Q3 Financial Statements and MD&A for March 31, 2026

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

March 31, 2026

(Unaudited - Expressed in Canadian Dollars)

NOTICE OF NO AUDITOR REVIEW OF

CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS

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

The accompanying unaudited condensed consolidated interim financial statements of the Company have been prepared by and are the responsibility of the Company's management.

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

Nature of business and going concern (Note 1)

Events After the Reporting Period (Note 14)

On Behalf of the Board:

" Timothy Heenan " , Director

" Nick DeMare " , Director

The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 3

(Expressed in Canadian Funds, except where indicated)

For the Three Months Ended For the Nine Months Ended March 31, March 31,

2026 2025 2026 2025

Income

Option Income $ 692,805 $ - $ 1,144,862 $ -

Loss Before Other Items (2,078,348) (2,906,478) (4,817,049) (7,751,988)

Gain on disposal of exploration

Net

Other Comprehensive Gain (loss) Items that will not be reclassified to profit and loss:

The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 4

As at March 31, 2026

(Expressed in Canadian Funds, except where indicated)

Share Capital

The accompanying notes are an integral part of these condensed consolidated interim financial statements Page 5

For the Nine Months Ended March 31, 2026, and 2025

(Expressed in Canadian Funds, except where indicated)

Supplemental Disclosure of Non-Cash Investing and Financing Transactions:

1. Nature of Business and Going Concern

   Mirasol Resources Ltd. ("Mirasol" or the "Company") is incorporated under the laws of the Province of British Columbia, Canada. The Company's corporate registered and records office is located at 700 - 1199 Hastings Street, Vancouver, British Columbia and the head office is located at 1150-355 Burrard Street, Vancouver, British Columbia.

   Mirasol engages in the acquisition and exploration of mineral properties, principally located in Chile and Argentina, with the objective of identifying mineralized deposits economically worthy of subsequent development, mining or sale.

   These condensed consolidated interim financial statements have been prepared assuming the Company will continue on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. As of March 31, 2026, the Company had working capital deficit of

   $1,548,375 and working capital deficit of $1,755,890 as of June 30, 2025, and has incurred losses since its inception and expects to incur further losses in the development of its business. The ability of the Company to continue as a going concern depends upon its ability to raise additional equity and to seek joint venture partners. Additional capital may be sought from existing shareholder loans, and from the sale of additional common shares, assets, other equity or debt instruments.

   As the Company is in the exploration and evaluation stage, the Company has not identified a known body of commercial grade mineral on any of its properties. The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company has no operating revenue from mining operations and has significant cash requirements to meet its administrative overhead and maintain its exploration and evaluation assets. The recovery of the Company's exploration and evaluation assets is dependent on the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development of these properties, and future profitable production or proceeds from disposition of exploration and evaluation assets. These material uncertainties may cast significant doubt about the Company's ability to continue as a going concern. While the Company has been successful in the past with its financing efforts, there can be no assurance that it will be able to do so in the future.

2. Basis of Presentation Statement of Compliance

The condensed consolidated interim financial statements of the Company have been prepared in accordance with IFRS accounting as issued by the International Accounting Standards Board ("IASB"). These condensed consolidated interim financial statements were prepared in accordance with International Accounting Standard (IAS) 34 Interim Financial Reporting. They do not include all of the information required for full annual financial statements. These condensed consolidated interim financial statements should be read in conjunction with the Company's annual consolidated financial statements for the years ended June 30, 2025 and 2024.

The Board of Directors approved the condensed consolidated interim financial statements on May 26, 2026.

Basis of Measurement

These condensed consolidated interim financial statements have been prepared on a historical cost basis. Financial instruments classified as financial instruments at fair value through profit or loss are stated at their fair value. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for the cash flow information.

1. Basis of Presentation (Cont'd…)

   Significant Accounting Estimates and Judgments

   The preparation of financial statements requires management to make judgments, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, profit and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

   In preparing these condensed consolidated interim financial statements, the significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those applied to the consolidated financial statements for the years ended June 30, 2025 and 2024.

   Recent Accounting Pronouncements and Adoptions

   Classification of liabilities as current or non-current (Amendments to IAS 1)

   The IASB has published Classification of Liabilities as Current or Non-Current (Amendments to IAS 1) which clarified the guidance on whether a liability should be classified as either current or non-current. The amendments:

   1. Clarify that the classification of liabilities as current or non-current should only be based on rights that are in place "at the end of the reporting period";

   2. Clarify that classification is unaffected by expectations about whether an entity will exercise its right to defer settlement of a liability; and

   3. Make clear that settlement includes transfers to the counterparty of cash, equity instruments, other assets or services that result in extinguishment of the liability.

The amendment was applied effective July 1, 2024, and did not have a material impact on the Company's financial statements.

The IASB issued certain new accounting standards or amendments that are mandatory for accounting periods beginning on or after January 1, 2024, including amendments to IFRS 16 "Leases", amendments to IAS 7 "Statement of Cash Flow" and IFRS 7 "Financial Instruments Disclosures".

The new accounting standards or amendments were applied effective July 1, 2024, and did not have a material impact on the Company's financial statements.

IAS 21 - Lack of Exchangeability

Effective for annual reporting periods beginning on or after January 1, 2025. These amendments clarify the accounting for transactions when the exchange rate is not observable, including the determination of the exchange rate to apply and related disclosures. Although the Company has subsidiaries in Argentina and Chile, where foreign exchange restrictions may exist, the adoption of this amendment did not have a material impact on its condensed consolidated interim financial statements.

Amendments to the SASB Standards to Enhance Their International Applicability

Effective for annual reporting periods beginning on or after January 1, 2025. These amendments are designed to improve the global consistency and comparability of sustainability-related disclosures. The adoption of these amendments did not have a material impact on the Company's condensed consolidated interim financial statements.

1. Basis of Presentation (Cont'd…)

   New accounting standards issued but not yet effective

   IFRS 18 - Presentation and Disclosure in Financial Statements

   IFRS 18 is effective for reporting periods beginning on or after January 1, 2027. It introduces several new requirements that are expected to impact the presentation and disclosure of most, if not all, entities, including new requirements for income statement structure, defined subtotals, enhanced aggregation and disaggregation, and disclosure of management-defined performance measures. The Company is in the process of assessing the impact on the financial statements of the new standard.

2. Cash and Cash Equivalents

   Cash and cash equivalents comprise of cash and short-term redeemable Guaranteed Investment Certificates ("GIC") placed with major Canadian financial institutions. Maturity dates of these GICs are within one year.

3. Prepaid Expenses, Receivables and Advances

   Prepaid expenses, amounts and other receivables are summarized in the following table:

   March 31,

   2026

   June 30,

   2025

   Goods and services tax receivable $ 5,300 $ 3,219

   Other receivables and advances 20,000 32,211

   Prepaid expenses 24,557 55,500

   $ 49,857 $ 90,930

4. Marketable Securities

Common shares:

Fair value change:

At June 30, 2024 $ 83,024

Additions -

Fair value change (36,323)

At June 30, 2025 46,701

Fair value change 51,666

At March 31, 2026 $ 98,367

1. Marketable Securities (Cont'd…)

   The Company holds 1,037,794 common shares (June 30, 2025 - 1,037,794) of Silver Sands Resources Corp. ("Silver Sands").

   As of March 31, 2026, the market price of the Silver Sands shares was $0.095 per share (June 30, 2025 - $0.045). Accordingly, the Company recorded an unrealized fair value gain of $51,666 (March 31, 2025 - loss of $46,701) in the condensed consolidated interim statement of loss and comprehensive loss.

2. Private equity investments

   On January 21, 2026, the Company signed a definitive agreement with Argentina Metals Corp. ("Argentina Metals") and received an initial tranche of 433,333 common shares prior to a 3-for-1 forward split approved on March 16th, 2026 in connection with a transaction pursuant to which the Company agreed to dispose of its Mendoza portfolio of mining properties (note 10c). Under the agreement, the Company is entitled to receive 1,300,000 pre-split common shares. The initial tranche was recognized at a fair value of $216,667, based on a pre-split share value of $0.50. The forward split had no impact on the aggregate fair value of the consideration received.

   During the period ended as of March 31, 2026, the Company received 758,000 shares of Copper Bay Resources ("Copper Bay") that were received pursuant to a settlement agreement in regards the Rubi project (note 10 d)). The shares were recorded at cost of AUD $0.20 per share, for a total value of $165,744.

   These investments have been classified as a financial asset measured at fair value through profit or loss. As at March 31, 2026, the carrying amount of the investments did not materially differ from the initial recognition amount, other than foreign exchange adjustments during the period.

   Common shares:
   At June 30, 2025	$ -
   Additions	382,411
   Foreign exchange adjustment	(7,656)
   At March 31, 2026	$ 374,755

3. Equipment

Cost

Balance as at June 30, 2024, June 30, 2025,

Exploration Equipment

Computer

Hardware Total

and March 31, 2026 $ 757,452 $ 104,126 $ 861,578

Depreciation of right-of-use assets is calculated using the straight-line method over the remaining lease term.

1. Lease Liability and Lease Receivable

   Lease Liability

   	March 31, 2026	June 30, 2025
   Beginning balance	$ 62,241	$ 74,000
   Additions	-	73,788
   Lease payments made	(59,940)	(92,163)
   Interest expense	4,277	6,616
   	$ 6,578	$ 62,241
   Less: current portion	(6,578)	(62,241)
   Non-current portion	$ -	$ -

   The Company's lease agreement has a remaining term of less than twelve months; therefore, no non-current portion has been presented.

   The following are the remaining minimum lease payments:

   Period	Amount Payable
   In 1 year	$6,660

   Lease Receivable

   	March 31, 2026	June 30, 2025
   Beginning balance	$ 26,674	$ 31,720
   Additions	-	31,623
   Lease payments made	(25,689)	(39,505)
   Interest income	1,833	2,836
   	$ 2,818	$ 26,674
   Less: current portion	(2,818)	(26,674)
   Non-current portion	$ -	$ -

   The Company's sub-lease agreement has a remaining term of less than twelve months; therefore, no non-current portion has been presented.

   The following are the remaining minimum lease receivable:

   Period	Amount Receivable
   In 1 year	$2,854

2. Exploration and Evaluation Assets

The Company owns 100% of the mineral exploration rights to a large portfolio of properties focused in two mining regions, namely the Atacama region in northern Chile and the Santa Cruz Province in southern Argentina. As well, the Company holds several other properties in the San Juan and Catamarca provinces of northern Argentina. The Company also focuses on generative exploration to identify and acquire new prospects.

A reconciliation of capitalized acquisition costs is as follows:

Acquisition Costs

Balance at

June 30, 2025 Cost

Write-offs and Recoveries

Balance at March 31, 2026

a) Sascha-Marcelina - Option to Sell and Completion of Transaction

On August 13, 2025, the Company entered into a binding Heads of Agreement (the "Agreement") under which Andara Mining Pty Ltd ("Andara"), an entity subsequently subject to acquisition by Pursuit Minerals Limited ("Pursuit"), obtained an exclusive right to acquire the mineral rights within the Company's 100% owned Sascha Project and to receive the assignment of the Company's Option to Purchase Agreement on the Marcelina Project (together, the "Sascha-Marcelina Projects"). Under the Agreement, Andara could acquire an undivided 100% interest in the consolidated project for total consideration of US$1.5 million.

