Q2 2026 Financial Statements

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a), if an auditor has not performed a review of the condensed interim consolidated financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed the financial statements.

The Company's independent auditor has not performed a review of these condensed interim consolidated financial statements in accordance with standards established by the Chartered Professional Accountants of Canada for a review of interim financial statements by an entity's auditor.

The accompanying unaudited condensed interim consolidated financial statements for InZinc Mining Ltd. for the six months ended June 30, 2026 have been prepared by and are the responsibility of the Company's management.

(Unaudited - Expressed in Canadian Dollars) As at

Approved on behalf of the Board:

"Wayne Hubert" "Kerry Curtis"

Wayne Hubert, Director Kerry Curtis, Director

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

-3-

(Unaudited - Expressed in Canadian Dollars)

For the three months ended For the six months ended

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

(Unaudited - Expressed in Canadian Dollars)

Share capital

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

(Unaudited - Expressed in Canadian Dollars) For the six months ended

Supplemental disclosure with respect to cash flows (Note 10)

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

1. NATURE OF OPERATIONS AND GOING CONCERN

   InZinc Mining Ltd. (the "Company") was incorporated on October 24, 1997 under the laws of British Columbia and was continued under the Canada Business Corporations Act in June 2002. The Company's registered and records office is at Suite 2300, Bentall 5, 550 Burrard Street, Box 30, Vancouver, BC, V6C 2B5. The Company's head office is at P.O. Box 48268, Station Bentall Centre, Vancouver, BC, V7X 1A2. The Company is listed on the TSX Venture Exchange ("TSX-V") under the trading symbol IZN.

   The Company's principal business activities include the acquisition and exploration of mineral exploration and evaluation assets in Canada. The Company has not yet determined whether its exploration and evaluation assets contain ore reserves that are economically recoverable. The recoverability of the amounts shown for exploration and evaluation assets are dependent upon the existence of economically recoverable reserves, the ability of the Company to obtain necessary financing to complete the development of those reserves, and upon future profitable production. To date, the Company has not earned any revenues and is considered to be in the exploration stage.

   These condensed interim consolidated financial statements have been prepared assuming the Company will continue on a going-concern basis. The Company has incurred losses since its inception and the ability of the Company to continue as a going-concern depends upon its ability to raise adequate financing and to develop profitable operations. These condensed interim consolidated financial statements do not include adjustments to amounts and classifications of assets and liabilities that might be necessary should the Company be unable to continue operations.

   The continuance of the Company's operations is dependent on obtaining sufficient additional financing in order to realize the recoverability of the Company's investments in exploration and evaluation assets which is dependent upon the existence of economically recoverable reserves and market prices for the underlying minerals. Management closely monitors metal commodity prices, individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company if favourable or adverse market conditions occur. The Company has raised capital through private placements of its common shares and from the sale of the West Desert property and marketable securities, with the result that the current working capital balance is an amount that management estimates is sufficient to further operations for the upcoming twelve months .

2. BASIS OF PRESENTATION

These condensed interim consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") applicable to interim financial reports, including International Accounting Standard 34, Interim Financial Reporting. They do not include all the information and note disclosures required by IFRS for annual financial statements and, therefore, should be read in conjunction with the Company's consolidated financial statements for the year ended December 31, 2025, prepared in accordance with IFRS.

These condensed interim consolidated financial statements were authorized for issue by the Audit Committee and Board of Directors on August 31, 2026.

1. BASIS OF PRESENTATION (cont'd…) Significant estimates and judgments

   The preparation of these condensed interim consolidated financial statements requires the Company to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed at each period end. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected. There have been no material changes to the significant estimates and judgments as disclosed in Note 2 of the Company's consolidated financial statements for the year ended December 31, 2025.

2. MATERIAL ACCOUNTING POLICY INFORMATION

   These condensed interim financial statements were prepared using the same accounting policies and methods of computation as in the Company's audited financial statements for the year ended December 31, 2025, except as noted below.

