SEDAR Interim Financial Statements

Financial Statements of GOLDEN PURSUIT RESOURCES LTD. Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) (Unaudited – Prepared by Management) Notice of No Auditor Review 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 interim financial statements they must be accompanied by a notice indicating that these condensed interim statements have not been reviewed by an auditor. The accompanying unaudited condensed 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 Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity’s auditor. GOLDEN PURSUIT RESOURCES LTD. Statements of Financial Position (Expressed in Canadian dollars) (The accompanying notes are an integral part of these financial statements) 3 As at December 31, 2025 $ September 30, 2025 $ Assets Current assets Cash 101,575 276,875 Amounts receivable 5,504 15,751 Prepaid expenses 4,977 - Total current assets 112,056 292,626 Non-current assets Property and equipment (Note 4) 83,296 83,296 Mineral properties (Note 5) 90,616 90,616 Total non-current assets 173,912 173,912 Total assets 285,969 466,538 Liabilities Current liabilities Accounts payable and accrued liabilities 85,428 119,670 Flow-through share premium liability (Note 10) 21,550 21,550 Due to related parties (Note 6) 262,281 271,002 369,259 412,222 Due to related parties (Note 6) 450,000 450,000 Total liabilities 819,259 862,222 Shareholders’ deficiency Share capital (Note 7) 16,402,578 16,402,578 Reserves (Note 7,8,9) 6,489,449 6,489,449 Deficit (23,425,317) (23,287,711) Total shareholders’ deficiency (533,290) (395,684) Total liabilities and shareholders’ deficiency 285,969 466,538 Nature and continuance of operations (Note 1) Commitments (Note 10) Subsequent events (Note 16) Approved and authorized for issuance by the Board of Directors on February 24, 2026 /s/ “Brian McClay” /s/ “Peter Watson” Director Director GOLDEN PURSUIT RESOURCES LTD. Statements of Loss and Comprehensive Loss (Expressed in Canadian dollars) (The accompanying notes are an integral part of these financial statements) 4 For the years ended Three Months ended December 31, 2025 Three Months ended December 31, 2024 Expenses Advertising and promotion 2,508 - Automotive (Note 6) 4,722 5,349 Exploration and evaluation expenditures (Note 5) 59,709 45,000 Investor relations 263 - Management fees (Note 6) 45,000 45,000 Office and general 6,332 10,875 Professional fees 7,667 6,808 Rent (Note 3 and 6) 6,850 6,450 Transfer agent and filing fees 4,409 16,100 Travel - 4,490 (137,606) (159,643) Net loss and comprehensive loss (137,606) (159,643) Loss per share, basic and diluted (0.00) (0.02) Weighted average number of common shares outstanding – basic and diluted 42,781,800 42,781,800 GOLDEN PURSUIT RESOURCES LTD. Statements of Changes in Shareholders’ Deficiency (Expressed in Canadian dollars) (The accompanying notes are an integral part of these financial statements) 5 Total Share capital shareholders’ Shares # Amount $ Reserves $ Deficit $ deficit $ Balance, September 30, 2024 42,764,800 16,010,306 6,266,727 (22,413,377) (136,344) Exercise of warrants 17,000 2,550 – – 2,550 N --- et loss for the year – – – (159,643) (159,643) Balance, December 31, 2024 42,781,800 16,012,856 6,266,727 (22,459,927) (293,436) Units issued pursuant to private placements 2,180,000 420,157 75,539 – 495,696 Share issuance costs – (8,885) – – (8,885) Flow-through shares premium liability – (21,550) – – (21,550) Fair value of stock options granted – – 147,879 – 147,879 Net loss for the year – – – (827,784) (874,334) Balance, September 30, 2025 44,961,800 16,402,578 6,489,449 (23,287,711) (395,684) Units issued pursuant to private placements – – – – – Net loss for the year – – – (137,606) (137,606) Balance, December 31, 2025 44,961,800 16,402,578 6,489,449 (23,425,317) (533,290) GOLDEN PURSUIT RESOURCES LTD. Statements of Cash Flows (Expressed in Canadian dollars) (The accompanying notes are an integral part of these financial statements) 6 Three Months Ended December 31, 2025 $ December 31, 2024 $ Operating activities: Loss for the year (137,606) (159,642) Changes in non-cash working capital items: Amounts receivable 10,245 (5,009) Prepaid expenses (4,977) 6,942 Accounts payable and accrued liabilities (34,242) (14,239) Due to related parties (8,720) (28,663) Net cash used in operating activities (175,300) (200,611) Financing activities: Proceeds from issuance of common shares – 2,550 Net cash provided by financing activities (175,300) (198,061) Change in cash during the year (175,300) (198,061) Cash, beginning of year 276,875 465,251 Cash, end of year 101,575 267,189 Supplemental cash flow information (Note 15) GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 7 1. Nature and Continuance of Operations Golden Pursuit Resources Ltd. (formerly Silver Pursuit Resources Ltd.) (the “Company”) is incorporated under the Business Corporations Act (British Columbia) and its principal business activity is the exploration of mineral property reserves for commercially viable mineral reserves. The Company currently holds mineral properties in Canada. The Company’s registered office is located at 652 Millbank, Vancouver, British Columbia, V5Z 4B7. These financial statements have been prepared on a going concern basis which assumes that the Company will realize the carrying value of its assets and discharge its liabilities in the normal course of business. During the period ended December 31, 2025, the Company did not generated any revenues and incurred a loss of $137,606. As at December 31, 2025, the Company has a working capital deficit of $257,203 and an accumulated deficit of $23,425,317. The continued operations of the Company are dependent on its ability to generate future cash flows or obtain additional financing. Management is pursuing additional financing. Management is of the opinion that sufficient working capital will be obtained from external financing to meet the Company’s liabilities and commitments as they become due, although there is a risk that additional financing will not be available on a timely basis or on terms acceptable to the Company. These factors indicate the existence of a material uncertainty that may raise significant doubt on the Company’s ability to continue as a going concern. These financial statements do not reflect any adjustments that may be necessary if the Company is unable to continue as a going concern. Such adjustments could be material. 