Intrepid Metals : Annual Financial Statements and MD&A – December 31, 2025

About this update from Intrepid Metals Corp.

INTREPID METALS CORP. CONSOLIDATED FINANCIAL STATEMENTS DECEMBER 31, 2025 (Expressed in Canadian Dollars) Independent Auditor's Report To the Shareholders of Intrepid Metals Corp. Opinion We have audited the consolidated financial statements of Intrepid Metals Corp. (the "Company"), which comprise the consolidated statements of financial position as at December 31, 2025 and 2024, and the consolidated statements of loss and comprehensive loss, cash flows and changes in equity for the years then ended, and notes to the financial statements, including summary of material accounting policy information (collectively referred to as the "financial statements"). In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2025 and 2024 and its financial performance and its cash flows for the years then ended in accordance with IFRS Accounting Standards as issued by the International Accounting Standard Board. Basis for Opinion We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Material Uncertainty Related to Going Concern We draw attention to Note 1 in the financial statements, which describes events or conditions that indicate a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. Key Audit Matters Key audit matters are those matters, that in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. Except for the matter described in the Material Uncertainty Related to Going Concern section, we have determined that there are no other key audit matters to communicate in our report. Other Information Management is responsible for the other information. The other information comprises the information included in Management's Discussion and Analysis. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated. We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Those Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standard Board, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Those charged with governance are responsible for overseeing the Company's financial reporting process. Auditor's Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. Conclude on the appropriateness of management's use of the going concern basis of accounting and based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. The engagement partner on the audit resulting in this independent auditor's report is Barry Hartley. CHARTERED PROFESSIONAL ACCOUNTANTS Vancouver, BC April 30, 2026 INTREPID METALS CORP. CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (Expressed in Canadian dollars) AS AT DECEMBER 31, AS AT DECEMBER 31, 2025 2024 ASSETS Current assets Cash and cash equivalent $ 8,310,732 $ 1,515,878 GST receivable 46,803 27,057 Prepaid expenses (notes 4 and 9) 221,198 298,219 Investment (note 5) 1 1 8,578,734 1,841,155 Deposit (note 6) 138,015 - Exploration and evaluation assets (note 6) 6,238,162 2,812,254 $ 14,954,911 $ 4,653,409 LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities Accounts payable and accrued liabilities (notes 7 and 9) $ 553,784 $ 389,624 Promissory notes payable (note 8) 50,000 50,000 603,784 439,624 Equity Share capital (note 10) 41,316,450 25,193,456 Equity reserves 4,822,738 3,601,702 Accumulated other comprehensive income 825 825 Deficit (31,788,886) (24,582,198) 14,351,127 4,213,785 $ 14,954,911 $ 4,653,409 Nature of operations and going concern (note 1) Subsequent events (note 15) Approved on April 30, 2026 on behalf of the Board of Directors: "Mark Lotz" Director "Richard Lock" Director Mark Lotz Richard Lock INTREPID METALS CORP. CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS (Expressed in Canadian dollars) FOR THE YEAR ENDED DECEMBER 31, FOR THE YEAR ENDED DECEMBER 31, 2025 2024 EXPENSES Exploration and evaluation (note 6) $ 3,980,289 $ 3,490,745 General and administration (notes 11) 1,824,005 1,412,473 Marketing and investor relations 545,125 348,268 Share-based payments (notes 9 and 10) 898,930 796,681 (7,248,349) (6,048,167) OTHER ITEMS Interest expense (note 8) - (1,321) Interest income 98,020 164,925 Foreign exchange (loss) gain (56,359) 4,116 41,661 167,720 LOSS AND COMPREHENSIVE LOSS FOR THE YEAR $ (7,206,688) $ (5,880,447) Basic and diluted loss per common share $ (0.12) $ (0.13) Weighted average number of common shares outstanding - basic and diluted 61,245,583 46,022,991 INTREPID METALS CORP. CONSOLIDATED STATEMENTS OF CASH FLOWS (Expressed in Canadian dollars) FOR THE FOR THE YEAR ENDED YEAR ENDED DECEMBER 31, DECEMBER 31, 2025 2024 OPERATING ACTIVITIES Loss $ (7,206,688) $ (5,880,447) Items not affecting cash: Share-based payments 898,930 796,681 Interest expense - 1,321 Net change in non-cash working capital items: GST receivable (19,746) (14,175) Prepaid expenses 77,021 (148,995) Accounts payable and accrued liabilities (14,242) 123,891 Cash used in operating activities (6,264,725) (5,121,724) INVESTING ACTIVITIES Deposit (138,015) - Acquisition of exploration and evaluation assets (2,225,546) (195,149) Cash used in investing activities (2,363,561) (195,149) FINANCING ACTIVITIES Repayment of promissory note - (53,894) Private placements 15,660,000 6,590,000 Share issuance costs (528,246) (147,223) Exercise of warrants 230,261 148,625 Exercise of options 61,125 - Cash provided by financing activities 15,423,140 6,537,508 Net change in cash 6,794,854 1,220,635 Cash and cash equivalent, beginning 1,515,878 295,243 Cash and cash equivalent, ending $ 8,310,732 $ 1,515,878 Cash received for Interest $ 98,020 $ 164,925 Supplementary cash flow information Shares and warrants issued for exploration and evaluation assets $ 1,200,362 $ 898,998 Share issuance costs included in payables $ 178,200 $ - Cash and cash equivalent: Cash $ 8,230,402 $ 1,515,878 Guaranteed investment certificate 80,330 - $ 8,310,732 $ 1,515,878 INTREPID METALS CORP. CONSOLIDATED STATEMENT OF CHANGES IN EQUITY (Expressed in Canadian dollars) NUMBER OF COMMON SHARES SHARE CAPITAL OBLIGATION OTHER TO ISSUE EQUITY SHARES RESERVES DEFICIT ACCUMULATED OTHER COMPREHENSIVE INCOME TOTAL Balance, December 31, 2023 26,431,561 $ 17,579,981 $ 95,000 $ 2,833,096 $ (18,701,751) $ 825 $ 1,807,151 Private placement (note 10) 17,188,235 $ 5,844,000 $ (8,500) $ 756,000 $ - $ - $ 6,591,500 Private placement - refund of oversubscription - - (1,500) - - - (1,500) Fractional rounding due to share consolidation (note 10) (24) - - - - - - Share issuance costs - cash (note 10) - (35,693) - - - - (35,693) Share issuance costs - finders' fees (note 10) - (111,530) - - - - (111,530) Share issuance costs - finders' warrants (note 10) - (131,845) - 131,845 - - - Exercise of restricted share units (note 10) 500,000 120,000 - (120,000) - - - Exercise of special warrants (note 10) 2,223,529 756,000 - (756,000) - - - Exercise of warrants (note 10) Exploration and evaluation asset acquisitions 288,750 188,545 - (39,920) - - 148,625 (notes 6 and 10) 2,049,996 898,998 - - - - 898,998 Settlement of promissory note (notes 6, 8 and 10) 125,000 85,000 (85,000) - - - - Share-based payments (note 10) - - - 796,681 - - 796,681 Net loss - - - - (5,880,447) - (5,880,447) Balance, December 31, 2024 48,807,047 $ 25,193,456 $ - $ 3,601,702 $ (24,582,198) $ 825 $ 4,213,785 Private placements (note 10) 38,146,938 15,660,000 - - - - 15,660,000 Share issuance costs - cash (note 10) - (261,795) - - - - (261,795) Share issuance costs - finders' fees (note 10) - (444,852) - - - - (444,852) Share issuance costs - finders' warrants (note 10) - (250,184) - 250,184 - - - Warrants exercised (note 10) 511,690 230,260 - - - - 230,260 Options exercised (note 10) 407,500 61,125 - - - - 61,125 Exploration and evaluation asset acquisitions (notes 6 and 10) 2,452,446 1,128,440 - 71,922 - - 1,200,362 Share-based payments (note 10) - - - 898,930 - - 898,930 Net loss - - - - (7,206,688) - (7,206,688) Balance, December 31, 2025 90,325,621 $ 41,316,450 $ - $ 4,822,738 $ (31,788,886) $ 825 $ 14,351,127 4 NATURE OF OPERATIONS AND GOING CONCERN Intrepid Metals Corp. (the "Company" or "Intrepid") common shares trade on the TSX Venture Exchange ("TSX-V" or the "Exchange") under the symbol "INTR", trade on the OTCQB under the symbol "IMTCF" and was incorporated on June 26, 1978 and exists under the Business Corporations Act (British Columbia). The Company is a mineral exploration company, whereby it's engaged in the acquisition, exploration, and development of mineral properties. The Company has acquired rights to mineral properties in south-eastern Arizona, USA. The Company's registered and records office is #2400 - 1055 West Georgia Street, Vancouver, British Columbia, V6E 3P3. Going concern At December 31, 2025, the Company had not yet determined whether its properties contain mineral reserves that are economically recoverable. The recoverability of amounts shown for exploration and evaluation assets and related deferred exploration costs is dependent upon the discovery of economically recoverable mineral reserves, confirmation of the Company's interest in the underlying mineral claims, the ability of the Company to obtain necessary financing to complete the development, and upon future profitable production from the exploration and evaluation assets or proceeds from the disposition of the exploration and evaluation assets. These consolidated financial statements have been prepared with the going concern assumption, which assumes that the Company will continue in operation for the foreseeable future and, accordingly will be able to realize its assets and discharge its liabilities in the normal course of operations. At December 31, 2025, the Company had an accumulated deficit of $31,788,886 and expected to incur further losses, and required additional equity financing to continue developing its business and to meet its obligations. While the Company has been successful at raising equity financing in the past, there is no guarantee that it will continue to do so in the future, which results in a material uncertainty that casts significant doubt on the Company's ability to continue as a going concern. The Company's ability to continue its operations and to realize its assets at their carrying values is dependent upon obtaining additional financing and generating revenues sufficient to cover its operating costs. These consolidated financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying consolidated financial statements. These adjustments could be material. Statement of compliance These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Boards ("IASB"). Basis of presentation These consolidated financial statements are presented in Canadian dollars unless otherwise indicated, the functional currency of the Company and its subsidiary. These consolidated financial statements have been prepared on a historical cost basis, except for certain financial instruments which are measured at fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information. BASIS OF PRESENTATION Basis of presentation (continued) These consolidated financial statements were authorized for issue by the Board of Directors on April 30, 2026. Basis of consolidation These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary Intrepid Metals (USA) Corp. All intercompany transactions and balances have been eliminated on consolidation. Percentage ownership Subsidiary Name Incorporation Jurisdiction December 31, 2025 December 31, 2024 Intrepid Metals (USA) Corp. Arizona, USA 100% 100% Critical accounting estimates and judgments The preparation of financial statements in conformity with IFRS requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities, shareholders' equity, and the disclosure of contingent assets and liabilities as at the date of the financial statements, and expenses for the years reported. Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, which could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following: The fair value of stock options, warrants and compensation options, which requires the estimation of stock price volatility, the expected forfeiture rate and the expected term of the underlying instruments. The fair value of restricted share units which requires the estimation of the number of awards likely to vest on grant and at each reporting date up to the vesting date. The fair value of the investment for which a quoted market price in an active market is not available. The recoverability of deferred tax assets based on the assessment of the Company's ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. The assessment of the Company's ability to continue as a going concern and to raise sufficient funds to pay its ongoing operating expenditures and to 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. The classification and allocation of expenses as exploration and evaluation expenditures or operating expenses. 2. BASIS OF PRESENTATION (continued) Critical accounting estimates and judgments (continued) The determination of impairment indicators involves significant judgment and estimation. Management assesses the carrying value of mining properties for indicators of impairment at each reporting date. Key indicators considered include, but are not limited to, significant declines in commodity prices, adverse changes in market conditions, significant underperformance relative to historical or projected future operating results, and changes in technology or reserve estimates. Management considers both internal and external sources of information in assessing impairment indicators. Internal sources may include changes in production plans, exploration results, and cash flow forecasts. External sources may include industry reports, market trends, and analyst projections. While management exercises judgment in assessing impairment indicators, actual impairment charges may vary based on future market conditions and operational performance. The classification of an option to acquire a mining subsidiary company involves significant judgment and estimation. Management assesses whether the option should be classified as a financial asset or as part of the business combination. Management considers the terms and conditions of the option agreement and any other contractual provisions. Additionally, management evaluates the substance of the arrangement to determine whether it represents an investment in a financial asset or a business combination. If the option is classified as a financial asset, it is measured at fair value through profit or loss, with changes in fair value recognized in the income statement. If the option is considered part of a business combination, it is initially recognized at fair value and subsequently accounted for in accordance with the applicable accounting standards for business combinations. The determination of the classification of the option involves judgment and estimation and may impact the reported financial position and results of operations. Management reassesses the classification of the option at each reporting date and adjusts its accounting treatment as necessary based on changes in facts and circumstances. 3. MATERIAL ACCOUNTING POLICY INFORMATION Financial instruments IFRS 9, Financial Instruments ("IFRS 9") provides three different measurement categories for non-derivative financial assets - subsequently measured at amortized cost, fair value through profit or loss ("FVTPL") or fair value through other comprehensive income - while all non-derivative financial liabilities are classified as subsequently measured at amortized cost. The category into which a financial asset is placed and the resultant accounting treatment is largely dependent on the nature of the business of the entity holding the financial asset. All financial instruments are initially recognized at fair value. Financial Assets and Liabilities Classification Cash and cash equivalent FVTPL Investment FVTPL Accounts payable Amortized Cost Promissory notes payable Amortized Cost 3. MATERIAL ACCOUNTING POLICY INFORMATION (continued) Financial instruments (continued) Financial assets The Company's financial assets at amortized cost are initially recognized at fair value plus or minus transaction costs, respectively, and subsequently carried at amortized cost less any impairment. The Company's financial assets carried at FVTPL are initially recorded at fair value and transaction costs are expensed in the statements of loss and comprehensive loss. Realized and unrealized gains and losses arising from changes in the fair value of the financial assets held at FVTPL are included in the statement of comprehensive loss in the period in which they arise. The Company derecognizes financial assets only when the contractual rights to cash flows from the financial assets expire, or when it transfers the financial assets and substantially all of the associated risks and rewards of ownership to another entity. Gains and losses on derecognition are generally recognized in the consolidated statements of loss and comprehensive loss. However, gains and losses on derecognition of financial assets classified as FVTOCI remain within accumulated other comprehensive income (loss). Financial liabilities The Company measures all of its financial liabilities as subsequently measured at amortized cost. Financial liabilities are recognized initially at fair value, net of transaction costs incurred, and are subsequently measured at amortized cost. Any difference between the amounts originally received, net of transaction costs, and the redemption value is recognized in profit and loss over the period to maturity using the effective interest method. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled, or expire. The Company also derecognizes a financial liability when the terms of the liability are modified such that the terms and/or cash flows of the modified instrument are substantially different, in which case a new financial liability based on the modified terms is recognized at fair value. Gains and losses on derecognition are generally recognized in profit or loss. Impairment of financial assets at amortized cost 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 date, 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 recognizes in the statements of loss and comprehensive 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. 3. MATERIAL ACCOUNTING POLICY INFORMATION (continued) Financial instruments (continued) Impairment of financial assets at amortized cost 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 date, 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 recognizes in the statements of loss and comprehensive 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. Foreign and Presentation currency These consolidated financial statements are presented in Canadian dollars, which is the Company's and its subsidiary' functional currency. Transactions in foreign currencies during the years were converted at the then-average exchange rate for the period and year-end balance sheet amounts were converted at the exchange rate as at that date. Share-based payments Share-based payments to employees are measured at the fair value of the instruments issued and amortized over the vesting periods. Share-based payments to non-employees are measured at the fair value of the goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received. The fair value of the options is determined using the Black-Scholes Option Pricing Model and recognized over the vesting period of the options granted as both share-based payments expense and other equity reserves. This includes a forfeiture estimate, which is revised for actual forfeitures in subsequent periods. The other equity reserves account is subsequently reduced if the options are exercised and the amount initially recorded is then credited to share capital. Valuation of equity units issued in private placements The Company has adopted a residual value method with respect to the measurement of shares and warrants issued as private placement units. The residual value method first allocates value to the more easily measurable component based on fair value and then the residual value, if any, to the less easily measurable component. Basic and diluted loss per share Basic loss per share is computed by dividing the loss for the year by the weighted average number of common shares outstanding during the year. For diluted loss per share computations, assumptions are made regarding potential common shares outstanding during the year. The weighted average number of common shares is increased to include the number of additional common shares that would be outstanding if, at the beginning of the year, or at time of issuance, if later, all options and warrants are exercised. Proceeds from exercise are used to purchase the Company's common shares at their average market price during the year, thereby reducing the weighted average number of common shares outstanding. If these computations prove to be anti-dilutive, diluted loss per share is the same as basic loss per share. MATERIAL ACCOUNTING POLICY INFORMATION (continued) Exploration and evaluation expenditures Exploration and evaluation expenditures include the costs of acquiring licenses, and costs associated with exploration and evaluation activity. Costs related to the exploration and evaluation of exploration and evaluation assets are expensed as incurred. Costs to acquire exploration and evaluation assets are capitalized as incurred. From time-to-time, the Company may acquire or dispose of a mineral property interest pursuant to the terms of an option agreement. As such options are exercisable entirely at the discretion of the optionee, the amounts payable or receivable are not recorded at the time of the agreement. Option payments are recorded as property costs when the payments are made. Exploration and evaluation assets are tested for impairment if facts or circumstances indicate that impairment exists. Examples of such facts and circumstances are as follows: the period for which the Company has the right to explore in the specific area has expired during the period or will expire in the near future, and is not expected to be renewed; substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; exploration for and evaluation of mineral resources in the specific area have not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities; and sufficient data exist to indicate that, although development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or by sale. Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets attributable to that area of interest are first tested for impairment and then reclassified to mining property and development assets within property, plant and equipment. Recoverability of the carrying amount of any exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest. Provision for closure and reclamation The Company recognizes liabilities for statutory, contractual or other legal obligations related to the retirement of its exploration and evaluation assets and its tangible long-lived assets when such obligations are incurred, if a reasonable estimate of fair value can be made. These obligations are measured initially at fair value and the resulting costs are capitalized to the carrying value of the related asset. In subsequent periods, the liability is adjusted for any changes in the amount or timing and for the discounting of the underlying future cash flows. The capitalized asset retirement cost is amortized to operations over the life of the asset. Management has determined that there was no provision required for closure and reclamations as at December 31, 2025 and 2024. Income taxes Income tax expense is comprised of current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive income. 3. MATERIAL ACCOUNTING POLICY INFORMATION (continued) Income taxes (continued) Current taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss for the current period and any adjustment to income taxes payable in respect of previous periods. Current taxes are determined using tax rates and tax laws that have been enacted or substantively enacted by the reporting period end date. Deferred tax assets and liabilities are recognized where the carrying amount of an asset or liability differs from its tax base, except for taxable temporary differences arising on the initial recognition of goodwill and temporary differences arising on the initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction affects neither accounting nor taxable profit or loss. Recognition of deferred tax assets for unused tax losses, tax credits and deductible temporary differences is restricted to those instances where it is probable that future taxable profit will be available against which the deferred tax asset can be utilized. At the end of each reporting period the Company reassesses unrecognized deferred tax assets. The Company recognizes a previously unrecognized deferred tax asset to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered. Deferred tax assets and liabilities are presented separately except where there is a right to offset within a fiscal jurisdiction. Adoption of New and Amended IFRS Pronouncements IFRS 18 Presentation and Disclosure in Financial Statements, 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 statement of profit or loss, in particular additional defined subtotals, disclosures about management-defined performance measures and new principles for aggregation and disaggregation of information. IFRS 18 is accompanied by limited amendments to the requirements in IAS 7 Statement of Cash Flows. IFRS 18 is effective for annual reporting periods beginning on or after January 1, 2027. Companies are permitted to apply IFRS 18 before that date. The Company is currently assessing the effect of this new standard on its financial statements. 4. PREPAID EXPENSES DECEMBER 31, 2025 DECEMBER 31, 2024 Insurance $ 17,061 $ 21,449 Regulatory 8,955 8,162 Management services security deposits (note 9) 85,000 145,000 Mining services 1,706 1,706 Bonding 79,063 58,565 Professional services 7,010 34,400 Other 22,403 28,937 $ 221,198 $ 298,219 INVESTMENT The Company holds 2,000,000 common shares of K2 Resources Inc. ("K2") with a fair value of $1. As at December 31, 2025, the carrying value of the investment continues to be assessed at $1 ($1 - December 31, 2024) based on the current market conditions and liquidity risk. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES Details of exploration and evaluation assets are as follows: Tombstone South Mesa Wells Corral Copper Total Acquisition costs, December 31, 2023 $ 83,820 $ 92,312 $ 1,541,975 $ 1,718,107 Acquisition cash payment 136,707 33,697 24,745 195,149 Common shares issued (note 10) 156,000 43,000 699,998 898,998 Acquisition costs, December 31, 2024 376,527 169,009 2,266,718 2,812,254 Acquisition cash payment 173,623 69,284 1,982,639 2,225,546 Common shares issued (note 10) 220,500 42,000 865,940 1,128,440 Warrants issued - - 71,922 71,922 Acquisition costs, December 31, 2025 $ 770,650 $ 280,293 $ 5,187,219 $ 6,238,162 The Company incurred the following exploration and evaluation expenditures during the year ended December 31, 2025: Tombstone South Mesa Wells Corral Copper Total Accommodation $ - $ - $ 13,068 $ 13,068 Airfare - - 8,570 8,570 Data and mapping - - 81,553 81,553 Drilling - - 2,836,107 2,836,107 Geologist fees 1,655 - 393,457 395,112 Geological sampling - - 367,752 367,752 Lease and rental 125,855 5,073 45,517 176,445 Licenses, permits and reports 42,198 - 41,339 85,537 Meals - - 4,580 4,580 Other travel - - 4,734 4,734 Vehicle - - 8,831 8,831 $ 169,708 $ 5,073 $ 3,805,508 $ 3,980,289 The Company incurred the following exploration and evaluation expenditures during the year ended December 31, 2024: Tombstone South Mesa Wells Corral Copper Total Accommodation $ 755 $ 458 $ 10,683 $ 11,896 Airfare - - 6,322 6,322 Data and mapping - 17,204 158,608 175,813 Drilling - - 2,436,990 2,436,990 Geologist fees 6,649 - 233,309 239,958 Geological sampling - - 263,931 263,931 Lease and rental 41,989 71,489 195,529 309,007 Licenses, permits and reports 8,237 - 28,206 36,443 Meals 237 131 3,120 3,489 Other travel 341 - 77 418 Vehicle 1,032 525 4,922 6,478 $ 59,240 $ 89,807 $ 3,341,697 $ 3,490,745 6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued) Tombstone South Property On April 20, 2021, as amended February 28, 2022, April 1, 2024 and April 29, 2025, the Company entered into an option agreement for the Tombstone South Property (the "Tombstone Option Agreement") that had an effective closing date of April 29, 2022. Pursuant to the terms of the Tombstone Option Agreement, the vendor has granted the Company the option to acquire a 100% direct interest in the Tombstone South Property through the direct acquisition of the Tombstone South Property by making the following cash and share payments, and incurring the following minimum work commitments (all dollar amounts are United States dollars): Year Cash Consideration Share Consideration Minimum Work Commitment April 29, 2022 (Closing date) US$10,000 (paid) 40,000 (issued) - 1 st Anniversary US$30,000 (paid) 50,000 (issued) - 2 nd Anniversary US$100,000 (paid) 200,000 (issued) - 3 rd Anniversary US$125,000 (paid) 450,000 (issued) - 4 th Anniversary US$100,000 150,000 US$1,500,000 5 th Anniversary US$500,000 - US$1,500,000 TOTAL US$865,000 890,000 US$3,000,000 The Company also granted the vendor a 1.5% Net Smelter Royalty ("NSR") over the Tombstone South Property. One third of the NSR may be repurchased by the Company for US$500,000. The Company has a right of first refusal on the sale of the NSR by the vendor. During the year ended December 31, 2024, the Company and the vendor for the Tombstone South Property entered into an amending agreement for the Tombstone Option Agreement to remove the required US$500,000 work commitment that was due May 2024. The total work commitment for the option agreement after the amendment is US$3,000,000. The effects of the amendment are reflected in the table above. The Tombstone Option Agreement was further amended on April 29, 2025, delaying the minimum exploration commitment of US$1,500,000 due on 3 rd anniversary to the 4 th Anniversary and the minimum exploration commitment of US$1,500,000 due on 4 th Anniversary to the 5 th Anniversary. The cash consideration of US$100,000 due on the 3 rd anniversary was increased to US$125,000 and the shares consideration due on the 3 rd anniversary was also increased to 450,000. The effects of the amendment are reflected in the table above. 6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued) Mesa Wells Property On August 24, 2022, as amended August 16, 2024 and August 29, 2025, the Company entered into an option to purchase agreement ("Mesa Wells Option Agreement") with Bronco Creek Exploration, Inc. ("Bronco"), a subsidiary of EMX Royalty Corp. for the option to acquire a 100% direct interest in the Mesa Wells Project ("Mesa Property") through the direct acquisition of the Mesa Property by making the following cash and Company share payments, and incurring the following minimum work commitments (all dollar amounts are United States dollars): Year Cash Consideration Share Consideration Minimum Work Commitment August 24, 2022 US$20,000 (paid) 50,000 (issued) - 1 st Anniversary US$25,000 (paid) 50,000 (issued) - 2 nd Anniversary US$25,000 (paid) 100,000 (issued) - 3 rd Anniversary US$50,000 (paid) 100,000 (issued) - 4 th Anniversary US$80,000 100,000 - 5 th Anniversary US$200,000 50,000 US$2,000,000 TOTAL US$400,000 450,000 US$2,000,000 The Company granted Bronco a 2% NSR over the Mesa Property. On August 16, 2024 the Company entered into an agreement to amend the Mesa Wells Option Agreement. The amendment removed the required US$250,000 work commitment which was due August 24, 2024. The effects of the amendment are reflected in the table above. The Mesa Wells Option Agreement was further amended on August 29, 2025, delaying the minimum exploration commitments of US$500,000 due on the 3 rd anniversary and US$750,000 due on the 4 th anniversary to the 5 th Anniversary for a total minimum exploration commitment of US$2,000,000 due on the 5 th Anniversary. The cash consideration of US$25,000 due on the 3 rd anniversary was increased to US$50,000 and the shares consideration due on the 3 rd anniversary was also increased to 100,000. The cash consideration of US$50,000 due on the 4 th anniversary was increased to US$80,000 and the share consideration due on the 4 th anniversary was also increased to 100,000. The effects of the amendment are reflected in the table above. 