SEDAR Interim Financial Statements

Enerev5 Metals Inc. November 30, 2025 Enerev5 Metals Inc. CONDENSED INTERIM FINANCIAL STATEMENTS For the three months ended November 30, 2025 (Expressed in Canadian Dollars) Enerev5 Metals Inc. November 30, 2025 3 RESPONSIBILITY FOR FINANCIAL STATEMENTS The accompanying unaudited condensed consolidated interim financial statements (the “Financial Statements”) for Enerev5 Metals Inc. (the "Company") have been prepared by management in accordance with International Financial Reporting Standards consistently applied (“IFRS”). These financial statements have been prepared on a historical cost basis with the exception of financial instruments classified as fair value through profit and loss. In addition, these financial statements have been prepared using the accrual basis of accounting except for cash flow information. Accordingly, a precise determination of many assets and liabilities is dependent upon future events. Therefore, estimates and approximations have been made using careful judgment. Recognizing that the Company is responsible for both the integrity and objectivity of the financial statements, management is satisfied that these financial statements have been fairly presented. NOTICE OF NO AUDITOR REVIEW OF REVIEW OF INTERIM FINANCIAL STATEMENTS Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the unaudited condensed consolidated interim financial statements they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The accompanying unaudited condensed consolidated interim financial statements of the Company as at and for the six months ended November 30, 2025, have been prepared by and are the responsibility of the Company's management. The Company's independent auditor has not performed a review of these financial statements in accordance with standards established by the Canadian Chartered Professional Accountants for a review of interim financial statements by an entity's auditor. Enerev5 Metals Inc. November 30, 2025 4 Enerev5 Metals Inc. Condensed Interim Statements of Financial Position (Expressed in Canadian dollars) As at November 30 May 31 2025 2025 $ $ ASSETS Current Cash 2,144 3,043 Other receivables 5,977 2,662 Total assets 8,121 5,705 LIABILITIES Current Trade and other payables (note 7) 345,038 319,759 Short-term loans (note 4) 92,777 54,823 Total current liabilities 437,815 374,582 Other liabilities (note 5) 164,336 164,336 Total liabilities 602,151 538,918 SHAREHOLDERS' DEFICIENCY Common shares, reserves and contributed surplus (note 6) 37,507,612 37,507,612 Deficit (38,101,642) (38,040,825) Total shareholders’ deficiency (594,030) (533,213) Total liabilities and shareholders’ deficiency 8,121 5,705 Nature of operations and going concern (note 1) Contingencies (note 13) Subsequent events (note 14) Approved on behalf of the board: (signed) “M. Cachia” (signed) “Errol Farr” Director Director The accompanying notes are an integral part of these Condensed Interim Financial Statements. Enerev5 Metals Inc. November 30, 2025 5 Enerev5 Metals Inc. Condensed Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars) For the three months ended For the six months ended November 30 2025 November 30 2024 November 30 2025 November 30 2024 $ $ $ $ Expenses General and administrative (note 7 and 8) 27,005 67,656 58,154 131,012 Share-based compensation (note 7) - 2,170 - 4,340 Interest 2,498 2 --- ,807 2,663 5,767 Net loss and comprehensive loss for the period 29,503 72,633 60,817 141,119 Loss per share – basic and fully diluted 0.00 0.00 0.00 0.00 Weighted average shares outstanding – basic and fully diluted 278,883,918 246,067,492 278,883,918 241,579,014 The accompanying notes are an integral part of these Condensed Interim Financial Statements. Enerev5 Metals Inc. November 30, 2025 6 Enerev5 Metals Inc. Condensed Interim Statements of Cash Flows (Expressed in Canadian dollars) For the six months ended November 30 2025 2024 $ $ Operating activities Net loss for the period (60,817) (141,119) Items not affecting cash: Share-based compensation - 4,340 Interest - 4,957 Net change in non-cash working capital balances related to operating activities: Other receivables (3,315) 15,274 Trade and other payables 25,279 65,687 Cash used in operating activities (38,853) (50,861) Financing activities Issuance of common shares - 45,000 Share issuance costs - (2,000) Short term loans 37,954 28,298 Cash provided from financing activities 37,954 71,298 Net increase (decrease) in cash (899) 20,437 Cash, beginning of the period 3,043 976 Cash, end of the period 2,144 21,413 The accompanying notes are an integral part of these Condensed Interim Financial Statements. Enerev5 Metals Inc. November 30, 2025 7 Enerev5 