SEDAR Interim Financial Statements

(formerly FE Battery Metals Corp.) CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 (Expressed in Canadian dollars) (Unaudited – Prepared by Management) 2 | P a g e Notice to Reader These condensed interim financial statements of Linear Minerals Corp. have been prepared by management and approved by the Board of Directors of the Company. In accordance with National Instrument 51-102 released by the Canadian Securities Administrators, the Company discloses that its external auditors have not reviewed these condensed interim financial statements, notes to financial statements and the related quarterly Management Discussion and Analysis. 3 | P a g e LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Condensed Interim Statements of Financial Position (Unaudited -expressed in Canadian dollars) Approved and authorized for issue on behalf of the board of directors on February 27, 2026 by: /s/Gurminder Sangha /s/Jurgen Wolf Director Director The accompanying notes are an integral part of these condensed interim financial statements. December 31, March 31, Note 2025 2025 ASSETS Current Assets Cash $ 473,409 $ 951,807 Amounts receivable and prepaid expenses 4 204,459 155,835 Market securities 5 - 123,912 Total Current Assets 677,868 1,231,554 Non-current Assets Reclamation deposits 11,000 11,000 Equipment 972 1,336 Exploration and evaluation assets 6 5,956,076 5,956,076 Total Non-current Assets 5,968,048 5,968,412 Total Assets $ 6,645,916 $ 7,199,966 LIABILITIES Current Liabilities Accounts payable and accrued liabilities 7 $ 515,254 $ 558,765 Due to related parties, net 8 111,037 142,889 Flow-through share premium liability 9 124,474 218,207 Total Liabilities $ 750,765 $ 919,861 SHAREHOLDERS' EQUITY Share capital 9 60,180,403 59,917,903 Share subscriptions 475,000 - Warrants reserve 2,834,521 2,834,521 Share-based payments reserve 9 3,020,382 3,020,382 Deficit (60,615,155) (59,492,701) Total Shareholders’ Equity 5,895,151 6,280,105 Total Liabilities and Shareholders’ Equity $ 6,645,916 $ 7,199,966 Going concern 1 Subsequent event 13 4 | P a g e LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Condensed Interim Statements of Loss and Comprehensive Loss (Unaudited -expressed in Canadian dollars) The accompanying notes are an integral part of these condensed interim financial statements. Note 2025 2024 2025 2024 Expenses Consulting fees 8 $ 1,000 $ - $ 1,000 $ 15,600 Exploration and evaluation costs 6 107,371 1,049,764 623,510 1,189,078 General and administrative 45,307 13,923 67,761 21,779 Investor relations 5,328 - 5,328 328,492 Professional fees 42,351 57,204 120,564 99,298 Salaries, fees and benefits 8 71,550 71,550 214,650 208,500 Shareholder communications 13,158 14,306 95,525 60,231 Share-based payments - (109,375) 90,000 131,314 Loss Before Other Income (286,065) (1,097,372) (1,218,338) (2,054,292) Other items Interst and Other income 8,676 (206) 8,830 119 Gain (loss) on marketable securities - (19,243) (21,679) 11,491 Flow-through recovery - 48,057 108,733 48,057 Total Other items 8,676 28,608 95,884 59,667 Net Loss and Comprehensive Loss for the Period $ (277,389) $ (1,068,764) $ (1,122,454) $ (1,994,625) Loss per Common Share, Basic and Diluted (0.00) $ (0.02) $ (0.02) $ (0.04) Weighted Average Number of Shares Outstanding – Basic and Diluted 68,335,286 59,813,546 65,252,267 54,889,633 Nine months ended December 31, Three months ended December 31, 5 | P a g e LINEAR MINERALS CORP. (formerly --- FE Battery Metals Corp.) Condensed Interim Statements of Changes in Equity (Unaudited -expressed in Canadian dollars) The accompanying notes are an integral part of these condensed interim financial statements. Shares Amount Warrants Reserve Share subscription Share-based Payments Reserve Deficit Total Equity Balance, March 31, 2024 50,846,156 $ 59,102,110 $ 2,834,521 $ - $ 2,889,068 $ (56,179,336) $ 8,646,363 Private placements 10,489,130 1,013,042 - - - - 1,013,042 Share issue costs - (66,000) - - - - (66,000) Share based payments - stock options - - - - 131,314 - 131,314 Net loss for the period - - - - - (1,994,625) (1,994,625) Balance, December 31, 2024 61,335,286 60,049,152 2,834,521 - 3,020,382 (58,173,961) 7,730,094 Balance, March 31, 2025 61,335,286 $ 59,917,903 $ 2,834,521 $ - $ 3,020,382 $ (59,492,701) $ 6,280,105 Private placements 2,700,000 $ 135,000 Shares issued for exploration and evaluation assets 2,500,000 37,500 - - - - 37,500 Share based payments - restricted share units 4,500,000 90,000 - - - - 90,000 Share subscriptions - - - 475,000 - - 475,000 Net loss for the period - - - - - (1,122,454) (1,122,454) Balance, December 31, 2025 71,035,286 $ 60,180,403 $ 2,834,521 $ 475,000 $ 3,020,382 $ (60,615,155) $ 5,760,151 Common Shares Without Par Value 6 | P a g e LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Condensed Interim Statements of Cash Flows (Unaudited -expressed in Canadian dollars) The accompanying notes are an integral part of these condensed interim financial statements. 