6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued) Corral Copper Property The Corral Copper Property is comprised of the Excelsior Property, the CCCI Properties, the Sara Claim Group, the Emmet Claim Property, the MAN Property and the Viewsite Property. Excelsior Property (Cochise County, Arizona, USA) On August 24, 2022, the Company entered into a purchase and sale agreement with Gunnison Copper Corp. ("GCC") to acquire a 100% direct interest in the Excelsior Property through the direct acquisition of the Excelsior Property by making the following cash and Company share payments (all dollar amounts are United States dollars): Year Cash Consideration Share Consideration August 24, 2022 US$30,000 (paid) 125,000 (issued) 12 months from closing date (August 2023) - 125,000 (issued) 18 months from closing date (February 2024) US$40,000 (paid) 125,000 (issued) TOTAL US$70,000 375,000 The US$40,000 payment was recorded as a promissory note payable (note 8). The share consideration portion of the promissory note agreement was calculated using the share price on the date the promissory note was entered into, which was $0.34 on August 24, 2022. $85,000 was recorded as an obligation to issue shares. During the year ended December 31, 2024, the Company made a payment of US$40,000 ($53,894) and issued 125,000 common shares to GCC and completed the acquisition of the Excelsior Property (note 10). 6. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued) Cave Creek Copper Inc. Properties (Cochise County, Arizona, USA) On February 14, 2023, the Company entered into a definitive agreement (the "CCCI Agreement") with Cave Creek Copper Inc. ("CCCI") and its shareholders (the "CCCI Shareholders") to acquire all of the issued and outstanding shares of CCCI. CCCI holds certain exploration properties located in the Courtland-Gleeson area of Cochise County, Arizona (the "CCCI Properties"). The terms of the CCCI Agreement give Intrepid the option to acquire all of the issued and outstanding shares of CCCI in return for certain cash and common shares and exploration expenditure commitments. The consideration is as follows and all dollar values are Canadian dollars: Time Period Cash Consideration Share Consideration Minimum Work Commitment February 22, 2023 $50,000 (paid) 750,000 (issued) - 6 months $50,000 (paid) - - 1 st Anniversary $25,000 (paid) 500,000 (issued) $100,000 2 nd Anniversary $25,000 (paid) 538,725 common shares (issued) 220,000 warrants (issued) $150,000 November 30, 2025 $435,488 (paid) 38,725 common shares (issued) 220,000 warrants (issued) - 3 rd Anniversary $150,000 1,750,000 $150,000 TOTAL $735,488 3,577,450 Common Shares 440,000 Warrants $400,000 On March 17, 2025, the CCCI agreement was amended (the "March 2025 CC Amendment"). The original cash consideration of $395,000 due on the 2 nd anniversary was changed to $25,000 and additional payment of $414,750 due on August 31, 2025. An additional 38,725 common shares and 220,000 warrants due on the 2 nd anniversary were also added. The effects of the amendment are reflected in the table above. On August 29, 2025, the CCCI Agreement was further amended (the "August 2025 CC Amendment"). The original cash consideration of $414,750 due on August 31, 2025 was changed to $435,488 due on November 30, 2025. Also, an additional 38,725 common shares and 220,000 warrants due within five days of approval of the TSXV was also added. The effects of the amendment are reflected in the table above. Subsequent to December 31, 2025, the option to acquire CCCI was exercised. See "Subsequent Events" (note 15). Sara Claim Group Properties (Cochise County, Arizona, USA) On April 24, 2023 the Company entered into a Purchase and Sale Agreement (the "Bailey Agreement") for an additional 22 unpatented lode mining claims (the "Sara Claim Group") from Clive Bailey. To complete the acquisition the Company paid the vendor US$10,000 and issued 50,000 common shares for 100% of the Sara Claim Group property. EXPLORATION AND EVALUATION ASSETS AND EXPENDITURES (continued) Emmet Claim Property (Cochise County, Arizona, USA) On April 14, 2025 the Company entered into a Purchase and Sale Agreement (the "Emmet Agreement") to acquire one unpatented lode mining claim (the "Emmet Claim") from Silver Nickel Mining Company. To complete the acquisition, the Company paid the vendor US$10,000 and issued 75,000 common shares for 100% of the Emmet Claim (note 10). MAN Property (Cochise County, Arizona, USA) On September 11, 2023, the Company entered into a definitive agreement (the "MAN agreement") with Mining and Mineral Opportunity Ltd. ("MMO") to acquire a 100% interest in the MAN Property (the "MAN Property"). The terms of the MAN Agreement give Intrepid the option (the "MAN Option") to acquire a 100% interest in the MAN Property in return for certain cash and common share payments to MMO. The consideration is as follows and all dollar values are United States dollars: Time Period Cash Consideration Share Consideration December 11, 2023 US$200,000 (paid) 1,750,000 (issued) 1 st Anniversary US$100,000 (paid) 1,250,000 (issued) 2 nd Anniversary US$1,000,000 (paid) 1,250,000 (issued) 3 rd Anniversary US$960,000 1,750,000 TOTAL US$2,260,000 6,000,000 There is a 1.0% NSR granted under the terms of the MMO Agreement. 50% of the NSR may be repurchased for US$1,000,000 thereby reducing it to 0.5%. If the Company completes a Preliminary Economic Assessment on the Property, it will make a US$250,000 payment to MMO and the MAN Option will be deemed to be partially exercised and 51% of the earned interest will automatically vest in the Company. In addition, if the Company issues shares at a price below US$0.24, then any unissued shares owing to MMO will be adjusted by a proportional amount that represents the additional dilution calculated using the number of shares that would have been issued at US$0.24 price and the number of shares actually issued in the applicable transaction. This adjustment shall not apply to issuances under equity compensation plans or for asset or company acquisitions. Instead of issuing additional shares as a result of this adjustment, at each milestone payment date the Company shall instead make an additional cash payment calculated using the amount of additional shares multiplied by the issue price of the shares that triggered the adjustment. Viewsite Property (Cochise County, Arizona, USA) On August 6, 2025, the Company entered into a Purchase and Sale Agreement (the "Viewsite Agreement") with private owners for patented mining claims immediately south/southwest of the Ringo Copper-Gold Zone at the Corral Copper Property in Cochise County, Arizona (the "Viewsite Property"). The Company paid $138,015 (US$100,000) as a non-refundable deposit upon entering into the Viewsite Agreement, and the remaining balance of US$375,000 is due on or before January 31, 2026, the last date of closing. No common shares or other securities are issuable pursuant to the Viewsite Agreement. Subsequent to December 31, 2025, the acquisition of the Viewsite Property was completed. See "Subsequent Events" (note 15). ACCOUNTS PAYABLE AND ACCRUED LIABILITIES DECEMBER 31, 2025 DECEMBER 31, 2024 Trade payables (note 9) $ 468,742 $ 316,208 Accrued liabilities 85,042 73,416 $ 553,784 $ 389,624 PROMISSORY NOTES PAYABLE During the fiscal year ended December 31, 2020, the Company entered into a promissory note agreement with Hybrid Financial Inc. for $50,000, which is non-interest bearing. Any unpaid principal was due October 8, 2022, the maturity date. Any payments made during the year shall be applied to the reduction of principal. As at December 31, 2025, the balance remains unpaid. In connection with the purchase of the Excelsior Property (note 6), the Company entered into a promissory note agreement with GCC, where US$40,000 is payable on or before February 29, 2024, 125,000 shares are issuable on or before August 30, 2023 and an additional 125,000 shares are issuable on or before February 29, 2024 (note 6). The US$40,000 is non-interest bearing. The US$40,000 portion of the promissory note was present valued to the date the promissory note was entered into, using an effective interest rate of 15%. On February 29, 2024, the promissory note with GCC of US$40,000 ($53,894) was repaid in full and shares have been issued. For the year ended December 31, 2025, $nil (2024 - $1,321) was recorded as interest expense. DECEMBER 31, 2025 DECEMBER 31, 2024 Current portion Hybrid Financial Inc. $ 50,000 $ 50,000 RELATED PARTY BALANCES AND TRANSACTIONS Related parties and related party transactions impacting the consolidated financial statements are summarized below and include transactions with the following individuals or entities: Key management personnel 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 executive and non-executive members of the Company's Board of Directors, and corporate officers, including the Company's Chief Executive Officer, President & Chief Operating Officer, Chief Financial Officer, and VP Corporate Development. Remuneration attributed to key management personnel for the year ended December 31, 2025 and 2024 can be summarized as follows: DECEMBER 31, DECEMBER 31, 2025 2024 Consulting $ 838,291 $ 445,333 Marketing and investor relations 69,150 50,025 Professional fees 354,869 340,998 Salaries and benefits 59,327 54,397 Share-based payments 701,103 549,648 $ 2,022,740 $ 1,440,401 Other related party transactions Transactions entered into with related parties, other than key management personnel and not otherwise disclosed, for the years ended December 31, 2025 and 2024 include the following: DECEMBER 31, DECEMBER 31, 2025 2024 Accession Management & Consulting Ltd. $ 156,000 $ 181,167 1495896 BC Ltd. 473,958 116,667 King & Bay West Management Corp. 354,869 340,998 MJM Consulting Corp. 208,333 147,500 $ 1,193,160 $ 786,332 Amounts paid to King & Bay West Management Corp. are included in professional fees expenses and amounts paid to Accession Management & Consulting Ltd., 1495896 BC Ltd., and MJM Consulting Corp. are included in consulting expenses. 