NorthIsle Copper and Gold : 2nd Quarter Report for the period ended June 30, 2025 Financial Statements

About this update from Northisle Copper And Gold Inc.

Northisle Copper and Gold Inc. Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2025 (Expressed in Canadian dollars) (Expressed in Canadian dollars) CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION June 30, 2025 December 31, 2024 ASSETS Note $ $ Cash and cash equivalents 5,404,816 9,476,401 Other assets 484,289 243,790 CURRENT ASSETS 5,889,105 9,720,191 Reclamation deposits 182,175 182,175 Right of use asset 3 138,650 163,118 Mineral property interests 4 10,016,000 10,016,000 ASSETS 16,225,930 20,081,484 LIABILITIES Accounts payable and accrued liabilities 987,594 762,874 Flow-through premium liability 5 1,357,028 2,311,412 Current portion of lease liability 6 59,422 59,422 CURRENT LIABILITIES 2,404,044 3,133,708 Non-current portion of lease liability 6 88,722 111,181 LIABILITIES 2,492,766 3,244,889 SHAREHOLDERS' EQUITY Share capital 7 54,541,542 54,143,843 Contributed surplus 4,719,884 4,261,307 Deficit (45,528,262) (41,568,555) SHAREHOLDERS' EQUITY 13,733,164 16,836,595 LIABILITIES AND SHAREHOLDERS' EQUITY 16,225,930 20,081,484 Nature of operations 1 Subsequent events 13 Approved by the Board of Directors Keena Hicken-Gaberria (signed) Director Sam Lee (signed) CEO and Director (Expressed in Canadian dollars) CONDENSED INTERIM CONSOLIDATED STATEMENTS OF LOSS AND COMPREHENSIVE LOSS Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 Note $ $ $ $ Mineral property expenditures 2,500,907 1,651,533 3,121,068 2,228,782 Filing and regulatory fees 29,742 35,298 50,852 55,544 Office and administration 96,282 58,951 128,302 93,608 Professional fees 68,317 32,368 111,164 64,897 Rent and utilities 33,457 3,350 47,771 13,400 Share-based payments 8,9 511,313 226,942 651,686 414,118 Shareholder communication and travel 184,456 137,163 350,118 306,354 Wages and benefits 9 317,523 252,425 548,032 450,338 CORPORATE EXPENSES 3,741,997 2,398,030 5,008,993 3,627,041 Foreign exchange loss/(gain) 496 (474) 479 (259) Interest income (32,728) (57,704) (95,381) (134,318) Flow-through premium recovery (817,054) (145,691) (954,384) (196,328) LOSS AND COMPREHENSIVE LOSS 2,892,711 2,194,161 3,959,707 3,296,136 Basic and diluted loss per share 0.01 0.01 0.02 0.01 Weighted average number of common shares outstanding 257,954,638 233,732,109 257,586,747 231,462,748 (Expressed in Canadian dollars) CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS For the six months ended June 30, 2025 2024 Note Cash flows provided by (used in) $ $ OPERATING ACTIVITIES Loss and comprehensive loss (3,959,707) (3,296,136) Items not affecting cash Finance costs 7,252 2,932 Amortization 24,468 13,495 Flow-through premium recovery 5 (954,384) (196,328) Share-based compensation 8 651,686 414,118 Non-cash working capital items (270,978) 234,217 Change in accrued interest (109,482) (50,179) Change in reclamation bond - - Change in other assets (131,017) (46,117) Change in accounts payable and accrued liabilities 224,720 (443,986) (15,779) (540,282) OPERATING ACTIVITIES (4,246,464) (3,602,201) FINANCING ACTIVITIES Warrant exercise 8 - 1,413,440 Private placement 7 172,500 - Issuance costs 7 (1,863) Stock option and restricted share unit exercise 8 33,953 469,048 Lease payments (29,711) (6,594) FINANCING ACTIVITIES 174,879 1,875,894 CHANGE IN CASH AND CASH EQUIVALENTS (4,071,585) (1,726,307) Cash and Cash Equivalents - Beginning 9,476,401 7,541,672 CASH AND CASH EQUIVALENTS - ENDING 5,404,816 5,815,365 (Expressed in Canadian dollars) CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY Note Number of Shares Share Capital $ Contributed Surplus $ Deficit $ Shareholders' Equity $ DECEMBER 31, 2023 228,114,487 44,339,707 4,346,995 (32,062,381) 16,624,321 Exercise of warrants 8 5,048,000 1,413,440 - - 1,413,440 Transfer of warrant value 7 - 415,900 (415,900) - - Exercise of stock options and restricted share units 8 4,683,740 909,981 (440,933) - 469,048 Share-based payments 9 - - 414,118 - 414,118 Loss and comprehensive loss - - - (3,296,136) (3,296,136) JUNE 30, 2024 237,846,227 47,079,028 3,904,280 (35,358,517) 15,624,791 Private placement 7 18,515,000 9,918,076 - - 9,918,076 Private placement issuance costs 7 - (723,670) - - (723,670) Flow-through premium 5 - (2,340,576) - - (2,340,576) Exercise of stock options and restricted share units 8 853,540 210,985 (171,481) - 39,504 Share-based payments 9 - - 528,508 - 528,508 Loss and comprehensive loss - - - (6,210,038) (6,210,038) DECEMBER 31, 2024 257,214,767 54,143,843 4,261,307 (41,568,555) 16,836,595 Private