SEDAR Interim Financial Statements

MABEL VENTURES INC. CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS Three and Six Months Ended February 28, 2026 and 2025 (Presented in Canadian Dollars) (Unaudited) NOTICE OF NO AUDITOR REVIEW The accompanying unaudited condensed interim consolidated financial statements of Mabel Ventures Inc. have been prepared by and are the responsibility of management. In accordance with National Instrument 51-102, the company discloses that its independent auditor has not performed a review of these condensed interim consolidated financial statements. 1 Mabel Ventures Inc. Condensed Interim Consolidated Statements of Financial Position (Presented in Canadian Dollars) (Unaudited) See accompanying notes to these consolidated financial statements. February 28, August 31, 2026 2025 ASSETS Current Cash $ 711,368 $ 1,012,745 Sales tax recoverable 4,086 4,722 715,454 1,017,467 Exploration and evaluation assets (Note 4) 288,114 268,994 $ 1,003,568 $ 1,286,461 LIABILITIES Current Accounts payable and accrued liabilities $ 59,477 $ 64,381 59,477 64,381 Accounts payable and accrued liabilities 299,957 299,957 359,434 364,338 SHAREHOLDERS' EQUITY Share capital (Note 5) 58,732,850 58,732,850 Equity reserve 13,626,234 13,626,234 Deficit (71,714,950) (71,436,961) 644,134 922,123 $ 1,003,568 $ 1,286,461 Nature of operations and going concern (Note 1) Approved on behalf of the Board of Directors: /s/ Davis Kelly Director /s/ Bernadette D'Silva Director 2 Mabel Ventures Inc. Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Presented in Canadian Dollars) (Unaudited) See accompanying notes to these consolidated financial statements. Three months ended February 28, Six months ended February 28, 2026 2025 2026 2025 Expenses Consulting $ 96,259 $ 30,000 $ 137,059 $ 60,000 Office and administration 19,630 5,189 41,646 8,298 Professional fees 8,088 6,346 14,923 9,471 Share-based compensation - - - 54,244 Transfer agent and filing fees 9,215 7,623 21,865 16,846 Travel 34,882 - 73,617 - (168,074) (49,158) (289,110) (148,859) Finance income 4,787 327 11,114 1,318 Exploration tax credits 7 - 7 14,000 Loss and comprehensive loss $ (163,280) $ (48,831) $ (277,989) $ (133,541) Basic and diluted loss per share $ (0.00) $ (0.00) $ (0.00) $ (0.00) Weighted average number of common shares outstanding - basic and diluted 63,512,032 42,512,032 63,512,032 42,512,032 3 Mabel Ventures Inc. Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity (Presented in Canadian Dollars) (Unaudited) See accompanying notes to these consolidated financial statements. Shares issued Share capital Equity reserve Deficit Shareholders' equity Balance, August 31, 2024 42,512,032 $ 57,698,350 $ 13,571,990 $ (71,235,704) $ 34,636 Share-based compensation - - 54,244 - 54,244 Loss and comprehensive loss - - - (133,541) (133,541) Balance, February 28, 2025 42,512,032 $ 57,698,350 $ 13,626,234 $ (71,369,245) $ (44,661) Balance, August 31, 2025 63,512,032 $ 58,732,850 $ 13,626,234 $ (71,436,961) $ 922,123 Loss and comprehensive loss - - - (277,989) (277,989) Balance, February 28, 2026 63,512,032 $ 58,732,850 $ 13,626,234 $ (71,714,950) $ 644,134 4 Mabel Ventures Inc. Condensed Interim Consolidated Statements of Cash Flows (Presented in Canadian Dollars) (Unaudited) See accompanying notes to these consolidated financial statements. Six months ended February 28, 2026 2025 Operating activities Loss $ (277,989) $ (133,541) Items not involving cash: Share-based compensa --- tion - 54,244 Changes in non-cash working capital items: Sales tax recoverable 636 3,320 Accounts payable and accrued liabilities (24,024) 29,916 (301,377) (46,061) Change in cash (301,377) (46,061) Cash, beginning 1,012,745 74,857 Cash, ending $ 711,368 $ 28,796 Supplemental cash flow information Exploration costs incurred through accounts payable and accrued liabilities $ 19,120 $ - Mabel Ventures Inc. Notes to the Condensed Interim Consolidated Financial Statements Three and Six Months Ended February 28, 2026 and 2025 (Presented in Canadian Dollars) (Unaudited) 5 1. Nature of Operations and Going Concern Mabel Ventures Inc. (the “Company”) is a resource company which is listed on the Canadian Securities Exchange under the symbol “MBL”. The Company’s head office is located at Suite 3123 - 595 Burrard Street, Vancouver, British Columbia, V7X 1J1. The consolidated financial statements have been prepared assuming the Company will continue on a going-concern basis and be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. For the six months ended February 28, 2026, the Company reported a loss of $277,989 (2025 - $133,541) and had an accumulated deficit of $71,714,950 as of that date (August 31, 2025 - $71,436,961). The Company had working capital of $655,977 as of February 28, 2026 (August 31, 2025 - $953,086). Continuing operations as a going concern are dependent upon management’s ability to raise adequate financing in the capital markets and to ultimately achieve profitable operations in the future. Although management has been successful in the past, there is no assurance that these initiatives will be successful in the future. The consolidated financial statements do not reflect the adjustments to the carrying values of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary were the going concern assumption inappropriate, and these adjustments could be material. 