9. RELATED PARTY BALANCES AND TRANSACTIONS (continued) Other related party transactions (continued) Accession Management & Consulting Ltd. ("Accession") : Accession is an entity that is controlled by Kenneth Brophy, a former director and the former President & COO of the Company. Accession provided consulting and business development services to the Company. These services were provided to the Company on an as-needed basis and are billed based on a monthly amount to the Company. The amounts shown in the table above represent amounts paid and accrued to Accession for the recovery of overhead and third-party costs incurred by Accession on behalf of the Company. 1495896 BC Ltd. : 1495896 BC Ltd. is an entity that is controlled by Ken Engquist, a former director and the former CEO of the Company. 1495896 BC Ltd. provided consulting and business development services to the Company. These services were provided to the Company on an as-needed basis and are billed based on a monthly amount to the Company. The amounts shown in the table above represent amounts paid and accrued to 1495896 BC Ltd. for the recovery of overhead and third-party costs incurred by 1495896 BC Ltd. on behalf of the Company. King & Bay West Management Corp. ("King & Bay") : King & Bay is an entity that is controlled by the CEO of the Company and employs or retains officers and certain consultants of the Company. King & Bay provides administrative, regulatory, legal, finance, and corporate development services to the Company. These services are provided to the Company on an as-needed basis and are billed based on the cost or value of the services provided to the Company. The amounts shown in the table above represent amounts paid and accrued to King & Bay for the services of King & Bay personnel and for overhead and third-party costs incurred by King & Bay on behalf of the Company. MJM Consulting Corp. ("MJM") : MJM is an entity that is controlled by the CEO of the Company. MJM provides consulting and business development services to the Company. These services are provided to the Company on an as-needed basis and are billed based on a monthly amount to the Company. The amounts shown in the table above represent amounts paid and accrued to MJM for the recovery of overhead and third-party costs incurred by MJM on behalf of the Company. Related party balances Prepaid expenses As at December 31, 2025, prepaid expenses include the following paid to a related party: King & Bay - $85,000 (December 31, 2024 - $85,000) with respect to a security deposit as part of a management services agreement with the Company (note 4). Accounts payable and accrued liabilities As at December 31, 2025, accounts payable and accrued liabilities include the following amounts due to related parties: 1495896 BC Ltd. - $nil (December 31, 2024 - $4,240) with respect to business development and expense reimbursements. 9. RELATED PARTY BALANCES AND TRANSACTIONS (continued) Related party balances (continued) Evelyn Cox, VP Corporate Development - $7,279 (December 31, 2024 - $4,332) with respect to corporate development consulting services and expense reimbursements. Ken Brophy, former President & COO - $nil (December 31, 2024 - $4,267) with respect to business development expense reimbursements. King & Bay - $33,668 (December 31, 2024 - $27,195) with respect to the services described above. Mark Morabito, CEO and the Chair of the Company - $11,834 (December 31, 2024 - $1,443) with respect to business development expense reimbursements. The amounts are unsecured, non-interest bearing and have no fixed terms of repayment (note 7). Related party subscriptions During the year ended December 31, 2025, certain directors, officers and insiders of the Company and their affiliates participated in t he 2025 LIFE Offering and October 2025 Offering (note 10) and acquired 1,308,471 Units for proceeds of $533,150: Kenneth Engquist - 100,000 units for a total of $49,000 Matthew Lennox-King - 102,041 units for a total of $50,000 Leonard Karr - 285,000 units for a total of $139,650 Richard Lock - 50,000 units for a total of $24,500 Mark Morabito - 571,430 units for a total of $200,000 Accession Management & Consulting Ltd. - 100,000 units for a total of $35,000 Evelyn Cox - 100,000 units for a total of $35,000 During the year ended December 31, 2024, certain directors, officers and insiders of the Company and their affiliates participated in a non-brokered private placement (note 10) and acquired 343,038 Units for proceeds of $116,933: King & Bay West Management Corp. - 220,588 units for a total of $75,000 Accession Management & Consulting Ltd. - 102,450 units for a total of $34,833 Kenneth Engquist - 20,000 units for a total of $6,800 10. SHARE CAPITAL Authorized Unlimited number of common shares without par value. Share consolidation On January 4, 2024, the Company completed a consolidation of its common shares on the basis of one post-consolidation common share for every two pre-consolidation common shares (the "Consolidation"). The effect of the Consolidation has been reflected in these financial statements. 10. SHARE CAPITAL (continued) Common share issuances 2025 On March 10, 2025, the Company issued 499,996 common shares with a fair value of $274,998 in connection with the option agreement of CCCI (note 6). On March 28, 2025, the Company announced that the TSX-V has approved the March 2025 CC Amendment. In connection with the March 2025 CC Amendment, 38,725 common shares with a fair value of $18,588 were issued and 220,000 warrants with a fair value of $41,945 (the "March 2025 CC Warrants") were issued in each case to CCCI Shareholders. Each March 2025 CC Warrant shall be exercisable for a Common Share until March 28, 2026 at an exercise price of $0.51 per Common Share. On March 28, 2025, the Company closed $5,000,000 in gross proceeds from a Listed Issuer Financing Exemption Offering (the "2025 LIFE Offering"). The 2025 LIFE Offering resulted in the issuance of 10,204,080 units (the "2025 LIFE Units"), with each 2025 LIFE Unit consisting of one common share and one-half of one common share purchase warrant (each full common share purchase warrant, a "2025 LIFE Warrant") at a price of $0.49 per 2025 LIFE Unit. Each full 2025 LIFE Warrant shall entitle the holder thereof to acquire one additional common share at a price of $0.68 until March 28, 2027. In connection with the 2025 LIFE Offering, finder's fees of 6% in cash and 6% in finder warrants (the "2025 LIFE Finder Warrants") were paid on certain subscriptions introduced by finders. A total of $209,442 was paid in cash finder's fees, 424,573 2025 LIFE Finder Warrants were issued, and $29,804 was paid in other share issuance costs. The terms of the 2025 LIFE Finder Warrants are the same as the 2025 LIFE Warrants, except that they are non-transferrable and unless permitted under securities legislation, the 2025 Finder Warrants and the securities underlying the 2025 Finder Warrants could not be traded before July 29, 2025. On May 6, 2025, the Company issued 75,000 common shares with a fair value of $32,250 in connection with the Emmet Agreement (note 6). On May 20, 2025, the Company issued 450,000 common shares with a fair value of $220,500 in connection with the Tombstone Option Agreement (note 6). On June 17, 2025, the Company issued 57,500 common shares upon 57,500 options with an exercise price of $0.15 being exercised for total proceeds of $8,625. The shares were trading at $0.43 per share on the market, upon exercise. On June 26, 2025, the Company issued 237,500 common shares upon 237,500 options with an exercise price of $0.15 being exercised for total proceeds of $35,625. The shares were trading at $0.42 per share on the market, upon exercise. On July 10, 2025, the Company issued 112,500 common shares upon 112,500 options with an exercise price of $0.15 being exercised for total proceeds of $16,875. The shares were trading at $0.47 per share on the market, upon exercise. On July 14, 2025, 290,000 warrants and 14,690 broker warrants were exercised for $0.45 each, for gross proceeds of $137,110. On July 15, 2025, 50,000 warrants were exercised for $0.45 each, for gross proceeds of $22,500. On August 25, 2025, there was a share issuance of 50,000 common shares at fair value of $22,500 to Bronco pursuant to the terms of the Mesa Wells Option Agreement (note 6). 10. SHARE CAPITAL (continued) Common share issuances (continued) On September 10, 2025 there was an additional share issuance of 38,725 common shares at $0.39 per share for a total fair value of $15,104 to Cave Creek pursuant to the terms of the August 2025 CC Amendment (note 6). In addition, 220,000 warrants with a fair value of $29,977 (the "September 2025 CC Warrants") were issued in each case to CCCI Shareholders. Each September 2025 CC Warrant shall be exercisable for a Common Share until September 10, 2026 at an exercise price of $0.42 per Common Share. On September 11, 2025 there was an additional share issuance of 50,000 common shares at fair value of $19,500 to Bronco pursuant to the terms of the amendment to the Mesa Wells Option Agreement (note 6). On October 28, 2025, the Company closed a non-brokered private placement (the "October 2025 Offering") for aggregate gross proceeds of $6,700,000. The October 2025 Offering resulted in the issuance of 19,142,858 units (the "October 2025 Units"), with each October 2025 Unit consisting of one common share and one-half of one common share purchase warrant (each full common share purchase warrant, an "October 2025 Warrant") at a price of $0.35 per October 2025 Unit. Each full October 2025 Warrant shall entitle the holder thereof to acquire one additional common share at a price of $0.50 until October 28, 2027. Finder's fees of 6% in cash and 6% in non-transferrable finder warrants exercisable at a price of $0.35 for a period of twenty-four (24) months from the closing date of the October 2025 Offering, were paid on a portion of the October 2025 Offering. A total of $235,410 was paid in cash finder's fees, 672,599 finder warrants were issued, and $33,991 was paid in other share issuance costs. On December 11, 2025, there was a share issuance of 1,250,000 common shares at fair value of $525,000 to MMO pursuant to the terms of the MAN Agreement (note 6). On December 22, 2025, 150,000 warrants and 7,000 broker warrants were exercised for $0.45 each, for gross proceeds of $70,650. On December 23, 2025, the Company closed a non-brokered private placement (the "December 2025 Offering") for aggregate gross proceeds of $3,960,000. The December 2025 Offering resulted in the issuance of 8,800,000 common shares at a price of $0.45 per common share. A total of $261,795 ($83,595 paid and the remaining $178,200 included in accounts payable at December 31, 2025) was incurred in share issuance costs. 