SEDAR Interim Financial Statements

EAST WEST MINERALS LTD. (formerly East West Petroleum Corp.) CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 (Unaudited - Expressed in Canadian Dollars) NOTICE OF NO AUDITOR REVIEW OF CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS In accordance with National Instrument 51-102 Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of these condensed consolidated interim financial statements they must be accompanied by a notice indicating that the condensed consolidated interim financial statements have not been reviewed by an auditor. The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company’s management. The Company’s auditors have not performed a review of these condensed consolidated interim financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditor. Page 2 EAST WEST MINERALS LTD. (formerly East West Petroleum Corp.) CONDENSED CONSOLIDATED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited - Expressed in Canadian Dollars) _____________________________________________________________________________________________ Note December 31, 2025 $ March 31, 2025 $ ASSETS Current assets Cash 1,214,732 4,162,445 GST receivable 4,680 5,591 Prepaid expenses 10,780 13,865 TOTAL ASSETS 1,230,192 4,181,901 LIABILITIES Current liabilities Accounts payable and accrued liabilities 169,643 162,855 TOTAL LIABILITIES 169,643 162,855 SHAREHOLDERS’ EQUITY Share capital 6 34,510,191 37,224,841 Share-based compensation reserve 5,562,553 5,562,553 Deficit (39,012,195) (38,768,348) TOTAL SHAREHOLDERS’ EQUITY 1,060,549 4,019,046 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY 1,230,192 4,181,901 Nature of Operations - see Note 1 These condensed consolidated interim financial statements were approved for issue by the Board of Directors on February 13, 2026 and are signed on its behalf by: /s/ Mark T. Brown /s/ Nick DeMare Mark Brown Nick DeMare Director Director The accompanying notes are an integral part of these condensed consolidated interim financial statements. Page 3 EAST WEST MINERALS LTD. (formerly East West Petroleum Corp.) CONDENSED CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited - Expressed in Canadian Dollars) ______________________________________________________________________________________________________ Three Months Ended December 31, Nine Months Ended December 31, Note 2025 $ 2024 $ 2025 $ 2024 $ Expenses Accounting and administrative 7(b) 7,500 7,450 29,100 36,400 Audit and related - - 35,000 75,000 Corporate development - 1,170 1,950 3,599 Executive management compensation 7(a) 12,300 12,978 43,029 52,578 Insurance 3,645 7,325 11,959 16,158 Legal 4,881 4,833 58,653 119,452 Office and other 6,497 6,848 24,451 31,891 Professional fees 1,650 2,138 6,810 6,473 Regulatory fees 1,475 1,523 9,689 8,096 Share-based compensation 6(e) - - - 147,000 Shareholder costs - 3,756 6,277 10,096 Transfer agent fees 8,669 5,052 27,888 19,485 46,617 53,073 254,806 526,228 Loss before other items (46,617) (53,073) (254,806) (526,228) Other items Interest income 8,765 46,731 74,197 215,731 Foreign exchange (1,022) 197,076 (63,238) 184,831 Gain on sale of disposal group 4 - - - 1,366,563 7,743 243,807 10,959 1,767,125 Comprehensive (loss) income for the --- period (38,874) 190,734 (243,847) 1,240,897 Basic (loss) income per common share $(0.00) $0.02 $(0.03) $0.14 Basic weighted average number of common shares outstanding 9,048,558 9,048,558 9,048,558 9,048,558 Diluted (loss) income per common share - $0.02 - $0.14 Diluted weighted average number of common shares outstanding - 9,048,558 - 9,022,233 The accompanying notes are an integral part of these condensed consolidated interim financial statements. Page 4 EAST WEST MINERALS LTD. (formerly East West Petroleum Corp.) CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited - Expressed in Canadian Dollars) _________________________________________________________________________________________________________ Nine Months Ended December 31, 2025 Share Capital Reserves Number of Shares* Amount $ Share-Based Compensation $ Deficit $ Total Shareholders’ Equity $ Balance at March 31, 2025 9,048,558 37,224,841 5,562,553 (38,768,348) 4,019,046 Distribution of capital (Note 6(c)) - (2,714,650) - - (2,714,650) Net loss for the period - - - (243,847) (243,847) Balance at December 31, 2025 9,048,558 34,510,191 5,562,553 (39,012,195) 1,060,549 Nine Months Ended December 31, 2024 Share Capital Reserves Number of Shares* Amount $ Share-Based Compensation $ Deficit $ Total Shareholders’ Equity $ Balance at March 31, 2024 8,958,558 39,868,761 5,337,703 (39,899,578) 5,306,886 Common shares issued for: - exercise of share options 90,000 54,000 - - 54,000 Transfer on exercise of share options - 16,650 (16,650) - - Share-based compensation - - 147,000 - 147,000 Distribution of capital (Note 6(c)) - (2,714,570) - - (2,714,570) Net income for the period - - - 1,240,897 1,240,897 Balance at December 31, 2024 9,048,558 37,224,841 5,468,053 (38,658,681) 4,034,213 * The share numbers have been adjusted to reflect a consolidation of the Company’s