2025 Consolidated Financial Statement

(Expressed in Canadian Dollars)

To the Shareholders of Purepoint Uranium Group Inc.:

Opinion

We have audited the financial statements of Purepoint Uranium Group Inc. (the "Company"), which comprise the statements of financial position as at December 31, 2025 and December 31, 2024, and the statements of loss and comprehensive loss, changes in equity and cash flows for the years then ended, and notes to the financial statements, including material accounting policy information.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at December 31, 2025 and December 31, 2024, and its financial performance and its cash flows for the years then ended in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board.

Basis for Opinion

We conducted our audits in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audits of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material Uncertainty Related to Going Concern

We draw attention to Note 2 in the financial statements, which indicates that the Company incurred a net loss during the year ended December 31, 2025 and, as of that date, the Company had an accumulated deficit. As stated in Note 2, these events or conditions, along with other matters as set forth in Note 2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

Except for the matter described in the Material Uncertainty Related to Going Concern section, we have determined that there are no other key audit matters to communicate in our report.

MNP LLP

50 Burnhamthorpe Road West, Suite 900, Mississauga ON, L5B 3C2 T: 416.626.6000 F: 416.626.8650

Other Information

Management is responsible for the other information. The other information comprises Management's Discussion and Analysis.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audits of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audits or otherwise appears to be materially misstated. We obtained Management's Discussion and Analysis prior to the date of this auditor's report. If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Responsibilities of Management and Those Charged with Governance for the Financial Statements

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS Accounting Standards as issued by the International Accounting Standards Board, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

Auditor's Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audits and significant audit findings, including any significant deficiencies in internal control that we identify during our audits.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Charanjot Singh Bindra.

Mississauga, Ontario Chartered Professional Accountants

April 14, 2026 Licensed Public Accountants

As at December 31, 2025 and 2024 (Expressed in Canadian Dollars)

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

signed: "Borys Chabursky" signed: "Allan Beach"

For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars)

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

For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars)

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

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

1. GENERAL INFORMATION

   Purepoint Uranium Group Inc. ("the Company") is a Canadian resource company engaged in the acquisition, exploration and development of properties for the purpose of producing uranium. The Company's principal assets are mineral properties located in Saskatchewan. The ability of the Company to realize the costs it has incurred to date on these and other properties is dependent upon the discovery of economically recoverable reserves, the preservation of the Company's interest in the underlying mining claims, the ability to continue to raise adequate financing and to commence profitable operations in the future, or alternatively, upon the disposal of properties, or the Company's interests therein, on an advantageous basis.

   The Company's head office is located at 120 Adelaide Street West, Suite 2500, Toronto, Ontario, M5H 1T1, Canada.

2. BASIS OF PRESENTATION AND GOING CONCERN

   These financial statements have been prepared on a going concern basis. The going concern basis of presentation assumes that the Company will continue in operation for the foreseeable future and be able to realize its assets and discharge its liabilities and commitments in the normal course of business.

   During the year ended December 31, 2025, the Company incurred a net loss of $6,698,469 (2024 -

   $5,155,898), and as of that date, the Company's accumulated deficit was $73,798,879 (2024 -

   $67,100,410). As at December 31, 2025, the Company had available working capital of $4,381,677 (2024 - $2,107,865), including a cash balance of $4,833,675 (2024 - $2,241,398), which it can deploy to fulfill financial requirements for the 12-month period ending December 31, 2026.

   The ability of the Company to continue as a going concern is dependent on the successful completion of the actions taken or planned. In order to meet future expenditures and cover administrative costs, the Company will need to raise additional financing. Although the Company has been successful in raising funds to date, there can be no assurance that adequate funding will be available in the future, or available under terms favourable to the Company. These circumstances and the volatile and speculative nature of the mining business, represent material uncertainties which may cast significant doubt on the Company's ability to continue as a going concern.

   These financial statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. If the going concern basis was not appropriate for these financial statements, then adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses, and the statement of financial position classifications used.

3. MATERIAL ACCOUNTING POLICIES
   1. Statement of compliance

      These Financial Statements have been prepared in accordance with IFRS® Accounting Standards issued by the International Accounting Standards Board ("IASB") and IFRIC® Interpretations of the IFRS Interpretations Committee.

      The accounting policies set out below were consistently applied to all periods presented in these financial statements.

      These financial statements were reviewed, approved and authorized for issuance by the Board of

      Directors (the "Board") of the Company on April 14, 2026.

   2. Basis of preparation

      The financial statements are presented in Canadian dollars. The financial statements are prepared on the historical cost basis.

   3. Share-based payments

      The share option plan allows Company employees and consultants to acquire shares of the Company. The fair value of options granted is recognized as an employee or consultant expense with a corresponding increase in equity. An individual is classified as an employee when the individual is an employee for legal or tax purposes (direct employee) or provides services similar to those performed by a direct employee, including directors of the Company. The fair value of the stock options granted is measured at grant date and each tranche is recognized on a graded basis over the period during which the options vest. The fair value of the options granted is measured using the Black-Scholes option pricing model taking into account the terms and conditions upon which the options were granted. At the end of each reporting period, the amount recognized as an expense for unvested options is adjusted to reflect the actual number of share options that are expected to vest.

      3. MATERIAL ACCOUNTING POLICIES - continued
   4. Income taxes

      Income tax comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity or other comprehensive income, in which case the income tax is also recognized directly in equity or other comprehensive income.

      Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted at the end of the reporting period, and any adjustment to tax payable in respect of previous years. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to offset the amounts and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously.

