2025 Q3 REPORT

For the Periods Ended September 30, 2025 and 2024

Under National Instrument 51-102, "Continuous Disclosure Obligations", part 4 subsection 4.3(3)(a), if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the financial statements have not been reviewed by an auditor. The Corporation's external auditors have not performed a review of these financial statements.

‌September 30, 2025

Table of Contents

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Condensed Consolidated Statements of Financial Position 1

Condensed Consolidated Statements of Income (Loss) 2

Condensed Consolidated Statements of Comprehensive Income (Loss) 3

Condensed Consolidated Statements of Changes in Equity 4

Condensed Consolidated Statements of Cash Flows 5

Notes to the Condensed Consolidated Financial Statements 6

Patrick J. Laracy Director

Carson Noel Director

See accompanying notes to the condensed consolidated financial statements

VULCAN MINERALS INC.

Condensed Consolidated Statements of Changes in Equity (Unaudited)

See accompanying notes to the condensed consolidated financial statements 4

1- Cash and cash equivalents consist of cash and short-term deposits. Short-term deposits are cashable within a three-month or less period. In 2024 there were no guaranteed investment certificates that were not cashable or

non-redeemable within a three-month period. In 2023, there were some guaranteed investment certificates that were non-redeemable and greater than a three-month period and were shown as guaranteed investment certificates on the statement of financial position.

2- Guaranteed investment certificates are short-term investments held with a chartered bank and are non-redeemable until the maturity date within a twelve-month or less period.

See accompanying notes to the condensed consolidated financial statements 5

1. NATURE OF OPERATIONS

   Vulcan Minerals Inc. is engaged in the evaluation, acquisition and exploration of mineral properties in Newfoundland and Labrador. The Company plans to ultimately develop the properties as joint ventures, bring them into production, option or lease properties to third parties, or sell the properties outright. The Company is in the exploration stage on its projects. As of September 30, 2025, the Company also owns 29.78% of Atlas Salt Inc. Vulcan's ownership interest in Atlas Salt Inc. is the key advanced asset for the Company. The Company is a publicly traded company, incorporated under the laws of the Province of Alberta, Canada. Its head office address is 333 Duckworth Street, St. John's, NL A1C 1G9.

2. BASIS OF PRESENTATION

   The Company prepares its condensed consolidated financial statements with Canadian generally accepted accounting principles ("GAAP") as set out in the Canadian Professional Accountants of Canada Handbook - Accounting - Part I ("CPA Canada Handbook") which incorporates IFRS® Accounting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"), and interpretations issued by the International Financial Reporting Interpretations Committee ("IFRIC").

   These condensed consolidated financial statements have been prepared on a historical cost basis, except for investments which are measured at fair value and investment in associates which is measured using the equity method.

   The Company's presentation currency and the functional currency of all of its operations is the Canadian dollar as this is the principal currency of the economic environment in which it operates. All the Company's assets are located in Canada.

   In addition to the Company, the condensed consolidated financial statements include all subsidiaries. Subsidiaries are all corporations, over which the Company is able, directly or indirectly, to control financial and operating policies, which is the authority usually connected with holding majority voting rights. Subsidiaries are fully consolidated from the date on which control is acquired by the Company. Intercompany transactions and balances are eliminated upon consolidation. They are deconsolidated from the date that control by the Company ceases. Any retained interest is measured to its fair value with the change in carrying amount recognized in income or loss. The fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate or joint venture. The Company has two wholly-owned subsidiaries which are both inactive.

   These unaudited interim condensed consolidated financial statements have been prepared in accordance with IFRS, as issued by the IASB applicable to the preparation of interim financial statements, including IAS 34, Interim Financial Reporting. The accounting policies used in preparing these unaudited interim condensed consolidated financial statements are consistent with those used in the preparation of the Company's annual financial statements.

   A summary of the Company's material accounting policies under IFRS is presented in Note

   4 to the year-end financial statements, December 31, 2024.

   These condensed consolidated financial statements were approved and authorized for issuance by the Board of Directors on November 26, 2025.