In December, 2025, the Company completed the transaction, after all conditions precedent under the Agreement were satisfied or waived, including execution of the Royalty Deed, assignment and assumption of the Marcelina Option Agreement with Minera Piuquenes S.A., regulatory approvals, and receipt of Pursuit's shareholder approval. At completion, the Company received the US$1.5 million cash consideration, including credit for the prior deposit of US$50,000, and Andara-subsequently under Pursuit-assumed all remaining financial obligations under the Marcelina Option Agreement. The Company has been fully released from any future commitments under the option structure.

The Company retains a 1.5% NSR royalty, of which Pursuit (through Andara) has an option to repurchase 0.75% for US$1.5 million and the remaining 0.75% for an additional US$1.5 million (US$3 million in total).

1. Exploration and Evaluation Assets (Cont'd…)

   1. Sascha-Marcelina - Option to Sell and Completion of Transaction (Cont'd…)

      Furthermore, if the Company decides to sell the royalty, or receives a purchase offer from a third party, Pursuit has a right of first offer to match the terms of such sale. The retained royalty interest has not been recognized as an asset, as its fair value cannot be reliably measured at this early stage of project development.

      In connection with the completion of the transaction, the Company wrote-off exploration and evaluation assets related to the Sascha-Marcelina Projects with a carrying value of $305,308, which were included in the determination of the gain on disposal.

   2. Virginia Project - Option to Sell

      In November 2025, the Company entered into a definitive agreement ("Definitive Agreement") with Ampere Metals Pty Ltd ("Ampere Metals") for the sale of its mineral rights and landholdings within the Virginia Project ("Virginia") located in Santa Cruz Province, Argentina.

      Under the terms of the Definitive Agreement, Mirasol has granted Ampere Metals an initial option to acquire 51% of the Virginia Project for total consideration of US$4 million, and a further option to acquire the remaining 49% for total consideration of US$4 million. Mirasol will retain a 2% net smelter royalty.

      First Option (US$ 4.0 million over 3.5 years):

      • US$ 50,000 on signing the Memorandum of Understanding ("MOU") (received)

      • US$ 300,000 on signing Definitive Agreement (received)

      • US$ 900,000 on the earlier of

        1. five months after signing Definitive Agreement, and (US $450,000 received)

        2. listing of Ampere Metals common shares on a recognized stock exchange

      • US$ 600,000 one year after signing Definitive Agreement

      • US$ 450,000 two years after signing Definitive Agreement

      • US$ 450,000 two and one-half years after signing Definitive Agreement

      • US$ 625,000 three years after signing Definitive Agreement

      • US$ 625,000 three and one-half years after signing Definitive Agreement

        Second Option (US$ 4.0 million over 3.5 years):

      • US$ 1 million four and one-half years after signing Definitive Agreement

      • US$ 1 million five and one-half years after signing Definitive Agreement

      • US$ 1 million six and one-half years after signing Definitive Agreement

      • US$ 1 million seven years after signing Definitive Agreement

      • Mirasol retains 2.0% NSR (Net Smelter Return) royalty

        Upon exercise of the second option, Ampere Metals will have earned 100% interest in Virginia and Mirasol will retain a 2% NSR royalty. Mirasol will have the right to either sell the 2.0% NSR royalty to Ampere Metals for US$2 million which Ampere Metals is obligated to purchase. Alternatively, if Mirasol elects to retain the 2.0% NSR royalty Ampere Metals will have the right, but not the obligation to purchase 1.5% NSR royalty for US$ 3.0 million or the entire 2.0% NSR royalty for US$ 4.0 million.

        If Ampere exercises the first option for 51% but fails to make all payments to exercise the second option, it shall be required to transfer its 51% interest to Mirasol in exchange for a 1% NSR royalty. Mirasol will have the right, but not the obligation, to purchase the 1% NSR royalty for US$2.5 million for a period of two years following commencement of commercial production.

        10. Exploration and Evaluation Assets (Cont'd…)

   3. Mendoza Portfolio

      On January 21, 2026, the Company signed a definitive agreement with Argentina Metals providing for the sale of its Mendoza Portfolio, comprising certain mineral rights located in the Province of Mendoza, Argentina. Under the terms of the agreement, the consideration payable by Argentina Metals to the Company in connection with the transaction is as follows:

      • A cash payment in the amount of U$50,000 on closing of the transaction and 1,300,000 common shares of Argentina Metals escrowed in the following manner:

        1. 433,333 common shares without par value in the capital of Argentina Metals at closing

        2. 433,333 shares on the registration of the transfer of the properties with the "Dirección de Minería de la Provincia de Mendoza", and

        3. 433,334 shares at the earlier of one year from closing or on Argentina Metals' shares being listed on a recognized Canadian stock exchange.

        The total of the 1,300,000 Argentina Metals shares were deemed to have an aggregate fair value estimated at approximately $650,000 based on a 0.50 cent per share price. Pursuant to an amending agreement finalized April 8th 2026 the conditions precedent detailed in (II) and (III) above were waived by the purchaser and all shares were issued to the Company.

        On March 16th, Mirasol was notified by Argentina Metals on a proposed 3x1 forward share split and on April 17th, the split was approved at the Argentina Metals' annual shareholders meeting. Subsequent to the split the Company is to receive an additional 2,600,000 common shares which will result in the Company holding a total of 3,900,000 Argentina Metal shares. This transaction has no impact on the aggregate fair value of the original consideration, with deemed post -split value of 0.167 cents per share.

   4. Rubi Project

      In October, 2025, the Company executed a Deed of Settlement with MDF Global Limited ACN and MDF Copper Chile Pty Ltd in relation to the Rubi Project option agreement dated June 19, 2020. Under the settlement terms, the Company received US$50,000 in cash and 758,000 common shares of Copper Bay Resources Ltd issued at A$0.20 per share in full and final settlement of all outstanding obligations. Upon execution of the Deed, the option agreement was terminated, and the parties mutually released all claims related to the project. The consideration received in common shares was recorded as private equity investments ($165,744 note 6).

      On March 9, 2026, the company entered into a letter of intent with San Lorenzo Gold Corp. pursuant to which San Lorenzo may acquire up to a 100% interest in the Rubi Property, located in the Atacama Region of Chile.

      Under the terms of the LOI, Mirasol has granted San Lorenzo the Option to acquire the Rubi Project for total consideration of US$4 million subject to conditions.

      First Option to 70% (US$ 1.6 million over 3 years):

      • US$ 50,000 on signing the LOI (received)

      • US$ 100,000 on signing Definitive Agreement

      • US$ 100,000 one year after signing Definitive Agreement

      • US$ 100,000 two years after signing Definitive Agreement

      • US$ 1,250,000 three years after signing Definitive Agreement

        Exploration Expenditures

      • US$ 150,000 one year after signing Definitive Agreement

      • US$ 150,000 two years after signing Definitive Agreement

      • US$ 350,000 three years after signing Definitive Agreement

1. Exploration and Evaluation Assets (Cont'd…)

   1. Rubi Project (Cont'd…)

      Upon completion of the First Option San Lorenzo shall grant Mirasol a 0.5% NSR royalty, not subject to any buy back, over three mineral claims held by San Lorenzo directly adjacent to the east of the Rubi Property.

      Second Option to 85% (US$ 1.75 million over 2 years):

      • US$ 500,000 four years after signing Definitive Agreement

      • US$ 1,250,000 four and a half years after signing Definitive Agreement

        Third Option to 100% (US$ 2.25 million over 2 years plus 2% NSR Royalty):

      • US$ 500,000 five and a half years after signing Definitive Agreement

      • US$ 1,750,000 six years after signing Definitive Agreement

      • Mirasol retains 2.0% NSR (Net Smelter Return) royalty

        Upon exercise of the Third Option, San Lorenzo will have earned 100% interest in the Rubi Project. Mirasol will retain a 2% NSR royalty on the Rubi Project. San Lorenzo will have a right to buy back the first 0.5% of the 2.0% NSR royalty for twelve months following the exercise of the Third Option for US$ 2,000,000, and the right to buy back an additional 0.5% NSR royalty for a further US$2,000,000 for twelve months following the commencement of commercial production.

        Following exercise of the First Option and the Second Option, Mirasol shall maintain its 30% interest or 15% interest, as applicable, on a fully carried basis until a decision to mine is made.

   2. Impairment of Gorbea Belt Exploration Project

      During the year ended June 30, 2025, the Company recognized an impairment charge of $171,777 related to its Gorbea Belt exploration project in Chile. The impairment was recorded after management determined that certain exploration costs were not expected to be recovered based on current exploration results and future plans for the property.

2. Related Party Transactions

Details of the transactions between the Company's related parties are disclosed below.

1. Compensation of Key Management Personnel

   Key management personnel include persons having the authority and responsibility for planning, directing, and controlling the activities of the Company as a whole. Key management personnel consist of the Company's Directors and Officers.

   The remuneration of management and independent directors was as follows:

   For the Three Months Ended For the Nine Months Ended March 31, March 31,

   	2026	2025	2026	2025
   Management compensation (i)	$ 151,250	$ 152,051	$ 409,085	$ 456,881
   Share-based payments (ii)	3,230	65,749	37,235	347,917
   Director's fees (iii)	18,900	18,900	44,100	56,700
   	$ 173,380	$ 236,700	$ 490,420	$ 861,498

   1. Related Party Transactions (Cont'd…)

      1. Compensation of Key Management Personnel (Cont'd…)

         1. Management compensation is included in management fees (2026 - $349,816; 2025 - $381,723), in business development & IR (2026 - $9,416; 2025 - $Nil), and in exploration expenditures (2026 - $49,953; 2025 - $75,158) in the Company's condensed consolidated interim statements of loss and comprehensive loss.

         2. Share-based payments are included in the share-based payments expense in the Company's condensed consolidated interim statements of loss for the period ended March 31, 2026, and 2025.

            1. The independent directors of the Company were paid $2,100 per month (2025 - $2,100 per month). The independent directors waived their fees for the months of July and August 2025.

2. Transactions With Other Related Parties

   Certain of the Company's officers and directors render services to the Company as sole proprietors or through companies in which they are an officer, director, or partner.

   The following companies are related parties through association of the Company's directors and officers:

   Nature of transactions

   Max Pinsky Personal Law Corporation Legal fees

   Chase Management Ltd. Professional fees

   The Company incurred the following fees and expenses with related parties as follows:

   For the Three Months Ended For the Nine Months Ended March 31, March 31,

   2026	2025	2026	2025
   Legal fees $ 23,758	$ 23,041	$ 95,310	$ 52,134
   $ 23,758	$ 23,041	$ 95,310	$ 52,134

   Legal fees are included in professional fees (2026 - $85,360; 2025 - $48,134) and in business development (2026 - $Nil; 2025 - $4,000) in the Company's condensed consolidated interim statements of loss and comprehensive loss. In addition, legal fees of $9,950 (2025 - $Nil) were recorded as share issue costs during the period.