      Deferred tax is recognized in respect of all qualifying temporary differences arising between the tax basis of assets and liabilities and their carrying amounts in the financial statements. Deferred income tax is determined on a non-discounted basis using tax rates and laws that have been enacted or substantively enacted at the end of the reporting period and are expected to apply when the deferred tax asset or liability is settled. Deferred tax assets are recognized to the extent that it is probable that the assets can be recovered. Deferred tax assets and liabilities are offset when there is a legally enforceable right to offset tax assets and liabilities and when the deferred tax balances relate to the same taxation authority.

      Deferred tax assets are recognized to the extent future recovery is probable. At each reporting period end, deferred tax assets are reduced to the extent that it is no longer probable that sufficient taxable earnings will be available to allow all or part of the asset to be recovered.

      Estimates income taxes

      Provisions for taxes are made using the best estimate of the amount expected to be paid based on a qualitative assessment of all relevant factors. The Company reviews the adequacy of these provisions at the end of the reporting period. However, it is possible that at some future date an additional liability could result from audits by taxing authorities. Where the final outcome of these tax-related matters is different from the amounts that were initially recorded, such differences will affect the tax provisions in the period in which such determination is made.

   5. Flow-through shares

      The Company will, from time to time, issue flow-through common shares to finance a significant portion of its exploration program. Pursuant to the terms of the flow-through share agreements, these shares transfer the tax deductibility of qualifying resource expenditures to investors. On issuance, the Company bifurcates the flow-through share into:

      1. a flow-through share premium, equal to the estimated premium, if any, investors pay for the flow-through feature, which is recognized as a liability, and

      2. share capital.

Upon expenditures being incurred, the Company derecognizes the liability and recognizes a deferred tax liability for the amount of tax reduction renounced to the shareholders. The premium is recognized as other income and the related deferred tax is recognized as a tax provision.

1. MATERIAL ACCOUNTING POLICIES - continued
   1. Flow-through shares - continued

      Proceeds received from the issuance of flow-through shares are restricted to be used only for Canadian resources property exploration expenditures. The Company may also be subject to a Part XII.6 tax on flow-through proceeds renounced under the Look-back Rule, in accordance with Government of Canada flow-through regulations. When applicable, this tax is accrued as a financial expense until paid.

   2. Property, equipment and right of use asset

      Property and equipment are carried at cost, less accumulated depreciation and accumulated impairment losses. The cost of an item of property and equipment consists of the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use and an initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located. An item of property and equipment is derecognized upon disposal or when no future economic benefits are expected to arise from the continued use of the asset. Any gain or loss arising on disposal of the asset, determined as the difference between the net disposal proceeds and the carrying amount of the asset, is recognized in the statements of loss and comprehensive loss. Where an item of property and equipment comprises major components with different useful lives, the components are accounted for as separate items of property and equipment. Expenditures incurred to replace a component of an item of property and equipment that is accounted for separately, including major inspection and overhaul expenditures are capitalized.

      The Company provides for depreciation of its property and equipment at the following methods and annual rates:

      Exploration field property and equipment 20% declining balance Exploration furniture and equipment 20% declining balance Office furniture and fixtures Straight line over 5 years

      Right of use assets Straight line over the shorter of the estimated useful life of the asset and the lease term

   3. Mining properties and exploration and evaluation costs

      Exploration and evaluation expenditures include the costs of acquiring licenses, costs associated with exploration and evaluation activity, and the fair value (at acquisition date) of exploration and evaluation assets acquired in a business combination. Exploration and evaluation expenditures are expensed as incurred except for expenditures associated with the acquisition of the exploration and evaluation assets through a business combination or asset acquisition which are recognized as assets. Costs incurred before the Company has obtained the legal rights to explore an area are recognized in profit or loss.

      3. MATERIAL ACCOUNTING POLICIES - continued
   4. Impairment of non-financial assets

      At the end of each reporting period, the carrying amounts of the Company's non-financial assets are reviewed to determine whether there is any indication that those assets are impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment, if any. The recoverable amount is the higher of fair value less costs to sell and value in use. Fair value is determined as the amount that would be obtained from the sale of the asset in an arm's length transaction between knowledgeable and willing parties. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount and the impairment loss is recognized in the profit or loss for the period. For an asset that does not generate largely independent cash inflows, the recoverable amount is determined for the cash generating unit to which the asset belongs.

      Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.

   5. Financial assets and liabilities Financial assets

      All financial assets are recognized initially at fair value plus, in the case of investments not at FVTPL,

      directly attributable transaction costs on the trade date at which the Company becomes a party to the contractual provisions of the instruments.

      Where fair values of financial assets recorded on the statements of financial position cannot be derived from active markets, they are determined using a variety of valuation techniques. The inputs to these models are derived from observable market data where possible, but where observable market data are not available, judgement is required to establish fair values.

      Financial assets are classified as either financial assets at FVTPL, amortized cost, or FVTOCI. The Company determines the classification of its financial assets at initial recognition.

      1. Financial assets recorded at FVTPL

         Financial assets are classified as FVTPL if they do not meet the criteria of amortized cost or FVTOCI. On initial recognition, the Company can irrevocably designate a financial asset at FVTPL if doing so eliminates or significantly reduces an accounting mismatch. Gains or losses on these items are recognized in profit or loss.

      2. Financial assets recorded at amortized cost

         A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated at FVTPL:

         1. It is held within a business model whose objective is to hold the financial asset to collect the contractual cash flows associated with the financial asset instead of selling the financial asset for a profit or loss, and

         2. its contractual terms give rise to cash flows that are solely payments of principal and interest.

