SEDAR Interim Financial Statements

ZONTE METALS INC. CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE PERIOD ENDED OCTOBER 31, 2025 (Canadian dollars) (Unaudited) Prepared by Management – see Notice to Reader 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 interim financial statements, they must be accompanied by a notice to this effect. These unaudited condensed interim financial statements have been prepared by management of the Company. The Company’s independent auditors have not audited, reviewed or otherwise attempted to verify the accuracy or completeness of these financial statements. Readers are cautioned that these statements may not be appropriate for their intended purposes (signed) “Terry Christopher” President & Chief Executive Officer (signed) “Brian MacEachen” Chief Financial Officer -1- Zonte Metals Inc. Condensed Interim Statements of Financial Position (Unaudited) (Canadian dollars) 31-Oct 31-Jan 2025 2025 ASSETS $ $ Current assets: Cash and cash equivalents 129,416 385,721 Prepaids and other receivable 6,135 54,540 135,551 440,261 Non-current assets: Property and equipment - - Exploration and evaluation assets (note 5) 5,688,556 5,471,491 TOTAL ASSETS 5,824,107 5,911,752 LIABILITIES Current liabilities: Accounts payable and accrued liabilities (note 6) 45,056 66,999 Amounts due to related party (note 11) 94,557 23,608 Flow-through share premium (note 7) 0 56,366 139,613 146,973 Due to related party (note 11) 1,581,632 1,528,190 1,721,245 1,675,163 SHAREHOLDERS' EQUITY Share capital (note 8) 8,104,041 8,104,041 Warrants (note 9) 432,778 436,737 Contributed surplus 2,187,811 2,101,118 Deficit (6,621,768) (6,405,307) TOTAL EQUITY 4,102,862 4,236,589 5,824,107 5,911,752 Going Concern (Note 2) The accompanying notes are an integral part of these condensed interim financial statements. -2- Zonte Metals Inc. Condensed Interim Statements of Profit (Loss) and Comprehensive Income (Loss) (Unaudited) For the three For the nine (Canadian dollars) 31-Oct 31-Oct 31-Oct 31-Oct 2025 2024 2025 2024 $ $ $ $ Operating expenses: Management and consulting fees 51,389 42,414 126,904 113,608 Office & general 584 976 1,846 2,738 Transfer agent, listing & filing fees 6,726 7,301 18,421 26,778 Insurance 3,024 3,024 8,975 9,008 Travel & entertainment - - 1,631 2,488 Communications 994 1,072 3,072 3,149 Investor relations & shareholder communications 1,857 1,396 5,101 6,303 Legal & audit 8,000 8,000 24,897 28,884 Depreciation - - - 490 General exploration and due diligence 2,617 2,055 7,442 3,872 Part Xll.6 tax - 1,947 - 1,947 Stock based compensation 14,931 20,545 82,734 102,727 90,122 88,730 281,023 301,992 Finance income (expenses): Interest income 133 2,967 2,388 10,355 Gain (Loss) on revaluation and accretion expense on long-term related party balances (note 11) 1,936 1,935 5,808 7,991 Flow-through premium recovery 2,584 4,573 56,366 54,043 4,653 9,475 64,562 72,389 Loss and comprehensive loss 85,469 79,255 216,461 229,603 Income (loss) per share - basic and diluted 0.00 0.00 0.00 0.00 Weighted average outstanding shares - basic and diluted 80,904,105 74,152,595 80,904,105 73,329,052 The accompanying notes are an integral part of these condensed interim financial statements. months ended months ended -3- Zonte Metals Inc. Condensed Interim Statements of Changes in Equity (Deficiency) (Unaudited) (Canadian dollars) Number of shares Share capital Warrants Contributed surplus Deficit Tota --- l Balance - February 1, 2024 72,224,961 7,728,933 284,804 1,928,403 (5,917,594) 4,024,546 $ Net loss and comprehensive loss for the period (229,603) (229,603) Stock-based compensation 102,727 - 102,727 Transactions with owners, recognized directly in equity: Issue of common share and flow-through share units for cash 4,687,220 239,912 135,066 374,978 Common share and flow-through share unit issue costs (26,509) (14,837) - (41,346) Broker warrants issued - 12,673 12,673 Balance - October 31, 2024 76,912,181 7,942,336 417,706 2,031,130 (6,147,197) 4,243,975 Balance - May 1, 2024 Net loss and comprehensive loss for the period - - - - (258,110) (258,110) Stock-based compensation - - - 69,988 - 69,988 Transactions with owners, recognized directly in equity: Issue of common share and flow-through share units for cash 3,991,924 184,965 9,771 - - 194,736 Common share and flow-through share unit issue costs (23,260) (1) - (23,261) Broker warrants issued - 9,261 - - 9,261 Balance - January 31, 2025 80,904,105 8,104,041 436,737 2,101,118 (6,405,307) 4,236,589 Balance - February 1, 2025 80,904,105 8,104,041 436,737 2,101,118 (6,405,307) 4,236,589 Net loss and comprehensive loss for the period (216,461) (216,461) Stock-based compensation 82,734 82,734 Transactions with owners, recognized directly in equity: - - - Broker