   Included in accounts payable and accrued liabilities at March 31, 2026, is an amount of $39,729 (June 30, 2025 -

   $37,160) owing to directors and officers of the Company and to companies where the directors and officers are principals.

3. Shareholder Loan

On March 14, 2025, the Company received regulatory approval for a loan of up to $2,000,000 from a director of the Company (the "Lender"). On June 25, 2025, the Company received regulatory approval to increase the loan up to

$3,000,000. The Loan bears interest at 10% per annum, payable at the end of one year, may be repaid at any time without penalty, and is secured by a General Security Agreement. In connection with the Loan, the Company issued to the Lender a total of 750,000 common shares as a loan bonus with a fair market value of $305,000.

The balances outstanding with the shareholder as at March 31, 2026 and June 30, 2025 are as follows:

1. Related Party Transactions (Cont'd…)

   c) Shareholder Loan (Cont'd…)

   		March 31, 2026	June 30, 2025
   Opening balance	$	2,741,301	$ -
   Loan advances		500,000	3,000,000
   Payments		(2,000,000)	-
   Transaction costs		-	(305,000)
   Interest expense		165,556	46,301
   Amortization of transaction costs		279,444	-
   	$	1,686,301	$ 2,741,301

2. Share Capital

   1. Authorized Share Capital

      The Company's authorized share capital consists of an unlimited number of common shares without par value. All issued common shares are fully paid. As at March 31, 2026 the Company had 88,597,189 common shares outstanding.

      1. Financing

         Financing during the period ended March 31, 2026, was as follows:

         In December, 2025, the Company completed a non-brokered private placement financing issuing 6,689,445 units at a price of $0.45 per unit for aggregate gross proceeds of $3,010,250. Each unit consisted of one common share and one-half of one non-transferable common share purchase warrant. Each full warrant entitles the holder to acquire one additional common share at an exercise price of $0.60 per share for a period of twelve months from the closing date. The securities issued are subject to a four-month statutory hold period in accordance with applicable securities legislation.

         In connection with the private placement, the Company paid finder's fees of $13,932 and $11,452 for regulatory and other related fees, which were accounted for as share issuance costs and recorded as a reduction of share capital. Two directors and one officer of the Company participated in the private placement and were issued an aggregate of 3,350,556 units.

         During the period ended March 31, 2026, the Company received proceeds of $19,124 upon the exercise of 56,250 stock options at an exercise price of $0.34 per share, resulting in the issuance of 56,250 common shares.

         Financing during the year ended June 30, 2025, was as follows:

         In November 2024, the Company completed a non-brokered private placement issuing 11,335,132 units at a price of $0.45 for aggregate gross proceeds of $5,100,809. Each unit comprised of one common share and one-half of a non-transferable common share purchase warrant. Each full warrant is exercisable into one common share at a price $0.60 for one year from closing date. The Company incurred $29,937 in cash finder's fees, and $97,542 for regulatory and other related fees.

         12. Share Capital (Cont'd…)

   2. Share Purchase Options ("Options")

      The Company has established a share purchase option plan (the "Plan") whereby the Board of Directors may, from time to time, grant Options to directors, officers, employees, and consultants under the long-term incentive plan. Options granted must be exercised no later than five years from the date of grant or such lesser period as determined by the Company's Board of Directors.

      The exercise price of an Option is equal to or greater than the closing market price on the TSX Venture Exchange ("TSXV") on the day preceding the date of grant. The vesting terms for each grant are set by the Board of Directors. The Plan provides that the aggregate number of shares reserved for issuance shall not exceed 10% of the total number of issued and outstanding shares. At March 31, 2026, a total of 8,859,719 Options were reserved under the Plan with 6,816,250 Options outstanding.

      1. Movements in Share Purchase Options During the Year

A summary of the Company's share purchase options and the changes for the period ended at March 31, 2026 and June 30, 2025 are as follows:

During the three and nine months ended March 31, 2026, the Company recognized share-based compensation expense of $3,230 and $103,173, respectively (2025 - $153,695 and $611,498).

During the period ended March 31, 2026, the Company granted 100,000 shares purchase options to directors, management, employees and consultants (2025 - 1,586,250).

The weighted-average fair values of stock options granted, and the assumptions used to calculate the related compensation expense for the periods ended March 31, 2026, and 2024, were calculated using the Black-Scholes Option Pricing Model with the following assumptions:

1. Share Capital (Cont'd…)

   1. Share Purchase Options ("Options") (Cont'd…)

      iii. Share Purchase Options Outstanding at the End of the Period

      	March 31, 2026	March 31, 2025
      Expected dividend yield	0.0%	0.0%
      Expected share price volatility	104.39%	105.25%
      Risk-free interest rate	2.84%	2.93%
      Expected life of options	4.5 years	4.5 years
      Fair value of options granted (per share option)	$0.35	$0.41

      A summary of the Company's options outstanding as at March 31, 2026 is as follows:

      			Weighted
      			Average
      			Remaining Life
      Expiry Date	Exercise price $	Options Outstanding	of Options (years)	Options Exercisable
      September 14, 2026	0.34	2,095,000	0.46	2,095,000
      May 1, 2027	0.80	200,000	1.08	200,000
      December 30, 2027	0.68	1,271,250	1.75	1,271,250
      December 22, 2028	0.72	1,563,750	2.73	1,563,750
      December 17, 2028	0.55	1,586,250	3.72	1,586,250
      September 1, 2030	0.35	100,000	4.50	50,000
      		6,816,250		6,766,250

   2. RSU Plan

      On June 17, 2025, the shareholders approved an RSU Plan (the "RSU Plan"). The RSU Plan was also approved by the Board of Directors on June 17, 2025, and by the TSXV on July 31, 2025. The RSU Plan provides for the issuance of up to 1,000,000 restricted share units (the "RSUs"). Under the RSU Plan, RSUs may be granted to directors, officers, employees and consultants of the Company (excluding investor relations consultants) as partial compensation for the services they provide to the Company. The RSU Plan is a fixed number Plan, and independent of the number of Options available under the Company's stock option plan.

      During the period ended March 31, 2026, the Company issued nil RSUs (2025 - 51,250). The associated compensation cost, which is based on the underlying share price on the date of grant, is recorded as share based payments expense against share based payment reserve. During the three and nine months ended March 31, 2026, the Company recognized $Nil (2025 - $Nil) respectively, as share-based payments. As of March 31, 2026, Nil RSUs were outstanding (June 30, 2025 - Nil).

   3. Warrants

   In December 2025, the Company issued 3,344,725 share purchase warrants with an exercise price of $0.60 expiring December 16, 2026. These warrants were outstanding as of March 31, 2026 (June 30 2025 - 5,667,563). The share purchase warrants were issued in connection with the Company's private placement from December 2025 (note 12 a (i)). The Company recorded $334,473 residual value relating to the warrants. The warrants were subject to a statutory four-month hold period as at March 31, 2026.

   12. Share Capital (Cont'd…) b) Warrants (Cont'd…)
   	Number of Warrants	Weighted Average Exercise Price
   Warrants outstanding as at June 30, 2024	1,943,776	$0.80
   Expired	(1,943,776)	$0.80
   Granted	5,667,563	$0.60
   Warrants outstanding as at June 30, 2025	5,667,563	$0.60
   Expired	(5,667,563)	$0.60
   Granted	3,344,725	$0.60
   Warrants outstanding as at March 31, 2026	3,344,725	$0.60
   Warrants exercisable as at March 31, 2026	-	-

2. Segmented Information

   The Company's business consists of a single reportable segment being mineral property acquisition and exploration. Details on a geographical basis are as follows:

   Total Non-Current Assets	March 31, 2026	June 30, 2025
   Canada	$ 384,885	$ 43,672
   Argentina	1,049,731	1,363,187
   Chile	123,088	128,516
   	$ 1,557,704	$ 1,535,375

3. Events After the Reporting Period

   1. On April 8, 2026, the Company signed an amendment agreement to eliminate all the prerequisite terms included in the Mendoza Portfolio agreement with Argentina Metals and the remaining 866,667 common shares of Argentina Metals were delivered to the Company with a 4-month holding period. The shares have an aggregate contract value of $433,333 (see Note 10(c)).

   2. On May 1, 2026, the Company received US$450,000 in connection with the Virginia Project option agreement (see Note 10(b)).

("Mirasol" or the "Company")

The Management Discussion and Analysis ("MD&A") is prepared as of May 26, 2026, and is intended to supplement the Company's condensed consolidated interim financial statements for the period ended March 31, 2026. All financial information, unless otherwise indicated, has been prepared in accordance IFRS accounting as issued by the International Accounting Standards Board ("IASB"). All dollar amounts referenced, unless otherwise indicated, are expressed in Canadian funds.

The following discussion of the Company's financial condition and results of operations should be read in conjunction with its audited consolidated financial statements and related notes for the year ended June 30, 2025, which are publicly available on SEDAR+ at https://www.sedarplus.ca, and its condensed consolidated interim financial statements for the period ended March 31, 2026, and related notes.

This MD&A contains certain forward-looking statements and information relating to Mirasol that are based on the beliefs of its management as well as assumptions made by and information currently available to the Company. When used in this document, the words "anticipate", "believe", "estimate", "expect" and similar expressions, as they relate to Mirasol or its management, are intended to identify forward-looking statements.

This MD&A may use the terms "Inferred Resource", "Indicated Resource", "Measured Resource" and "Mineral Resource". The Company advises that these terms are recognized by and defined in Canadian securities regulations (under National Instrument 43-101 "Standards of Disclosure for Mineral Projects"). Investors are cautioned not to assume that any part or all, of the mineral occurrences in these categories will ever be converted into reserves.

This MD&A contains forward-looking statements relating to, among other things, the Company's goals and plans going forward, regulatory compliance, the sufficiency of current working capital, and the estimated cost and availability of funding for the continued exploration and development of the Company's exploration properties. Such statements reflect the current views of Mirasol with respect to future events and are subject to certain risks, uncertainties and assumptions. The material factors and assumptions used to develop forward-looking information include, but are not limited to, the future prices of gold, silver and copper, success of exploration activities, permitting time lines, currency exchange rate fluctuations, government regulation affecting mining operations and policies linked to pandemics, social and environmental risks, the estimation of mineral resources, capital expenditures, costs and timing of the development of new discoveries, unanticipated reclamation expenses, title disputes or claims and limitations on insurance coverage, continued availability of capital and financing, and general economic, market or business conditions.

Forward-looking statements are based on the beliefs, estimates and opinions of the Company's management on the date the statements are made. The Company undertakes no obligation to update these forward-looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change, except as may be required by applicable law.

Tim Heenan (MAIG), President and CEO for the Company, and a "Qualified Person" under National Instrument 43-101 ("NI 43-101"), has reviewed and approved the scientific and technical information in this MD&A. This technical information was prepared by the Qualified Person for the Company at the time of disclosure.