placement 7 250,000 172,500 - - 172,500 Private placement issuance costs 7 - (1,863) - - (1,863) Exercise of stock options and restricted share units 8 631,201 227,062 (193,109) - 33,953 Share-based payments 9 - - 651,686 - 651,686 Loss and comprehensive loss - - - (3,959,707) (3,959,707) JUNE 30, 2025 258,095,968 54,541,542 4,719,884 (45,528,262) 13,733,164 (Expressed in Canadian dollars) NATURE OF OPERATIONS Nature of operations Northisle Copper and Gold Inc. (together with its subsidiary, "Northisle" or the "Company") is a Canadian exploration stage company which is focused on the exploration and development of its North Island Project on Vancouver Island. The Company is incorporated in British Columbia, Canada. Its head office is located at 1400 - 1040 West Georgia Street, Vancouver, British Columbia. The nature of the Company's operations requires significant expenditures for the acquisition, exploration, and evaluation of mineral properties. To date, the Company has not generated any revenue from mining operations and is considered to be in the exploration stage. The Company's operations have been primarily funded from equity financing. The Company will continue to require additional funding to maintain its ongoing exploration and evaluation programs, property maintenance payments, and operations. BASIS OF PRESENTATION Compliance with International Financial Reporting Standards These condensed interim consolidated financial statements have been prepared in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS Accounting Standards"), as applicable to the preparation of interim financial statements including International Accounting Standard ("IAS") 34, Interim Financial Reporting. Accordingly, they do not include all the information and notes to the consolidated financial statements required by IFRS Accounting Standards for annual financial statements and should be read in conjunction with the Company's most recent audited consolidated financial statements for the year ended December 31, 2024. These financial statements were approved for issue by the Company's Board of Directors on August 20, 2025. Critical accounting judgments, estimates and assumptions The preparation of these condensed interim consolidated financial statements required management to make estimates, judgments and assumptions that affect the reported amounts and other disclosures in these consolidated financial statements. Estimates and the underlying 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 under different assumptions and conditions. Estimates and the underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimate is revised if the revision affects only that period or in the period of the revision and further periods if the review affects both current and future periods. Critical estimates are estimates and assumptions made by management that may result in material adjustments to the carrying amount of assets and liabilities within the next financial year. Critical estimates used in the preparation of these consolidated financial statements include, among others, (Expressed in Canadian dollars) the impairment of carrying values of equipment and mineral property interests, and the determination of realizable amounts of deferred tax assets and liabilities. Critical accounting judgments are judgments about the application of accounting policies that have been identified as being complex or involving subjective judgments or assessments. Critical accounting judgments include the expected economic lives of equipment and the identification of potential indicators of impairment for exploration and evaluation assets. At each reporting period, management applies judgment in assessing whether there are any indicators of impairment relating to mineral property interests. If any such indicator exists, then an impairment test is performed by management. Indicators of impairment may include (i) the period during which the entity has the right to explore in the specific area has expired during the year or will expire in the near future; (ii) substantive expenditure on further exploration for and evaluation of mineral resources in the specific area is neither budgeted nor planned; (iii) sufficient data exists to support that extracting the resources will not be technically feasible or commercially viable; and (iv) facts and circumstances suggest that the carrying amount exceeds the recoverable amount. As at June 30, 2025, management identified no impairment indicators and consequently, impairment testing was not required. Consolidation These condensed interim consolidated financial statements include