Metals Inc. Condensed Interim Statements of Shareholders’ Deficiency (Expressed in Canadian dollars) Share Capital Warrants Stock options Contributed surplus Sub-total Deficit Total # $ $ $ $ $ $ $ Balance, May 31, 2024 241,082,718 29,562,545 281,057 112,917 7,169,030 37,125,549 (37,803,456) (677,907) Issuance of common shares 4,500,000 45,000 - - - 45,000 - 45,000 Issuance of warrants - (18,354) 18,354 - - - - - Common share debt settlement 33,301,200 333,012 - - - 333,012 - 333,012 Share issuance costs - (1,184) (816) - - (2,000) - (2,000) Expiry of warrants - - (108,116) - 108,116 - - - Stock options expired - - - (26,333) 26,333 - - - Share-based compensation - - - 4,340 - 4,340 - 4,340 Net loss for the period - - - - - - (141,119) (141,119) Balance, November 30, 2024 278,883,918 29,921,019 190,479 90,924 7,303,479 37,505,901 (37,944,575) (438,674) Stock options expired - - - - - - - - Share-based compensation - - - 1,711 - 1,711 - 1,711 Net loss for the period - - - - - - (96,250) (96,250) Balance, May 31, 2025 278,883,918 29,921,019 190,479 92,635 7,303,479 37,507,612 (38,040,825) (533,213) Net loss for the period - - - - - - (60,817) (60,817) Balance, November 30, 2025 278,883,918 29,921,019 190,479 92,635 7,303,479 37,507,612 (38,101,642) (594,030) The accompanying notes are an integral part of these Condensed Interim Financial Statements Enerev5 Metals Inc. Notes to the Condensed Interim Financial Statements November 30, 2025 (Expressed in Canadian dollars) Enerev5 Metals Inc. November 30, 2025 8 1. Nature of operations and going concern uncertainty Enerev5 Metals Inc., (“Enerev5” or the “Company”), was incorporated under the laws of the Province of Ontario. The Company’s shares are listed on the TSX Venture Exchange. The registered head office of the Company is located at 123 Imperial Crescent, Bradford, Ontario, L3Z 2N3. The Financial Statements of the Company have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The Company has presented the Financial Statements for the three and six-month periods ended November 30, 2025, and th --- e comparative figures for the three and six-month periods ended November 30, 2024. The Financial Statements have been prepared by management and approved by the Board of Directors on January 29, 2026. These 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. The Company is at an early stage of development and as is common with many exploration companies, it raises financing for its exploration and acquisition activities. As at November 30 2025, the Company had no sources of operating cash flows. The Company will therefore require additional funding which, if not raised, would result in the curtailment of activities and project delays. As at November 30, Enerev5 had a working capital deficit of $429,694 (a working capital deficit of $368,877 as at May 31, 2025), and has incurred losses since inception resulting in an accumulated operating deficit of $38,101,642. The Company’s ability to continue as a going concern is uncertain and is dependent upon its ability to continue to raise adequate financing. There can be no assurance that the Company will be successful in this regard, and therefore, there is substantial doubt regarding the Company’s ability to continue as a going concern, and accordingly, the use of accounting principles applicable to a going concern. These Financial Statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. If the going concern assumption were not appropriate for these Financial Statements, then adjustments to the carrying values of the assets and liabilities, the expenses and the balance sheet classifications, which could be material, would be necessary. The ability of the Company to arrange the financing commitments in the future will depend in part upon the prevailing capital market conditions as well as the business performance of the Company. There can be no assurance that the Company will be successful in its efforts to arrange additional financing, if needed. 2. Significant accounting policies These Financial Statements have been prepared in accordance with IFRS as issued by the IASB applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. The Financial Statements do not include all financial risk management information and disclosures as required in the audited annual financial statements. The Financial Statements should be read in conjunction with the audited annual financial statements for the year ended May 31, 2025, which have been prepared in accordance with IFRS as issued by the IASB. The accounting policies and methods of computation remain the same as presented in the audited annual financial statements for the year ended May 31, 2025. In the opinion