SEDAR Interim Financial Statements

ZincX Resources Corp. Condensed Consolidated Interim Financial Statements For the Three Months Ended September 30, 2025 and 2024 Expressed in Canadian Dollars (Unaudited – Prepared by Management) __________________________________ 2 | P a g e ZincX Resources Corp. Index Page Notice of No Auditor Review 3 Condensed Consolidated Interim Financial Statements Condensed Consolidated Interim Statements of Financial Position 4 Condensed Consolidated Interim Statement of Changes in Equity 5 Condensed Consolidated Interim Statements of Operations and Comprehensive Loss 6 Condensed Consolidated Interim Statements of Cash Flows 7 Notes to Condensed Consolidated Interim Financial Statements 8-21 3 | P a g e ZincX Resources Corp. NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated 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 consolidated interim financial statements of the Company have been prepared by management and approved by the Audit Committee and Board of Directors of the Company. The Company’s independent auditors have not performed a review of these condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditors. November 27, 2025 4 | P a g e ZincX Resources Corp. Condensed Consolidated Interim Statements of Financial Position As at September 30, 2025 and June 30, 2025 (Expressed in Canadian Dollars- Unaudited) Notes September 30, 2025 June 30, 2025 ASSETS Current Assets Cash $ 646,429 $ 705,861 Receivables 3 7,397 5,033 Prepaid expenses 34,757 17,074 688,583 727,968 Other assets 4 332,500 332,500 Equipment 6 70,686 75,107 Exploration and evaluation assets 7 24,258,009 24,358,009 $ 25,349,778 $ 25,493,584 LIABILITIES Current Liabilities Trades payable and accrued liabilities 5 $ 35,325 $ 55,111 Due to related parties 10 1,398,686 1,399,686 1,434,011 1,454,797 Non-current Liabilities Convertible note 8 460,539 448,063 1,894,550 1,902,860 EQUITY Capital stock 9 104,328,003 104,328,003 Reserves 9 15,807,363 15,812,571 Deficit (96,680,138) (96,549,850) 23,455,228 23,590,724 $ 25,349,778 $ 25,493,584 Nature and continuance of operations (Note 1) The accompanying notes form an integral part of these condensed consolidated interim financial statements. 5 | P a g e ZincX Resources Corp. Condensed Consolidated Interim Statement of Changes in Equity (Expressed in Canadian Dollars- Unaudited) Share Capital Note Number of common shares Common Shares Amount Reserves Deficit Total equity Balance, June 30, 2024 187,896,141 $ 104,328,003 $ 15,431,500 $ (95,742,879) $ 24,016,624 Share-based compensation 9 - - 3,578 - 3,578 Loss for the period - - - (115,469) (115,469) Balance, September 30, 2024 187,896,141 104,328,003 15,431,078 (95,858,348) 23,904,733 Equity portion of convertible note 8,9 - - 73,500 - 73,500 Share-based compensation 9 - - 303,993 - 303,993 Loss for the period - - - (691,502) (691,502) Balance, June 30, 2025 187,896,141 104,328,003 15,812,571 (96,549,850) 23,590,724 Share-based compensation (reversal) 9 - - (5,208) - (5,208) Loss for the period - - - (130,288) (130,288) Balance, September 30, 2025 187,896,141 $ 104,328,003 $ 15,807,363 $ (96,680,138) $ 23 --- ,455,228 The accompanying notes form an integral part of these condensed consolidated interim financial statements. 6 | P a g e ZincX Resources Corp. Condensed Consolidated Interim Statements of Operations and Comprehensive Loss (Expressed in Canadian Dollars- Unaudited) Notes Three months ended September 30, 2025 2024 EXPENSES Administration 10 $ 15,000 $ 15,000 Accretion expense 8 6,175 - Depreciation of office equipment 6 88 110 Exploration 7 10,800 83,025 Interest expense 8 6,301 - Marketing and public relations 25,714 21,153 Office and miscellaneous 12 14,046 14,128 Professional fees 3,099 (12,296) Regulatory and transfer agent fees 6,184 2,305 Rent 18,134 17,700 Share based compensation (reversal) 9, 10 (5,208) 3,578 Travel and promotion 236 84 Wages and benefits 46,726 39,415 Loss before other items (147,295) (184,202) OTHER ITEMS Interest income 7,007 10,733 Other income 6 10,000 58,000 17,007 68,733 Loss and comprehensive loss for the period $ (130,288) $ (115,469) Earnings per share - basic and diluted $ (0.00) $ (0.00) Weighted average number of shares outstanding - basic and diluted 187,896,141 187,896,141 The accompanying notes form an integral part of these condensed consolidated interim financial statements. 