2025 2024 Cash provided from (used for): Operating activities Net loss for the period $ (1,122,454) $ (925,861) Items not involving cash: Amortization 364 243 Share-based payments 90,000 240,689 Unrealized (gain) loss on marketable securities 21,643 (30,734) Flow-through recovery (93,733) - Changes in non-cash working capital balances: Amounts receivable and prepaid expenses (48,624) 362,173 Accounts payable and accrued liabilities (21,011) 59,707 Due to related parties (31,852) (56,926) Net cash used in operating activities (1,205,667) (350,709) Investing activities Proceeds from the sale of marketable securities 102,269 - Exploration and evaluation assets - - Cash used in investing activities 102,269 - Financing activities Proceeds from financing (net of share issue costs) 150,000 376,000 Share subscriptions received in advance 475,000 - Net cash from in financing activities 625,000 376,000 Net decrease in cash during the period (478,398) 25,291 Cash, beginning of the period 951,807 1,704,908 Cash, end of the period $ 473,409 $ 1,730,199 Supplemental information Shares issued for exploration and evaluation assets 37,500 $ - $ Nine months ended December 31, LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 7 | P a g e 1. Nature of Operations and Going Concern Linear Minerals Corp. (“Linear Minerals” or the “Company”), formerly known as FE Battery Metals Corp, was incorporated on October 12, 1966 in the Province of British Columbia under the Business Corporations Act of British Columbia, and its principal business activity is the exploration of mineral properties in Canada. The Company’s head office and principal address is Suite 2421 – 1055 West Georgia Street, Vancouver, B.C., Canada, V6E 3P3. The Company’s registered and records office is 25th Floor-700 West Georgia Street, Va --- ncouver, B.C., Canada, V7Y 1B3. On December 31, 2024, FE Battery Metals Corp changed its name to Linear Minerals Corp. with a new trading symbol of ‘LINE’ on the Canadian Securities Exchange (LINE), the OTCBB Exchange (LINMF) and the Frankfurt Exchange (A4OY3E) On August 1, 2025, Linear Minerals Corp. and Westlinear entered into an arrangement agreement pursuant to which Westlinear would, through a series of transactions, acquire Linear Minerals Pontax West Lithium mineral property (the “Plan of Arrangement”). Under the terms of the arrangement agreement, Linear Mineral’s shareholders will be issued one common share of Westlinear with respect to every 10 common shares of Linear Minerals owned on the share distribution record date of August 25, 2025 as determined by Linear’s Board of Directors. On November 28, 2025, Linear Minerals completed the statutory arrangement under the Plan of Arrangement with Westlinear. Pursuant to the arrangement agreement and on the payable date of November 28, 2025, the following occurred: o A total of 6,833,440 common shares of Westlinear were distributed to the Linear shareholders on a pro-rata basis. The Linear Minerals shareholders received one Westlinear share with respect to every 10 common shares of Linear held as at November 25, 2025, being the share distribution record date; o Linear Minerals transferred the assets to Westlinear, being the Pontax West lithium property in Quebec; and o Westlinear became a reporting issuer in the provinces of British Columbia, Alberta, and Ontario. The transaction has been accounted for as a reorganization of entities under common control. Accordingly, the assets and liabilities transferred to the Westlinear have been recognized at their carrying values as previously recorded in the financial statements of Linear Minerals. A significant judgement made involved the determination that the best representation of fair value in respect to the exploration and evaluation asset interests acquired from Linear Minerals, upon completion of the Plan of Arrangement, was their related deferred carrying amounts in the accounts of Linear. No gain or loss was recognized on the transfer of assets, and no goodwill has been recorded. The difference between the net assets received and the consideration issued, if any, has been recorded within equity. The Company will need to raise sufficient funds as the Company’s current assets are not sufficient to finance its operations and administrative expenses. The Company is evaluating financing options including, but not limited to, the issuance of additional equity and debt. The Company has no assurance that such financing will be available or be available on favourable terms. Factors that could affect the availability of financing include the Company’s performance (as measured by numerous factors including the progress and results of its projects), the state of international debt and equity markets, investor perceptions and expectations and the global financial and metals markets. In addition to evaluating financing options, the Company has also implemented cost savings measures. These condensed interim financial statements have been prepared on a going concern basis which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for the foreseeable future. If the going concern assumption is not appropriate for these financial statements, then adjustments would be necessary to the --- carrying amount of assets and liabilities, the reported revenue and expenses and the balance sheet classifications used. LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 8 | P a g e 2. Basis of Preparation and Material Accounting Policy Information (a) Statement of Compliance These unaudited condensed interim financial statements have been prepared in accordance with International Accounting Standard, Interim Financial Reporting (“IAS 34”) as issued by the International Accounting Standards Board (“IASB”). The policies applied in these financial statements are based on International Financial Reporting Standards (“IFRS”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”) issued and outstanding as at February 27, 2026, the date the board of directors approved these unaudited condensed interim financial statements for issue. (b) Basis of preparation These unaudited condensed interim financial statements, prepared in conformity with IAS 34, follow the same accounting policies and methods of computation as the most recent audited annual financial statements. Since these unaudited condensed interim financial statements do not include all disclosures required by the International Financial