of management, all adjustments considered necessary for fair presentation have been included in these Financial Statements. The interim results for the three and six-month periods ended November 30, 2025, may not be indicative of the results for the year ending May 31, 2026. New accounting standards and interpretations IFRS 18 - Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18, Presentation and Disclosure of Financial Statements (IFRS 18), which replaces IAS 1 , Presentation of Financial Statements. IFRS 18 introduces a specified Ene --- rev5 Metals Inc. Notes to the Condensed Interim Financial Statements November 30, 2025 (Expressed in Canadian dollars) Enerev5 Metals Inc. November 30, 2025 9 structure for the income statement by requiring income and expenses to be presented into the three defined categories of operating, investing and financing, and by specifying certain defined totals and subtotals. Where company-specific measures related to the income statement are provided, IFRS 18 requires companies to disclose explanations around these measures, which are referred to as management defined performance measures. IFRS 18 also provides additional guidance on principles of aggregation and disaggregation which apply to the primary financial statements and the notes. IFRS 18 will not affect the recognition and measurement of items in the financial statements, nor will it affect which items re classified in other comprehensive income and how these items are classified. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim statements. Retrospective application is required, and early application is permitted. The Company is currently assessing the effect of this new standard on its financial statements. 3. Exploration and evaluation costs Exploration and evaluation costs have been expensed as incurred; the cumulative expenditures are as follows: $ Balance, May 31, 2024, May 31, 2025 and November 30, 2025 286,519 Barbara Bay On October 31, 2022, the Company acquired through staking by arm’s length stakers, 447 mining claims comprising approximately 24,000 hectares in the Province of Quebec. The Company paid $2,000 for staking costs and $30,731 in government claims costs. On December 5, 2022, the Company completed the acquisition of an additional 171 mining claims, comprising approximately 9,234 hectares in the Province of Quebec, for a total consideration of 5,000,000 common shares of the Company (the "Consideration Shares"). In October 2025, these claims were allowed to lapse. Goals Met The Goals Met claims were acquired through the staking of 135 mining claims comprising approximately 7,290 hectares in the Province of Quebec using arm’s length stakers. The Company paid $1,000 for staking costs and $9,281 in government claims costs. In October 2025, these claims were allowed to lapse. 4. Short term loans On November 18, 2024, the Company settled the outstanding loans and accrued interest with the issuance of common shares in the amount of $143,261. During the year ended May 31, 2025, the Company received advances totaling $48,352. Interest, at a rate of 7.2%, is accruing, resulting in interest costs of $6,471 for the year ended May 31, 2025 ($8,372 in 2024). These loans are from shareholders of the Company, are unsecured, due on demand and have no fixed terms of repayment. $ Balance, May 31, 2024 143,261 Repayment of loan advances and interest with the issuance of common shares (143,261) Loan advances 48,352 Accrued interest, including on previous loans to the settlement date 6,471 Balance, May 31, 2025 54,823 Loan advances 35,649 Accrued interest 2,305 Balance, November 30, 2025 92,777 Enerev5 Metals Inc. Notes to the Condensed Interim Financial Statements November 30, 2025 (Expressed in Canadian dollars) Enerev5 Metals Inc. November 30, 2025 10 5. Other liabilities As at May 31, 2025, the Company had other liabilities of $164,336 (May 31, 2024 - $164,336), relating to the transfer of $164,336 of accounts payable (the --- “Statute-barred Claims”) to other liabilities on the basis that any claims in respect of the Statute-barred Claims were statute-barred under the Limitations Act (Ontario). The Statute-barred Claims related to third party liabilities incurred by prior management of the Company prior to August 2018. However, for accounting purposes under IFRS, a debt can only be removed from the Company’s Statement of Financial Position when it is extinguished meaning only when the contract is discharged or canceled or expires. The effect of the Limitations Act is to prevent a creditor from enforcing an obligation, but it does not formally extinguish the debt for accounting purposes. It is the position of management of the Company that the Statute-barred Claims cannot be enforced by the creditors, do not create any obligation for the Company to pay out any cash and do not affect the financial or working capital position of the Company. The Statute-barred Claims are required to be reflected on the Company’s Statement of Financial Position as a result of the current interpretation of IFRS, but they are classified as other liabilities since the Company has no intention or obligation to pay these Statute-barred Claims and the creditors cannot enforce payment. While inclusion of these items is intended solely to comply with the requirements of IFRS, the Company in no way acknowledges any of the Statute-barred Claims. 