   Flow-through common shares

   The Company may, from time to time, issue flow-through common shares (as defined in the Income Tax Act (Canada)) to finance a portion of its Canadian exploration and development programs. Pursuant to the terms of the flow-through share agreements, these shares transfer the tax deductibility of qualifying resource expenditures to investors. On issuance, the Company bifurcates the proceeds received from flow-through common shares into: a flow-through share premium, equal to the estimated premium, if any, that investors pay for the flow-through feature, which is recognized as a liability, and share capital. The Company estimates the portion of the proceeds attributable to the premium as being the excess of the subscription price over the fair value of the shares without the flow-through feature at the time of issuance. Thereafter, as qualifying resource expenditures are incurred, these costs are capitalized and the flow-through share premium is amortized to profit or loss on a pro-rata basis.

   The Company may also be subject to a Part XII.6 tax on flow-through proceeds renounced under the look-back rule, in accordance with Government of Canada flow-through regulations. When applicable, this tax is accrued and recorded to profit or loss.

   New standards, interpretations and amendments to existing standards not yet effective

   A number of new standards and amendments to standards and interpretations have been issued by the IASB and are effective for annual periods beginning on or after January 1, 2027 which have not been applied in preparing these condensed interim consolidated financial statements as they are not yet effective. The standards and amendments to standards that would be applicable to these condensed interim consolidated financial statements of the Company are the following:

   IFRS 18, Presentation and Dis closure in Financial Statements

   IFRS 18 will replace IAS 1; many of the existing principles in IAS 1 are retained, with limited changes. IFRS 18 will not impact the recognition or measurement of items in the financial statements, but it might change what an entity reports as its operating profit or loss. The standard is effective for reporting periods beginning on or after January 1, 2027, including for interim financial statements. Retrospective application is required and early application is permitted. The Company is currently assessing the impact of this new accounting standard on its consolidated financial statements.

3. RECEIVABLES

   Receivables are comprised as follows:

   June 30, 2026

   December 31, 2025

   GST receivable $ 53,828 $ 57,913

   Interest 176 465

   $ 54,004 $ 58,378
4. MARKETABLE SECURITIES

   In fiscal 2021, the Company received 13,385,000 common shares of American West Metals Limited ("American West"), with a fair value of $1,752,592, pursuant to the sale of the West Desert property (Note 6). As at June 30, 2026, the Company held 807,736 (December 31, 2025 - 807,736) shares with a fair value of $30,291 (December 31, 2025 - $37,125). The change in the fair value of the shares resulted in an unrealized loss on marketable securities for the six months ended June 30, 2026 of $6,834 (2025 - $22,259).

5. EXPLORATION AND EVALUATION ASSETS

Title to exploration and evaluation assets involves inherent risks due to difficulties of determining the validity of certain mineral claims and leases as well as the potential for problems arising from the frequently ambiguous conveyancing history characteristic of many exploration and evaluation assets. The Company has investigated the titles to its exploration and evaluation assets and, to the best of its knowledge, the titles are in good standing.

In fiscal 2023, the Company completed the requirements to acquire a 100% interest in and to certain mineral claims located in central British Columbia referred to as the Indy Property ("Indy") from Pac Shield Resources Inc. ("PSR"), a private British Columbia company. The Company acquired Indy by making aggregate cash payments of

$315,000, issuing 2,400,000 common shares, and completing work commitments of $2,600,000 over a six year period.

In addition, a $500,000 cash payment and the issuance of 500,000 shares of the Company will be made to PSR if the Company files a technical report establishing a 500,000,000 pound zinc resource on the property. A further

$500,000 cash payment will be made to PSR should the Company file a technical report establishing a 750,000,000 pound zinc resource on the property.

The property is subject to a 1.0% NSR held by PSR (the "PSR NSR") and a 1.5% NSR held by Kerry Curtis, non-executive Chairman of the Board and a director of the Company and a director and the controlling shareholder of PSR. On exercise of the option and prior to completion of a feasibility study on the property, the Company has the right to purchase the PSR NSR for $1,500,000.

1. EXPLORATION AND EVALUATION ASSETS (cont'd…) West Desert property

   The Company held a 100% interest in various mining claims and a mineral lease referred to as the West Desert property ("West Desert"), located in Utah, USA. The Company sold West Desert in FYE 2021 for a total of

   $5,071,362 ($3,318,770 in cash and 13,385,000 in common shares of American West). The Company will also receive 50% of the revenue, on a net smelter returns royalty ("NSR") basis, from the sale of indium mined from West Desert subject to American West's right to reduce this NSR interest to 25% by paying the Company USD

   $5,000,000 in cash at any time prior to the first sale of indium from the property.

