Q2 2025 Interim Financial Statements

TSXV: NCP | OTCQB: NCPCF

For the three and six months ended June 30, 2025 (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 16)

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

Condensed Consolidated Interim Statements of Cash Flows

(Expressed in Canadian dollars) (Unaudited)

Six Months Ended June 30,

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' Deficiency

For the six months ended June 30, 2025 and 2024

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

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

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. The Company's common shares were voluntarily delisted on the Toronto Stock Exchange (the "TSX"), commenced trading on the TSX Venture Exchange (the "TSXV") on December 23, 2024, continues to trade under the symbol NCP, and on the OTCQB under the symbol NCPCF. The Company's registered office is at 1700 - 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 International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards") 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 June 30, 2025 of

   $165.8 million (December 31, 2024 - $165.1 million), a total shareholders' equity deficiency at June 30, 2025 of $0.3 million (December 31, 2024 - $0.2 million) and working capital at June 30, 2025 of $0.2 million (December 31, 2024 - $0.3 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 and management is currently considering alternative sources of funding. Although the Company raised total gross proceeds of $350,400 through a non-brokered private placement during the month of May 2025 (see Note 11(b)) and raised total gross proceeds of approximately $1.1 million through non-brokered private placements in March 2024 and September 2024, with the Company's largest shareholder, Electrum Strategic Opportunities Fund L.P. ("Electrum"), being the sole investor in all these private placements, 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. 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 Accounting Standards, effective for the three and six months ended June 30, 2025 and 2024, issued by the IFRS Interpretations Committee ("IFRS IC"), 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, 2024 and 2023, which were prepared in accordance with IFRS and are publicly available at https://www.sedarplus.ca ("SEDAR+"). Certain balances in the comparative financial statements have been reclassified to conform to the current year's presentation. These reclassifications had no effect on the reported results of operations.

      These Interim Financial Statements were reviewed and approved by the Audit Committee on July 31, 2025.

   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 the Company's functional currency, which is the Canadian dollar.

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, 2024 and 2023, 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, 2025

      There have been no new IFRS accounting standards, interpretations or amendments effective during the three and six months ended June 30, 2025, which are of potential significance to the Company.

   2. Future changes in accounting standards, which are not yet effective at June 30, 2025

      There have been no new IFRS accounting pronouncements issued during the three and six months ended June 30, 2025 with respect to new standards, interpretations and amendments to be effective subsequent to the six-month period ended June 30, 2025, which are of potential significance to the Company.

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

4. CHANGE IN ACCOUNTING POLICY

During the year ended December 31, 2024, the Company changed its accounting policy of capitalizing exploration and evaluation expenditures to expensing such expenditures. The Company believes that expensing exploration and evaluation expenditures as incurred provides more reliable and relevant financial information. The cost of exploration properties, including the cost of acquiring prospective properties and exploration rights, and exploration and evaluation costs are expensed until it has been established that a mineral property is commercially viable. Previously, the Company capitalized these amounts.

The following are reconciliations of the Company's consolidated financial statements for the three and six month periods ended June 30, 2024.

Consolidated Statements of Loss and Comprehensive Loss

For the three months ended June 30, 2024

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

Consolidated Statements of Loss and Comprehensive Loss

For the six months ended June 30, 2024

Consolidated Statements of Cash Flows For the six months ended June 30, 2024

The cash and cash equivalents balance of $347,446 at June 30, 2025 (December 31, 2024 - $493,541) includes

$7,490 of cash and cash equivalents denominated in US dollars (December 31, 2024 - $7,881).

1. AMOUNTS RECEIVABLE

   Amounts receivable consists of goods and services tax receivable of $10,856 at June 30, 2025 (December 31, 2024 - $12,998).

2. EQUIPMENT

   Computer Equipment & Software				Exploration Equipment		Shelter		Total
   Cost
   At December 31, 2024 and June 30, 2025	$	182,369	$	129,762	$	410,790	$	722,921
   Accumulated depreciation
   At December 31, 2024		(182,369)		(110,712)		(365,827)		(658,908)
   Depreciation for the period		-		(1,905)		(4,496)		(6,401)
   At June 30, 2025	$	(182,369)	$	(112,617)	$	(370,323)	$	(665,309)
   Net carrying value
   At December 31, 2024	$	-	$	19,050	$	44,963	$	64,013
   At June 30, 2025	$	-	$	17,145	$	40,467	$	57,612

   Depreciation relating to equipment for the six-month period ended June 30, 2024 was $9,251.