share capital on a one new for 10 old basis effective October 6, 2025. The accompanying notes are an integral part of these condensed consolidated interim financial statements. Page 5 EAST WEST MINERALS LTD. (formerly East West Petroleum Corp.) CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (Unaudited - Expressed in Canadian Dollars) _______________________________________________________________________________________________________ Nine Months Ended December 31, 2025 $ 2024 $ Operating activities Net (loss) income for the period (243,847) 1,240,897 Adjustments for: Share-based compensation - 147,000 Gain on sale of disposal group - (1,366,563) Changes in non-cash working capital items: GST receivable 911 (5,130) Prepaid expenses 3,085 (1,435) Accounts payable and accrued liabilities 6,788 26,387 Net cash (used in) provided by operating activities (233,063) 41,156 Investing activity Proceeds on sale of disposal group - 381,620 Net cash provided by investing activity - 381,620 Financing activities Issuance of common shares - 54,000 Distribution of capital (2,714,650) (2,714,570) Net cash used in financing activities (2,714,650) (2,660,570) Net change in cash (2,947,713) (2,237,794) Cash at beginning of period - continuing operations 4,162,445 6,277,354 Cash at beginning of period - discontinued operations - 122,657 4,162,445 6,400,011 Cash at end of period - continuing operations 1,214,732 4,162,217 Supplemental non-cash flow information - see Note 9 The accompanying notes are an integral part of these condensed consolidated interim financial statements. Page 6 EAST WEST MINERALS --- LTD. (formerly East West Petroleum Corp.) NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 (Unaudited - Expressed in Canadian Dollars) _____________________________________________________________________________________________ 1. Nature of Operations The Company was incorporated on October 23, 1987 under the provisions of the Company Act (British Columbia). On October 6, 2025 the Company changed its name to East West Minerals Ltd. and consolidated its common shares on a ten old for one new basis. The Company’s common shares trade on the TSX Venture Exchange (“TSXV”) under the symbol “EW”. The Company’s principal office is located at Suite 1305 - 1090 West Georgia Street, Vancouver, British Columbia V6E 3V7 Canada. The Company was previously a junior oil and gas company which was engaged in the exploration, development and production from certain of its oil and gas properties. On April 9, 2024 the Company closed on an agreement to dispose of the majority of its oil and gas properties, as described in Note 4. These assets represented the sole source of operating cash flow to the Company. As at December 31, 2025 the Company had working capital of $1,060,549. The Company believes that it has sufficient financial resources to maintain ongoing levels of overhead for the upcoming twelve month period. The Company monitors its cash and adjusts its expenditure plans to conform to available funding. 2. Basis of Preparation Statement of Compliance These condensed consolidated interim financial statements have been prepared in accordance with International Accounting Standards (“IAS”) 34, Interim Financial Reporting using the Principles of IFRS Accounting Standards issued by the International Accounting Standards Board (“IASB”). Basis of Measurement These condensed consolidated interim financial statements have been prepared on a historical cost basis except for certain financial instruments which are measured at fair value. The condensed consolidated interim financial statements are presented in Canadian dollars unless otherwise stated. Details of the Group In addition to the Company, these consolidated financial statements include all wholly-owned subsidiaries. On July 10, 2018 the Company incorporated East West Oil & Gas Limited (“EW Oil & Gas”) under the provisions of the Company Act (British Columbia) to hold all of the Company’s direct and indirect oil and gas interests. The Company’s significant subsidiary, East West Petroleum (NZ) Limited (“EWNZ”), previously was engaged in the exploration, development and production from its oil and gas properties in New Zealand. See Note 4. As of December 31, 2025 EWNZ remains a wholly-owned subsidiary of the Company but has no assets, liabilities or on-going activities. Subsidiaries are all corporations over which the Company is able, directly or indirectly, to control financial and operating policies, which is the authority usually connected with holding majority voting rights. Subsidiaries are fully consolidated from the date on which control is acquired by the Company. Inter-company transactions and balances are eliminated upon consolidation. They are de-consolidated from the date that control by the Company ceases. 