SEDAR Interim Financial Statements

U92 ENERGY CORP. Condensed Interim Consolidated Financial Statements (Unaudited) February 28, 2026 (Expressed in Canadian dollars) NOTICE OF NO AUDITOR REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS The accompanying unaudited condensed interim consolidated financial statements of the Group have been prepared by and are the responsibility of the Group’s management. The Group’s independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the CPA Canada for a review of interim financial statements by an entity’s auditor. INDEX Page number Condensed Interim Consolidated Statements of Financial Position 3 Condensed Interim Consolidated Statements of Loss and Comprehensive Loss 4 Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity 5 Condensed Interim Consolidated Statements of Cash Flows 6-7 Notes to the Condensed Interim Consolidated Financial Statements 8-26 U92 ENERGY CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Unaudited) As at February 28, 2026 and November 30, 2025 (Expressed in Canadian Dollars) 3 | P a g e Note February 28, 2026 November 30, 2025 $ $ ASSETS Current assets Cash and cash equivalent 2,092,880 95,783 Prepayments 273,821 108,268 Sales tax receivable 149,924 55,240 2,516,625 259,291 Non-current assets Office equipment 14 3,534 3,876 Performance bond deposit 8 141,288 - Advance toward investment 6 - 439,221 Exploration and evaluation assets 7 9,755,264 - 9,900,086 443,097 TOTAL ASSETS 12,416,711 702,388 LIABILITIES Current liabilities Accounts payable and accrued liabilities 684,450 661,193 684,450 661,193 Non-current liabilities Acquisition deferred consideration 6 3,069,381 - 3,069,381 - TOTAL LIABILITIES 3,753,831 661,193 SHAREHOLDERS’ EQUITY Share capital 12 9,897,131 665,730 Option reserve 12 147,574 - Warrant reserve 12 1,523,687 110,683 Accumulated other comprehensive loss (9,224) - Deficit (2,896,288) (735,218) TOTAL SHAREHOLDERS’ EQUITY 8,662,880 41,195 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 12,416,711 702,388 The accompanying notes are an integral component of these condensed interim consolidated financial statements. Approved and authorized by the Board of Directors on April 27, 2026. “Adam Clode” Director “Jon Wiesblatt” Director U92 ENERGY CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited) For the three months ended February 28, 2026 and for the Period from Incorporation December 13, 2024 to February 28, 2025 (Expressed in Canadian Dollars) 4 | P a g e Note For the three months ended February 28, 2026 For the period from incorporation December 13, 2024 to February 28, 2025 $ $ Revenue - - Expenses Exploration and evaluation 315,825 - Professional fees 16 421,301 - Travel and accommodation 50,668 - Regulatory and listing expenses 5 1,334,537 - General and administration 4,731 - Share-based compensation 13 1,395 Depreciation 14 342 - Finance expense 6,11 37,381 - Loss on foreign currency translation 762 - 2,166,942 - Other income Interest income 5,872 - 5,872 - Net loss for the period (2,161,070) - Other comprehensive loss Unrealized foreign currency translation loss on consolidation (9,224) - (9,224) - Comprehensive loss for the period (2,170,294) - Loss per common share - basic and dilutive 15 (0.074) - Weighted average number of common shares outstanding - basic and dilutive 15 29,296,065 1,500,000 The accompanyin --- g notes are an integral component of these condensed interim consolidated financial statements. U92 ENERGY CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited) For the Three Months Ended February 28, 2026 and for the Period from Incorporation December 13, 2024 to February 28, 2025 (Expressed in Canadian Dollars) 5 | P a g e Number of shares Share capital Warrant reserve Option reserve Deficit Accumulated other comprehensive loss Total shareholders' equity # $ $ $ $ $ $ Balance, December 13, 2024 - - - - - - - Shares issued 1,500,000 15 - - - - 15 Balance, February 28, 2025 1,500,000 15 - - - - 15 Balance, December 1, 2025 12,755,302 665,730 110,683 - (735,218) - 41,195 Proceeds from private placement 8,510,800 2,454,988 1,374,872 - - - 3,829,860 Broker warrants - private placement - - 38,132 - - - 38,132 Share issuance costs - (400,290) - - - - (400,290) Shares issued - RTO 3,866,669 1,740,000 - - - - 1,740,000 Finder’s fee settled by shares - RTO 222,222 100,000 - - - - 100,000 Options issued - RTO - - - 146,179 - - 146,179 Shares issued upon acquisition of subsidiaries 18,500,000 5,336,703 - - - - 5,336,703 Share-based compensation - - - 1,395 - - 1,395 Net loss for the period - - - - (2,161,070) - (2,161,070) Other comprehensive loss for the period - - - - - (9,224) (9,224) Balance, February 28, 2026 43,854,993 9,897,131 1,523,687 147,574 (2,896,288) (9,224) 8,662,880 The accompanying notes are an integral component of these condensed interim consolidated financial statements. U92 ENERGY CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the three months ended February 28, 2026 and for the Period from Incorporation December 13, 2024 to February 28, 2025 (Expressed in Canadian Dollars) 6 | P a g e Note For the three months ended February 28, 2026 For the period from incorporation December 13, 2024 to February 28, 2025 $ $ Cash flows from operating activities Net loss for the period (2,161,070) - Adjustments for non-cash items: Depreciation 14 342 - Listing expenses of reverse takeover transaction 5 1,274,677 - Finance expense 6,11 37,381 - Share-based compensation 13 1,395 - Changes in non-cash working capital items: Prepaid Expenses (158,788) - Performance bond deposits funded on acquisition (144,428) - Sales tax receivable (94,684) - Accounts payable and accrued liabilities (196,070) - Net cash used in operating activities (1,441,245) - Cash flows used in investing activities Reverse takeover 5 719,472 - Acquisition of subsidiaries (748,833) - Net cash used in investing activities (29,361) - Cash flows from financing activities Proceeds from share issuance, net of issuance cost 3,467,703 15 Net cash provided by financing activities 3,467,703 15 Change in cash 1,997,097 15 Cash, beginning of the period 95,783 - Cash, end of the period 2,092,880 15 U92 ENERGY CORP. CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) For the three months ended February 28, 2026 and for the Period from Incorporation December 13, 2024 to February 28, 2025 (Expressed in Canadian Dollars) 7 | P a g e Non-cash items Shares issued upon reverse takeover transaction 1,740,000 Options issued upon reverse takeover transaction 146,179 Shares issued upon acquisition of subsidiaries 5,336,703 Cash consideration due on closing - acquisition of subsidiaries 151,001 Deferred cash consideration - acquisition of subsidiaries 3,032,000 Shares issuance cost - private placement 38,132 The --- accompanying notes are an integral component of these condensed interim consolidated financial statements. U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 8 | P a g e 1. Nature of operations U92 Energy Corp. (the “Company” and with its subsidiaries, the “Group”) is incorporated under the laws of Ontario and is listed on the TSX Venture Exchange (“TSXV”). The Company became a resulting issuer upon completion of a reverse takeover