstanding for the period. 14 Management of capital structure The Company’s objective when managing capital is to ensure the Company is capitalized in a manner which provides a strong financial position for its shareholders. The Company’s capital structure includes equity and working capital. In managing its capital structure, the Company considers future investment and acquisition opportunities, potential credit available and potential issuances of new equity. The Company’s objective is to maintain a flexible capital structure that will allow it to execute its stated business. Upon acquiring investment properties and operating businesses, the Company will strive to balance its proportion of debt and equity within its capital structure in accordance with the needs of the continuing business. The Company may, from time to time, issue shares and adjust its spending to manage current and projected proportions as deemed appropriate. September 30, 2025 December 31, 2024 $ $ Current assets 35,878,335 45,553,800 Current liabilities (3,543,992) (6,789,598) Working capital 32,334,343 38,764,202 The method used by the Company to monitor its capital is based on an assessment of the Company’s working capital position relative to its projected obligations. Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 15 (expressed in Canadian dollars) 15 Related party transactions Parties are generally considered to be related if the parties are under common control or if one party has the ability to control the other party or can exercise significant influence or joint control over the other party in making financial and operational decisions. In considering each possible related party relationship, attention is directed to the substance of the relationship, not merely the legal form. Key management personnel of the Company include all directors, executive management and persons directly related to directors and executive management. The summary of compensation for key management personnel is as follows: Nine months ending September 30, 2025 Nine months ending September 30, 2024 $ $ Salaries and other short-term employee benefits 392,327 276,507 Salaries to other related parties - 54,712 KEDM production expense and revenue share paid to an entit --- y controlled by the Chairman 739,193* 895,144* Director fees 45,000 45,000 1,176,520 1,271,363 *Beginning on January 1, 2023, MGG engaged Praetorian PR LLC (PPR), a Puerto Rican company owned by MGG's Chairman and CEO to produce KEDM. Further details on the fee arrangement can be found in note 8 and the MD&A. As at September 30, 2025, amounts due to related parties totaled approximately $50,686 (Q3 2024 - $162,774) comprised of fees owed to management and directors, were included in trade payables and accrued liabilities. Salaries to other related parties include the salary of an employee that is related to a director. 16 Commitments and contingencies From time to time and in the normal course of business, claims against the Company may be received. On the basis of management’s assessments and professional legal advice, management is of the opinion that no material losses will be incurred and no provision or disclosure has been made in these consolidated financial statements. The Company indemnifies its directors and officers against any and all claims or losses reasonably incurred in the performance of their service to the Company to the extent permitted by law. Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 16 (expressed in Canadian dollars) 17 Supplementary cash flow information Nine months ending September 30, 2025 Nine months ending September 30, 2024 $ $ Changes in non-working capital arising from Unearned revenue (63,088) 92,150 Other assets (240) (2,242) Net due to/(from) broker (3,022,660) (5,526,120) Trade payables and accrued liabilities (238,786) (67,645) Income tax payable 30,011 (1,430,333) Changes in non-cash working capital from operating activities (3,294,763) (6,934,190) Income tax paid during the quarter was $29,009 (Q3-2024 $nil). 18 Segment information The Company’s operations are conducted in two reportable segments; Corporate and Subscription Products. The Company reports information about its operating segments based on the way management organizes and reports the segments within the organization for making operating decisions and evaluating performance. The Company evaluates performance based on net income (loss) before income taxes. Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 17 (expressed in Canadian dollars) 18 Segment information (continued) Three months ended September 30, 2025 Corporate Subscription Products Total $ $ $ Rental income 22,063 - 22,063 Subscription revenue - 446,594 446,594 Salaries and wages (205,025) - (205,025) Other expenses (419,827) (235,797) (655,624) Depreciation (21,397) - (21,397) Interest income 609 - 609 Unrealized gain on short term investments 2,048,625 - 2,048,625 Realized loss on short term investments (1,793,999) - (1,793,999) Foreign currency gain 266,095 - 266,095 Net income (loss) before income taxes (102,856) 210,797 107,941 Three months ended September 30, 2024 Corporate Subscription Products Total $ $ $ Rental income 24,195 - 24,195 Subscription revenue - 634,104 634,104 Salaries and wages (83,083) - (83,083) Other expenses (537,801) (319,300) (857,101) Depreciation (20,893) - (20,893) Interest expense (84,042) - (84,042) Unrealized loss on short term investments (552,035) - (552,035) Realized gain on short term investments (11,931) - (11,931) Foreign currency loss (49,558) --- - (49,558) Net income (loss) before income taxes (1,315,148) 314,804 (1,000,344) Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 18 (expressed in Canadian dollars) 18 Segment information (continued) Nine months ended September 30, 2025 Corporate Subscription Products Total $ $ $ Rental income 64,345 - 64,345 Subscription revenue - 1,545,883 1,545,883 Salaries and wages (321,343) - (321,343) Other expenses (1,153,012) (766,888) (1,919,900) Depreciation (65,178) - (65,178) Interest income 1,833 - 1,833 Unrealized loss on short term investments (3,293,692) - (3,293,692) Realized loss on short term investments (1,875,617) - (1,875,617) Foreign currency loss (199,497) - (199,497) Net income (loss) before income taxes (6,842,161) 778,995 (6,063,166) Nine months ended September 30, 2024 Corporate Subscription Products Total $ $ $ Rental income 74,822 - 74,822 Subscription revenue - 2,001,446 2,001,446 Salaries and wages (452,954) - (452,954) Other expenses (1,193,487) (973,619) (2,167,106) Depreciation (61,862) - (61,862) Interest expense (35,847) - (35,847) Unrealized loss on short term investments (1,149,142) - (1,149,142) Realized gain on short term investments 1,443,483 - 1,443,483 Loss on digital assets (72,254) - (72,254) Foreign currency gain 42,680 - 42,680 Net income (loss) before income taxes (1,404,561) 1,027,827 (376,734) Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 19 (expressed in Canadian dollars) 18 Segment information (continued) Balance as of September 30, 2025 Subscription Products Corporate Total $ $ $ Total assets - 37,530,849 37,530,849 Property and equipment - 1,652,514 1,652,514 Total Liabilities 887,527 2,656,465 3,543,992 Balance as of September 30, 2024 Subscription Products Corporate Total $ $ $ Total assets - 49,135,746 49,135,746 Property and equipment - 1,684,591 1,684,591 Total Liabilities 1,218,589 861,832 2,080,421 Revenue Property and equipment September 30, September 30, September 30, September 30, 2025 2024 2025 2024 $ $ $ $ Canada 1,545,883 2,001,446 - - USA 64,345 74,822 1,652,514 1,684,591 1,610,228 2,076,268 1,652,514 1,684,591 Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 20 (expressed in Canadian dollars) 19 Other expenses For the three months ended September 30 2025 $ 2024 $ Investor relations 8,850 8,250 Office 8,161 29,273 Professional fees 328,839 366,624 Travel 3,599 35,392 Advertising 2,362 1,298 Land and property tax 291 571 Insurance 3,535 7,864 Utilities 3,579 4,143 Other 60,611 84,385 Subscription processing fees 19,261 26,769 Subscription product expenses 216,536 292,532 655,624 857,101 For the nine months ended September 30 2025 $ 2024 $ Investor relations 22,650 24,750 Investment research expense 28,738 - Repairs and maintenance 280 2,589 Office 66,286 89,804 Professional fees 790,058 750,268 Travel 10,855 36,290 Advertising 4,262 4,073 Land and property tax 2,706 5,596 Insurance 41,030 51,778 Utilities 12,477 10,833 Other 173,670 191,480 Subscription processing fees 55,899 77,539 Subscription product expenses 710,989 922,106 1,919,900 2,167,106 Mongolia Growth Group Ltd. Notes to Condensed Interim Consolidated Financial Statements (Unaudited) For the nine month period ended September 30 21 (expres --- sed in Canadian dollars) 20 Subsequent Events On November 3, 2025, the Company announced that, further to its news releases dated August 28, 2025, September 26, 2025 and October 8, 2025, the Company has completed the sale of its KEDM business for consideration of the assumption of all obligations related to the deferred revenues associated with the KEDM business up to and including October 31, 2025, totaling approximately CAD $845,000 (the "KEDM Transaction"). The Company continues to work towards the closing of the sale of its office property in Rincon, Puerto Rico.