2. Basis of Presentation (a) Statement of Compliance These financial statements ha --- ve been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Standards Board (“IASB”). (b) Basis of Measurement These financial statements have been prepared on a historical cost basis and are presented in Canadian dollars, which is the functional currency of the Company. The functional currency of a company is the currency of the primary economic environment in which the company operates. The presentation currency for a company is the currency in which the company chooses to present its financial statements. (c) Use of Estimates and Judgments The preparation of these financial statements in conformity with IFRS requires the Company’s management to make judgments, estimates, and assumptions that affect the application of accounting policies and reported amounts of assets, liabilities, contingent liabilities, revenues, and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised and in any future periods affected. Significant Estimates Significant areas requiring the use of estimates include the fair value of share-based payments and unrecognized deferred income tax assets. Share-Based Compensation Fair values for stock options grants and the relative fair value of warrants are determined using the Black-Scholes option pricing model. Estimating fair value requires determining the most appropriate valuation model for a grant of equity instruments, which is dependent on the terms and conditions of the grant. Option-pricing models require the use of highly subjective estimates and assumptions including the risk-free rate, expected life, volatility and dividend yield. Changes in the underlying assumptions can materially affect the fair value estimates. 2. Basis of Presentation (continued) GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 8 (c) Use of Estimates and Judgments (continued) Deferred Income Taxes The determination of income tax expense and the composition of deferred income tax assets and liabilities involves judgment and estimates as to the future taxable earnings, expected timing of reversals of deferred income tax assets and liabilities, and interpretations of tax laws. The Company is subject to assessments by tax authorities who may interpret the tax law differently. Changes in these interpretations, judgments, and estimates may materially affect the final amount of deferred income tax provisions, deferred income tax assets and liabilities, and results of operations. Estimated useful life of property and equipment Management exercises professional judgement when determining the useful life and residual values of property and equipment. Management estimates these inputs based on industry standards and previous experience assessing similar capital assets. Significant Judgements The critical judgments that the Company’s management has made in the process of applying the Company’s accounting policies that have the most significant effect on the amounts recognized in the Company’s financial statements are as follows: Going Concern The application of the going concern assumption which requires management to take into account all available information about the future, which is at least but not limited to, 12 months from --- the year end of the reporting period. The Company is aware that material uncertainties related to events or conditions may cast significant doubt upon the Company’s ability to continue as a going concern. Impairment of Mineral Properties The application of the Company’s accounting policy for mineral properties requires judgment in determining whether it is likely that future economic benefits are likely either from future exploitation or sale or where activities have not reached a stage which permits a reasonable assessment of the existence of reserves. The deferral policy requires management to make certain estimates and assumptions about future events or circumstances, in particular whether an economically viable extraction operation can be established. Estimates and assumptions made may change if new information becomes available. If information becomes available suggesting that the recovery of expenditure is unlikely, the amount capitalized is written off in the statement of loss in the period when the new information becomes available. Title to mineral property interests Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company’s title. Flow-through share premium Recorded costs of flow-through share premium liabilities reflect the premium received by the Company on the issue of flow-through shares. The premium is subject to measurement judgement and requires the Company to assign a value to the flow-through component. This determination can be subjective and may not necessarily provide a reliable single measure of the fair value of the premium liability. GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 9 3. Material Accounting Policy Information (a) Cash and Cash Equivalents The Company considers all highly liquid instruments with a maturity of three months or less at the time of issuance, are readily convertible to known amounts of cash, and which are subject to insignificant risk of changes in value to be cash