transaction on January 29, 2026 (the “RTO”). U92’s registered office is 200 Bay Street, Suite 2800, Toronto, Ontario, M5J 2J3, Canada. The Group’s primary business activity is the acquisition, exploration, and development of mineral resource properties. Prior to completion of the RTO, the business and activities of the Company were carried out through U92 Corp., now a wholly-owned subsidiary of U92 Energy Corp. On June 18, 2025, U92 Corp. entered into a binding share purchase agreement to acquire LIA Industries Pte. Ltd. (“LIA Industries”), a private company that indirectly holds mineral exploration rights to the Kurupung Property, located in Guyana, through its wholly-owned subsidiary LIA (Guyana) Inc. (“LIA Guyana”). LIA Guyana is the legal holder of two exclusive prospecting licenses issued by the Guyana Geology and Mines Commission ("GGMC") in the Mazaruni Mining District, Guyana, which grant exclusive exploration rights over approximately 22,800 acres for uranium, other radioactive minerals and rare earth elements. This transaction (the “LIA Acquisition”) was completed on January 27, 2026 (see Note 6). On June 25, 2025, U92 Corp. signed a non-binding letter of intent to complete a proposed business combination with Sprock-it Acquisitions Ltd. (“Sprock-It”), a capital pool company that was listed on the TSXV. On September 8, 2025 the parties entered into a definitive agreement. To effect the RTO, on January 29, 2026, U92 Corp. amalgamated with a wholly‑owned subsidiary of Sprock‑it and continued as U92 Corp. (see Notes 3 and 5). On December 1, 2025, the Company completed a private placement issuing 8,510,800 subscription receipts for gross proceeds of $3,829,860, which upon release from escrow converted into one common share and one common share purchase warrant exercisable at $0.65 per share (see Note 12). 2. Going concern These condensed interim consolidated financial statements assume that the Group will be able to realize its assets and discharge its liabilities in the normal course of operations for the foreseeable future. As at February 28, 2026, the Group had not commenced commercial operations and has an accumulated deficit of $2,896,288 (as at November 30, 2025 - $735,218) and incurred a net loss and comprehensive loss of $2,170,294 for the period from three months ended February 28, 2026 (2025 – nil). The Group’s ability to continue as a going concern is dependent upon its ability to raise additional financing and pursue its intended business activities in mineral exploration and development. There can be no assurance that the Group will successfully raise the required financing. These circumstances represent material uncertainties that cast significant doubt on the Group’s ability to continue as a going concern. These condensed interim consolidated financial statements do not include the adjustments that would be necessary if the going concern assumption were not appropriate, such as the realization of assets and s --- ettlement of liabilities on a basis other than in the normal course of business, and such adjustments could U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 9 | P a g e be material. 3. Basis of presentation Statement of compliance These condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) as applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting and interpretations of the IFRS Interpretation Committee. Accordingly, certain disclosures included in the annual financial statements prepared in accordance with IFRS have been condensed or omitted and these condensed interim consolidated financial statements should be read in conjunction with the consolidated Financial Statements as at and for the year ended November 30, 2025. Structure and comparative information These condensed interim consolidated financial statements have been prepared on a consolidated basis and include the accounts of the Company and its subsidiaries from the respective dates control was obtained. In particular, the results of LIA Industries and LIA Guyana, are included from January 27, 2026. The RTO was completed on January 29, 2026 (see notes 1, 5 and 6). For financial reporting purposes, the RTO is accounted for as a reverse acquisition under IFRS 3. As a result, although the Company is the legal parent of the Group following the RTO, U92 Corp. is treated as the accounting acquirer and Sprock‑it as the accounting acquiree. Accordingly, these condensed interim consolidated financial statements represent a continuation of U92 Corp.’s financial statements and the comparative information is presented on that basis. As U92 Corp. was incorporated on December 13, 2024, the comparative amounts and related disclosures in respect of the statements of changes in shareholders’ equity, loss and comprehensive loss and cash flows are presented for the period from December 13, 2024 to February 28, 2025. Comparative information for this period reflects U92 Corp. only and does not include the results, assets or liabilities of LIA Industries or LIA Guyana, which were acquired on January 27, 2026. These condensed interim consolidated financial statements were authorized for issue by the Board of Directors on April 24, 2026. The directors have the authority to amend these condensed interim consolidated financial statements after issuance. Basis of Consolidation These condensed interim consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries: U92 Corp. (Ontario, Canada), LIA Industries (Singapore), and LIA Guyana (Guyana). The subsidiaries are consolidated from the date on which control is obtained by the Company, being January 27, 2026. Control exists when the Company has power over the investee, is exposed to or has rights to variable returns from its involvement with the investee, and has the ability to use its power to affect those returns. U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 10 | P a g e All intercompany balances, transactions, revenues and expenses have been eliminated on consolidation. Significant accounting estimates and judgements The preparation of these condensed inte --- rim consolidated financial statements requires management to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed interim consolidated financial statements and reported amounts of expenses during the reporting period. Actual outcomes could differ from these estimates. These condensed interim consolidated financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the condensed interim consolidated financial statements and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and future periods if the revision affects both current and future periods. The estimates are based on historical experience, current and future economic conditions and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Significant judgements, estimates and assumptions that have the most significant effect on the amounts recognized in the condensed interim consolidated financial statements include: Ability to continue as a going concern In order to assess whether it is appropriate for the Group to continue as a going concern, management is required to apply judgment and make estimates with respect to future cash flow projections. In arriving at this judgement, there