SEDAR Interim Financial Statements

1 TRAIL BLAZER CAPITAL CORP. Condensed Interim Financial Statements (Expressed in Canadian Dollars - unaudited) For the Nine Months Ended December 31, 2025 and 2024 2 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 the financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim financial statements of Trail Blazer Capital Corp. (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 the interim financial statements by an entity’s auditor. 3 TRAIL BLAZER CAPITAL CORP. Condensed Interim Statements of Financial Position (Expressed in Canadian Dollars - unaudited) (audited) As at December 31, 2025 March 31, 2025 ASSETS Current assets Cash and cash equivalents (Note 5) $ 744,620 $ 807,734 Loan receivable (Note 6) 250,000 250,000 Interest receivable (Note 5 and 6) 39,148 14,161 Prepaid expenses 1,658 9,121 TOTAL ASSETS $ 1,035,426 $ 1,081,016 LIABILITIES Current liabilities Accounts payable and accrued liabilities (Note 7) $ 4,098 $ 18,555 TOTAL LIABILITIES 4,098 18,555 SHAREHOLDERS’ EQUITY Share capital (Note 8) 1,267,912 1,267,912 Reserves (Note 9) 74,658 74,658 Accumulated deficit (311,242) (280,109) TOTAL SHAREHOLDERS’ EQUITY 1,031,328 1,062,461 TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,035,426 $ 1,081,016 Subsequent event (Note 13) These unaudited condensed interim financial statements were authorized for issue by the Board of Directors on February 7, 2026. They are signed on behalf of the Board of Directors by: "Alnesh Mohan" ”David Stier” Director Director The accompanying notes form an integral part of these unaudited condensed interim financial statements. 4 TRAIL BLAZER CAPITAL CORP. Condensed Interim Statements of Loss and Comprehensive Loss (Expressed in Canadian Dollars - unaudited) For the Three Months Ended For the Nine Months Ended December 31, 2025 December 31 2024 December 31, 2025 December 31 2024 EXPENSES General and administrative costs $ 9,668 $ 9,086 $ 29,126 $ 27,272 Professional fees 9,084 342 15,870 14,856 Transfer agent, regulatory and filing fees 7,657 860 12,132 16,392 OPERATING EXPENSES (26,409) (10,288) (57,128) (58,520) OTHER INCOME Interest income (Note 5 and 6) 8,563 11,015 25,995 38,386 NET INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS) $ (17,846) $ 727 $ (31,133) $ (20,134) Basic and diluted loss per share $ (0.00) $ 0.00 $ (0.00) $ (0.00) Weighted average number of common shares outstanding 15,000,000 15,000,000 15,000,000 15,000,000 The accompanying notes form an integral part of these unaudited condensed interim financial statements. 5 TRAIL BLAZER CAPITAL CORP. Condensed Interim Statements of Cash Flows (Expressed in Canadian Dollars - unaudited) For the Nine Months Ended December 31, 2025 December 31, 2024 Cash flows provided by (used in): OPERATING ACTIVITIES Net loss $ (31,133) $ (20,134) Net changes in non-cash working capital items Interest receivable (24,987) 10,819 Prepaid expenses 7,463 5,625 Accounts payable and accrued liabilities (14,457) (19,071) Net cash flows used in operating activities (63,114) (22,761) --- INVESTING ACTIVITIES Loan receivable - (250,000) Net cash flows used in investing activities - (250,000) Net decrease in cash and cash equivalents (63,114) (272,761) Cash and cash equivalents, beginning of period 807,734 1,105,116 Cash and cash equivalents, end of period $ 744,620 $ 832,355 The accompanying notes form an integral part of these unaudited condensed interim financial statements. 6 TRAIL BLAZER CAPITAL CORP. Condensed Interim Statements of Changes in Shareholders’ Equity (Expressed in Canadian Dollars - unaudited) Number of shares Amount Reserves Deficit Total Balance at March 31, 2024 15,000,000 $ 1,267,912 $ 105,783 $ (264,547) $ 1,109,148 Net loss and comprehensive loss for the period - - - (20,134) (20,134) Fair value reclass of expired warrants - - (31,125) 31,125 - As at December 31, 2024 15,000,000 $ 1,267,912 $ 105,783 $ (253,556) $ 1,089,014 Balance at March 31, 2025 15,000,000 $ 1,267,912 $ 74,658 $ (280,109) $ 1,062,461 Net loss and comprehensive loss for the period - - - (31,133) (31,133) Balance at December 31, 2025 15,000,000 $ 1,267,912 $ 74,658 $ (311,242) $ 1,031,328 The accompanying notes form an integral part of these unaudited condensed interim financial statements. TRAIL BLAZER CAPITAL CORP. Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars - unaudited) 7 1. NATURE OF OPERATIONS Trail Blazer Capital Corp. (the “Company” or “Trail Blazer”) was incorporated under the British Columbia Business Corporations Act on January 6, 2021. The Company’s registered office is located at Suite 2200 – 885 West Georgia Street, Vancouver, BC, V6C 3E8. The Company is classified as a Capital Pool Company as defined in Policy 2.4 of the TSX Venture Exchange (the “Exchange”). The principal business of the Company is to identify and evaluate assets or businesses with a view to potentially acquire them or an interest therein by completing a purchase transaction, by the exercising of an option or by any other eligible transaction. The purpose of an acquisition is to satisfy the related conditions of a Qualifying Transaction under the Exchange rules (Note 6). Trail Blazer commenced trading on the Exchange on November 16, 2021, under the trading symbol of “TBLZ.P”. On November 12, 2021, the Company completed its first initial public offering by issuing 5,000,000 common shares at a price of $0.10 per share for total gross proceeds of $500,000. During the nine months ended December 31, 2025, Trail Blazer had a net loss of $31,133 (2024 – $20,134) and an accumulated deficit of $311,242 as at December 31, 2025 (March 31, 2025 - $280,109). Where an acquisition or participation is warranted, additional funding may be required. The ability of the Company to fund its potential future operations and commitments is dependent upon the Company’s ability to obtain additional financing. There is no assurance that the Company will identify a business or asset that warrants acquisition or participation under the policies of the Exchange. In addition, the Company is expected to incur losses for the foreseeable future. These events and circumstances may cast doubt as to the Company’s ability to continue as a going concern. However, management believes that funding will be available to the Company, when required, and cash on hand as at December 31, 2025 is sufficient to fund operations for the next twelve months. Accordingly, management believes the going concern --- risk is mitigated. 2. BASIS OF PREPARATION (a) Statement of compliance These unaudited condensed interim financial statements have been prepared in accordance with IAS 34, Interim Financial Reporting, using accounting policies consistent with the International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). (b) Basis of presentation These unaudited condensed interim financial statements have been prepared on a historical cost basis, except for financial instruments classified as financial instruments at fair value through profit or loss (“FVTPL”), which are stated at their fair value. In addition, these financial statements have been prepared using the accrual basis of accounting, except for cash flow information. (c) Presentation and functional currency The presentation and functional currency of the Company is the Canadian dollar. All amounts in these unaudited condensed interim financial statements are expressed in Canadian dollars, unless otherwise indicated. (d) Material accounting judgments and estimates The preparation of financial statements in accordance with IFRS requires management to make certain critical accounting estimates and assumptions about the future and to exercise judgment in applying the Company’s accounting policies. Actual results could 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 estimates are revised and in any future periods affected. The critical judgments and assumptions made by management and other major sources of measurement uncertainty are discussed in Note 4. 3. MATERIAL ACCOUNTING POLICY INFORMATION The accounting policies followed by the Company are set out in Note 3 to the Company’s audited financial statements for the year ended March 31, 2025 and have been consistently followed in the preparation of these unaudited condensed interim financial statements. Other accounting pronouncements with future effective dates are either not applicable or are not expected to have a material impact on the Company’s unaudited condensed interim financial statements. TRAIL BLAZER CAPITAL CORP. Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars - unaudited) 8 4. MATERIAL ACCOUNTING JUDGMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY Material accounting judgments The critical judgments, apart from those involving estimations, that management has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognized in the financial statements are as follows: Going concern The assessment of the Company’s ability to continue as a going concern and to raise sufficient funds to pay for its ongoing operating expenditures and meet its liabilities for the ensuing year involves significant judgment based on historical experience and other factors, including expectation of future events that are believed to be reasonable under the circumstances. 