Financial Statements 2026 Q1

Expressed in United States dollars

For the three months ended March 31, 2026

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed consolidated 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 consolidated 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.

The accompanying notes are an integral part of these condensed consolidated interim financial statements.

Condensed Consolidated Interim Statements of Net and Comprehensive Income For the three months ended

(Expressed in thousands of United States Dollars except for outstanding shares and per share amounts)

The accompanying notes are an integral part of these condensed consolidated interim financial statements

Condensed Consolidated Interim Statements of Changes in Equity As at and for the periods ended March 31, 2026 and 2025

(Expressed in thousands of United States Dollars except for per share information)

Condensed Consolidated Interim Statements of Cash Flows For the three months ended

(Expressed in thousands of United States Dollars except for per share information)

Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

(Expressed in thousands of United States Dollars except for per share information)

1. CORPORATE INFORMATION

   Inter-Rock Minerals Inc. ("Inter-Rock" or the "Company") is domiciled in Canada and is continued under the Business Corporations Act (Ontario). The Company's office is located at 67 Yonge Street, Suite 600 Toronto, Ontario, M5E 1J8, Canada. The Company's shares are traded on the TSX Venture Exchange under the symbol "IRO".

   Inter-Rock owns two operating businesses: Papillon Agricultural Company Inc. ("Papillon") and MIN-AD, Inc. ("MIN-AD"). Papillon is a U.S. based marketer and distributor of toll manufactured premium dairy feed nutritional supplements, including MIN-AD's products. MIN-AD is engaged in the production and marketing of high purity dolomite and clay, primarily to the animal feed industry in the United States.

2. BASIS OF PRESENTATION

   1. Statement of compliance

      ľhe condensed inteíim consolidated financial statements have been píepaíed in accoídance with Inteínational Financial Repoíting Standaíds ("IFRS") applicable to the píepaíation of the Inteíim Financial Statements, including Inteínational Accounting Standaíd ("IAS") 34, Inteíim Financial Repoíting. The condensed consolidated interim financial statements should be read in conjunction with the Company's audited annual consolidated financial statements for the year ended December 31, 2025, prepared in accordance with IAS as issued by the IASB. The Company confirms that it is in compliance with IAS 34 in the preparation and presentation of these condensed consolidated interim financial statements.

   2. Basis of measurement

      The condensed consolidated interim financial statements have been prepared on the historical cost basis except for certain financial instruments, which are measured at fair value, as explained in the accounting policies set out in Note 3 of the Company's audited financial statements for the year ended December 31, 2025.

   3. Basis of consolidation

      The condensed consolidated interim financial statements include the accounts of the Company and the following wholly-owned subsidiaries:

      Name of subsidiary	Country of Incorporation	Ownership
      Secret Pass Gold, Inc.	United States	100%
      MIN-AD, Inc.	United States	100%
      Papillon Agricultural Company, Inc.	United States	100%

   4. Functional currency and currency of presentation

      These condensed consolidated interim financial statements are presented in United States dollars, which is the functional currency of the Company and all its subsidiaries. Transactions denominated in currencies other than the functional currency are recorded in the functional currency using the spot rate on the transaction date and revalued using the exchange rate in effect at the end of each reporting date. Monetary assets and liabilities denominated in foreign currencies are translated at the rate of exchange prevailing at the reporting date. Non-monetary assets and liabilities are translated at the historical rate. Exchange gains and losses are included in the condensed consolidated interim statements of income and comprehensive income for the period.

      Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

      (Expressed in thousands of United States Dollars except for per share information)

3. MATERIAL ACCOUNTING POLICIES

   The condensed consolidated interim financial statements reflect the accounting policies applied by the Company in its audited financial statements for the year ended December 31, 2025. The Company's material accounting policies are presented in Note 3 in the audited consolidated financial statements for the year ended December 31, 2025.

4. CRITICAL JUDGMENTS AND ESTIMATES

   The preparation of the Company's condensed consolidated interim financial statements in conformity with IFRS requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the condensed consolidated interim financial statements and reported amounts of revenue and expenses during the reporting period. Estimates and assumptions are continually 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 results could differ from these estimates.

   These condensed consolidated interim financial statements reflect the judgements and estimates outlined by the Company in Note 4 of its audited consolidated financial statements for the year ended December 31, 2025.

5. INVESTMENT

   In February 2023, the Company provided a non-interest-bearing convertible loan of CHF 500,000 to a private Swiss company, ("Embion"), followed by an additional CHF 65,000 in January 2024 under the same terms, for total loans of $635. The loans matured on February 28, 2025 and were to automatically convert to shares upon the earlier maturity or Embion completing a minimum CHF 1,500,000 financing. In accordance with the loan agreement, the loans were converted in October 2024 into 113,000 shares of Embion, representing a 4.6% ownership interest.