6. Shareholders’ equity The authorized share capital of the Company is unlimited shares without par value. Share capital Share capital comprises the following: Number Amount of shares $ Balance, May 31, 2024 241,082,718 29,562,545 Issuance of common shares 4,500,000 45,000 Issuance of warrants - (18,354) Issuance of common shares for debt settlement 33,301,200 333,012 Share issuance costs - (1,184) Balance, May 31, 2025 and November 30, 2025 278,883,918 29,921,019 On November 18, 2024, the Company completed a private placement, consisting of the issuance of 4,500,000 units (the “Units”) at a price of $0.01 per Unit for gross proceeds of $45,000. Each Unit consisting of one common share and one warrant (the “Warrant”) with each warrant exercisable into one common share at a price of $0.05 until November 18, 2029. The fair value of the finder warrants was estimated to be $18,354 using the Black-Scholes option pricing model with the following weighted average assumptions - share price - $0.005, dividend yield - 0%; expected volatility – 137.2%; risk-free interest rate – 3.18%; and an expected life - 5 years. On November 18, 2024, the Company settled $333,012 in debts of the Company with the issuance of 33,301,200 common shares at an issuance price of $0.01 per share. Enerev5 Metals Inc. Notes to the Condensed Interim Financial Statements November 30, 2025 (Expressed in Canadian dollars) Enerev5 Metals Inc. November 30, 2025 11 Warrants Certain issuances of common shares include warrants entitling the holder to acquire additional common shares of the Company. A summary of the warrant activity is as follows: Warrants Weighted average exercise price # $ Balance, May 31, 2024 13,359,827 0.08 Issued 4,500,000 0.05 Expired (4,724,827) 0.15 Balance, May 31, 2025 and November 30, 2025 13,135,000 0.05 Broker warrants * 1,017,560 0.06 Balance, May 31, 2024 1,017,560 0.06 Expired (232,560) 0.10 Balance, May 31, 2025 and November 30, 2025 785,000 0.05 * Upon exercise of the broker unit, an additional warrant will be issued for each unit exercised. The compositi --- on of the outstanding warrants as at November 30, 2025 consists of the following: Expiry date Number Exercise Price Warrants September 23, 2027 2,100,000 $0.05 Warrants – Broker units* September 23, 2027 210,000 $0.05 Warrants November 9, 2027 3,750,000 $0.05 Warrants – Broker units* November 9, 2027 375,000 $0.05 Warrants December 19, 2027 2,000,000 $0.05 Warrants – Broker units* December 19, 2027 200,000 $0.05 Warrants November 20, 2029 4,500,000 $0.05 13,135,000 Warrants – Broker warrants * September 23, 2027 210,000 $0.05 Warrants – Broker warrants * November 9, 2027 375,000 $0.05 Warrants – Broker warrants * December 19, 2027 200,000 $0.05 785,000 * Upon exercise of the broker unit, an additional warrant will be issued for each unit exercised. Stock options The Company has adopted an incentive stock option plan (the “Plan”). The essential elements of the Plan provide that the aggregate number of shares of the Company’s share capital issuable pursuant to options granted under the Plan may not exceed 10% of the issued and outstanding shares. Options granted under the Plan may have a maximum term of five years. The exercise price of options granted under the Plan will not be less than the discounted market price of the shares (defined as the last closing market price of the Company’s shares immediately preceding the issuance of a news release announcing the granting of the options, less the maximum discount permitted by TSX Venture Exchange Policy) or such other price as may be agreed to by the Company and accepted by the TSX Venture Exchange. All options granted under the Plan options vest 25% on the date of grant, and 25% each on the 6, 12, and 24-month anniversaries of the grant. Options issued or granted to Investor Relations Participants must vest in stages over at least 12 months with no more than 25% of the Options vesting in any three-month period as determined by the Board. Enerev5 Metals Inc. Notes to the Condensed Interim Financial Statements November 30, 2025 (Expressed in Canadian dollars) Enerev5 Metals Inc. November 30, 2025 12 The following summary sets out the activity in the Plan: Weighted average Options exercise price # $ Balance, May 31, 2024 5,200,000 0.051 Expired (1,200,000) (0.050) Balance, May 31, 2025 and November 30, 2025 4,000,000 0.052 Exercisable, May 31, 2025 and November 30, 2025 4,000,000 0.052 Reserves for stock options are transferred to contributed surplus upon expiry of the stock options. On June 30, 2024, 1,200,000 options expired unexercised. The remaining options expire on February 8, 2028. 