SEDAR Interim Financial Statements

CASSIAR GOLD CORP. CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS FOR THE THREE MONTHS ENDED DECEMBER 31, 2025 AND 2024 EXPRESSED IN CANADIAN DOLLARS (Unaudited) 2 Contents Page Notice of No Auditor Review of Interim Financial Statements 3 Condensed Consolidated Interim Statements of Financial Position 4 Condensed Consolidated Interim Statements of Comprehensive Loss 5 Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity 6 Condensed Consolidated Interim Statements of Cash Flows 7 Notes To Condensed Consolidated Interim Financial Statements 8-23 3 NOTICE OF NO AUDITOR 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 interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements. The accompanying unaudited interim financial statements of the Company 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 Chartered Professional Accountants of Canada for a review of interim financial statements by an entity’s auditor. 4 CASSIAR GOLD CORP. Condensed Consolidated Interim Statements of Financial Position (Expressed in Canadian dollars) December 31, September 30, Note 2025 2025 (Unaudited) (Audited) Assets Current assets Cash and cash equivalents $ 2,372,105 $ 4,494,509 Other receivables 107,291 219,917 Prepaids 271,292 335,174 2,750,688 5,049,600 Non-current assets Property and equipment 5 272,789 279,911 Deposits 7 1,951,000 1,951,000 Exploration and evaluation assets 8 9,467,398 9,467,398 11,691,187 11,698,309 Total assets $ 14,441,875 $ 16,747,909 Current liabilities Trade payables and accrued liabilities $ 743,680 $ 1,636,400 Flow-through share liability 11 518,532 794,393 1,262,212 2,430,793 Non-current liabilities Assets retirement obligation 10 3,725,702 3,696,408 3,725,702 3,696,408 Shareholders' equity Share capital 11 60,277,030 60,277,030 Warrants 11 1,215,548 2,053,427 Contributed surplus 11 23,762,528 22,728,070 Deficit (75,801,145) (74,437,819) 9,453,961 10,620,708 Total shareholders' equity and liabilities $ 14,441,875 $ 16,747,909 NATURE OF OPERATIONS (Note 1) GOING CONCERN (Note 2) The accompanying notes are an integral part of these condensed consolidated interim financial statements. These condensed consolidated financial statements for three months ended December 31, 2025 were authorized for issue in accordance with the resolution of the Board of Directors on February 27, 2026. Approved by the Board of Directors: “Marco Roque” “Stephen Letwin” Marco Roque. Director Stephen Letwin, Director 5 CASSIAR GOLD CORP. Condensed Consolidated Interim Statements of Net Loss and Comprehensive Loss (Expressed in Canadian dollars, Unaudited) Note 2025 2024 Expenses Consulting $ - $ 2,500 Depreciation 5, 6 7,122 30,874 Exploration and evaluation expenditure 8 1,053,378 676,715 Management fees 15 93,000 142,764 Marketing 205,795 152,803 Office and administrative 27,086 89,211 Professional Fees 44,641 59,196 Share-based compensation 11 196,579 136,809 Travel and meals 14,588 18,991 (1,642,189) (1,309,863) Interest income 32,296 58,934 Flow-through share premium 11 275,861 116,108 Accretion 10 (29,294) (23,865) Sub-lease income - 5,700 Write-off of receivables - (1,601) Net loss an --- d comprehensive loss $ (1,363,326) $ (1,154,587) Basic and diluted loss per common share $ (0.01) $ (0.01) Weighted average number of common shares outstanding - basic and diluted 147,441,800 127,120,269 Three months ended December 31 The accompanying notes are an integral part of these condensed consolidated interim financial statements. 6 CASSIAR GOLD CORP. Condensed Consolidated Interim Statements of Changes in Shareholders’ Equity (Expressed in Canadian dollars) Note Number of shares Amount Warrants Share subscription Contributed surplus Deficit Total equity Balance, September 30, 2024 (Audited) 126,146,574 $ 55,611,384 $ 2,526,246 $ 103,750 $ 21,680,614 $ (68,002,360) $ 11,919,634 Private placement 11 1,066,428 343,628 32,526 (103,750) - - 272,404 Share-based compensation 11 - - - - 136,809 - 136,809 Flow -through share discount 11 - (116,178) - - - - (116,178) Net loss - - - - - (1,154,587) (1,154,587) Balance, December 31, 2024 (Unaudited) 127,213,002 55,838,834 2,558,772 - 21,817,423 (69,156,947) 11,058,082 Common shares issued, net costs 11 17,928,298 4,820,481 643,088 - - - 5,463,569 Warrants expired 11 - - (1,148,433) - 1,148,433 - - Restricted share units issued 11 1,510,502 577,032 - - (577,032) - - Deferred share units issued 11 789,998 339,432 - - (339,432) - - Share-based payments 11 - - - - 678,678 - 678,678 Flow -through share discount 11 - (1,298,749) - - - - (1,298,749) Net loss - - - - - (5,280,872) (5,280,872) Balance, September 30, 2025 (Audited) 147,441,800 60,277,030 2,053,427 - 22,728,070 (74,437,819) 10,620,708 Warrants expired 11 - - (837,879) - 837,879 - - Share-based compensation 11 - - - - 196,579 - 196,579 Net loss - - - - - (1,363,326) (1,363,326) Balance, December 31, 2025 (Unaudited) 147,441,800 $ 60,277,030 $ 1,215,548 $ - $ 23,762,528 $ (75,801,145) $ 9,453,961 Share Capital The accompanying notes are an integral part of these condensed consolidated interim financial statements. 