Mirasol (TSXV: MRZ) (OTCPK: MRZLF) is a mineral exploration company targeting gold, silver and copper ("Au", "Ag" and "Cu", respectively) deposits, mainly in the Atacama-Puna region of northern Chile and Argentina, and in the Santa Cruz Province of southern Argentina. Both regions are highly prospective and host many large-scale precious and base metal mines, operated by some of the world's largest mining companies.

Mirasol's business strategy combines self-funded exploration of quality projects with the joint venture funding model. This hybrid strategy was developed to accelerate the drill testing of key projects that potentially host economic discoveries. This year, Mirasol has been focused on advancing the self-funded Sobek Copper-Gold project in Chile while strategically targeting business development opportunities to monetize undervalued assets in the Company's project portfolio. In addition, Mirasol has an active option agreement in Argentina on the Claudia project. Under the Claudia option agreement, Mirasol's partner is funding all exploration and land holding costs, which allows the

Company to focus its available resources on self-funded exploration and business development opportunities, while retaining exposure to potentially significant discoveries.

Mirasol's Exploration Focus

Mirasol's main geographic focus is in the Atacama-Puna region of northern Chile and Argentina and in Santa Cruz province, southern Argentina, where the Company maintains a high-quality portfolio of exploration properties with the potential for economic discoveries. This portfolio was assembled from Mirasol's project generation activities, which applies innovative, concept-driven geological techniques combined with follow-up fieldwork.

The Company's portfolio of properties in the Atacama-Puna region is located on a 1,700 km-long segment of three north-south oriented prolific mineral belts that run through Chile and Argentina. These belts host many world-class Cu-Au mines and occurrences of differing ages, spanning millions of years ("Ma").

The majority of the Company's project portfolio in Argentina is located in Santa Cruz Province within the Deseado Massif, a 60,000 km2 region of upper-middle Jurassic age volcanics that is recognized as having a high potential to host low- and intermediate-sulfidation epithermal Au-Ag deposits.

The Company is monitoring the potential impact of the rapid currency devaluation and changing public policies in Argentina. To date, these issues have not impacted Mirasol's capacity to operate and Mirasol continues to receive third-party interest for its projects in both countries.

Flagship Projects Operated and Funded by Mirasol

Sobek Copper Project, Northern Chile

The Sobek Cu project ("Sobek") was staked by Mirasol in 2016 based on prospective local structural architecture hosted within a highly prospective and productive geological terrain. An important north-northeast trending mineralized structural corridor encapsulates a large part of the Sobek package, that is crosscut by a series of north-northwest trending deep seated trans-cordilleran lineaments evident through the entire property. In addition, the tenure is host to prospective Miocene/Pliocene aged geological units and intriguing satellite image ASTER alteration responses.

The Sobek land position was expanded in 2021 and 2022 following significant results reported by Filo Mining Corp. from its Filo del Sol project located 7 km to the east of Sobek, which included a remarkable intercept of 858m at 1.80% CuEq (including 163m at 5.43% CuEq)( Filo Mining Corp. -05/13/2021 Press Release). The high-profile Vicuña Copper-Gold-Silver District is developing in the Sobek area with multiple deposits located in close proximity, including the Josemaria and Los Helados porphyry Cu-Au deposits located 10 km east-northeast and 20 km north of Sobek, respectively. The recent NGEx Cu-Au-Ag discovery at Lunahuasi (formerly Potro Cliffs) is just 3 km directly east of the southeast corner of Sobek North Block. Mirasol controls 14,240 ha of exploration claims in this district in four strategic blocks, the North, Central and South blocks and the Rosita Property, that are all on the Chilean side of the border with Argentina.

Strategic Expansion of the Sobek Property with the Addition of the SQM Rosita Property

Mirasol signed a landmark option agreement with Sociedad Química y Minera de Chile SA ("SQM") doubling the size of the flagship Sobek Project in the Vicuña Copper-Gold-Silver District of northeast Chile (news release February 14, 2024). The SQM Property ("Rosita") covers 4,600 ha extending the Sobek Project to the west and to the east and importantly unifying the Sobek Central block with the Sobek North block. The combined property has increased Mirasol's land holding in the district for a total of 14,240 ha. The eastern portion of the Rosita property positions Mirasol within 3 km of the giant Filo Del Sol Project. SQM has granted Mirasol the exclusive option to earn 80% of the Rosita Project, subject to a 2.0% NSR royalty, by Incurring US$4 million in exploration expenditures and making annual option fee payments for a total of US$3 million scheduled over 6 years.

The 2025/2026 Exploration and Drill Program

The 2025/26 exploration and drill season at the Sobek Project is now complete. Two drill holes were completed this season to test the 46 South target located on the south end of Sobek Central, results from the second hole are still pending.

The first drill hole was designed to test the main structural corridor at 46 South target which is located on the southern margin of a district-scale magnetic high where both the airborne MT and magnetics surveys outlined distinct cylindrical anomalies. The ground based Deep Vectoring IP and MT geophysical survey launched late last year also defined a corresponding shallow coincident IP anomaly with strong MT-resistivity and chargeability responses. The grid-based soil survey over the area outlined a coincident, large and coherent copper-gold-moly geochemical anomaly on surface that directly overlays IP-PDP resistivity and chargeability responses from IP ground geophysics surveys (release dated January 22, 2026).

The drilling confirmed that 46 South hosts a structurally controlled hydrothermal system intersecting multiple hydrothermal breccia zones with the strongest hydrothermal response closely tied to structurally controlled breccias and fault zones, as opposed to the hypothesized lithocap environment which was expected to host a much broader distribution of alteration and mineralization (news release dated April 23, 2026).

Hole S46-DDH-001 was drilled in a SSW direction, to test the main 46 South structural corridor and intersect the projected NW-trending structures beneath the surface alteration footprint (news release dated January 22, 2026). The principal anomalous intervals include:

• 15.82 m from 147.18 m to 163.00 m averaging 158 ppm Cu, 30 ppm Mo, 0.03 g/t Au, 1.57 g/t Ag, 261 ppm Zn, and 81 ppm Pb, including:

• 4.72 m from 147.18 m to 151.90 m averaging 252 ppm Cu, 48 ppm Mo, 0.03 g/t Au, 2.47 g/t Ag, 398 ppm Zn, and 148 ppm pb

• 21.3 m from 204.0 m to 225.3 m averaging 112 ppm Cu, 24 ppm Mo, 0.04 g/t Au, 0.59 g/t Ag, 93 ppm Zn, and 42 ppm Pb

• 7.20 m from 566.75 m to 573.95 m averaging 720 ppm Cu, 4 ppm Mo, 0.01 g/t Au, 0.12 g/t Ag, 121 ppm Zn, and 47 ppm Pb

• A secondary anomalous interval exists between approximately 204.0 m and 225.3 m, represented by elevated gold and pathfinder values across several discrete samples rather than a single continuous copper intercept.

The 2024/2025 Exploration and Drill Program

Mirasol completed 2,700-line kilometers of airborne magnetics and over 500-line kilometers of airborne MT across Sobek, which has provided a robust dataset when integrated with surface geological mapping and rock chip and soil grid geochemical sampling. These airborne geophysical surveys outlined a district-scale magnetic high and revealed an MT anomaly at depth at 46 South. These datasets have been critical in vectoring exploration towards 46 South, confirming that the

target is not an isolated feature but part of a preserved, district-scale magmatic-hydrothermal system (news release September 16, 2025).

The regional airborne magnetic data delineates a broad circular ~6 x 6 km magnetic high, interpreted as an underlying intrusive center (news release February 28, 2021). The 46 South target is positioned on the southern margin of this intrusive complex, where the magnetic gradient coincides with mapped hydrothermal breccias and alteration. At surface, both tourmaline-bearing breccias and typical High Sulphidation (HSE) type breccias containing porphyry fragments showing pervasive sericite alteration with a quartz-alunite overprint have been identified. These breccia exposures, located precisely on the southern edge of the highly magnetic body, highlight the structural and geological significance of this margin for focusing hydrothermal activity (news release September 16, 2025).

The Airborne MT data defined an underlying sharp resistivity contrast coincident with a strong cylindrical magnetic susceptibility anomaly directly below 46 South, starting at an elevation of

~4,600-4,500 masl and extending to depth (news release May 13, 2024). This anomaly aligns with the strongest part of the soil geochemical footprint. Comparable MT conductors in the Vicuña District have been reported at NGEX`s Lunahuasi discovery, where porphyry-related mineralization begins at ~4,600 masl and strengthens between ~3,800-3,900 masl and also at Mogotes Filo Sur project (at ~4,500 masl, interpreted as a porphyry target). The alignment in elevation and style suggests that the MT anomaly at 46 South may represent the upper levels of a porphyry system (news release September 16, 2025).

Mapping shows NS and NE-trending structures are crosscut by NW-trending faults, with these intersections localizing breccias and alteration. The strongest soil anomalies coincide spatially with these intersections, reinforcing the interpretation that structural controls are critical in the localization of mineralization at 46 South.

Systematic soil sampling has defined a strong, widespread and very coherent copper-gold-molybdenum footprint with dimensions of ~1.0 × 0.7 km. This is clearly the largest and strongest geochemical anomaly yet identified on the Sobek property. Although outcrop is scarce within the colluvial cover, select rock chip samples from sheeted quartz ± sulfide veinlets, local stockworks and breccias, confirming the presence of mineralization where structures and alteration coincide (news release September 16, 2025).

An Induced Polarization (IP), Pole-Di-Pole (PDP) geophysical survey defined a robust anomaly underlying and coincident with the soil grid anomaly. Chargeability increases markedly from ~150m down to >600m, while resistivity values highlight a well-defined core exceeding 5,000 ohm-m. These coincident anomalies reinforce the interpretation of a vertically extensive mineralized system (news release September 16, 2025).

The integration of airborne magnetics and MT, ground IP resistivity and chargeability, structural mapping and geochemistry establishes 46 South as a very compelling undrilled target within the Vicuña District. A first-pass drill hole is being designed to test the overlapping soil anomaly with the underlying resistive and chargeable bodies while also penetrating the deeper MT response interpreted as the possible roof zone of a porphyry system. Drill positioning is planned to be slightly offset from the chargeability center to maximize the chances of intersecting mineralization in both the near surface and deeper targets (news release September 16, 2025).

The 2024/25 exploration season at Sobek included two drill holes to test the high priority Cu-Au porphyry Sobek North Potro SE target , located 3 km from NGEx's Cu-Au Lunahuasi discovery (news releases dated Nov 28, 2024 and Mar 2, 2025).

The first drill hole to test the Sobek North Potro SE target successfully intersected a new polymetallic mineralized hydrothermal breccia system, potentially linked to a larger porphyry-related environment. Results from the first hole highlight the presence of a strongly mineralized system, with elevated Au,

Ag, zinc ("Zn") and lead ("Pb") values and background Cu in the range of 10-280ppm with one spike of 0.10% Cu. The highest AuEq grade of 2.39 g/t over 3.00m, hosted within the overall intersection of 17.4m (784.60 - 802.00m) with 0.68 g/t AuEq corresponds to the highly siliceous polymictic core of the breccia, reinforcing the potential for metal enrichment within the hydrothermal system. The hole abruptly ended at 838.40m due to difficult drilling conditions, leaving the hydrothermal system open at depth (news release dated Mar 2, 2025).