3. RIGHT-OF-USE ASSETS

   Cost	Office Leases		Surface Leases					Total
   At December 31, 2024 and June 30, 2025	$	46,163	$		24,150	$		70,313
   Accumulated depreciation	Office Leases			Surface Leases				Total
   At December 31, 2024		(23,082)			(5,781)			(28,863)
   Depreciation for the period		(11,541)			(918)			(12,459)
   At June 30, 2025	$	(34,623)		$	(6,699)		$	(41,322)
   Net carrying value	Office Leases		Surface Leases					Total
   At December 31, 2024	$	23,081	$		18,369	$		41,450
   At June 30, 2025	$	11,540	$		17,451	$		28,991

   The Company's corporate office lease expires in December 2025 with no renewal options, and the remaining surface lease is at Nickel Shäw Project with an expiry date in 2034.

   Depreciation relating to right-of-use assets for the six-month period ended June 30, 2024 was $12,562.

4. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

   		June 30, 2025	December 31, 2024
   Trade payable and accrued liabilities	$	211,731	$	218,848
   Other liabilities		3,058		3,338
   	$	214,789	$	222,186

   Trade payable and accrued liabilities consist of amounts outstanding for trade and other purchases related to exploration and operating activities, and are normally due on 30 to 90 day terms. Other liabilities consist primarily of employee and director related accrued liabilities.

5. LEASE OBLIGATIONS

   The Company's leases are for office space, which expires in December 2025 with no renewal options, and a surface lease at the Nickel Shäw Project. The following are the undiscounted and discounted lease obligations at a discount rate of 7.5% at June 30, 2025 and December 31, 2024:

   Discounted	June 30, 2025		December 31, 2024
   Balance, beginning of period	$	41,751	$	64,781
   Interest expense		2,089		4,175
   Lease payments		(15,245)		(27,205)
   Balance, end of period	$	28,595	$	41,751
   Current portion of lease liabilities	$	14,728	$	26,649
   Long-term portion of lease liabilities	$	13,867	$	15,102
   Undiscounted		June 30, 2025	December 31, 2024
   Current	$	15,245	$	27,945
   Non-current		17,815		20,360
   	$	33,060	$	48,305

6. 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. 2025 Private Placement

      During the month of May 2025, the Company raised gross proceeds of $350,400 by way of a non-brokered equity private placement (the "2025 Private Placement") through the issuance of 584,000 units of the Company ("Units") at a price of $0.60 per Unit.

      Each Unit consists of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant exercisable into one additional Common Share at an exercise price of $0.60 for a period of three (3) years from the date of issuance, subject to adjustment upon certain customary events. The Company's major shareholder, Electrum, was the sole participant in the 2025 Private Placement.

      The closing share price on the closing date of May 14, 2025 was $0.56. The Company used the residual value method to value the warrants within the Units with a value of $23,360 or $0.04 per Unit. The residual value of

      $23,360 was allocated to the warrants and recorded to equity reserves.

      The Company incurred cash issuance costs of $19,286 relating to legal fees and TSXV fees.

      All Units issued under the Private Placement are subject to a statutory hold period of four months and one day from the date of closing of May 14, 2025.

   3. Share-Based Compensation and Warrants

      Share-based Compensation

      For the three and six months ended June 30, 2025, share-based compensation related to stock options

      ("Options") and deferred share units ("DSUs") totalled $201,420 and $213,420, respectively (June 30, 2024 -

      $61,300 and $166,159, respectively). For the three and six months ended June 30, 2025, $195,607 and

      $207,607 was charged to general and administrative expenses, respectively (June 30, 2024 - $56,065 and

      $153,352, respectively) and $5,813 was recorded to exploration and evaluation expenses for the three and six months ended June 30, 2025 (June 30, 2024 - $5,235 and $12,807, respectively).

      1. Stock Options

         On May 6, 2025, 319,000 Options were granted to directors, officers and consultants of the Company pursuant to the Company's share-based compensation plan (the "Plan"). The Options have an exercise price of $0.49, a term of three (3) years, expiring on May 6, 2028 and vested immediately. The Company has a total of 319,000 Options outstanding at June 30, 2025 (December 31, 2024 - nil Options).