            1. MATERIAL ACCOUNTING POLICIES - continued
               1. Financial assets and liabilities - continued Financial assets

                  Financial assets classified as amortized cost are non-derivative financial assets with fixed or

                  determinable payments that are not quoted in an active market. They are carried at amortized cost less any provision for impairment. Individually significant receivables are considered for impairment when they are past due or when other objective evidence is received that a specific counterparty will default.

                  The Company's cash, accounts receivable and receivables from partners on projects, excluding HST, are classified as financial assets measured at amortized cost.

      3. Financial assets recorded at FVTOCI

         Financial assets are recorded at FVTOCI when the change in fair value is attributable to changes in

         the Company's credit risk.

         Derecognition

         A financial asset is derecognized when the contractual rights to the cash flows from the asset expired, or the Company transfers substantially all the risks and rewards of ownership of the asset.

         Impairment of financial assets

         The impairment model under IFRS 9 is applicable to financial assets measured at amortized cost where any expected future credit losses are provided for, irrespective of whether a loss event has occurred as at the reporting date. The Company's only financial assets subject to impairment are amounts receivable which are measured at amortized cost. The Company has elected to apply the simplified approach on impairment as permitted by IFRS 9, which requires the expected lifetime loss to be recognized at the time of initial recognition of the receivable. An impairment loss is reversed in subsequent periods if the amount of the expected loss decreases and the decrease can be objectively related to an event occurring after the initial impairment was recognized. The Company has measured the lifetime expected credit losses taking into consideration historical credit loss experience and financial factors specific to debtors and other relevant factors.

         1. MATERIAL ACCOUNTING POLICIES - continued
            1. Financial assets and liabilities - continued Financial liabilities

         Financial liabilities are classified as either financial liabilities at FVTPL or at amortized cost. The

         Company determines the classification of its financial liabilities at initial recognition.

         Non-derivative financial liabilities are measured at amortized cost, unless they are required to be measured at FVTPL, or the Company has opted to measure the financial liability at FVTPL.

         All financial liabilities are recognized initially at fair value and in the case of loans and borrowings, net of directly attributable transaction costs.

         1. Financial liabilities recorded at amortized cost

            Financial liabilities that are measured at amortized cost are initially measured at fair value, net of transaction cost. They are subsequently measured at amortized cost using the effective interest method, with interest recognized on an effective yield basis.

            The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest costs over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments through the expected life of the financial liability or to the next carrying amount or initial recognition.

            The Company's accounts payable, accrued liabilities and advances from partners on projects are measured at amortized cost.

         2. Financial liabilities recorded at FVTPL

         Financial liabilities are classified as FVTPL if they do not fall into amortized cost detailed above. Financial liabilities classified at FVTPL are measured at fair value with changes in those fair values recognized in the statements of loss and comprehensive loss for the period.

         Financial liabilities at amortized cost

         Amortized cost is calculated by taking into account any discount or premium on acquisition and any fees or costs that are integral part of the effective interest method (EIR). The EIR amortization is included in finance cost in the statements of loss and comprehensive loss.

         Derecognition

         A financial liability is derecognized when the obligation under the liability is discharged, cancelled or expires with any associated gains or losses reported in other income or expenses in the statements of loss and comprehensive loss.

   6. Cash

      Cash consists of cash deposits in banks. The Company does not hold any asset backed commercial paper.

      3. MATERIAL ACCOUNTING POLICIES - continued
   7. Asset retirement obligations

      A provision is recognized in the statements of financial position when the Company has a present legal or constructive obligation as a result of a past event, and it is probable that an outflow of economic benefits will be required to settle the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability. The Company's asset retirement obligations arise from its obligations to undertake site reclamation and remediation in connection with its resource properties. The estimated costs of reclamation are based on current regulatory requirements and the estimated reclamation costs at the date of purchase. Future changes to those regulations and standards, as well as changes resulting from operations may result in actual reclamation costs differing from the estimate.

      The Company has determined that there are no significant asset retirement obligations or any other significant environmental obligations with respect to its mineral properties, and therefore no liability has been recognized in these financial statements.

   8. Jointly controlled asset

      The Company has an interest in a jointly controlled asset in unincorporated joint arrangements. Each joint arrangement of the Company is classified as either a joint operation or joint venture based on the rights and obligations arising from the contractual terms between the parties to the arrangement. The Company has determined that all its current joint arrangements are considered joint operations. The assets, liabilities, revenue and expenses of the joint arrangements are recognized based on the Company's proportionate share.

   9. Leases

At the inception of a contract, to determine if it contains a lease, the Company assesses whether it conveys the right to control and obtain substantially all of the economic benefits of an identified asset, for a period of time, in exchange for consideration. Where a contract contains a lease, the Company recognizes a right-of-use asset and a lease liability at the commencement date of the lease. The right-of-use asset is measured at cost less any accumulated depreciation and impairment losses and may be adjusted for any remeasurement of the lease liability. Cost is the amount of the initial lease liability plus any initial direct costs incurred and any lease payments made at or before the commencement date less any incentives received. The right-of-use assets are included in the cost of property and equipment on the statements of financial position. They are depreciated, in accordance with the Company's existing accounting policy, over the shorter of the term of the lease or the life of the asset. The lease liability is initially measured at the present value of future lease payments discounted at the interest rate implicit in the contract. If the implicit rate cannot be determined, the incremental borrowing rate over a similar term and with similar security for the funds necessary to obtain an asset of similar value in a similar economic environment is used.

