Enertopia Corp. 10-Q

Item 1. Financial Statements. Our unaudited condensed financial statements for the nine-month period ended May 31, 2026 form part of this quarterly report. They are stated in United States Dollars (US$) and are prepared in accordance with United States generally accepted accounting principles. ENERTOPIA CORP. CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS (UNAUDITED) (Expressed in U.S. Dollars) May 31, August 31, 2026 2025 ASSETS Current Cash $ 315,152 $ 74,740 Accounts receivable 3,205 4,705 Prepaid expenses and deposit (Note 11) 21,828 35,547 Total Current Assets 340,185 114,992 Non-current assets, net Mineral property (Note 4) - 10,500 TOTAL ASSETS $ 340,185 $ 125,492 LIABILITIES Current Accounts payable and accrued liabilities $ 283,070 $ 297,231 Due to related party (Note 6) - 27,861 Total Liabilities 283,070 325,092 STOCKHOLDERS' EQUITY Share Capital (Note 7) Authorized: 500,000,000 common voting shares with a par value of $ 0.001 per share Issued and outstanding: 10,339,394 common shares at May 31, 2026 and August 31, 2025 10,339 10,339 Additional paid-in capital (Note 8) 15,830,281 15,823,090 Deficit ( 15,782,229 ) ( 16,031,753 ) Equity attributable to shareholders of the Company 58,391 ( 198,324 ) Non-controlling interest ( 1,276 ) ( 1,276 ) Total Stockholders' Equity 57,115 ( 199,600 ) TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY $ 340,185 $ 125,492 The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements. ENERTOPIA CORP. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF STOCKHOLDERS' EQUITY (DEFICIT) (UNAUDITED) (Expressed in U.S. Dollars) COMMON STOCK SHARES AMOUNT ADDITIONAL PAID-IN CAPITAL ACCUMULATED DEFICIT NON- CONTROLLING INTEREST TOTAL STOCKHOLDERS' EQUITY (DEFICIT) Balance, August 31, 2024 7,758,305 $ 7,758 $ 15,545,015 $ ( 15,524,969 ) $ ( 1,207 ) $ 26,597 Non controlling interest - - - - ( 52 ) ( 52 ) Comprehensive loss - - - ( 83,078 ) - ( 83,078 ) Balance, November 30, 2024 7,758,305 $ 7,758 $ 15,545,015 $ ( 15,608,047 ) $ ( 1,259 ) $ ( 56,533 ) Common stock issued for reverse stock split fractional share round up 1,089 1 ( 1 ) - - - Non controlling interest - - - - ( 17 ) ( 17 ) Comprehensive loss - - - ( 115,510 ) - ( 115,510 ) Balance, February 28, 2025 7,759,394 $ 7,759 $ 15,545,014 $ ( 15,723,557 ) $ ( 1,276 ) $ ( 172,060 ) Common stock issued for cash 1,040,000 1,040 72,044 - - 73,084 Non controlling interest - - - - - - Comprehensive loss - - - ( 130,364 ) - ( 130,364 ) Balance, May 31, 2025 8,799,394 $ 8,799 $ 15,617,058 $ ( 15,853,921 ) $ ( 1,276 ) $ ( 229,340 ) Warrant exercise for cash 500,000 500 49,500 - - 50,000 Stock based compensation - - 54,751 - - 54,751 Common stock issued for cash 1,040,000 1,040 101,781 - - 102,821 Comprehensive loss - - - ( 177,832 ) - ( 177,832 ) Balance, August 31, 2025 10,339,394 10,339 15,823,090 ( 16,031,753 ) ( 1,276 ) ( 199,600 ) Comprehensive loss - - - ( 74,770 ) - ( 74,770 ) Balance, November 30, 2025 10,339,394 $ 10,339 $ 15,823,090 $ ( 16,106,523 ) $ ( 1,276 ) $ ( 274,370 ) Stock based compensation - - 7,191 - - 7,191 Comprehensive Income - - - 389,032 - 389,032 Balance, February 28, 2026 10,339,394 $ 10,339 $ 15,830,281 $ ( 15,717,491 ) $ ( 1,276 ) $ 121,853 Comprehensive loss - - - ( 64,738 ) - ( 64,738 ) Balance, May 31, 2026 10,339,394 $ 10,339 $ 15,830,281 $ ( 15,782,229 ) $ ( 1,276 ) $ 57,115 The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements. ENERTOPIA CORP. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS (UNAUDITED) (Expressed in U.S. Dollars) THREE MONTHS ENDED NINE MONTHS ENDED May 31, May 31, May 31, May 31, 2026 2025 2026 2025 Expenses Accounting and audit $ 12,172 $ 17,091 $ 30,916 $ 32,343 Consulting (Note 6) 7,867 8,250 22,867 43,818 Fees and dues 9,432 13,708 27,523 35,193 Investor relations 5,469 10,930 22,524 18,183 Legal and professional 11,464 14,101 30,315 29,693 Office and miscellaneous 12,932 15,022 38,654 54,426 Mineral exploration costs 443 9,161 13,779 23,124 Research and development 2,182 34,146 33,807 95,832 Total expenses 61,961 122,409 220,385 332,612 Loss for the period before other items ( 61,961 ) ( 122,409 ) ( 220,385 ) ( 332,612 ) Other income (expense) Foreign exchange loss ( 2,777 ) ( 7,955 ) ( 8,591 ) ( 4,840 ) Realized loss on marketable securities - - - ( 352,239 ) Realized foreign exchange loss on marketable securities - - - ( 17,133 ) Unrealized gain on marketable securities - - - 377,803 Gain from mineral property sale - - 478,500 - Net income (loss) for the period ( 64,738 ) ( 130,364 ) 249,524 ( 329,021 ) Net income (loss) attributable to: Common shareholders ( 64,738 ) ( 130,364 ) 249,524 ( 328,952 ) Non controlling interest - - - ( 69 ) Basic and diluted income (loss) per share Basic $ ( 0.01 ) $ ( 0.02 ) $ 0.02 $ ( 0.04 ) Diluted $ ( 0.01 ) $ ( 0.02 ) $ 0.02 $ ( 0.04 ) Weighted average number of common shares outstanding Basic 10,339,394 8,019,394 10,339,394 7,846,447 Diluted 10,339,394 8,019,394 11,341,932 7,846,447 The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements. ENERTOPIA CORP. CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CASH FLOWS (UNAUDITED) (Expressed in U.S. Dollars) NINE MONTHS ENDED May 31, May 31, 2026 2025 Cash flows used in operating activities Net Income (Loss) $ 249,524 $ ( 329,021 ) Changes to reconcile net income (loss) to net cash used in operating activities Stock based compensation 7,191 - Income from mineral property sale ( 478,500 ) - Unrealized gain on marketable securities - ( 377,803 ) Loss on disposal of marketable securities - 352,239 Foreign exchange loss on disposal of marketable securities - 17,133 Recovery of exploration costs ( 5,596 ) - Change in non-cash working capital items: Accounts receivable 1,500 4,282 Prepaid expenses and deposits 2,719 56,844 Accounts payable and accrued liabilities ( 14,161 ) ( 14,952 ) Due to related parties ( 27,861 ) 8,744 Net cash used in operating activities $ ( 265,184 ) $ ( 282,534 ) Cash flows from investing activities Proceeds from sale of marketable securities - 75,947 Proceeds from sale of mineral property 505,596 - Net cash from investing activities $ 505,596 $ 75,947 Cash flows from financing activities Net proceeds from common shares issued for cash - 73,084 Net cash from financing Activities $ - $ 73,084 Increase (decrease) in cash and cash equivalents 240,412 ( 133,503 ) Cash and cash equivalents at beginning of period 74,740 179,893 Cash and cash equivalents at end of period $ 315,152 $ 46,390 Supplemental information of cash flows: Cash paid for interest $ - $ - Cash paid for taxes $ - $ - The accompanying notes are an integral part of these unaudited condensed consolidated interim financial statements ENERTOPIA CORP. NOTES TO CONDENSED CONSOLIDATED INTERIM FINANCIAL STATEMENTS (UNAUDITED) May 31, 2026 (Expressed in U.S. Dollars) 1. ORGANIZATION The unaudited condensed consolidated interim financial statements for the period ended May 31, 2026 included herein have been prepared pursuant to the rules and regulations of the Securities and Exchange Commission. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with United States generally accepted accounting principles have been condensed or omitted pursuant to such rules and regulations. These unaudited condensed consolidated interim financial statements should be read in conjunction with the August 31, 2025 audited annual financial statements and notes thereto. The Company was formed on November 24, 2004 under the laws of the State of Nevada and commenced operations on November 24, 2004. The Company is focused on building shareholder value through a combination of our intellectual property, pending patents in the green technology space, and potential strategic acquisitions. The Company office is located in Kelowna, B.C., Canada. 2. GOING CONCERN UNCERTAINTY The accompanying unaudited condensed consolidated interim financial statements have been prepared on a going concern basis which contemplates the realization of assets and the satisfaction of liabilities and commitments in the normal course of business. The Company incurred net cash outflows from operating activities of $ 265,184 for the nine-months ended May 31, 2026 ($ 282,534 for the nine-months ended May 31, 2025) and as at May 31, 2025 has incurred cumulative losses of $ 15,782,229 that raises substantial doubt about its ability to continue as a going concern. Management has been able, thus far, to finance the operations through equity financing and cash on hand. There is no assurance that the Company will be able to continue to finance the Company on this basis. In view of these conditions, the ability of the Company to continue as a going concern is in substantial doubt and dependent upon its ability to generate sufficient cash flow to meet its obligations on a timely basis, to obtain additional financing as may be required, to receive the continued support of the Company's shareholders, and ultimately to obtain successful operations. There are no assurances that we will be able to obtain further funds required for our continued operations. As noted herein, we are pursuing various financing alternatives to meet our immediate and long-term financial requirements. There can be no assurance that additional financing will be available to us when needed or, if available, that it can be obtained on commercially reasonable terms. If we are not able to obtain the additional financing on a timely basis, we will be unable to conduct our operations as planned, and we will not be able to meet our other obligations as they become due. In such event, we will be forced to scale down or perhaps even cease our operations. There is significant uncertainty as to whether we can obtain additional financing. These unaudited condensed consolidated interim financial statements do not give effect to any adjustments which would be necessary should the Company be unable to continue as a going concern and therefore be required to realize its assets and discharge its liabilities in other than the normal course of business and at amounts different from those reflected in the accompanying unaudited condensed consolidated interim financial statements. 