2. Basis of Preparation The consolidated financial statements of the Company, including comparatives, have been prepared using accounting policies consistent with IFRS Accounting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The consolidated financial statements have been prepared on a historical cost basis, modified where applicable. In addition, the financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The consolidated financial statements are presented in Canadian Dollars, which is also the Company’s functional currency, unless otherwise indicated. The Board of Directors approved the consolidated financial statements on April 27, 2026. The preparation of the consolidated financial statements in conformity with IFRS, as issued by the IASB and interpretations of the International Financial Reporting Interpretations Committee (IFRIC), requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and reported amounts of revenues and 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. Mabel V --- entures Inc. Notes to the Condensed Interim Consolidated Financial Statements Three and Six Months Ended February 28, 2026 and 2025 (Presented in Canadian Dollars) (Unaudited) 6 2. Basis of Preparation (continued) a) Significant Judgments The most significant judgments in applying the Company’s accounting policies include the assessment of the Company’s ability to continue as a going concern and the classification/allocation of expenditures as exploration and evaluation assets or operating expenses. b) Significant Estimates and Assumptions The Company makes estimates and assumptions about the future that affect the reported amounts of assets and liabilities. Estimates and judgments are continually evaluated based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. In the future, actual experience may differ from these estimates and assumptions. The effect of a change in an accounting estimate is recognized prospectively by including it in comprehensive income/loss in the period of the change, if the change affects that period only, or in the period of the change and future periods, if the change affects both. Estimates and assumptions where there is significant risk of material adjustments to assets and liabilities in future accounting periods include the recoverability and probability of future economic benefits of amounts capitalized as exploration and evaluation assets, and provisions for restoration and environmental obligations. c) Basis of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary, Mabel Holdings Inc. (British Columbia). The financial statements of the subsidiary are included in the consolidated financial statements from the date that control commences until the date that control ceases. All intercompany transactions and balances have been eliminated. 3. Material Accounting Policy Information The material accounting policies applied by the Company in the consolidated financial statements are the same as those applied by the Company in its most recent audited annual consolidated financial statements. Mabel Ventures Inc. Notes to the Condensed Interim Consolidated Financial Statements Three and Six Months Ended February 28, 2026 and 2025 (Presented in Canadian Dollars) (Unaudited) 7 4. Exploration and Evaluation Assets On June 6, 2023, the Company entered into a property option agreement with Abitibi Metals Corp. (formerly Goldseek Resources Inc.) (“Abitibi Metals”), whereby the Company was granted the option to acquire a 51% interest in the Bonanza Gold Property (“Bonanza”) located in Northwestern Quebec (the “Property Agreement”). Pursuant to the terms of the Property Agreement: • The Company will acquire a 25% interest in Bonanza by incurring expenditures of $100,000 on the property and issuing 500,000 shares to Abitibi Metals on or before December 31, 2023 (Completed); and • The Company will acquire a further 26% interest in Bonanza, by incurring expenditures of $150,000 on the property on or before December 31, 2024 (Completed). As of February 28, 2026, the Company has issued 500,000 shares with a value of $10,000 to Abitibi Metals and incurred $278,114 in expenditures on Bonanza, and has fulfilled the requirements to acquire a 51% interest in Bonanza. 5. Share Capital a) Authorized The authorized share capital of the Company consists of an unlimited number of --- common shares without par value. b) Shares Issued There were no shares issued during the six months ended February 28, 2026 and 2025. Bonanza Gold Property $ Acquisition Costs: Balance, August 31, 2024, August 31, 2025, and February 28, 2026 10,000 Exploration Costs: Balance, August 31, 2024, and August 31, 2025 258,994 Claims 7,444 Sampling and Analysis 11,676 Balance, February 28, 2026 278,114 Total Costs: Balance, August 31, 2025 268,994 Balance, February 28, 2026 288,114 Mabel Ventures Inc. Notes to the Condensed Interim Consolidated Financial Statements Three and Six Months Ended February 28, 2026 and 2025 (Presented in Canadian Dollars) (Unaudited) 8 5. Share Capital (continued) c) Escrow Shares Certain shares are held in escrow pursuant to a November 2023 escrow agreement. As of February 28, 2026, 1,704,000 shares (August 31, 2025 - 2,556,000) remain in escrow and will be released in scheduled tranches until November 2026. d) Options The Company has established a “rolling” Stock Option Plan (the “Plan”). Under the Plan, the number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding shares and, to any one optionee, may not exceed 5% of the issued shares on a yearly basis. The maximum term of each option shall not be greater than 10 years. The exercise price of each option shall not be less than the market price of the Company’s shares at the date of grant. Options granted to consultants performing Investor Relations Activities shall vest over a minimum of 12 months with no more than 1/4 of such options vesting in any 3 