were a number of assumptions and estimates involved in calculating these future cash flow projections. This includes making estimates regarding the timing and amounts of future expenditures and the ability and timing of raising additional financing. Accrued liabilities The Group has applied judgment in recognizing accrued liabilities. Including judgement as to the whether the Group has a present obligation (legal or constructive) as a result of a past event; whether it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and whether a reliable estimate can be made of the amount of the obligation. Share-based payments and warrants The fair value of share-based compensation are estimated using the Black-Scholes option pricing model in accordance with IFRS 2 – Share-based Payment and rely on a number of estimates, such as the expected life of the warrant, the volatility of the underlying share price, the risk free rate of return, and the estimated rate of forfeiture of options or warrants granted. The useful life and recoverability of long-lived assets Management estimates the useful life of long-lived assets based on the period during which the assets are expected to be available for use. The amounts and timing of recorded expenses for amortization and depreciation are affected by these estimated useful lives. The estimates are reviewed at least annually and are updated if expectations change as a result of technical or commercial obsolescence, and legal or other limits to use. It is possible that changes in these factors may cause significant changes in the estimated U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 11 | P a g e useful lives of the Group’s long-lived assets in the future. The Group estimates useful lives and selects methods used to allocate depreciation amounts of long-lived assets on a systematic basis. Technical obsolescence o --- f long-lived assets could significantly impact estimated residual useful lives and, in turn, carrying values being over or understated. The estimates of the useful lives of long-lived assets are reviewed on an annual basis. Depreciation is adjusted on a prospective basis, if and when required. Impairment of long-lived assets Long-lived assets are reviewed for indicators of impairment at each reporting period or whenever events or changes in circumstances indicate that the carrying amount of an asset exceeds its recoverable amount, in accordance with IAS 36 – Impairment of Assets. The recoverable amount of an asset is the higher of its fair value less costs to sell, and its value-in-use. If the carrying amount of an asset exceeds its recoverable amount, an impairment charge is recognized immediately in profit or loss by the amount by which the carrying amount of the asset exceeds the recoverable amount. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of the recoverable amount, and the carrying amount that would have been recorded had no impairment loss been previously recognized. Basis of measurement These condensed interim consolidated financial statements have been prepared on a historical cost basis. In addition, these condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information. Functional and presentation currency These condensed interim consolidated financial statements are presented in Canadian dollars, which is also the functional currency of the Company. The functional currency of LIA Industries, a subsidiary incorporated and operating in Singapore, is the U.S. dollar (“USD”). The functional currency of LIA Guyana is the Guyanese dollar (“GYD”). 4. Material accounting policy information The accounting policies applied in the preparation of these condensed interim consolidated financial statements are set out below. Loss per share Basic loss per share is computed by dividing net loss attributable to common shareholders by the weighted average number of shares outstanding in the period. Diluted loss per share is calculated by the treasury stock method. Under the treasury stock method, the weighted average number of common shares outstanding for the calculation of diluted loss per share assumes that the proceeds to be received on the U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 12 | P a g e exercise of dilutive share options and warrants are used to purchase common shares at the average market price during the period. Business combinations and asset acquisitions The Group accounts for business combinations in accordance with IFRS 3 – Business Combinations using the acquisition method. Under this method, the identifiable assets acquired and liabilities assumed are recognized at their fair values at the acquisition date. Any excess of the consideration transferred over the fair value of the identifiable net assets acquired is recognized as goodwill. Transactions that do not meet the definition of a business under IFRS 3 are accounted for as asset acquisitions. In an asset acquisition, the consideration transferred is allocated to the identifiable assets acquired and liabilities assumed based on their relative fair values at the acquisition date, and no goodwill is recognized. Transacti --- on costs directly attributable to an asset acquisition are capitalized as part of the cost of the assets acquired. Reverse acquisitions, where the legal acquirer is determined to be the accounting acquiree in accordance with IFRS 3, are accounted for as reverse acquisitions. In such circumstances, the financial statements are prepared as a continuation of the condensed interim consolidated financial statements of the accounting acquirer. Financial instruments The Group recognizes a financial asset or a financial liability when, and only when, it becomes a party to the contractual provisions of the instrument. Such financial assets or financial liabilities are initially recognized at fair value plus or minus transaction costs that are directly attributable to the acquisition or issue of financial instruments that are not classified as fair value through profit or loss. The classification and measurement approach for financial assets reflect the business model in which assets are managed and their cash flow characteristics. Financial assets are classified and measured based on these categories: amortized cost, fair value through other comprehensive income (“FVOCI”) and fair value through profit and loss (“FVTPL”). Financial assets are not reclassified subsequent to their initial recognition unless the Group identifies changes in its business model in managing financial assets. A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as FVTPL: • The financial asset is held within a business model whose objective is to hold assets in order to collect contractual cash flows; and • The contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to measure the investment at FVOCI whereby changes in the investment’s fair value (realized and unrealized) will be recognized permanently in OCI with no reclassification to profit or loss. The election is made on an investment-by-investment basis. A financial asset shall be measured at FVTPL unless it is measured at amortized cost or at FVOCI. U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 13 | P a g e Financial liabilities