   The investment in Embion shares was written down by $435 to its fair value of $200 at December 31, 2024 based on an equity financing at that time. During 2025, the Company made two additional equity investments in Embion totaling $107 and increasing its ownership to 6.3%. There was no fair value adjustment or impairment for the period ending March 31, 2026.

   Embion is a start-up company developing a novel catalytic process to break down waste biomass, such as brewer's grains. The process can be adapted to convert certain carbohydrates that can be utilized by bacteria in the gastrointestinal tracts of animals.

   Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

   (Expressed in thousands of United States Dollars except for per share information)

6. SUBSIDIARIES AND BUSINESS SEGMENTS

Inter-Rock has two operating businesses. Each business is an operating segment for financial reporting purposes. Certain costs are managed on a consolidated basis and are therefore not reflected in segment income. Operating segments of the Company are as follows:

The Company's management evaluates the performance of these segments and allocates resources to them based on certain performance measures.

Segment earnings correspond to each business' earnings from operations. The Company's management reporting system evaluates performance based on a number of factors; however, the primary profitability measure is the earnings from operations before depreciation, amortization, net financing income or expense and income taxes ("EBITDA").

Segment operating results are as follows:

Adjustments and eliminations include inter-segment revenues and expenses which are eliminated on consolidation.

Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

(Expressed in thousands of United States Dollars except for per share information)

1. SUBSIDIARIES AND BUSINESS SEGMENTS (CONT'D)

   As at March 31, 2026	MIN-AD Papillon		Other	Eliminations	Total
   ASSETS
   Current assets	1,350	21,059	2,410	(572)	24,247
   Non-current assets	5,067	2,348	352	-	7,767
   	6,417	23,407	2,762	(572)	32,014
   LIABILITIES
   Current liabilities	1,709	9,310	171	(572)	10,618
   Non-current liabilities	1,465	184	4,245	-	5,894
   	3,174	9,494	4,416	(572)	16,512
   Segment balances for the prior period are as follows:
   Period ended March 31, 2025	MIN-AD	Papillon	Other	Eliminations	Total
   REVENUE
   Internal sales	2,048	-	300	(2,348)	-
   External sales	193	28,129	-	-	28,322
   COST OF SALES
   Operating costs	1,703	25,215	-	(2,048)	24,870
   GROSS PROFIT	538	2,914	300	(300)	3,452
   OPERATING EXPENSES
   Selling, general & administration	484	1,973	303	(300)	2,460
   Amortization and depletion	163	16	45	-	224
   Amortization of intangible assets	-	81	-	-	81
   INCOME (LOSS) BEFORE FINANCING COSTS	(109)	844	(48)	-	687
   FINANCING COSTS
   Interest on Series A preferred shares	-	-	-	-	-
   Interest on debt and lease obligations	38	5	2	-	45
   INCOME (LOSS) BEFORE INCOME TAXES	(147)	839	(50)	-	642
   Inter-company dividend income	450	-	2,000	(2,450)	-
   INCOME TAXES
   Current Deferred	- -	125 -	- -	- -	125 -
   NET AND COMPREHENSIVE INCOME	303	714	1,950	(2,450)	517
   As at March 31, 2025	MIN-AD	Papillon	Other	Eliminations	Total
   ASSETS
   Current assets	1,370	18,710	2,531	(459)	22,152
   Non-current assets	5,251	2,625	106	-	7,982
   	6,621	21,335	2,637	(459)	30,134
   LIABILITIES
   Current liabilities	1,695	9,878	207	(458)	11,322
   Non-current liabilities	1,753	241	3,866	-	5,860
   	3,448	10,119	4,073	(458)	17,182

   Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

   (Expressed in thousands of United States Dollars except for per share information)

2. INVENTORIES March 31, 2026

   December 31,

   2025

   $ $

   Raw materials and consumables 265 244

   Finished goods 3,661 3,340

   Total inventories 3,926 3,584

3. PROPERTIES, PLANT AND EQUIPMENT

Dolomite Property

Plant and Equipment

Right of

Use Assets Vehicles Spare Parts Total

For the periods ending March 31, 2026 and 2025, there were no indicators of impairment in the carrying value of the Company's dolomite property, plant and equipment and right-of-use assets.

Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

(Expressed in thousands of United States Dollars except for per share information)

1. PROPERTIES, PLANT AND EQUIPMENT (CONT'D)

   The right-of-use depreciation expense and carrying amount relates to the following types of assets:

   March 31, 2026 March 31, 2025

   Depreciation Expense		Carrying amount	Depreciation expense	Carrying amount
   Rail Cars	$ 80	$ 1,337	$ 70	$ 1,447
   Office Space	25	560	46	372
   	$ 105	$ 1,897	$ 116	$ 1,819

2. INTANGIBLE ASSETS AND GOODWILL

   Intangible assets and goodwill comprise the following:

   	Customer relationships (a)	Distribution rights (b)	Brand (c)	Total Intangibles	Goodwill
   Balance December 31, 2024	$ 229	$ 168	$ 5	$ 402	$ 1,808
   Less: amortization	(185)	(132)	(5)	(322)	-
   Balance, December 31, 2025	44	36	-	80	1,808
   Less: amortization	(44)	(36)	-	(80)	-
   Balance, March 31, 2026	-	-	-	-	1,808

   Amortization of intangible assets is presented within amortization of intangibles on the condensed consolidated interim statements of income and comprehensive income. At period-end there were no impairment losses recognized in income.

   1. Customer relationships, which are long-standing relationships with many specialty feed ingredient suppliers, toll manufacturers and customers in the dairy industry.

   2. Distribution rights, which are exclusive rights of the Company to produce and distribute specialty feed ingredients to the dairy industry.

   3. Brand, where the value of a brand is determined by the consumers' perception of the brand. Positive brand equity is achieved when consumers are willing to pay more for a product with a recognizable brand name than they would pay for a generic version of the product.

      Goodwill is measured as the fair value of consideration paid less the fair value of the net assets acquired and liabilities assumed on the acquisition date. Goodwill is tested at least annually for impairment or more frequently when impairment indicators are identified. In accordance with IAS 36, if some or all of the goodwill allocated to a cash-generating unit was acquired in a business combination during the current annual period, that unit shall be tested for impairment before the end of the current annual period.

      Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

      (Expressed in thousands of United States Dollars except for per share information)

3. DEBT

Bank debt and equipment purchase financings comprise the following:

March 31,

2026

December 31,

2025

Aggregate debt facilities $ $

The Company's debt facilities are described below. At March 31, 2026, the Company was in compliance with all debt covenants.

1. $500 Revolving Credit Facility - a one-year, secured revolving credit facility ("RC") in the amount of $500 bearing interest at the U.S. bank prime rate plus 1.00% per annum. At March 31, 2026 -

   $300 (March 31, 2025 -$470) was recorded as current portion of long term debt.

   The facility is secured by the assets of MIN-AD and is guaranteed by both the Company and its subsidiary Secret Pass Gold Inc. The facility contains certain covenants that limit, among other things, the ability of MIN-AD to incur new indebtedness, sell material assets and make acquisitions. There is also a requirement to maintain a minimum debt service cover ratio ("DSCR"). The DSCR is calculated annually based on the annual audited consolidated results of the Company.

2. $800 MIN-AD Term Loan - an equipment financing facility of up to $800 with a nine-month drawdown period, which ended March 2, 2024, followed by a fifty-seven month amortization period commencing April 2024. A total of $692 was advanced during the drawdown period, the interest rate was the U.S. prime rate plus 50bps and during the amortization period the interest rate is fixed at 6.75%. Only interest was paid during the drawdown period. The loan is secured by the equipment and is guaranteed by Secret Pass Gold Inc. and the Company. At March 31, 2026 -

   $146 (March 31, 2025 - $136) was recorded as current portion of long term debt and the balance of $281 (March 31, 2025 - $427) was recorded as long term debt.

3. Equipment financing loans - the Company periodically finances the purchase of equipment and company vehicles. At March 31, 2026- $41 (March 31, 2025 - $40) was recorded as current portion of long term debt and the balance of $29 (March 31, 2026 - $67) is recorded as long term debt. The loans are secured by the equipment, and the interest rates range between 0.9% and 9% per annum.

4. Papillon $1.0 million revolving credit facility - a one-year revolving credit facility bearing interest at the secured overnight financing rate ("SOFR") plus a spread of 1.88%. The facility matures on June 30, 2026, and can be renewed annually at the discretion of the lender. The facility is secured by the assets of Papillon. There was no outstanding debt at March 31, 2026.

Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

(Expressed in thousands of United States Dollars except for per share information)

During the period, the Company recognized interest expense of $24 (March 31, 2025 - $27) on lease liabilities.

