SEDAR Interim Financial Statements

COLLINGWOOD RESOURCES CORP. CONDENSED INTERIM FINANCIAL STATEMENTS (Unaudited – Prepared by Management) (Expressed in Canadian Dollars) FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 NOTICE OF NO AUDITOR REVIEW OF INTERIM FINANCIAL STATEMENTS The accompanying unaudited interim financial statements have been prepared by management and approved by the Audit Committee and Board of Directors. The Company’s independent auditors have not performed a review of these condensed interim financial statements in accordance with the standards established by the Canadian Institute of Chartered Accountants for a review of interim financial statements by an entity’s auditors. This notice is being provided in accordance with National Instrument 51-102 – Continuous Disclosure Obligations. 3 COLLINGWOOD RESOURCES CORP. CONDENSED INTERIM STATEMENTS OF FINANCIAL POSITION (Unaudited – Prepared by Management) (Expressed in Canadian Dollars) AS AT December 31, 2025 March 31, 2025 ASSETS Current Cash and cash equivalents $ 619,961 $ 681,595 GST receivable 3,456 4,711 Prepaid expenses 925 - $ 624,342 $ 686,306 LIABILITIES AND SHAREHOLDERS’ EQUITY Current Accounts payable and accrued liabilities (Note 5) $ 36,914 $ 43,160 36,914 43,160 Shareholders’ equity Share capital (Note 4) 1,147,253 1,147,253 Reserves (Note 4) 30,258 30,258 Deficit (590,083) (534,365) 587,428 643,146 $ 624,342 $ 686,306 Nature and continuance of operations (Note 1) Approved and authorized for issuance by the Board of Directors on February 26, 2025. “Scott Gibson” Director “Surita Banger” Director Scott Gibson Surita Banger The accompanying notes are an integral part of these condensed interim financial statements. 4 COLLINGWOOD RESOURCES CORP. CONDENSED INTERIM STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Unaudited – Prepared by Management) (Expressed in Canadian Dollars) Three Months Ended Three Months Ended Nine Months Ended Nine Months Ended December 31, 2025 December 31, 2024 December 31, 2025 December 31, 2024 EXPENSES Consulting fees (Note 5) $ 4,000 $ 6,000 $ 16,000 $ 18,000 Filing fees 1,575 3,595 4,090 7,948 Office and miscellaneous 573 3,147 1,507 9,180 Professional fees (Note 5) 1,126 6,193 36,363 26,771 Shareholder communications 3,017 3,186 6,947 5,747 Loss from operations (10,291) (22,121) (64,907) (67,646) Interest income 9,189 15,609 9,189 15,609 Loss and comprehensive loss for the period $ (1,102) $ (6,512) $ (55,718) $ (52,037) Basic and diluted loss per common share $ (0.00) $ (0.00) $ (0.01) $ (0.02) Weighted average common shares outstanding 4,840,016 4,553,059 4,840,016 3,144,364 The accompanying notes are an integral part of these condensed interim financial statements. 5 COLLINGWOOD RESOURCES CORP. CONDENSED INTERIM STATEMENTS OF CASH FLOWS (Unaudited – Prepared by Management) (Expressed in Canadian Dollars) FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 2024 CASH FLOWS FROM OPERATING ACTIVITIES Loss for the period $ (55,718) $ (52,037) Non-cash working capital item changes: GST receivable 1,255 (1,763) Prepaid expenses (925) (1,280) Accounts payable and accrued liabilities (6,246) (28,072) Net cash used in operating activities (61,634) (83,152) CASH FLOWS FROM FINANCING ACTIVITIES Private placement - 240,000 Share issuance costs - (14,100) Net cash provided from financing activities - 225,900 Change in cash and cash equivalents for the period (61,634) 142,748 Cash and cash equivalents, beginning of period 681,595 546,471 Cash and cash equivalents, end of period $ 6 --- 19,961 $ 689,219 SUPPLEMENTARY CASH FLOW INFORMATION Cash and cash equivalents consist of the following: Cash $ 245,190 $ 323,634 Cash equivalents (term deposits) 374,772 365,585 $ 619,962 $ 689,219 No cash was paid for interest or taxes for the nine months ended December 31, 2025, and 2024. There were no non-cash transactions for the nine months ended December 31, 2025 and 2024. The accompanying notes are an integral part of these condensed interim financial statements. 