7 CASSIAR GOLD CORP. Condensed Consolidated Interim Statements of Cash Flows (Expressed in Canadian dollars, Unaudited) 2025 2024 Cash flows from (used in) operating activities Net loss for the period $ (1,363,326) $ (1,154,587) Items not affecting cash: Depreciation 7,122 30,874 Share-based compensation 196,579 136,809 Flow-through share premium (275,861) (116,108) Interest on lease liability - 1,699 Interest income (32,296) (58,934) Accretion 29,294 23,865 Write-off of receivables - 1,601 Changes in non-cash working capital items: Other receivables 125,865 100,902 Prepaids 63,882 20,800 Deposits - 9,387 Trade payables and accrued liabilities (834,794) (593,882) Net cash (used in) operating activities (2,083,535) (1,597,574) Cash flows from financing activities Interest income received 19,057 80,874 Lease payments - (25,295) Proceeds from share and warrants issuance, net of cost (57,926) 281,404 Net cash provided by financing activities (38,869) 336,983 Change in cash for the period (2,122,404) (1,260,591) Cash, beginning of the period 4,494,509 4,935,714 Cash, end of the period $ 2,372,105 $ 3,675,123 Three months ended December 31 The accompanying notes are an integral part of these condensed consolidated interim financial statements. Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 8 1. CORPORATE INFORMATION Margaux Resources Ltd. was incorporated under the Alberta Business Corporations Act on Au --- gust 5, 2009 and changed its name to Cassiar Gold Corp. (the “Company”) on September 23, 2020. The Company currently trades on the TSX Venture Exchange (“TSX-V”) and the OTCQB Venture Market under the trading symbols “GLDC” and “CGLCF” respectively. The registered address of the Company is Suite 2700, 1133 Melville Street, Vancouver, BC, V6E 4E5. The Company is a mineral acquisition and exploration company focused on gold exploration within British Columbia. 2. GOING CONCERN These condensed consolidated interim financial statements (“Financial Statements”) have been prepared on a going concern basis which contemplates the realization of assets and the payment of liabilities in the ordinary course of business. Should the Company be unable to continue as a going concern, it may be unable to realize the carrying value of its assets and to meet its liabilities as they become due. The Company incurred a net loss of $1,363,326 (2024 - $1,154,587) and had negative cash flows relating to operating activities of $2,083,535 (2024 – negative cash flows of $1,597,574) for the three months ended December 31, 2025. These conditions indicate the existence of a material uncertainty which may cast significant doubt related to the Company’s ability to continue as a going concern. The continuation of the Company as a going concern is dependent on the ability of the Company to achieve positive cash flow from operations and/or obtain necessary equity or other financing to continue exploration on its exploration and evaluation assets. These financial statements do not reflect any adjustments to the carrying values of assets and liabilities, reported expenses, and balance sheet classifications that would be necessary should the Company be unable to continue as a going concern, and these adjustments could be material. The Company intends to raise the required funds through the issuance of equity, by securing strategic partners or issuing debt. The application of the going concern concept is dependent upon the Company’s ability to generate future profitable operations and receive continued financial support from its shareholders. Management is actively engaged in the review and due diligence on new projects, is seeking to raise the necessary capital to meet its funding requirements and has undertaken available cost cutting measures. There can be no assurance that management’s plan will be successful. If the going concern assumption were not appropriate for these consolidated financial statements, then adjustments would be necessary to the carrying value of assets and liabilities, the reported expenses and the statement of financial position classifications used. Such adjustments could be material. The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company has no source of revenue and has significant cash requirements to meet its administrative overhead and maintain its mineral interests. The recoverability of amounts shown for exploration and evaluation assets is dependent on several factors. These include the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and future profitable production or proceeds from disposition of exploration and evaluation assets. Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial --- Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 9 3. BASIS OF PREPARATION (a) Statement of compliance: These condensed consolidated interim financial statements including comparatives, have been prepared in accordance with International Accounting Standard 34 “Interim Financial Reporting” (“IAS 34”) using accounting policies consistent with IFRS Accounting Standards issued by the International Accounting Standards Board (“IASB”) and interpretations of the IFRS Interpretations Committee (“IFRIC”). (b) Basis of compliance: These condensed consolidated interim financial statements have been prepared on a historical cost basis except for financial instruments that have been measured at fair value. In addition, these condensed consolidated interim financial statements have been prepared using the accrual basis of accounting, except for cash flow information. The preparation of these condensed consolidated interim financial statements in conformity with IAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates. These condensed consolidated interim financial statements do not include all of the information required for full annual financial statements. These condensed consolidated interim financial statements, including comparatives, have been prepared on the basis of IFRS Accounting Standards that are published at the time of preparation. 