1. MATERIAL ACCOUNTING POLICIES - continued
   1. Leases - continued

      The lease payments include fixed payments less any incentives receivable, variable lease payments that depend on an index or rate and amounts expected to be paid under residual value guarantees. Where the lease contains an extension or purchase option, the costs associated with the option are included if it is reasonably expected to be exercised by the Company. Thereafter, the amount of the lease liability is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of the lease liability is remeasured to reflect any modifications to the contract terms. Lease liabilities are presented as a component of debt on the statements of financial position. The Company has elected not to recognize right-of-use assets and lease liabilities for contracts that have a lease term of 12 months or less or are for the use of low value assets. These contracts are recognized as an expense in the statements of loss and comprehensive loss in the period the cost is incurred. In addition, for certain asset classes, the Company has elected to treat both lease and non-lease components as a single lease component for the purposes of applying IFRS 16.

   2. Loss per share

      Basic loss per common share is calculated by dividing the loss attributed to shareholders for the year by the weighted average number of common shares outstanding in the year. Diluted loss per common share is calculated using the treasury stock method by adjusting the weighted average number of common shares outstanding to assume conversion of all dilutive potential common shares.

   3. Segment reporting

      A segment is a component of the Company that is distinguishable by economic activity (business segment), or by its geographical location (geographical segment), which is subject to risks and rewards that are different from those of other segments. The Company operates in one business segment, mineral exploration and one geographical segment, Canada.

   4. Significant accounting judgments and estimates

      The preparation of these financial statements requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. The assessment of the Company's ability to continue as a going concern involves judgment regarding future funding available for its operations and working capital requirements as discussed in Note 1. Actual outcomes could differ from these estimates. The financial statements include estimates which, by their nature, are uncertain. The impacts of such estimates are pervasive throughout the financial statements, and may require accounting adjustments based on future occurrences. Revisions to accounting estimates are recognized in the period in which the estimate is revised and also in future periods when the revision affects both current and future periods.

      The most significant effect on the amounts recognized in these financial statements relates to assumptions, including volatility and risk-free rate, used to determine (i) share based payments and

      1. pro rata allocation of private placements proceeds between common shares, share purchase warrants and flow through premium.

      3. MATERIAL ACCOUNTING POLICIES - continued
   5. Accounting standards and amendments effective in the current year

      In August 2023, the International Accounting Board (IASB) amended IAS 21 The Effects of Changes in Foreign Exchange Rates, requiring companies to assess whether a currency is exchangeable into another currency and, when it is not, to determine the exchange rate to use and the disclosures to provide.

      The above accounting standards changes and amendments are effective for annual reporting periods beginning on or after January 1, 2025. Adoption of these amendments did not have a material impact on the Company's financial statements.

      1. MATERIAL ACCOUNTING POLICIES - continued
   6. Accounting standards and interpretations not yet adopted

The following accounting standards and amendments to accounting standards have been issued but not yet adopted in these financial statements:

• IFRS 18 - Presentation and Disclosure of Financial Statement: In April 2024, the IASB issued the new standard IFRS 18 - Presentation and Disclosure of Financial Statements. This standard aims to bring more transparency and comparability to the financial performance of companies, enabling investors to make better investment decisions. IFRS 18 introduces three sets of new requirements: improved comparability of the profit or loss statement (statement of income), improved transparency of management-defined performance measures, and more useful grouping of information in financial statements. IFRS 18 will replace IAS 1 - Presentation of Financial Statements. This standard becomes effective for years beginning on or after January 1, 2027, and companies may apply it earlier subject to authorization by relevant regulators. The Company is currently assessing the impact of IFRS 18 on the presentation and disclosure of its consolidated financial statements.

• IFRS 9 Financial Instruments and IFRS 7 Financial Instruments: Disclosures: In May 2024, the International Accounting Standards Board (IASB) issued narrow scope amendments to IFRS 9 Financial Instruments and IFRS 7 Financial Instruments. The amendments were incorporated into Part I of the CPA Canada Handbook - Accounting in October 2024. The amendments provide clarification that a financial liability is derecognized on the 'settlement date', i.e., the date on which the liability is extinguished as the obligation specified in the contract is discharged or cancelled or expired and provide an accounting policy option to derecognize a financial liability that is settled in cash using an electronic payment system before the settlement date if specified criteria are met. An entity that elects to apply this derecognition option shall apply it to all settlements made through the same electronic payment system. The amendments also clarify how to assess the contractual cash flow characteristics of financial assets with contingent features, including environmental, social and corporate governance (ESG) linked features and clarify that, for a financial asset to have 'non-recourse' features, the entity's ultimate right to receive cash flows must be contractually limited to the cash flows generated by specified assets. The amendments also include factors that an entity should consider when assessing the cash flows underlying a financial asset with non-recourse features (the 'look through' test), clarify the characteristics of the contractually linked instruments that distinguish them from other transactions; and add new disclosure requirements for investments in equity instruments designated at fair value through other comprehensive income and financial instruments that have certain contingent features. The amendments are effective for annual reporting periods beginning on or after January 1, 2026. Earlier application is permitted. The amendments are to be applied retrospectively. In applying the amendments, an entity is not required to restate comparative periods.