3. NEW AND AMENDED IFRS STANDARDS AND INTERPRETATIONS

Future applicable accounting standards

In April 2024, the IASB issued IFRS 18 - Presentation and Disclosure in Financial Statements which sets out the overall requirements for presentation and disclosures in the consolidated financial statements. The new standard replaces IAS 1 and although much of the substance of IAS 1 will carry over into the new standard, the new standard will require presentation of separate categories of income and expense for operating, investing, and financing activities with prescribed subtotals for each new category. The new standard will also require disclosure and explanation of 'management-defined performance measures' in a separate note within the consolidated financial statements.

The new standard is effective for annual reporting periods beginning on or after January 1, 2027, including interim consolidated financial statements, and requires retrospective

Investments classified as fair value through other comprehensive income consist of: shares in public companies received as consideration for option payments on mineral claims and shares received as consideration for the sale of mineral claims. At September 30, 2025, the fair value of these shares is $78,944 (December 31, 2024 - $100,438).

As of November 30, 2024, the Company concluded that it no longer exercised significant influence over Triple Point, primarily due to the absence of common directors and other indicators of significant influence as of that date. Accordingly, the Company reclassified its investment in the common shares of Triple Point from an investment in an associate to an investment measured at fair value through other comprehensive income, in accordance with

IFRS 9. At September 30, 2025, the estimated fair value of these shares is $391,617 (December 31, 2024 - $81,457).

1. INVESTMENT IN ASSOCIATES

   	September 30 2025	December 31 2024
   Investment in Atlas Salt Inc.	$ 36,255,610	$ 36,854,402

   Atlas Salt Inc.

   Atlas Salt is incorporated under the laws of the Province of British Columbia. Atlas Salt's head office is in St. George's, Newfoundland and Labrador. Atlas Salt is a mineral exploration company engaged in the evaluation and exploration of mineral properties in Newfoundland and Labrador. The Company's principal asset is the Great Atlantic salt deposit located in the St. George's Bay basin of western Newfoundland.

   Management has determined that its investment in the common shares of Atlas Salt gives it significant influence over Atlas Salt. As a result, the Company applied the equity method of accounting for its investment in Atlas Salt.

   The continuity of the Company's investment in Atlas Salt common shares is as follows:

   	September 30 2025	December 31 2024
   	$	$
   Balance, beginning of year	36,854,402	38,169,833
   Addition of Atlas Salt shares during the year	31,590	-
   Share of loss and comprehensive loss	(486,190)	(1,095,228)
   Dilution loss	(144,192)	(220,203)
   Investment in Atlas Salt	36,255,610	36,854,402

   The following summarizes financial information of Atlas Salt as at September 30, 2025 and December 31, 2024 and for the periods ended September 30, 2025 and 2024, including fair value adjustments made at the time of recognition of the interest, is as follows:

   	September 30	December 31
   	2025	2024
   	$	$
   Statement of Financial Position
   Cash and cash equivalents	1,653,864	8,032,910
   Other current assets	275,705	579,925
   Non-current assets	56,643,391	52,296,131
   Current liabilities	911,104	1,483,229
   Non-current liabilities	508,566	216,550
   Equity	57,153,290	59,209,187
   	Period Ended	Period Ended
   	September 30	September 30
   	2025	2024
   Net loss and comprehensive loss	$	$
   Interest income	19,865	288,976
   Net loss and comprehensive loss	(1,632,623)	(2,675,117)

   Atlas Salt had depreciation of $25,032 in 2025 (2024 - $34,012). There was $7,987 interest expense (2024 - $nil) and $nil income tax expense in 2025 (2024 - $nil).

   As of the period ended September 30, 2025, the Company did not identify any indications of impairment on this investment.

2. EXPLORATION AND EVALUATION ASSETS

   The Company has 25 mineral licences (December 31, 2024 - 28) which consist of 991 claims (December 31, 2024 - 1,199), which are active and in good standing with the Department of Industry, Energy and Technology in the Province of Newfoundland and Labrador. These licences are in the exploration and evaluation stage. As of September 30, 2025, 5 of these licences (December 31, 2024 - 7 of these licences) consisting of 183 claims (December 31, 2024 - 377 claims) were optioned to Sassy Resources Corporation (these have since been assigned to Gander Gold Corporation).