equivalents. (b) Property and Equipment Property and equipment is recorded at cost, less accumulated depreciation and impairment losses. The Company begins to depreciate an asset when it becomes available for use, which is when it is in the location and condition necessary for it being capable of operating in the manner intended by management. The Company depreciates the cost of property and equipment over their estimated useful lives at the following annual rates using the declining method: Computer equipment 60% Vehicles 30% Residual values and useful economic lives are reviewed at least annually, and adjusted if appropriate, at each reporting date. Subsequent expenditures relating to an item of property and equipment are capitalized when it is probable that future economic benefits from the use of the assets will be increased. All other subsequent expenditures are recognized as repairs and maintenance expenses during the period in which they are incurred. (c) Foreign Currency Translation Transactions in foreign currencies are translated to the functional currency of the Company at exchange rates at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currency at the exchange rate at that date. Non-monetary items are translated using the hist --- orical rate on the date of the transaction. Revenues and expenses are translated at the exchange rates prevailing on the dates of the transactions. Foreign currency gains and losses arising from translation are included in the statement of loss. (d) Mineral Properties (i) Mineral Property Costs All costs directly related to the acquisition of mineral properties are recognized and capitalized once the legal right to explore a property has been acquired. When a project is deemed to no longer have commercially viable prospects to the Company, capitalized expenditures in respect of that project are deemed to be impaired. As a result, those expenditures, in excess of estimated recoveries, are written-off to the statement of loss. As the Company currently has no operational income, any incidental revenues earned in connection with exploration activities are applied as a reduction to capitalized costs (ii) Exploration and Evaluation Expenditures Exploration and evaluation expenditures, including costs incurred prior to the Company obtaining legal rights to explore a property, are expensed in the period in which they occur. Such expenditures continue to be expensed until commercially viable and technically feasible mineral resources are established and management has made a decision to proceed with development of the property for mining operations. At this point, costs, including costs incurred in preparing the site for mining operations, are capitalized into development costs in the statement of financial position. Capitalization ceases when the mine is capable of commercial production, with the exception of development costs which give rise to a future benefit. Exploration and evaluation assets are also tested for impairment before the assets are transferred to development costs. GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 10 3. Material Accounting Policy Information (continued) (e) Impairment of Non-Financial Assets At each reporting period, the Company assesses whether there are indicators of impairment for its non-financial assets, including mineral properties and equipment. If indicators exist, the Company determines if the recoverable amount of the asset is greater than its carrying amount. If the carrying amount exceeds the recoverable amount, the asset is recorded at its recoverable amount with the reduction recognized in the statement of loss. The recoverable amount is the greater of the value in use or fair value less costs to sell. Fair value is the amount the asset could be sold for in an arm’s length transaction. The value in use is the present value of the estimated future cash flows of the asset from its continued use. The fair value less costs to sell considers the continued development of a property and market transactions in a valuation model. Impairments are reversed in subsequent periods when there has been an increase in the recoverable amount of a previously impaired asset and these reversals are recognized in the statement of loss. The recovery is limited to the original carrying amount less depreciation, if any, that would have been recorded had the asset not been impaired. (f) Other Provisions Provisions are recognized for liabilities of uncertain timing or amount that have arisen as a result of past transactions, including legal or constructive obligations. The provision is measured at the best estimate of the expenditure --- required to settle the obligation at the reporting date. (g) Financial Instruments Financial assets and financial liabilities are recognized when the Company becomes a party to the contractual provisions of the respective instrument. Financial assets and financial liabilities are initially measured at fair value. Transaction costs that are directly attributable to the acquisition or issue of financial assets and financial liabilities (other than financial assets and financial liabilities at fair value through profit or loss) are included in the initial carrying value of the related instrument and are amortized using the effective interest method. Transaction costs directly attributable to the acquisition of financial assets or financial liabilities at fair value through profit or loss are recognized immediately in the statement of loss. Fair value estimates are made at the statement of financial position date based on relevant market information and information about the financial instrument. All financial instruments are classified into either: fair value through profit or loss (“FVTPL”) or amortized cost. The Company has made the following classifications: Cash Amortized cost Accounts payable and accrued liabilities Amortized cost Due to related parties Amortized cost The classification of financial assets depends on the nature and purpose of the financial assets and is determined at the time of initial recognition. Financial assets Financial assets at FVTPL Financial assets are classified as FVTPL when the financial asset is either held for trading or it is designated as FVTPL. A financial asset is classified as held for trading if: • it has been acquired principally for the purpose of selling it in the near term; or • on initial recognition it is part of a portfolio of identified financial instruments that the Company manages together and has a recent actual pattern of short-term profit-taking; or • it is a derivative that is not designated and effective as a hedging instrument. GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 11 3. Material Accounting Policy Information (continued) (g) Financial Instruments (continued) Financial assets (continued) Financial assets at amortized cost Financial assets at amortized cost are non-derivative financial assets which are held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding. A financial asset (unless it is a trade receivable without a significant financing component that is initially measured at the transaction price) is initially measured at fair value plus, for an item not at FVTPL, transaction costs that are directly attributable to its acquisition. Subsequent to initial recognition, financial assets are measured at amortized cost using the effective interest method, less any impairment. Impairment of financial assets The Company recognizes a loss allowance for expected credit losses on financial assets that are measured at amortized cost. At each reporting date, the Company measures the loss allowance for the financial asset at an amount equal to the lifetime expected credit losses if the credit risk on the financial asset has increased significantly since initial recognition. If at the reporting dat --- e, the financial asset has not increased significantly since initial recognition, the Company measures the loss allowance for the financial asset at an amount equal to the twelve month expected credit losses. The Company shall recognize in the statements of loss, as an impairment gain or loss, the amount of expected credit losses (or reversal) that is required to adjust the loss allowance at the reporting date to the amount that is required to be recognized. Derecognition The Company derecognizes financial assets only when the contractual rights to cash flow from the financial assets expire, or when it transfers the financial assets and substantially all the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the statements of loss and comprehensive loss. Financial liabilities and equity instruments Classification as debt or equity Debt and equity instruments issued by the Company are classified as either financial liabilities or as equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity after deducting all of its liabilities. Equity instruments issued by the Company are recognized as the proceeds received, net of direct issue costs under share capital. Other financial liabilities Other financial liabilities (including loans and borrowings and trade payables and other liabilities) are initially measured at fair value, net of transaction costs. Subsequently, other financial liabilities are measured at amortized cost using the effective interest method. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 12 3. Material Accounting Policy Information (continued) (g) Financial Instruments (continued) Financial liabilities and equity instruments (continued) discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the net carrying amount on initial recognition. Derecognition of financial liabilities The Company derecognizes a financial liability when the financial liability is discharged, cancelled or expired. Generally, the difference between the carrying amount of the financial liability derecognized and the consideration paid and payable, including any non-cash assets transferred or liabilities assumed, is recognized in profit or loss. Offsetting financial assets and liabilities Financial assets and liabilities are offset, and the net amount is presented in the statement of financial position only when the Company has a legally enforceable right to offset the recognized amounts and intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously. (h) Income Taxes Current income tax Current income tax assets and liabilities for the current period are measured at the amount expected to be recovered --- from or paid to the taxation authorities. The tax rates and tax laws used to compute the amount are those that are enacted or substantively enacted, at the reporting date. Current income tax relating to items recognized directly in other comprehensive income or equity is recognized in other comprehensive income or equity and not in the statement of loss. Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation and establishes provisions where appropriate. Deferred income tax Deferred income tax is provided using the statement of financial position method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. The carrying amount of deferred income tax assets is reviewed at the end of each reporting period and recognized only to the extent that it is probable that sufficient taxable income will be available to allow all or part of the deferred income tax asset to be utilized. Deferred income tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred income tax assets and deferred income tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current income tax liabilities and the deferred income taxes relate to the same taxable entity and the same taxation authority. (i) Share Capital (i) Unit Offerings The Company has adopted the relative fair value method with respect to the measurement of shares and warrants issued as equity units. The relative fair value method requires an allocation of the net proceeds received based on the pro rata relative fair values of the components. If and when the warrants are ultimately exercised, the applicable amounts are transferred from share- based payment reserve to share capital. If the warrants expire unexercised, the applicable amount remains in share-based payment reserve. GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 13 3. Material Accounting Policy Information (continued) (i) Share Capital (continued) (ii) Flow-through Shares The Company will, from time to time, issue flow-through common shares to finance a significant portion of its exploration program. Pursuant to the terms of the flow-through share agreements, these shares transfer the tax deductibility of qualifying resource expenditures to investors. On issuance, the Company bifurcates the flow-through share into: i) a flow-through share premium, equal to the estimated premium, if any, investors pay for the flow-through feature, which is recognized as a liability; and ii) share capital. Upon expenses being incurred, the Company derecognizes the liability which is recognized as other income. The Company may be subject to a Part XII.6 tax and additional indemnity provisions on flow- through proceeds renounced under the Government of Canada flow-through regulations when expenditure obligations are not met. (j) Loss per Share Basic earnings (loss) per share is computed by dividing the net income or loss applicable to common shares of the Company by the weighted average number of common --- shares outstanding for the relevant period. Diluted earnings (loss) per share is computed by dividing the net income or loss applicable to common shares by the sum of the weighted average number of common shares issued and outstanding and all additional common shares that would have been outstanding, if potentially dilutive instruments were converted. Dilutive loss per share excludes all dilutive potential equity instruments if their effect is anti-dilutive. For the periods presented, this calculation proved to be anti- dilutive. (k) Provision for environmental rehabilitation An obligation to incur restoration, rehabilitation and environmental costs arises when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided and capitalized at the start of each project to the carrying amount of the asset, as soon as the obligation to incur such costs arises. Discount rates using a pre-tax rate that reflect the time value of money are used to calculate the net present value. These costs are charged against profit or loss over the economic life of the related asset, through amortization using either the unit-of-production or straight line method. The related liability is adjusted for each period for the unwinding of the discount rate and for changes to the current market-based discount rate, amount or timing of the underlying cash flows needed to settle the obligation. Costs for restoration of subsequent site damage which is created on an ongoing basis during production are provided for at their net present values and charged against profits as extraction progresses. As at December 31, 2025, the Company does not have any restoration, rehabilitation and environmental costs, as the disturbance to date is minimal. (l) Share-based Payments The Company grants stock options to directors, officers, employees and consultants. Options granted are accounted for using the fair value method. The grant date fair value of share-based payment awards granted to employees is recognized as an employee expense, with a corresponding increase in equity, over the period that the employees unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 14 3. Material Accounting Policy Information (continued) (l) Share-based Payments (continued) For share-based payment awards with non-vesting conditions, the grant date fair value of the share- based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes. Expected volatility is estimated by considering historic average share price volatility. Where equity instruments are granted to parties other than employees, they are recorded by reference to the fair value of the services received. If the fair value of the services received cannot be reliably estimated, the Company measures the service --- s received by reference to the fair value of the equity instruments granted, measured at the date the counterparty renders service. All equity-settled share-based payments are reflected in share-based payment reserve, until exercised. Upon exercise, shares are issued from treasury and the amount reflected in share-based payment reserve is credited to share capital, adjusted for any consideration paid. (m) Leases At inception of a contract, the Company assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset over a period of time in exchange for consideration. The Company assesses whether the contract involves the use of an identified asset, whether it has the right to obtain substantially all of the economic benefits from the use of the asset during the term of the contract and it has the right to direct the use of the asset. The right-of-use asset is subsequently depreciated from the commencement date to the earlier of the end of the lease term, or the end of the useful life of the asset. The right-of-use asset may be reduced due to impairment losses, if any, and adjusted for certain remeasurements of the lease liability. A lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date discounted by the interest rate implicit in the lease or, if that rate cannot be readily determined the incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments, and amounts expected to be payable at the end of the lease term. The Company does not recognize the right-of-use assets and lease liabilities for short-term leases that have a lease term of twelve months or less. The lease payments associated with these leases are charged directly to profit or loss on a straight-line basis over the lease term. (n) Government grants Government grants are recognized when the Company has reasonable assurance that it has complied with the relevant conditions of the grant and that it will be received. The Company recognizes the grants that compensate the Company for expenses incurred against the financial statement line item that it is intended to compensate, if the grant is recognized in the same period as the underlying transaction. Other grants are recognized as other income in the statement of loss and comprehensive loss. (o) Related party transactions Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties 3. Material Accounting Policy Information (continued) GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 15 (p) Adoption of new accounting pronouncements Amendments to IAS 1, Presentation of Financial Statements: Classification of Liabilities as Current or Non-Current In January 2020 and Oc --- tober 2022, the IASB issued amendments to clarify the requirements for classifying liabilities current or non-current. The amendments specify that the conditions that exist at the end of a reporting period are those that will be used to determine if a right to defer settlement of a liability exists. The amendments also clarify the situations that are considered a settlement of a liability. The adoption of the amendment during the year ended September 30, 2025, did not have a significant impact on the Company’s financial statements. (q) New accounting standards and interpretations issued but not yet adopted IFRS 18 – Presentation and Disclosure in Financial Statements In April 2024, the IASB issued IFRS 18 – Presentation and Disclosure in Financial Statements (“IFRS 18”) to replace IAS 1 – Presentation of Financial Statements. This standard focuses on updates to the statement of profit or loss, including: (a) the structure of the statement of profit or loss; (b) required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity’s financial statements (that is, management-defined performance measures); and (c) enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. It will be effective for the annual reporting period beginning on or after January 1, 2027, and will be required to be applied retrospectively. The Company is currently assessing the impact that the adoption of IFRS 18 will have on its financial statements. Apart from IAS 1 and IFRS 18, other new standards or amendments to existing standards issued but which have not yet been applied by the Company based on the effective date are not currently expected to have a material impact on the Company’s financial statements. 4. Property and Equipment Computer Equipment $ Vehicles $ Total $ Cost: Balance, September 30, 2025 7,588 154,886 162,474 Additions – – – Disposals – – – Balance, December 31, 2025 7,588 154,886 162,474 Accumulated depreciation: Balance, September 30, 2025 4,182 74,996 79,178 Additions – – – Disposals – – – Balance, December 31, 2025 4,182 74,996 79,178 Carrying amounts: Balance, December 31, 2024 1 22,877 22,878 Balance, December 31, 2025 3,406 79,890 83,296 5. Mineral Properties Title to mining properties involves certain inherent risks due to the difficulties of determining the validity of certain claims as well as the potential for problems arising from the frequently ambiguous GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 16 conveyancing history characteristic of many mining properties. The Company has investigated rights of ownership of all of the mineral concessions in which it has an interest and, to the best of its knowledge, all agreements relating to such ownership rights are in good standing. However, this should not be construed as a guarantee of title. The concessions may be subject to prior claims, agreements, or transfers, and rights of ownership may be affected by undetected defects. Acquisition costs: Gordon Lake Project $ Myrt Lake Project $ Total $ Balance, December 31, 2025 79,848 10,768 90,616 Gordon Lake Property, NWT, Canada As at December 31, 2025, the Company owns a mineral lease for its Gordon Lake Property. The Company expenses all amounts paid to maintain the ownership of the mineral lease. On October 28, 2020, --- the Company staked 13 territorial mineral claims and 12 federal mineral claims on the Gordon Lake Project, Northwest Territories. The Company incurred staking costs of $37,848 in connection with its Gordon Lake claims. On August 4, 2021, the Company entered into purchase agreements with Dave Nickerson and Mike Vaydik (“Vendors”) to acquire 100% right, title, and interest in Mining Lease 3249 and Mining Lease 3340 which are both located near Gordon Lake. The Company paid $20,000 and issued 200,000 common shares to the Vendors. Both agreements are subject to a 2% NSR royalty with the option of the Company to purchase one half of the 2% NSR royalty for $1,000,000. Myrt Lake Project, NWT, Canada On November 10, 2020, the Company staked 1 territorial mineral claim and 1 federal mineral claim, located near Yellowknife, Northwest Territories. The Company incurred staking costs of $10,768 in connection with its Myrt Lake claims. GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 17 6. Related Party Transactions Key management personnel are persons responsible for planning, directing and controlling the activities of an entity, and include directors, the chief executive officer and chief financial officer. Key management personnel compensation is comprised of the following: During the period ended December 31, 2025 and 2024, the Company entered into the following transactions with related parties: (a) As at December 31, 2025, the Company owed $593,419 (2024 – $493,292) to the President and CEO of the Company which is unsecured, non-interest bearing, and due on demand. Of the amount owed, $450,000 (2024 - $nil) has been reclassified as a long term liability as a result of a postponement of claim arrangement entered into with the President and CEO in the year. (b) As at December 31, 2025, the Company owed $6,362 (2024 – $6,362) to a company owned by a daughter of the President and CEO of the Company which is unsecured, non-interest bearing, and due on demand. (c) As at December 31, 2025, the Company owed $112,500 (2024 – $112,500) to the daughter of the President and CEO of the Company which is unsecured, non-interest bearing, and due on demand. 7. Share Capital Authorized: Unlimited number of common shares with no par value Unlimited number of preferred shares with no par value Share issuances for the period ending September 30, 2025: (a) On July 31, 2025 and August 25, 2025, the Company closed two tranches of a private placement whereby they issued 1,180,000 flow-through units (the “FT units”) at $0.25 and 1,000,000 non-flow through (the “NFT units”) units at $0.20 for total proceeds of $495,000. Each FT Unit consists of one flow-through common share and one half of one flow-through share purchase warrant. The warrants are exercisable for a period of 2 years at $0.30. Each NFT unit consists of one non-flow through common share and one half of one non-flowthrough share purchase warrant. The warrants are exercisable for a period of 2 years at $0.25. The Company used the relative fair value method to allocate the total consideration received and accordingly, $419,461 of the total value was allocated to the shares and $75,539 to the warrants. The value of the shares was based on the closing market price on the date the shares were issued, and the value of the warrants was based on Black Scholes option pricing model with the following weighted average assumptio --- ns: share price – $0.18; exercise price – $0.28; dividend yield – Nil; volatility – 86.65%; risk-free interest rate – 3.55%; expected life (years) – 2 years. In connection with the financings, the Company paid $8,885 in share issuance costs. The FT units were issued at a premium to the trading value of the Company’s common shares, which is a reflection of the value of the income tax write-offs that the Company will renounce to the flow-through shareholders. The premium was determined to be $21,550 and has been recorded as a reduction of share capital (Note 10). (b) On October 9 and 17, 2024, the Company issued 17,000 common shares for proceeds of $2,550 pursuant to the exercise of share purchase warrants at $0.15 per unit. In connection with the exercise, the warrant fair value of $696 was reclassified to share capital. During the year ended September 30, 2024, the Company entered into the following transactions: (a) On August 14, 2024, the Company issued 1,140,000 flow-through units at $0.25 per unit and 750,000 non flow-through units at $0.20 per unit for total proceeds of $435,000. The 1,140,000 flow- through units were issued to the daughters of the President and CEO of the Company. Each flow- through unit consisted of one flow-through common share and one-half of one share purchase warrant exercisable at $0.30 per common share expiring on August 14, 2026. Each non flow- GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 18 7. Share Capital (continued) through unit consisted of one common share and one-half of one share purchase warrant exercisable at $0.25 per common share expiring on August 14, 2026. A value of $73,692 and $10,462 was attributed to the share purchase warrants and flow-through share premium liability, respectively. (b) On August 14, 2024, the Company issued 2,000 common shares for proceeds of $300 pursuant to the exercise of share purchase warrants. (c) On August 19, 2024, the Company issued 630,000 flow-through units at $0.25 per unit and 1,250,000 non flow-through units at $0.20 per unit for total proceeds of $407,500. Each flow-through unit consisted of one flow-through common share and one-half of one share purchase warrant exercisable at $0.30 per common share expiring on August 19, 2026. Each non flow-through unit consisted of one common share and one-half of one share purchase warrant exercisable at $0.25 per common share expiring on August 19, 2026. In connection with the private placement, the Company incurred finder’s fees of $20,375, issued 62,500 finder’s warrants with a fair value of $5,118 exercisable at $0.25 per common share expiring on August 19, 2026, and issued 31,500 finder’s warrants with a fair value of $2,271, exercisable at $0.30 per common share expiring on August 19, 2026. The fair value of the finder’s warrants was calculated using the Black-Scholes option pricing model with an expected life of two years, volatility of 85%, risk-free rate of 3.26%, and dividend yield of 0%. A value of $66,540 and $7,444 was attributed to the share purchase warrants and flow-through share premium liability, respectively. 