are classified and measured based on two categories – amortized cost or FVTPL: Amortized cost Financial liabilities are classified as measured at amortized cost unless they fall into one of the following categories: financial liabilities at FVTPL, financial liabilities that arise when a transfer of a financial asset does not qualify for derecognition, financial guarantee contracts, commitments to provide a loan at a below- market interest rate, or contingent consideration recognized by an acquirer in a business combination. FVTPL Financial liabilities are classified as FVTPL if they fall into one of the five exemptions detailed above. Classification and measurement of the financial instruments is as follows: Financial Instrument Classification Cash Accounts payable and accrued liabilities Amortized cost Amortized cost Acquisition deferred consideration Amortized cost Under IFRS 9, the Group applies a forward-looking expected credit loss (“ECL”) model, at each balance sheet date, to financial assets measured at amortized cost --- or those measured at FVOCI, except for investments in equity instruments. The three-stage approach to recognizing ECL under IFRS 9 is intended to reflect the increase in credit risk of a financial instrument and are: • Stage 1 is comprised of all financial assets that have not had a significant increase in credit risk since initial recognition or that have low credit risk at the reporting date. The Group recognizes an impairment loss for those financial instruments at an amount equal to the twelve-month expected credit loss following the balance sheet date. • Stage 2 is comprised of all financial assets that have had a significant increase in credit risk since initial recognition but that do not have objective evidence of a credit loss event. The Group recognizes an impairment loss for those financial instruments at an amount equal to the lifetime expected credit losses. • Stage 3 is comprised of all financial assets that have objective evidence of impairment at the reporting date. The Group recognizes an impairment loss for those financial instruments at an amount equal to the lifetime expected credit losses. Impairment losses are recorded in the statement of net loss and comprehensive loss with the carrying amount of the financial assets reduced through the use of impairment allowance accounts. The Group reverses impairment losses on financial assets carried at amortized cost when the decrease in impairment can be objectively related to an event occurring after the impairment loss was initially recognized. U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 14 | P a g e When defining default for the purposes of determining the risk of a default occurring, the Group shall apply a default definition that is consistent with the definition used for internal credit risk management purposes for the relevant financial instrument and consider qualitative indicators (for example, financial covenants) when appropriate. However, there is a rebuttable presumption that default does not occur later than when a financial asset is 90 days past due unless an entity has reasonable and supportable information to demonstrate that a more lagging default criterion is more appropriate. The Group directly reduces the gross carrying amount of a financial asset when the entity has no reasonable expectations of recovering a financial asset in its entirety or a portion thereof. A write-off constitutes a derecognition event. IFRS 13 – Fair Value Measurement defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction in the principal (or most advantageous) market at the measurement date under current market conditions (i.e., an exit price) regardless of whether that price is directly observable or estimated using another valuation technique. The Group’s financial assets and liabilities are classified based on the following fair value hierarchy: • Level-1: quoted (unadjusted) prices in active markets for identical assets or liabilities. • Level-2: other techniques for which inputs that have a significant effect on the recorded fair value are based on observable (directly or indirectly) market data. • Level-3: other techniques for which inputs that have a significant effect on the recorded fair value are not based on observable market data. Share capital The Company’s share capital consists of common shares, which are --- classified as equity. Incremental costs directly attributable to the issuance of common shares are recognized as a deduction from equity, net of any tax effects. The Company accounts for the issuance of equity instruments as follows: Share issuances are recorded at the fair value of the consideration received. Units issued in private placements, comprising common shares and share purchase warrants, are allocated between equity components based on relative fair values where applicable. Warrant valuation Warrants issued by the Company are classified as equity instruments when they meet the criteria under IAS 32 Financial Instruments: Presentation. Upon issuance, the fair value of warrants is determined using the Black-Scholes option pricing model, a commonly accepted valuation technique under IFRS. Key inputs to the model include the risk-free interest rate, expected life of the warrant, expected volatility, and expected dividend yield. The risk-free rate is based on the yield of Canadian government bonds with a 2-year term, issued on the same date as the warrant grant. This term was selected to match the contractual life of the warrants and reflects prevailing market conditions at the time of issuance. U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 15 | P a g e Volatility is estimated by referencing the historical share price movements of comparable publicly traded companies in the same industry listed on Canadian stock exchanges. The fair value of warrants is recognized within equity at the grant date, with no subsequent remeasurement. Cash and cash equivalents Cash and cash equivalents include cash on hand and, when applicable, short-term, highly liquid deposits which are either cashable or with original maturities of less than three months at the date of their acquisition. Foreign currency translation The financial statements are presented in Canadian dollars which is the Company’s functional currency. A foreign currency transaction is initially recorded in the functional currency of the Company by applying the exchange rate between the functional currency and the foreign currency at the date of the transaction. At the end of the reporting period, monetary assets and liabilities of the Company which are denominated in foreign currencies are translated at the year-end exchange rate. Non-monetary assets and liabilities are translated at rates in effect at the date the assets were acquired, and liabilities incurred. The resulting exchange gains or losses arising on the settlement of monetary items or on translating monetary items at rates different from those at which they were translated on initial recognition, are included in profit or loss in the period in which they arise. For consolidation purposes, the results and financial position of subsidiaries whose functional currencies differ from the Company’s presentation currency are translated into Canadian dollars. Assets and liabilities of such foreign operations are translated at the exchange rates in effect at the reporting date, and income and expenses are translated at average exchange rates for the period. Exchange differences arising on translation of foreign operations are recognized in other comprehensive income and accumulated in equity as accumulated other comprehensive loss. Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, --- to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or entities. A transaction is considered to be a related party transaction when there is transfer of resources or obligations between related parties. Exploration and Evaluation of Mineral Resources Exploration and evaluation expenditures are expensed as incurred in accordance with IFRS 6 – Exploration for and Evaluation of Mineral Resources (“IFRS 6”). Exploration and evaluation assets are initially measured at cost. Cost includes the fair value of consideration transferred to acquire the assets, including equity instruments issued, cash consideration, the present value of deferred consideration, and directly attributable transaction costs. Exploration expenditures incurred subsequent to the acquisition of legal rights to explore are expensed as incurred until such time as technical feasibility and commercial viability of extracting a mineral resource are demonstrable. U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 16 | P a g e Exploration and evaluation assets are assessed for impairment when facts and circumstances suggest that the carrying amount may exceed the recoverable amount, in accordance with IFRS 6. Equipment Equipment consists of computer equipment and is recorded at cost less accumulated depreciation and accumulated impairment losses. Cost includes all expenditures incurred to bring the asset to the location and condition necessary for them to be operating in the manner intended by management. Depreciation is recognized based on the cost of the item less its estimated residual value, over its estimated useful life on a straight-line basis over 3 years. An item of equipment and any significant part initial recognized is derecognized upon disposal or when no future economic benefits are expected from its use. Any gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in the statement of loss and comprehensive loss when the asset is derecognized. The assets’ residual values, useful lives and methods of depreciation are reviewed at each reporting date and adjusted prospectively if appropriate. Impairment of long-lived assets Long-lived assets, including equipment, are reviewed for impairment at each statement of financial position date or whenever events or changes in circumstances indicate that the carrying amount of the asset exceeds its recoverable amount, in accordance with IAS 36 – Impairment of Assets. This policy excludes exploration and evaluation assets, which are assessed for impairment in accordance with IFRS 6 (see the “Exploration and Evaluation of Mineral Resources” policy above). Where the carrying value of an asset exceeds its recoverable amount, which is the higher of value in use and fair value less costs to sell, the asset is written down accordingly. Where it is not possible to estimate the recoverable amount of an individual asset, the impairment test is carried out on the asset’s cash-generating unit, which is the lowest group of assets in which the asset belongs for which there are separate cash inflows that are largely independent of the cash inflows from other assets. An --- impairment loss is charged to the statement of loss and comprehensive loss. Share‑based payments Share‑based payment arrangements are accounted for in accordance with IFRS 2 – Share‑based Payment. The fair value of equity‑settled share‑based payment awards is measured at the grant date and recognized as an expense over the vesting period, with a corresponding increase in equity. The fair value of share‑based payment awards is determined using an appropriate valuation model and reflects market and non‑market vesting conditions. Non‑market vesting conditions are reflected in the estimation of the number of awards expected to vest and are reviewed at each reporting date. Pending Changes to IFRS Accounting Standards The following new or amended accounting standard have been issued by the IASB but are not yet effective as at February 28, 2026. The Group has not early adopted any of these standards, and is currently evaluating their potential impact on its financial reporting. U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 17 | P a g e IFRS 18: Presentation and disclosure in the financial statements. In April 2024, IASB issued IFRS 18 Presentation and Disclosure in Financial Statements replacing IAS 1 Presentation of Financial Statements as the primary source of requirements in IFRS accounting standards for financial statement presentation. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027. This standard introduces: - three defined categories for income and expenses (operating, investing and financing) and requiring companies to provide new defined subtotals, including operating profit; - enhanced transparency of management-defined performance measures requiring companies to disclose explanations of those company-specific measures related to the statement of loss and comprehensive loss; and - enhanced guidance on how companies group information in the financial statements, including guidance on whether information is included in the financial statements or is included in the notes. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027, with early adoption permitted, and is to be applied retrospectively for comparative periods. The Company has not yet determined the impact of this standard on its financial statements. Environmental Reporting Regulations Environmental reporting continues to evolve and the Group may be subject to additional future disclosure requirements. The International Sustainability Standards Board (ISSB) issued two IFRS Sustainability Disclosure Standards with the objective to develop a global framework for environmental sustainability disclosure. The Canadian Sustainability Standards Board (CSSB) also finalized and released its Canadian Sustainability Disclosure Standards – CSDS 1, General Requirements for Disclosure of Sustainability- related Financial Information, and CSDS 2, Climate-related Disclosures on December 18, 2024. These standards are voluntary unless mandated by regulators or governments. The Canadian Securities Administrators (CSA) have issued a proposed National Instrument 51-107 Disclosure of Climate-related Matters which sets forth additional reporting requirements for Canadian Public Companies. Until such time as the CSA comes to a final decision on sustainability standards for Canada, there is no requirement for public companies in Canada to adopt s --- ustainability standards. The Group continues to monitor the development of these reporting requirements as it progresses with its determination of the financial and disclosure-related implications of complying with these regulations. 