7. Related party transactions Compensation of key management and directors Key management compensation expense includes the Chief Executive Officer, and the Chief Financial Officer. For the six months ended November 30 2025 2024 $ $ Management fees to CEO and CFO 30,000 75,000 Directors’ fees paid or accrued 13,500 13,500 43,500 88,500 On November 18, 2024, a total of $189,750 of outstanding management and directors’ fees were settled by the issuance of 18,975,100 common shares priced at $0.01. Included in accounts payable and accrued liabilities are amounts due to related parties. The total amount due to related parties as of August 31, 2025, was $256,950 (May 31, 2025 - $242,801). During the year ended May 31, 2023, the Company granted 4,500,000 stock options to officers and directors. Share-based compensation of $nil related to directors and officers was incurred in the year ended August 31, 2025 (year en --- ded May 31, 2024 - $6,051). The Company received advances from shareholders of $35,649 during the six months ended November 30, 2025 ($48,352 during the year ended May 31, 2025). 8. General and administrative expenses For the three months ended November 30 For the six months ended November 30 2025 2024 2025 2024 $ $ $ $ Consulting, management and directors’ fees 21,750 44,250 43,500 88,500 Professional fees (legal & audit) 4,152 16,457 12,642 34,545 Office and general 1,103 6,949 2,012 7,967 27,005 67,656 58,154 131,012 9. Capital management Enerev5 Metals Inc. Notes to the Condensed Interim Financial Statements November 30, 2025 (Expressed in Canadian dollars) Enerev5 Metals Inc. November 30, 2025 13 The Company manages its capital structure and makes adjustments to it based on the funds required and available to the Company, in order to support the acquisition, exploration and development of resource properties. The Board of Directors does not establish quantitative return on capital criteria for this management, but rather relies on the expertise of the Company’s management to sustain future development of the business. In this relatively formative stage of the Company’s existence, the Company will rely on a combination of equity instruments and debt financing. The Company considers its capital to be shareholders’ equity (deficiency), which comprises capital stock, reserve for warrants, reserve for stock options, contributed surplus and deficit, which as at November 30, 2025, was a deficiency of $594,030 (May 31, 2025 – deficiency of $533,213). Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes in the Company’s approach to capital management during the six months ended November 30, 2025 and the year ended May 31, 2025. The Company is not subject to externally imposed capital requirements. 10. Financial instrument risk management a) Fair value of financial instruments The carrying value of cash, other receivables, trade and other payables and short-term loans approximates fair value due to the short-term nature of these financial instruments. b) Risk management The Company manages its exposure to a number of different financial risks arising from operations as well as from the use of financial instruments including market risks (commodity prices), credit risk and liquidity risk through its risk management strategy. The objective of the strategy is to support the delivery of the Company’s financial targets while protecting its future financial security and flexibility. Financial risks are primarily managed and monitored through operating and financing activities. The Company does not use derivative financial instruments. The financial risks are evaluated regularly with due consideration to changes in key economic indicators and to up-to-date market information. The Company’s risk exposures and the impact on the Company’s financial instruments are summarized below: Credit risk Credit risk is the risk of loss associated with a counter-party’s inability to fulfill its payment obligations. The Company is exposed to credit risk with respect to its cash. To minimize this risk, cash has been placed with major