7 | P a g e ZincX Resources Corp. Condensed Consolidated Interim Statements of Cash Flows (Expressed in Canadian Dollars- Unaudited) Notes Three months ended September 30, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Loss for the period $ (130,288) $ (115,469) Items not affecting cash: Depreciation of office equipment 6 4,421 5,743 Share-based compensation (reversal) 9 (5,208) 3,578 Accrued interest on convertible note 8 6,301 - Accretion expense on convertible note 8 6,175 - Changes in non-cash working capital items: Receivables (2,364) (6,853) Prepaid expenses (17,684) (17,229) Trades payable and accrued liabilities (19,785) (14,634) Due to related parties (1,000) 7,648 Net cash used in operating activities (159,432) (137,216) CASH FLOWS FROM INVESTING ACTIVITIES Purchase of equipment 6 - (13,857) Exploration and evaluation asset 100,000 - Net cash generated (used) in investing activities 100,000 (13,857) Change in cash during the period (59,432) (151,073) Cash, beginning of period 705,861 688,552 Cash, end of period $ 646,429 $ 537,479 The accompanying notes form an integral part of these condensed interim consolidated financial statements. ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 8 | P a g e 1. NATURE AND CONTINUANCE OF OPERATIONS ZincX Resources Corp. (the “Company”) is incorporated under the laws of the Province of British Columbia. The Company operates in one business segment, that being the exploration and evaluation of resource properties in Canada, and has not yet determined whether these properties contain ore reserves that are economically recoverable. The recoverability of the amounts shown for exploration and evaluation assets is dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete their development, and upon future profitable production. The Company’s shares trade on the TSX Venture Exchange (“TSX-V”) under the symbol ZNX. The Company’s shares also trade in U.S. under the ticker symbol “ZNCXF” and on the Frankfurt Exchange under the symbol “M9R”. The Company’s head office and princi --- pal address is Suite 2050-1055 West Georgia Street, Vancouver, BC V6E 3P3. The registered and records office is Suite 2501, 550 Burrard Street, Vancouver, BC, V6C 2B5. These consolidated financial statements have been prepared on a going concern basis, which presumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. The Company has incurred losses since its inception and the ability of the Company to continue as a going-concern depends upon its ability to raise adequate financing and to commence profitable operations in the future. During the period ended September 30, 2025, the Company incurred a loss of $130,288 (2024 – $115,469). As at September 30, 2025, the Company has accumulated deficit of $96,680,138 (June 30, 2025 - $96,549,850). While the Company has been successful in obtaining its required financing in the past, mainly through the issuance of equity capital, there is no assurance that such financing will be available or be available on favorable terms. An inability to raise additional financing may impact the future assessment of the Company as a going concern. The consolidated financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations. At September 30, 2025, the Company has a working capital deficiency of $745,428 (June 30, 2025 – $726,829). Management may require to seek additional sources of financing in the form of equity or debt financing in the future to maintain its operations and its exploration activities for the fiscal year. These material uncertainties may cast significant doubt about the Company’s ability to continue as a going concern. These condensed interim consolidated financial statements were authorized for issue on November 27, 2025 by the directors of the Company. ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 9 | P a g e 2. MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION Statement of compliance These condensed interim consolidated financial statements, including comparatives, have been prepared in accordance with International Accounts Standards (“IAS”) 34, “Interim Financial Reporting” using accounting policies consistent with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and Interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”). The consolidated financial statements of the Company have been prepared on an accrual basis except for cash flow information and are based on historical costs, modified where applicable. The condensed consolidated interim financial statements are presented in Canadian dollars unless otherwise noted. Basis of preparation These condensed consolidated interim financial statements of the Company have been prepared on an accrual basis except for certain cash flow information, and are based on historical costs, except for certain financial instruments classified as financial instruments at fair value through profit and loss, which are stated at their fair value. The condensed consolidated interim financial statements are presented in Canadian dollars, which is also the functional currency of the Company and --- its subsidiary. Principles of consolidation These consolidated financial statements include amounts of the Company and its wholly owned subsidiary Ecstall Mining Corp. (“Ecstall”), a company incorporated under the laws of the Province of British