Q1 2026 Interim Financial Statements

TSXV: NCP | OTCQB: NCPCF

For the three months ended March 31, 2026 (Unaudited)

(Expressed in Canadian Dollars)

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

The accompanying unaudited condensed consolidated interim financial statements of Nickel Creek Platinum

Corp. (the "Company") have been prepared by and are the responsibility of the Company's management.

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

Going Concern (Note 1)

Commitments and Contingencies (Note 14)

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

(Expressed in Canadian dollars, except share amounts) (Unaudited)

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

Condensed Consolidated Interim Statements of Cash Flows

(Expressed in Canadian dollars) (Unaudited)

Three Months Ended March 31,

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

Nickel Creek Platinum Corp.

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Deficiency)

For the three months ended March 31, 2026 and 2025

(Expressed in Canadian dollars, except share amounts) (Unaudited)

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

(Expressed in Canadian dollars, unless otherwise indicated) (Unaudited)

1. NATURE OF OPERATIONS AND GOING CONCERN

   Nickel Creek Platinum Corp., ("Nickel Creek Platinum" or the "Company") is a public company incorporated in British Columbia and is listed on the TSX Venture Exchange (the "TSXV") trading under the symbol NCP, and on the OTCQB under the symbol NCPCF. The Company's registered office is at 2700 - 666 Burrard Street, Vancouver, British Columbia, Canada, V6C 2X8, and the head office is located at 2896 South Sheridan Way, Suite 202, Oakville, Ontario L6J 7T4.

   The Company's principal business activity is the exploration and evaluation of nickel and platinum group metals ("PGM") mineral properties in North America. The Company's principal asset is its 100%-owned nickel-copper-PGM project, located in the Yukon Territory, Canada ("Nickel Shäw Project"). The Company also maintains environmental baseline activities, considers optimization alternatives and seeks other opportunities.

   These unaudited condensed consolidated interim financial statements ("Interim Financial Statements") have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") applicable to a going concern entity, which contemplates the realization of assets and settlement of liabilities in the normal course of business as they become due.

   The Company's continuing operations are entirely dependent upon the existence of economically recoverable mineral reserves, the ability of the Company to obtain the necessary financing to continue the exploration and development of its mineral property interests and to obtain and maintain the permits necessary to mine and process, and future profitable production from, or proceeds from the disposition of, its mineral property interests.

   The Company has a history of losses with no operating revenue, an accumulated deficit at March 31, 2026 of

   $166.8 million (December 31, 2025 - $166.6 million), a total shareholders' equity at March 31, 2026 of $0.9 million (December 31, 2025 - $1.1 million) and working capital at March 31, 2026 of $1.4 million (December 31, 2025 - $1.6 million).

   For the near future, the Company will continue to require additional sources of financing to fund ongoing operating costs and exploration and development of its Nickel Shäw Project. Although the Company raised total gross proceeds of approximately $2.1 million in 2025, the Company will require additional funding and there can be no assurance that the Company will be able to obtain additional financing in the future or that such financing will be on terms acceptable to management for it to be able to meet its current liabilities as they come due. The Company's largest shareholder, Electrum Strategic Opportunities Fund L.P. ("Electrum") was the only investor in the non flow-through equity funds raised during 2025. If the Company is unable to obtain adequate additional financing, the Company will need to further curtail its activities until additional funds can be raised.

   Due to operating losses, the Company's continuance as a going concern is dependent upon its ability to obtain adequate financing to fund ongoing planned operating costs and planned activities at its Nickel Shäw Project. These factors raise material uncertainties that may cast significant doubt as to the Company's ability to continue as a going concern and the ultimate use of accounting principles applicable to a going concern.

   Management believes that the Company will be able to continue as a going concern for the near future and realize its assets and discharge its liabilities and commitments in the normal course of business. These consolidated financial statements do not reflect the adjustments to the carrying value of assets and liabilities and the reported expenses and balance sheet classifications that would be necessary if the Company were unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Such adjustments could be material.

2. BASIS OF PREPARATION

   1. Statement of Compliance

      These Interim Financial Statements have been prepared in accordance with IFRS, effective for the three months ended March 31, 2026 and 2025, as issued by the IASB, applicable to the preparation of unaudited interim consolidated financial statements, including International Accounting Standard ("IAS") 34, Interim Financial Reporting ("IAS 34"). These Interim Financial Statements should be read in conjunction with the audited annual consolidated financial statements of the Company for the years ended December 31, 2025 and 2024, which were prepared in accordance with IFRS and are publicly available at https://www.sedarplus.ca ("SEDAR+").