The Potro SE target is associated with a cylindrical 3D magnetic high anomaly which continues to depth and was previously identified from an airborne-magnetics (RTP) survey. An Induced Polarization (IP), Pole-Di-Pole (PDP) geophysical chargeability response is also spatially associated and underlies the Potro SE cylindrical magnetic high anomaly. Both the chargeability response and magnetic anomaly are located at the intersection of two major structures, the Maranceles Fault and the Ventana Fault (which continues 3km north-northeast passing by Lunahuasi). Coincident Cu-molybdenum ("Mo") geochemical anomalies sourced from both soil grid and rock chip sampling overly the geophysical anomalies (news release dated May 13, 2024). These coincident geological, geophysical, geochemical and alteration attributes reinforce Potro SE as an attractive concealed porphyry target.

To test the extension of the Potro SE mineralization a second drill hole has been completed 200m to the east to test the strongest response of the cylindrical 3D magnetic anomaly and penetrate deeper into the IP PDP chargeability responses (>20VmV). Assay results from the second hole are pending.

2023/2024 Exploration Program

The completion of the new access road into the priority prospect at the VN-Zone substantially improved the Mirasol exploration crews' access into this area to continue field evaluation at a much more detailed scale. The improved access enabled an IP-PDP geophysical surveys to be conducted and geological evaluation which included reconnaissance exploration, systematic grid-based soil sampling, detailed geological mapping and collection of stream sediment samples (see news release May 13, 2024).

Exploration activities at the El Potro prospect also accelerated with the construction of a new access road mid-season. Several robust anomalies were generated from a detailed IP Gradient Array geophysical campaign, followed up by 14.5-line km of detailed IP survey lines. Detailed geological and structural mapping and geochemical grid soil sampling were also conducted. Prospecting directly over the magnetic anomaly at Potro SE has returned results ranging from 500 ppm to 18,000 ppm Cu with accompanying highly anomalous Mo from select grab surface samples. A systematic soil sampling grid across the target also returned a coincident 300 by 500m Cu soil anomaly (see news release May 13, 2024).

2022/23 Exploration Program

The 2022/23 exploration program included property-wide follow-up geochemical sampling and geological mapping, a 500 line-km airborne mobile MT geophysical survey and construction of a 7 km access road to support drilling. Targets generated from the airborne Mobile MT survey and the coincident polymetallic soil anomalies derived from the soil sampling grid results, along with the high-grade Cu samples collected on surface, strengthen the geological model and reinforce the potential discovery of mineralization (news release May 15, 2023).

The maiden drill program at Sobek Central started late in the season when road construction was completed and allowed for access. The results from the first drill holes were inconclusive and will require follow-up as the drilling did not reach the intended targets and drilling was suspended with the onset of winter weather (news release August 21, 2023).

Airborne Mobile MT Geophysical Survey Outlines Several High-Priority Targets: Mirasol completed a 500-line km Airborne Mobile MT survey (75 sq.km) covering the entire Sobek Central area and a small area of Sobek North (13 sq.km) prior to demobilization of the MT system. The Airborne Mobile

MT has high-definition depth penetration to greater than 800m depth below surface and has been proven effective in defining targets in HSE and porphyry systems elsewhere in Chile. The survey has outlined a very striking cluster of MT anomalies and the interpretation suggests they may represent intrusive centers at depth. The Central Breccia, and both the VN-Zone and VN-Zone North targets lie on the peripheral rims of these oval shaped MT responses (news release June 27, 2023).

Projects Under Agreements

Virginia Silver Deposit, Santa Cruz

In November 2025, Mirasol signed a definitive agreement ("Definitive Agreement") with Ampere Metals Pty. Ltd. ("Ampere Metals") for the sale of the mineral rights and landholdings within Mirasol's Virginia Project for a total cash consideration of US$ 8.0 million over 7 years of scheduled payments (see news release November 24, 2025). Under the terms of the Definitive Agreement, Mirasol has granted Ampere Metals an initial option to acquire 51% of the Virginia Project for total consideration of US$4 million over 3.5 years, and a further option to acquire the remaining 49% for total consideration of US$4 million over 3.5 years. Upon completion, Ampere Metals will have earned 100% interest in Virginia and Mirasol will retain a 2% NSR (Net Smelter Return) royalty.

Discovered by Mirasol in 2009 in the Santa Cruz Province of Argentina, the Virginia Silver Deposit hosts a high-grade, intermediate sulfidation epithermal style mineralization in a series of prominent outcropping vein-breccias. In November 2023, the Company announced an increase to the previous NI 43-101 Resource Estimate, dated February 29, 2016. The recently updated Resource Estimate is contained within a series of nine outcropping veins hosting high-grade Ag mineralization, constrained1 within conceptual pits, with an indicated mineral resource of 11.7 million ounces of Ag at 357 g/t Ag and a further inferred mineral resource of 7.9 million ounces of Ag at 184 g/t Ag (see updated NI 43 -101 technical report titled "NI 43-101 Technical Report and Updated Mineral Resource Estimate for the Virginia Silver Project in Santa Cruz Province, Argentina" dated 30 October 2023, prepared by J. Novillo and J. Bassan and filed on SEDAR+).

On May 23, 2023, Mirasol announced the signing of an option agreement with Cerro Vanguardia SA Gold-Silver Mine ("CVSA") owned by AngloGold Ashanti (92.5%) and FOMICRUZ S.E. (7.5%) for the exploration of Mirasol`s Claudia Gold-Silver Project ("Claudia"), located in the Deseado Massif of Argentina's Santa Cruz province, directly adjacent to the southern border of the producing CVSA Gold-Silver Mine.

Terms of the Claudia Option Agreement:

1. Within the first two years of the Agreement CVSA may complete such mapping and sampling, trenching and geophysics as required in its absolute discretion to develop drill targets, and fulfill

   1 The Qualified Persons responsible for this updated mineral resource estimate are both Independent Qualified Persons' as defined by National Instrument 43-101 Standard Disclosure for Mineral Projects who reviewed and validated the resource model previously prepared (original Virginia Mineral Resource Report dated January 23, 2015 and the Amended Resource Report dated February 29, 2016). The resource estimates were prepared following with the Canadian Institute of Mining, Metallurgy and Petroleum (CIM) Estimation of Mineral Resources and Mineral Reserves Best Practice Guidelines (CIM, 2019) and reported in accordance with the CIM Definition Standards for Mineral Resources and Mineral Reserves (CIM Definition Standards, 2014). Mineral Resources are estimated at a cut-off grade of 65 g/t Ag for Vein/Breccia and 250 g/t Ag for Halo/Undefined. Mineral Resources are estimated using a silver price of US$25 per ounce. Mineral Resources are estimated using an average recovery of 80% for silver hosted in Vein/Breccia and 22% for silver hosted in Halo/Undefined from preliminary metallurgical studies. Mineral Resources, which are not Mineral Reserves, do not have demonstrated economic viability.

   a minimum drilling commitment of 2,500m of diamond drilling; and then CVSA will have the option, subject to the terms of the agreement, to:

   1. Within three years, complete not less than an aggregate of 6,000m of diamond drilling;

   2. Within four years, complete not less than an aggregate of 12,500m of diamond drilling;

2. Upon completion of the above commitments, CVSA shall have the right to exercise the Option under the Agreement and, subject to the terms of the Royalty Agreement, CVSA shall grant Mirasol a 2% Net Smelter Royalty on future production from the Claudia Project.

Drill Program Continues with Fourth Phase Complete: In 2023 CVSA initiated a multi-phase drill program at the extensive, 65,192 ha, Claudia project, located directly south of their Cerro Vanguardia Gold-Silver Mine (news release October 3, 2023). The program is designed to test the prospective vein trends ranging from 100 to >400m in depth which are the potential southern extensions and/or parallel trends of the CVSA Mine vein field. The first three drilling phases in 2023 and 2024 totaled 8,624 m in 43 drill holes. The recently completed fourth phase of drilling consisted of 1,258m in 5 drill holes. To date, these 4 phases of drilling have been completed for a total of 9,883 m in 48 drill holes.

History at Mirasol`s Claudia Property

The Claudia Project was originally staked in 2004 as part of Mirasol's Santa Cruz exploration program. Mirasol, in conjunction with various JV partners, has completed over 19,000 m of combined RC and DDH drilling, more than 4,000 line-km of ground magnetometry, 249-line km (43 km2) of gradient array IP geophysics covering six separate blocks, almost 100-line km`s electrical IP- Pole-di-Pole geophysical lines, collected over 3,500 rock chip samples, 4,500 rock trench channel samples from 200 trenches, close to 1000 MMI geochemical soil samples and 1,500 km2 in detailed geological mapping.

Between 2006 and 2010 two phases of drilling were completed with a JV partner, including 3,794m of drilling in 26 holes and 3,168m of RC drilling in 25 holes. Drilling results from these campaigns included multiple intercepts with greater than 100 g/t Ag, including five intercepts from 118 g/t Ag to 217 g/t Ag and up to 1.3 g/t Au.

During 2012, Mirasol`s inhouse exploration team expanded and defined the impressive 15 km long Curahue vein trend, which is largely concealed by shallow gravel cover (<5m) and is seen to host six large individual vein trends, namely the Europa, IO, Ganymede, Callisto, Themisto and Sinope segments. Large extensions of these trends have been traced under cover by electrical IP (Gradient Array) geophysical campaigns.

At the Rio Seco prospect, located on the easternmost part of Claudia, Mirasol's early prospecting discovered the first outcropping veins at Claudia where select surface samples returned up to 20.1 g/t Au and 1,175 g/t Ag from the "J Vein". Saw-cut channel and trench intersections returned 0.7m at 13.9 g/t Au and 229 g/t Ag and 10.5m of 1.9 g/t Au and 22 g/t Ag from mineralized zones along the expansive Rio Seco vein field (news release June 14, 2012).

During Q2 2012, Mirasol drilled a total of 2,599m in 25-holes. The best results included individual assays of up to 0.83m at 6.59 g/t Au and 139.3 g/t Ag and broad intersections of anomalous Au and Ag up to 15.3m of 0.29 g/t Au and 50.9 g/t Ag (news release March 4, 2013).

During 2016/17, under a previous JV with CVSA, a combined 7,525m of RC and DDH drilling was completed at Claudia. The majority of the drilling was focused along a 2.2-km section of the "IO vein", one of the six prospects identified to-date along the 15 km long Curahue trend (news release December 16, 2016 and February 17, 2017).

A major "milestone" of the CVSA drilling at the "IO" vein was the discovery of a 600m long, open-ended mineralized body hosting silver/gold mineralization which starts a few meters below surface

and has been drill tested to a vertical depth of 135m. This strongly mineralized trend requires followup work both downdip and along the strike of the structure. Highlight results included:

From October 2017 through March 2019, Mirasol with a JV partner drilled 2,529m in 12 holes at Claudia. Drilling completed to July 2018 focused mostly at the Curahue prospect, with 10 DDH holes totaling 2,270m completed, to test targets on the Europa, IO, Themisto and Callisto segments, along the extension of the Curahue trend.