   Exploration and evaluation expenditures Exploration and evaluation expenditures for the six months ended June 30, 2026 are as follows:
   	Indy
   Analytical	$ 32,082
   Communication	2,390
   Drilling	539,657
   Equipment and supplies	73,401
   Personnel	151,685
   Room and board	51,223
   Travel	7,848
   Total, June 30, 2026	$ 858,286
   Exploration and evaluation expenditures for the six months ended June 30, 2025 are as follows:
   	Indy
   Analytical	$ 12,321
   Communication	910
   Drilling	299,284
   Equipment and supplies	49,329
   Personnel	113,275
   Room and board	33,664
   Travel	3,028
   	511,811
   BC mineral exploration tax credit	(189,223)
   Total, June 30, 2025	$ 322,588
   Reclamation deposits

   As at June 30, 2026, the Company has reclamation deposits of $52,700 (December 31, 2025 - $52,700) to cover potential disturbances on Indy.

2. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

   Accounts payable and accrued liabilities are comprised of the following:
   	June 30, 2026	December 31, 2025
   Trade payables	$ 443,616	$ 25,980
   Accrued liabilities	-	28,192
   Due to related parties	21,618	4,888
   	$ 465,234	$ 59,060
   8. SHARE CAPITAL AND RESERVES

   Authorized share capital

   The Company has authorized share capital of unlimited common shares without par value.

   Issued share capital

   During the six months ended June 30, 2026, the Company issued:

   1. 11,400,000 units at a price of $0.05 per unit by way of a non-brokered private placement for total proceeds of

      $570,000. Each unit was comprised of one common share and one-half of one common share purchase warrant, which entitles the holder of each whole warrant to acquire an additional common share of the Company at a price of $0.10 per common share for a period of 24 months from the date of issue. The Company recorded a total of $121,027 in cash for fees; and

   2. issued 5,962,500 flow-through common shares at a price of $0.08 per flow-through common share by way of a non-brokered private placement for total proceeds of $477,000. The flow-through shares were issued at a premium of $89,438.

      During the six months ended June 30, 2025, the Company did not issue any shares.

      Flow-through share premium Total

      Balance - December 31, 2024 and December 31, 2025 $ -Flow-through premium additions 89,438

      Recognition of flow-through premium (89,438)

      Balance - June 30, 2026 $ -

3. SHARE CAPITAL AND RESERVES (cont'd…)

The Company grants stock options to employees and consultants as compensation for services, pursuant to its incentive Share Option Plan (the "Plan"). Options issued must have an exercise price greater than or equal to the "Discounted Market Price" of the Company's stock on the grant date. Options have a maximum expiry period of up to five years from the grant date and vest at such time as may be determined by the Board of Directors at the date of the grant. Options granted to consultants performing investor relations activities shall vest in stages over a 12-month period with a maximum of one-quarter of the options vesting in any three-month period. The number of options that may be issued under the Plan is limited to no more than 10% of the Company's issued and outstanding shares on the grant date.

During the six months ended June 30, 2026, the Company granted 1,600,000 (2025 - 1,600,000) incentive stock options to directors, officers, and consultants, with various vesting provisions. The weighted average fair value of stock options granted during the six months ended June 30, 2026 was $0.06 (2025 - $0.02) per option.

The fair value of stock options granted was estimated using the Black-Scholes option pricing model with weighted average assumptions as follows:

During the six months ended June 30, 2026, the Company expensed $76,948 (2025 - $30,818) for options granted using the graded-vesting method, which was recorded in share-based compensation.