For the years ended December 31, 2025 and 2024 (Expressed in Canadian Dollars)

1. PROPERTY, EQUIPMENT AND RIGHT OF USE ASSET

   Cost	January 1,	Additions	December 31,	Additions	Reductions	December 31,
   	2024	in 2024	2024	in 2025	in 2025	2025
   Exploration property and equipment
   Field property and equipment	$ 5,350	$ -	$ 5,350	$ -	$ (5,350)	$ -
   Furniture and equipment	28,373	-	28,373	-	(28,373)	-
   Right of use assets	105,679	-	105,679	400,674	(105,679)	400,674
   	$ 139,402	$ -	$ 139,402	$ 400,674	$ (139,402)	$ 400,674
   Accumulated depreciation	January 1,	Depreciation	December 31,	Depreciation	Reductions	December 31,
   	2024	in 2024	2024	in 2025	in 2025	2025
   Exploration property and equipment
   Field property and equipment	$ 4,871	$ 96	$ 4,967	$ 383	$ (5,350)	$ -
   Furniture and equipment	28,075	75	28,150	223	(28,373)	-
   Right of use assets	35,232	35,232	70,464	50,866	(105,679)	15,651
   	$ 68,178	$ 35,403	$ 103,581	$ 51,472	$ (139,402)	$ 15,651

   Net book value December 31, December 31,

   	2025 2024
   Exploration property and equipment Field property and equipment	$ - $ 383
   Furniture and equipment	- 223
   Right of use assets	385,022 35,215
   	$ 385,022 $ 35,821

   In 2025, $51,472 (2024 - $35,403) of depreciation expense was included in mining exploration and evaluation expenditures on the statements of loss and comprehensive loss.

2. MINING EXPLORATION AND EVALUATION EXPENDITURES

   The Company's properties are all located in the Athabasca Basin, Northern Saskatchewan. The Company currently maintains ten properties. The Company entered into Joint Venture agreements and operates one of these projects with Cameco Corporation and Orano Canada Inc. (formerly AREVA Resources Canada Inc.), one of these projects with Cameco Corporation, three of these projects with IsoEnergy Ltd, while the other five projects remain 100% owned.

   Mining exploration expenditures on the Company's properties during last two years are as follows:

   	2025	2024
   Dorado (former Turnor Lake) Property	$ 2,113,505	$ 1,699,494
   Tabbernor Block	1,451,963	1,019,554
   Smart Lake Property	578,733	125,187
   Celeste Block	85,241	-
   Aurora (former Red Willow) Property	16,662	10,134
   Russel South Property	10,854	472,958
   Hook Lake Property	3,435	341,585

   $ 4,260,393 $ 3,668,912

3. ADVANCES AND RECEIVABLES ON PROJECTS Joint Venture with Cameco and Orano

   On October 31, 2012, the Company entered into a definitive joint venture agreement with Cameco Corporation ("Cameco") and Orano Canada Inc. ("Orano", formerly Areva Resources Canada Inc.) for the ongoing exploration of Hook Lake uranium project in the Athabasca Basin (the "Project") and pursuant to the option agreement with Cameco from 2007. The Company holds a 21% interest in the Project. The remaining 79% is owned equally by Cameco and Orano. The Company acts as the Project operator for the Joint Venture and charges an administration fee of 10% of the invoiced Project costs incurred. In 2025, Cameco and Orano each funded their respective portions of the project by contributing $Nil (2024 - $618,918) each for a total amount of $Nil (2024 - $1,237,836).

   The administration fees are included in operator fees and other recoveries in the statements of loss and comprehensive loss.

   Joint Venture with Cameco

   On January 1, 2010, the Company entered into a definitive joint venture agreement with Cameco Corporation ("Cameco") for the ongoing exploration of the Smart Lake uranium project in the Athabasca Basin (the "Smart Lake Project"). The Company holds a 27% interest in the Smart Lake Project. The remaining 73% is owned by Cameco. The Company acts as the Project operator for the Joint Venture and charges an administration fee of 10% of the invoiced Project costs incurred. In 2025, Cameco advanced $876,000 (2024 - Nil). At December 31, 2025, a receivable balance from Cameco was $133,663 (2024 - 77,101).

   The administration fees are included in operator fees and other recoveries in the statements of loss and comprehensive loss.

   Joint Venture with IsoEnergy

   On December 18, 2024, the Company entered into a definitive joint venture agreement with IsoEnergy Ltd. ("IsoEnergy") for the ongoing exploration of the Aurora (former Red Willow), Celeste Block and Dorado (former Turnor Lake) uranium projects in the Athabasca Basin. The Company holds a 50% interest in the joint projects with IsoEnergy and acts as the Project operator for the Joint Venture and charges an administration fee of 10% of the invoiced Project costs incurred. In 2025, IsoEnergy advanced $2,476,000. At December 31, 2025 the Company has advance balance from IsoEnergy of $351,033.

   The administration fees are included in operator fees and other recoveries in the statements of loss and comprehensive loss.

   https://www.purepoint.ca 22

4. LEASE LIABILITY

   On October 15, 2025, the Company signed a new lease agreement and recognized right-of-use asset and initial lease liability totaling $400,674. The new lease liability has a term of 5 years and is discounted at an incremental borrowing rate of 4.97%. The previous lease ended December 31, 2025.

   	2025	2024
   Lease liability at the beginning of the year	$ 40,227	$ 75,227
   New lease liability	400,674	-
   Add: Lease accretion	4,775	8,342
   Less: Total lease payments	(45,275)	(43,342)
   Lease liability at the end of the year	400,401	40,227
   Less: Current portion	(84,024)	(40,227)
   Lease liability - long term	$ 316,377	$ -

5. SHAREHOLDERS' EQUITY
   1. Share capital

Authorized - unlimited number of common shares without par value.