Drill results from the Curahue prospect, Europa and IO vein trends include 0.6m at 0.08 g/t Au and

610.0 g/t Ag, 0.55m at 1.15 g/t Au and 22.9 g/t Ag; and 0.9m at 1.95 g/t Au and 5.7 g/t Ag from the Cilene prospect (news release September 17, 2018).

Following termination of that JV, Mirasol completed additional surface exploration work resulting in the definition of new drill targets that remain to be tested. A total of 249 new rock chip samples were collected from the Curahue trend, with results up to 7.99 g/t Au and 69 g/t Ag. In addition, two new IP geophysical surveys, focused on the Curahue and Themisto prospects, were completed extending existing survey coverage at Claudia (news release May 8, 2019).

Sascha - Marcelina Gold-Silver (Lead/Zinc) Project, Santa Cruz

On December 9, 2025, Mirasol announced the sale of the 100% owned Sascha Project located in Santa Cruz province, Argentina ("Sascha") to Andara Mining Pty Ltd (Andara Mining) a subsidiary of Pursuit Minerals Ltd. (ASX: PUR) ("Pursuit Minerals").In connection to the sale, Mirasol has also assigned its Option to Purchase Agreement on the Marcelina Project ("Marcelina") to Andara Mining. Sascha and Marcelina are together referred to as the Sascha-Marcelina Projects ("Sascha-Marcelina"). Under the Option to Purchase Agreement, Mirasol has the right to acquire an undivided 100% interest in three mineral concessions comprising the Marcelina Project (news release September 30, 2025).

Under the terms of the Agreement, Mirasol granted Andara Mining the rights to acquire Sascha and assigned the option to purchase Marcelina for total consideration of US$1.5 million.

Upon completion of payments, Andara Mining earned 100% interest in the Sascha Project and will assumes all the rights and obligations related to the option to purchase agreement for Marcelina with Minera Piuquenes S.A. (news release January 25, 2019). Mirasol will retain a 1.5% NSR (Net Smelter Return) royalty and Andara Mining will have a right of first refusal in relation to any potential sale and a right to buy back the first 0.75% of the 1.5% NSR royalty for two years following the commencement of commercial production for US$1.5 million and the right to buy back the remaining 0.75% NSR royalty for a further US$4.0 million for three years following commencement of commercial production.

Portfolio of Grassroots Copper Project, Mendoza

On January 26, 2026, Mirasol announced the signing of an Asset Purchase Agreement ("Agreement") under which Mirasol granted Mises Metals S.A.S., a wholly-owned subsidiary of Argentina Metals Corp. ("Argentina Metals") 100% interest in a portfolio of 14 grassroots porphyry copper exploration projects, comprising 89,070 hectares, located in Mendoza, Argentina (collectively the "Mendoza Portfolio").

Under the terms of the Agreement, Mirasol grants Argentina Metals 100% interest in the Mendoza Portfolio of grassroots projects for total consideration of (i) a cash payment of US$50,000 (ii) 433,333 common shares without par value in the capital of Argentina Metals (the "Shares") on closing, (iii) 433,333 Shares on the registration of the transfer of the Properties with the Dirección de Minería de la Provincia de Mendoza, and (iv) 433,334 Shares at the earlier of one year from closing or on Argentina Metals' common shares being listed on a recognized Canadian stock exchange (the

"Public Listing"). Should the Public Listing not occur within one-year of closing, the Mendoza Portfolio of properties shall be returned to Mirasol in exchange for the return of the Shares and one-half of the cash payment (news release January 26, 2026).

Nord Polymetallic Project, Northern Chile

In July 2025, Mirasol signed an Option to Purchase Agreements under which Mirasol grants Pampa Camarones SpA, through its affiliate Eco Earth Elements SpA, ("Eco Earth") an exclusive right to acquire the mineral rights within Mirasol`s 100% owned Nord East and Nord West Projects ("Nord Project") located in Region II of Chile (news release July 15, 2025). The Nord project is directly adjacent to Pampa Camarones´ Ciclón-Exploradora development project, which is advancing to production, and will serve as key properties for the development of essential infrastructure, while also increasing potential resources and adding exploration upside.

Under the terms of the Agreement, Mirasol shall grant Eco Earth the rights to acquire the Nord East and Nord West for total consideration of US$2.5 million by making scheduled payments over 4 years. Upon completion of payments, Eco Earth will have earned 100% interest in the Nord project and Mirasol will retain a 2% NSR (Net Smelter Return) royalty on Nord East and a 1% NSR royalty on Nord West. Eco Earth will have the right to purchase the first 1% of the 2% NSR royalty on Nord East for US$3 million and the remaining 1% for an additional US$6.0 million.

The Nord project is comprised of 1,900-ha project is located in Region III of Chile within the Exploradora District, which lies on the western side of the north-south trending regional scale Domeyko fault zone and within the world class Eocene-Oligocene porphyry Cu belt.

Exploration Results

Based on Mirasol's initial surface exploration, the project has the potential to host two main styles of mineralization. The first style is characterized by large vein-type mineralization injected into fault structures hosting polymetallic (Cu, Zn, Pb, Ag, Au) mineralization, as seen in the active small-scale mines located near the northeast corner of the claim boundary and at Mineria's Ciclon-Exploradora polymetallic development project, which is located adjacent to the eastern blocks of the project. While surface geochemistry has returned only low to anomalous precious and base metal results, Mineria's understanding will be valuable to define drill targets for potential extensions or parallel structures to the known mineralization (news release October 31, 2019).

In addition, the project also hosts the potential for porphyry Cu-Au style mineralization. In the central part of the property a large alteration zone displays patterns of quartz-sericite and advanced argillic alteration with thin tourmaline veinlets, which are characteristic of some porphyry-style alteration assemblages.

In the first half of 2021, Encantada completed an initial fieldwork program, which included geological mapping, geochemistry and geophysical surveys to define targets. A scout diamond drill program was completed largely on a property controlled by Encantada (Target 1) and adjacent to Nord, with one initial drill hole completed within the Nord tenure to test a Au-Cu mineralized corridor.

Follow up drilling took place at Nord in October and November 2021 to test the multiple north-northeast trending mineralized corridors identified on the property. Encantada completed five drill holes totaling 1,192m on Target 3 in the center of the Nord project. Narrow zones of Zn mineralization (sphalerite - pyrrhotite) were encountered in the northern holes with higher temperature (garnet-pyroxene-magnetite) skarn carrying narrow zones of Cu-Au mineralization intercepted in the south. The skarn and increasing Cu-Au+Mo values may indicate a vector towards a porphyry target to the southeast.

At Target 2, geological mapping at 1:2,000 and 1:5,000 scale has been completed on a porphyry prospect interpreted to be of similar Mid Eocene-Oligocene (33-36 Ma) age to the Exploradora

complex, which is located 4 km to the northeast. Three porphyry intrusives with potassic (secondary biotite) alteration, overprinted by strong sericite-clay alteration with local alunite, limonite and Cu oxides, occur in two elongated 200 x 500m and 150 x 300m zones. Porphyry-type veining includes early biotite-magnetite ("EB") veins and scarce A veins along a north-northwest trend near the contacts of the porphyry with the monzodiorite intrusive host rock. An IP geophysical survey completed over the area has defined a strong and broad chargeability anomaly from 100-500m depth associated with the altered porphyry intrusions.

New attractive porphyry drill targets have been defined and following evaluation Mirasol will consider advancing exploration, including drill testing, potentially with the participation of a new partner.

Inca Copper-Gold Project, Northern Chile

The option agreement on the Inca Copper-Gold Project in Chile ("Inca") with affiliates of Newmont Corporation ("Newmont") has been terminated by Mirasol (news release June 16, 2025). Mirasol had the option to earn-in 100% of Inca Gold, subject to a 1.5% NSR royalty (news release January 13, 2020). Mirasol has complied with all of the stipulated exploration and expenditure obligations to terminate the agreement without penalty.

Priority Pipeline Projects Available for Partnership

Altazor Gold (Copper) Project, Northern Chile

In 2017 Mirasol signed an option and farm-in agreement with Newcrest Mining ("NCM") for the Altazor project, which was later terminated on August 18, 2021. During the term of this agreement, NCM spent more than US$3M on the project defining four highly prospective drill-ready targets, which remain untested by drilling. Due to the prospective nature of these targets and the intention to aggressively progress the project, Mirasol is actively working to bring in a partner to fund an initial 2,000m drill program. Engagement with the local community in respect to exploration plans is progressing. An environmental re-evaluation of the project area was recently completed to update the environmental base line study to revert the environmental reports and permits back to Mirasol in preparation for drilling.

Exploration Results

Altazor is a HSE Au project covering 33,000 ha located in an underexplored section of the Mio-Pliocene age mineral belt. Mirasol completed a first-pass of reconnaissance sampling over approximately 50% of the project area in 2017. These results showed comparable geology, alteration patterns and Au ppb-level anomalous assays in soil and rock chip samples to those reported from surface sampling at Gold Fields' Au-Ag HSE Salares Norte development stage project. Salares Norte has a geological setting analogous to Altazor and is also located in the Mio-Pliocene mineral belt of Chile (news release October 11, 2017).

Altazor has favorable infrastructure situated just 20 km south of 345 kV powerlines that follow International Highway Route 23, a paved road connecting northern Chile and Argentina. In common with other Mio-Pliocene mines and projects, Altazor is located at high altitude of between 4,000 and 5,200m; however, Altazor has good "drive-up access" via an open valley and a network of easily passable gravel tracks.

During Mirasol's initial reconnaissance sampling, a total of 216 stream sediment, 395 soil and 933 rock chip samples were collected and returned significantly anomalous Au, Ag, Cu, Pb, Zn and epithermal path finder elements, from sampling in the vicinity of mapped breccia bodies (news release October 11, 2017).

In late 2018, Mirasol reported the results from the 2017/18 exploration program completed under the exploration agreement with NCM to define targets for drill testing (news release November 12, 2018). The program included alteration analysis of soils, radiometric age dating,1,035 line-km ground magnetic geophysical survey, geological mapping, geochemical rock chip sampling over an area of 128 km2, a 2,030-sample low detection limit soil grid covering 85.6 km2 and a 66.9 line-km Controlled-source Audio-frequency Magnetotellurics ("CSAMT") resistivity geophysical survey. Integrated analysis of the combined data sets indicated Altazor to be a district-scale, zoned alteration system preserved at a level that could conceal HSE Au deposits beneath "barren" steam-heated cap rocks and post mineral cover. This program successfully identified multiple compelling large-scale drill targets in three principal prospects that have alteration, geochemical and geophysical characteristics in common with the predrill target signatures of the Salares Norte and Alturas Au HSE discoveries.

