Q2 2026 Interim Financial Statements

TSXV: NCP | OTCQB: NCPCF

For the three and six months ended June 30, 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.

Condensed Consolidated Interim Statements of Financial Position

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

Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

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

Three Months Ended Six Months Ended June 30, June 30,

Note 2026 2025 2026 2025

OPERATING EXPENSES

General and administrative expenses

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)

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' Equity (Deficiency)

For the six months ended June 30, 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.

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 June 30, 2026 of

   $167.5 million (December 31, 2025 - $166.6 million), a total shareholders' equity at June 30, 2026 of $0.6 million (December 31, 2025 - $1.1 million) and working capital at June 30, 2026 of $1.1 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 and six months ended June 30, 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 July 29, 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 and six months ended June 30, 2026, which are of potential significance to the Company.

   2. Future changes in accounting standards, which are not yet effective at June 30, 2026

      There have been no new IFRS accounting pronouncements issued during the three and six months ended June 30, 2026 with respect to new standards, interpretations and amendments to be effective subsequent to the six-month period ended June 30, 2026, which are of potential significance to the Company.

4. CASH AND CASH EQUIVALENTS

The cash and cash equivalents balance of $1,346,844 at June 30, 2026 (December 31, 2025 - $1,859,393) includes $7,188 of cash and cash equivalents denominated in US dollars (December 31, 2025 - $7,265).

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

Depreciation relating to equipment for the six-month period ended June 30, 2025 was $6,401.

1. RIGHT-OF-USE ASSETS

   Cost Office Lease Surface Lease Total

   At December 31, 2025 and June $ 50,898 $ 24,150 $ 75,048

   30, 2026

   Accumulated depreciation	Office Lease	Surface Lease	Total
   At December 31, 2025	-	(7,822)	(7,822)
   Depreciation for the period	(12,725)	(1,021)	(13,746)
   At June 30, 2026	$ (12,725) $	(8,843) $	(21,568)

   Net carrying value Office Lease Surface Lease Total

   At December 31, 2025 $ 50,898 $ 16,328 $ 67,226

   
   
   

   At June 30, 2026 $ 38,173 $ 15,307 $ 53,480

   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 six-month period ended June 30, 2025 was $12,459.

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

2. FLOW-THROUGH SHARE PREMIUM LIABILITY

   During 2025, the Company raised flow-through ("FT") gross proceeds of $1,026,000 ("2025 FT Private Placement") and as at June 30, 2026 has expended a total of $133,725 from the 2025 FT Private Placement. At June 30, 2026, the unamortized FT share premium liability balance of $58,193 (December 31, 2025 - $66,913) relates entirely to the 2025 FT Private Placement. See Note 14(b) for additional information.

3. 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 June 30, 2026 and December 31, 2025:

   Discounted	June 30, 2026	December 31, 2025
   Balance, beginning of year	$ 67,719	$ 41,751
   Office lease additions	-	50,898
   Interest expense	2,382	3,015
   Lease payments	(16,105)	(27,945)
   Balance, end of period	$ 53,996	$ 67,719
   Current portion of lease liabilities	$ 28,744	$ 28,379
   Long-term portion of lease liabilities	$ 25,252	$ 39,340
   Undiscounted	June 30, 2026	December 31, 2025
   Current	$ 30,145	$ 29,665
   Non-current	31,855	48,440
   	$ 62,000	$ 78,105

4. 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 and six months ended June 30, 2026 and 2025, share-based compensation expense related to stock options ("Options") and deferred share units ("DSUs") totalled $428,551 and $440,551, respectively (June

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

      30, 2025 - $201,420 and $213,420, respectively). For the three and six months ended June 30, 2026, $398,151 and $410,151 was charged to general and administrative expenses, respectively (June 30, 2025 - $195,607 and

      $207,607, respectively) and $30,400 was recorded to exploration and evaluation expenses for the three and six months ended June 30, 2025 ( $5,813 for the three and six months ended June 30, 2025).

      1. Stock Options

         The following table summarizes the Options transactions for the six months ended June 30, 2026:

         	Number of Options		Weighted Average Exercise Price
         At January 1, 2026	303,000	$	0.49
         Granted	265,000		2.70
         At June 30, 2026	568,000	$	1.52

         On May 5, 2026, 265,000 Options were granted to directors, officers and consultants of the Company pursuant to the Company's share-based compensation plan (the "Plan"). Of the 265,000 Options, 150,000 Options required shareholder approval, which was obtained at the annual general and special meeting ("AGM") held on June 25, 2026. The 150,000 Options required Black-Scholes valuation as of the June 25, 2026 AGM date.