warrants expired (3,959) 3,959 - Balance - October 31, 2025 80,904,105 8,104,041 432,778 2,187,811 (6,621,768) 4,102,862 The accompanying notes are an integral part of these condensed interim financial statements. -4- Zonte Metals Inc. Condensed Interim Statements of Cash Flows (Unaudited) (Canadian dollars) 31-Oct 31-Oct 2025 2024 Cash (Used In) Provided By: $ $ Operating Activities: Net profit (loss) and comprehensive income (loss)for the period (216,461) (229,603) Adjustments for: Depreciation - 490 Stock-based compensation 82,734 102,727 Flow-through premium recovery (56,366) (54,043) Interest income (2,388) (10,355) Deferral of related party salaries 80,049 57,420 Gain on revaluation and accretion expense on long-term related party balances (note 9) (5,808) (7,991) Changes in items of working capital: Prepaids and accounts receivable 48,404 88,410 Accounts payable and accrued liabilities (18,415) (27,602) Amounts due to related parties - current 22,348 (3,570) (65,903) (84,117) Financing Activities: Issuance of shares and warrants for cash - 404,800 Share issue costs - (28,673) - 376,127 Investing Activities: Purchases of and expenditures on exploration & evaluation assets (192,790) (387,979) Interest income 2,388 10,355 (190,402) (377,624) Change in cash and cash equivalents (256,305) (85,614) Cash and cash equivalents, opening 385,721 359,960 Cash and cash equivalents, closing 129,416 274,346 The accompanying notes are an integral part of these condensed interim financial statements. For the nine months ended Zonte Metals Inc. Notes to the Condensed Interim Financial Statements For the period ended October 31, 2025 (Unaudited) (Canadian dollars) -5- 1. Nature of Business Zonte Metals Inc. (the “Company”) is a company incorporated and domiciled in Canada. The address of the Company’s registered office is 639 Bains Road, Centreville, Nova Scotia, B0P 1J0. The Company’s common shares are listed on the TSX Venture Exchange (the “Exchange”) under the trading symbol ZON. The Company is a mineral exploration company engaged in locating and acquiring high quality projects and exploring for gold and has not yet determined whether its e --- xploration and evaluation assets contain mineral reserves that are economically recoverable. 2. Going Concern and Basis of Presentation Going Concern The Company's continuing operations and the underlying value and recoverability of the amounts shown for exploration and evaluation assets are dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to complete the exploration and development of its exploration property interests, and on future profitable production or proceeds from the disposition of the exploration property interests. To date, the Company has not earned any revenue. These condensed interim financial statements have been prepared in accordance with generally accepted accounting principles applicable to a going concern, which assumes continuity of operations and realization of assets and settlement of liabilities and commitments in the normal course of business as they become due. In assessing whether the going concern assumption is appropriate, management takes into account all available information about the future, which is at least, but is not limited to, twelve months from the end of the reporting period. Management is aware, in making its assessment, of material uncertainties related to events or conditions that may cast significant doubt upon the entity’s ability to continue as a going concern, as described in the following paragraph. These financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and statement of financial position classifications that would be necessary were the going concern assumption inappropriate. These adjustments could be material. The Company is in the exploration stage and is subject to the risks and challenges similar to other companies in a comparable stage of exploration. These risks include, but are not limited to, dependence on key individuals, successful exploration results and the ability to secure adequate financing to meet the minimum capital required to successfully complete the project and continue as a going concern. For the nine months ended October 31, 2025, the Company incurred a loss and comprehensive loss of $216,461 (2024 - $229,603) and as at October 31, 2025 had an accumulated deficit of approximately $6.6 million (January 31, 2025 - $6.4 million). The Company has no income or cash flows from operations and at October 31, 2025 had a working capital deficiency of $4,062 (January 31, 2025 – working capital $293,288). The ability of the Company to fulfill its commitments, meet its planned business objectives and continue as a going concern is dependent upon the ability of the Company to raise