Reporting Standards (“IFRS”) for annual financial statements, they should be read in conjunction with the Company’s annual financial statements for the year ended March 31, 2025. (c) Basis of Measurement and Presentation These unaudited condensed interim financial statements have been prepared using the historical cost convention using the accrual basis of accounting except for some financial instruments, which have been measured at fair value. In the opinion of management, all adjustments (including normal recurring accruals) considered necessary for a fair presentation have been included. (d) Comparative figures Certain comparative figures have been reclassified to conform to the current period’s presentation. (e) New, Amended and Future IFRS Pronouncements Accounting standards and amendments issued but not yet adopted There are no other IFRS that are not yet effective that would be expected to have a material impact on the Company. Certain new accounting standards, amendments to existing standards and interpretations have been issued but have future effective dates that are either not applicable or are not expected to have a significant impact on the Company’s financial statements. 3. Critical Accounting Judgments and Estimates The preparation of financial statements requires management to make judgments and estimates that affect the amounts reported in the financial statements and notes. By their nature, these judgments and estimates are subject to change and the effect on the financial statements of changes in such judgments and estimates in future periods could be material. These judgments and 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. Actual results could differ from these judgments and estimates. The more significant areas are as follows: (a) Going Concern The assessment of the Company's ability to raise sufficient funds to finance its exploration and administrative expenses involves judgme --- nt. Estimates and assumptions are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 9 | P a g e 3. Critical Accounting Judgments and Estimates (continued) (b) Intangible Exploration and Evaluation Assets Management is required to assess impairment in respect of intangible exploration and evaluation assets. Note 4 discloses the carrying value of such assets. The triggering events for the potential impairment of exploration and evaluation assets are defined in IFRS 6 Exploration for and Evaluation of Mineral Properties and are as follows: • the period for which the entity has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; • substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; • exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and • sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. In making the assessment, management is required to make judgments as to the status of each project and its future plans towards finding commercial reserves. The nature of exploration and evaluation activity is such that only a proportion of projects are ultimately successful and accordingly some assets are likely to become impaired in future periods. 4. Amounts Receivable and Prepaid Expenses 5. Marketable Securities The Company received 2,125,000 shares of Battery Age Minerals Ltd.. pursuant to the Falcon Lake option agreement (Note 6). During the nine months period ended December 31, 2025, the Company sold all 2,125,000 shares of Battery Age Minerals for total proceeds of $102,269, with the Company realizing a loss of $21,679 on the sale of shares. 6. Exploration and Evaluation Assets Exploration and evaluation assets deferred to the statements of financial position at December 31, 2025 and March 31, 2025 are as follows: December 31, 2025 March 31, 2025 GST/HST 142,277 97,042 Prepayments and other receivables 52,921 58,793 Total $ 195,198 $ 155,835 March 31, 2025 Additions Write-off December 31, 2025 Abitibi Lithium $ 1,767,000 $ - $ - $ 1,767,000 Augustus Lithium 593,290 - - 593,290 Canadian Lithium 228,881 - - 228,881 Electron Lithium 650,405 - - 650,405 McNeely 820,000 - - 820,000 Pontax West Lithium 37,500 37,500 Rose West Lithium 884,000 - - 884,000 Rose East Lithium 975,000 - - 975,000 $ 5,956,076 $ - $ - $ 5,956,076 LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 10 | P a g e 6. Exploration and Evaluation Assets (continued) (a) Abitibi Lithium Property On March 12, 2021, the Company entered into a purchase agreeme --- nt to acquire a 100% interest in the Abitibi Lithium property (the “Abitibi Agreement”). The Abitibi Lithium property is comprised of 233 mineral claims covering approximately 12,500 hectares located in the Abitibi area of western Quebec. Under the terms of the Abitibi Agreement, the Company acquired a 100% interest in the Abitibi Lithium property by issuing 1,078,947 common shares of the Company and by paying $250,000 on April 20, 2021. The Abitibi Lithium Property is subject to a 3% Net Smelter Returns (“NSR”) royalty, which the Company will have the option to reduce the NSR by 1.0% to 2.0% by paying $1,000,000. (b) Augustus Lithium Property On January 18, 2021, the Company entered into an option agreement to acquire a 100% interest in the Augustus Lithium property (the “Augustus Agreement”). The Augustus Lithium property is comprised of 21 mineral claims covering approximately 900 hectares located in the Abitibi area of western Quebec. On October 29, 2022, the Company entered into amended option agreement allowing the Company to accelerate its option to acquire a 100% interest in the Augustus Lithium property. As consideration for the amendment, the Company issued an additional 350,000 common shares. As of November 7, 2022, the Company completed the required option payments, common share issuances