2024 On January 5, 2024, the Company closed $3,230,000 in gross proceeds from a non-brokered private placement (the "First Offering"). The First Offering included $3,000,000 in proceeds from Leocor Gold Inc. (CSE:LECR) ("Leocor"). The First Offering consisted of: The issuance of 7,276,470 units (the "2024 Units"), with each 2024 Unit consisting of one common share and one warrant (each a "2024 Series 1 Warrant") at a price of $0.34 per 2024 Unit for aggregate gross proceeds of $2,474,000. Each 2024 Series 1 Warrant entitled the holder thereof to acquire one additional common share at a price of $0.45 until January 5, 2026. The 2024 Series 1 Warrants were subject to an acceleration right that allows the Company to give notice of an earlier expiry date if the Company's closing share price on the TSX-V is equal to or greater than $0.68 for a period of 10 consecutive trading days (the "Acceleration Right"). On December 30, 2025, the Company announced TSX-V approval to extend the expiry date of the 2024 Series 1 Warrants to April 5, 2026. 10. SHARE CAPITAL (continued) Common share issuances (continued) The issuance of 2,223,529 pre-funded special warrants units (each a "Special Warrant") at a price of $0.34 per Special Warrant for aggregate gross proceeds of $756,000. Each Special Warrant shall entitle the holder thereof to acquire one 2024 Unit, for no additional consideration but subject to an exercise limitation such that Leocor may not exercise if it would result in them having beneficial ownership over common shares in excess of 19.9%, for a period of five years from the closing date of the First Offering. On January 24, 2024, the Company closed $3,370,000 in gross proceeds (the "Second Offering"). The Second Offering consisted of: The Second Offering consisted of 9,911,765 2024 Units, with each 2024 Unit consisting of one common share and one warrant (each a "2024 Series 2 Warrant") at a price of $0.34 per 2024 Unit. Each 2024 Series 2 Warrant entitles the holder thereof to acquire one additional common share at a price of $0.45 until two years from the closing date of the Second Offering (subject to the Acceleration right). On December 30, 2025, the Company announced TSX-V approval to extend the expiry date of the 2024 Series 2 Warrants to April 24, 2026. In connection with the Second Offering, the Company paid finder's fees of $111,530 and commission of $35,693 in cash and 321,560 in finder's warrants. Each finder's warrant is non-transferable but otherwise has the same terms as the warrants (including the Acceleration Right). On January 9, 2024, the Company issued 500,000 common shares on the redemption of 500,000 Restricted Share Units at $0.24 per share. On February 22, 2024, the Company issued 499,996 common shares at fair value of $269,998 to CCCI pursuant to the CCCI Agreement (note 6). On March 7, 2024, the Company issued 125,000 common shares with a fair value of $85,000 as well as a cash payment of US$40,000 to GCC pursuant to option to purchase agreement with respect to the Excelsior Property (notes 6 and 8). These shares were previously recorded as an obligation to issue shares. On March 5, 2024, 48,750 broker warrants issued as part of a private placement of units completed on April 21, 2022 for gross proceeds of $3,070,500 (the "2022 Offering") were exercised for $0.40 each, for gross proceeds of $19,500. On March 15, 2024, 60,000 broker warrants issued as part of the 2022 Offering were exercised for $0.40 each, for gross proceeds of $24,000. On April 2, 2024, 5,250 broker warrants issued as part of the 2022 Offering were exercised for $0.40 each, for gross proceeds of $2,100. On April 4, 2024, 25,000 warrants issued as part of the 2022 Offering were exercised for $0.70 each, for gross proceeds of $17,500. On April 8, 2024, 50,000 warrants issued as part of the 2022 Offering were exercised for $0.70 each, for gross proceeds of $35,000. 10. SHARE CAPITAL (continued) Common share issuances (continued) On April 18, 2024, 43,500 broker warrants issued as part of the 2022 Offering were exercised for $0.40 each, for gross proceeds of $17,400. On April 29, 2024, 31,250 warrants issued as part of the 2022 Offering were exercised for $0.70 each, for gross proceeds of $21,875. On May 3, 2024, there was a share issuance of 200,000 common shares with a fair value of $156,000 at $0.78 per share to the vendor pursuant to the terms of the Tombstone Option Agreement (note 6). On May 29, 2024, 5,000 finders warrant issued as part of the Second Offering were exercised for $0.45 each, for gross proceeds of $2,250. On June 7, 2024, 20,000 finders warrant issued as part of the Second Offering were exercised for $0.45 each, for gross proceeds of $9,000. On August 26, 2024, there was a share issuance of 100,000 common shares at fair value of $43,000 to Bronco pursuant to the terms of the Mesa Wells Option Agreement (note 6). On September 16, 2024, 2,223,529 Special Warrants issued as part of the First Offering were exercised for no consideration. On December 11, 2024, there was a share issuance of 1,250,000 common shares at fair value of $430,000 to MMO pursuant to the terms of the MAN Agreement (note 6). Stock options The Company grants stock options to directors, officers, employees and consultants as compensation for services, pursuant to its Incentive Share Option Plan (the "Stock Option Plan"). The maximum price shall not be less than the closing price of the common shares on the last trading day preceding the date on which the grant of options is approved by the Board of Directors. Options have a maximum expiry period of ten years from the grant date. The number of options that may be issued under the Stock Option Plan is limited to no more than 10% of the Company's issued and outstanding shares immediately prior to the grant. Pursuant to the Stock Option Plan, options granted in respect of investor relations activities are subject to vesting restrictions, such that one-quarter of the options vest three months from the grant date and in each subsequent three-month period thereafter such that the entire option will have vested twelve months after the award date. Vesting restrictions may also be applied to certain other option grants, at the discretion of the directors. On April 14, 2025, 1,850,000 stock options were granted with an exercise price of $0.39 and an expiration date of April 14, 2030, which vest evenly every 6 months over 24 months. On August 11, 2025, the Company granted 200,000 stock options to consultants of the Company at an exercise price of $0.51 per share. The options vest over a 24 month period and have a five year term expiring on August 11, 2030. On March 19, 2025, 100,000 stock options which were issued to a past director, were forfeited due to not being re-elected. 10. SHARE CAPITAL (continued) Stock options (continued) On October 3, 2025, 1,750,000 stock options were granted with an exercise price of $0.45 and an expiration date of October 3, 2030, which vest evenly every 6 months over 24 months. On November 3, 2025, 100,000 stock options have expired. On February 12, 2024, 1,470,000 stock options were granted with an exercise price of $0.64 and an expiration date of February 12, 2029, which vest evenly every 6 months over 24 months. On September 11, 2024, 325,000 stock options were granted with an exercise price of $0.42 and an expiration date of September 11, 2029, which vest evenly every 6 months over 24 months. On October 9, 2024, 400,000 stock options were granted with an exercise price of $0.38 and an expiration date of October 9, 2029, which vest quarterly over 12 months. On December 19, 2024, 200,000 stock options were granted with an exercise price of $0.36 and an expiration date of December 19, 2029, which vest quarterly over 12 months. During the year ended December 31, 2024, 125,000 options have been forfeited. The following table summarizes stock option activity for the years ended December 31, 2025 and 2024: Number of stock options Weighted average exercise price Outstanding, December 31, 2023 1,903,000 $0.38 Issued 2,395,000 $0.54 Forfeited (125,000) $0.32 Outstanding, December 31, 2024 4,173,000 $0.48 Issued 3,800,000 $0.42 Exercised (407,500) $0.15 Cancelled (100,000) $0.64 Forfeited (100,000) $0.40 Outstanding, December 31, 2025 7,365,500 $0.47 10. SHARE CAPITAL (continued) Stock options (continued) As at December 31, 2025, the following stock options were outstanding and exercisable: Outstanding Exercisable Exercise Price Remaining life (years) Expiry date 50,000 50,000 $0.64 0.05 January 18, 2026 687,500 687,500 $0.50 0.20 March 12, 2026 37,500 37,500 $0.50 1.34 May 5, 2027 308,000 308,000 $0.40 1.34 May 5, 2027 112,500 112,500 $0.32 1.86 November 10, 2027 75,000 75,000 $0.50 2.86 November 8, 2028 1,370,000 1,027,500 $0.64 3.12 February 12, 2029 325,000 162,500 $0.42 3.70 September 11, 2029 400,000 400,000 $0.38 3.78 October 9, 2029 200,000 200,000 $0.36 3.97 December 19, 2029 1,850,000 462,500 $0.39 4.23 April 14, 2030 200,000 - $0.51 4.61 August 11, 2030 1,750,000 - $0.45 4.76 October 3, 2030 7,365,500 3,523,000 The Company recognizes share-based payment expense for all stock options granted using the fair value-based method of accounting. The fair value of stock options is determined by the Black-Scholes Option Pricing Model with assumptions for risk-free interest rates, dividend yields, volatility factors of the expected market price of the Company's common shares, forfeiture rate, and expected life of the options. During the year ended December 31, 2025, the Company recognized share-based payment expense with respect to stock options issued during 2022 of $nil (2024 - $13,540), stock options issued during 2023 of $5,042 (2024 - $21,724), stock options issued during 2024 of $355,089 (2024 - $663,867) and stock options issued during 2025 of $538,799. The Company uses the Black-Scholes Option Pricing Model to calculate the fair value of stock options granted. The model requires management to make estimates, which are subjective and may