SEDAR Interim Financial Statements

SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Consolidated Condensed Interim Financial Statements For the six months ended December 31, 2025 and 2024 Expressed in Canadian Dollars - Unaudited NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the consolidated condensed 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 consolidated condensed interim financial statements have been prepared by and are the responsibility of the management. The Company's independent auditor has not performed a review of these financial statements in accordance with the standards established by the Chartered Professional Accountants of Canada for a review of consolidated condensed interim financial statements by an entity's auditor. The accompanying notes are an integral part of these consolidated condensed interim financial statements 2 The accompanying notes are an integral part of these consolidated condensed interim financial statements 3 The accompanying notes are an integral part of these consolidated condensed interim financial statements 4 The accompanying notes are an integral part of these consolidated condensed interim financial statements 5 SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Notes to the Consolidated Condensed Interim Financial Statements (Expressed in Canadian dollars - Unaudited) For the period ended December 31, 2025 and 2024 6 1. Nature of operations and going concern Sankamap Metals Inc. (the “Company”) was incorporated on February 2, 2022 under the laws of the Province of British Columbia, Canada, and its principal activity is the acquisition and exploration of mineral properties in Canada. The Company’s registered office is Suite 2600 – 1066 West Hastings Street, Vancouver, BC, V6E 3X1 and its corporate office and principal place of business of the Company is 250 Southridge NW, Edmonton, Alberta, Canada, T6H 4M9. The Company is in the business of exploring its mineral exploration assets and has not yet determined whether these properties contain ore reserves that are economically recoverable. As at September 30, 2025 the Company was in the exploration stage and had interests in properties in Canada and Solomon Islands. The Company was publicly listed on the Canadian Securities Exchange (“CSE”) on October 18, 2023 and commenced trading on October 19, 2023 under the symbol “MRN. On March 7, 2025, the Company announced a name and symbol change to Sankamap Metals Inc. and “SCU”. On February 6, 2025 the Company entered into an agreement to acquire a 100% interest in Sankamap Exploration Inc. (“Sankamap Exploration”) which holds the interest in the Fauro Gold (Au) Project and the Kuma Copper-Gold (Cu-Au) Project in the Solomon Islands (the “Oceania Project”). The Acquisition was completed on February 19, 2020, by way of the acquisition of all the outstanding equity interests of Sankamap Exploration, a private arm’s length British Columbia company which holds the interest in the Oceania Project completed (see Note 3). Going concern These consolidated financial statements have been prepared on a going concern basis, which presumes the realization of assets and discharge of liabilities in the normal course of business for the foreseeable future. The ability of the Company to continue as a going concern and the recoverability of --- the amounts shown for exploration and evaluation assets are dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the development, and upon future profitable production or proceeds from the disposition thereof. The Company has sustained losses from operations and expects to incur further losses in the development of its business and has an ongoing requirement for capital investment to explore its exploration and evaluation assets. As at September 30, 2025 the Company had an accumulated deficit of $2,250,589. Based on its current plans, budgeted expenditures, and cash requirements, the Company does not have sufficient cash to finance its current plans for the next 12 months. These material uncertainties may cast significant doubt about the Company’s ability to continue as a going concern. The continuing operations of the Company are dependent upon its ability to continue to raise adequate financing and to commence profitable operations in the future and repay its liabilities arising from normal business operations as they become due. The Company expects that it will need to raise additional capital to accomplish its business plan over the next several years. The Company expects to seek additional financing through equity financing. There can be no assurance as to the availability or terms upon which such financing might be available. These consolidated condensed interim financial statements do not reflect the adjustments to the carrying values of assets and liabilities, the reported expenses, and the statement of financial position classifications used, that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material. SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Notes to the Consolidated Condensed Interim Financial Statements (Expressed in Canadian dollars - Unaudited) For the period