additional financing and upon successful results from its mineral property acquisitions and exploration activities. There is no assurance that these initiatives will be successful. Statement of compliance These condensed interim financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting (“IAS 34”). These condensed interim financial statements should be read in conjunction with the Company’s financial statements for the year ended January 31, 2025. The policies applied in these condensed interim financial statements are consistent with the policies disclosed in Notes 4 and 5 of th --- e financial statements for the year ended January 31, 2025. The condensed interim financial statements were authorized for issue by the Board of Directors on December 15, Zonte Metals Inc. Notes to the Condensed Interim Financial Statements For the period ended October 31, 2025 (Unaudited) (Canadian dollars) -6- 2025. Basis of Presentation These unaudited condensed interim financial statements have been prepared on the historical cost basis, except for share-based payments measured at fair value. Items included in the financial statements are measured using the Canadian dollar which is the currency of the primary economic environment in which the Company operates (the “functional currency”). The financial statements are presented in Canadian dollars. Use of Estimates and Judgments The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, and revenue and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and further periods if the review affects both current and future periods. 3. Significant Accounting Policies These condensed interim financial statements have been prepared using the same policies and methods of computation as the annual financial statements of the Company for the year-ended January 31, 2025. Refer to note 4, Summary of material accounting policy information, and note 6, Financial Instruments and risk management, of the Company’s annual financial statements for the year-ended January 31, 2025 for information on the accounting policies as well as new accounting standards not yet effective. 4. Capital Management The Company’s capital structure consists of share capital, warrants and contributed surplus, which at October 31, 2025 totalled $10.7 million (January 31, 2025 - $10.6 million). The Company’s objective when managing capital is to maintain adequate levels of funding to support the acquisition and exploration of resource properties and maintain the necessary corporate and administrative functions to facilitate these activities. This is done primarily through equity financing. Future financings are dependent on market conditions, and there can be no assurance the Company will be able to raise funds in the future. The Company invests all capital that is surplus to its immediate operational needs in short-term, highly-liquid, high- grade financial instruments. There were no changes to the Company’s approach to capital management during the period. The Company is not subject to externally imposed capital requirements. Zonte Metals Inc. Notes to the Condensed Interim Financial Statements For the period ended October 31, 2025 (Unaudited) (Canadian dollars) -7- 5. Exploration and evaluation assets The following is a summary of exploration and evaluation expenditures for the periods ended October 31, 2025 and January 31, 2025: Cro --- ss Hills Project The Cross Hills Project (Cross Hills) is located on the island portion of Newfoundland and Labrador, approximately 20 kilometres from the town of Terrenceville. During the year ended January 31, 2022, the Company earned a 100% interest in the project pursuant to an option agreement by: • Making aggregate cash payments of $55,000 over a three-year period, of which the final $25,000 was paid in February 2021; • Issuing 1,500,000 common shares of the Company over a three-year period, of which the final 500,000 common shares were issued in February 2021; and Wings Point McConnel's Jest Cross Hills Total $ $ $ Beginning balance, February 1, 2024 150,000 1,135,779 3,849,845 5,135,624 Additions during the period: Acquisition costs - 18,060 5,460 23,520 Assays & analysis - - 67,186 67,186 Drilling - - 190,961 190,961 Exploration support - - 176,501 176,501 Field supplies - 1,020 8,733 9,753 Geophysics - - 12,600 12,600 Transportation & travel - - 36,050 36,050 - 19,080 497,491 516,571 Impairment of exploration and evaluation assets (150,000) - - (150,000) Mineral Incentive Program - Junior Exploration Assistance - - (30,704) (30,704) Ending balance, January 31, 2025 - 1,154,859 4,316,632 5,471,491 Additions during the period: Acquisition costs - 12,075 - 12,075 Assays & analysis - - 2,702 2,702 Exploration support - - 88,887 88,887 Field supplies - 850 1,337 2,187 