Canadian financial institutions. Liquidity risk Liquidity risk is the risk that the Company cannot meet a demand for cash or fund its obligations as they come due. The Company ensures that there is sufficient --- capital in order to meet annual business requirements, after taking into account administrative, property holding and exploration budgets, against cash and short-term investments. As at November 30, 2025, the Company has $2,144 in cash and current liabilities of $437,815. As the Company does not have operating cash flow, the Company has and will continue to rely primarily on equity financing to meet its capital requirements. Enerev5 Metals Inc. Notes to the Condensed Interim Financial Statements November 30, 2025 (Expressed in Canadian dollars) Enerev5 Metals Inc. November 30, 2025 14 Market risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates and foreign exchange rates. Foreign currency risk The Company’s functional currency is the Canadian Dollar. There were no operational expenses and expenditures incurred by the Company in other currencies. The Company has not entered into any agreements or purchased any instruments to hedge possible currency risks. Interest rate risk Cash flow interest rate risk is the risk that future cash flow of financial instruments will fluctuate because of changes in market interest rates. Financial assets and liabilities with variable interest rates expose the Company to cash flow interest rate risk. 11. Loss per share For the six months ended November 30, 2025, basic and diluted loss per share has been calculated based on the loss attributable to common shareholders of $60,817 (six months ended November 30, 2024 - $141,119) and the weighted average number of common shares outstanding of 278,883,918 (six months ended November 30, 2024 – 241,579,014). Diluted loss per share did not include the effect of stock options and warrants as they are anti-dilutive. For the three months ended November 30, 2025, basic and diluted loss per share has been calculated based on the loss attributable to common shareholders of $29,503 (three months ended November 30, 2024 - $72,633) and the weighted average number of common shares outstanding of 278,883,918 (six months ended November 30, 2024 – 241,579,014). Diluted loss per share did not include the effect of stock options and warrants as they are anti-dilutive. 13. Contingencies On April 23, 2024, a director of the Company was served with a statement of claim on behalf of the Company. TIAfrica Ltd. (“TIAfrica”), a company based in the Democratic Republic of Congo, claims that on or about the 16th of January, 2019, it signed a Letter of Intent (“LOI”) with the Company, enforceable and binding under which: (a) in exchange for the purchase of 4,333,333 shares of the Company by TIAfrica, the Company would build a hydroxide plant and would hire TIAfrica to hire staff and to take care of everything related to human and administrative resources; and (b) the Company would hire the plaintiff for all its needs in human resources and administrative services on any other mining site where it would be involved on the African continent. The statement of claim claims a sum in Canadian dollars equal to US$500,000 in compensatory damages, under contract or tort, an additional sum of CAD$300,000 for loss of business opportunities, interest, and costs. TIAfrica alleges that the Company breached its contractual obligations by not building the plant and not hiring it for this project. TIAfrica further alleges that the Company also failed in its duty to perform in good faith in contractual relations and did not use its discretion, where applica --- ble, in a manner consistent with good faith, and further that the representatives of the Company made negligent, false or misleading representations by explaining to the plaintiff that the establishment of a factory was imminent when it was not, and that this induced TIAfrica to enter into the LOI and incur expenses by relying on these representations, to its detriment. Management’s assessment is that the claim is without merit. Management and TIAfrica are currently in discussions to settle this claim. Enerev5 Metals Inc. Notes to the Condensed Interim Financial Statements November 30, 2025 (Expressed in Canadian dollars) Enerev5 Metals Inc. November 30, 2025 15 14. Subsequent events On January 9, 2026, the Company announced it had staked 81 mineral claims in northeastern Nevada, covering about 1,680 acres or 6.8 square kilometres across two claim blocks. Subsequent to November 30, 2025, a shareholder advanced $16,400 to cover expenses of the Company. The advances bear interest at 7.2%, are due on demand and have no fixed terms of repayment.