not be representative of actual results. Changes in assumptions can materially affect estimates of fair values. The following weighted average assumptions were used to estimate the weighted average grant date fair values during the years ended December 31, 2025 and 2024: DECEMBER 31, DECEMBER 31, 2025 2024 Weighted average of fair value of options granted $ 0.33 $ 0.47 Risk-free interest rate 2.72 - 2.91% 2.75% - 3.69% Expected life (years) 5 5 Annualized volatility 101 - 105% 115% - 117% Dividend yield -% -% 10. SHARE CAPITAL (continued) Warrants On March 28, 2025, the Company issued 5,102,038 2025 LIFE Warrants as part of the 2025 LIFE Offering. Each 2025 LIFE Warrant shall entitle the holder thereof to acquire one additional common share at a price of $0.68 until March 28, 2027. In connection with the 2025 LIFE Offering, 424,573 2025 LIFE Finder Warrants were issued to certain brokers. The terms of the 2025 LIFE Finder Warrants are the same as the 2025 LIFE Warrants, except that they are non-transferrable and unless permitted under securities legislation, the 2025 LIFE Finder Warrants and the securities underlying the 2025 Finder Warrants cannot be traded before July 29, 2025. Based on residual value method, $nil value was allocated to the LIFE Warrants. The fair value of the 2025 LIFE Finder Warrants was estimated to be $113,210. The Company used the Black-Scholes Option Pricing Model to calculate the fair value of the warrants, with the risk-free interest rate of 2.49%, expected life of 2 years, annualized volatility of 112.72% and divided yield of nil%. The 220,000 March 2025 CC Warrants are exercisable for a Common Share until March 28, 2026 at an exercise price of $0.51 per Common Share. The fair value of the March 2025 CC Warrants was recorded as $41,945 in other equity reserves. The Company used the Black-Scholes Option Pricing Model to calculate the fair value of the warrants, with the risk-free interest rate of 2.49%, expected life of 1 year, annualized volatility of 107% and divided yield of nil%. On February 20, 2025, 42,378 warrants issued in 2020 with an exercise price of $2.40 expired. The 220,000 September 2025 CC Warrants are exercisable for a Common Share until September 10, 2026 at an exercise price of $0.42 per Common Share. The fair value of the September 2025 CC Warrants was recorded as $29,977 in other equity reserves. The Company used the Black-Scholes Option Pricing Model to calculate the fair value of the warrants, with the risk-free interest rate of 2.50%, expected life of 1 year, annualized volatility of 105% and divided yield of nil%. On October 28, 2025, as part of the October 2025 Offering, 9,571,427 October 2025 Warrants were issued. Each full October 2025 Warrant shall entitle the holder thereof to acquire one additional common share at a price of $0.50 until October 28, 2027. All securities issued in connection with the October 2025 Offering are subject to a hold period ending March 1, 2026. Finder's fees of 6% in cash and 6% in non-transferrable finder warrants exercisable at a price of $0.35 for a period of twenty-four (24) months from the closing date of the October 2025 Offering, were paid on a portion of the October 2025 Offering. A total of $235,410 was paid in cash finder's fees and 672,599 finder warrants were issued at fair value of $136,974. The Company used the Black-Scholes Option Pricing Model to calculate the fair value of the warrants, with the risk-free interest rate of 2.36%, expected life of 2 years, annualized volatility of 104% and divided yield of nil%. On December 29, 2025, the Series 1 Warrants issued as part of the First Offering during December 31, 2024 with an expiration date of January 5, 2026, had the expiration date extended to April 5, 2026. On December 29, 2025, the 2024 Series 2 Warrants issued as part of the Second Offering during December 31, 2024 with an expiration date of January 24, 2026, had the expiration date extended to April 24, 2026. During the year ended December 31, 2024, 7,276,470 Series 1 Warrants were issued with an exercise price of $0.45 and expiry of January 5, 2026, as part of the First Offering. Based on residual value method, $nil value was allocated to the warrants. 10. SHARE CAPITAL (continued) Warrants (continued) During the year ended December 31, 2024, 2,223,529 warrants were issued, after the exercise of 2,223,529 Special warrants issued on the First Offering, with an exercise price of $0.45 and expiry of January 5, 2026, as part of the First Offering. Based on residual value method, $nil value was allocated to the warrants. During the year ended December 31, 2024, 9,911,765 2024 Series 2 Warrants were issued with an exercise price of $0.45 and expiry of January 24, 2026, as part of the Second Offering. Based on residual value method, $nil value was allocated to the warrants. During the year ended December 31, 2024, 321,560 broker warrants were issued with an exercise price of $0.45 and expiry of January 24, 2026, as part of the Second Offering. The fair value of the warrants was recorded as $131,845 in other equity reserves. During the year ended December 31, 2024, the expiry date of 3,995,625 warrants issued in April 2022 were extended from April 2024 to October 2024. As a result, an additional $94,592 for 378,125 compensation warrants granted in 2022 in share-based payment expense was recorded. The Company used the Black-Scholes Option Pricing Model to calculate the fair value of warrant extension, with the risk-free interest rate of 4.29%, expected life of 0.55 years at the time of extension, annualized volatility of 140% and divided yield of nil%. The following table summarizes warrant activity for the years ended December 31, 2025 and 2024: Number of warrants Weighted average exercise price Outstanding, December 31, 2023 4,038,003 $0.72 Issued 21,956,853 $0.45 Exercised (2,512,279) $0.46 Expired (3,731,875) $0.70 Outstanding, December 31, 2024 19,750,702 $0.44 Issued 16,210,637 $0.26 Exercised (511,690) $0.45 Expired (42,378) $2.40 Outstanding, December 31, 2025 35,407,271 $0.49 SHARE CAPITAL (continued) Warrants (continued) As at December 31, 2025 the following warrants were outstanding: Outstanding Exercise Price Remaining life (years) Expiry date 299,870 $0.45 0.07 January 24, 2026 9,499,999 $0.45 0.26 April 5, 2026 9,396,765 $0.45 0.26 April 24, 2026 5,526,611 $0.68 1.24 March 28, 2027 220,000 $0.51 0.24 March 28, 2026 220,000 $0.42 0.69 September 10, 2026 9,571,427 $0.50 1.83 October 28, 2027 672,599 $0.35 1.83 October 28, 2027 35,407,271 Restricted share units The Company grants restricted share units ("RSUs") to directors, officers, employees and consultants as compensation for services, pursuant to its RSU Plan (the "RSU Plan"). One restricted share unit has the same value as a common share of the Company. The number of RSUs awarded and underlying vesting conditions are determined by the Board of Directors in its discretion. At the election of the Board of Directors, upon each vesting date, participants receive (a) the issuance of common shares from treasury equal to the number of RSUs vesting, or (b) a cash payment equal to the number of vested RSUs multiplied by the fair market value of a common share, calculated as the closing price of the common shares on the TSX-V for the trading day immediately preceding such payment date; or (c) a combination of (a) and (b). On the grant date of RSUs, the Company determines whether it has a present obligation to settle in cash. If the Company has a present obligation to settle in cash, the RSUs are accounted for as liabilities, with the fair value remeasured at the end of each reporting period and at the date of settlement, with any changes in fair value recognized in profit or loss for the period. The Company has a present obligation to settle in cash if the choice of settlement in shares has no commercial substance, or the Company has a past practice or a stated policy of setting in cash, or generally settles in cash whenever the counterparty asks for cash settlement. If no such obligation exists, RSUs are accounted for as equity settled share-based payments and are valued using the share price on grant date. Upon settlement: If the Company elects to settle in cash, the cash payment is accounted for as the repurchase of an equity interest (i.e. as a deduction from equity), except as noted in (c) below. If the Company elects to settle by issuing shares, the value of RSUs initially recognized in reserves is reclassified to share capital, except as noted in (c) below. If the Company elects the settlement alternative with the higher fair value, as at the date of settlement, the Company recognizes an additional expense for the excess value given (i.e. the difference between the cash paid and the fair value of shares that would otherwise have been issued, or the difference between the fair value of the shares and the amount of cash that would otherwise have been paid, whichever is applicable). During the year ended December 31, 2025, the Company recognized share-based payments expense of $nil (2024 - $2,958) relating to the grant of RSUs. SHARE CAPITAL (continued) Restricted share units (continued) The following table summarizes RSU activity for the years ended December 31, 2025 and 2024: Number of Restricted Share Units Weighted average exercise price Outstanding, December 31, 2023 500,000 $0.24 Issued (500,000) $0.24 Outstanding, December 31, 2024 and 2025 - - GENERAL AND ADMINISTRATION DECEMBER 31, 2025 DECEMBER 31, 2024 Consulting (note 9) $ 1,004,205 $ 691,333 Professional fees (note 9) 465,680 362,967 Regulatory and compliance 67,681 73,490 Office and miscellaneous 70,368 59,470 Travel 108,500 120,787 Salaries and benefits (note 9) 59,922 59,908 Computer and software 47,649 44,518 $ 1,824,005 $ 1,412,473 CAPITAL MANAGEMENT The Company defines capital as all components of shareholders' equity. The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company. 