Issued - 79,191,363 common shares at December 31, 2025 (2024 - 60,267,764).

Shares consolidation

On November 20, 2024, the Company consolidated its common shares on the basis of ten to one. All common shares, stock options, warrants and value per share amounts in the financial statements have been updated retrospectively to reflect the share consolidation.

Share issuance - IsoEnergy Joint Venture

On January 15, 2025, IsoEnergy Ltd. exercised its Put Option under the terms of the Joint Venture. Purepoint acquired 10% of IsoEnergy's Joint Venture interest in exchange for 4,000,000 shares, valued at $1,080,000, which establishes a balanced 50/50 ownership structure for the Joint Venture. The Company valued the issued shares using the $0.27 stock price on the issuance date.

Share issuance - Private Placements

On June 18, 2025, the Company closed a non-brokered private placement. In connection with the closing, the Company issued 4,607,200 flow-through units at a price of $0.23 per unit for aggregate gross proceeds of $1,059,656. Each flow-through unit consists of one common share in the capital of the Company issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) and one-half (1/2) common share purchase warrant. Each whole warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.30 per share for a period of 24 months from the date of issuance.

In connection with the closing of the private placement, the Company paid Red Cloud Securities Inc. and Accilent Capital Management Inc. finders' fees consisting of, in aggregate, $62,378 in cash and 271,212 non-transferable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.23 per share for a period of 24 months after the closing date.

The Company incurred aggregate cash costs of $82,550 and compensation warrants were valued at

$45,195.

The net proceeds have been prorated to common shares and warrants in the unit based on their relative fair values with total value of $230,976 being allocated to warrants.

The net proceeds of the private placement will be used for the exploration and advancement of the Company's projects in the Athabasca Basin, Saskatchewan. All securities issued in connection with the closing of the private placement were subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of October 18, 2025.

1. Shareholders' Equity - continued
   1. Share capital - continued

On August 29, 2025, the Company closed a non-brokered private placement. In connection with the closing, the Company issued 772,946 flow-through units at a price of $0.59 per unit for aggregate gross proceeds of $456,038. Each unit consists of one common share in the capital of the Company issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) and one common share purchase warrant. Each warrant entitles its holder to purchase one common share at an exercise price of $0.50 per share for a period of 24 months from the date of issuance.

In connection with the closing of the final tranche of the private placement, the Company paid Aviso Financial Inc., Haywood Securities Inc., and Accilent Capital Management finders' fees consisting of, in aggregate, $27,362 in cash and 46,377 non-transferable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.50 per share for a period of 24 months from the closing date.

The Company incurred aggregate cash costs of $30,847 and compensation warrants were valued at

$14,870.

The net proceeds have been prorated to common shares and warrants in the unit based on their relative fair values with total value of $168,181 being allocated to warrants.

The net proceeds of the private placement will be used for the exploration and advancement of the Company's projects in the Athabasca Basin, Saskatchewan. All securities issued in connection with the closing of the private placement were subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of December 30, 2025.

On September 5, 2025, the Company closed a non-brokered private placement. In connection with the closing, the Company issued 5,768,824 flow-through units at a price of $0.65 per unit and 3,041,295 charity flow-through units at a price of $0.59 per unit for a combined aggregate gross proceeds of

$5,544,100. Each unit consists of one common share in the capital of the Company issued on a "flow-through" basis pursuant to the Income Tax Act (Canada) and one common share purchase warrant. Each warrant entitles its holder to purchase one common share at an exercise price of $0.50 per share for a period of 24 months from the date of issuance.

In connection with the closing of the final tranche of the private placement, the Company paid Ventum Financial Corp., Stephen Avenue Securities Inc., and Canaccord Genuity Corp. finders' fees consisting of, in aggregate, $106,662 in cash and 264,111 non-transferable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.50 per share for a period of 24 months from the closing date.

The Company incurred aggregate cash costs of $145,598 and compensation warrants were valued at

$76,856.

The net proceeds have been prorated to common shares and warrants in the unit based on their relative fair values with total value of $2,105,844 being allocated to warrants.

1. Shareholders' Equity - continued
   1. Share capital - continued

The net proceeds of the private placement will be used for the exploration and advancement of the Company's projects in the Athabasca Basin, Saskatchewan. All securities issued in connection with the closing of the private placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of January 6, 2026.

The Black-Scholes option pricing model was used to determine the fair value of the warrants and the compensation warrants using the following assumptions for the 2025 private placements:

In connection with the issuance of flow-through shares in 2025, the Company renounced a total of

$3,802,233 of qualifying expenditures to the shareholders on December 31, 2025, amount to be spent in 2026.

On November 25, 2024, the Company closed a non-brokered private placement. In connection with the closing, the Company issued 7,333,331 units at a price of $0.30 per unit for aggregate gross proceeds of $2,200,000. Each unit consists of one common share in the capital of the Company and one common share purchase warrant. Each warrant entitles its holder to purchase one common share at an exercise price of $0.40 per share for a period of 36 months from the date of issuance.

In connection with the closing of the private placement, the Company paid Red Cloud Securities Inc. and Stephen Avenue Securities Inc. finders' fees consisting of, in aggregate, $53,700 in cash and 178,999 non-transferable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.30 per share for a period of 36 months after the closing date.

The Company incurred aggregate cash costs of $94,374 and compensation warrants were valued at

$42,768.