During the first half of 2019 fieldwork of the large Altazor alteration system was reinitiated to explore extensions of the prospects identified in the previous season's program; to undertake first pass exploration of new claims staked at the end of last season; and to cover interpreted extensions of the alteration system. Fieldwork consisted of rock chip and alteration sampling as well as detailed geologic mapping. The defined, highly prospective drill-ready targets remain to be drill tested.

Mirasol continues to actively engage with the community in the vicinity of Altazor to secure an exploration agreement for a drilling program. The concerns of the community are being addressed to achieve a mutually beneficial agreement.

Coronación Copper-Gold Project, Northern Chile

Coronación is a 1,200-ha project prospective for both HSE and Maricunga type Porphyry hosted Cu-Au mineralization located in Northern Chile. On June 15, 2023, Mirasol announced that it has regained 100% control of Coronación following the termination of the Option and Farm-in Agreement with First Quantum Minerals ("First Quantum") (news release October 7, 2019). Mirasol is actively engaged with the local community to determine a mutually beneficial path forward.

Exploration Results

Coronacion is located on a major northwest structural trend that is associated with several Andean porphyry Cu deposits. Exploration completed by Mirasol indicates the potential presence of a porphyry/breccia system intruding a layered Miocene aged volcanic sequence of pyroclastic units, that was subsequently intruded by domes of dacitic composition. Two distinct areas of alteration have been interpreted with the assistance of Analytical Spectral Device ("ASD") analysis. The eastern alteration area displays affinities to a HSE system, with the western area displaying a more typical porphyry deposit style of alteration. Geochemical rock and soil sampling has also defined a large 600 by 800m Cu-Mo geochemical anomaly in the western area within the overall 3 by 2.5 km ASTER image hydrothermal alteration response halo (news release October 17, 2019).

During the last quarter of 2019, FQM completed an initial exploration program that included surface mapping, geochemical soil and rock chip sampling, IP and Mag magnetic geophysical surveys ("Mag") and the collection of rock samples for age-dating. This work outlined an attractive HSE/Porphyry Au (Cu) target that displays characteristics similar to other Miocene age systems in the highly productive Maricunga belt. FQM recently reported the discovery of a new "Maricunga type" porphyry Cu-Au called Vendaval located 2.5 km directly south of Coronacion, across the international border in Argentina (reported by FQM at the NewGenGold Conference in Perth on November 14-15th 2023).

Gorbea Gold (Copper) Project, Northern Chile

The Gorbea project ("Gorbea") comprises a package of two mineral claims including Atlas and Titan, totaling 2,600 ha located in the Mio-Pliocene age mineral belt of northern Chile. The project is located approximately 70 km north-northwest of Gold Fields Salares Norte development stage project, at an

altitude of 4,100 to 4,500m ASL, and is easily accessible by seasonally maintained roads and gravel tracks.

Gorbea was subject to previous joint ventures with Newcrest Mining Limited "Newcrest" that was terminated in August 2022 and Yamana Gold Inc. ("Yamana") that was terminated in April 2018. Under the partnership, Yamana incurred exploration expenditures in excess of US$8 million. Yamana's exploration identified a significant body of HSE Au mineralization at the Atlas zone, which returned a best drill intercept of 114m grading 1.07 g/t Au, including 36m grading 2.49 g/t Au (news release September 11, 2017). Newcrest invested over US$11.6 million in exploration on the Gorbea Project, completed nearly 7,500m of drilling and made payments of US$600,000 to Mirasol. Over the last exploration season, in addition to the 2,072m of drilling (reported February 28, 2022), Newcrest completed surface exploration, mapping and geochemical sampling on the Project. Mirasol now has all the data in hand and is considering all available options to continue advancing exploration at Gorbea will be considered, including the potential to identify new partners.

Exploration Results

The Atlas prospect is centered on a sizable +20 km2 HSE alteration system that hosts multiple Au and Ag targets. The system exhibits many of the key geological and mineralization features characteristic of economic systems in the area, such as at the Salares Norte development stage project (Gold Fields - Reserves: 3.5 Moz Au and 39 Moz Ag2), Alturas advanced stage project (Barrick Gold - Inferred Resource: 8.9 Moz Au3) and La Coipa mine (Kinross Gold - Reserves: 0.9 Moz Au and 41.7 Moz Ag / Resources: 1.4 Moz Au and 35.3 Moz Ag4), supporting its potential to host large-scale Au mineralization.

In late 2021, NCM completed five reverse circulation drill holes for 2,072m with two holes at the Atlas prospect and three holes at the previously untested El Dorado prospect. No meaningful mineralization was encountered in these holes. To date, 37 drill holes (16,905m) have been completed at the Atlas prospect by Mirasol's previous partners

At Atlas, hole ATLT0011A targeted the extension to the southeast of a silicified polymictic breccia body outcropping on surface (Apollo Breccia) coinciding with a high-resistivity feature. Although vuggy silica texture, quartz alunite alteration and pathfinder elements were intersected, the lack of Au values indicates a peripheral position to the mineralized center. Hole ATLT0012 was drilled to test for potential continuation to the north in the Atlas Central zone. The results limit the potential of the mineralized body in a northerly direction. However, potential remains to extend the mineralization to both the east and west to and explore for higher-grade mineralization (news release February 28, 2022).

Notably a potential HSE Au target located to the east-southeast of the Apollo Breccia/Atlas Central Zone, defined by coincident anomalous zones of multiple pathfinder elements, alunite composition, high Au values and a high-resistivity anomaly, remains to be drill tested.

At El Dorado, the drill holes targeted a combination of positive features, including a high-resistive feature, a polymictic breccia body with vuggy silica fragment and a steam-heat zone, all associated with elevated pathfinder elements. No further work is planned at El Dorado in the near term.

Rubi Project, Northern Chile

On March 19, 2026, Mirasol announced the signing of a binding Letter or Intent under which Mirasol grants San Lorenzo Gold Corp. an exclusive option agreement (Option) to acquire the mineral rights

2 Goldfields Limited - Mineral Resources and Mineral Reserves Supplement to the Integrated Annual Report 2021

3 Barrick Gold Corporation - Mineral Reserves and Mineral Resources in Q4 Report for the year ended December 31, 2021

4 Kinross Gold Corporation - 2021 Annual Mineral Reserve and Resource Statement

and landholdings within Mirasol`s 100% owned Rubi Copper Project located in Northern Chile. Under the terms of the LOI, Mirasol has granted San Lorenzo the Option to acquire the Rubi Project for total consideration of US$4 million subject to conditions. Mirasol will retain a 2% NSR royalty on the Rubi Project. San Lorenzo will have a right to buy back the first 0.5% of the 2.0% NSR royalty for twelve months following the exercise of the Third Option for US$ 2,000,000, and the right to buy back an additional 0.5% NSR royalty for a further US$2,000,000 for twelve months following the commencement of commercial production (news release dated March 19,2026).

Exploration Results

The 2,000 ha Rubi project is located within the Paleocene age porphyry belt of northern Chile that hosts a number of significant producing porphyry copper deposits. The project lies at relatively low elevation (1,900-2,100m) within 20 km of the El Salvador and Potrerillos porphyry copper-moly-gold mines and has good access to port facilities at Chanaral approximately 80 km to the west.

In November 2021, Mirasol reported on the 1,887m drill program completed at Rubi. Drilling was focused on the Lithocap and Zafiro targets, with the results supporting the presence of a large and strong prospective porphyry-style alteration system. Key indicators included the occurrence of porphyritic daci-andesite intrusive rocks and hydrothermal brecciation, which exhibit strong quartz-sericite (phyllic) alteration overprinting a relict K-feldspar alteration that host trace fine pyrite-chalcopyrite-magnetite mineralization. In addition, good ground preparation was observed, which is critical for ore deposit formation, with strong to locally intense fracturing infilled with late gypsum/anhydrite and calcite veining. Importantly, assay results confirmed the presence of anomalous copper, molybdenum and locally elevated gold over substantial intervals of approximately 200 m (news release November 8, 2021).

Tefnut Prospect - San Juan Porphyry Cu Projects

Tefnut, staked by Mirasol, comprises approximately 4,600 ha of exploration claims. It is located within the fertile Mio-Pliocene copper-belt in the province of San Juan, Argentina, which hosts several high-profile advanced projects including Filo del Sol, Josemaria, Altar, Los Azules and El Pachon. The Company's preliminary reconnaissance program of prospecting, high level geological mapping, geochemical sampling and alteration analysis, successfully defined a large 1.5 by 1.5 km porphyry related phyllic alteration system with outcropping Cu-mineralization (news release June 9, 2022).

Tefnut is located at the intersection of a major orogenic parallel north-south structure and a lesser defined north-northwest trans-orogenic lineament which is the common structural configuration that has localized other major deposits and development projects in the province of San Juan. In close proximity to the west and in Chile, advanced projects such as Novicio, West Wall and Pimenton represent good analogies for the prospectivity of the immediate area.

Within the large 1.5 x 1.5 km intensely altered phyllic footprint at Tefnut, discrete outcropping exposures of porphyry-style Cu-mineralization occur in the deeply incised creeks. This mineralization is associated with high-density stockworks of quartz magnetite and fine magnetite only stringers, within strongly potassic altered (biotite-feldspar-magnetite) intrusive dioritic porphyry hosting disseminated chalcopyrite and Cu-oxides. Initial grab samples from these mineralized outcrops have returned 0.14% and 0.19% Cu. In addition, anomalous Mo values of 42 ppm hosted in type B veinlets, with the four highest values (from a population of 15) ranging from 17-42 ppm, were recovered from the overlying rhyolites that exhibit intense phyllic alteration.

These initial geological and geochemical results indicate the presence of an underexplored and potentially substantive porphyry Cu-Mo system. Potassic alteration (secondary biotite) in dioritic intrusive rocks, hosting disseminated Cu mineralization, are exposed in discrete erosional windows through an extensive area of phyllic alteration with local remnant advanced argillic altered sections.

It is considered that Tefnut has been eroded to an optimal level for the exploration with the prospective Cu mineralized potassic zone preserved at shallow levels and extending to depth.

Given the encouraging results from the initial reconnaissance campaign, Mirasol is planning to progress its exploration efforts during the upcoming southern hemisphere exploration season (October 2023 - April 2024). Detailed grid-based geochemical sampling, geological/structural mapping and geophysical surveys will be required to advance this new and exciting prospect to a drill ready stage.

Libanesa Gold and Base Metals Project, Santa Cruz

The option agreement on the Libanesa project with Golden Arrow Resources Corporation was terminated in 2022 (news release July 21, 2022). Golden Arrow exceeded its contractual minimum commitment by spending over US$500,000 on exploration (news release dated October 12, 2021). The exploration program included field mapping, surface sampling, trenching and 1,716m of drilling at the Cerro Plomo/Cerro Rodonda and the Lagunita prospects. Mirasol firmly believes that quality drill targets remain at Libanesa (Cerro Plomo) and is currently reviewing this data and evaluating how to best test these remaining targets.