MIN-AD has a number of rail car leases with maturity dates ranging from 2026 to 2033. In the normal course of business, MIN-AD renews the rail car leases as demand requires. The rail car leases typically have terms of 3 or 5 years. The Company does not have any low value or short term leases and does not capitalize leases with these attributes.

1. ASSET RETIREMENT OBLIGATION

   The Company is required to satisfy certain asset retirement obligations including the removal of any equipment and the restoration of the land and premises. This liability is management's estimate of the requirements for restoration and rehabilitation of the Company's MIN-AD dolomite quarrying operations. The Company's liability for reclamation of the property has been discounted to its present value based on an estimate of the Company's pricing in the market to obtain debt.

2. SERIES A PREFERRED SHARES

   On December 5, 2008, the Company issued 17,136,980 Series A preferred shares ("Preferred Shares") to settle debt and unpaid interest owing to a shareholder in the amount of $3,417.

   Each Preferred Share is entitled to one vote, is redeemable and retractable on demand at a value of $0.20, pays a non-cumulative quarterly dividend at a rate equivalent to the US prime interest rate, and is convertible into one common share.

   There is no certainty of retraction of the Preferred Shares as there is no fixed or determinable date for their retraction nor are any future events defined that would trigger retraction. The shareholders agreed to waive their right to retract the Preferred Shares for the year ending December 31, 2026, so the liability has been presented in these condensed consolidated interim financial statements as long term. During the period, the Board of Directors of the Company declared a quarterly preferred share dividend of $58 (March 31, 2025 - $64). The dividend is recorded as interest expense.

   Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

   (Expressed in thousands of United States Dollars except for per share information)

3. SHARE CAPITAL

The Company is authorized to issue an unlimited number of common shares. The number of common shares issued and outstanding is as follows:

On August 25, 2025, the Company received approval to commence a NCIB to purchase for cancellation up to 1,000,000 common shares, representing 4.6% of the outstanding common shares of the Company. The Company may purchase common shares under the NCIB over the twelve-month period beginning on or about August 25, 2025. The NCIB will terminate upon the earliest of (i) the Company purchasing 1,000,000 common shares, (ii) the Company providing termination of the NCIB and (iii) the date that is 12 months following the commencement of the NCIB.

Any purchases under the NCIB will be conducted on the open market through the facilities of the TSXV or alternative Canadian trading systems. The price paid for any common shares repurchased under the NCIB will be the prevailing market price at the time of purchase. All common shares purchased by the Company will be cancelled. At March 31, 2026, 28,700 common shares had been repurchased under the NCIB.

Each Preferred Share (Note 13) is convertible into one common share of the Company, the dilutive effect of the conversion of Preferred Shares is 17,136,980 additional common shares.

Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

(Expressed in thousands of United States Dollars except for per share information)

At March 31, 2026, the Company had Canadian tax losses which are not recognized as deferred tax assets. The Company recognizes the tax benefit of the tax losses only to the extent of anticipated future Canadian taxable income that can be reduced by tax losses. The gross amount of tax losses for which a tax benefit has not been recorded expire as follows:

management of the Company and its subsidiaries. Key management includes directors, the Chief Executive Officer ("CEO"), the Chief Financial Officer ("CFO"), the Vice-President of Operations and the President of Papillon.

Notes to the Condensed Consolidated Interim Financial Statements For the periods ended March 31, 2026 and 2025

(Expressed in thousands of United States Dollars except for per share information)

1. REVENUE SUPPLEMENTAL INFORMATION

   The Company's revenue by type is broken down as follows in the condensed consolidated interim statements of net and comprehensive income.

   	March 31, 2026	March 31, 2025
   MIN-AD	$	$
   Dolomite sales	162	176
   Freight and fuel charges	-	17
   Papillon	162	193
   Animal feed sales	23,552	27,337
   Freight charges	706	792
   	24,420	28,322

2. FINANCIAL COMMITMENTS

The Company is committed to $3,088 (March 31, 2025 - 3,364) for obligations and financial commitments in the normal course of operations and financing activities. At March 31, 2026, the Company had the following financial commitments:

Debt repayments represent the principal only. Lease obligations represent the undiscounted amount of the lease commitments.

In accordance with the terms of a protein manufacturing agreement, Papillon has committed to purchasing a minimum annual value of protein products over a five-year period, with an aggregate value over the five years of $1,000. If the value of the protein purchases is less than $1,000 Papillon must pay the difference between the minimum required and the value of the actual amount purchased. The manufacturer can choose to reconcile the account annually or carry forward any differences.

During the fourth quarter of 2025, the Company signed a new five-year lease for corporate office space in Toronto. The lease commenced on January 1, 2026, and expires on May 31, 2031.