the accounts of the Company and its 100% controlled subsidiary, North Island Mining Corp. (collectively, the "Company"). Control exists when the Company has the power, directly or indirectly, to govern the financial and operating policies of an entity so as to obtain benefits from its activities. All significant inter-company transactions and balances have been eliminated upon consolidation. RIGHT-OF-USE ASSET The Company leases vehicles under lease agreements which expire on May 15, 2028. The leased vehicles have been recorded as a Right-of-Use Asset and are amortized over the life of the leases (See Note 6). Right-of-use Asset Cost Accumulated Depreciation Carrying Amount DECEMBER 31, 2023 - - - Additions 195,742 (32,624) 163,118 DECEMBER 31, 2024 195,742 (32,624) 163,118 Additions - (24,468) (24,468) JUNE 30, 2025 195,742 (57,092) 138,650 (Expressed in Canadian dollars) MINERAL PROPERTY INTERESTS Mineral property costs North Island Property $ December 31, 2023 and 2024 10,016,000 Changes during the period - JUNE 30, 2025 10,016,000 The North Island Copper Gold Project (the "Project") consists of a contiguous block of mineral claims located on northern Vancouver Island in British Columbia, Canada. The claims include the Hushamu, Red Dog and Northwest Expo copper gold porphyry deposits, as well as numerous additional identified porphyry exploration targets and occurrences. Certain claims (historically known as the Expo claims) are subject to a 10% net profits interest royalty currently held by Royal Gold, Inc. Should a production decision be made on the Expo claims, the Company is required to make a cash payment of $1,000,000 to Sirit Inc., or its successors, within 60 days of the production decision. Certain other claims underlying the Project are known as the Apple Bay claims. Should a production decision be made regarding the Apple Bay claims, the Company is required to pay $800,000 in cash or in shares to Electra Gold Ltd., or its successors ("Electra"). The payment method is at the election of the Company. Electra maintains a limited right to explore the Apple Bay claims for non-metallic minerals subject to certain conditions including approval by Northisle. Claims underlying the Red Dog deposit are subject to a combined 3% net smelter return royalty, of which up to 2% can be repurchased at the option of the Company at any time for a cash payment of US$1,000,000 for each 1% repurchased. Mineral Property Expenditures Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 $ $ $ $ Amortization of equipment 12,234 4,231 24,468 6,901 Community engagement 51,114 23,662 94,170 51,342 Engineering 1,179,458 262,269 1,325,857 328,463 Exploration and camp support 1,153,777 1,202,226 1,463,448 1,607,751 Environmental and permitting 24,472 65,854 57,106 68,534 Salary and wages 79,852 93,291 156,019 165,791 TOTAL 2,500,907 1,651,533 3,121,068 2,228,782 (Expressed in Canadian dollars) FLOW-THROUGH PREMIUM LIABILITY The flow-through premium liability balance as at June 30, 2025 of $1,357,028 (December 31, 2024 - $2,311,412) arose in connection with the flow-through share offering the Company completed on December 5, 2024. The reported amount is the remaining balance of the premium from issuing the flow-through shares. The flow-through premium is recognized in the statement of loss based on the amount of qualifying flow-through expenditures incurred by the Company. The Company is committed to incurring on or before December 31, 2025, qualifying Canadian exploration expenses as defined under the Income Tax Act, Canada ("Qualifying CEE") in the amount of $7,000,056 with respect to the flow-through share financing completed on December 5, 2024. None of the Qualifying CEE will be available to the Company for future deduction from taxable income. As at June 30, 2025, the Company has remaining commitment to incur Qualifying CEE of $4,058,519. On December 21, 2023, the Company completed a flow-through share financing and recorded a flow-through liability of $652,206 and committed to incur Qualifying CEE in the amount of $5,996,886. As at June 30, 2025, the Company had incurred all committed expenditures and no longer had a flow-through premium liability associated with this flow-through share financing. Accordingly, the Company recognized a flow-through premium recovery of $817,054 and $954,384 during the three and six months ended June 30, 2025 respectively ($145,691 and $196,328 during the three and six months ended June 30, 2024, respectively) LEASE LIABILITY On May 15, 2024, the Company entered into vehicle lease agreements for three pickup trucks with a 48-month term and total monthly