and exploration expenditures to acquire 100% interest of the Augustus Lithium property. The Augustus Lithium Property is subject to a 2% NSR royalty. The Company will have the option to reduce the NSR by 1.0% to 1.0% by paying $1,000,000. (c) Canadian Lithium Property On February 3, 2021, the Company entered into an option agreement to acquire a 100% interest in the Canadian Lithium property (the “Canadian Lithium Agreement”). The Canadian Lithium property is comprised of 12 mineral claims covering approximately 700 hectares located in the Landrienne Township area of Quebec. On February 3, 2023, the Company had completed the required option payments of $60,000 and issuance of 230,263 common shares to acquire a 100% interest of the Canadian Lithium Property. The Canadian Lithium Property is subject to a 2% NSR royalty. The Company will have the option to reduce the NSR by 1.0% to 1.0% by paying $1,000,000. (d) Electron Lithium Property On March 2, 2022, the Company entered into a purchase agreement to acquire a 100% interest in the Electron Lithium property (the “Electron Agreement”). The Electron Lithium property is comprised of 426 mineral claims covering approximately 30,000 hectares of prospective land around the Augustus Lithium Property in western Quebec. On November 8, 2022, the Company completed the required option payments and share issuances to acquire a 100% interest in the Electron Lithium property. The Electron Lithium property is subject to a 3% Gross Metal Royalty (“GMR”), which the Company will have the option to reduce the GMR by 1.0% to 2.0% by paying $1,000,000. On November 14, 2022, the Company entered into a joint venture agreement (the “Infini Joint Venture Agreement”) with Infini Resources Pty Ltd. (“Infini Resources”) whereby Infini Resources may earn a 100% interest in 230 of the 426 mineral claims comprising the Electron Lithium Property. Pursuant to the Infini Joint Venture Agreement, Infini Resources made a non-refundable payment of AUD$50,000 (CAD$44,088) and has elected to earn an initial 50% interest by making an initial cash payment of AUD$550,000 LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes --- to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 11 | P a g e 6. Exploration and Evaluation Assets (continued) (e) Electron Lithium Property (continued) (CAD$486,837). Upon exercising the option, a joint venture will also be formed between Linear Minerals and Infini Resources to further advance the project. Infini Resources has the option to acquire an additional 25% by making a further AUD$150,000 payment and issuing shares of Infini Resources in the value of AUD$150,000 within 18 months of earning its initial 50% interest. Infini Resources may then acquire the remaining 25% interest, for a 100% beneficial interest by making a further payment AUD$300,000 and issuing shares of Infini Resources in the value of AUD$300,000 within 12 months of earning its 75% interest. Infini Resources did not exercise its option to acquire an additional 25% interest within 18 months of earning its initial 50% interest. The Infini Joint Venture Agreement may be terminated in certain circumstances, including by Linear Minerals if certain milestones are not met in accordance with the agreement. (e) Falcon Lake Property On January 3, 2022, the Company entered into an option agreement to acquire a 100% interest in the Falcon Lake property (the “Falcon Lake Agreement”). The Falcon Lake property is comprised of 48 mineral claims covering approximately 1,000 hectares located in the Thunder Bay Mining Division, Ontario. On September 30, 2022, the Company entered into an amended option agreement which amended certain cash payments, share issuances and exploration expenditures due dates and requirements of the Option Agreement. On October 21, 2022, the Company completed the required option payments and share issuances to acquire a 100% interest in the Falcon Lake property. On January 27, 2023, the Company executed a joint venture agreement (the "Battery Age Minerals Joint Venture Agreement") with Battery Age Minerals Limited ("Battery Age Minerals") whereby Battery Age Minerals may earn a 100% interest in the Falcon Lake Property. Pursuant to the Battery Age Minerals Joint Venture Agreement, Battery Age Minerals made a non-refundable payment of AUD$50,000 (CAD$45,359) and elected to earn a 65% interest by completing the initial option payment consisting of a cash payment of AUD$100,000 (CAD$93,999) and issuing the Company 1,375,000 of Battery Age Mineral shares valued at $513,975. Battery Age Minerals earned a further 25% interest, for an aggregate 90% interest, by issuing a further 750,000 shares of Battery Age Minerals valued at $290,295 and by making a cash payment of AUD$50,000 (CAD$46,175). Battery Age Minerals may acquire the remaining 10% interest, for a 100% beneficial interest by making a further payment equal to the lower of the price determined by independent valuation or AUD$2 million. Upon Battery Age Minerals earning a 90% interest, a joint venture was deemed to have been formed between Linear Minerals and Battery Age Minerals to further advance the project. (f) Kipawa West Property On December 10, 2025, the Company entered into an option agreement to acquire a 100% interest in the Kipawa West Property. The property consists of 53 mining claims covering an approximate area of 3,000 hectares located about 30 kilometres east of Temiscaming in Quebec. LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For --- the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 12 | P a g e 6. Exploration and Evaluation Assets (continued) (e) Kipawa West Property (continued) Under the terms of the Kipawa West Agreement, the Company