5. Reverse takeover On June 25, 2025, the Company entered into a non-binding letter of intent with Sprock-it (see note 1). As at RTO closing date - January 29, 2026, the identifiable assets acquired and liabilities assumed comprised the following: $ Total assets 719,472 Total liabilities (7,969) Net assets 711,503 U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 18 | P a g e For the three months ended February 28, 2026, the Group recognized listing expenses of $1,327,445, in connection with the completion of the RTO. Of this amount: • $1,174,677 represents the excess of the fair value of equity instruments deemed to have been issued by the accounting acquirer over the fair value of the net identifiable assets of Sprock‑it, recognized as a listing expense in accordance with IFRS 3; • A finder’s fee of $100,000, settled through the issuance of common shares, incurred in connection with the completion of the RTO; and • The remaining balance relates primarily to other listing‑related costs. 6. Investment in subsidiaries On June 18, 2025, the Company entered into a binding share purchase agreement (the "SPA") to acquire 100% of the issued and outstanding shares of LIA Industries which which indirectly holds mineral exploration rights in Guyana through its wholly-owned subsidiary, LIA Guyana (see Note 1). The LIA Acquisition was completed on January 27, 2026. The LIA Acquisition was assessed under IFRS 3 – Business Combinations and determined to constitute an asset acquisition, as substantially all of the fair value of the assets acquired is concentrated in the prospecting licenses and no substantive processes, workforce, production activities or revenues were acquired. Accordingly, the prospecting licenses are classified as exploration and evaluation assets in accordance with IFRS 6 (see Note 7). Under the SPA, the consideration transferred includes: • 18,500,000 common shares issued to the vendors. • Cash consideration of $1,000,000 payable on closing. • Deferred cash consideration of $2,000,000 payable July 27, 2027. • Deferred cash consideration of $2,00,0000 payable July 27, 2028. Prior to completion of the acquisition, and as at November 30, 2025, the Company incurred $439,221 in advances toward its proposed acquisition of LIA Industries, consisting primarily of deposits, cash call payments, and project‑related professional services incurred on behalf of LIA Industries. As the acquisition had not yet closed at that date and the Company did not control LIA Industries, these balances represented advances related to the proposed transaction. Upon completion of the acquisition, such balances were reclassified to intercompany accounts and eliminated on consolidation. As at February 28, 2026, $848,999 of the initial $1,000,000 cash consideration had been paid to the vendors, with the remaining $151,001 included in accounts payable and accrued liabilities. The deferred cash consideration of $4,000,000 has been recognized at its present value at the acquisition date, with the balance accreting over the term of the liability (see Note 11). 7. Exploration and evaluation assets Exploration and evaluation assets represent the Company’s i --- nterest in mineral exploration licenses located in Guyana. U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 19 | P a g e Exploration and evaluation assets comprise the acquisition of legal rights of exploration and are initially measured at cost. The Group holds two exclusive prospecting licenses, which grant exploration rights over approximately 22,800 acres in the Mazaruni Mining District for uranium, other radioactive minerals and rare earth elements. The licenses are at an early exploration stage and do not provide production rights The prospecting licenses are classified as exploration and evaluation (“E&E”) assets in accordance with IFRS 6, as the assets are at a pre-feasibility stage and no technical feasibility or commercial viability has yet been demonstrated. The licenses were initially recognized at cost, which comprises: (i) the fair value of equity instruments issued as consideration; (ii) cash consideration payable on closing; (iii) the present value of deferred consideration; and (iv) directly attributable transaction costs. In accordance with IFRS 6, exploration and evaluation assets are assessed for impairment only when facts and circumstances indicate that the carrying amount may exceed the recoverable amount. Management has assessed the exploration and evaluation assets for impairment indicators as at the reporting date in accordance with IFRS 6, including consideration of license tenure and renewal prospects, regulatory compliance, planned exploration activities and prevailing commodity market conditions. No impairment indicators were identified and, accordingly, no impairment has been recognized. The prospecting licenses are subject to minimum exploration expenditure requirements and performance bond obligations in order to maintain the licenses in good standing. These requirements represent commitments only and do not give rise to a present obligation at the reporting date (see Note 10). 8. Performance bond deposit As at February 28, 2026, performance bonds of a total of $141,288 were lodged with the GGMC, as required under the license terms. These bonds represent 10% of the approved annual work expenditure for the first 2 years and are refundable upon expiry of the license period or conversion to a mining license, provided LIA Guyana fulfills its obligations. The bonds are classified as non-current deposits as recovery is not expected within twelve months from the reporting date. As at reporting date, the Group remains in compliance with the requirements under its prospecting license. Accordingly, no provision for forfeiture has been recognized. 9. Exploration and evaluation expenses Exploration and evaluation expenses during the three months ended February 28, 2026 were $315,825 (2025 – nil). These expenses relate primarily to early‑stage exploration activities, including geological assessments, property rental payments required under the terms of the prospecting licences granted by the GGMC, field‑related costs and other evaluation activities. No such expenses were incurred in the comparative period, as the acquisition of the exploration assets had not been completed at that time. Exploration and evaluation expenditures incurred during the period were expensed as incurred, as there was no reasonable certainty of future economic benefits at this stage of the project and the criteria for U92 ENERGY CORP. NOTES TO THE CONDENSED INTER --- IM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 20 | P a g e capitalization under IFRS 6 – Exploration for and Evaluation of Mineral Resources were not met. 10. Commitments (a) Annual performance bond and exploration expenditure commitments Under the terms of the prospecting licenses granted by the GGMC, the Group is required to submit an annual exploration work program and budget for approval in respect of each license year. The amount of the annual performance bond is determined as a percentage of the approved exploration budget for the subsequent license year. As at February 28, 2026, the work program and budget for the 2026– 2027 license year (being the