      These Interim Financial Statements were reviewed and approved by the Audit Committee on May 1, 2026.

   2. Measurement Basis

      These Interim Financial Statements are prepared under the historical cost convention. In addition, these financial statements have been prepared using the accrual basis of accounting except for cash flow information.

      All amounts are presented in Canadian dollars which is also the Company's functional currency.

3. MATERIAL ACCOUNTING POLICY INFORMATION

   The accounting policies and the significant judgements, estimates and assumptions used in the preparation of these Interim Financial Statements are those applied in Note 3 of the Company's audited annual consolidated financial statements for the years ended December 31, 2025 and 2024, and have been consistently applied throughout all periods presented as if these policies had always been in effect.

   The preparation of the Interim Financial Statements in conformity with IAS 34 requires management to make judgements, estimates and assumptions that affect the application of policies and reported amounts of assets and liabilities, income and expenses. Actual results may differ from such estimates.

   1. New accounting standards adopted effective January 1, 2026

      There have been no new IFRS accounting standards, interpretations or amendments effective during the three months ended March 31, 2026, which are of potential significance to the Company.

   2. Future changes in accounting standards, which are not yet effective at March 31, 2026

      There have been no new IFRS accounting pronouncements issued during the three months ended March 31, 2026 with respect to new standards, interpretations and amendments to be effective subsequent to the three-month period ended March 31, 2026, which are of potential significance to the Company.

4. CASH AND CASH EQUIVALENTS

   The cash and cash equivalents balance of $1,635,434 at March 31, 2026 (December 31, 2025 - $1,859,393) includes $7,338 of cash and cash equivalents denominated in US dollars (December 31, 2025 - $7,265).

5. EQUIPMENT

   Computer Equipment & Software				Exploration Equipment		Shelter		Total
   Cost
   At December 31, 2025 and March 31, 2026	$	182,369	$	129,762	$	342,790	$	654,921
   Accumulated depreciation
   At December 31, 2025		(182,369)		(115,285)		(310,184)		(607,838)
   Depreciation for the period		-		(724)		(1,631)		(2,355)
   At March 31, 2026	$	(182,369)	$	(116,009)	$	(311,815)	$	(610,193)
   Net carrying value
   At December 31, 2025	$	-	$	14,477	$	32,606	$	47,083
   At March 31, 2026	$	-	$	13,753	$	30,975	$	44,728

   Depreciation relating to equipment for the three-month period ended March 31, 2025 was $3,201.

6. RIGHT-OF-USE ASSETS

   Cost	Office Lease			Surface Lease				Total
   At December 31, 2025 and March 31, 2026	$	50,898	$		24,150	$		75,048
   Accumulated depreciation	Office Leases			Surface Leases				Total
   At December 31, 2025			-		(7,822)			(7,822)
   Depreciation for the period		(6,362)			(510)			(6,872)
   At March 31, 2026	$	(6,362)		$	(8,332)		$	(14,694)
   Net carrying value	Office Leases		Surface Leases					Total
   At December 31, 2025	$	50,898	$		16,328	$		67,226
   At March 31, 2026	$	44,536	$		15,818	$		60,354

   The Company's corporate office lease expires in December 2027 and the surface lease at the Nickel Shäw Project has an expiry date in 2034.

   Depreciation relating to right-of-use assets for the three-month period ended March 31, 2025 was $6,229.

7. FLOW-THROUGH SHARE PREMIUM LIABILITY

   During 2025, the Company raised flow-through ("FT") gross proceeds of $1,026,000 ("2025 FT Private Placement") and has expended a total of $11,050 from the 2025 FT Private Placement. At March 31, 2026, the unamortized FT share premium liability balance of $66,193 (December 31, 2025 - $66,913) relates entirely to the 2025 FT Private Placement. See Note 14(b) for additional information.

8. LEASE LIABILITIES

   The Company's leases are for office space and a surface lease at the Nickel Shäw Project. The following are the discounted and undiscounted lease obligations at a discount rate of 7.5% at March 31, 2026 and December 31, 2025:

   Discounted	March 31, 2026		December 31, 2025
   Balance, beginning of year	$	67,719	$	41,751
   Office lease additions		-		50,898
   Interest expense		1,239		3,015
   Lease payments		(6,780)		(27,945)
   Balance, end of period	$	62,178	$	67,719
   Current portion of lease liabilities	$	28,648	$	28,379
   Long-term portion of lease liabilities	$	33,530	$	39,340
   Undiscounted		March 31, 2026	December 31, 2025
   Current	$	29,905	$	29,665
   Non-current		41,420		48,440
   	$	71,325	$	78,105

9. SHARE CAPITAL

   1. Authorized Share Capital

      The Company is authorized to issue an unlimited number of common voting shares without par value.