has the option to acquire a 100% interest in the property by completing the following option payments: Due Dates Issuance of Linear Minerals common shares Exploration Expenditures $ On signing 1,000,000 Nil December 10, 2026 1,500,000 250,000 December 10, 2027 2,000,000 500,000 December 10, 2028 Nil 500,000 The Kipawa West property has a 2% GMR payable to the optionor. (f) Lac Coulombre Property On November 5, 2024, the Company entered into an option agreement to acquire a 100% interest in the Lac Coulombre Property. The property consists of 89 mining claims covering approximately 8,336 hectares area on land located about 100 kilometres south of Quebec City, Quebec. On November 3, 2025, the Company entered into an amended option agreement (the “Lac Coulombre Property Amended Agreement”) which amended the due dates for certain share issuances and exploration expenditure requirements of the option agreement. Under the terms of the Lac Coulombre Amended Agreement, the Company has the option to acquire a 100% interest in the property by making a cash payment of $5,000 and completing the share issuance of 2,250,000 common shares. The Lac Coulombre property has a 1.5% NSR payable to the optionor of which the Company will have the option to buy- out of 0.5% by paying $1,000,000. Subsequent to December 31, 2025, the Company issued 2,250,000 common shares pursuant to the property agreement. (g) Lac Marion Uranium Property On June 10, 2024, the Company entered into an option agreement to acquire a 100% interest in the Lac Marion Uranium Property. The property consists of 47 mining claims covering approximately 2,760 hectares area in two claim blocks on land located about 40 kilometres northeast of Mont Laurier in Quebec. On October 30, 2025, the Company entered into an amended option agreement (the “Lac Marion Uranium Property Amended Agreement”) which amended the due dates for certain share issuances and exploration expenditure requirements of the option agreement. Under the terms of the Lac Marion Amended Agreement, the Company has the option to acquire a 100% interest in the property by completing the share issuance of 1,200,000 common shares. The Lac Marion property has a 1.5% GMR payable to the optionor of which the Company will have the option to buy-out of 0.5% by paying $1,000,000. LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 13 | P a g e 6. Exploration and Evaluation Assets (continued) (h) McNeely Lithium Property Pursuant to the McNeely Lithium Property purchase agreement entered on June 7, 2021, the Company acquired a 100% interest in the McNeely Lithium Property, by issuing 526,316 common shares and paying $250,000. The McNeely Lithium Property is located in Quebec and consists of 66 claims covering approximately 2,400 hectares. The McNeely Lithium Property is subject to a 3.0% GMR. Certain of the claims are subject to a pre-existing 1.0% NSR. The Company will have the option to purchase the NSR by paying $200,000 to the NSR holder. (i) Pontax West Lithium Property On October 13, 2023, the Company entered into an option agreement t --- o acquire a 100% interest in the Pontax West Lithium Property (the “Pontax Lithium Agreement”). The property consists of 72 mining claims covering over 3,800 hectares in the James Bay lithium region of northern Quebec. On September 13, 2024, the Company entered into an amended option agreement (the “Pontax West Lithium Amended Agreement”) which amended the due dates for certain share issuances and exploration expenditure requirements of the option agreement. Under the terms of the Pontax West Lithium Amended Agreement, the Company acquired a 100% interest in the property by completing the share issuance of 2,500,000 on May 7, 2025. The Pontax West Lithium property has a 1.5% GMR payable to the Optionor of which the Company will have the option to reduce the GMR by 1.0% by paying $1,000,000 for one-half of one percent. On August 1, 2025, the Company signed a plan of arrangement agreement (the “Agreement”) to spin out its Pontax West lithium property located in the province of Quebec to the company's subsidiary Westlinear Minerals Corp. (“Westlinear”). Under the terms of the arrangement, the company's shareholders will be issued one share of Spinco with respect to every 10 shares of the company owned on the share distribution record date. On October 23, 2025, the shareholders of the Company approved by special resolution the Agreement to spin out the Company’s Pontax West lithium property to the Company's subsidiary Westlinear Minerals Corp. (Spinco). With the completion of the Arrangement occurring on November 28, 2025, following receipt of regulatory approval, Linear transferred the Pontax West lithium property to Westlinear (Note 1). (j) Rose East Lithium Property On March 4, 2023, the Company entered into an option agreement to acquire a 100% interest in the Rose East Lithium Property (“Rose East Lithium”). The Rose East Lithium Project consists of 59 mining claims covering approximately 3,100 hectares in northern Quebec. On November 3, 2025, the Company entered into an amended option agreement (the “Lac Coulombre Property Amended Agreement”) which amended the due dates for certain share issuances and exploration expenditure requirements of the option agreement. Under the terms of the Lac Marion Amended Agreement, the Company has the option to acquire a 100% interest in the property by completing the share issuance of 1,250,000 common shares. The Rose East Lithium Property is subject to a 1.0% GMR, of which the Company may repurchase by paying $1,000,000 for each 0.5%. Subsequent to December 31, 2025, the Company issued 1,250,000 common shares pursuant to the agreement to acquire a 100% interest in