Geophysics - - 92,200 92,200 Transportation & travel - - 19,014 19,014 - 12,925 204,140 217,065 Ending balance, October 31, 2025 - 1,167,784 4,520,772 5,688,556 Zonte Metals Inc. Notes to the Condensed Interim Financial Statements For the period ended October 31, 2025 (Unaudited) (Canadian dollars) -8- • Granting a 3% net smelter return (NSR) on production from Cross Hills, two-thirds of which can be bought back by the Company for $2,000,000. McConnell’s Jest Project The McConnell’s Jest Project (MJ Project) is located in the Yukon Territory about 65 kilometers northeast of the town of Mayo. In June 2019, the Company amended the terms of the MJ Project option agreement to complete its acquisition of a 100% interest in the property. The Company has granted a 3% NSR to a third party on production from the MJ Project, two-thirds of which can be bought back by the Company for $2,000,000. Wings Point Project During the year ended January 31, 2023, the Company granted an option to Southern Sky Resources Corp. (Southern) in which Southern had an option to acquire a 100% interest in certain claims within the Wings Point Project. During the year ended January 31, 2025, Southern did not meet certain terms of the agreement which the Company determined constituted an indicator of impairment and recorded an impairment loss of $150,000 to reduce the carrying amount of the Wings Point Project to an estimated recoverable amount of $nil. Southern formally terminated the agreement in April 2025. 6. Accounts payable and accrued liabilities October 31 2025 January 31 2025 $ $ Trade payables 7,395 25,258 Accrued expenses 37,661 41,741 45,056 66,999 Zonte Metals Inc. Notes to the Condensed Interim Financial Statements For the period ended October 31, 2025 (Unaudited) (Canadian dollars) -9- 7. Flow-through premium $ Opening balance – February 1, 2024 32,883 Flow-through share premium liability recorded on issuance of flow- through shares 67,020 Pro rata reduction of flow-through premium liability to related to qualifying expenditures incurred (43,537) Closing balance – January 31, 2025 56,3 --- 66 Flow-through share premium liability recorded on issuance of flow- through shares - Pro rata reduction of flow-through premium liability to related to qualifying expenditures incurred (56,366) Closing balance – October 31, 2025 - 8. Share capital Authorized The Company has authorized an unlimited number of common shares without par value. Issued and outstanding Number # Amount $ Balance at February 1, 2024 72,224,961 7,728,933 Transactions in the period Issue of shares for cash (i) and (ii) 8,679,144 424,877 Share issue costs (i) and (ii) - (49,769) Balance at January 31, 2025 80,904,105 8,104,041 Balance at February 1, 2025 80,904,105 8,104,041 Transactions in the period - - Balance at October 31, 2025 80,904,105 8,104,041 i. During May 2024, the Company completed a non-brokered private placement financing consisting of 4,687,220 units including 1,705,000 common share units at a price of $0.08 per Common Share Unit (“CS Unit”) and 2,982,220 flow through share units at a price of $0.09 per Flow-through Share Unit (“FT Units”) (together, the “May 2024 Private Placement”), for total proceeds of $404,800. Each Unit consisted of one common share and common share purchase warrant expiring May 3, 2026. The warrants accompanying the CS Units are exercisable at a price of $0.11(“May 2024 CS Warrants”) and the warrants accompanying the FT Units are exercisable at a price of $0.15 (May 2024 FT Warrants”). The proceeds of the offering were allocated pro rata between the common shares and the warrants based on the relative fair value of each with $51,261 allocated to the May 2024 CS Warrants and $83,805 allocated to the May 2024 FT Warrants. The following assumptions were used in the Black-Scholes option pricing model valuation of the May 2024 CS Zonte Metals Inc. Notes to the Condensed Interim Financial Statements For the period ended October 31, 2025 (Unaudited) (Canadian dollars) -10- and FT Warrants: risk-free interest rate of 4.2 %, expected dividend yield of nil%, expected stock volatility of 130% and an expected life of 1.86 years. In connection with securities sold pursuant to the May 2024 Private Placement, the Company paid $28,672 in cash finders fees and issued 330,578 Finder’s Warrants, exercisable until November 3, 2025, to purchase one common share of the Company at a price of $0.18 per share. The fair value of the May 2024 Finders’ Warrants issued was determined to be $0.04 per warrant using the Black-Scholes option pricing model based on the following assumptions: risk-free interest rate of 4.4%, expected dividend yield of nil%, expected stock volatility of 136% and an expected life of 1.32 years. ii. During December 2024, the