payments of $4,952 for the 48-month term. The vehicle lease agreements have an aggregate purchase option of $125,000 at the conclusion of the 48-month term. At the date of recognition, the lease liability was measured at the present value of the lease payments that were not paid as at that date. The lease payments are discounted using an annual interest rate of 8.99%, which is the contracted rate applicable to the lease agreement. The continuity of the lease liability is presented in the table below. JUNE 30, 2025 DECEMBER 31, 2024 Opening Balance 170,603 - Additions - 195,742 Lease payments (29,711) (36,306) Interest expense 7,252 11,167 Closing Balance 148,144 170,603 Less: current portion of lease liability (59,422) (59,422) Non-current portion of lease liability 88,722 111,181 (Expressed in Canadian dollars) The remaining minimum future lease payments, excluding estimated operating costs, for the term of the lease are as follows: YEAR JUNE 30, 2025 2025 29,711 2026 59,422 2027 59,422 2028 19,807 Total minimum lease payments 168,362 Less imputed interest (20,218) Total lease obligation 148,144 Current portion of lease obligation (59,422) Non-current portion of lease liability 88,722 7. SHARE CAPITAL Authorized share capital The Company is authorized to issue an unlimited number of common shares without par value. Financing On April 15, 2025, the Company completed a non-brokered private placement, issuing 250,000 common shares at a price of $0.69 per common share for gross proceeds of $172,500. Issuance costs related to the private placement totaled $1,863. On December 5, 2024, the Company completed a non-brokered private placement issuing 7,697,000 common shares at a price of $0.38 per common share and 10,836,000 critical mineral charity flow-through common shares at a price of $0.646 per common share for gross proceeds of $9,918,076. Issuance costs related to the private placement totaled $723,670. A flow-through premium liability of $2,340,576 was recognized (Note 5). (Expressed in Canadian dollars) EQUITY INCENTIVE PLANS Stock Options Outstanding The Company has a stock option plan (the "Option Plan") that permits the grant of stock options for the purchase of up to 10% of the issued and outstanding common shares of the Company to directors, officers, employees, and consultants. Stock options generally vest over a two-year period from date of grant unless otherwise determined by the board of directors. As at June 30, 2025, the Company could issue an additional 11,875,395 stock options under the terms of the stock option plan. A summary of the Company's stock activity is presented below: Number of Stock options Weighted average exercise price $ DECEMBER 31, 2023 15,146,433 0.22 Granted 502,000 0.48 Exercised (5,223,000) 0.13 Expired (628,000) 0.31 DECEMBER 31, 2024 9,797,433 0.28 Granted 1,553,000 0.69 Exercised (194,100) 0.18 JUNE 30, 2025 11,156,333 0.34 In relation to the stock options, the Company recognized an expense of $387,805 and $447,023 during the three and six months ended June 30, 2025, respectively ($118,860 and $223,312 during the three and six months ended June 30, 2024, respectively) in the statement of loss and comprehensive loss. The average market price relating to options exercised during the six months ended June 30, 2025, was $0.69 (six months ended June 30, 2024 - $0.42). (Expressed in Canadian dollars) Stock options outstanding and exercisable are as follows: Expiry Date Exercise Price Number of Stock options outstanding Average remaining contractual life (years) Number of stock options exercisable November 4, 2025 $0.175 333,333 0.35 333,333 November 17, 2025 $0.20 650,000 0.38 650,000 December 29, 2025 $0.28 840,000 0.50 840,000 July 14, 2026 $0.26 165,000 1.04 165,000 December 16, 2026 $0.29 1,833,000 1.46 1,833,000 April 8, 2027 $0.40 200,000 1.77 200,000 November 21, 2027 $0.175 2,501,200 2.39 2,501,200 May 26, 2028 $0.18 403,500 2.91 403,500 December 21, 2028 $0.40 2,175,300 3.48 1,450,200 April 1, 2029 $0.50 150,000 3.76 100,000 July 18, 2029 $0.475 352,000 4.05 117,333 April 4, 2030 $0.69 1,553,000 4.76 517,667 JUNE 30, 2025 11,156,333 2.52 9,111,233 During the six months ended June 30, 2025 the Company granted 1,553,000 (year ended December 31, 2024 - 502,000) options to employees, directors and consultants. The fair value of each option granted is estimated on the date of grant using the Black-Scholes option pricing model. The weighted average assumption and resulting fair values for the grants are as follows: Inputs and assumptions Six Month Ended June 30, 2025 Year Ended December 31, 2024 Exercise price $0.69 $0.48 Market price $0.69 $0.48 Expected life of options (years) 5.0 5.0 Expected stock price volatility 98% 109% Average risk-free interest rate 2.52% 3.40% Expected forfeiture rate - - Expected dividend yield - - FAIR VALUE PER OPTION GRANTED $0.51 $0.37 (Expressed in Canadian dollars) Restricted Share Units The Company granted restricted share units ("RSUs") in accordance with the share unit plan approved at the Company's 2021 shareholders meeting. These RSUs vest in three equal tranches: Tranche one - on completion of 12 months from grant date, Tranche two - on completion of twenty-four months from the grant date and Tranche three - on completion of thirty-six months from grant date. These RSUs can be cash or equity-settled at the Company's discretion. The Company has elected to classify the RSUs as equity-settled and as such, the RSUs are valued at the market price of the Company shares on the date of grant. Under the share unit plan the Company has reserved an amount not exceeding 7,000,000 shares for the issuance of RSUs, deferred share unit ("DSUs"), and performance share units ("PSUs") and, when combined with the Option Plan, no more than 10% of the Company's outstanding shares on a rolling basis. A summary of the Company's RSUs outstanding and the changes for the periods then ended, is presented below: Number of shares issued or issuable on vesting DECEMBER 31, 2023 1,468,168 RSUs Granted 433,800 RSUs Converted to common shares (314,282) RSUs Converted to cash (339,917) DECEMBER 31, 2024 1,247,769 RSUs Granted 623,000 RSUs Converted to common shares (437,101) JUNE 30, 2025 1,433,668 In relation to RSUs, the Company recognized an expense of $98,126 and $154,175 during the three and six months ended June 30, 2025, respectively ($78,164 and $131,299 during the three and six months ended June 30, 2024) in the statements of loss and comprehensive loss. RSUs converted to cash are used to settle the related payroll withholding taxes. (Expressed in Canadian dollars) Deferred Share Units Only directors of the Company are eligible for DSUs. Each DSU vests over twelve months and is redeemed upon a director ceasing to be a director of the Company. These DSUs can be cash or equity-settled at the Company's discretion. The Company has elected to classify the DSUs as equity-settled and as such, the DSUs are valued at the market price of the Company shares on the date of grant. Under the share unit plan the Company has reserved an amount not exceeding 7,000,000 shares for the issuance of RSUs, DSUs, and PSUs. A summary of the Company's DSUs outstanding and the changes for the years then ended, is presented below: Number of shares issued or issuable on vesting DECEMBER 31, 2023 1,132,200 DSUs Granted 212,000 DECEMBER 31, 2024 and JUNE 30, 2025 1,344,200 In relation to DSUs, the Company recognized an expense of $25,382 and $50,488 during the three and six months ended June 30, 2025 ($29,918 and $59,507 during the three and six months ended June 30, 2024) in the statements of loss and comprehensive loss. RELATED PARTY TRANSACTIONS Management Compensation The Company's related parties include its directors and officers, who are the key management of the Company. The remuneration of directors and officers during the periods presented was as follows: Three Months Ended June 30, Six Months Ended June 30, 2025 2024 2025 2024 $ $ $ $ Salary and Wages 239,435 268,455 439,350 464,705 Share-based payments 480,117 202,207 559,513 360,173 MANAGEMENT COMPENSATION 719,552 470,662 998,863 824,878 Wages for certain officers of the Company are allocated to mineral property expenditures. As at June 30, 2025, the Company had $69,340 (2024 - Nil) receivable from directors and officers in relation to withholding tax expenses related to exercise of RSUs (Expressed in Canadian dollars) SEGMENTED INFORMATION The Company's operations are in one segment: the acquisition, exploration and future development of mineral resource properties. All interest income is earned in Canada and all assets are held in Canada. CAPITAL MANAGEMENT The Company is a mineral exploration and development company focusing on advancing the North Island Project. Its principal source of funds is the issuance of securities. The Company considers capital to be equity attributable to common shareholders, comprised of share capital, contributed surplus, and deficit. It is the Company's objective to safeguard its ability to continue as a going concern so that it can continue to explore and develop its projects. The Company manages its capital structure based on the funds available for its operations and makes adjustments for changes in economic conditions, capital