The net proceeds have been prorated to common shares and warrants in the unit based on their relative fair values with total value of $969,492 being allocated to warrants.

The net proceeds of the private placement will be used for general working capital of the Company.

1. Shareholders' Equity - continued
   1. Share capital - continued Authorized, issued and outstanding common shares - continued

      All securities issued in connection with the closing of the private placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of March 23, 2025.

      On December 24, 2024 the Company closed non-brokered private placement. In connection with the closing, the Company issued 2,857,157 flow-through units at a price of $0.35 per unit for aggregate gross proceeds of $1,000,004. Each flow-through unit consists of one common share in the capital of the Company issued on a "flow through" basis pursuant to the Income Tax Act (Canada) and one common share purchase warrant. Each warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.40 per share for a period of 24 months from the date of issuance.

      In connection with the closing of the private placement, the Company paid finder's fees consisting of, in aggregate, $45,001 in cash and 128,574 non-transferable compensation warrants. Each compensation warrant entitles its holder to purchase one common share in the capital of the Company at an exercise price of $0.40 per share for a period of 24 months after the closing date.

      The Company incurred aggregate cash costs of $66,900 and compensation warrants were valued at

      $22,630.

      The net proceeds have been prorated to common shares and warrants in the unit based on their relative fair values with total value of $394,789 being allocated to warrants.

      The net proceeds of the private placement was used for the exploration and advancement of the Company's projects in the Athabasca Basin, Saskatchewan. All securities issued in connection with the closing of the private placement are subject to a four-month hold period pursuant to the applicable securities laws with an expiry date of April 24, 2025.

      The Black-Scholes option pricing model was used to determine the fair value of the warrants and the compensation warrants using the following assumptions for the 2024 private placements:

      Share price on issue date Expected dividend yield Expected volatility Risk-free interest rate Expected life Exercised share price

      $0.28 nil 175% 3.50% 3 years $0.40

      $0.28 nil 175% 3.50% 3 years $0.30

      $0.24 nil 175% 3.50% 2 years $0.40

      November 25 November 25 December 24 Broker Warrants
      1. SHAREHOLDERS' EQUITY - continued
   2. Share purchase warrants

The following common share purchase warrants were outstanding as at December 31, 2025:

22,923,092

A summary of warrants outstanding as at December 31, 2025 and December 31, 2024 and changes during periods ending on these dates are presented below:

1. SHARE-BASED PAYMENTS - EMPLOYEE SHARE OPTION PLAN

The Company has a stock option plan (the "Plan"). Under the Plan, the Company can grant options to directors, officers, employees and consultants for up to 10% of the total number of issued and outstanding shares. The exercise price of the options cannot be less than the closing price of the Company's shares on the trading day preceding the date of grant and the maximum term of any option cannot exceed five years. No option shall be exercisable for a period exceeding ten years from the date the option is granted and vest limitations shall be determined by the Board at the time that such option is granted.

On January 20, 2025, the Company granted 1,275,000 stock options to directors, employees and consultants at an exercise price of $0.30 per common share, 1,075,000 options vest immediately, 1/3 of the remaining 200,000 options vest on January 20 of each of 2025, 2026 and 2027. These options expire in five years from the date of grant.

On November 11, 2025, the Company granted 975,000 stock options to directors and officers at an exercise price of $0.52 per common share, with 975,000 options vest immediately. These options expire in five years from the date of grant.

On June 24, 2024 the Company granted 380,000 stock options at an exercise price of $0.30 per common share, vest immediately. These options expire in five years from the date of grant.

Using the Black-Scholes pricing model, the weighted average fair value of options granted in 2025 and 2024 was estimated at $659,017 and $107,248, respectively. These amounts, net of estimated forfeitures, have been recognized as an expense in the year ended December 31, 2025 and December 31, 2024, respectively.

The following principal assumptions were used in applying the Black-Scholes option-pricing model for options granted in 2025 and 2024:

1. SHARE-BASED PAYMENTS - EMPLOYEE SHARE OPTION PLAN - continued

   A summary of the status of the Plan as at December 31, 2025 and December 31, 2024, and changes during these years are presented below:

   			2025				2024
   	Number of		Weighted average exercise		Number of		Weighted average exercise
   	options		price		options		price
   Balance, beginning of the year	5,005,000	$	0.73		4,920,000	$	0.80
   Granted	2,250,000	0.39			380,000	0.30
   Exercised	(90,000)	0.32			(5,000)	0.05
   Expired	(640,000)	0.70			(290,000)	0.85
   Balance, end of the
   year	6,525,000	$ 0.62			5,005,000	$ 0.73

   The market price on the day of exercise range from $0.46 to $0.80.

   As at December 31, 2025, the Company had stock options issued to directors, officers, employees and contractors of the Company outstanding and exercisable as follows:

   Date of grant	Number of options	Number exercisable		Exercise price		Expiry date
   May 13, 2021	840,000	840,000		$ 1.30		May 13, 2026
   December 29, 2021	580,000	580,000		$ 0.95		December 29, 2026
   May 13, 2022	635,000	635,000		$ 0.70		May 13, 2027
   May 26, 2023	870,000	870,000		$ 0.50		May 26, 2028
   December 18, 2023	1,050,000	1,050,000		$ 0.55		December 18, 2028
   June 24, 2024	380,000	380,000		$ 0.30		June 24, 2029
   January 20, 2025	1,195,000	1,115,000		$ 0.30		January 20, 2030
   November 11, 2025	975,000	975,000		$ 0.52		November 11, 2030

   6,525,000 6,445,000

2. INCOME TAXES

The reconciliation of the combined Canadian federal and provincial statutory income tax rate of 26.5% (2024 - 26.5%) to the effective tax rate is as follows:

The following table summarizes the components of the deferred tax:

Deferred tax assets and liabilities have been offset where they relate to income taxes levied by the same taxation authority and the Company has the legal right and intent to offset.