   A summary of the exploration and evaluation assets is as follows:

   September 30, 2025

   	Balance, Beginning of Year	Additions	Deposits Received	Balance, End of Period
   	$	$	$	$
   Mineral properties property
   acquisition costs	158,775	2,500	-	161,275
   Exploration costs	2,457,624	105,626	-	2,563,250
   Deferred option payments	(142,880)	-	-	(142,880)
   	2,473,519	108,126	-	2,581,645
   December 31, 2024
   	Balance,	Additions	Write-down	Balance,
   	Beginning of			End
   	Year			of Year
   	$	$	$	$
   Mineral properties property
   acquisition costs	127,339	31,436	-	158,775
   Exploration costs	2,062,767	429,706	(34,849)	2,457,624
   Deferred option payments	(134,892)	(7,988)	-	(142,880)
   	2,055,214	453,154	(34,849)	2,473,519

   Current year additions to mineral exploration costs include share-based compensation of

   $5,897 (December 31, 2024 - $nil).

   During the year, the Company recognized write-downs totaling $nil (December 31, 2024 -

   $34,849) related to exploration and evaluation expenditures capitalized in respect of certain areas of interest where the Company has determined that no further exploration activities will be undertaken.

   In February 2021, the Company entered into an option agreement with Sassy Gold Corp. (previously Sassy Resources Corporation) ("Sassy") in relation to the Company's Gander Belt Gold mineral property. Subsequent to the date of this agreement, Sassy assigned the option to Gander Gold Corporation ("Gander Gold"). The first anniversary and subsequent option payments were paid by Gander Gold including the issuance of Gander Gold shares. Sassy has an option to earn a 100% interest in the property over a four-year period by incurring exploration expenditures of $2,000,000 and by making option cash payments of $200,000 (2021 - $100,000, 2022 - $50,000, 2023 - $50,000) and by issuing 3,600,000 common shares of the Company (2021 - 1,000,000, 2022 - 300,000, 2023 - 300,000, 2024 - 1,000,000, 2025

   - 1,000,000). These terms are based on the amended option agreement dated May 20, 2025. The Company and Gander Gold amended the 2024 anniversary payment to be 1,000,000 shares of Gander Gold instead of 400,000 common shares and voided the cash payment of

   $100,000 originally due in 2024. On May 20, 2025, the 2025 option payment was amended to be 1,000,000 shares of Gander Gold instead of 500,000 common shares and voided the

   cash payment of $100,000 originally due in 2025. All other terms of the original agreement remain the same. The Company has not yet received the 2025 shares of Gander Gold as of the date of these financial statements.

   As at September 30, 2025, 200,000 common shares of Sassy and 177,240 common shares of Gander Gold (December 31, 2024 - 200,000 common shares of Sassy and 177,240 common shares of Gander Gold) having a fair value of $999,291 (December 31, 2024 -

   $999,291) at the time of their issuance and $200,000 cash (December 31, 2024 - $200,000) have been received. On August 23, 2024, Sassy completed a consolidation of its common shares on the basis of a one new share for every five old shares. Vulcan held 1,000,000 old shares of Sassy related to this option agreement at that date which were consolidated to 200,000 new shares of Sassy. In addition, Gander Gold completed a consolidation of its common shares on August 23, 2024, on the basis of one new share for every ten old shares. Vulcan held 1,772,408 common shares of Gander Gold at that date which were consolidated to 177,240 new shares of Gander Gold. Security deposits of $6,900 (December 31, 2024 -

   $6,900) paid on the claims have been reimbursed to the Company. As of September 30, 2025, $130,614 (December 31, 2024 - $130,614) has been recorded as cost recoveries to the Gander properties and $nil (December 31, 2024 - $64,762) recorded as income during period. After Sassy earns its 100% interest, the Company can retain a 3% net smelter royalty (NSR) covering the claims. Sassy has the right to repurchase one-half of that NSR (1.5%) for

   $2,000,000 in cash and 500,000 common shares within one year following delivery to Vulcan of a Feasibility Report on any deposit advanced on the properties.