6 COLLINGWOOD RESOURCES CORP. STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY (Unaudited – Prepared by Management) (Expressed in Canadian Dollars) Share Capital Number Amount Reserves Deficit Total Balance, March 31, 2024 2,440,016 $ 933,451 $ 30,258 $ (459,204) $ 504,505 Private placement 2,400,000 240,000 - - 240,000 Share issuance costs - (14,100) - - (14,100) Loss for the period - - - (52,037) (52,037) Balance, December 31, 2024 4,840,016 $ 1,159,351 $ 30,258 $ (511,241) $ 678,368 Share issuance costs - (12,098) - - (12,098) Loss for the period - - - (23,124) (23,124) Balance, March 31, 2025 4,840,016 $ 1,147,253 $ 30,258 $ (534,365) $ 643,146 Loss for the period - - - (55,718) (55,718) Balance, December 31, 2025 4,840,016 $ 1,147,253 $ 30,258 $ (590,083) $ 587,428 The accompanying notes are an integral part of these condensed interim financial statements. COLLINGWOOD RESOURCES CORP. NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (Unaudited – Prepared by Management) (Expressed in Canadian Dollars) FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 7 1. NATURE AND CONTINUANCE OF OPERATIONS Collingwood Resources Corp. (“Collingwood” or the "Company") completed an Initial Public Offering (“IPO”) on May 10, 2018. It is a Capital Pool Company (“CPC”) as defined in the TSX Venture Exchange (“TSX-V”) Policy 2.4. The Company will not carry on any business other than the identification and evaluation of assets or businesses with a view to completing a Qualifying Transaction. The Company was incorporated as a private company by Certificate of Incorporation issued pursuant to the provisions of the British Columbia Business Corporations Act on December 7, 2011. The Company’s registered and records office address is 25th Floor, 700 W Georgia St Vancouver, BC, V7Y 1B3. The condensed interim financial statements of the Company are presented in Canadian dollars, which is the functional currency of the Company. These condensed interim financial statements have been prepared with the assumption that the Company will be able to realize its assets and discharge its liabilities in the normal course of business rather than through a process of forced liquidation. The condensed interim financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations. The Company has incurred ongoing losses and will continue to incur further losses in the course of its business operations. At December 31, 2025, the Company had a deficit of $590,083 (March 31, 2025 - $534,365). The Company has been relying on the issuance of share capital to fund its operations. Although the Company has been successful in the past in raising equity financing, there is no assurance that such financing will be available with acceptable terms. These uncertainties may cast significant doubt on the Company’s ability to continue as a going concern. 2. BASIS OF PREPARATION These condensed interim financial state --- ments have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”) applicable to the preparation of condensed interim financial statements, including IAS 34 Interim financial reporting and using the same accounting policies as the Company’s most recent annual financial statements. These condensed financial statements do not include all the information required for full annual financial statements. These condensed interim financial statements should be read in conjunction with the annual financial statements for the year ended March 31, 2025. The 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 and loss, which are stated at their fair value. In addition, these condensed interim financial statements have been prepared using the accrual basis of accounting. 3. MATERIAL ACCOUNTING POLICY INFORMATION Significant accounting estimates and judgments The preparation of the Company’s condensed interim financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the condensed interim financial statements and reported amounts of expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management’s experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates. In preparation of these condensed interim financial statements, the significant judgments made by management in applying the Company’s accounting policies and key sources of estimation uncertainty were the same as those that were applied to the annual audited financial statements for the year ended March 31, 2025. COLLINGWOOD RESOURCES CORP. NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (Unaudited – Prepared by Management) (Expressed in Canadian Dollars) FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 8 3. MATERIAL ACCOUNTING POLICY INFORMATION (cont’d) New accounting standards issued but not yet effective: IFRS 18, Presentation and Disclosure in Financial Statements (“IFRS 18”), which will replace IAS 1, Presentation of Financial Statements aims to improve how companies communicate in their financial statements, with a focus on information about financial performance in the statements of loss and comprehensive loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation and disaggregation of information. IFRS 18 is effective from January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company has not yet determined the impact of this amendment on