third year of the license term) had not yet been finalized or approved by the GGMC. Accordingly, the amount of the performance bond for that license year had not been determined at the reporting date. Upon approval of the work program and budget, the required performance bond will be assessed against the bond posted for the prior year, and any incremental amount required will be paid to the GGMC. These requirements represent commitments only and do not give rise to a present obligation at the reporting date. Accordingly, no liability has been recognized in these condensed interim consolidated financial statements. (b) Net Concentrate Royalty Agreement In connection with the acquisition of LIA Industries, the Group entered into a Net Concentrate Royalty Agreement (the “NCR Agreement”) pursuant to which the vendors are granted a perpetual 2% Net Concentrate Royalty (“NCR”) on all production from the Kurupung Property, calculated on Net Concentrate Returns after processing and treatment charges. If the NCR cannot be enforced, an equivalent economic interest is to be provided. The NCR Agreement includes a buy-back option, pursuant to which the Group has the right until June 18, 2028 to repurchase one-half of the NCR for $8,000,000, or for $10,000,000 from June 19, 2028 until August 18, 2030. 11. Deferred consideration payable In connection with the acquisition of LIA Industries, the Group is required to make deferred cash payments to the vendors totaling $4.0 million, payable in two instalments of $2.0 million each, due 18 months and 30 months following the acquisition date (see Note 6). Deferred consideration has been recognized at its present value at the acquisition date, determined using an appropriate discount rate. The difference between the face value of the payments and their present value represents a discount, which is recognized as part of the cost of the acquired exploration and evaluation assets. Subsequently, the deferred consideration is measured at amortized cost, with the balance accreted over the term of the liability in accordance with IFRS 9 – Financial Instruments. The following represents changes in deferred consideration payable for the three months ended February 28, 2026: U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 21 | P a g e $ Balance as at December 1, 2025 - Fair value of deferred consideration as at January 27, 2026 3,032,000 Accretion expense for three months ended February 28, 2026 37,381 Balance as at February 28, 2026 3,069,381 12. Share capital (a) Common shares Authorized The authorized capital stock of the Company is an unlimited number of common shares. Issued and outstanding On February 20, 2025, the Group issued 1,500,000 c --- ommon shares to the shareholders, for $15. On December 1, 2025, the Group completed a private placement financing issued 8,510,800 subscription receipts at a price of $0.45 per receipt, for gross proceeds of $3,829,860. Each subscription receipt was subsequently converted into one common share and one common share purchase warrant. In connection with the financing, the Group also issued agent warrants as part of the underwriting compensation. Of the gross proceeds, $2,054,698 was allocated to share capital, after allocating the relative fair values of the common share purchase warrants issued to subscribers and net of issuance costs, including the fair value of agent warrants. In connection with the completion of the RTO, the Company issued 3,866,669 common shares to former Sprock‑it shareholders, for an aggregate fair value of $1,740,000. Under the same transaction, the Company issued 222,222 common shares to settle a finder’s fee of $100,000. In connection with the LIA Acquisition, the Company issued 18,500,000 common shares to the vendors, for an aggregate fair value of $5,336,703. As at February 28, 2026, a total of 5,972,932 common shares were subject to escrow arrangements. (b) Warrants A summary of the warrants outstanding as of February 28, 2026 is as follows: Number of warrants Weighted average exercise price Weighted average remaining life Warrants outstanding as at November 30, 2025 1,428,900 $0.45 1.43 Warrants granted – private placement 8,510,800 $0.65 4.75 Agent warrants granted – private placement 426,438 $0.45 1.91 Outstanding, February 28, 2026 10,416,138 $0.61 4.16 U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 22 | P a g e On December 1, 2025, in connection with the private placement completed, the Company issued 8,510,800 warrants to subscribers. Each warrant is exercisable at $0.65 per common share for a period of five years from the closing date. In addition, 426,438 broker warrants were issued as part of the underwriting compensation. Each broker warrant is exercisable at $0.45 per common share for a period of two years from the date the escrowed funds were released – January 29, 2026. The fair values of the 8,510,800 subscriber warrants and the 426,438 broker warrants were determined on the issuance date using the Black‑Scholes option pricing model, resulting in aggregate fair values of $1,374,872 and $38,132, respectively. The key valuation assumptions were as follows: Warrants Broker warrants Exercise price $0.65 $0.45 Expected life 5 years 2 years Expected volatility 88% 79% Risk free rate 2.8% 2.47% Expected dividend yield Nil Nil (c) Options A summary of the options outstanding as of February 28, 2026 is as follows: Number of options Weighted average exercise price Weighted average remaining life Options issued to former Sprock-it optionees 386,664 0.33 9.19 Agent options issued to former Sprock-it optionees 298,015 0.33 4.20 Share-based compensation 2,850,000 0.28 4.99 Outstanding, February 28, 2026 3,534,679 $0.30 5.38 In connection with the completion of the reverse takeover of Sprock‑it on January 29, 2026, all outstanding stock options of Sprock‑it were exchanged for stock options of the Company based on the agreed conversion ratio. The replacement options have terms and conditions that are substantively the same as the original Sprock‑it options, including exercise prices and remaining contractual lives. As a result, --- an aggregate of 684,679 replacement stock options were issued by the Company to former holders of Sprock‑it options. The fair value of these options was determined at the RTO closing date of January 29, 2026 to be $146,179 and was recorded in option reserve. The following assumptions were used in determining the fair value using the Black‑Scholes option pricing model: Options Agent options Exercise price $0.33 $0.33 Expected remaining life 9 years 4 years Expected volatility 88% 88% Risk free rate 3.47% 3.47% Expected dividend yield Nil Nil U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 23 | P a g e On February 27, 2026, the Company granted an aggregate of 2,850,000 stock options to directors and consultants. Each option is exercisable at $0.28 per common share and expires on February 27, 2031. The options vest in equal quarterly instalments over a twelve‑month period, subject to shareholder approval of the Company’s equity incentive plan (the “Plan”). The fair value of the stock options granted was determined at the grant or recognition date using the Black‑Scholes option pricing model, based