3. CAPITAL ASSETS

   September 30, 2025

   	Drilling Rig	Furniture and Fixtures	ATV	Computer Equipment	Total
   	$	$	$	$	$
   Opening Balance	798,368	12,296	14,298	107,008	931,970
   Additions	-	-	-	3,494	3,494
   Sub-total	798,368	12,296	14,298	110,502	935,464
   Accumulated Depreciation Opening	(798,368)	(12,296)	(2,144)	(96,635)	(909,443)
   Depreciation	-	-	(2,734)	(2,727)	(5,461)
   Sub-total	(798,368)	(12,296)	(4,878)	(99,362)	(914,904)
   Net book value	-	-	9,420	11,140	20,560

   December 31, 2024

   	Drilling Rig	Furniture and Fixtures	ATV	Computer Equipment	Total
   	$	$	$	$	$
   Opening Balance	798,368	12,296	-	105,253	915,917
   Additions	-	-	14,298	1,755	16,053
   Sub-total	798,368	12,296	14,298	107,008	931,970
   Accumulated Depreciation Opening	(795,589)	(11,964)	-	(92,566)	(900,119)
   Depreciation	(2,779)	(332)	(2,144)	(4,069)	(9,324)
   Sub-total	(798,368)	(12,296)	(2,144)	(96,635)	(909,443)
   Net book value	-	-	12,154	10,373	22,527

4. SHARE CAPITAL

Authorized:

Unlimited number of voting common shares

Unlimited number of preferred shares, issuable in series

Issued and outstanding:

September 30, 2025 December 31, 2024

consultants and employees of the Company and its subsidiary are eligible to receive stock options. The aggregate number of shares to be issued upon exercise of all options granted under the plan shall not exceed 10% of the issued shares of the Company at the time of granting the options. The maximum number of common shares optioned to any one optionee shall not exceed 5% of the outstanding common shares of the Company. Options granted under the plan generally have a term of five years but may not exceed ten years and vest at terms to be determined by the directors at the time of grant. The exercise price of each option is determined by the directors at the time of grant but shall not be less than the price permitted by the policy or policies of the stock exchange(s) on which the Company's common shares are then listed.

A summary of the status of the Company's stock option plan is as follows:

September 30, 2025 December 31, 2024

The weighted average remaining contractual life of outstanding options is 1.90 years (December 31, 2024 - 2.74 years). The weighted average remaining contractual life of exercisable options is 1.97 (December 31, 2024 - 2.74 years).

The Company granted 3,750,000 stock options to directors and employees with each option entitling the holder to purchase one common share at $0.15 per share for a period of two years. 1,875,000 options vested on the date of grant February 14, 2025 and the remaining 1,875,000 options vest on February 14, 2026.

Fair value assumptions:

The weighted average fair value of stock options granted in the period ended September 30, 2025 was estimated to be $0.0605 (December 31, 2024 - $nil) using the Black-Scholes fair value option pricing model and the following weighted average assumptions:

Consolidated share-based compensation expense:

The Company recognized share-based compensation costs in the amount of $183,391 in the period ended September 30, 2025 (September 30, 2024 - $nil). Share-based compensation in the amount of $177,494 was expensed for the period ended September 30, 2025 (September 30, 2024 - $nil) and $5,897 (September 30, 2024 - $nil) was capitalized to mineral exploration and evaluation assets.

1. GENERAL AND ADMINISTRATIVE EXPENSES

   September 30

   2025

   September 30

   2024

   $		$
   Salaries and benefits and cost recoveries	155,843	95,210
   Office and administrative	129,102	111,248
   Management and sub-contractor fees	129,428	129,328
   Transfer agent and professional fees	51,861	66,043
   Conferences, travel, and accommodation	26,777	5,425
   Marketing and communications	22,800	-
   	515,811	407,254

2. RELATED PARTY TRANSACTIONS

Compensation for key management personnel, which includes the President and Chief Executive Officer, Chief Financial Officer and Directors, is as follows:

The Company's objective when managing capital is to safeguard its accumulated capital in order to maintain its ability to continue as a going concern, to fund its exploration activities and to provide returns to shareholders and benefits to other stakeholders. The capital structure of the Company consists of capital and equity comprised of share capital, contributed surplus, and deficit.

The Company manages its capital structure and adjusts it in light of economic conditions. The Company will balance its overall capital structure through new share issuances or by undertaking other activities as deemed appropriate under the specific circumstances.

To maintain or adjust the capital structure, the Company may issue new equity if available on favorable terms, option its exploration and evaluation assets for cash and/or expenditure commitments from optionees and enter into joint venture arrangements or dispose of its exploration and evaluation assets.

The Company is not subject to externally imposed capital requirements.