month period. All other options vest at the discretion of the Board of Directors. A summary of the changes in options follows: As of February 28, 2026, the following options were outstanding: e) Warrants A summary of the changes in warrants follows: Number of Options Weighted Average Exercise Price Balance, August 31, 2024 2,050,000 0.050 $ Granted 800,000 0.085 Balance, August 31, 2025, and February 28, 2026 2,850,000 0.060 $ Outstanding and Exercisable Exercise Price Expiry Date 2,050,000 0.050 $ July 17, 2033 800,000 0.085 October 3, 2034 2,850,000 Number of Warrants Weighted Average Exercise Price Balance, August 31, 2024 - - $ Issued 21,000,000 0.060 Balance, August 31, 2025, and February 28, 2026 21,000,000 0.060 $ Mabel Ventures Inc. Notes to the Condensed Interim Consolidated Financial Statements Three and Six Months Ended February 28, 2026 and 2025 (Presented in Canadian Dollars) (Unaudited) 9 5. Share Capital (continued) As of February 28, 2026, the following warrants were outstanding: 6. Related Party Transactions Related party transactions were in the normal course of operations and measured at the exchange amount, which is the amount established and agreed to by the related parties. Key management personnel are the persons responsible for planning, directing and controlling the activities of the Company, and include both executive and non-executive directors, and entities controlled by such persons. The Company considers all directors and officers of the Company to be key management personnel. During the six months ended February 28, 2026, there was $nil for vested options granted to directors and officers of the Company (2025 - $33,905). 7. Financial Instruments and Risk Management Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estima --- te the fair values. The three levels of the fair value hierarchy are: • Level 1 – Unadjusted quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and • Level 3 – Inputs that are not based on observable market data. The Company is exposed in varying degrees to a variety of financial instrument related risks. The Board of Directors approves and monitors the risk management processes, inclusive of counterparty limits, and controlling and reporting structures. The type of risk exposure and the way in which such exposure is managed is provided as follows: a) Credit risk Credit risk arises from the potential for non-performance by counterparties of contractual financial obligations. The Company is exposed to credit risk on its cash and sales tax recoverable. The Company reduces credit risk on its cash by maintaining its bank account with a large international financial institution. The Company’s sales tax recoverable is comprised of amounts owing from the Government of Canada for input tax credits. Accordingly, the Company does not believe it is subject to significant credit risk. The carrying value of these financial assets represents the maximum credit exposure. b) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. Accounts payable and accrued liabilities are due within the current operating period. Outstanding and Exercisable Exercise Price Expiry Date 21,000,000 0.060 $ August 25, 2028 Mabel Ventures Inc. Notes to the Condensed Interim Consolidated Financial Statements Three and Six Months Ended February 28, 2026 and 2025 (Presented in Canadian Dollars) (Unaudited) 10 7. Financial Instruments and Risk Management (continued) c) Market risk Market risk is the risk that changes in market prices, such as foreign exchange rates, interest rates and equity prices will affect the Company’s income or the value of its holdings of financial instruments. The objective of market risk management is to manage and control market risk exposures within acceptable parameters, while optimizing the return. d) 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 market interest rates. The Company is exposed to interest rate risk, from time to time, on its cash balances. Surplus cash, if any, is placed on call with financial institutions. e) Commodity price risk The ability of the Company to finance the exploration and development of its properties and the future profitability of the Company is directly related to the market price of the primary minerals identified in its mineral properties. Mineral prices fluctuate on a daily basis and are affected by a number of factors beyond the Company’s control. A sustained, significant decline in the prices of the primary minerals or in the share prices of junior mineral exploration companies in general, could have a negative impact on the Company’s ability to raise additional capital. Sensitivity to commodity price risk is remote since the Company has not established any reserves or production. 8. Capital Risk Management The Company defines its capital as all components of shareholders’ equity. The Company’s objectives when managing capital are to safeguard its ability to continue as a going concern. In orde --- r to maintain its capital structure, the Company is dependent on equity funding and when necessary, raises capital through the issuance of equity instruments, primarily comprised of common shares. The Company manages its capital structure and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board of Directors, will make changes to its capital structure as deemed appropriate under the specific circumstances. The Company is not subject to any externally imposed capital requirements or debt covenants, and does not presently utilize any quantitative measures to monitor its capital. There were no changes to the Company’s approach to managing capital during the periods presented.