Columbia. Subsidiaries are corporations in which the Company is able to control the financial operating, investing and financing activities and policies, which is the authority usually connected with holding majority voting rights. The consolidated financial statements include the accounts of the Company and its controlled entity from the date on which control was acquired. Ecstall uses the same reporting period and the same accounting policies as the Company. All inter-entity balances and transactions, including unrealized profits and losses arising from inter-company transactions, have been eliminated in full on consolidation. Significant accounting judgements, estimates and assumptions The preparation of financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amount of assets and liabilities and the disclosure of contingent liabilities at the date of the financial statements and the reported amount of expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 10 | P a g e 2. MATERIAL ACCOUNTING POLICY INFORMATION AND BASIS OF PREPARATION (cont’d) Significant accounting judgements, estimates and assumptions (cont’d) Critical judgments The preparation of consolidated financial statements requires management to make judgments regarding the going concern of the Company as discussed in Note 1. Exploration and evaluation assets Upon acquiring the legal right to explore a mineral property (exploration and evaluation assets), all direct costs related to the acquisition of a mineral property are capitalized. Exploration and evaluation expenditures incurred prior to the determination of the feasibility of mining operations and the decision to proceed with development are recognized in profit or loss as incurred, net of recoveries. Development expenditures incurred to increase or to extend the life of existing production and incurred subsequent to the development decision, are capitalized and amortized on the unit-of-production method using estimated proven and probable reserves. When there is little prospect of further work on a property being carried out by the Company, the remaining deferred costs associated with that property are charged to profit or loss during the period that such a determination is made. Management reviews the facts and circumstances suggesting if the carrying amount of the exploration and evaluation assets exceeds their recoverable amount on a regular basis. Recent accounting pronouncements Accounting standards and amendments to existing accounting standards that have been issued but have future effective dates are either not applicable or are not expected to have a significant impact on the Company’s financial statements. IFRS 18 Presentation and Disclosure in Financial Stateme --- nts which will replace IAS 1 Presentation of Financial Statements aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation and disaggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is in the process of assessing the impact on the consolidated financial statements of the new standard. ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 11 | P a g e 3. RECEIVABLES September 30, 2025 June 30, 2025 Government Sales Tax credits $ 4,332 $ 3,785 Accrued interest (Note 4) 3,065 1,248 $ 7,397 $ 5,033 The Company anticipates full recovery of its receivables and, therefore, no provision has been recorded against these amounts. 4. OTHER ASSETS Other assets comprise of reclamation bonds totaling $332,500 (June 30, 2025 – $332,500) posted as security deposits with the Government of British Columbia in relation to the Akie and Kechika Regional properties (Note 8). The reclamation bonds are deposited in GICs through a financial institution and earn an average annual variable interest rate of approximately prime minus 2.95% with a minimum of 0.25% and reinvested on an annual basis immediately at maturity. Interest accrued on the GICs is included in receivables (Note 3). 5. TRADE PAYABLES AND ACCRUED LIABILITIES September 30, 2025 June 30, 2025 Other trade payables $ 10,950 $ 12,478 Exploration payables - 10,133 Accrued liabilities 24,375 32,500 $ 35,325 $ 55,111 ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 12 | P a g e 6. EQUIPMENT Computers Office equipment and furniture License(1) Camp equipment and fixtures(1) Camp structures and upgrades(1) Total Cost: At June 30, 2024 $ 16,906 $ 21,748 $ 43,591 $ 418,858 $ 688,675 $ 1,189,778 Acquisition ? ? 1,305 13,857 ? 15,162 At June 30, 2025 and September 30, 2025 $ 16,906 $ 21,748 $ 44,896 $ 432,715 $ 688,675 $ 1,204,940 Accumulated depreciation: At June 30, 2024 $ 16,906 $ 19,573 $ 42,487 $ 385,295 $ 642,202 $ 1,106,463 Depreciation ? 435 1,194 10,123 11,618 23,370 At June 30, 2025 16,906 20,008 43,681 395,418 653,820 1,129,833 Depreciation ? 