3. Material Accounting Policy Information These condensed consolidated interim financial statements have been prepared on a basis consistent with the material accounting policies disclosed in the consolidated financial statement --- s for the year ended March 31, 2025. Accordingly, they should be read in conjunction with the consolidated financial statements for the year ended March 31, 2025. Page 7 EAST WEST MINERALS LTD. (formerly East West Petroleum Corp.) NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 (Unaudited - Expressed in Canadian Dollars) _____________________________________________________________________________________________ 3. Material Accounting Policy Information (continued) Accounting Standards Issued but Not Yet Effective IFRS 18, Presentation and Disclosure in Financial Statements, which will replace IAS 1, Presentation of Financial Statements aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation and disaggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently evaluating the impact of IFRS 18 adoption on the Company’s consolidated financial statements. 4. Disposition of Disposal Group On October 31, 2023 the Company entered into an interim agreement (the “Interim Agreement”) with Cheal Petroleum Limited (Cheal”), the owner of a 70% interest in PMP 60291 and operator, whereby Cheal would purchase the Company’s 30% interest in PMP 60291. The key terms of the Interim Agreement were as follows: (i) purchase price of US $1,000,000, adjusted for operations after July 31, 2023 to closing of the sale (totalling US $459,490); (ii) Cheal assumes all reclamation obligations; (iii) contingent consideration of US $350,000 should an additional well be drilled and completed; and (iv) refundable deposit of $334,563 (US $250,000) (the “Deposit”) on signing of a definitive agreement. On January 10, 2024 the Company and Cheal entered into a definitive agreement (the “Asset Sale and Purchase Agreement”) which formalized the terms under the Interim Agreement and the Company received the Deposit. On April 9, 2024 the Company and Cheal closed the Asset Sale and Purchase Agreement and the Company received net cash proceeds of $381,620 (US $290,510) and the release of the Deposit, recognizing a gain of $1,366,563. 5. Exploration and Evaluation Assets In fiscal 2010 the Company was awarded four exploration blocks located in the Pannonian Basin, in western Romania. On October 27, 2011 the Company and Naftna Industrija Srbije j.s.c. Novi Sad (“NIS”), an arm’s length corporation, signed a farm-out agreement (the “Farm-out”). Under the terms of the Farm-out, for the assignment of an 85% participation interest and operatorship, NIS has the obligation to fund all exploration and development costs on the blocks. The Company retained a 15% carried interest in each block. During fiscal 2024 two exploration blocks lapsed and, as at September 30, 2025, two exploration blocks, EX-7 And EX-8, remained in good standing. NIS continues to fund all costs. If a commercial discovery is made, the Company will be responsible for its 15% interest in development of the commercial discovery. Since early 2021 there has been a disagreement with respect to whether a commercial discovery was made and --- since that date the Company has been working to sell this retained interest. To date no progress has been made by NIS as operator. The carrying value of the Romanian asset was $nil as at December 31, 2025. Page 8 EAST WEST MINERALS LTD. (formerly East West Petroleum Corp.) NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 (Unaudited - Expressed in Canadian Dollars) _____________________________________________________________________________________________ 6. Share Capital (a) Authorized Share Capital The Company’s authorized share capital consisted of an unlimited number of common shares without par value. All issued common shares are fully paid. (b) Share Consolidation On October 6, 2025 the Company completed a consolidation of its share capital on a ten old for one new basis. The share and per share amounts have been adjusted within these condensed consolidated interim financial statements to reflect the share consolidation. (c) Share Capital Reductions On September 6, 2024 the Company effected an initial return of capital to its shareholders by way of a cash distribution totalling $2,714,570, resulting in a reduction in the stated capital of the Company. On October 2, 2025 the Company effected a second return of capital to its shareholders by way of a cash distribution totalling $2,714,650. (d) Equity Financings No equity financings were conducted by the Company during the nine months ended December 31, 2025 or fiscal 2025. (e) Share Option Plan The Company has established a rolling share option plan (the “Plan”) in which the maximum number of common shares which can be reserved for issuance under the Plan is 10% of the issued and outstanding shares of the Company. The minimum exercise price of the share options is set at the Company’s closing share price on the day before the grant date, less allowable discounts in accordance with the policies of the TSXV. Options granted may be subject to vesting provisions as determined by the Board of Directors and have a maximum term of ten years from the date of grant. The business purpose for share option grants is that they form part of the Company’s compensation