ended December 31, 2025 and 2024 7 2. Material accounting policy information The consolidated condensed interim financial statements were authorized for issue on January 30, 2026 by the directors of the Company. Statement of compliance The consolidated condensed interim financial statements of the Company have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Financial Reporting Interpretations Committee (“IFRIC”). These financial statements comply with International Accounting Standard (“IAS”) 34 “Interim Financial Reporting”. Basis of preparation The consolidated condensed interim financial statements of the Company have been prepared on an accrual basis and are based on historical costs, except for financial instruments classified as fair value through profit and loss (“FVTPL”), which are stated at their fair value. This interim financial report does not include all of the information required of a full annual financial report and is intended to provide users with an update in relation to events and transactions that are significant to an understanding of the changes in financial position and performance of the Company since the end of the last annual reporting period. It is therefore recommended that this financial report be read in conjunction with the annual financial statements of the Company for th --- e year ended June 30, 2025. These interim financial statements have been prepared using the same accounting policies and methods of application as those in the annual financial statements. These financial statements are presented in Canadian dollars which is the Company’s functional currency. Accounting standards adopted IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosure, were amended by the IASB in May 2024, with mandatory application of the standard in annual reporting periods beginning on or after January 1, 2026. The amendments clarify the classification and measurement of certain financial instruments and introduce related enhancements to disclosure requirements. Adoption of the amendment is not expected to have a material impact on the Company’s financial statements. SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Notes to the Consolidated Condensed Interim Financial Statements (Expressed in Canadian dollars - Unaudited) For the period ended December 31, 2025 and 2024 8 3. Acquisition of Sankamap Exploration Inc. On February 19, 2025, the Company completed the acquisition of Sankamap Exploration which holds the interest in the Fauro Gold (Au) Project and the Kuma Copper-Gold (Cu-Au) Project in the Solomon Islands. Under the terms of the Acquisition, the Company acquired all of the outstanding shares of Sankamap Exploration, a private arm’s length British Columbia company which holds the interest in the Oceania Project. The amounts shown below represent fair value of the consideration given and fair value of assets and liabilities acquired on the closing date of the Acquisition, which was February 19, 2025. Purchase consideration: Shares issued in exchange for Sankamap Exploration Shares (i) $ 2,161,250 Other transaction costs (ii) 33,437 $ 2,194,687 Assets acquired: Cash $ 33,627 Exploration and evaluation assets (note 4) 2,523,195 2,556,822 Less: liabilities assumed: Accounts payable and accrued liabilities (261,012) Loan payable to Sankamap Metals Inc. (iii) (101,123) Net assets acquired $ 2,194,687 (i) For accounting purposes, 16,625,000 common shares issued were measured at $0.13 per common share, representing the Company’s share price on the date of issuance. (ii) In addition to the common shares issued in consideration for the acquisition of Sankamap Exploration, the Company incurred transaction costs totaling $33,437. These costs were incurred in the process of the acquisition and include fees relating to professional fees. (iii) The Company had lent $101,123 to Sankamap Exploration to fund further exploration costs prior to the transaction, this balance is eliminated on consolidation, in the consolidated statement of financial position, at June 30, 2025. SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Notes to the Consolidated Condensed Interim Financial Statements (Expressed in Canadian dollars - Unaudited) For the period ended December 31, 2025 and 2024 9 4. Exploration and evaluation assets Oceania Project (Solomon Islands) On February 19, 2025 the Company completed the acquisition of Sankamap Exploration which holds the interest in the Fauro Gold (Au) Project and the Kuma Copper-Gold (Cu-Au) Project in the Solomon Islands (note 3). Boer Property (British Columbia) On March 3, 2022, the Company entered into an option agreement to acquire up to a 75% interest in four mining claims in the Omineca Mining Division, British Columbia. The Company recorded a write-down of exploration and ev --- aluation assets of $200,182 during the year ended June 30, 2025, to a carrying value of $1, as no future exploration expenditures are currently planned on this project. A summary of the Company’s Exploration and Evaluation Assets is as follows: The period ended December 31, 2025 Boer Property Oceania Project Total Acquisition costs Balance, June 