1. INCOME TAXES - continued Unrecognized deferred tax assets

   Deferred taxes are provided as a result of temporary differences that arise due to the differences between the income tax values and carrying amount of assets and liabilities. Deferred tax assets have not been recognized in respect of the following deductible temporary differences:

   	2025	2024
   Operating tax losses carried forward	$ 13,555,190	$ 11,788,970
   Exploration expenditures - Mineral Properties	11,220,980	10,646,370
   Share issuance costs	818,500	991,160
   Property, equipment and Right of use asset	106,470	70,640
   Investment tax credits	67,850	67,850
   Lease obligation	15,380	40,230

   The Canadian operating tax loss carried forward will expire as noted in the table below. The exploration expenditures, and property and equipment may be carried forward indefinitely. The share issuance and financing costs will be deducted for tax purposes over the next three years. Investment tax credits will expire between 2029 and 2033.

   Deferred tax assets have not been recognized in respect of these items because it is not probable that future taxable profit will be available against which the Company can utilize the benefits therefrom.

   The Company's Canadian operating tax losses expire as follows:

   Year		Non-capital Losses
   2026		$ 412,670
   2027		1,071,110
   2028		1,152,920
   2029		1,297,210
   2030		1,178,990
   2031		667,130
   2032		496,450
   2033		366,450
   2034		198,340
   2039		2,020
   2040		225,620
   2041		925,190
   2042		1,356,610
   2043		1,076,820
   2044		1,362,770
   2045		1,764,880
   		$ 13,555,190

2. LOSS PER SHARE
   1. Basic

      Basic loss per share is calculated by dividing the net loss by the weighted average number of common shares issued during the year.

      	2025	2024
      Loss attributable to common
      shareholders	$ (6,698,469)	$ (5,155,898)
      Weighted average common
      shares outstanding	69,809,217	50,852,590
      Basic loss per common
      share	$ (0.10)	$ (0.10)

   2. Diluted

      Diluted loss per common share has not been presented as options and warrants are anti-dilutive.

3. FINANCIAL RISK MANAGEMENT
   1. Credit risk management

      The Company's credit risk is primarily attributable to accounts receivable (excluding HST) and receivable from partners on projects. The Company has no significant concentration of credit risk arising from operations. Management believes that the credit risk concentration with respect to financial instruments included in accounts receivable (excluding HST) is remote.

   2. Liquidity risk

      The Company has in place a planning and budgeting process to help determine the funds required to support the Company's normal operating requirements on an ongoing basis and its capital, development and exploration expenditures. The Company ensures that there are sufficient funds to meet its short-term requirements, taking into account its anticipated cash flows from operations and its holdings of cash.

      As of December 31, 2025, the Company had cash totaling $4,833,675 (2024 - $2,241,398) to settle current liabilities of $780,643 (2024 - $473,474).

   3. Interest rate risk

      Interest rate risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company has no interest-bearing debt.

      1. FINANCIAL RISK MANAGEMENT - continued
   4. Commodity price risk

      The Company is exposed to price risk with respect to commodity and equity prices. Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and volatilities. Equity price risk is defined as the potential adverse impact on the Company's earnings due to movements in individual equity prices or general movements in the level of the stock market. The ability of the Company to develop its mining properties and the future profitability of the Company is directly related to the market price of uranium. The Company closely monitors commodity prices, individual equity movements and the stock market to determine the appropriate course of action to be taken by the Company.

   5. Fair value of financial assets and liabilities

For cash, accounts receivable, excluding HST, accounts payable and accrued liabilities, receivable/advances from partners on projects and lease liability with a remaining life of less than one year, the carrying value amounts are equivalent to their fair values.

1. CAPITAL RISK MANAGEMENT

   The Company considers its capital structure to consist of share capital and contributed surplus. The Company manages its capital structure and makes adjustments to it, based on the funds available to the Company, in order to support its exploration, development and operations activities.

   The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern in order to pursue the exploration of its mineral properties and maximize shareholder returns. The Company satisfies its capital requirements through careful management of its cash resources and by utilizing or equity issues, as necessary, based on the prevalent economic conditions of both the industry and the capital markets and the underlying risk characteristics of the related assets. As at December 31, 2025, the Company had no bank debt.

   Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There were no changes in the Company's approach to capital management during 2025. The Company is not subject to externally imposed capital requirements.

2. RELATED PARTY TRANSACTIONS

Related parties include the Board of Directors, officers, close family members and enterprises which are controlled by these individuals as well as certain persons performing similar functions.

The aggregate compensation of key management and directors of the Company for years 2025 and 2024 were as follows:

2025 2024

On January 5, 2026, the company granted 1,223,600 restricted share units (RSUs) to directors and officers of the Company at a settlement of one RSU for one common share with a vest date of January 5, 2027 and expiry of unit restriction period on December 28, 2029.

In addition, the Company granted 230,000 stock options to employees and consultants at an exercise price of $0.47 per common share, 76,667 options vest immediately, with the remaining 1/3 vesting on January 5, 2027 and the final ⅓ vesting on January 5, 2028 . These options expire in five years from the date of grant.