Company completed a non-brokered private placement financing (the “December 2024 Private Placement”) and issued 715,000 common share units (“December 2024 CS Units”) at a price of $0.06 and 3,276,924 flow-through shares at a price of $0.065 for total proceeds of $255,900.06. Each December 2024 CS Unit was comprised of one common share and one-half common share purchase warrant (the “December 2024 Warrants”). Each December 2024 Warrant entitles the holder to acquire one common share of the Company at a price of $0.10 at any time prior to December 20, 2026. The proceeds of the offering were allocated pro rata between the common shares and the warrants based on the relative fair value of each with $9,771 allocated to the December 2024 CS Warrants. The following assumptions were used in the Black-Scholes option --- pricing model valuation of the December 2024 Warrants: risk-free interest rate of 3.012%, expected dividend yield of nil%, expected stock volatility of 123% and an expected life of 1.86 years. In connection with the December 2024 Private Placement, the Company issued 215,385 Finder Warrants (the “December 2024 Finder Warrants”) and paid cash finders’ fees aggregating $14,000. Each Finder’s Warrant entitles the holder to purchase one common share of the Company at an exercise price of $0.12 per share at any time prior to June 20, 2026. The December 2024 Finders’ Warrants are valued at $9,261. The fair value of the December 2024 Finders’ Warrants issued was determined to be $0.0430 per warrant using the Black-Scholes option pricing model based on the following assumptions: risk-free interest rate of 3.054%, expected dividend yield of nil%, expected stock volatility of 127% and an expected life of 1.32 years. Zonte Metals Inc. Notes to the Condensed Interim Financial Statements For the period ended October 31, 2025 (Unaudited) (Canadian dollars) -11- 9. Warrants The following is a summary of warrant activity for the periods ended October 31, 2025 and January 31, 2025: Number # Amount $ Weighted average exercise price $ Balance at February 1, 2024 13,544,570 284,804 0.17 Transactions in the Period: - - - Issued for cash 5,044,720 144,837 0.13 Warrant issue costs - (14,838) - Broker warrants issued 545,963 21,934 0.16 Balance at January 31, 2025 19,135,253 436,737 0.16 Balance at February 1, 2025 19,135,253 436,737 0.16 Transactions in the Period: - - - Warrants expired (159,250) (3,959) Balance at October 31, 2025 18,976,003 432,778 0.16 During May 2024, the Company issued 1,705,000 May 2024 CS Warrants, 2,982,000 May 2024 FT Warrants and 330,578 May 2024 Finders’ Warrants, all expiring on May 3, 2026 (see Note 8 i)). During December 2024, the Company issued 357,500 December 2024 Warrants and 21,385 December 2024 Finders’ Warrants expiring on December 20, 2026 and June 20, 2026, respectively (see Note 8 ii)). During May 2025, 159, 250 December 2023 Finders’ Warrants expired. The following is a summary of warrants outstanding at October 31, 2025: Exercise Expiry Description Number Price Date Fiscal 2023 Warrants 9,273,000 $0.18 December 20, 2025 Fiscal 2023 Finders’ Warrants 418,227 $0.20 December 20, 2027 April 2023 Warrants 1,022,000 $0.18 April 5, 2026 April 2023 Finders’ Warrants 61,320 $0.20 April 5, 2028 December 2023 Warrants 2,645,000 $0.14 December 27, 2025 May 2024 CS Warrants 1,705,000 $0.11 May 3, 2026 May 2024 FT Warrants 2,982,320 $0.15 May 3, 2026 May 2024 Finders’ Warrants 330,578 $0.18 Nov 3, 2025 December 2024 Warrants 357,500 0.10 20-Dec-26 December 2024 Finders’ Warrants 215,385 0.12 20-Jun-26 Ending balance 18,976,003 10. Stock options The Company has adopted a stock option plan pursuant to which it may from time to time, at its discretion, and in accordance with Exchange requirements, grant to directors, officers and technical consultants, options (collectively, the "Stock Options") to purchase common Shares, exercisable for a period of up to five years from the date of grant, Zonte Metals Inc. Notes to the Condensed Interim Financial Statements For the period ended October 31, 2025 (Unaudited) (Canadian dollars) -12- provided that the number of common shares reserved for issuance does not exceed 10% of the Company’s issued and outstanding common shares. The number of common shares reserved for issuance to any individu --- al director or officer will not exceed 5% of the issued and outstanding common shares in any 12-month period, and the number of common shares reserved for issuance to all technical consultants will not exceed 2% of the issued and outstanding common shares in any 12-month period. Stock Options may be exercised until the earlier of 5-years following the date of grant and 90 days following cessation of an optionee's position with the Company. The following