Option transactions are summarized as follows:

1. SHARE CAPITAL AND RESERVES (cont'd…) Stock options (cont'd…)

   Options outstanding as at June 30, 2026 are as follows:

   Number of options Exercise price Expiry date Contractual life remaining (years)

   	100,000	$ 0.06	January 24, 2027	0.57
   	2,175,000	$ 0.06	June 1, 2027	0.92
   	1,625,000	$ 0.05	June 1, 2028	1.92
   	1,350,000	$ 0.05	June 7, 2029	2.94
   	500,000	$ 0.05	June 13, 2029	2.96
   	1,600,000	$ 0.05	May 28, 2030	3.91
   	1,600,000	$ 0.08	May 11, 2031	4.87
   	8,950,000			2.76(1)
   (1) weighted average
   	The weighted average of exercisable options is 2.68 years.
   	Warrants
   	Warrant transactions are summarized as follows:
   			Number of	Weighted average
   			warrants	exercise price
   	Balance - December 31, 2024 and December 31, 2025 Issued		-5,700,000	$ - 0.10
   	Balance - June 30, 2026		5,700,000	$ 0.10
   	Warrants outstanding as at June 30, 2026 are as follows:
   	Number of warrants Exercise price		Expiry date	Contractual life remaining (years)

   5,700,000 $ 0.10 April 17, 2028 1.80

   5,700,000 1.80(1)

   (1) weighted average

2. RELATED PARTY TRANSACTIONS

   The Company defines key management personnel as its directors and officers. The Company entered into the following transactions with key management personnel:

   	For the six months ended	For the six months ended
   	June 30, 2026	June 30, 2025
   Director fees	$ 16,500	$ 16,142
   Professional fees	26,250	27,250
   Share-based compensation	62,801	24,457
   	$ 105,551	$ 67,849

   As at June 30, 2026, included in accounts payable and accrued liabilities, are amounts owing to related parties of

   $21,618 (December 31, 2025 - $4,888).

3. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

   For the six months ended June 30, 2026, the Company's significant non-cash transactions consisted of:

   1. recognition of a flow-through share premium of $89,438; and

   2. allocation of expired options from reserves to deficit of $83,214.

      For the six months ended June 30, 2025, the Company had no significant non-cash transactions.

4. SEGMENTED INFORMATION

   The Company operates in one industry segment being the acquisition and exploration of mineral exploration and evaluation assets in Canada.

5. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

• Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

• Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

• Level 3 - Inputs that are not based on observable market data.

The fair value of cash and cash equivalents, receivables, reclamation deposits, and accounts payable and accrued liabilities approximates their carrying values. Marketable securities are measured at fair value using level 1 inputs.

1. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (cont'd…) Financial risk factors

   The Company is exposed to a variety of financial risks by virtue of its activities including credit, liquidity, interest rate, foreign currency, and price risk.

   Credit risk

   The Company is exposed to industry credit risks arising from its cash holdings and receivables. The Company manages credit risk by placing cash and cash equivalents with major Canadian financial institutions. The Company's receivables are primarily due from the Federal Government of Canada and major Canadian financial institutions. Management believes that credit risk related to these amounts is nominal.

   Liquidity risk

   Liquidity risk is the risk that the Company will not have sufficient funds to meet its financial obligations when they are due. To manage liquidity risk, the Company reviews additional sources of capital and financing to continue its operations and discharge its commitments as they become due. The Company estimates it has sufficient cash and cash equivalents as at June 30, 2026 to settle its current liabilities as they come due for the upcoming twelve months.

   Interest rate risk

   Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is not exposed to interest rate risk as it does not have any significant financial instruments with interest rates, with the exception of cash and cash equivalents. Interest earned on cash and cash equivalents is based on prevailing bank account interest rates, which may fluctuate. A 1% change in interest rates would result in a nominal difference the six months ended June 30, 2026.

   Foreign currency risk

   The Company is exposed to foreign currency risk on fluctuations related to cash and accounts payables and accrued liabilities that are denominated in United States Dollars. A 10% change in foreign exchange rates would result in a nominal difference for the six months ended June 30, 2026.

   Price risk

   The Company has limited exposure to price risk with respect to commodity and equity prices. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. The Company's marketable securities are exposed to price risk.

2. CAPITAL MANAGEMENT

The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support the acquisition and exploration of exploration and evaluation assets. 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. The Company defines capital that it manages as share capital, options and warrants.

The property in which the Company currently has an interest is in the exploration stage, as such the Company has historically relied on the equity markets to fund its activities. The Company will continue to assess new properties and seek to acquire an interest in additional properties if it feels there is sufficient geologic or economic potential and if it has adequate financial resources to do so. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. The Company is not subject to externally imposed capital restrictions.

There has been no significant change in the Company's objectives, policies, and processes for managing its capital during the for the six months ended June 30, 2026.