      The Company is authorized to issue an unlimited number of preferred shares, which are without par value. Preferred shares are issuable in series, with rights and terms of each series to be fixed in the resolution of the Board of Directors ("Board") creating the series. Preferred shares will have only those voting rights authorized by the Board in the resolution creating the series, provided that preferred shares of any series must approve changes to the rights, privileges, restrictions and conditions attaching to that series of preferred shares. No preferred shares have been issued and none are outstanding.

   2. Share-Based Compensation and Warrants

      Share-based Compensation

      For the three months ended March 31, 2026 and 2025, share-based compensation expense related to deferred

      share units ("DSUs") totalled $12,000 (March 31, 2025 - $12,000). Of this amount, $12,000 (March 31, 2025 -

      $12,000) was charged to general and administrative expenses.

      1. Stock Options

         There were no stock option transactions during the three-month period ended March 31, 2026.

         The Company has a total of 303,000 stock options ("Options") outstanding at March 31, 2026 (December 31, 2025 - 303,000 Options), with all Options having an exercise price of $0.49 (December 31, 2025 - $0.49) with an expiry date of May 6, 2028 and a weighted-average remaining life of 2.1 years (December 31, 2025 - 2.3 years).

      2. Deferred Share Units

         The following table summarizes the DSU transactions from January 1, 2026 through March 31, 2026:

         	Number of DSU's
         At January 1, 2026	287,057
         Granted	4,108
         At March 31, 2026	291,165

         During the three-month period ended March 31, 2025, 22,649 DSUs were redeemed into Common Shares of the Company by a former director and the cost of $92,870 was allocated from equity reserves to share capital.

         Subject to the terms and conditions of the Share-Based Compensation Plan, each DSU is redeemable for one Common Share of the Company. At the sole discretion of the Company, DSU redemptions may be settled by cash payment, by share issuance or by purchase of shares in the open market, or any combination thereof.

      3. Warrants

         There were no warrant transactions during the three-month period ended March 31, 2026.

         At March 31, 2026, there were 1,130,351 (December 31, 2025 - 1,130,351) warrants outstanding, with a weighted-average exercise price of $6.58 (December 31, 2025 - $6.58) and a weighted-average remaining life of 1.1 years (December 31, 2025 - 1.4 years), as follows:

         		March 31, 2026
         Expiry Date	Exercise Price	Outstanding
         April 23, 2026	15.00	318,836
         April 28, 2026	15.00	70,000
         May 11, 2026	8.00	157,519
         May 14, 2028	0.60	584,000
         		1,130,355

10. RELATED PARTY TRANSACTIONS & KEY MANAGEMENT COMPENSATION

    The Company has identified its current directors and senior officers as its key management personnel, and the compensation costs for key management personnel were recorded at their exchange amounts as agreed by transacting parties.

    At March 31, 2026, amounts due to related parties totalled $873 (December 31, 2025 - $1,223) related to business expense reimbursements.

    The compensation paid or payable to key management for services rendered is shown below:

    Three Months Ended March 31,
    		2026		2025
    Salaries of officers	$	66,250	$	66,250
    Share-based compensation		12,000		12,000
    	$	78,250	$	78,250

11. EXPLORATION AND EVALUATION EXPENSES

    Three Months Ended March 31,
    		2026		2025
    Consulting, professional fees and other	$	21,137	$	5,438
    Depreciation		2,865		3,660
    Environmental, permitting and other		23,155		24,532
    	$	47,157	$	33,630

12. FAIR VALUE MEASUREMENTS

    IFRS defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an arm's length transaction between market participants at the measurement date. When appropriate, the Company adjusts the valuation models to incorporate a measure of credit risk.

    The estimated fair values of cash and cash equivalents, sales tax recoverable, accounts payable and other liabilities, and due to related parties, which are all measured at amortized cost, approximate their respective carrying values due to the short-term maturity of these financial instruments.