the property. LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 14 | P a g e 6. Exploration and Evaluation Assets (continued) (k) Rose West Lithium Property On November 25, 2022, the Company entered into an option agreement to acquire a 100% interest in the Rose West Property. The Rose West Lithium property is located in the James Bay region of northern Quebec and consists of 32 mining claims covering approximately 1,700 hectares within townships. On December 9, 2022, the Company entered into amended option agreement to which the Company could acquire a 100% interest in the property by issuing 1,300,000 shares and granted the Company a 1% GMR. On April 5, 2023, the Company issued the req --- uired shares to acquire a 100% interest in the Rose West Lithium property. The Rose West Lithium property has a 1% GMR payable to the optionor upon the commencement of commercial production. Exploration and evaluation expenditures recorded in the statements of loss and comprehensive loss for the six months ended December 31, 2025 and 2024 are as follows: 7. Accounts Payable and Accrued Liabilities Nine months ended December 31, 2025 Assay and sampling Drilling and mobilization Field expenditures Geological Consulting Geological and Technical Services Land claims and property taxes Total Decmeber 31, 2025 Quebec Augustus Lithium $ 13,308 $ 490,007 $ 75,845 $ 26,700 $ 17,650 $ 623,510 Total $ 13,308 $ 490,007 $ 75,845 $ 26,700 $ 17,650 $ - $ 623,510 Nine months ended December 31, 2024 Assay and sampling Drilling and mobilization Field expenditures Geological Consulting Geological and Technical Services Land claims and property taxes Total December 31, 2024 Quebec Augustus, Abitibi, Canadian and McNeely Lithium $ 43,433 $ 286,642 $ 312,666 $ 207,850 $ 121,350 $ 6,973 $ 978,914 Lac Marion Uranium - - 60,865 33,500 - 94,365 Lac Coulombre - - 54,500 31,500 25,950 - 111,950 General Exploration - - - - 3,849 - 3,849 Total $ 43,433 $ 286,642 $ 428,031 $ 272,850 $ 151,149 $ 6,973 $ 1,189,078 December 31, 2025 March 31, 2025 Trade and other payables $ 626,291 $ 411,565 Accrued liabilities - 147,200 Total $ 626,291 $ 558,765 LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 15 | P a g e 8. Related Party Transactions and Balances Remuneration of directors and key management personnel of the Company for the nine months ended December 31, 2025 and 2024 were as follows: Related party balances as at December 31, 2025 and March 31, 2025 were as follows: The directors’ and officers’ balances also include fees and expenses owing to directors and officers incurred in the normal course of business. 9. Share Capital (a) Authorized – Unlimited number of common shares without par value. (b) Issued share capital The Company had 71,335,286 common shares issued and outstanding as at December 31, 2025 and 61,335,286 common shares issued and outstanding as at March 31, 2025. Fiscal 2026 On May 7, 2025, the Company issued 2,500,000 common shares pursuant the Pontax West Lithium property option agreement. The cost of $37,500 for the share issuance which had been accrued at March 31, 2025. On May 8, 2025, the Company issued 4,500,000 common shares pursuant to exercise of Restricted Share Units. On December 11, 2025, the Company closed a non-brokered private placement for 3,000,000 Quebec flow-through shares (“QFT share”) priced at $0.05 per QFT share for gross proceeds of $150,000. The Company recognized a liability for flow- through shares of $15,000. Fiscal 2025 On April 18, 2024, the Company closed a non-brokered private placement for 1,739,130 Quebec flow-through shares (“QFT share”) priced at $0.23 per QFT share for gross proceeds of $399,999. The Company recognized a liability for flow-through shares of $86,957. The Company also paid finder’s fees of $24,000. On October 16, 2024, the Company closed its non-brokered private placement and issued 8,750,000 QFT shares at a price of $0.08 per QFT share for gross proceeds of $700,000. The Company recognized a liability for flow-through shares of $131,250 (Note 13) a --- nd also paid finders’ fees of $42,000. 2025 2024 2025 2024 Consulting fees charged by directors of the Company $ 1,000 $ - $ 1,000 $ 5,600 Salaries, fees and benefits 89,150 71,550 214,650 208,500 Share-based payments - (68,360) 45,000 109,428 For the nine months ended December 31, For the three months ended December 31, December 31, 2025 March 31, 2025 Amounts due to directors and officers of the Company $ - $ 26,501 Amounts due to companies controlled by directors and officers 111,037 116,388 $ 111,037 $ 142,889 LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 16 | P a g e 9. Share Capital (continued) (c) Stock Options The Company has a shareholder approved “rolling” stock option plan (the “Plan”) in compliance with the TSX-V’s policies. Under the Plan, the maximum number of shares reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares at the time of granting. The exercise price of each stock option shall not be less than the discounted market price of the Company’s stock at the date of grant. Such options will be exercisable for a period of up to 10 years from the date of grant. In connection with the foregoing, the number of common shares reserved for issuance to any one optionee will not, within a twelve-month period, exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to all technical consultants will not exceed, within a twelve- month period, two percent (2%) of the issued and outstanding common shares. Options may be exercised no later than 90 days following cessation of the optionee’s position with the Company or 30 days following cessation of an optionee conducting investor relations activities’ position. The continuity for stock options for