1. FINANCIAL INSTRUMENTS

   Fair Values:

   Financial instruments recorded at fair value on the consolidated statement 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 - valuation based on quoted prices (unadjusted) observed in active markets for identical assets and liabilities;

   Level 2 - valuation techniques based on inputs that are quoted process of similar instruments in active markets; inputs other than quoted process used in a valuation model that are observable for that instrument; and inputs that are derived principally from or corroborated by observable market data by correlation or other means; and

   Level 3 - valuation techniques with significant unobservable market inputs.

   The carrying amount of cash and cash equivalents, guaranteed investment certificate, accounts receivable and accounts payable and accrued liabilities, approximate their fair value due to their short-term nature.

   The recognized investments disclosed in Note 4 are Level 1 measurements. The fair value of Triple Point Resources (Note 4) is considered a Level 3 measurement.

   Financial Risk Management:

   The Company has exposure to credit risk, liquidity risk, market risk and commodity price risk. The source of risk exposure and how each is managed is outlined below:

   Credit Risk:

   Credit risk is the risk of loss associated with a counterparty's inability to fulfill its payment obligation. The Company is exposed to credit risk on its cash and cash equivalents, guaranteed investment certificate, and accounts receivable. The credit risk on cash and cash equivalents and guaranteed investment certificates is limited because the counterparty is a chartered bank with a high credit rating. The Company assesses its credit risk with respect to cash and cash equivalents, guaranteed investment certificate, and accounts receivable as not significant.

   Liquidity Risk:

   The Company's approach to managing liquidity risk is to ensure it will have sufficient liquidity to meet liabilities when due. To the extent that the Company does not believe it has sufficient liquidity to meet these obligations, management will consider securing additional funds through debt or equity transactions. The Company manages its liquidity risk by continuously monitoring its forecast and actual cash flow from operations. These funds are unrestricted and are intended to be used as working capital and to increase the Company's ability to fund

   future exploration projects. As of September 30, 2025 the Company had a cash balance of

   $2,037,209 (December 31, 2024 - $5,620,024), guaranteed investment certificate balance of

   $3,018,848 (December 31, 2024 - $nil) and a positive working capital of $5,020,736 (December 31, 2024 - $5,616,534).

   Accounts payable and accrued liabilities at September 30, 2025 is $56,240 (December 31, 2024 - $96,990).

   Market Risk:

   Market risk relates to changes in economic conditions, changes in market prices, interest rates, foreign exchange rates, and commodity prices which will affect the Company's net loss or the value of its financial instruments.

   Commodity Price Risk:

   The value of the Company's exploration and evaluation assets is partially related to the market price of metals and minerals. The Company does not hedge this exposure to fluctuations in commodity prices. The Company's ability to continue with its exploration programs is also indirectly subject to commodity prices.

2. CONTINGENCIES

The Company was added as a co-defendant in a legal action Geophysical Service Incorporated (GSI) had with NWest Energy Corp. (now Ceylon Graphite Corp. by way of name change) regarding an alleged breach of an agreement between those parties. GSI submitted a Statement of Claim and the Company filed a Statement of Defence.

The Company advises that the legal action by GSI against the Company has been discontinued by GSI. It has been the Company's position since the start of litigation that this case had no basis or merit and the dropping of the case by GSI confirms this and puts an end to this legal claim.

OFFICERS AND MANAGEMENT

Patrick J. Laracy

CEO, President and Chairman

Gillian Russell

Chief Financial Officer and Corporate Secretary

BOARD OF DIRECTORS

Patrick J. Laracy Carson Noel Philip E. Collins Fraser Edison

EXCHANGE LISTING

TSX Venture - "VUL"

REGISTRAR AND TRANSFER AGENT

Computershare Trust Company of Canada

BANKERS

Scotiabank

LEGAL COUNSEL

Osler, Hoskin & Harcourt LLP, Calgary, AB

Cox & Palmer, St. John's, NL

AUDITORS

MNP LLP

ADDITIONAL INFORMATION

Please contact, Patrick J. Laracy Tel: (709) 754-3186

e-mail: info@vulcanminerals.ca

HEAD OFFICE

333 Duckworth Street St. John's, NL, A1C 1G9 Tel: (709) 754-3186

Fax: (709) 754-3946

Website: https://www.vulcanminerals.ca