5. CASH AND CASH EQUIVALENTS At December 31, 2025 and March 31, 2025, the Company’s cash and cash equivalents are comprised of the following: December 31, 2025 March 31, 2025 Cash held in bank account $ 4,620 $ 17,734 Cash held in GIC(1) 740,000 790,000 Tota --- l $ 744,620 $ 807 734 1) The guaranteed investment certificates (“GIC”) are cashable at any time and earn interest at a fixed interest rate of 2.85% at December 31, 2025 (March 31, 2025 – fixed interest rate of 2.85%). As at December 31, 2025, the Company reported interest receivable of $39,148, of which $20,620 related to its cash held in GIC. During the three and nine months ended December 31, 2025, the Company recorded $5,412 and $16,577 (2024 - $7,864 and 32,359) respectively on its cash held in GIC. 6. LOAN RECEIVABLE On April 8, 2024, the Company entered a non-binding letter of intent with Good Purpose Investments Inc. (“GPI”). GPI is engaged in the manufacturing, marketing and distribution of textiles derived from recycled plastics, with operations located in Shanghai, Hong Kong, Dubai and Amsterdam. Pursuant to the terms of the letter of intent, the Company will incorporate a wholly owned subsidiary that will amalgamate with GPI (the “Transaction”). Upon completion, the amalgamated entity will operate as a wholly owned subsidiary of the Company. The Transaction qualifies as a “Qualifying Transaction” under Policy 2.4 of the Exchange (Note 1). In accordance with the terms of the Transaction, the Company will complete a consolidation of its common shares on a one for one-and-one-half basis (the “Consolidation”). Following the Consolidation, holders of GPI’s existing common shares will receive one post-Consolidation common share of the Company for every GPI common share held. Additionally, holders of GPI common shares resulting from the conversion of subscription receipts will receive one post-Consolidation common share of the Company for each subscription receipt previously held. In connection with the execution of the letter of intent, the Company entered into a loan agreement on April 15, 2024, to provide GPI with a working capital loan in the principal amount of $250,000 (the “Bridge Loan”). The funds were advanced to GPI in July 2024. The Bridge Loan is secured by a general charge over all of GPI’s assets and carries an annual interest rate of 5.0%. During the three and nine months ended December 31, 2025, the Company recorded interest income of $3,151 and $9,418 (2024 - $3,151 and $6,028) and interest receivable of $9,418 (2024 - $6,027) in connection with the Bridge Loan. As at December 31, 2025, the Company had interest receivable of $18,528 (March 31, 2025 - $9,110) in connection with the Bridge Loan. In the event the parties elect not to proceed with the Transaction and the letter of intent is terminated, GPI will repay the Bridge Loan, along with all accrued interest, within six months of the termination date. TRAIL BLAZER CAPITAL CORP. Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars - unaudited) 9 6. LOAN RECEIVABLE (continued) The completion of the Transaction is subject to a number of conditions, including the completion of satisfactory due diligence, the execution of a definitive agreement, the completion of the Consolidation and financing, the Company maintaining a positive working capital of at least $750,000 (net of the Bridge Loan and prior to all Transaction- related costs and expenses), the adoption of a new corporate name acceptable to GPI, the reconstitution of the Company’s board of directors and management to include nominees of GPI, approval from the Exchange, and the fulfillment of other customary closing conditions fo --- r transactions of this nature. There is no assurance that the Transaction will be completed as currently proposed, or at all. On September 18, 2025, the Company has elected to terminate the Letter of Intent previously entered into with GPI on April 8, 2024. In connection with termination of the Letter of Intent, the Company has not assumed any contingent liabilities or guarantees. The Company previously advanced a working capital loan to GPI in the principal amount of $250,000 which remains outstanding. Trading in the common shares of the Company has been halted pending completion of filings for the proposed transaction with the TSX Venture Exchange. The Company’s common shares resumed trading on TSX Venture Exchange, under the existing ticker symbol, on or about December 5, 2025. 7. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES The Company’s accounts payable and accrued liabilities are comprised of the following: December 31, 2025 March 31, 2025 Accounts payable $ 2,798 $ - Accrued liabilities 1,300 18,555 Total $ 4,098 $ 18,555 8. SHARE CAPITAL a) Authorized Unlimited number of common shares without par value. b) Issued As at December 31, 2025, there were 15,000,000 (March 31, 2025 – 15,000,000) common shares issued and outstanding. There were no share capital transactions during the nine months ended December 31, 2025 and 2024. c) Escrowed shares As at December 31, 2025, there were 3,620,000 (March 31, 2025 – 3,620,000) common shares held in escrow. The escrowed shares are to be released under the following terms: 25% at the date of completion of the Qualifying Transaction and 25% to be released from escrow every six months thereafter. 9. RESERVES a) Options The Company has a stock option plan whereby a maximum of 10% of the issued and outstanding commons shares of the Company may be reserved for issuance pursuant to the exercise of stock options. The terms of the granted options are fixed by the Board of Directors and are not to exceed ten years. The exercise price of options is determined by the Board of Directors but shall not be less than the closing price of the Company’s common shares on the day preceding the day on which the options are granted, less any discount permitted by the Exchange. Options granted under the plan may vest immediately on grant, or over a period as determined by the Board of Directors or, in respect of options granted for investor relations services, as prescribed by Exchange policy. TRAIL BLAZER CAPITAL CORP. Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars - unaudited) 10 9. RESERVES (continued) There were no stock options granted or share-based payments expensed in the nine months ended December 31, 2025 and 2024. A continuity schedule of the Company’s outstanding stock options as at December 31, 2025 and March 31, 2025, is as follows: a) Options, continued Number outstanding Weighted average exercise price Outstanding, March 31, 2024 1,000,000 $ 0.10 Granted or exercised - - Outstanding and exercisable, March 31, 2025 and December 31, 2025 1,000,000 $ 0.10 At December 31, 2025, the Company had outstanding stock options exercisable to acquire common shares of the Company as follows: Expiry date Options outstanding Options exercisable Exercise price Weighted average remaining contractual life (in years) 12-Nov-2026 1,000,000 1,000,000 $ 0.10 0.87 b) Warrants There were no warrants issued during the nine months ended Decemb --- er 31, 2025 and 2024. A continuity schedule of the Company’s outstanding common share purchase warrants as at December 31, 2025 and March 31, 2025, is as follows: Number outstanding Weighted average exercise price Outstanding and exercisable, March 31, 2024 500,000 $ 0.10 Expired (500,000) 0.10 Outstanding and exercisable, March 31, 2025 and December 31, 2025 - $ - On November 12, 2024, 500,000 warrants expired unexercised, and accordingly $31,125 in Reserves was transferred to deficit during the year ended March 31, 2025. 10. MANAGEMENT OF CAPITAL The Company manages its capital structure and adjusts it, based on the funds available to the Company, in order to support the identification and evaluation of a Qualifying Transaction and continue as a going concern. The Company’s capital includes the components of its shareholders’ equity. The Board of Directors does not establish quantitative return on capital criteria for management but rather relies on the expertise of the Company’s management to sustain future development of the business. Additional funds may be required to finance the Company’s Qualifying Transaction. In accordance with Policy 2.4 of the Exchange, the proceeds raised by the Company from the issuance of share capital may only be used to identify and evaluate assets of business for future investment, with the exception that no more than $3,000 per month, with no cumulative maximum, may be used to cover prescribed costs of issuing common shares or administrative and general expenditures of the Company. These restrictions apply until the completion of a Qualifying Transaction by the Company as defined under the policies of the Exchange. TRAIL BLAZER CAPITAL CORP. Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars - unaudited) 11 11. FINANCIAL INSTRUMENTS a) Categories of financial instruments and fair value measurements The Company’s financial assets and liabilities are classified as follows: December 31, 2025 March 31, 2025 Financial assets: Fair value through profit or loss Cash and cash equivalents $ 744,620 $ 807,734 Amortized cost Loan receivable 250,000 250,000 Interest receivable 39,148 14,161 Financial liabilities: Amortized cost Accounts payable $ 2,798 $ - b) Fair value information The fair value of the Company’s cash and cash equivalents, loan receivable, interest receivable and accounts payable approximate their carrying amounts due to the short-term nature of these instruments. IFRS 7 Financial Instruments: Disclosures establishes a fair value hierarchy that reflects the significance of inputs used in measuring fair value as follows: 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). At December 31, 2025, the Company had no financial assets measured and recognized on the statement of financial position at fair value belonging in Level 2 or Level 3 of the fair value hierarchy. Cash and cash equivalents and interest receivable are measured using Level 1 inputs. c) Management of financial risks The Company’s financial instruments expose the Company to certain financial risks, including credit --- risk, liquidity risk, interest rate risk and foreign currency risk. Credit risk Credit risk is the risk that one party to a financial instrument will fail to discharge an obligation and cause the other party to incur a financial loss. At December 31, 2025, the Company was exposed to credit risk on its cash and cash equivalents and loan receivable. The Company’s cash and cash equivalents is held with a highly rated financial institution in Canada, therefore minimizing the Company’s credit risk. In the event the Transaction does not complete thereby initiating repayment of the loan receivable and related interest, the creditor’s ability to generate ongoing revenues minimizes the Company’s credit risk in addition to the collateral provided under the loan agreement. Accordingly, the Company does not believe it is subject to significant credit risk and has assessed this risk as low as at December 31, 2025. Liquidity risk Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with its financial liabilities. The Company manages liquidity risk by maintaining adequate cash and managing its capital and expenditures. This approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at December 31, 2025, the Company had cash and cash equivalents of $744,620 and current liabilities of $4,098 The Company has sufficient cash to meet its current liabilities at December 31, 2025. The Company assessed its liquidity risk as low as at December 31, 2025. TRAIL BLAZER CAPITAL CORP. Notes to the Condensed Interim Financial Statements For the nine months ended December 31, 2025 and 2024 (Expressed in Canadian Dollars - unaudited) 12 11. FINANCIAL INSTRUMENTS (continued) Interest rate risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market interest rates. The Company’s cash equivalents are exposed to interest rate risk; however, as these are held in a fixed interest rate investment, the exposure is minimal. Accordingly, the Company has assessed this risk as low as at December 31, 2025. Foreign currency risk Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in foreign exchange rates. The Company is exposed to foreign currency risk to the extent that it has monetary assets and liabilities denominated in foreign currencies. As at December 31, 2025, the Company had no exposure to foreign currency risk, as all of the balances are denominated in Canadian dollars. The Company assessed its foreign currency risk as low as at December 31, 2025. 12. RELATED PARTY TRANSACTIONS The Company’s related parties consist of its key management personnel, including its directors and officers. During the normal course of business, the Company enters into transactions with its related parties that are considered to be arm’s length transactions and made at normal market prices and on normal commercial terms. For the nine months ended December 31, 2025 and 2024, the Company did not issue common shares or incur any share-based payments related to stock options granted to officers and directors of the Company. There were no transactions with related parties and no amounts due to or form related parties. 13. SUBSEQUENT EVENT Subsequent to December 31, 2025, on February 4, 2026 the Company granted 500,000 stock optio --- ns to its management and directors. Each stock option is exercisable into one common share of the Company at a price of $0.075 per common share at any time prior to the date that is five years from the grant date.