88 169 1,968 2,196 4,421 At September 30, 2025 $ 16,906 $ 20,096 $ 43,850 $ 397,386 $ 656,016 $ 1,134,254 Net book value: At June 30, 2025 $ ? $ 1,740 $ 1,215 $ 37,297 $ 34,855 $ 75,107 At September 30, 2025 $ ? $ 1,652 $ 1,046 $ 35,329 $ 32,659 $ 70,686 (1) License, camp equipment and fixtures and camp upgrades are used for exploration and evaluation activities. Depreciation for these items of $4,333 for the period ended September 30, 2025 (2024- $5,633) has been expensed to exploration expenditures (Note 7). Depreciation of the remaining items of $88 (2024 - $110) has been expensed to operations. ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 13 | P --- a g e 7. EXPLORATION AND EVALUATION ASSETS Title to exploration and evaluation assets involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many resource claims. The Company has investigated title to all of its exploration and evaluation assets and, to the best of its knowledge, title to all of its claims is in good standing. Akie Property, British Columbia The Akie property is the Company’s flagship exploration project and is host to the Cardiac Creek SEDEX Zn-Pb-Ag deposit. The Company owns a 100% interest in the Akie property, which resulted from Company expenditures and the acquisition of Ecstall Mining Corporation. Kechika Regional project, British Columbia The Kechika Regional project, represented by a series of contiguous property blocks including Pie and Mt. Alcock, extends northwest from the Akie property. The Company owns a 100% interest in these properties, which were acquired during fiscal 2007 and 2008, including the acquisition of Ecstall, except as described below. The interest in the Mt. Alcock property is subject to a 1.0% net smelter royalty. In September 2013, the Company entered into an option agreement (the “Agreement’) with Teck Resources Limited (“Teck”) pursuant to which Teck could acquire up to a 70% interest in the Company’s Pie, Cirque East and Yuen properties (the “Property”), three of the 10 regional properties that make up the Kechika Regional Project, on or before September 30, 2019. In December 2017, Teck and Korea Zinc completed the requirements of the First Option to earn a 51% interest in the Property and in January 2018, Teck and Korea Zinc informed the Company that they would not be proceeding with the Second Option to earn an additional 19% interest in the Property. According to the terms of the Agreement, the parties will continue exploration of the Property under a Joint Venture arrangement on the 49%-51% basis, with Teck acting as the operator. In August 2023, the Company entered into an option agreement (the “Option Agreement”) with an arm’s length third party (the “Optionee”) pursuant to which the Optionee may acquire 100% ownership of certain mineral claims that make up the Kechika North Project; the northern extension of the Company’s Akie Property. The Optionee has an option to acquire an undivided 100% legal and beneficial right, title and interest in and to the Kechika North Project for a cash payment of $3,000,000; to be made within two (2) years from the effective date of the agreement being August 10, 2023. During the period ended September 30, 2025, the Company agreed to extend the exercise date of the Option Agreement on its Kechika North Project to August 11, 2026. The Optionee also paid a partial cash payment of $100,000, which would reduce the required balance of exercising the option to $2,900,000. ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 14 | P a g e 7. EXPLORATION AND EVALUATION ASSETS (cont’d) Exploration and evaluation assets costs are set out below: Akie Property Kechika Regional Total Acquisition Costs: Balance, June 30, 2024 and 2025 $ 24,165,241 $ 192,768 $ 24,358,009 Option payment (100,000) (100,000) Balance, September 30, 2025 $ 24,165,241 $ 92,768 $ 24,258,009 The table b --- elow is a summary of exploration expenditures recognized in profit or loss for the period ended September 30, 2025 and 2024 Akie Property Kechika Regional Total Cumulative exploration expenditures Total balance, June 30, 2024 $ 48,999,341 $ 4,431,370 $ 53,430,711 Camp equipment, depreciation (Note 7) 5,633 – 5,633 Camp operating and maintenance 12,961 – 12,961 Drilling 6,842 – 6,842 Geology 23,160 – 23,160 Environmental studies and permit compliance 34,429 – 34,429 Total exploration expenditures for the period ended September 30, 2024 83,025 – 83,025 Total balance, September 30, 2024 49,082,366 4,431,370 53,513,736 Camp equipment, depreciation (Note 7) 17,302 – 17,302 Camp operating and maintenance 49 – 49 Drilling (30) – (30) Geology 63,364 – 63,364 Environmental studies and permit compliance 11,223 – 11,223 METC recoverable (13,609) – (13,609) Total exploration expenditures for the period ended June 30, 2025 78,299 – 78,299 Total balance, June 30, 2025 $ 49,160,665 $ 4,431,370 $ 53,592,035 ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 15 | P a g e 7. EXPLORATION AND EVALUATION