packages. No share options were granted or vested during the nine months ended December 31, 2025. During the nine months ended December 31, 2024 the Company granted share options to purchase 210,000 common shares of the Company and recorded compensation expense of $147,000. The fair value of share options granted during the nine months ended December 31, 2024 were estimated using the Black-Scholes option pricing model using the following assumptions: risk-free interest rate of 3.52%; estimated volatility of 90%; expected life of 5 years; expected dividend yield of 0%; and estimated forfeiture rate of 0%. The estimated volatility was based on the historical share prices of the Company. The weighted average grant date fair value of all share options granted during the nine months ended December 31, 2024 was $0.70 per share option. Option-pricing models require the use of estimates and assumptions including the expected volatility. Changes in the underlying assumptions can materially affect the fair value estimates and, therefore, existing models do not necessarily provide a reliable measure of the fair value of the Company’s share options. Page 9 EAST WEST MINERALS LTD. (formerly East West Petroleum Corp.) NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR --- THE NINE MONTHS ENDED DECEMBER 31, 2025 (Unaudited - Expressed in Canadian Dollars) _____________________________________________________________________________________________ 6. Share Capital (continued) A summary of the Company’s share options at December 31, 2025 and 2024 and the changes for the nine months ended on those dates, is as follows: 2025 2024 Number of Options Outstanding Weighted Average Exercise Price $ Number of Options Outstanding Weighted Average Exercise Price $ Balance, beginning of period 525,000 0.76 229,000 0.70 Granted - - 210,000 1.00 Exercised - - (90,000) 0.60 Expired (50,000) 0.60 (40,000) 1.00 Balance, end of period 475,000 0.78 309,000 0.90 The following table summarizes information about the share options outstanding and exercisable at December 31, 2025: Number of Shares Exercise Price $ Expiry Date 210,000 1.00 July 4, 2029 265,000 0.60 February 6, 2030 475,000 7. Related Party Disclosures A number of key management personnel, or their related parties, hold positions in other entities that result in them having control or significant influence over the financial or operating policies of those entities. Certain of these entities transacted with the Company during the reporting period. Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consists of members of the Company’s Board of Directors and its executive officers. (a) During the nine months ended December 31, 2025 the Company incurred $43,029 (2024 - $52,578) for executive management compensation to its key management personnel. As at December 31, 2025 $nil (March 31, 2025 - $1,000) remained unpaid and has been included in accounts payable and accrued liabilities. During the nine months ended December 31, 2024 the Company also recorded $105,000 share-based compensation for share options granted to key management personnel. (b) During the nine months ended December 31, 2025 the Company incurred a total of $29,100 (2024 - $36,400) to Chase Management Ltd. (“Chase”), a private corporation owned by the interim CEO of the Company, for accounting and administration services provided by Chase personnel. As at December 31, 2025 $1,500 (March 31, 2025 - $1,000) remained unpaid and has been included in accounts payable and accrued liabilities. 8. Financial Instruments and Risk Management The nature of the Company’s operations expose the Company to credit risk, liquidity risk and market risk, and changes in commodity prices, foreign exchange rates and interest rates may have a material effect on cash flows, net income and comprehensive income. This note provides information about the Company’s exposure to each of the above risks as well as the Company’s objectives, policies and processes for measuring and managing these risks. Page 10 EAST WEST MINERALS LTD. (formerly East West Petroleum Corp.) NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 (Unaudited - Expressed in Canadian Dollars) _____________________________________________________________________________________________ 8. Financial Instruments and Risk Management (continued) The Company’s risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and to monitor market conditions and the Company’s activities. --- The Board of Directors has overall responsibility for the establishment and oversight of the Company’s risk management framework and policies. Credit Risk Credit risk is the risk of loss associated with a counterparty’s inability to fulfill its payment obligations. The Company’s credit risk is primarily attributable to cash. Management believes that the credit risk concentration with respect to cash is remote as cash is held with high quality financial institutions. Liquidity Risk Liquidity risk is the risk that the Company will not have the resources to meet its obligations as they fall due. The Company manages this risk by