         The Options have an exercise price of $2.70, a term of three (3) years, expiring on May 5, 2029 and vested immediately. The Company has a total of 568,000 Options outstanding at June 30, 2026 (December 31, 2025 -303,000 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, 2026 and 2025:

         Six Months Ended June 30,

         	2026	2025
         Risk-free interest rate	2.85% - 2.96%	2.59%
         Expected price volatility	140% - 143%	128%
         Expected life (years)	2.5	3.0
         Annual dividends	n/a	n/a
         Estimated forfeiture rate	n/a	n/a

         The total fair value of the 265,000 Options granted during the period ended June 30, 2026 has been estimated using the Black-Scholes pricing model to be $398,900 (June 30, 2025 - $115,920).

         The following table summarizes the Options outstanding at June 30, 2026:

         June 30, 2026

         Expiry Date	Exercise Price	Outstanding	Exercisable
         May 6, 2028	0.49	303,000	303,000
         May 5, 2029	2.70	265,000	265,000
         		568,000	568,000

         At June 30, 2026, the weighted-average remaining life of the outstanding Options was 2.3 years (December 31, 2025 - 2.3 years).

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

      2. Deferred Share Units

         The following table summarizes the DSU transactions for the six months ended June 30, 2026:

         Number of

         DSUs

         At January 1, 2026 287,057

         Directors Fees 9,908

         Grant to Officers and Directors 150,000

         At June 30, 2026 446,965

         The 150,000 DSUs granted to officers and directors on May 5, 2026 required shareholder approval, which was obtained at the AGM. The 150,000 DSUs had a fair value of $247,500 on the date of the AGM and the fair value amount of $247,500 is being amortized over the TSXV required vesting period of one year from date of the May 5, 2026 grant date (June 30, 2025 - $73,500).

         Of the outstanding 446,965 DSUs at June 30, 2026, 278,221 DSUs are vested and the remaining 168,744 DSUs are unvested.

         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, 2026:

         	Number of Warrants		Weighted Average Exercise Price
         At December 31, 2025	1,130,355	$	6.58
         Expired	(546,355)		12.98
         At June 30, 2026	584,000	$	0.60

         At June 30, 2026, there were 584,000 (December 31, 2025 - 1,130,355) warrants outstanding, at an exercise price of $0.60 (December 31, 2025 - $6.58), expiring on May 14, 2028 with a remaining life of 1.9 years (December 31, 2025 - 1.4 years).

5. 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 June 30, 2026, amounts due to related parties totalled $702 (December 31, 2025 -

   $1,223) related to business expense reimbursements.

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

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

   Three Months Ended June 30,

   Six Months Ended June 30,

   	2026	2025	2026	2025
   Salaries of officers	$ 66,250	$ 66,250	$ 132,500	$ 132,500
   Share-based compensation	398,151	195,607	410,151	207,607
   	$ 464,401	$ 261,857	$ 542,651	$ 340,107

6. EXPLORATION AND EVALUATION EXPENSES

   Three Months Ended June 30,

   Six Months Ended June 30,

   	2026	2025	2026	2025
   Claim fees and other holding costs	$ 45,126	$ 48,259	$ 68,281	$ 72,791
   Consulting fees and other	21,000	8,747	42,137	14,185
   Depreciation	2,864	3,659	5,729	7,319
   Share-based compensation	30,400	5,813	30,400	5,813
   	$ 99,390	$ 66,478	$ 146,547	$ 100,108

7. 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.

8. SUPPLEMENTAL CASH INFORMATION

   Six Months Ended June 30,

   	2026	2025
   Changes in non-cash working capital balances (Increase) decrease in sales tax recoverable	$ (11)	$ 2,142
   Increase in prepaid expenses	(100,807)	(29,866)
   Increase (decrease) in accounts payable and accrued liabilities	49,024	(7,397)
   	$ (51,794)	$ (35,121)

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

9. 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 June 30, 2026, the Company has expended $133,725 of the 2025 FT Private Placement amount of $1,026,000 and the Company has until December 31, 2026 to spend the remaining $892,275 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 $12,100 at June 30, 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.

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

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

1. At June 30, 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 June 30, 2026 amounts to approximately $287,000 (December 31, 2025 -

   $287,000).

2. At June 30, 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 June 30, 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 June 30, 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 June 30, 2026 (21 months' salary) amounts to $437,500 (December 31, 2025 - $437,500).

2. At June 30, 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 June 30, 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.