ASSETS (cont’d) Total balance, June 30, 2025 49,160,665 4,431,370 53,592,035 Camp equipment, depreciation (Note 7) 4,333 – 4,333 Drilling 152 – 152 Geology 4,403 – 4,403 Environmental studies and permit compliance 1,913 – 1,913 Total exploration expenditures for the period ended September 30, 2025 10,801 – 10,801 Total balance, September 30, 2025 $ 49,171,466 $ 4,431,370 $ 53,602,836 The Company applies for the 20% British Columbia METC and the enhanced tax credit of an additional 10% for Mountain Pine Beetle affected areas, on qualified mining exploration costs incurred. During the period ended September 30, 2025, the Company claimed and received BC METC of $nil (June 30, 2025- $13,609) and $nil (June 30, 2025- $207) in accumulated interest for its fiscal 2023 exploration expenditures above renounced under its flow-through commitments. 8. CONVERTIBLE NOTE On January 23, 2025, the Company entered into a non-recourse convertible note agreement in the principal amount of $500,000 with a third party. The convertible note has a maturity date of January 23, 2028, and bears interest at a rate of 5% per annum, payable on maturity. The note can be convertible at any time until the maturity date at the holder’s option into common shares of the Company at a price of $0.105 per share. For accounting purposes, the convertible note is separated into their liability and equity components by first valuing the liability component. The fair value of the liability component at the time of issue of $426,500, was calculated as the discounted cash flows for the convertible note assuming a 10% discount rate, which was the estimated rate for a similar debenture without a conversion feature. The fair value of the equity component (conversion feature) was determined at the time of issue as the difference between the face value of the convertible note and the fair value of the liability component, being $73,500. The liability component will be accreted over the life of the convertible note. During the period ended September 30, 2025, interest expense was $6,301 (June 30, 2025- $10,890) while accretion expense was $6,175 (June 30, 2025- $10,673), as a result of total convertible note’s carrying value of $460,539 (June 30, 2025- $448,063). 9. CAPITAL STOCK --- AND RESERVES (a) Authorized Unlimited common shares without par value (b) Issued and outstanding There were no capital transactions during the period ended September 30, 2025. ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 16 | P a g e 9. CAPITAL STOCK AND RESERVES (cont’d) (c) Share options The Company adopted a 20% fixed share option plan whereby the Company had reserved 33,774,275 common shares under the plan. The term of any options granted under the plan is fixed by the Board of Directors and may not exceed ten years from date of grant. The number of options granted to a consultant in a 12 month period must not exceed 2% of the issued shares of the Issuer from the date of grant. Options issued to consultants performing investor relations activities must vest in stages over 12 months with no more than 1/4 of the options vesting in any 3 months period. Share options granted to directors, officers and employees of the Company vest immediately. During the year ended June 30, 2025, the Company granted an aggregate of 4,620,000 share options to directors, officers, employees and consultants of the Company at an exercise price of $0.10 expiring March 4, 2032. Of the 4,620,000 share options, 4,270,000 share options vested immediately and 350,000 share options were subject to vesting over a period of 24 months. During the period ended September 30, 2025, the Company recorded share-based compensation expense (reversal) of ($5,208) (2024 -share-based compensation expense of $3,577) on the vested yet forfeited portion of the stock options. Share option transactions are summarized as follows: Options Outstanding Weighted Average Exercise Price Outstanding, June 30, 2024 12,330,000 0.15 Granted 4,620,000 0.10 Expired (3,710,000) 0.23 Outstanding, June 30, 2025 13,240,000 0.11 Forfeited (320,000) 0.23 Outstanding, September 30, 2025 12,920,000 $ 0.11 ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 17 | P a g e 9. CAPITAL STOCK AND RESERVES (cont’d) (c) Share options (cont’d) Share options outstanding and exercisable at September 30, 2025 are summarized as follows: Number of Options Exercise Price Expiry Date Remaining Life of Options (Years) Number of Options Exercisable 60,000 $ 0.33 July 3, 2026 0.76 60,000 700,000 $ 0.12 July 3, 2026 0.76 700,000 110,000 $ 0.40 September 13, 2026 0.95 110,000 395,000 $ 0.12 September 13, 2026 0.95 395,000 80,000 $ 0.30 February 9, 2028 2.36 80,000 650,000 $ 0.12 February 9, 2028 2.36 650,000 2,475,000 $ 0.12 February 6, 2030 4.36 2,475,000 3,750,000 $ 0.10 September 23, 2033 7.99 3,750,000 300,000 $ 0.10 September 23, 2033 7.99 