4. MATERIAL ACCOUNTING POLICY INFORMATION These unaudited condensed consolidated interim financial statements have been prepared in accordance with IFRS Accounting Standards as issued by the IASB on a basis consistent with those followed in the Company’s most recent annual financial statements for the year ended September 30, 2025. These unaudited condensed consolidated interim financial statements do not include all note disclosures required by IFRS Accounting Standards for annual financial statements, and therefore should be read in conjunction with the annual financial statements for the year ended September 30, 2025. In the opinion of management, all adjustments considered necessary for fair presentation of the Company’s financial position, results of operations and cash flows have been included. Operating results for the three-month period ended December 31, 2025 are not necessarily indicative of the results that may be expected for the current fiscal year ending September 30, 2026. New accounting standards and interpretations Certain new accounting standards and interpretations have been published that are not mandatory for the December 31, 2025 reporting period. The Company has not early adopted the following new and revised standards, amendments and interpretations that have been issued but are not yet effective: • Presentation and Disclosure in Financial Statements IFRS 18 was issued in April 2024 and applies to an annual reporting period beginning on or after January 1, 2027. IFRS 18 will replace IAS 1. IFRS requires all companies using IFRS Standards to provide relevant information that faithfully represents an entity’s assets, liabilities, equity, income and expenses. The Company is currently assessing the impact of this new accounting standard on its financial statements. Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three mont --- hs ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 10 5. PROPERTY AND EQUIPMENT Land Buildings Computers, equipment and vehicles Total Cost As at September 30, 2024 $ 28,993 $ 380,706 $ 260,286 $ 669,985 Additions during the year - - - - As at September 30, 2025 28,993 380,706 260,286 669,985 Additions during the period - - - As at December 31, 2025 $ 28,993 $ 380,706 $ 260,286 $ 669,985 Accumulated depreciation As at September 30, 2024 $ - $ 130,925 $ 226,326 $ 357,251 Depreciation for the year - 24,978 7,845 32,823 As at September 30, 2025 - 155,903 234,171 390,074 Depreciation for the period - 5,620 1,502 7,122 As at December 31, 2025 $ - $ 161,523 $ 235,673 $ 397,196 Net book value As at September 30, 2024 $ 28,993 $ 224,803 $ 26,115 $ 279,911 As at December 31, 2025 $ 28,993 $ 219,183 $ 24,613 $ 272,789 6. RIGHT-OF-USE ASSETS ROU Cost As at September 30, 2024 $ 270,705 As at September 30, 2025 270,705 As at December 31, 2025 $ 270,705 Accumulated amortization As at September 30, 2024 $ 210,258 Amortization for the year 60,447 As at September 30, 2025 270,705 As at December 31, 2025 $ 270,705 Net book value As at September 30, 2025 $ - As at December 31, 2025 $ - The Company amended lease agreement of the Company’s office on January 4, 2024, to extend the lease term by 1 year with the same price. As a result, the Company remeasured the lease liability and right-of-use assets and recognized $91,014 additional right-of-use assets for the lease amendment agreement. Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 11 7. DEPOSITS The Company’s deposits include reclamation bonds and cash deposit for permits and license with banks in Canada and Government of Canada. As at December 31, 2025, the Company had $1,951,000 (September 30, 2025 - $1,951,000) of reclamation bonds and cash deposit with the Ministry of Energy and Mines of British Columbia as commitments to meet its regulatory obligations. 8. EXPLORATION AND EVALUATION ASSETS Cassiar Gold Project Sheep Creek Gold District Project Total Exploration and evaluation assets Acquisition costs As of September 30, 2024 8,064,635 $ 1,014,797 $ 9,079,432 $ Acquisition of mining claims - 22,965 22,965 Change in estimate of asset retirement obligation 365,001 - 365,001 As of September 30, 2025 8,429,636 1,037,762 9,467,398 As of December 31, 2025 8,429,636 $ 1,037,762 $ 9,467,398 $ Mineral exploration expenses for the year ended September 30, 2025 Assaying 150,032 $ - $ 150,032 $ Camp costs & travel 1,028,089 - 1,028,089 Consulting & Reporting 166,472 6,030 172,502 Drilling 1,695,830 - 1,695,830 First Nations, Permitting, ESG, Environment 210,804 2,537 213,341 Geology 121,959 - 121,959 Mineral & land taxes 22,129 16,630 38,759 Others 142,472 19,372 161,844 Personnel 952,766 - 952,766 Reclamation 86,536 - 86,536 4,577,089 $ 44,569 $ 4,621,658 $ Mineral exploration expenses for the three months ended December 31, 2025 Assaying 380,561 $ - $ 380,561 $ Camp costs & travel 272,832 - 272,832 Consulting & Reporting 34,975 - 34,975 Drilling 55,787 - 55,787 First Nations, Permitting, ESG, Environment 28,675 37 28,712 Geology 29,784 - 