the nine months ended December 31, 2025 is as follows: As at December 31, 2025, the following stock options were outstanding: (d) Share Purchase Warrants The continuity for share purchase warrants for the nine months ended December 31, 2025 is as follows: At December 31, 2025, there were no share purchase warrants issued and outstanding. (e) Restricted share units The Company has a shareholder approved “10% rolling” restricted share unit plan (the “RSU Plan”) in compliance with the TSX-V’s policies. Under the RSU Plan, the maximum number of RSU’s reserved for issuance may not exceed 10% of the total number of issued and outstanding common shares at the time of granting. Number of Shares Weighted Average Exercise Price Balance, fully vested and exercisable at March 31, 2025 and December 31, 2025 4,760,526 $0.63 Expiry Date Number Outstanding and Exercisable Weighted average exercise price Average Remaining Contractual Life February 9, 2026 694,737 $0.80 0.11 February 11, 2026 342,105 $1.33 0.12 May 14, 2026 223,684 $1.33 0.37 July 13, 2026 236,842 $0.95 0.54 January 6, 2027 63,158 $1.33 1.02 June 4, 2028 2,000,000 $0.59 2.43 April 26, 2028 1,200,000 $0.18 0.32 4,760,526 $0.63 1.18 Number of Warrants Weighted Average Exercise Price Balance, March 31, 2025 927,778 $0.65 Expired (927,778) $0.65 Balance, December 31, 2025 - $0.00 LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian do --- llars) 17 | P a g e 9. Share Capital (continued) (e) Restricted share units (continued) Fiscal 2026 On May 8, 2025, the Company granted 4,500,000 restricted share units to officers, directors and consultants of the Company. The restricted share units vest on September 9, 2025 following a four month vesting period. The Company recorded $90,000 of share-based payments on the granted RSU’s during the nine months ended December 31, 2025. The continuity for restricted share units for the six months ended December 31, 2025 is as follows: At December 31, 2025, there were no restricted share units issued and outstanding. (f) Share-Based Payments Reserve The share-based payment reserve records items recognized as stock-based compensation expense and other share-based payments. This reserve also includes the value attributed to warrants on unit private placements. At the time that the stock options or warrants are exercised, the corresponding amount will be transferred to share capital. The fair value of each option granted to directors, officers and consultants was estimated on the date of grant using the Black-Scholes option-pricing model. Fiscal 2026 On May 8, 2025, the Company granted 4,500,000 restricted share units to officers, directors and consultants of the Company. The restricted share units vest in four months. The fair value of the RSU’s was $90,000 and calculated by multiplying the Company’s share price at grant date by the number of RSU’s granted. The fair value will be recognized as the RSU’s vest. Fiscal 2025 On April 26, 2024, the Company granted 1,200,000 incentive stock options to directors, officers and consultants and all of which vested at the date of grant. The options are exercisable at $0.18 per share, expiring on April 25, 2026. The fair value of these options was $131,314 and was calculated using the Black-Scholes pricing model, based on the following assumptions: weighted average risk-free interest rate of 4.33%, volatility factor of 129.06% and an expected life of two years. 10. Segmented Information The Company operates in one business segment being the acquisition and exploration of exploration and evaluation assets and operates in one geographic segment being Canada. The total assets relate to exploration and evaluation assets and have been disclosed in Note 4. Number of Restricted Share Units Weighted Average Price Balance, March 31, 2025 - $0.00 Granted 4,500,000 $0.02 Issued and exercised (4,500,000) $0.02 Balance, December 31, 2025 - - LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 18 | P a g e 11. Financial Instruments and Risk Management Fair Value IFRS 7 establishes a fair value hierarchy that prioritizes the input to valuation techniques used to measure fair value as follows: Level 1 – Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities. Level 2 – Quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; and Level 3 – Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (supported by little or no market activity). The following provides the valuation method of the Company’s financial instrum --- ents as at December 31, 2025 and March 31, 2025: There were no transfers from levels or change in the fair value measurements of financial instruments for the period ended December 31, 2025 and year ended March 31, 2025. Financial Risk Management The Company’s activities expose it to a variety of financial risks including credit risk, liquidity risk and market risk. Liquidity Risk Liquidity risk is the risk that an entity will encounter difficulty in raising funds to meet commitments associated with financial instruments. The Company attempts to manage liquidity risk by maintaining a sufficient cash balance. As at December 31, 2025, the Company had cash of $473,409 which was insufficient to settle accounts payable and accrued liabilities (inclusive of amounts due to related parties) of $626,291. The Company completed a subsequent equity financing for $475,000 (Note 13). Liquidity risk on amounts due to creditors and amounts due to related parties were significant to the Company’s statement of financial position. The Company manages these risks by actively pursuing additional share capital issuances to settle its obligations in the normal course of its operating, investing, and financing activities. The Company’s ability to raise