300,000 4,250,000 $ 0.10 March 4, 2032 6.43 4,250,000 150,000 $ 0.10 March 4, 2032 6.43 84,207 12,920,000 $ 0.11 5.74 12,854,207 The Company uses the Black-Scholes option pricing model to calculate the fair value of stock options granted. The model requires management to make estimates, which are subjective and may not be representative of actual results. Changes in assumptions can materially affect estimates of fair values. The following weighted average assumptions were used to estimate the grant date fair values: September 30, 2025 June 30, 2025 Number of options granted - 4,620,000 Risk free interest rate - 2.19% Expecte --- d dividend yield - 0% Stock price volatility - 87.39% Expected life of options - 7 years Weighted average fair value of options - $0.07 Forfeiture - 0% ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 18 | P a g e 9. CAPITAL STOCK AND RESERVES (cont’d) (d) Reserves Options and agent warrants Finance warrants Treasury shares Equity component of convertible note Total Balance, June 30, 2024 $ 10,970,344 $ 2,204,276 $ 2,256,880 $ – $ 15,431,500 Share-based compensation 307,571 – – – 307,571 Equity component of convertible note – – – 73,500 73,500 Balance, June 30, 2025 11,277,915 2,204,276 2,256,880 73,500 15,812,571 Share-based compensation (recovery) (5,208) – – – (5,208) Balance, September 30, 2025 $ 11,272,707 $ 2,204,276 $ 2,256,880 $ 73,500 $ 15,807,363 10. RELATED PARTY TRANSACTIONS Key management personnel includes persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. Key management personnel comprise of the directors of the Company, executive and non-executive, and Vice President of Exploration. The remuneration of the key management personnel and other related parties during the periods ended September 30, 2025 and 2024 were as follows: September 30, 2025 2024 Exploration and evaluation expenditures (geological consulting) (ii) $ - $ 20,160 Administrative fees (i) 15,000 15,000 Other employment benefits (iii) 6,473 6,473 Share based compensation (reversal) (v) (8,343) 2,044 Total $ 13,130 $ 43,677 Transactions with key management and other related party transactions: (i) Pursuant to a management and administrative services agreement amended effective July 1, 2011 and May 1, 2014 with Varshney Capital Corp. (“VCC”), a company with two common directors, the Company agreed to pay monthly management and administrative fees of $29,500 and $5,000, respectively. Effective March 1, 2020, the management fees were reduced to $15,000 per month. Effective August 1, 2022, VCC provided a six-month relief on management fees of $15,000 per month expiring January 31, 2023. During the period ended September 30, 2025, VCC agreed to extend the relief on management fees of $15,000 per month on a month to month basis. During the period ended September 30, 2025, the Company paid $15,000 (2024 – $15,000) for administrative fees to VCC; ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 19 | P a g e 10. RELATED PARTY TRANSACTIONS (cont’d) (ii) The Company paid or accrued exploration and evaluation costs of $nil (2024 - $20,160) for geological consulting fees to a company owned by the former VP of Exploration of the Company. This amount was included in exploration expenses; (iii) Other employment benefits included life insurance and health benefits for the CEO and health benefits for the CFO of the Company; (iv) As at September 30, 2025, $nil (June 30, 2025- $1,000) was included in due to related parties for amounts owing to the CEO and director of the Company for reimbursement of business expenses. (v) The Company recognized a reversal of share-based compensation expense of $8,343 on the vested portion of the stock options previously granted to the former VP exploration of the Company. (2024 – share-based compensation exp --- ense of $2,044 on the vested portion of the stock options granted to directors and officers of the Company). (vi) The Company received an advance of $1,398,686 in fiscal year 2020 from a significant shareholder, Tongling Non- Ferrous Metals (“Tongling”), to fund a drill program on the Akie Property, which remains payable as at September 30, 2025 and June 30, 2025. 11. CAPITAL MANAGEMENT The Company’s objectives of capital management are intended to safeguard the entity’s ability to support the Company’s normal operating requirement on an ongoing basis, continue the development and exploration of its mineral properties, and support any expansionary plans. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business. The Company considers its capital to be equity. The Company’s operations are currently not generating positive cash flow; as such, the Company is dependent on external financing to fund its activities. In order to carry out potential expansion and to continue operations, and pay for administrative costs, the Company will spend its existing working capital, and raise additional amounts as needed. Companies in this stage typically rely upon equity and debt financing or joint venture partnerships to fund their operations. There is no certainty with respect to the Company’s ability to raise capital. Management may require to seek additional sources of financing in the form of equity or debt financing in the future. These uncertainties may cast significant doubt about the Company’s ability to continue as a going concern. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company’s overall strategy with respect to capital risk management remained unchanged during the period ended September 30, 2025. The Company is not subject to any externally imposed capital requirements. ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 20 | P a g e 12. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT The Company’s financial instruments as at September 30, 2025 were as follows: Amortized Cost Financial assets Cash $ 646,429 Receivables 7,397 Other assets 332,500 Financial liabilities Trade payables and accrued liabilities 35,325 Due to related parties 1,389,686 Convertible note 460,539 $ 2,871,876 Fair value estimates of financial instruments are made at a specific point in time, based on relevant information about financial markets and specific financial instruments. As these estimates are subjective in nature, involving uncertainties and matters of significant judgment, they cannot be determined with precision. Changes in assumptions can significantly affect estimated fair values. Fair value hierarchy The Company uses the following hierarchy for determining and disclosing the fair value of the financial instruments by valuation technique: i) Level 1 – Applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities. ii) Level 2 – Applies to assets or liabilities for which there are inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly such as quoted pric --- es for similar assets or liabilities in active markets or indirectly such as quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions. iii) Level 3 – Applies to assets or liabilities for which there are unobservable market data. The carrying value of cash, receivables, other assets, trade payables and accrued liabilities, and due to related parties approximate their fair value because of the short-term nature of these instruments. In addition, the carrying value of convertible debt approximates fair value due to the existence of market related interest rates on the instrument. Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. The Company’s primary exposure to credit risk is on its bank deposits of $646,429 (June 30, 2025 - $705,861). This risk is managed by using major Canadian banks that are high credit quality financial institutions as determined by rating agencies. ZINCX RESOURCES CORP. Notes to Condensed Consolidated Interim Financial Statements For the three months ended September 30, 2025 and 2024 (Expressed in Canadian Dollars- Unaudited) 21 | P a g e 12. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (cont’d) Credit Risk (cont’d) The Company’s secondary exposure to credit risk is on its receivables. This risk is minimal as receivables consist primarily of refundable government sales taxes and interest accrued on GIC investments. Liquidity Risk Liquidity risk arises through the excess of financial obligations over available financial assets due at any point in time. The Company’s objective in managing liquidity risk is to maintain sufficient readily available reserves in order to meet its liquidity requirements at any point in time. The Company achieves this by maintaining sufficient cash. As at September 30, 2025, the Company was holding cash of $646,429 (2025- June 30, 2025- $705,861) to settle its current liabilities of $1,434,011 (June 30, 2025 - $1,454,797). Management may be required to seek additional sources of financing in the form of equity or debt financing in the future. Market risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices. These fluctuations may be significant and the Company, has exposure to these risks. a. Interest Rate Risk Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in the market interest rates. The Company is not exposed to significant interest rate risk. b. Currency Risk The Company operates in Canada and is therefore not exposed to significant foreign exchange risk arising from transactions denominated in a foreign currency. c. Price risk The Company is exposed to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company closely monitors certain commodity prices, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company. 13. SEGMENTED INFORMATI --- ON The Company has one reportable operating segment, being the acquisition and exploration of resource properties in Canada. All of the Company’s assets are located in Canada.