on the following assumptions: Exercise price $0.28 Expected life 5 years Expected volatility 88% Risk free rate 3.04% Expected dividend yield Nil 13. Share-based compensation The Group has established the Plan (see Note 12) under which stock options, restricted share units, deferred share units and performance share units may be granted to directors, officers, employees and consultants. The Plan is subject to shareholder and TSXV approval and permits the issuance of security‑based compensation awards representing up to 10% of the Company’s issued and outstanding common shares, together with performance‑based awards within applicable limits. On February 27, 2026, the Company granted an aggregate of 2,850,000 stock options to directors and consultants pursuant to the Plan (see Note 12). The fair value is recognized as share‑based compensation expense over the vesting period, with a corresponding increase to option reserve, in accordance with IFRS 2 – Share‑based Payment. For the three months ended February 28, 2026, $1,395 was recognized under share-based compensation (2025 – nil). 14. Office equipment $ Cost Opening balance – as at November 30, 2025 4,104 Additions - Disposals - Closing balance – as at February 28, 2026 4,104 Accumulated depreciation Opening balance – as at November 30, 2025 (228) Depreciation for the period (342) Closing balance – as at February 28, 2026 (570) Net book value – as at November 30, 2025 Net book value – as at February 28, 2026 3,876 3,534 U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 24 | P a g e 15. Loss per share The calculation of loss per share is as follows: For the three months ended February 28, 2026 For the period from incorporation December 13, 2024 to February 28, 2025 Net loss and comprehensive loss (2,170,294) - Weighted average number of common shares outstanding – basic and diluted 29,296,065 1,500,000 Loss per share – basic and diluted (0.074) - The effect of outstanding warrants and options is anti-dilutive. Therefore, diluted loss per share is the same as basic loss per share. 16. Related party transactions Key management personnel are those people who have authority and responsibility for planning, directing and controlling the act --- ivities of the Company, directly or indirectly. Key management personnel include the Company’s executive officers and directors. Professional fees, as presented in the condensed interim consolidated statements of loss and comprehensive loss for the three months ended February 28, 2026, include consulting fees of $45,000 incurred with the Company’s directors, and $2,000 of compensation incurred with key management personnel of the Company (2025 – nil). As at February 28, 2026, accounts payable included $16,950 owing to a director (November 30, 2025 - $2,519) On February 26, 2026, 2,005,000 options were issued to directors and officers of the Company. 17. Financial instrument risk In the normal course of business, the Group is exposed to a variety of financial risks: credit risk, liquidity risk, and interest rate risk. These financial risks are subject to normal credit standards, financial controls, risk management as well as monitoring. The Company’s Board of Directors has overall responsibility for the establishment and oversight of the Group’s risk management framework. Credit risk Credit risk is the risk of an unexpected loss if a customer or third party to a financial instrument fails to meet its contractual obligations. The maximum exposure to credit risk is equal to the carrying value of the financial assets. The objective of managing counterparty credit risk is to prevent losses on financial assets. The Group assesses the credit quality of counterparties, considering their financial position, past experience and other factors. U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 25 | P a g e As at February 28, 2026, the Group was exposed to credit risk relating to cash. Cash is held with a reputable financial institution, which mitigates the related risk. Liquidity risk Liquidity risk is the risk that the Group will not be able to meet its financial obligations as they fall due. As at February 28, 2026, the Group’s financial liabilities consist of accounts payables and accrued liabilities which have contractual maturity dates within one year, and acquisition deferred consideration, which is payable in instalments beyond one year. The deferred consideration comprises $2,000,000 payable on July 27, 2027 and $2,000,000 payable on July 27, 2028, as disclosed in Note 9. The Group manages liquidity risk through an ongoing review of future commitments and cash balances available. 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. (a) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The risk that the Group will realize a loss because of a change in the interest rate is low, as the Group has no investments or liabilities with variable interest rates. (b) Foreign currency risk Foreign currency risk is the risk that the fair value of future cash flows of the Group’s financial instruments will fluctuate because of changes in foreign exchange rates. The Group is exposed to foreign currency risk primarily through monetary assets and liabilities denominated in currencies other than its presentation currency, mainly USD. As at As at February 28, 2026, the Group’s financial liabilities include USD- denominated accounts payable --- of $8,189. Foreign currency risk arises from the possibility that changes in exchange rates will affect the value of financial instruments. The Group does not currently use derivative instruments to hedge this risk. Sensitivity Analysis A 10% change in the USD/CAD exchange rate, would have the following impact on the Group’s net loss: Change in USD/CAD Impact on Net Loss +10% (CAD weakens) Increase of approximately $819 -10% (CAD strengthens) Decrease of approximately $819 U92 ENERGY CORP. NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS February 28, 2026 (Expressed in Canadian Dollars) 26 | P a g e This analysis assumes that all other variables remain constant. The impact is calculated based on the USD- denominated accounts payable outstanding at the reporting date. (c) Price risk Price risk is related to investment, equity and commodity price risks. Equity price risk is defined as the potential adverse impact on the Group’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. Investment price risk is defined as the potential adverse impact on the fair value of the investment. The Group currently does not hold any financial instruments that would expose it to price risk. 18. Capital management The Group considers its capital to be comprised of shareholders’ equity. The Group manages the capital structure and adjusts it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust the capital structure, the Company may attempt to issue new shares. Management reviews the capital structure on a regular basis to ensure that the above objectives are met. The Group is not subject to externally imposed capital requirements 19. Subsequent events (a) Exercise of agent options On April 9, 2026, the Company issued 5,498 common shares upon the exercise of options, for aggregate gross proceeds of approximately $1,814.