30, 2024 and December 31, 2024 $ 27,000 $ - $ 27,000 Shares issued - 2,161,250 2,161,250 Other acquisition costs - 361,946 361,946 Impairment of exploration assets (26,999) - (26,999) Balance, June 30, 2025 and December 31, 2025 1 2,523,196 2,523,197 Deferred exploration expenditures Balance, June 30, 2024 and December 31, 2024 $ 225,897 $ - $ 225,897 Assays and testing - 1,086 1,086 Geological consulting - 115,851 115,851 Mapping and surveying - 126,531 126,531 Other exploration expenses - 316,096 316,096 Mineral exploration tax credit (25,714) - (25,714) Impairment of exploration assets (173,183) - (173,183) Balance, June 30, 2025 - 559,564 559,564 Assays and testing - 11,100 4,607 Drilling - 382,854 382,854 Geological consulting - 152,511 152,511 Other exploration expenses - 431,362 465,143 Balance, December 31, 2025 - 1,537,391 1,188,318 Total E&E assets, December 31, 2025 $ 1 $ 4,060,587 $ 3,711,515 SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Notes to the Consolidated Condensed Interim Financial Statements (Expressed in Canadian dollars - Unaudited) For the period ended December 31, 2025 and 2024 10 5. Property, Plant, and Equipment Nature of Assets Property, plant and equipment consist primarily of field and drilling equipment used in exploration activities. Continuity of Property, Plant and Equipment Period Ended December 31, 2025 Drilling Equipment Total Cost Balance – October 1, 2025 – – Additions 344,233 344,233 Balance – December 31, 2025 344,233 344,233 Accumulated Depreciation Balance – October 1, 2025 – – Depreciation expense - - Balance – December 31, 2025 - - Net Book Value – December 31, 2025 344,233 344,233 Additions During the Quarter During the quarter ended December 31, 2025, the Company acquired drilling equipment consisting of a drill for $344,233 on October 19, 2025. As at December 31, 2025, the asset had not yet been commissioned and was not available for use. Accordingly, no depreciation has been recognized in respect of this asset during the period, in accordance with IAS 16. 6. Accounts payable and accrued liabilities December 31, 2025 June 30, 2025 Accounts payable $ 93,735 $ 337,365 Accrued liabilities 42,762 $ 57,000 $ 136,497 $ 394,365 SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Notes to the Consolidated Condensed Interim Financial Statements (Expressed in Canadian dollars - Unaudited) For the period ended December 31, 2025 and 2024 11 7. Share capital Authorized share capital Unlimited number of common shares without par value. Issuances For the period up to December 31, 2025 During the period ended December 31, 2025, the Company received warrant exercises of 209,625 for gross proceeds of $21,525. On October 6, 2025, the Company issued 21,755,772 common shares at a price of $0.22 per share and 10,877,886 share purchase warrants pursuant to a private placement for total proceeds of $4,786,269 (the “Units”). Each share purchase warrant entitles the holder to purchase one additional common share of the Company at a price of $0.40 per common share $0.40 for a period of two years. In connection with the sale of the Units, the Company paid a total --- of $168,933 in cash to arm’s length finders (each, a “Finder”). Certain Finders elected to convert the cash portion of their finder’s fees into Units of the Company, resulting in the issuance of an additional 256,922 Units. The Company also issued a total of 767,878 share purchase warrants to eligible Finders, on the same terms as the Warrants. Year ended June 30, 2025 On April 30, 2025 the Company issued 7,373,331 common shares at a price of $0.12 per share and 7,373,331 warrants pursuant to a private placement for total proceeds of $884,800. Each share purchase warrant entitles the holder to purchase one additional common share of the Company for a period of three years, with an exercise price of $0.30 per common share in the first year, $0.35 per common share in the second year, and $0.40 per common share in the third year. Due to the escalating exercise prices, the Company determined the warrants failed the fixed-for-fixed criteria and therefore may be obliged to deliver a variable number of shares. Accordingly, the warrants have been classified as a derivative liability and $381,058 of the proceeds was allocated to the derivative warrant liability based on its estimated fair value using the Black-Scholes Option Pricing Model and the residual of $488,715 was allocated to share capital (see note 10). The Company incurred share issue costs of $20,386 and issued 193,898 broker warrants exercisable at $0.12 for a term of three years. On February 19, 2025, the Company issued 16,625,000 to acquire 100% of the outstanding shares of Sankamap Exploration Inc. (note 3), measured at $0.13 per common share, representing the Company’s share price on the date of issuance. On August 2, 2024, the Company completed a private placement of 5,159,786 common shares for gross proceeds of $361,185. The Company incurred share issue costs of $7,663. During the year ended June 30, 2025, a total of 300,000 stock options exercisable at $0.10 were exercised for total proceeds of $30,000. SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Notes to the Consolidated Condensed Interim Financial Statements (Expressed in Canadian dollars - Unaudited) For the period ended December 31, 2025 and 2024 12 Stock options The Company adopted a stock option plan to grant options to individuals exercisable up to 10 years from the date of grant to purchase shares at the market price, less applicable discount, if any. Such grants not to exceed an aggregate of 10% of the issued and outstanding shares and vesting periods will be determined by the Board of Directors. On May 7, 2025, the Company granted 3,850,000 stock options that vested upon grant and are exercisable at a price of $0.18 until May 7, 2030 to senior officers, directors and consultants. The estimated fair value of the options was $515,754 which was determined by the Black-Scholes Option Pricing Model with the following assumptions: an annualized volatility of 80%; an expected life of 5 years; a dividend yield of 0%; and a risk-free rate of 2.72%. On November 14, 2025, a total of 2,350,000 stock options exercisable at a price of $0.30 until November 13, 2030 were granted to directors, officers, and consultants. The estimated fair value of the options was $509,365 which was determined by the Black-Scholes Option Pricing Model with the following assumptions: an annualized volatility of 80$; an expected life of 5 years; a dividend yield of 0%; and a risk-free rate of 2.66%. During the period ended September 30, 2025 --- , the Company received option exercises of 200,000 for gross proceeds of $20,000. Number of options Weighted average exercise price Balance at June 30 and December 31, 2024 700,000 $ 0.10 Issued 3,850,000 0.18 Exercised (300,000) 0.10 Balance at June 30, 2025 4,250,000 $ 0.17 Issued 2,350,000 0.30 Exercised (200,000) 0.10 Expired (200,000) 0.10 Balance at December 31, 2025 6,200,000 $ 0.23 Details of options outstanding as at December 31, 2025 are as follows: Number of Options Exercise Price Expiry date Exercisable 3,850,000 $0.18 May 7, 2030 3,850,000 2,350,000 $0.30 November 14, 2030 2,350,000 As at December 31, 2025 the options outstanding had a weighted average exercise price of $0.23 and a weighted average life of 4.56 years. Reserves Reserves include items recognized as share-based payments until such time that the stock options or warrants are exercised, at which time the corresponding amount will be transferred to share capital. SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Notes to the Consolidated Condensed Interim Financial Statements (Expressed in Canadian dollars - Unaudited) For the period ended December 31, 2025 and 2024 13 Warrants Number of warrants Weighted average exercise price Balance at June 30 and December 31, 2024 350,000 $ 0.10 Issued 7,567,229 0.30 Exercised (59,875) 0.10 Balance at June 30, 2025 7,857,354 0.29 Issued 11,774,222 0.40 Exercised (209,625) 0.10 Expired (80,500) 0.10 Balance at December 31, 2025 19,341,451 $ 0.36 Number of Warrants Exercise Price Expiry date 11,006,344 $0.40 October 3, 2027 767,878 $0.40 October 3, 2027 7,373,331(i) $0.30 April 30, 2028 193,898 $0.12 April 30, 2028 i) Exercise price of $0.30 per common share in the first year, $0.35 per common share in the second year, and $0.40 per common share in the third year. 8. Related party transactions and balances Key management compensation. Key management personnel include those persons having authority and responsibility for planning, directing and controlling the activities of the Company as a whole. The Company has determined that key management personnel consist of members of the Company's Board of Directors and corporate officers. The remuneration of directors and key management personnel made during the period ended December 31, 2025 and 2024, are as follows: December 31, December 31, 2025 2024 Management fees $ 229,000 $ 7,500 Accounting fees - 2,000 Total $ 229,000 $ 9,500 As at December 31, 2025, a total of $34,042 (June 30, 2025 - $139,684) has been accrued as due to companies controlled by a director and officers for management fees. Amounts due to related parties are unsecured, non-interest bearing, with no specific terms of repayment. SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Notes to the Consolidated Condensed Interim Financial Statements (Expressed in Canadian dollars - Unaudited) For the period ended December 31, 2025 and 2024 14 9. Financial risk management The Company is exposed in varying degrees to a variety of financial instrument related risks. Credit Risk Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company is exposed to credit risk by holding cash. Holding the cash in large Canadian financial institutions minimizes this risk. The Company has minimal accounts receivable exposure, and its amounts recoverable are due from a Canadian government agency. Credit risk is assessed as low. Cur --- rency Risk The Company’s functional currency is the Canadian dollar. There is minimal foreign exchange risk to the Company as its mineral property interests are located in Canada. Management monitors its foreign currency balances and makes adjustments based on anticipated need