Exploration Results

Libanesa is a 14,500 ha Ag-Au (Pb/Zn) project discovered by Mirasol and is an important part of Mirasol's "critical mineral" portfolio in the province of Santa Cruz. Libanesa is located at the northeastern margin of the Deseado Massif Au-Ag metallogenic province, approximately 70 km west of the port of Puerto Deseado, 40 km northwest of the Cerro Moro Au-Ag Mine operated by Yamana Gold and 100 km northeast of the Don Nicolas Au-Ag mine operated by Cerrado Gold.

Libanesa hosts several diversified geological, geochemical and geophysical-supported drill targets. There are two main prospective areas, Libanesa Main and the Lagunita Vein Field. Libanesa Main hosts several targets supported by strong base metal and Au mineralization from quartz veins, stockworks and hydrothermal breccias, including the Cerro Plomo prospect. Cerro Plomo is characterized by a well-mineralized Au/Ag hydrothermal breccia that is exposed at surface and supported by both chargeability and resistivity geophysical anomalies at depth.

The Lagunita prospective zone, which has reported encouraging rock chip Au values from more typical low sulfidation-type epithermal veins and breccias. This prospect warrants additional surface exploration to vector into the potentially better mineralized parts of this extensive vein system, where intermittent vein occurrences, outcropping/sub-cropping through post mineral cover, have been mapped over a strike length of more than 2.3 km. (news release June 1, 2021, for a summary on previous work completed at Libanesa).

Results from the maiden, 1,780m, drill program completed by Golden Arrow at the Libanesa project at several of the prospects at Libanesa Main, including Cerro Plomo, Playa Vetas, Bajo Aspero and Breccia Plata, as well as two holes at Lagunita, were encouraging and delineated several prospective targets that require follow-up drilling as the program was cut short due to weather (news release November 9, 2022).

At the Cerro Plomo target, highly anomalous Au-Ag and multi-percent Pb-Zn values reporting from what appears to be the mineralized halo of a large vertical conductive zone. Notable intersection at Cerro Plomo through the hydrothermal breccia zone include 26m at 0.98 g/t AuEq755 (0.38 g/t Au & 44.7 g/t Ag). A follow up step-back hole is recommended to test these zones and also to pass

5 Gold equivalent ("AuEq") is calculated using a ratio of 1.0 g/t Au is equivalent to 75g/t Ag. The cut-off ranges are 0.1, 0.3, 0.5 and 1.0 g/t AuEq, and do not consider the Pb/Zn values. Recoveries are assumed to be 100% as no metallurgical test data is available.

completely through the entire conductive anomaly to test for higher grade gold-silver mineralization, which no hole to date has accomplished.

At the Lagunita Vein Field Prospect two drill holes were completed to test outcropping vein trends where multi-gram Au values were previously recovered from rock chip and trench samples. Notable results include 3m at 1.79 g/t AuEq75 (1.71 g/t Au & 5.4 g/t Ag) and 1m at 4.30 g/t AuEq75 (4.20 g/t Au & 7.4 g/t Ag). The vein trend, where the highest trench gold result was sourced, remains to be drill tested.

Homenaje Gold-Silver Project, Santa Cruz

On October 3, 2023, Mirasol announced that the option agreement on the Homenaje Gold-Silver Project in Argentina ("Homenaje") with Patagonia Gold Corp. ("Patagonia") had been terminated (news release dated April 19, 2021).

Exploration activities remain suspended following the termination of the Option/Joint Venture Agreement with Patagonia Gold's exit from the project. Mirasol has since re-established contact with the relevant provincial authorities and has presented the information previously requested to determine the potential areas of sensitivity surrounding potential archaeological finds and outline the protective measures that must be taken prior to resuming exploration.

Exploration Results

Exploration to date has been limited to outcropping erosional windows, as more than 90% of the project area is covered by thin post-mineral rocks, including Tertiary plateau basalt and gravels. In these erosional windows, Middle to Upper Jurassic tuffs assigned to La Matilde Formation are exposed and host localized and commonly mineralized hydrothermal breccias, veinlets and stockworks of chalcedonic quartz.

Analysis and interpretation of outcropping alteration and mineralization, together with the structural setting, magnetics and chargeability/resistivity gradient array responses over areas of cover and outcrop have defined four northwest trending prospective structural trends, with similar geologic characteristics to those of the adjacent to Pan American Silver's COSE and Patagonia Gold's Cap Oeste Au/Ag deposits.

Initial rock chip sampling of mineralized structures that discontinuously outcrop in a northwest trending corridor, identified in an area of 1,500m x 800m with anomalous Au, Ag, As, Sb, Mo, Cu and Pb. Geochemically anomalous samples comprise altered tuff with thin chalcedony veinlets (news release December 30, 2020).

Mirasol holds several additional drill-ready and early-stage exploration properties prospective for Au, Ag and Cu mineralization in southern Argentina and northern Chile. The Company has also completed initial field programs to advance a number of early-stage porphyry prospects in the Argentinian Cordillera. In addition, Mirasol has signed confidentiality agreements, distributed data sets and conducted field reviews with selected companies with the objective of securing potential new partnerships for these properties.

As at March 31, 2026, the Company had cash and cash equivalents of $893,416 and had a deficit of $1,548,375. The working capital deficit is primarily the result of the balance of the Shareholder's loan and accounts payable, offset by sale of certain mineral rights and the private placement closed in December 2025.

During the period ending March 31, 2026, total operating expenditures were $5,961,911. The Company incurred total company-wide net cash expenditures of $5,811,620 and non-cash items such as share-based payments and depreciation totaled $150,291.

For the period ended March 31, 2026, the total net cash expenditure was distributed between head office corporate spending of $1,152,581 inclusive of officers' salaries, board fees, business development, corporate administration, investor relations, and regulatory compliance, and a total net exploration expenditure of $3,514,177 (Table 1).

The level of spending by the Company is determined by its ability to secure financing through the sale of its securities, sales of assets and concluding exploration agreements with its industry partners. Additional funding will be required if the Company is to maintain this same level of expenditures.

The Company's total exploration costs include exploration, property retention costs, costs associated with preparing projects for joint venture, in-country operations and management, and local Value Added Tax ("VAT"). For the period ended March 31, 2026, Mirasol invested $3,791,114 on exploration in Chile, and a net option income and exploration recoveries of $276,937 in Argentina (Table 1).

The Company received $1,144,862 in option income, and $192,643 in cost recoveries during the period ended March 31, 2026, including claims fees and other operating costs that are covered by the partners under the terms of the agreement.

In December 2025, the Company completed a non-brokered private placement financing issuing 6,689,445 units at a price of $0.45 per unit for aggregate gross proceeds of $3,010,250. Each unit consisted of one common share and one-half of one non-transferable common share purchase warrant. Each full warrant entitles the holder to acquire one additional common share at an exercise price of $0.60 per share for a period of twelve months from the closing date. The securities issued are subject to a four-month statutory hold period in accordance with applicable securities legislation.

In connection with the private placement, the Company paid finder's fees of $13,932 and $11,452 for regulatory and other related fees, which were accounted for as share issuance costs and recorded as a reduction of share capital. Two directors and one officer of the Company participated in the private placement and were issued an aggregate of 3,350,556 units.

.

The Company's net loss for the period ended March 31, 2026 ("2026") was $2,872,590 or $0.03 per share compared to a net loss of $7,656,044 or $0.10 per share for the period ended March 31, 2025 ("2025"), a decrease of $4,783,454.

The decrease in net loss during 2026 is due to a combination of a decrease in exploration expenditures, administration costs, overhead costs related to the exploration activities, share-based compensation offset by a higher interest expense, finance cost and depreciation and a foreign exchange loss. The decrease was further positively impacted by gains recognized on the sale of mineral properties and other income earned during the period.

The company's total loss before other items was $4,817,049 and $7,751,988 for the period ended March 31, 2026, and 2025, respectively.

The company recorded interest income of $17,191 from its investments during the period ended March 31, 2026, compared to $93,450 during the same period in 2025. The company also recorded an unrealized gain on its marketable securities of $51,666 compared to a loss of $46,701 during the same period in 2025.

The Company recorded a loss of $14,259 on foreign exchange from conversion of funds during the period ended March 31, 2026, compared to a loss of $12,972 during the period ended March 31, 2025. Share-based payments decreased to $103,173 in 2026 from $611,498 in 2025. Depreciation expense increased to $47,118 in 2026 from $38,224 in 2025. Both are non-cash items.

Total exploration expenditures before option income decreased to $4,659,039 in 2026 from

$5,998,864 in 2025 (table 1). Other notable variances include an increase in business development, marketing, and investor relations expenses to $353,328 in 2026 from $292,599 in 2025; an increase of management and directors' fees to $379,350 in 2026 as compared to $356,855 in 2025; an increase in office administration, filing fees, and travel expenses to $229,045 in 2026 compared to

$208,834 in 2025; and a decrease in professional fees to $190,764 in 2026 compared to $245,116 in 2025 from various consultants.

The following table provides changes in exploration expenditures and cost recoveries for the nine months period ended March 31, 2026, and 2025:

Table 1: Summary of exploration expenditures for the nine months ended March 31, 2026, and 2025.

The Company's net loss for the three months ended March 31, 2026 ("2026") was $1,831,362 or

$0.02 per share compared to a net loss of $2,884,159 or $0.04 per share for the period ended March 31, 2025 ("2025"), a decrease of $1,052,797.

The decrease in net loss during 2026 is due to a combination of a decrease in exploration expenditures, administration costs, overhead costs related to the exploration activities, with also a decrease in share-based compensation offset by a higher interest expense, finance cost and depreciation. The decrease was further positively impacted by gains recognized on the sale of mineral properties and other income earned during the period.

The Company's total loss before other items was $2,078,348 and $2,906,478 for the three months ended March 31, 2026 and 2025, respectively.

The Company recorded interest income of $5,189 from its investments during the three months ended March 31, 2026, compared to $27,424 during the same period in 2025. The Company also recorded an unrealized gain on its marketable securities of $4,963 compared to $Nil during the three months ended March 31, 2025.

The Company recorded a gain of $1,450 on foreign exchange from conversion of funds during the three months ended March 31, 2026, compared to a loss of $17,211 during the same period ended March 31, 2025.

Share-based payments decreased to $3,230 in 2026 from $153,695 in 2025. Depreciation expense increased to $15,305 in 2026 from $12,741 in 2025. Both are non-cash items.

Total exploration expenditures before option income increased to $2,389,665 in 2026 from

$2,381,611 in 2025 (table 2). Other notable variances include a decrease in business development, marketing and investor relations expenses to $78,543 in 2026 from $109,703 in 2025; an increase of management and directors' fees to $137,376 in 2026 as compared to $120,555 in 2025; an increase in office administration, filing fees, and travel expenses to $88,472 in 2026 compared to

$69,552 in 2025; and a decrease in professional fees to $58,562 in 2026 compared to $58,621 in 2025 from various consultants.

The following table provides changes in exploration expenditures and cost recoveries for the three months ended March 31, 2026, and 2025:

Table 2: Summary of exploration expenditures for the three months ended March 31, 2026 and 2025.

The following table is a breakdown by country and group of projects of the Company's exploration and evaluation expenses for the three and nine months ended March 31, 2026, and 2025: