2025 Year End Financial Statements, Ended December 31

To the Shareholders of

We have audited the financial statements of Trojan Gold Inc. (the Company), which comprise the

statements of financial position as at December 31, 2025 and 2024, and the statements of loss and comprehensive loss, statements of cash flows and statements of changes in equity for the years then ended, and notes to the financial statements, including a summary of material accounting policies.

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 2024, and its financial performance and its cash flows for the years then ended, in accordance with International Financial Reporting Standards.

We conducted our audit 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 audit of the financial statements in Canada, and we have fulfilled our other ethical responsibilities in accordance with those requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

We draw your attention to Note 1 in the financial statements, which indicates that the Company incurred a comprehensive loss of $231,725 during the year ended December 31, 2025. As stated in Note 1, these events or conditions, along with other matters as set forth in Note 1, 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 are those matters that, in our professional judgement, were of most significance in our audit of the financial statements for the year ended December 31, 2025. 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.

In addition to the matter described in the Emphasis of Matter - Material Uncertainty Related to Going Concern section of our report, we have determined the matter described below to be the key audit matter to be communicated in our report.

Des cription of the matter

As described in Note 6 to the financial statements, the carrying value of the E&E assets amounted to

$1,018,057 as at December 31, 2025.

E&E assets are assessed for impairment when facts and circumstances suggest that the carrying amount may exceed its recoverable amount. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss, if any. Management groups mineral claims that are contiguous and specific to an area that encompasses the same prospective minerals, into

one area of interest and assigns a name to this mineral property. Each named mineral property is considered an area of interest and subject to impairment assessment.

In undertaking this assessment, management is required to apply judgment whether the following factors would be considered an indicator of impairment:

• The period for which the entity has the right to explore in the specific area has expired during the financial statement period or will expire in the near future and is not expected to be renewed;

• Substantive expenditures on further exploration for, and evaluation of, mineral resources in the specific area is neither budgeted nor planned;

• Exploration for and evaluation of mineral resources in the specific area has not led to the discovery of commercially viable quantities of mineral resources and the entity has decided to discontinue such activities in the specific area; and;

• Sufficient data exists to indicate that, although a development in the specific area is likely to proceed, the carrying amount of the exploration and evaluation asset is unlikely to be recovered in full from successful development or sale.

  Why the matter is a key audit matter

  We determined this as a key audit matter as it represented an area of significant risk of material misstatement given the magnitude of the E&E assets and the significant management judgment involved in assessing the existence of impairment indicators. In addition, significant auditor judgement, knowledge and effort were required in evaluating the results of our audit procedures.

  How the matter was addres s ed in the audit

  The following were the primary procedures we performed to address this key audit matter.

• Reviewed management's E&E impairment analysis and ensured it was reasonable and complies with IFRS 6 guidance;

• Verified the status of the Company's mining claims and confirmed good standing of claims with Governmental registries;

• Considered evidence obtained in other areas of the audit to assess the Company's continued ability and plans to further develop the E&E properties; and;

• Reviewed National Instrument 43-101 Technical Reports noting the potential commercial viability of the properties.

  Information Other than the financial statements and Auditor's Report Thereon

  Management is responsible for the other information. The other information does not include the financial statements and our auditor's report thereon.

  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 audit 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 audit or otherwise appears to be materially misstated.

  If, based on the work we have performed, 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 Thos e Charged with Governance for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards, 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 relating 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 audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

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 becaus e of 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 Pat Kenney.

Chartered Professional Accountants Licensed Public Accountants

Mississauga, Ontario April 30, 2026

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

(Signed) "Charles Elbourne" Director

(Signed) "Sarah Morrison" Director

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

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

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

4 -

1. Nature of operations and going concern

   Trojan Gold Inc. ("TGI" or the "Company") was incorporated in 2012 under the provisions of the Business Corporations Act (Alberta) and is trading on the Canadian Securities Exchange ("CSE") under the symbol 'TGII' and on the OTCQB Venture Market (ticker symbol "TRJGF"). The Company is engaged in the acquisition and exploration of mineral resource properties in Canada and the Dominican Republic. Substantially all of the Company's efforts are devoted to financing, exploring and developing these properties. The Company's head office is 401 - 82 Richmond Street East, Toronto, Ontario, M5C 1P1.

   These financial statements have been prepared on a going concern basis which assumes that the Company will continue in operations for the foreseeable future and will be able to realize its assets and discharge its liabilities and commitments in the normal course of business. Realization values may be substantially different from carrying values as shown and the financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. Such adjustments could be material.

   The mineral properties of the Company are in the exploration stage and, as a result, the Company has no source of operating cash flow. The exploration and development of the Company's properties depend on the ability of the Company to obtain financing. The Company has incurred losses in previous periods and has not yet achieved profitable operations, with a comprehensive loss of $231,725 for year ended December 31, 2025 (year ended December 31, 2024 - loss of $122,200). At December 31, 2025, the Company had no source of operating cash flow and an accumulated deficit of $3,084,694 (December 31, 2024 - $2,852,969). At December 31, 2025, the Company had working capital deficiency of $331,419 (December 31, 2024 - $232,282). These conditions raise material uncertainties which may cast significant doubt as to the Company's ability to continue as a going concern.

   The Company's future viability depends upon the acquisition and financing of mineral exploration or other projects. If the mineral projects are to be successful, additional funds will be required to develop these resources and to place them into commercial production. The only source of future funds presently available to the Company is through the issuance of common shares or through the sale of an interest in any of its properties or assets in whole or in part. The ability of the Company to arrange such financing or the sale of an interest will depend, in part, on prevailing market conditions as well as the business performance of the Company. There can be no assurance that the Company will be successful in its efforts to arrange the necessary financing, if needed, on terms satisfactory to the Company. If additional financing is arranged through the issuance of shares, control of the Company may change and shareholders may suffer significant dilution.

2. Material accounting policies

The Company applies International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").

The policies applied in these financial statements are based on IFRS's issued and outstanding as of April 30, 2026, the date the Board of Directors approved the statements.

The financial statements are presented in Canadian dollars, which is the Company's functional currency and have been prepared on a historical cost basis, with the exception of certain financial assets and liabilities which are measured at fair-value, as explained in the accounting policies below.

The preparation of financial statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets, liabilities and contingent liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting year. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

Information about critical judgements in applying accounting policies that have the most significant risk of causing material adjustment to the carrying amounts of assets and liabilities recognized in the financial statement are discussed below:

Title to mineral property interests

Although the Company has taken steps to verify title to mineral properties in which it has an interest, these procedures do not guarantee the Company titles. Such properties may be subject to prior agreement or transfers and titles may be affected by undetected defects.

Non-current asset impairments

The application of the Company's accounting policy for impairment on exploration and evaluation ("E&E") assets requires judgement in determining if the facts and circumstances suggest that the carrying amount exceeds the recoverable amount.

Exploration and evaluation expenditures

The application of the Company's accounting policy for E&E expenditures capitalized requires judgement in determining which expenditures are recognized as exploration and evaluation assets and applying the policy consistently. In making this determination, an entity considers the degree to which the expenditure can be associated with finding specific mineral resources.

Valuation allowance for deferred income tax assets

Each year, the Company evaluates the likelihood of whether some portion of deferred tax assets, if any, will not be realized. This evaluation is based on historic and future expected levels of taxable income, the timing of reversals of taxable temporary timing differences that give rise to deferred tax liabilities, tax planning initiative, and deferred tax rates.

Going concern

The assessment of the Company's ability to continue as a going concern involves judgement regarding future funding available for its exploration projects and working capital requirements.

Investment in Tashota Resources Inc.

The Company applied judgement when estimating the fair value of the investment in Tashota Resources Inc. ("TRI") and not based on observable market data.

The estimates and associated assumptions are based on historical experience and various factors that are believed to

be reasonable under the circumstances, the results of which form the basis of making the judgements about carrying values of assets and liabilities that are not readily apparent from other sources. Management believes the estimates are reasonable; however, actual results could differ from those estimates and could impact future results of operations and cash flows. Significant estimates include the valuation of the due from related party balance, valuation of stock options and warrants using the black-scholes pricing model, valuation of flow-through share premium liability and the measurement of common shares issued for non-cash consideration.

Recognition

The Company recognizes a financial asset or financial liability on the statement of financial position when it becomes party to the contractual provisions of the financial instrument. Financial assets are initially measured at fair value, and are derecognized either when the Company has transferred substantially all the risks and rewards of ownership of the financial asset, or when cash flows expire. Financial liabilities are initially measured at fair value and are derecognized when the obligation specified in the contract is discharged, cancelled or expired.

A write-off of a financial asset (or a portion thereof) constitutes a derecognition event. Write-off occurs when the Company has no reasonable expectations of recovering the contractual cash flows on a financial asset.

Classification and measurement

The Company determines the classification of its financial instruments at initial recognition. Financial assets and financial liabilities are classified according to the following measurement categories:

• those to be measured subsequently at fair value, either through profit or loss ("FVTPL") or through other comprehensive income ("FVTOCI"); and

• those to be measured subsequently at amortized cost.

  The classification and measurement of financial assets after initial recognition at fair value depends on the business model for managing the financial asset and the contractual terms of the cash flows. Financial assets that are held within a business model whose objective is to collect the contractual cash flows, and that have contractual cash flows that are solely payments of principal and interest on the principal outstanding, are generally measured at amortized cost at each subsequent reporting period. All other financial assets are measured at their fair values at each subsequent reporting period, with any changes recorded through profit or loss or through other comprehensive income (which designation is made as an irrevocable election at the time of recognition).

  After initial recognition at fair value, financial liabilities are classified and measured at either:

• amortized cost;

• FVTPL, if the Company has made an irrevocable election at the time of recognition, or when required (for items such as instruments held for trading or derivatives); or,

• FVTOCI, when the change in fair value is attributable to changes in the Company's credit risk.

The Company reclassifies financial assets when and only when its business model for managing those assets changes. Financial liabilities are not reclassified.

Classification and measurement (continued)

Transaction costs that are directly attributable to the acquisition or issuance of a financial asset or financial liability classified as subsequently measured at amortized cost are included in the fair value of the instrument on initial recognition. Transaction costs for financial assets and financial liabilities classified at fair value through profit or loss are expensed in profit or loss.

The Company's financial instruments consist of the following:

Cash and cash equivalents Fair value through profit or loss

Due from related parties Amortized cost

Investment in Tashota Resources Inc. (TRI) Fair value through profit or loss Accounts payable and accrued liabilities Amortized cost

Due to related parties Amortized cost

Demand loan Amortized cost

Impairment

The Company assesses all information available, including on a forward-looking basis the expected credit losses associated with any financial assets carried at amortized cost. The impairment methodology applied depends on whether there has been a significant increase in credit risk. To assess whether there is a significant increase in credit risk, the Company compares the risk of a default occurring on the asset as at the reporting date with the risk of default as at the date of initial recognition based on all information available, and reasonable and supportive forward-looking information.

Financial instruments recorded at fair value

Financial instruments recorded at fair value on the statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

• Level 1 - quoted prices (unadjusted) in active markets for identical assets or liabilities;

• Level 2 -inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices); and

• Level 3 - inputs for the assets or liability that are not based on observable market data (unobservable inputs).

As of December 31, 2025 and December 31, 2024, except for cash and cash equivalents and Investment in TRI, none of the Company's financial instruments are recorded at fair value in the statements of financial position. Cash and cash equivalents are classified as Level 1 and Investment in TRI as Level 3.

Option payments and certain royalties are made at the discretion of the optionee and, accordingly, are accounted for on a cash basis. Option and royalty payments received are treated as a reduction of the carrying value of the related mineral property until the Company's option and royalty payments received are in excess of costs incurred in which case it would be recorded as a recovery in excess of mineral property acquisition costs in the statements of loss.

1. Material accounting policies (continued) Mineral property interests

   Costs related to the acquisition, exploration and evaluation of mineral properties are capitalized until a decision is

   made as to whether or not the assets contain sufficient economic reserves for mine development.

   Once the technical feasibility and commercial viability of extracting the mineral resource has been determined, the carrying value of E&E assets net of any impairment loss is transferred to property and equipment.

   The direct cost of exploration and evaluation ("E&E") assets consists of:

   • Acquisition of exploration properties including the cost of acquiring licenses and claims

   • Gathering exploration data through topographical and geological studies

   • Exploratory drilling, trenching and sampling

   • Determine the volume and grade of the resource

   • Test work on geology, metallurgy, mining, geotechnical and environmental; and

   • Conducting engineering, marketing and financial studies

The Company assesses E&E assets for impairment when facts or circumstances suggest that the carrying amount of the asset may exceed its recoverable amount. When this is the case, the Company would carry out an impairment test on the asset or group of assets, which requires estimate and judgement in determining the recoverable amount with reference to the fair value of the assets or group of assets less costs to sell or the value-in-use calculation. Where the recoverable amount is determined to be less than the carrying amount, an impairment loss may arise.

If a mineral property interest is abandoned, the acquisition costs will be written off to statement of loss.

Monetary assets and liabilities denominated in foreign currencies are translated into Canadian dollars at the current exchange rate. Non-monetary assets and liabilities are translated at historical rates of exchange at the time of the acquisition of assets or obligations incurred. Revenues and expenses are translated at the rate of exchange in effect at the date of the transactions. Foreign exchange translation gains and losses are recorded in operations in the period in which they occur.

The Company recognizes liabilities for statutory, contractual, constructive or legal obligations associated with the retirement of long-term assets, when those obligations result from the acquisition, construction, development or normal operation of the assets. The net present value of future restoration cost estimates arising from the decommissioning of plant and other site preparation work is capitalized to exploration and evaluation assets along with a corresponding increase in the restoration provision in the year incurred. Discount rates using a pre-tax risk-free rate that reflect the time value of money are used to calculate the net present value. The restoration asset will be depreciated on the same basis as other exploration and evaluation assets.

The Company's estimates of restoration costs could change as a result of changes in regulatory requirements, discount rates and assumptions regarding the amount and timing of the future expenditures. These changes are recorded directly to exploration and evaluation assets with a corresponding entry to the restoration provision. The Company's estimates are reviewed annually for changes in regulatory requirements, discount rates, and effects of inflation.

Current income tax

Income tax expense consists of current and deferred tax expense. Income tax expense is recognized in the statements of loss, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. In this case, the tax is also recognized in other comprehensive income or directly in equity.

Current income tax assets and liabilities for the current and prior years are measured at the amount expected to be recovered from or paid to the taxation authorities. Current tax assets and current tax liabilities are only offset if a legally enforceable right exists to set off the amounts, and the Company intends to settle on a net basis, or to realize the asset and settle the liability simultaneously.

Deferred income tax

Deferred tax is provided using the liability method on temporary differences at the reporting date between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes. Deferred tax liabilities are recognized for all taxable temporary differences and deferred tax assets are recognized for all deductible temporary differences, carry-forward of unused tax credits, and unused tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary difference and the carry forward of unused tax credits and unused tax losses can be utilized. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the year when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at end of reporting year. Deferred tax relating to items recognized directly in equity is also recognized in equity and not in the statements of loss.

The carrying amount of deferred tax assets is reviewed at the end of the reporting year and reduced to the extent that it is no longer probable that sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognized deferred tax assets are reassessed at each statement of financial position date and are recognized to the extent that it has become probable that future taxable profit will allow the deferred tax asset to be recovered.

Basic earnings (loss) per share are computed by dividing the net earnings (loss) applicable by the weighted average number of common shares outstanding during the reporting year. Diluted earnings (loss) per share is computed by dividing the net earnings (loss) by the sum of the weighted average number of common shares issued and outstanding during the reporting year and all additional common shares for the assumed exercise of options and warrants outstanding for the reporting year, if dilutive.

The treasury stock method is used to arrive at the diluted earnings (loss) per share, which is determined by adjusting the earnings (loss) attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all warrants and options outstanding that may add to the total number of common shares. Diluted loss per share do not include the effect of share options and warrants as they are antidilutive.

Parties are considered to be related if one party has the ability to directly or indirectly control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or common significant influence. Related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties. Related party transactions that are in the normal course of business and have commercial substance are measured at the exchange amount.

1. Material accounting policies (continued) Equity-based payments

   The Company has a stock option plan for directors, officers and employees. Each tranche of an award is considered a

   separate award with its own vesting period and grant date fair value. The fair value of each tranche is measured at the date of grant using the Black-Scholes option pricing model. Compensation expense is recognized over each tranche's vesting period, based on the number of awards expected to vest, with the offset credited to contributed surplus. The proceeds from the exercise of stock options or warrants are recognized in share capital upon exercise at the exercise price paid by the holder, and the fair value attributed to these options or warrants is transferred from contributed surplus to share capital.

   Flow-through share issuances

   The Company finances a portion of its exploration activities through the issue of flow-through shares issued pursuant to the Canadian Income Tax Act ("Tax Act"). Proceeds received from the issuance of flow-through shares are restricted to be used only for qualifying Canadian exploration and development expenses (as defined in the Tax Act).

   Pursuant to the terms of the flow-through share subscription agreements, these shares transfer the tax deductibility of qualifying expenditures to flow-through investors. On issuance, the Company allocates a portion of the subscription proceeds as a flow-through share premium, equal to the estimated premium, if any, that investors pay for the flow-through feature, which is recognized as a premium liability. As expenditures are incurred and applied against the Company's associated flow-through commitment, the premium liability is reduced proportionately, charged as a deferred income tax recovery in operations. A deferred income tax liability is recognized for the estimated foregone tax benefit as a result of the renunciation to the shareholders, offset as a deferred income tax expense, to the extent no deferred income tax assets are on hand and eligible to offset. The Company considers renunciation to have occurred when reported for income tax purposes.

   New and future accounting standards and amendments

   No new policies were adopted during the year ended December 31, 2025. Accounting standards issued but not yet adopted

   IFRS 18 Presentation and Disclosure in Financial Statements ("IFRS 18")

   In April 2024, the IASB issued IFRS 18, which will replace IAS 1. IFRS 18 is effective for periods beginning on or after January 1, 2027, with early adoption permitted. IFRS 18 will require defined categories and subtotals in the statement of profit or loss, require disclosure about management-defined performance measures, and adds new principles for aggregation and disaggregation of information. The Company is assessing the impact of this standard on its disclosures.

   IFRS 19 Subsidiaries without Public Accountability: Disclosures ("IFRS 1")

   In May 2024, the IASB issued IFRS 19, which is effective for annual reporting periods on or after January 1, 2027, with earlier application permitted. IFRS 19 permits some subsidiaries to apply IFRS Accounting Standards with reduced disclosure requirements. These entities apply the requirements in other IFRS Accounting Standards except for the disclosure requirements. Instead, these entities apply the requirements in IFRS 19. The Company is assessing the impact of this standard on its disclosures.

   The IASB issued amendments to IFRS 9 and IFRS 7 in May 2024 to clarify classification, measurement, derecognition, and disclosure requirements, effective for annual periods beginning on or after January 1, 2026. The Company is assessing the impact of this standard on its disclosures.

2. Capital risk management

   The Company defines capital as consisting of common share capital, shares to be issued, share based payment reserve, warrants reserve and deficit.

   The Company's objective in managing capital is to maintain adequate levels of funding to safeguard the Company's ability to continue as a going concern in order to pursue the exploration and development of its mineral property interests and to maintain a flexible capital structure which will optimize the costs of capital at an acceptable risk.

   The Company plans to manage its capital structure in a manner that provides sufficient funding for operational activities through funds primarily secured through equity capital obtained in private placements. There can be no assurances that the Company will be able to continue raising capital in this manner.

   Although the Company has been successful at raising funds in the past through the issuance of share capital, it is uncertain whether it will be able to continue this form of financing due to the current difficult conditions. The Company makes adjustments to its management of capital in the light of changes in economic conditions and the risk characteristics of its assets, seeking to limit shareholder dilution and optimize its costs of capital while maintaining an acceptable level of risk.

   The Company is not subject to any externally imposed capital requirements.

3. Financial instruments and risk management

The Company's financial instruments consist of cash and equivalents, Investment in TRI, accounts payable and accrued liabilities, due to/from related parties, and demand loans.

IFRS 13 establishes a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value. The Hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities and the lowest priority to unobservable inputs. The three levels of the fair value hierarchy are as follows:

Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities.

Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly (ie. as prices) or indirectly (ie. derived from prices); and

Level 3: Inputs that are not based on observable market data.

The Company's financial instruments are exposed to certain financial risks, including credit risk, liquidity risk, market risk and foreign currency risk.

1. Financial instruments and risk management (continued) Credit risk

   Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its obligations. The Company's credit risk relates entirely to cash and due from related parties balance. The Company mitigates its exposure by monitoring the counterparty's ability to repay.

   The maximum exposure to credit risk as at December 31, 2025 and 2024 was:
   	December 31, 2025	December 31, 2024
   Cash and cash equivalents	$ 1,748	$ 187,176
   Due from related party	$ 3,500	$ 3,500

   Liquidity risk

   Liquidity risk is the risk that an entity will encounter difficulty in meeting obligations associated with financial liabilities that are settled by delivering cash or another financial asset. The Company's approach to managing liquidity risk is to ensure there is sufficient capital on hand to meet its financial commitments as they come due.

   The following table sets out contractual maturities (representing undiscounted contractual cash flows) of the financial liabilities outstanding at December 31, 2025:

   2025 2026	2027	2028	Total
   Accounts payable & accrued liabilities $ 167,541 $ -	$ -	$ -	$ 167,541
   Amount due to related parties 293,528 -	-	-	293,528
   Demand loan 13,000 -	-	-	13,000
   $ 474,069 $ -	$ -	$ -	$ 474,069

   Market risk

   Market risk is the risk of loss arising from adverse changes in financial market rates and prices, such as interest rates, the trading price of equity and other securities, and foreign currency exchange rates. Market risk is directly influenced by the volatility and liquidity in the markets in which the underlying assets are traded. Market price fluctuations and fluctuations in the value of equity securities affect the level and timing of recognition in earnings and comprehensive earnings of gains and losses on securities held. General economic conditions, political conditions and many other factors can also adversely affect the stock markets and consequently, the value of the equity securities held.

2. Investment in Tashota

   On January 13, 2021, the Company entered into a debt settlement agreement with Tashota Resources Inc. ("Tashota"), related Company by virtue of a common officer and director, to settle $192,488 receivable as on the date of the agreement. The Company received 1,924,880 common shares of Tashota Resources Inc at a price of $0.10 per share. The Company classified the investment in Tashota Resources Inc. as a financial asset at fair value through profit and loss (FVTPL).

   As at December 31, 2025, the shares were valued at $0.10 per share, based on the share price of a recent private placement completed by Tashota Resources Inc. The Company recorded $96,244 unrealized gain on the statement of loss and comprehensive loss during the year ended December 31, 2025 (2024 - $96,244).

   As at December 31, December 31, 2025 2024

   Tashota Resources Inc - 1,924,880 common shares $ 192,488 $ 96,244

3. Exploration and evaluation assets Watershed Property, Ontario

   The Company holds a 100% interest in 111 mining claims comprising the Watershed property. The property is located 100 kilometers west of the city of Thunder Bay situated in the Shebandowan Greenstone Belt.

   Hemlo South Property, Ontario

   The Hemlo South Property comprises 8 mining claims and is situated in the Hemlo Gold Camp, 35 kilometers east of Marathon.

   On March 1, 2017, TGI entered into a Letter of Intent with Tashota Resources Inc ("TRI") (the "TGI-TRI Option") whereby TRI granted TGI the right to acquire a 50% interest in the property by:

   • Issuing to TRI 1,250,000 common shares of TGI (issued).

   • Making, or reimbursing TRI for making, certain cash payments required under the TRI-Wahl Option, totaling

     $50,000. If TRI makes such payments in cash, and by mutual agreement, TGI can elect to reimburse TRI by issuing common shares from treasury with a deemed value of $0.10/share (completed).

   • Incurring or reimbursing TRI for exploration expenditures on the property totaling $250,000 (completed).

The property contains a 3% NSR royalty, of which 2% can be purchased for $2,000,000 at any time. TRI and TGI share a common officer and director.

On January 22, 2021, TRI and the Company entered into a joint venture agreement (the "Joint Venture Agreement") which sets out the terms of their joint venture arrangement regarding the Hemlo South Property. The Joint Venture Agreement provides that each of the Company and TRI has a 50% working interest in the Hemlo South Property, which is subject to the NSR royalty in favour of Wahl.

1. Exploration and evaluation assets (continued)

   The Joint Venture Agreement provides for the following: (i) management and budget control is to be by a joint management committee; (ii) each party will have an initial working interest (or define "WI") of 50% and a deemed initial contribution of $450,000; (iii) TRI and the Company will be joint operators, unless the interest of either party is diluted below 50%, in which case, the party with the larger WI will have the right to become the operator; (iv) budgets will be set annually, or more frequently if requested by either party; (v) technical reports will be prepared in a timely manner on all activities, submitted to Wahl and reported to the MNDM for assessment credit; (vi) if either party (a "Non-Contributing Party") is unable or unwilling to provide its pro rata share of an approved budget, the other party (the "Contributing Party") will have the right to provide the difference between the amount which the Non-Contributing Party has contributed to an approved budget, and its pro rata share of the approved budget; and (vii) the WI of a Non-Contributing Party shall be diluted according to the industry-standard formula.

   The company determined the TRI JV as a joint operation.

   Paulpic-Wascanna Property, Ontario

   April 11, 2024, the Company entered an option agreement with arms-length third parties ("Optionors") pursuant to which Trojan has an option to acquire a 50% interest in the Paulpic-Wascanna gold property. The property lies within the Beardmore-Geraldton-Tashota greenstone belt, approximately 80 km northwest of the town of Geraldton and 240 km northeast of the City of Thunder Bay in Northwestern Ontario.

   The Option Agreement was originally entered into between the Optionors and Advandtel Minerals (Canada) Ltd. ("AMCL") in July 2018 and assigned by AMCL to Tashota Resources Inc. ("TRI") on November 3, 2021. TRI assigned 50% of its interest under the Option Agreement to Trojan. As consideration for the assignment, Trojan issued 5,000,000 common shares to the Optionors at a price of $0.06 per common share.

   Trojan and Tashota share common officers and directors.

   The Company's exploration and evaluation assets consist of the following:

   	Hemlo South	Watershed	Paulpic- Wascanna	Total
   Balance, December 31, 2023	$ 498,991	$ 211,186	$ -	$ 710,177
   Acquisition Costs
   Acquisition of Paulpic-Wascanna	-	-	300,000	300,000
   Claim staking	-	5,775	-	5,775
   Licenses and permits	-	2,105	-	2,105
   	-	7,880	300,000	307,880
   Exploration and Evaluation Costs	-	-	-	-
   Balance, December 31, 2024 & December 31, 2025	$ 498,991	$ 219,066	$ 300,000	$ 1,018,057

   7. Trade and other payables	As at December 31, 2025	As at December 31, 2024
   Trade accounts payable	$ 80,301	$ 118,564
   Accrued liabilities	87,240	65,700
   Total trade and other payables	$ 167,541	$ 184,264
   8. Demand loan
   Balance, December 31, 2023		$ 5,000
   Addition		245,723
   Converted to shares (i)		(72,723)
   Balance, December 31, 2024		$ 178,000
   Addition		35,000
   Converted to shares (ii)		(200,000)
   Balance, December 31, 2025		$ 13,000

   1. During the year ended December 31, 2024, the Company borrowed $245,723. The amount is unsecured, non-interest bearing, and due on demand. $72,723 of the loans was settled by issue of units - see note (9.ii).

   2. During the year ended December 31, 2025, the Company borrowed $35,000. The amount is unsecured, non-interest bearing, and due on demand. $200,000 of the loans was settled by issue of units - see note (9.iii).

a) Authorized share capital

The Company is authorized to issue an unlimited number of voting and participating common shares. The common shares have no par value and are fully paid.

1. Share capital (continued)

   1. On May 10, 2024, the Company issued 5,000,000 common shares to arms-length third parties ("Optionors"), at a price of $0.06 per share, in connection with the option agreement related to the Paulpic-Wascanna Property. Also see note 6.

   2. On December 26, 2024, the Company closed a non-brokered private placement of units through issuance of 1,454,452 units at a price of $0.05 per unit for total gross proceeds of $72,723. The consideration was the settlement of debts owned by the Company to debtholders in the amount of $72,723.

      Each unit consists of one common share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share in the capital of the Company for a price of $0.10 before the expiry date of December 31, 2026.

      These warrants were assigned a value of $7,656 using the Black-Scholes valuation model. The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model are as follows: risk free rate of 2.93%; expected life of 2.00 years; expected volatility: 312.64%; and a weighted average share price:

      $0.005.

   3. In December 2025, the Company closed a non-brokered private placement of flow-through units through issuance of 2,000,000 units at a price of $0.10 per unit. The consideration was the settlement of demand loans (see Note 8) owned by the Company to debtholders in the amount of $200,000.

      Each unit consisted of one common share of the company to be issued as a flow-through share and one common share purchase warrant. Each warrant entitles the holder to purchase one common share in the capital of the Company for a price of $0.15 for a period of two years from the date of issuance.

      These warrants were assigned a value of $69,488 using the Black-Scholes valuation model. The underlying weighted average assumptions used in the estimation of fair value in the Black-Scholes valuation model are as follows: risk free rate of 2.58%; expected life of 2.00 years; expected volatility: 410.29%; and a weighted average share price: $0.035.

2. Shares to be issued

   In September 2024, the Company received advance subscription proceeds from an investor in the aggregate amount of

   $100,000.

   Pursuant to the related subscription agreement, the Company is to issue 1,000,000 units at a price of $0.10 per unit, with each unit consisting of one common share in the capital of the Company as "flow-through share" and one common share purchase warrant. Each warrant will entitle the holder to purchase one common share of the Company at a price of $0.15 per share for a period of 2 years from the date of issuance, subject to acceleration of the expiry date upon the occurrence of certain events. Subsequent to December 31, 2025, the units were issued to the investor in April 2026.

3. Warrants

   The following table reflects the continuity of warrants for the years ended December 31, 2025 and December 31, 2024:

   	Number of warrants	Amount ($)
   Balance, December 31, 2023	4,500,000	996,000
   Issued	1,454,452	7,656
   Expired	(4,500,000)	-
   Balance, December 31, 2024	1,454,452	1,003,656
   Issued	2,000,000	69,488
   Balance, December 31, 2025	3,454,452	1,073,144

   The following table reflects the warrants outstanding and exercisable as of December 31, 2025:

   Number of warrants outstanding	Grant date fair value ($)	exercise price ($)	Expiry date
   1,454,452	7,656	0.10	December 31, 2026
   2,000,000	69,488	0.15	December 31, 2027

4. Stock options

The Company has adopted an incentive stock option plan in accordance with the policies of the Exchange (the "Stock Option Plan") which provides that the Board of Directors of the Company may from time to time, at its discretion, grant to Directors, Officers, employees and consultants of the Company non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance under the Stock Option Plan shall not exceed ten percent (10%) of the issued and outstanding common shares. In addition, the number of common shares reserved for issuance in any one period to any one optionee shall not exceed five percent (5%) of the issued and outstanding common shares and the number of common shares reserved for issuance to any one consultant will not exceed two percent (2%) of the issued and outstanding common shares. The Board of Directors determines the price per common share and the number of common shares which may be allotted to each Director, Officer, employee and consultant and all other terms and conditions of the option, subject to the rules of the Exchange.

The following summarizes the stock option activity for the years ended December 31, 2025 and December 31, 2024:

1. Stock options (continued)

   The following table reflects the actual stock options issued and outstanding as of December 31, 2025:

   Expiry date

   Exercise price ($)

   Weighted average remaining

   contractual life (years)

   Number of options outstanding

   Number of options vested (exercisable)

   December 27, 2027 0.05 1.99 200,000 200,000

2. Loss per share

   For the year ended December 31, 2025, basic and diluted loss per share has been calculated based on the loss attributable to common shareholders of $231,725 (year ended December 31, 2024 - $122,220) and the weighted average number of common shares outstanding of 45,653,885 (year ended December 31, 2024 - 42,427,462). Diluted loss per share did not include the effect of stock options and warrants as they are anti-dilutive.

3. Related party transactions

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

Charles Elbourne Director, Chief Executive Officer

Sarah Morrison Director, Chief Operating Officer

Jon Li Chief Financial Officer

Parklane Securities Inc. Controlled by Charles Elbourne

Interbanc Capital Corp Common Officer and Director, Charles Elbourne

Strike Copper Corp. Common Officers and Director

Tashota Resources Inc. Common Officers and Directors

Canfile Corp Controlled by Sarah Morrison

Rodney Barber Director

Jason Bagg Director

The noted transactions below are in the normal course of business and are measured at the exchange amount, as agreed to by the parties, and approved by the Board of Directors in strict adherence to conflict of interest laws and regulations.

1. The Company entered into the following transactions with related parties:

   1. During the year ended December 31, 2025 the Company paid management consulting fees of $2,000 (year ended December 31, 2024 - $5,000), to Charles Elbourne, director and Chief Executive Officer of the Company.

   2. During the year ended December 31, 2025 the Company paid management consulting fees of $12,300 (year ended December 31, 2024 - $20,000), to Interbanc Capital Corp., a related Company with a Common Officer and Director, Charles Elbourne. As at December 31, 2025, Interbanc Capital Corp was owed $3,000 (December 31, 2024 - $3,000).

      1. Related party transactions (continued)

   3. During the year ended December 31, 2025 the Company paid $18,000, (year ended December 31, 2024 - $18,000), to Canfile Corp, a related Company with a Common Officer and Director, Sarah Morrison. As at December 31, 2025, Canfile Corp was owed $48,780 (December 31, 2023 - $32,475).

   4. During the year ended December 31, 2025, the Company paid $14,000 (year ended December 31, 2024 - $12,000) to WD Numeric Corporate Services Limited. ("WD Numeric") for the services of Jon to act as Chief Financial Officer of the Company. As at December 31, 2025, WD Numeric was owed $14,390 (December 31, 2024 - $18,000).

2. The Company defines its key management as the Board of Directors, Chief Executive Officer ("CEO"), Chief Operating Officer ("COO"), and Chief Financial Officer ("CFO"). During the year ended December 31, 2025 and December 31, 2024, key management compensation consisted solely of management consulting fees paid to the CEO, COO, and CFO as above.

The directors do not have employment or service contracts with the Company. Directors are entitled to director fees and stock options for their services.

The amounts due to related parties are unsecured, non-interest bearing and without fixed terms of repayment.

On April 11, 2024, Tashota Resources Inc. (TRI) assigned 50% of its interest in Paulpic-Wascanna Property's option under the Option Agreement to Trojan - see note 6.

Also see Note 5 regarding transactions with Tashota resources Inc.

1. Income taxes

   Income tax expense

   The statutory tax rate is 26.5% (2024 - 26.5%). The reconciliation of the combined Canadian federal and provincial statutory income tax rate on the net loss for the years ended December 31, 2025 and 2024 are as follows:

   	2025	2024
   Loss before recovery of income taxes	$ (231,725) $	(122,200)
   Expected income tax recovery	$ (61,407) $	(32,383)
   Increase (decrease) related to: Non-deductible expenses	276	837
   Other	28,689	(26,066)
   Change in tax benefits not recognized	32,442	57,612
   Provision for income taxes	$ - $	-
   Unrecognized deferred tax assets

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

   As at December 31,

   	2025	2024
   Deferred Tax Assets Non capital tax losses carried forward	$ 572,827	$ 543,671
   Deferred transaction costs and other	1,463	385
   Mineral interests	(64,059)	(66,266)
   Capital losses carried forward	52,215	52,215
   Deferred tax assets	562,446	530,004
   Less: deferred tax assets not recognized	(562,446)	(530,004)
   Net deferred tax assets	$ -	$ -

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

   Loss carry forwards

   As at December 31, 2025, the Company has estimated non-capital losses of $2,161,611 available to reduce future taxable income for income tax purposes, expiring at various date between 2033 and 2045. The company also has capital losses of $197,036 available to offset future capital gains, which can be carried forward indefinitely.

   The Company has cumulative Canadian and foreign exploration and development expenses of $776,326 available to offset future taxable income, which can be carried forward indefinitely.

   The potential benefit of these losses and deductible temporary differences in excess of the deferred tax liabilities have not been recognized in these financial statements as it is not considered probably that sufficient future tax profit will allow the deferred tax assets to be realized.

2. Commitments

   In December 2025, the Company issued 2,000,000 flow-through units for gross proceeds of $200,000, committing to spend this amount by December 31, 2026 on eligible expenditures . Upon the issuance of the flow-through shares, the Company recorded an aggregate flow-through share premium of $60,512. During the year ended December 31, 2025, the Company incurred $nil in eligible expenditures towards this commitment. As at December 31, 2025, the remaining flow-through commitment obligation related to the December 2025 flow-through shares was $200,000.

3. Write off of trust funds

   During the year ended December 31, 2025, the Company identified a misappropriation of funds held in a trust account. As a result, the full balance of $164,308 was written off and recognized as an expense in the statement of loss.

   The Company has initiated appropriate actions to investigate the matter and assess potential recovery of the misappropriated funds. As at the date of these financial statements, the outcome of these actions remains uncertain and no recovery has been recognized.

4. Subsequent events

In March 2026, the Company issued 501,390 units at a deemed price of $0.10 per unit in settlement of debt of $50,139 owed by the Company. Each Unit was comprised of one common share in the capital of the Company and one half of one common share purchase warrant (each whole common share purchase warrant, a "Warrant") with each Warrant entitling its holder to purchase one common share in the capital of the Company for a price of $0.15 for a period of two

(2) years from the issuance date.

Of the total units issued, 480,000 units were issued to a related company with a common officer and director. See note 10.