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. In the past, the Company has raised funds through the issuance of common shares. However, it is uncertain whether the Company will continue to be successful in raising funds through the issuance of common shares in the future. Management reviews its capital management approach on an ongoing basis and believes this approach, given the relative size of the Company, is reasonable. There were no changes to the Company's approach to capital management during the year ended December 31, 2025. INCOME TAXES The following is a reconciliation of income taxes attributable to operations computed at the statutory tax rates to income tax recovery. DECEMBER 31, 2025 DECEMBER 31, 2024 Loss for the year $ 7,206,688 $ 5,880,447 Income tax recovery at statutory rates $ (1,946,000) $ (1,588,000) Permanent differences 243,000 215,000 Share issue costs (29,000) (39,000) Other (86,000) 108,000 Correction of prior year non-capital losses 4,169,000 - Changes in unrecognized deductible temporary differences (2,351,000) 1,304,000 Total income tax recovery $ - $ - The tax effects of temporary difference that gives rise to the Company's net future income tax asset is as follows DECEMBER 31, DECEMBER 31, 2025 2024 Deferred tax asset: Exploration and evaluation asset $ 2,203,000 $ 1,271,000 Non-capital losses carried forward 4,195,000 7,540,000 Capital losses carried forward 569,000 569,000 Allowed capital allowance 299,000 299,000 Share issuance costs 101,000 39,000 7,367,000 9,718,000 Less: valuation allowance (7,367,000) (9,718,000) Net deferred tax asset $ - $ - As at December 31, 2025, the Company had accumulated non-capital losses carry forward of approximate $15,425,644, which expires between 2035 and 2045. FINANCIAL INSTRUMENTS The Company's financial instruments are subject to certain risks. Credit risk Financial instruments that potentially subject the Company to concentrations of credit risk consist of cash and cash equivalents. The risk arises from the non-performance by counterparties of contractual financial obligations. To minimize credit risk, the Company places cash and deposits with high credit quality financial institutions and brokerage firms. Credit risk is assessed as low. The maximum exposure to credit risk is the carrying amount of the Company's financial instruments. Liquidity risk Liquidity risk is the risk that the Company may not have cash to meet financial liabilities as they come due. The Company's liquidity requirements are met through the cash generated from operations and capital raises. Management monitors and manages its liquidity risk through regular monitoring of its financial liabilities against the constraints of its available financial assets. Liquidity risk is assessed as high. Market risk Market risks consist of interest rate risk, foreign currency risk and other price risk. The Company is exposed to foreign currency risk and other price risk. Interest rate risk Interest rate risk is the risk that the value of a financial instrument might be affected by a change in the interest rates. In seeking to minimize the risks from interest rate fluctuations, the Company manages exposure through its normal operating and financing activities. As at December 31, 2025 the Company is not exposed to interest rate risk. Foreign currency risk Foreign currency risk is the risk that the fair values of future cash flows of a financial instrument will fluctuate because they are denominated in currencies that differ from the respective functional currency. The results of the Company's operations are subject to currency transaction and translation risks. The Company holds cash in US Dollars. The Company's main risk is associated with fluctuations in the US Dollar. Assets and liabilities are translated based on the foreign currency translation policy described in Note 3. Foreign exchange risk is assessed as moderate. FINANCIAL INSTRUMENTS (continued) Other price risk Other price risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate due to changes in market prices, other than those arising from interest rate risk. The Company is exposed to price risk with respect to 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. The Company's ability to raise capital to fund operations is subject to risks associated with equity prices. SUBSEQUENT EVENTS The Company issued 18,826,995 common shares upon 18,826,995 warrants issued as part of various offerings being exercised for total proceeds of $8,496,849. The Company issued 328,867 common shares upon 328,867 broker warrants issued as part of various offerings being exercised for total proceeds of $141,450. The Company issued 364,500 common shares upon 364,500 options being exercised for total proceeds of $170,800. On February 2, 2026, the Company paid US$375,281 to complete its acquisition of the Viewsite Property in Cochise County, Arizona (note 6). On February 20, 2026, the Company issued 1,750,013 common shares and made a final payment of $150,000 in connection with the CCCI Agreement (note 6). Subsequently on March 4, 2026 the Company completed the final steps to exercise the option to acquire CCCI and CCCI is now a wholly-owned subsidiary of the Company. On February 24, 2026, the Company closed a non-brokered private placement (the "February 2026 Offering") for aggregate gross proceeds of $6,500,000. The February 2026 Offering resulted in the issuance of 10,833,333 common shares. All securities issued in connection with the February 2026 Offering are subject to a hold period ending June 25, 2026. On March 27, 2026, the Company entered into a settlement agreement with a director of the Company that resigned subsequent to the year ended December 31, 2025. The Company agreed to pay the amount of $658,000 to the director. On March 30, 2026, 1,000,000 stock options were granted with an exercise price of $0.49 and an expiration date of March 25, 2031, which vest evenly every three months over 12 months. On April 29, 2026, 175,000 stock options were granted with an exercise price of $0.74 and an expiration date of April 29, 2031, which vest evenly every three months over 12 months. Intrepid Metals Corp. Management's Discussion & Analysis For the Year Ended December 31, 2025 Date Prepared: April 30, 2026 GENERAL The following management's discussion and analysis ("MD&A") is intended to supplement and complement the consolidated financial statements and accompanying notes of Intrepid Metals Corp. (the "Company" or "Intrepid") for the year ended December 31, 2025. All dollar figures presented are expressed in Canadian dollars unless otherwise noted. Financial statements and summary information derived therefrom are prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by International Accounting Standards Board. Management is responsible for the preparation and integrity of the financial statements, including the maintenance of appropriate information systems, procedures and internal controls and to ensure that information used internally or disclosed externally, including the consolidated financial statements and MD&A, is complete and reliable. The Company's Board of Directors follows recommended corporate governance guidelines to ensure transparency and accountability to shareholders. The Board of Directors' audit committee meets with management quarterly to review the consolidated financial statements and the MD&A and to discuss other financial, operating and internal control matters. The reader is encouraged to review the Company's statutory filings on SEDAR+ at https://www.sedarplus.ca . FORWARD LOOKING STATEMENTS Information set forth in this MD&A may involve forward-looking information under applicable securities laws. Forward-looking information is information that relates to future, not past, events. In this context, forward-looking information often addresses expected future business and financial performance, and often contains words such as "anticipate", "believe", "plan", "estimate", "expect", and "intend", statements that an action or event "may", "might", "could", "should", or "will" be taken or occur, or other similar expressions. All statements, other than statements of historical fact, included herein including, without limitation, statements about anticipated future revenues and expenses, the sufficiency of the Company's working capital, the Company's business objectives and plans, the completion of future financings, and the use of financing proceeds, details of planned exploration activities, the expected results of exploration activities, commodity prices, the timing and amount of future exploration and development expenditures, the availability of labour and materials, receipt of and compliance with necessary regulatory approvals and permits, the estimation of insurance coverage, and assumptions with respect to currency fluctuations, environmental risks, title disputes or claims, and other similar matters, contain forward-looking information. By its nature, forward-looking information involves known and unknown risks, uncertainties and other factors which may cause actual results, performance or achievements, or other future events, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking information. Such factors include, among others, the following risks: the need for additional financing; risks relating to changes in commodity prices; risks related to current global financial conditions; operational risks inherent in the conduct of exploration and development activities, including the risk of accidents, labour disputes and cave-ins; reliance on key personnel; the potential for conflicts of interest among certain officers, directors or promoters with certain other entities; the absence of dividends; competition; dilution; regulatory risks including the risk that permits may not be obtained in a timely fashion or at all; the impact of government regulations in Canada and the United States; the impact of general economic conditions; changing domestic and international industry conditions; the ability of management to implement its operational strategy; the ability to attract qualified management and staff; regulatory risks; financing, capitalization and liquidity risks, including the risk that the financing necessary to fund operations may not be obtained; risks related to disputes concerning property titles and interests; environmental risks; and the additional risks identified in the "Risk Factors" section of this MD&A. In addition, forward-looking information is based on various assumptions including, without limitation, the expectations and beliefs of management, including that the Company can access financing; the timely receipt of governmental approvals, including the receipt of approval and permits from regulators in jurisdictions where the Company may operate; the timely commencement of operations and the success of such operations; and the ability of the Company to implement its business plan as intended. Should one or more of these risks and uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary materially from those described in forward-looking information. Forward-looking information is based on management's 1

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