markets and the risk characteristics of the underlying assets. To maintain its objectives, the Company may attempt to issue new shares, seek debt financing, acquire or dispose of assets or change the timing of its planned exploration and development projects. There is no assurance that these initiatives will be successful. The Company monitors its cash position on a regular basis to determine whether sufficient funds are available to meet its short-term and long-term corporate objectives. There has been no change in the Company's capital management practices during the period. The Company does not pay dividends. Neither the Company nor its subsidiary is subject to externally imposed capital requirements. FINANCIAL INSTRUMENT RISK The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Company has exposure to liquidity and credit risk from the use of financial instruments. Financial instruments consist of cash, certain other assets, reclamation bonds and accounts payable and accrued liabilities. Liquidity risk Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they come due. The Company uses cash forecasts to ensure that there is sufficient cash on hand to meet short-term business requirements. The Company's accounts payable and accrued liabilities are all due in the short term. Cash is invested in highly liquid investments which are available to discharge obligations when they come due. The Company does not maintain a line of credit. Credit risk Financial instruments that potentially subject the Company to credit risk consist primarily of cash and reclamation deposits. These financial instruments are at risk to the extent that the institutions issuing or holding them cannot redeem amounts when they are due or requested. To limit its credit risk, the Company uses a restrictive investment policy. It deposits cash and cash equivalents in Canadian chartered banks as well as guaranteed investment certificates from Canadian chartered banks with a credit rating of R-1 (high) or equivalent. The carrying amount of financial assets recorded in the financial statements, net of any allowance for losses, represents the Company's maximum exposure to credit risk. (Expressed in Canadian dollars) SUBSEQUENT EVENT On August 8, 2025, the Company completed a brokered and non-brokered private placement for gross proceeds totaling $39.5 million. Gross proceeds from the brokered listed issuer financing (LIFE) private placement offering were approximately $34.5m and gross proceeds from the non-brokered private placement with Wheaton Precious Metals Corp. ("Wheaton") were approximately $5m. The Brokered Offering consisted of (i) 9,338,000 common shares of the Company that qualify as "flow-through shares" within the meaning of subsection 66(15) of the Income Tax Act (Canada) (the "CFT Shares") issued at a price of $1.6065 per CFT Share, and (ii) 18,573,086 common shares (the "Non-FT Shares", and together with the CFT Shares, the "Brokered Shares"), issued at a price of $1.05 per Non-FT Share, which includes 4,286,086 Non-FT Shares issued pursuant to the exercise of the Agents' over-allotment option. The Brokered Offering was conducted by a syndicate of agents led by Paradigm Capital Inc. as lead agent and sole bookrunner on behalf of a syndicate of agents including First Nations Financial Markets Limited Partnership, Red Cloud Securities Inc., Ventum Financial Corp., and Raymond James Ltd. (collectively, the "Agents"). The Agents received a cash commission of $1,874,197 in respect of the Brokered Offering. The Agents' commission was comprised of 6% of gross proceeds with the exception of subscribers on a president's list provided by the Company, to which a 2% commission was applied. Concurrent to the Brokered Offering, the Company has closed the Non-Brokered Offering which comprised of 4,762,000 common shares of the Company (the "Non-Brokered Shares") at a price of $1.05 per Non-Brokered Share for gross proceeds of approximately $5 million. The Non-Brokered Shares sold under the Non-Brokered Offering are subject to a hold period pursuant to applicable Canadian securities laws expiring four months and one day from the date of issuance. In connection with the Non-Brokered Offering, Wheaton has entered into a right of first refusal agreement (the "Agreement") with Northisle pursuant to which Wheaton has paid Northisle $10,000 and has been granted a right of first refusal in respect of precious metal streams or royalties on selected claims from the North Island Project plus a one kilometre area of interest surrounding the selected claims.

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