13. SUPPLEMENTAL CASH INFORMATION

    Three Months Ended March 31,
    		2026		2025
    Changes in non-cash working capital balances
    (Increase) decrease in amounts receivable	$	(1,114)	$	1,297
    Increase in prepaid expenses		(10,013)		(47,991)
    Decrease in accounts payable and accrued liabilities		(4,175)		(37,718)
    	$	(15,302)	$	(84,412)

14. COMMITMENTS AND CONTINGENCIES

    1. Exploration Cooperation Agreement

       The Company entered into an Exploration Cooperation Agreement ("ECA") in August 2012 with the Kluane First Nation in the Yukon to support Nickel Creek Platinum's exploration program and environmental studies associated with the development of the Nickel Shäw Project.

    2. Flow-Though Financings

       Historically, the Company has entered into flow-through private placements ("FT Private Placements") to fund

       exploration activities, with the most recent being the 2025 FT Private Placement.

       Canadian tax rules require the Company to spend flow-through funds on "Canadian exploration expenses" which qualify as "flow-through mining expenditures", as these terms are defined in the Income Tax Act (Canada) ("Resource Expenditures"), by the end of the calendar year following the year in which they were raised. This gives the Company until December 31, 2026 to spend the $1,026,000 raised in the 2025 FT Private Placement on Resource Expenditures.

       The Company has indemnified the subscribers of flow-through shares from any tax consequences should the Company, notwithstanding its plans, fail to meet its commitments under the flow-through subscription agreements.

       At March 31, 2026, the Company has expended $11,050 of the 2025 FT Private Placement amount of

       $1,026,000 and the Company has until December 31, 2026 to spend the remaining $1,014,950 on Resource Expenditures.

       The Company is subject to interest on the proceeds derived from the 2025 FT Private Placement ("Part XII.6 tax"). Part XII.6 tax is a Canadian federal tax imposed on corporations using the "look-back rule" to renounce Canadian Exploration Expenses to investors, acting as an interest charge on funds unspent after February of the following year in which the flow-through dollars were raised, which is the month of February 2026 for the Company. The accrued Part XII.6 tax of $5,100 at March 31, 2026 (December 31, 2025 - $nil) on unspent flow-through dollars has been expensed as an operating expense.

    3. Short-Term Leases and Other

       The Company's activities are subject to various provincial and federal laws and regulations governing the protection of the environment. These laws and regulations are continually changing and are generally becoming more restrictive. The Company conducts its operations to protect public health and the environment, and believes its operations are materially in compliance with all applicable laws and regulations. The Company has made, and expects to continue to make in the future, filings and expenditures to comply with such laws and regulations.

       The Company does not have contractual agreements for any short-term office lease agreement or contracts for corporate office equipment.

    4. Contingencies

The Company accrues for liabilities when it is probable and the amount can be reasonably estimated.

The Company may be involved in legal proceedings from time to time arising in the ordinary course of its business.

An employment contract between the Company and its President and Chief Executive Officer ("CEO") provides for the following:

1. At March 31, 2026, upon termination without cause, the CEO is entitled to the maximum severance of 12 months of his salary (prior to the voluntary 50% salary reduction) plus benefits. The estimated contingent liability at March 31, 2026 amounts to approximately $287,000 (December 31, 2025 -

   $287,000).

   (Expressed in Canadian dollars, unless otherwise indicated) (Unaudited)

2. At March 31, 2026, in the event of a change of control and within 12 months thereafter his employment is terminated without cause or other triggering event (as defined in the contract) occurs, the CEO is entitled to the maximum severance of 18 months of his salary (prior to the voluntary 50% salary reduction) plus benefits. The estimated contingent liability at March 31, 2026 amounts to approximately $432,000 (December 31, 2025 - $432,000).

An employment contract between the Company and its Chief Financial Officer ("CFO") provides for the following:

1. At March 31, 2026, upon termination without cause, the CFO is entitled to a severance of 12 months of his salary plus one month's salary per completed year of service (prior to the voluntary 50% salary reduction) with the potential maximum severance being 24 months' salary. The estimated contingent liability at March 31, 2026 (21 months' salary) amounts to $437,500 (December 31, 2025 - $437,500).

2. At March 31, 2026, in the event of a change of control, and within 12 months thereafter his employment is terminated without cause or other triggering event (as defined in the contract) occurs, the CFO is entitled to the maximum severance of 24 months of his salary (prior to the voluntary 50% salary reduction). The estimated contingent liability at March 31, 2026 amounts to $500,000 (December 31, 2025 - $500,000).

As a triggering event has not occurred, these contingent obligations have not been recorded in these financial statements.