closely monitoring cash forecasts and managing resources to ensure that it will have sufficient liquidity to meet its obligations. All of the Company’s financial liabilities are classified as current and are anticipated to mature within the next fiscal period. The following table is based on the contractual maturity dates of financial assets and the earliest date on which the Company can be required to settle financial liabilities. Contractual Maturity Analysis at December 31, 2025 Less than 3 Months $ 3 - 12 Months $ 1 - 5 Years $ Over 5 Years $ Total $ Cash 1,214,732 - - - 1,214,732 Accounts payable and accrued liabilities (169,643) - - - (169,643) Contractual Maturity Analysis at March 31, 2025 Less than 3 Months $ 3 - 12 Months $ 1 - 5 Years $ Over 5 Years $ Total $ Cash 4,162,445 - - - 4,162,445 Accounts payable and accrued liabilities (162,855) - - - (162,855) Market Risk Market risk is the risk that changes in foreign exchange rates, commodity prices and interest rates will affect the Company’s cash flows, net income and comprehensive income. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while maximizing returns. Foreign Currency Risk The Company’s functional currency is the Canadian dollar. The Company maintains foreign currency bank accounts to support the cash needs of its foreign operations. Management believes the foreign exchange risk related to currency conversions is minimal and therefore does not hedge its foreign exchange risk. As at December 31, 2025 the Company’s only foreign exchange exposure was US $47,436 cash held. A 10% fluctuation on the Canadian Dollar against the US Dollar would result in the Company’s comprehensive income (loss) being approximately $6,200 higher (or lower). Interest Rate Risk Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates. The Company is exposed to interest rate fluctuations on its cash which bears a floating rate of interest. The risk is not considered significant. The Company did not have any interest rate swaps or financial contracts in place during the nine months ended December 31, 2025 or fiscal 2025 and any variations in interest rates would not have materially affected net income or loss. Page 11 EAST WEST MINERALS LTD. (formerly East West Petroleum Corp.) NOTES TO THE CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 (Unaudited - Expressed in Canadian Dollars) _____________________________________________________________________________________________ 8. Financial Instruments and Risk Management (continued) Fair Value of Financial Instruments Financial instruments are classified into one of the following categories: FVTPL; amortized cost; fair value through other comprehensive inco --- me (“FVOCI”); and other financial liabilities. The carrying values of the Company’s financial instruments are classified into the following categories: Financial Instrument Category December 31, 2025 $ March 31, 2025 $ Cash Amortized cost 1,214,732 4,162,445 Accounts payable and accrued liabilities Amortized cost (169,643) (162,855) The Company’s financial instruments recorded at fair value require disclosure about how the fair value was determined based on significant levels of inputs described in the following hierarchy: Level 1 - Quoted prices are available in active markets for identical assets or liabilities as of the reporting date. Active markets are those in which transactions occur in sufficient frequency and value to provide pricing information on an ongoing basis. Level 2 - Pricing inputs are other than quoted prices in active markets included in Level 1. Prices in Level 2 are either directly or indirectly observable as of the reporting date. Level 2 valuations are based on inputs including quoted forward prices for commodities, time value and volatility factors, which can be substantially observed or corroborated in the market place. Level 3 - Valuations in this level are those with inputs for the asset or liability that are not based on observable market data. The recorded amounts for accounts payable and accrued liabilities approximate their fair value due to their short-term nature. The Company’s fair value of cash under the fair value hierarchy is measured using Level 1 inputs. Capital Management The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company. The Board of Directors does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company’s management to sustain development of the business. The Company defines capital that it manages as share capital. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company’s share capital is not subject to any external restrictions. The Company has not paid or declared any dividends since the date of incorporation, nor are any currently contemplated. There have been no changes to the Company’s approach to capital management during the period. 9. Supplemental Cash Flow Information During the nine months ended December 31, 2025 and 2024 non-cash activities were conducted by the Company as follows: 2025 $ 2024 $ Financing activities Issuance of common shares - 16,650 Share-based payments reserve - (16,650) - - Page 12