is a summary of stock option activity for the periods ended October 31, 2025 and January 31, 2025: Number of options Weighted average exercise price Balance at February 1, 2024 2,250,000 $0.21 Transactions during the period: Granted 4,500,000 $0.08 Balance at January 31, 2025 6,750,000 $0.12 Balance at February 1, 2025 6,750,000 $0.12 Transactions during the period: Granted 2 - - Balance at October 31, 2025 6,750,000 $0.12 In July 2024, the Company granted 4,500,000 stock options to directors, employees and consultants, with each option entitling the holder to purchase one common share at $0.08 per share for a period of five years. One-third of the options vest six (6) months after the grant date, another one-third of the options vest 12 months after the grant date and the remaining options vest 18 months after the grant date. The estimated fair value of options vested during the period ended October 31, 2025was $36,090 (2024 – $nil). The fair value of each option granted is estimated at the time of the grant using the Black-Scholes option-pricing model. The Black-Scholes option-pricing model requires the input of subjective assumptions, including expected life of the option award, share price volatility and other assumptions. The expected life of options granted is derived from historical data on employee exercises and post-vesting employment termination behavior. Expected volatility is based on the historic volatility of the Company’s shares. These assumptions involve inherent uncertainties and the application of management judgment. In addition, the Company is required to estimate the expected forfeiture rate and only recognize expense for those options expected to vest. There were no options granted during the period ended October 31, 2025. The weighted average assumptions for grants during the period ended January 31, 2025 are as follows: Risk-free interest rate 3.4% Expected life (years) 4.66 Expected volatility 109% Expected dividend yield Nil Forfeiture rate 4.9% Zonte Metals Inc. Notes to the Condensed Interim Financial Statements For the period ended October 31, 2025 (Unaudited) (Canadian dollars) -13- As at October 31, 2025, the Company has outstanding stock options entitling the holders to acquire common shares as follows: Weighted average exercise price $ Number of options # Number exercisable # Weighted average contractual life $ 0.21 2,250,000 2,250,000 0.6 0.08 4,500,000 1,500,000 3.7 0.12 6,750,000 3,750,000 2.6 As at October 31, 2025, 1,340,411 options remained available for future grants under the plan (January 31, 2025 – 1,340,411). 11. Related party transactions Each of the President and Chief Executive Officer (“CEO”) and the Chief Financial Officer (“CFO”) have contractually agreed to an interest free long-term deferral of a portion of their salary or fees and have also voluntarily agreed to an interest free short-term deferral of a further portion of their salary or fees. The salary deferral component extends to a date to be mutually agreed upon between the CEO, t --- he CFO and the Board of Directors and may be settled through a combination of cash and shares. The salary deferral components owed are considered to be interest-free loans provided to the Company. Included in amounts due to related parties at October 31, 2025,is $1,324,192 payable to the CEO (January 31, 2025 - $1,222,783) including $1,254,225 related to a long-term deferral agreement and included in long-term liabilities (January 31, 2025 - $1,212,975) and $69,967 (January 31, 2025 - $13,558) related to current amounts due and included in current liabilities. Also included in amounts due to related parties as at October 31, 2025, is $523,840 (January 31, 2025 - $495,050) payable to the CFO, including $499,250 (January 31, 2025 - $481,250) related to a long-term deferral agreement and included in long-term liabilities and $24,590 (January 31, 2025 - $17,570) related to current amounts due and included in current liabilities. The amounts subject to the long-term deferral agreement are not expected to be paid within the next 12 months. The Company has estimated the repayment date as November 30, 2026. Accordingly, these loans have been assessed for modification, treated as extinguished and measured to reflect the fair value resulting in a gain on revaluation of amounts due to related parties, net of accretion expense, in the amount of $5,808 during the period ended October 31, 2025 (2024– $7,991). The difference between the carrying value and the principal value of amounts due to related parties, being $171,843 as at October 31, 2025 (January 31, 2025 – $166,035), will be accreted to interest expense over the estimated term of the loans using the effective interest rate method with an implied interest rate of 10%.