share capital is indirectly related to changing metal prices and the price of lithium and gold in particular. Market Risk Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of price risk: currency risk, interest rate risk and other price risk. Interest Rate Risk The Company has no significant exposure at December 31, 2025, to interest rate risk through its financial instruments. December 31, 2025 March 31, 2025 Cash 1 $ 473,409 $ 951,807 Reclamation deposits 1 11,000 11,000 Market securities 1 - 123,912 Financial Liabilities 1 626,291 701,654 LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 19 | P a g e 11. Financial Instruments and Risk Management (continued) Credit Risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. Financial instruments that potentially subject the Company to credit risk consist of cash, short-term investment, reclamation bonds and amounts receivable. The carrying amount of financial assets recorded in the financial statements, net of any allowances for losses, represents the maximum exposure to credit risk. The Company deposits its cash with a high credit quality major Canadian financial institution as determined by ratings agencies. The Company does not invest in asset-backed deposits or investments and does not expect any credit losses. To reduce credit risk, the Company regularly reviews the collectability of its amounts receivable and establishes an allowance based on its best estimate of potentially uncollectible amounts. The Company historically has not had difficulty collecting its amounts receivable. Currency Risk The Company has no significant exposure at December 31, 2025, to currency risk through its financial instruments. Financial assets and financial liabilities that bear interest at fixed rates are subject to fair value interest rate risk. In respect of financial assets, the Company’s policy i --- s to invest cash at floating rates of interest in order to maintain liquidity while achieving a satisfactory return. Fluctuations in interest rates impact the amount of return the Company may realize but interest rate risk is not significant to the Company. 12. Management of Capital The Company primarily considers shareholders’ equity in the management of its capital. The Company manages its capital structure and makes adjustments to it based on funds available to the Company, in order to support exploration and development of mineral properties. The Board of Directors has not established quantitative capital structure criteria management but will review on a regular basis the capital structure of the Company to ensure its appropriateness to the stage of development of the business. The Company’s objectives when managing capital are: • To maintain and safeguard its accumulated capital in order to provide an adequate return to shareholders by maintaining sufficient level of funds, to support continued evaluation and maintenance of the Company’s existing properties, and to acquire, explore and develop other precious metals, base metals and industrial mineral deposits; • To invest cash on hand in highly liquid and highly rated financial instruments with high credit quality issuers, thereby minimizing the risk and loss of principal; and • To obtain the necessary financing if and when it is required. The properties in which the Company currently holds an interest are in the exploration stage and the Company is dependent on external financing to explore and take the project to development. In order to carry out planned exploration and development and pay for administrative costs, the Company will spend its existing working capital and attempt to raise additional amounts as needed. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. In order to facilitate the management of capital and development of its mineral properties, the Company’s management informs the Board of Directors as to the quantum of expenditures for review and approval prior to commencement of work. In addition, the Company may issue new equity, incur additional debt, enter into joint venture agreements or dispose of certain assets. When applicable, the Company’s investment policy is to hold cash in interest bearing accounts at high credit quality financial institutions to maximize liquidity. In order to maximize ongoing development efforts, the Company does not pay dividends. The Company expects to continue to raise funds, from time to time, to continue meeting its capital management objectives. LINEAR MINERALS CORP. (formerly FE Battery Metals Corp.) Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Unaudited - expressed in Canadian dollars) 20 | P a g e 12. Management of Capital (continued) There were no changes in the Company’s approach to capital management during the period ended December 31, 2025, compared to the year ended to March 31, 2025. The Company is not subject to externally imposed capital requirements. Further information relating to management of capital is disclosed in Note 1. 13. Subsequent Events Subsequent to December 31, 2025, • the Company closed its non-brokered private placement as announced on December 10, 2025. As part of the closing, the Company will issue 9,500,000 hard-dollar units at a --- price of $0.05 cents per share and one common share purchase warrant for gross proceeds of $475,000. Each hard-dollar warrant entitles the holder to purchase one common share at a price of $0.25 cents for a period of one year from the issue date; • the Company had 1,036,842 stock options that expired unexercised; and • the Company issued 1,250,000 common shares pursuant the Rose East Lithium property option agreement (Note 6) and issued 2,250,000 common shares pursuant the Lac Coulombre property option agreement (Note 6).