         The following is a summary of the assumptions used in the Black-Scholes value model for Options granted during the six months ended June 30, 2025 and 2024:

         Six Months Ended June 30,
         	2025	2024
         Risk-free interest rate	2.59%	n/a
         Expected price volatility	128%	n/a
         Expected life (years)	3.0	n/a
         Annual dividends	n/a	n/a
         Estimated forfeiture rate	n/a	n/a

         The fair value of 319,000 Options granted during the period ended June 30, 2025 has been estimated using the Black-Scholes pricing model to be $115,920 (June 30, 2024 - n/a).

      2. Deferred Share Units

         The following table summarizes the DSU transactions for the six months ended June 30, 2025:

         	Number of DSU's
         At December 31, 2024	117,742
         Directors Fees	33,128
         Grant to Officers and Directors	150,000
         Exercised	(22,649)
         At June 30, 2025	278,221

         On May 6, 2025, 150,000 DSUs were granted to directors and officers of the Company pursuant to the Plan.

         During the six-month period ended June 30, 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

         The following table summarizes the warrants transactions for the six months ended June 30, 2025:

         	Number of Warrants	Weighted Average Exercise Price
         At December 31, 2024	1,397,691	$	11.44
         Expired	(851,336)		10.45
         Granted	584,000		0.60
         At June 30, 2025	1,130,355	$	6.58

         At June 30, 2025, there were 1,130,355 (December 31, 2024 - 1,397,691) warrants outstanding, with a weighted-average exercise price of $6.58 (December 31, 2024 - $11.44) and a weighted-average remaining life of 1.9 years (December 31, 2024 - 0.8 years), as follows:

         		June 30, 2025
         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

7. RELATED PARTY TRANSACTIONS & KEY MANAGEMENT COMPENSATION

   The Company has identified its current and former 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.

   During the three and six months ended June 30, 2025, the Company recorded consulting fees of $nil to a party related to the Chief Executive Officer (June 30, 2024 - $3,000 and $10,500, respectively).

   At June 30, 2025, amounts due to related parties totalled $119 (December 31, 2024 - $530) related to business expense reimbursements.

   Electrum was the sole participant in the 2025 Private Placement with the purchase of 584,000 Units for

   $350,400 (see Note 11(b) for additional information), and the sole participant in the private placement that closed on March 7, 2024 with the purchase of 416,667 Common Shares for $625,000.

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

   Three Months Ended June 30,					Six Months Ended June 30,
   	2025		2024		2025		2024
   Cash fees to directors	$ -	$	2,625	$	-	$	10,500
   Officer salaries	66,250		88,333		132,500		220,833
   Share-based compensation	195,607		35,157		207,607		107,526
   	$ 261,857	$	126,115	$	340,107	$	338,859

8. EXPLORATION AND EVALUATION EXPENSES

   Three Months Ended June 30,					Six Months Ended June 30,
   	2025		2024		2025		2024
   Claim fees and other holding costs	$ 48,259	$	45,571	$	72,791	$	66,726
   Consulting fees and other	8,747		8,351		14,185		33,203
   Depreciation	3,659		5,136		7,319		10,272
   Share-based compensation	5,813		5,235		5,813		12,807
   	$ 66,478	$	64,293	$	100,108	$	123,008

9. 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, amounts receivable, 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.

10. SUPPLEMENTAL CASH INFORMATION

    Six Months Ended June 30,
    		2025		2024
    Changes in non-cash working capital balances
    Decrease in amounts receivable	$	2,142	$	14,513
    (Increase) decrease in prepaid expenses		(29,866)		25,062
    Decrease in accounts payable and accrued liabilities		(7,397)		(9,975)
    	$	(35,121)	$	29,600

11. COMMITMENTS AND CONTINGENCIES

    1. Exploration Cooperation Agreement

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

    2. 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.

    3. 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 June 30, 2025, upon termination without cause, the CEO is entitled to a maximum severance of 12 months of his salary (prior to the voluntary 50% salary reduction) plus benefits. The estimated contingent liability at June 30, 2025 amounts to approximately $287,000.

2. At June 30, 2025, 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 a maximum severance of 18 months of his salary (prior to the voluntary 50% salary reduction) plus benefits. The estimated contingent liability at June 30, 2025 amounts to approximately

$432,000.

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

1. At June 30, 2025, 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 June 30, 2025 (20 months' salary) amounts to approximately $417,000.

2. At June 30, 2025, 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 a maximum severance of 24 months of his salary (prior to the voluntary 50% salary reduction). The estimated contingent liability at June 30, 2025 amounts to approximately $500,000.

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