8. Share Purchase Warrants The following table summarizes the continuity of share purchase warrants: Number of Warrants Weighted Average Exercise Price ($) Balance, September 30, 2023 5,055,333 0.17 Issued 1,979,000 0.27 Exercised (2,000) 0.15 Balance, September 30, 2024 7,032,333 0.20 Issued 1,090,0 --- 00 0.28 Expired (5,036,333) 0.17 Exercised (17,000) 0.15 Balance, September 30, 2025 3,069,000 0.27 As at December 31, 2025, there were 3,069,000 share purchase warrants outstanding: Number of warrants Exercise price ($) Expiry date 375,000 0.25 August 14, 2026 570,000 0.30 August 14, 2026 687,500 0.25 August 19, 2026 346,500 0.30 August 19, 2026 500,000 0.25 July 31, 2027 500,000 0.30 July 31, 2027 90,000 0.30 August 25, 2027 3,069,000 GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 19 9. Stock Options The Company has reserved 10% of the issued common shares pursuant to an incentive share-based payment plan (the "Plan"). Options to purchase common shares of the Company under the Plan may be granted by the Board of Directors to a director, officer, employee, or consultant of the Company. The options are subject to any vesting limitations, exercise process, and exercise periods as determined by the Board of Directors. The options can be granted for a maximum term of 10 years and vesting terms are determined by the Board of Directors at the date of grant. The stock option plan limits the number of incentive stock options which may be granted to any one individual to not be more than 5% of the total issued shares of the Company in any 12-month period. The number of incentive stock options granted to any one consultant, or a person employed to provide investor relations activities in any 12- month period must not exceed 2% of the total issued shares of the Company. Number of Options Weighted Average Exercise Price ($) Outstanding, September 30, 2024 1,850,000 0.21 Granted 800,000 0.17 Outstanding, September 30, 2025 2,650,000 0.20 Granted – – Outstanding, December 31, 2025 2,650,000 0.20 As at December 31, 2025, the following stock options were outstanding and exercisable: Number of options outstanding Number of options exercisable Exercise price ($) Expiry date 850,000 850,000 0.20 January 21, 2026 100,000 100,000 0.20 February 9, 2026 400,000 400,000 0.25 September 3, 2026 500,000 250,000 0.20 June 5, 2026 400,000 400,000 0.18 January 23, 2030 400,000 400,000 0.17 September 10, 2030 2,650,000 2,400,000 GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 20 10. Financial Instruments and Risk Management (a) Fair Values Fair value measurements are classified using a fair value hierarchy that reflects the significance of inputs used in making the measurements. The fair value hierarchy has the following levels: • Level 1 - valuation based on quoted prices (unadjusted) in active markets for identical assets or liabilities; • Level 2 - valuation techniques based on 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 - valuation techniques using inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair values of the Company’s financial instruments, which include cash, and accounts payable and accrued liabilities, and amounts due to related parties approximate their carrying values due to the relatively short-term maturity of these instruments. (b) Credit Risk Credit risk is the risk of potential loss to the Company if a counter party to a financial instrument fails to meet its co --- ntractual obligations. The Company’s exposure to credit risk is on its cash. The Company’s accounts receivable is comprised of GST receivable. The Company manages its credit exposure by holding its cash with high credit quality financial institutions. The Company’s maximum credit exposure for cash is the carrying value of $101,575. (c) Liquidity and Funding Risk Liquidity and funding risk is the risk that the Company will not have sufficient capital to meet short- term operating requirements, after taking into account the Company’s holdings of cash. As at December 31, 2025, the Company has a working capital deficit of $257,203. In the case of cash deficits arising from exploration commitments and general operating budgets, the Company will have to seek debt or equity financing. There are no assurances that such financing will be available on terms acceptable to the Company (Note 1). (d) Market Risk (i) Interest Rate Risk Interest rate risk is the risk arising from the effect of changes in prevailing interest rates on the Company’s financial instruments. The Company does not hold any investments or financial liabilities on which interest accrues, and is therefore not subject to a significant amount of interest rate risk. (ii) Foreign Currency Risk Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in the foreign exchange rates. The Company’s functional and reporting currency is the Canadian dollar. The Company is exposed to the financial risk related to the fluctuation of foreign exchange rates. The Company has an office in Canada and holds cash in Canadian dollars. The impact of foreign exchange rates on the financial statements is not significant. As at December 31, 2025 and 2024, the Company had no hedging agreements in place with respect to foreign exchange rates. GOLDEN PURSUIT RESOURCES LTD. Notes to the Financial Statements Three Months Ended December 31, 2025 and 2024 (Expressed in Canadian Dollars) 21 10. Financial Instruments and Risk Management (continued) (e) Price Risk The Company is exposed to price risk with respect to commodity prices. The Company’s ability to raise capital to fund exploration and development activities is subject to risks associated with fluctuations in the market price of commodities. 11. Capital Management The Company manages its capital to maintain its ability to continue as a going concern and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of cash and equity comprised of issued share capital and share-based payment reserve. The Company manages its capital structure and makes adjustments to it in light of economic conditions. The Company, upon approval from its Board of Directors, will balance its overall capital structure through new share issues or by undertaking other activities as deemed appropriate under the specific circumstances. The Company is not subject to externally imposed capital requirements and the Company’s overall strategy with respect to capital risk management remains unchanged from the year ended September 30, 2025.