29,784 Mineral & land taxes 6,240 - 6,240 Others 600 - 600 Personnel 215,880 - 215,880 Reclamation 28,007 - 28,007 1,053,341 $ 37 $ 1,053,378 $ Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statement --- s For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 12 8. EXPLORATION AND EVALUATION ASSETS (continued) Cassiar Gold Project On March 25, 2019, the Company entered into an Option Agreement (the “Cassiar Gold Option Agreement”) with Wildsky Resources Inc. (“Wildsky”) for an option to acquire a 100% interest in the Cassiar Gold project (the “Cassiar Gold Project”) by way of an all-share agreement. In order to exercise the option, the Company had to issue 11,640,000 Common Shares over 18 months. Pursuant to the Cassiar Gold Option Agreement the Company must also undertake exploration on the Cassiar Gold property and had to satisfy certain other conditions as follows: (a) Cassiar will expend at least $400,000 on the planning, development and execution of the Cassiar 2019 work program, based on a mutually approved budget; (b) Six months after the transfer of the Common Shares, Wildsky will have the right to appoint one member to the board of directors of Cassiar; (c) Twelve months after the transfer of the Common Shares, Wildsky will have the right to appoint an additional person (for a total of two board members) to the board of directors of Cassiar; (d) Twelve months after the transfer of the Common Shares, Wildsky will have the right to appoint one person to the senior management team of Cassiar, on terms and conditions to be agreed upon by Cassiar and Wildsky, acting reasonably; and, (e) Wildsky being granted a 30% net profit interest on all minerals processed from Cassiar's tailings pond located on the Cassiar Gold Project, after capital payout of up to $500,000. During the year ended September 30, 2021, the Company satisfied all the requirements outstanding to Wildsky and the 100% interest in the Cassiar Gold Project was fully acquired by the Company. The deemed value of the exercise of the option was $3,259,200 in Common Shares. Liabilities assumed by the Company were $2,666,584 on acquisition and related to asset retirement obligations. As at December 31, 2025, liabilities assumed by the Company were $3,725,702 (September 30, 2025 - $3,696,408) based on recent reclamation cost estimation (Note 10). Sheep Creek Gold District Project The Sheep Creek Project consists of the Bayonne and Sheep Creek properties (collectively the “Sheep Creek Project”). On December 23, 2016, the Company entered into an option agreement with Yellowstone Resources Ltd. (“Yellowstone”) for the acquisition of 100% of the Sheep Creek Project, located in Salmo, British Columbia (the “Bayonne and Sheep Creek Option Agreement”). Under the terms of the Bayonne and Sheep Creek Option Agreement and as amended on February 10, 2020, July 10, 2020, and February 15, 2021, the Company had the exclusive option to acquire: • the Bayonne property, by making payments to Yellowstone of an aggregate $154,000 cash and aggregate issuance of 182,727 shares, paid in several installments over three years. The Company has paid in full these amounts during the year ended September 30, 2022. • the Sheep Creek property by making payments to Yellowstone of an aggregate $436,000 cash and aggregate issuance of 150,000 shares and 242,424 deferred payment shares, paid in several installments over five years. During the year ended September 30, 2022 the Company paid $100,000 in cash and issued 90,000 shares to satisfy the final payments under the Bayonne and Sheep Creek Option Agreement and acquired a 100% interest in the Sheep Creek Project. Cass --- iar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 13 9. LEASE OBLIGATION Lease obligation Carrying value As at September 30, 2024 $ 64,793 Accretion of lease liability 1,263 Repayment of principal and interest (66,056) As at September 30, 2025 - As at December 31, 2025 $ - Short term lease liability $ - Long term lease liability $ - The Company’s lease relates to the corporation’s office. A discount rate of 8% was used to determine the present value of the lease obligations. The Company amended the lease agreement on January 4, 2024, to extend the lease term by 1 year with the same price. As a result, the Company remeasured the lease liability and recognized $91,014 additional lease liability for the lease amendment agreement. A discount rate of 14% was used to determine the present value of the lease obligations on remeasurement date. 10. ASSET RETIREMENT OBLIGATION (“ARO”) The Company has future obligations relating to retiring its exploration and evaluation assets at the Cassiar Gold Project including dismantling, remediation, and treatment of the site. The exact nature and costs of the obligation are subject to change because of the ongoing changes of environmental requirements enacted by government agencies. A continuity of the asset retirement obligation is as follows: ARO As at September 30, 2024 $ 3,235,947 Accretion expense 95,460 Change in estimate 365,001 As at September 30, 2025 3,696,408 Accretion expense 29,294 As at December 31, 2025 $ 3,725,702 The total discounted cash flow estimated to settle the obligations as at December 31, 2025 was $3,725,702 (September 30, 2025 – $3,696,408) which was based on the recent reclamation cost estimation, and adjusted for inflation at the rate of 2.67% per annum and then discounted at a risk free rate of 3.17%. A total of $3,725,702 discounted reclamation costs is expected to be incurred in 2036. As at December 31, 2025, the Company had $1,951,000 (September 30, 2025 - $1,951,000) of reclamation bonds and cash deposit with the Ministry of Energy and Mines of British Columbia as commitments to meet its regulatory obligations (Note 7). Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 14 11. SHARE CAPITAL (a) Authorized Unlimited number of common shares The common shares may be issued in one or more series and the directors are authorized to fix the number of shares in each series and to determine the designation, rights, privileges, restrictions, and conditions attached to the shares of each series. No preferred shares have been issued by the Company. (b) Common shares issuance and share subscribed During the year ended September 30, 2025: On October 9, 2024, the Company closed a non-brokered private placement by issuing 296,428 flow-through units (“FT Units”) at a price of $0.35 per FT Unit for gross proceeds of $103,750 and 770,000 charity flow-through units (“CFT Units”) at a price of $0.37 per CFT Unit for gross proceeds of $284,900. Each FT Unit and CFT Unit consists of one common share of the Company issued on a “CEE flow-through” basis pursuant to the Income Tax Act (Canada) and one warrant. Each warrant is exercisable by the holder to acquire one common share at a price of $0.50 for a period of 24 months from the date of issuance. A f --- air value of $32,526 has been attributed to the warrants using the Black-Scholes option pricing model. In connection with the non-brokered private placement, $10,050 finders’ fees were paid in cash and 40,200 finders’ warrants were issued. Each finder’s warrant is exercisable to acquire one common share at a price of $0.50 for a period of 24 months from the date of issuance. Another $60,877 was also included as share issue costs. On April 14, 2025, the Company issued a total of 1,518,000 common shares pursuant to the vested RSUs and DSUs. On July 29, 2025, the Company issued a total of 782,500 common shares pursuant to the vested RSUs and DSUs. On July 29, 2025, the Company closed a non-brokered private placement by issuing 4,130,900 non-flow-through units (Units”) at a price of $0.25 per Unit for gross proceeds of $1,032,725. Each Unit consists of one common share of the Company and one warrant. The Company also issued 1,230,298 flow-through units (“FT Units”) and 12,567,100 FT Units sold to charitable purchasers at a price of $0.36 per FT Unit for total gross proceeds of $4,967,063. Each FT Unit consists of one common share of the Company issued on a “CEE flow-through” basis pursuant to the Income Tax Act (Canada) and one FT warrant. Each warrant and each FT warrant is exercisable by the holder to acquire one common share at a price of $0.50 for a period of 24 months from the date of issuance. A fair value of $643,088 has been attributed to the warrants using the Black-Scholes option pricing model. In connection with the non-brokered private placement, $294,081 finders’ fees were paid in cash and 907,309 finders’ warrants were issued. Each finder’s warrant is exercisable to acquire one common share at a price of $0.50 for a period of 24 months from the date of issuance. Another $183,708 was also included as share issue costs. Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 15 11. SHARE CAPITAL (continued) (b) Warrants The continuity of warrants for the three months ended December 31, 2025 is as follows: Expiry date Exercise price September 30, 2025 Issued Exercised Expired December 31, 2025 December 12, 2025 $0.50 7,425,511 - - (7,425,511) - May 3, 2026 (a) $0.50 21,852,019 - - - 21,852,019 October 8, 2026 $0.50 1,066,428 - - - 1,066,428 July 29, 2027 $0.50 17,928,298 - - - 17,928,298 Outstanding 48,272,256 - - (7,425,511) 40,846,745 Weighted average exercise price $0.50 $Nil $Nil $0.50 $0.50 (a) Subsequent to the quarter-end, 60,000 warrants were exercised. The continuity of warrants for the year ended September 30, 2025 is as follows: Expiry date Exercise price September 30, 2024 Issued Exercised Expired September 30, 2025 May 4, 2025 $0.70 6,613,335 - - (6,613,335) - June 2, 2025 $0.70 135,001 - - (135,001) - December 12, 2025 (a) $0.50 7,425,511 - - - 7,425,511 May 3, 2026 $0.50 21,852,019 - - - 21,852,019 October 8, 2026 $0.50 - 1,066,428 - - 1,066,428 July 29, 2027 $0.50 - 17,928,298 - - 17,928,298 Outstanding 36,025,866 18,994,726 - (6,748,336) 48,272,256 Weighted average exercise price $0.54 $0.50 $Nil $0.70 $0.50 (a) Subsequent to year-end, 7,425,511 warrants expired unexercised. As at December 31, 2025, the weighted average contractual remaining life of warrants is 0.89 years (September 30, 2025 – 1.00 years). The weighted average assumptions used to estimate the fair value of warrants for the thre --- e months ended December 31, 2025 and 2024 were as follows: December 31, 2025 December 31, 2024 Risk-free interest rate n/a 3.17% Expected life n/a 2 years Expected volatility n/a 62.25% Expected dividend yield n/a nil Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 16 11. SHARE CAPITAL (continued) (c) Finders’ warrants The continuity of finders’ warrants for the three months ended December 31, 2025 is as follows: Finder's warrants Expiry date Exercise price September 30, 2025 