its condensed consolidated interim financial statements 4. SHARE CAPITAL Authorized: Unlimited common shares with no par value and unlimited preferred shares with no par value. As at December 31, 2025, there were 1,429,316 (March 31, 2025 – 1,429,316) common shares held in escrow. Issuances: For the nine months ended December 31, 2025 There were no shares issued during the nine-month period ended December 31, 2025. For the year ended March 31, 2025 On October 11, 2024, the Company completed --- a private placement of 2,400,000 common shares, at a price of $0.10 per share, for gross proceeds of $240,000. The Company paid $14,100 in finders fees. In connection with the offering, the Company incurred additional closing costs of $12,098. Stock options: The Company has a stock option plan under which it is authorized to grant options to executive officers and directors, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the plan, the exercise price of each option shall be determined by the directors but in no event will be less than the discount market price for the common shares. The options can be granted for a maximum term of 10 years and vest at the discretion of the board of directors. The Company had 10,000 options outstanding and exercisable at December 31, 2025, and year ended March 31, 2025, at $1.00, expiring May 10, 2028. 5. RELATED PARTY TRANSACTIONS Key management Personnel Key management personnel are those persons that have the authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management includes executive and non-executive members of the Company’s Board of Directors, the CEO and CFO. The Company incurred consulting fees and rent of $16,037 (2024 - $27,000) with a corporate services firm of which a Director of the Company is an officer and had accounts payable of $4,237 (March 31, 2025 - $2,100) to the firm. COLLINGWOOD RESOURCES CORP. NOTES TO THE CONDENSED INTERIM FINANCIAL STATEMENTS (Unaudited – Prepared by Management) (Expressed in Canadian Dollars) FOR THE NINE MONTHS ENDED DECEMBER 31, 2025 AND 2024 9 6. FINANCIAL INSTRUMENTS Fair value The recorded value of cash and cash equivalents and accounts payable and accrued liabilities approximate fair values due to their demand nature and short term to maturity. Financial risk factors The Company’s risk exposures and the impact on the Company’s condensed interim financial statements are summarized below. Credit risk Financial instruments that potentially subject the Company to a significant concentration of credit risk consist primarily of cash and cash equivalents. The Company limits its exposure to credit loss by placing its cash and cash equivalents in a major Canadian bank. Interest rate risk The Company is exposed to interest rate risk to the extent that cash and cash equivalents are subject to floating rate of interest. The interest rate risks on cash and cash equivalents and on the Company’s obligations are not considered significant. Foreign currency risk The Company may at times be exposed to foreign currency risk on fluctuations related to cash and cash equivalent, and accounts payable and accrued liabilities that are denominated in a foreign currency. As at December 31, 2025, and March 31, 2025, the Company did not have any accounts in foreign currencies and considers foreign currency risk insignificant. Price risk The Company has limited exposure to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company’s earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatility. Liquidity risk All of the Company’s financial liabilities are classified as c --- urrent and are anticipated to mature within the next fiscal period. The Company intends to settle these with funds from its positive working capital position. 7. CAPITAL MANAGEMENT Capital is comprised of the Company’s shareholders’ equity. As at December 31, 2025, the Company’s shareholders’ equity was $587,428 (March 31, 2025 - $643,146) and there was no long-term debt outstanding. The Company manages its capital structure to maximize its financial flexibility by making adjustments to it in response to changes in economic conditions and the risk characteristics of the underlying assets and business opportunities. The Company does not presently utilize any quantitative measures to monitor its capital. Management reviews its capital management approach on an ongoing basis and believe that this approach, given the size of the Company, is reasonable. The Company currently is not subject to externally imposed capital requirements. There were no changes in the Company’s approach to capital management for the nine month period ended December 31, 2025.