for currencies. The Company does not engage in any hedging activities to reduce its foreign currency risk. Interest Rate Risk The Company’s exposure to interest rate risk relates to its ability to earn interest income on cash balances at variable rates. The fair value of the Company’s cash accounts is relatively unaffected by changes in short term interest rates. The income earned on certain bank accounts is subject to the movements in interest rates. Currently, this risk will have an immaterial effect on operations. Liquidity Risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company’s approach to managing liquidity risk is to ensure, as far as possible, that it will always have sufficient liquid funds to meet its liabilities when due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company’s reputation. As at December 31, 2025, the Company had a cash balance of $2,569,196 to settle current liabilities of $1,051,939. All the liabilities presented as accounts payable and accrued liabilities are due within 90 days of December 31, 2025. The Company’s expected source of cash flow in the upcoming year will be through equity financing. Cash on hand at September 30, 2025 and expected cash flows for the next 12 months are not sufficient to fund the Company’s ongoing operational needs. The Company will need funding through equity or debt financing, entering into joint venture agreements, or a combination thereof. Liquidity risk is assessed as high. Capital Management The Company is engaged in the mineral exploration field and manages related industry risk issues directly. The Company is potentially at risk for environmental issues and fluctuations in commodity based market prices associated with resource property interests. Management is of the opinion that the Company addresses environmental risk and compliance in accordance with industry standards and specific project environmental requirements. SANKAMAP METALS INC. (formerly Maclaren Minerals Ltd.) Notes to the Consolidated Condensed Interim Financial Statements (Expressed in Canadian dollars - Unaudited) For the period ended December 31, 2025 and 2024 15 Capital Management cont. The Company includes the components of equity in the definition of capital. The Company manages its capital structure and makes adjustments to it in light of changes in economic conditions and the risk characteristics of underlying assets. In order to maintain or adjust its capital structure, the Company may issue new shares, purchase shares for cancellation or make special distributions to shareholders. The Company is not subject to any externally imposed capital requirements and does not presently utilize any quantitative measures to monitor its capital. There were no changes in the Company’s approach to capital management during the year. Fair value Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are: • Level 1 – Unadjust --- ed quoted prices in active markets for identical assets or liabilities; • Level 2 – Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and • Level 3 – Inputs that are not based on observable market data. The Company’s, accounts payable, accrued liabilities and due to related parties approximate their current fair values because of their nature and anticipated settlement dates. Cash is measured at fair value on a recurring basis based on level 1 inputs. Derivative warrant liability is measured at fair value on a recurring basis based on level 3 inputs. 10. Derivative warrant liability As at December 31, 2025, the Company had 7,373,331 warrants outstanding, which are classified as a derivative liability. Due to the escalating exercise prices, the Company determined the warrants failed the fixed for fixed criteria (see note 6). A summary of changes in derivative warrant liability during the year ended is as follows: Balance, June 30, and December 31, 2024 $ - Recognition of derivative warrant liability 381,085 Change in fair value 165,462 Balance, June 30, 2025 546,547 Change in fair value 337,491 Balance, December 31, 2025 $ 884,038 The estimated fair value of the derivative warrant liability of $381,085 was initially measured at fair value using a Black-Scholes Pricing Model, with a valuation date of April 30, 2025 and the following assumptions: an annualized volatility of 82.5%; an expected lives of 1-3 years, probabilities of being exercised of 33% in each of years 1,2 and 3; a dividend yield of 0%; and a risk-free rate of 2.50%. As at December 31, 2025, the derivative warrant liability was remeasured to fair value using the Black- Scholes option pricing model, with assumptions reflective of market conditions at the reporting date. The significant assumptions used in the valuation as at December 31, 2025 included an annualized volatility of 82.5%, probabilities of being exercised of 33% in each of years 1,2 and 3, expected lives of 0.6 - 2.6 years, a dividend yield of 0%, and a risk-free interest rate of 2.57%. The change in fair value recognized during the period represents the remeasurement of the derivative warrant liability from the initial valuation date to December 31, 2025 and is included in profit or loss.