Issued Exercised Expired December 31, 2025 December 12, 2025 $0.50 264,930 - - (264,930) - May 3, 2026 $0.50 918,540 - - - 918,540 October 8, 2026 $0.50 40,200 - - - 40,200 July 29, 2027 $0.50 907,309 - - - 907,309 Outstanding 2,130,979 - - (264,930) 1,866,049 Weighted average exercise price $0.50 $Nil $Nil $0.50 $0.50 The continuity of finders’ warrants for the year ended September 30, 2025 is as follows: Expiry date Exercise price September 30, 2024 Issued Exercised Expired September 30, 2025 May 4, 2025 $0.50 764,700 - - (764,700) - December 12, 2025 (a) $0.50 264,930 - - - 264,930 May 3, 2026 $0.50 918,540 - - - 918,540 October 8, 2026 $0.50 - 40,200 - - 40,200 July 29, 2027 $0.50 - 907,309 - - 907,309 Outstanding 1,948,170 947,509 - (764,700) 2,130,979 Weighted average exercise price $0.50 $0.50 $0.50 $0.50 $0.50 (a) Subsequent to year-end, 264,930 finder’s warrants expired unexercised. As at December 31, 2025, the weighted average contractual remaining life of finders’ warrants is 0.95 years (September 30, 2025 – 1.08 years). (d) Flow-through shares During the three months ended December 31, 2025, the Company raised $Nil (2024 - $388,650) on a CEE flow- through share basis and was required to incur a net total of $Nil (2024 - $388,650) of qualifying expenditures to renounce the tax deductions to investors. As at December 31, 2025, the Company still needed to incur an additional $1,983,125 (September 30, 2025 - $3,030,263) to meet its flow through share commitment. A flow-through share premium liability of $518,532 (September 30, 2025 - $794,393) was recognized as the Company has not incurred sufficient qualifying expenditures to offset the liability. The flow-through share premium of $Nil (2024 - $116,108) was recognized during the three months ended December 31, 2025. Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 17 11. SHARE CAPITAL (continued) (e) Stock option plan The Company has adopted an incentive stock option plan in accordance with the policies of the TSX-V (the "Stock Option Plan") which provides that the Board of Directors of the Company may from time to time, at its discretion, grant to directors, officers, employees and consultants of the Company non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance under the Stock Option Plan shall not exceed ten percent (10%) of the issued and outstanding common shares exercisable for the period of up to ten (10) years. In addition, the number of common shares reserved for issuance to any one person shall not exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to any one consultant will not exceed two percent (2%) of the issu --- ed and outstanding common shares. The Board of Directors determines the price per common share and the number of common shares which may be allocated to each director, officer, employee and consultant and all other terms and conditions of the option, subject to the rules of TSX-V. All options expire in five years and vest based on terms and conditions set out in the stock option agreements. Stock option transactions and the number of stock options for the three months ended December 31, 2025 are summarized as follows: Expiry date Exercise price September 30, 2025 Granted Exercised Expired / cancelled December 31, 2025 March 22, 2026 $0.60 1,615,668 - - - 1,615,668 November 15, 2026 $0.79 395,000 - - - 395,000 September 13, 2027 $0.66 1,810,000 - - (15,000) 1,795,000 September 22, 2028 $0.345 1,270,000 - - (15,000) 1,255,000 May 3, 2029 $0.28 1,155,000 - - (10,000) 1,145,000 August 22, 2029 $0.28 150,000 - - - 150,000 April 16, 2030 $0.23 1,340,000 - - (10,000) 1,330,000 December 2, 2030 $0.29 - 2,270,000 - - 2,270,000 Options outstanding 7,735,668 2,270,000 - (50,000) 9,955,668 Options exercisable 5,743,168 - - - 5,708,168 Weighted average exercise price $0.46 $0.29 $Nil $0.40 $0.42 Stock option transactions and the number of stock options for the year ended September 30, 2025 are summarized as follows: Expiry date Exercise price September 30, 2024 Granted Exercised Expired / cancelled September 30, 2025 August 28, 2025 $0.75 1,150,000 - - (1,150,000) - March 22, 2026 $0.60 1,690,668 - - (75,000) 1,615,668 November 15, 2026 $0.79 470,000 - - (75,000) 395,000 September 13, 2027 $0.66 1,890,000 - - (80,000) 1,810,000 September 22, 2028 $0.345 1,340,000 - - (70,000) 1,270,000 May 3, 2029 $0.28 1,230,000 - - (75,000) 1,155,000 August 22, 2029 $0.28 150,000 - - - 150,000 April 16, 2030 $0.23 - 1,340,000 - - 1,340,000 Options outstanding 7,920,668 1,340,000 - (1,525,000) 7,735,668 Options exercisable 5,870,668 - - - 5,743,168 Weighted average exercise price $0.55 $0.23 $0.35 $0.70 $0.46 As at December 31, 2025, the weighted average contractual remaining life of options is 2.86 years (September 30, 2025 – 2.50 years). Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 18 11. SHARE CAPITAL (continued) (e) Stock option plan (continued) The weighted average assumptions used to estimate the fair value of stock options for the three months ended December 31, 2025 and 2024 were as follows: December 31, 2025 December 31, 2024 Risk-free interest rate 2.83% 3.67% - 4.21% Expected life 5 years 5 years Expected volatility 73.84% 102% - 130% Forfeiture rate 7.72% 8.71% - 10.53% Expected dividend yield nil nil The Company recognized $80,723 (2024 - $48,350) share-based payment for options vested in the three months ending December 31, 2025. (f) Share unit plan The Company has established a deferred share unit (“DSU”) and restricted share unit (“RSU”) plan (the "Unit Plan"), which provides for the grant of DSUs and RSUs to eligible directors, officers, employees, advisors and consultants of the Company. The Unit Plan provides for settlement through cash payment or the issuance of common shares. The form of settlement is at the option of the Company. The Company does not intend to make cash payments and there is no history of the Company making cash payments under the Unit plan and, as such, the DSUs and RSUs are accounted for within --- shareholders’ equity. These common shares would be issued from the same 10% rolling pool as the common shares issued under the Company’s Deferred Share Unit Plan and the Company’s Share Option Plan. As DSUs and RSUs are expected to be settled with equity, an amount equal to compensation expense is initially credited to contributed surplus, recognized over the term of the vesting period, and transferred to share capital if and when the units are exercised. The Company has adopted its Share Unit Plan which received shareholder approval on March 16, 2022. RSU transactions and the number of RSUs for the three months ending December 31, 2025 are summarized as follows: Vesting date September 30, 2025 Granted Vested and converted to common shares Cancelled December 31, 2025 September 22, 2025 (a) 630,000 - - (10,000) 620,000 May 3, 2026 507,500 - - (7,500) 500,000 April 16, 2026 698,267 - - (10,000) 688,267 April 16, 2027 349,133 - - (5,000) 344,133 September 9, 2026 233,333 - - - 233,333 September 9, 2027 116,667 - - - 116,667 RSUs outstanding 2,534,900 - - (32,500) 2,502,400 (a) These RSUs have vested but common shares have not been issued. Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 19 11. SHARE CAPITAL (continued) (f) Share unit plan (continued) RSU transactions and the number of RSUs for the year ended September 30, 2025 are summarized as follows: Vesting date September 30, 2024 Granted Vested and converted to common shares Cancelled September 30, 2025 November 15, 2023 50,000 - (50,000) - - September 13, 2024 288,002 - (288,002) - - September 22, 2024 665,000 - (665,000) - - September 22, 2025 (a) 665,000 - - (35,000) 630,000 May 3, 2025 545,000 - (507,500) (37,500) - May 3, 2026 545,000 - - (37,500) 507,500 April 16, 2026 - 698,267 - - 698,267 April 16, 2027 - 349,133 - - 349,133 September 9, 2026 - 233,333 - - 233,333 September 9, 2027 - 116,667 - - 116,667 RSUs outstanding 2,758,002 1,397,400 (1,510,502) (110,000) 2,534,900 (a) These RSUs have vested but common shares have not been issued. DSU transactions and the number of DSUs for the three months ending December 31, 2025 are summarized as follows: Vesting date September 30, 2025 Granted Vested and converted to common shares Cancelled December 31, 2025 September 22, 2025 (a) 275,000 - - - 275,000 May 3, 2026 275,000 - - - 275,000 April 16, 2026 400,000 - - - 400,000 April 16, 2027 200,000 - - - 200,000 DSUs outstanding 1,150,000 - - - 1,150,000 (a) These DSUs have vested but common shares have not been issued. DSU transactions and the number of DSUs for the year ended September 30, 2025 are summarized as follows: Vesting date September 30, 2024 Granted Vested and converted to common shares Cancelled September 30, 2025 November 15, 2023 123,334 (123,334) - - September 13, 2024 116,664 - (116,664) - - September 22, 2024 275,000 - (275,000) - - September 22, 2025 (a) 275,000 - - - 275,000 May 3, 2025 275,000 - (275,000) - - May 3, 2026 275,000 - - - 275,000 April 16, 2026 - 400,000 - - 400,000 April 16, 2027 - 200,000 - - 200,000 DSUs outstanding 1,339,998 600,000 (789,998) - 1,150,000 (a) These DSUs have vested but common shares have not been issued. Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 20 11. SHARE CAPITAL (continue --- d) (f) Share unit plan (continued) The weighted average remaining life of the unvested RSUs and DSUs as at December 31, 2025 is 0.47 and 0.41 years respectively (September 30, 2025 – 0.65 and 0.60 years respectively). The Company recognized another $115,856 (2024 - $88,459) share-based compensation for RSUs and DSUs during the three months ending December 31, 2025. 12. CAPITAL DISCLOSURES The Company considers its capital to include shareholders’ equity. The objectives of the Company are to attain a strong financial position from which the Company will be able to exhibit continued growth and obtain access to capital. The Company has no externally imposed restrictions. The Company manages its capital structure and adjusts considering changes in economic conditions and risk characteristics of its underlying assets. To maintain or adjust the capital structure, the Company may from time to time, issue shares, obtain debt financing, or adjust capital spending. As at December 31, 2025, the capital structure of the Company currently consists of shareholder’s equity, which was $9,453,961 (September 30, 2025 - $10,620,708). 13. FAIR VALUE IFRS 13, Fair Value Measurement, establishes a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 – quoted prices (unadjusted) in active markets for identical assets or liabilities; Level 2 – inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices); and, Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). The carrying values of cash, other receivables, and trade payables and accrued liabilities approximate their fair values due to their short terms to maturity. Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 21 14. FINANCIAL INSTRUMENTS The Company is exposed to financial risks from normal course business exposures, as well as from the Company’s use of financial instruments. These risk factors include market risk, liquidity risk, and credit risk. (a) Market risk Market risk is the risk or uncertainty arising from possible market price movements and their impact on the future performance of the business. The market price movements that could adversely affect the value of the Company’s financial assets, liabilities and expected future cash flows include commodity price risk, interest rate risk and foreign exchange risk. (i) Commodity price risk The Company may employ the use of various financial instruments in the future to manage price exposure; the Company is not currently using any such instruments. The Company currently has not obtained any hedging instruments. (ii) Interest rate risk Interest rate risk is the risk of exposure to changes in market interest rates affecting future cash flows. The Company is not exposed to significant interest rate risk. (iii) Foreign exchange risk Foreign currency risk arises from fluctuations in foreign exchanges rates and the degree of volatility of these rates relative to the Canadian dollar. The Company is not exposed to significant foreign exchange risk given it has no financial instruments denominated in a foreign currency. (b) Liquidity risk Liquidity risk is the ri --- sk that an entity will encounter difficulty in meeting obligations associated with financial liabilities. The Company may need to obtain additional sources of cash resources to execute future exploration programs and believes that it has access to sufficient capital through potential external equity sources to meet projected expenditures. (c) Credit risk Credit risk is the risk that a customer or counter party will fail to perform an obligation or fail to pay amounts due causing a financial loss. The Company’s credit risk is primarily attributable to cash and is subject to normal credit risks. Credit risk associated with cash is minimal as the Company deposits its cash with a large Canadian financial institution that has been accorded a strong investment grade rating by a primary rating agency. Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 22 15. RELATED PARTY TRANSACTIONS All related party transactions are in the normal course of operations and initially recorded at fair value. The aggregate value of transactions and outstanding balances relating to key management personnel and entities over which they have control or significant influence were as follows: For the three months ended December 31, 2025: Salary / Consulting fees Post- employment benefits Other long- term benefits Termination benefits Share-based payments (a) Total Marco Roque President, Chief Executive Officer, Director (b) 75,000 $ $ Nil $ Nil $ Nil 62,560 $ 137,560 $ Michael Wood Chief Financial Officer, Director (d) 18,000 $ $ Nil $ Nil $ Nil 16,678 $ 34,678 $ Jill Maxwell VP of Exploration 67,813 $ $ Nil $ Nil $ Nil 15,668 $ 83,481 $ Stephen Letwin Director $ Nil $ Nil $ Nil $ Nil 16,822 $ 16,822 $ James Maxwell Director $ Nil $ Nil $ Nil $ Nil 11,950 $ 11,950 $ Christopher Stewart Director $ Nil $ Nil $ Nil $ Nil 11,950 $ 11,950 $ Stephen Robertson Director (e) 3,844 $ $ Nil $ Nil $ Nil 11,950 $ 15,794 $ For the three months ended December 31, 2024: Salary Post- employment benefits Other long- term benefits Termination benefits Share-based payments (a) Total Marco Roque President, Chief Executive Officer, Director (b) 75,000 $ $ Nil $ Nil $ Nil 49,011 $ 124,011 $ Kevin Chen Former Chief Financial Officer (c) 12,000 $ $ Nil $ Nil $ Nil 6,073 $ 18,073 $ Michael Wood Chief Financial Officer, Director (d) 12,000 $ $ Nil $ Nil $ Nil 9,173 $ 21,173 $ Jill Maxwell VP of Exploration 57,767 $ $ Nil $ Nil $ Nil 15,757 $ 73,524 $ Stephen Letwin Director $ Nil $ Nil $ Nil $ Nil 13,759 $ 13,759 $ James Maxwell Director $ Nil $ Nil $ Nil $ Nil 9,173 $ 9,173 $ Christopher Stewart Director $ Nil $ Nil $ Nil $ Nil 9,173 $ 9,173 $ Stephen Robertson Director $ Nil $ Nil $ Nil $ Nil 9,173 $ 9,173 $ Cassiar Gold Corp. Notes to Condensed Consolidated Interim Financial Statements For the three months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars, Unaudited) 23 15. RELATED PARTY TRANSACTIONS (continued) (a) Amount represents the Black-Scholes calculation of the stock options, RSUs and DSUs vested during the period and is included in the share-based compensation in the consolidated statements of loss and comprehensive loss. (b) Marco Roque’s salary as the Chief Executive Officer was paid through a company owned by Mr. Roque. (c) Kevin Chen’s salary as the Chief Financial Officer was paid through a company owned by Mr. Chen. Kevin Chen resigned e --- ffective November 1, 2024. (d) Michael Wood became the Chief Financial Officer effective November 1, 2024. Mr. Wood’s salary as the Chief Financial Officer was paid through a company owned by Mr. Wood. (e) Stephen Robertson’s consulting fees were paid through a company owned by Mr. Robertson. As at December 31, 2025, a total of $12,324 (September 30, 2025 - $8,134) due to Mr. Robertson was recorded as trade payables and accrued liabilities.