3. SIGNIFICANT ACCOUNTING POLICIES a. Basis of Presentation The accompanying unaudited condensed consolidated interim financial statements have been prepared in accordance with accounting principles generally accepted in the United States ("U.S. GAAP") for interim financial information and the instructions to Securities and Exchange Commission ("SEC") Form 10-Q and Article 10 of SEC Regulation S-X. They do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. Therefore, these financial statements should be read in conjunction with our audited financial statements and notes thereto for the year ended August 31, 2025. b. Basis of Consolidation The financial statements have been prepared on a consolidated basis with those of the Company's 76 % owned subsidiary, CapNTrack Inc. All intercompany transactions and balances have been eliminated. c. Cash and Cash Equivalents Cash and cash equivalents include cash in bank accounts and money market funds with maturities of less than three months from inception, which are readily convertible to known amounts of cash and which, in the opinion of management, are subject to an insignificant risk of loss in value. As of May 31, 2026 and August 31, 2025, the Company had cash only. d. Accounting Estimates The preparation of financial statements in conformity with U.S GAAP requires us to make certain estimates, judgements and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Some of the Company's accounting policies require us to make subjective judgments, often as a result of the need to make estimates of matters that are inherently uncertain. These accounting policies involve critical accounting estimates because they are particularly dependent on estimates and assumptions made by management about matters that are highly uncertain at the time the accounting estimates are made. Although we have used our best estimates based on facts and circumstances available to us at the time, different estimates reasonably could have been used. Changes in the accounting estimates used by the Company are reasonably likely to occur from time to time, which may have a material effect on the presentation of financial condition and results of operations. The Company reviews these estimates, judgments, and assumptions periodically and reflect the effects of revisions in the period in which they are deemed to be necessary. We believe that these estimates are reasonable; however, actual results could differ from these estimates. Significant accounting estimates and assumptions are used for, but not limited to: a) The Valuation of Deferred Tax Assets Judgement is required in determining whether deferred tax assets are recognized on the balance sheet. The recognition of deferred tax assets requires management to assess the likelihood that the Company will generate taxable income in future periods to utilize the deferred tax assets. Due to the Company's history of losses, deferred tax assets have not been recognized by the Company. b) Value of Stock Options The Company provides compensation benefits to its employees, directors, officers, and consultants, through a stock option plan. The fair value of each option award is estimated on the date of grant using the Black-Scholes option pricing model. Expected volatility assumption used in the model is based on the historical volatility of the Company's share price. The Company uses historical data to estimate the period of option exercises for use in the valuation model. The risk-free interest rate for the expected term of the option is based on the yields of government bonds. Changes in these assumptions, especially the share price volatility and the expected life determination could have a material impact on the Company's profit and loss for the periods presented. All estimates used in the model are based on historical data which may not be representative of future results. c) Fair value of shares issued in non-cash transactions The Company at times grants common shares in lieu of cash to certain vendors for their services to the Company. The Company recognizes the associated cost in the same period and manner as if the Company paid cash for the services provided by calculating the fair value of the share offering at the cost of the service provided. e. Earnings Per Share Loss per share is computed using the weighted average number of shares outstanding during the period. The Company has adopted ASC 220 "Earnings Per Share". Basic earnings per share ("EPS") is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method. Dilutive potential common shares include warrants and outstanding stock options. Dilutive potential commons shares included: May 31, 2026 2025 Options 785,000 407,500 Warrants 614,000 1,114,000 Total 1,399,000 1,521,500 THREE MONTHS ENDED NINE MONTHS ENDED May 31, May 31, 2026 2025 2026 2025 Weighted average common shares outstanding 10,339,394 8,019,394 10,339,394 7,846,447 Effect of dilutive shares - - 1,002,538 - Diluted 10,339,394 8,019,394 11,341,932 7,846,447 f. Financial Instruments ASC 820 "Fair Value Measurements and Disclosures" requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. ASC 820 establishes a fair value hierarchy based on the level of independent, objective evidence surrounding the inputs used to measure fair value. A financial instrument's categorization within the fair value hierarchy is based upon the lowest level of input that is significant to the fair value measurement. ASC 820 prioritizes the inputs into three levels that may be used to measure fair value: Level 1 - Quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices included within Level 1 that are either directly or indirectly observable; and Level 3 - Unobservable inputs that are supported by little or no market activity, therefore requiring an entity to develop its own assumptions about the assumptions that market participants would use in pricing. The Company's financial instruments consist primarily of cash, accounts receivable, accounts payable and due to related party. The carrying amounts of these financial instruments approximate their fair values due to their short maturities. The Company's operations are in United States of America and Canada, which results in exposure to market risks from changes in foreign currency rates. The financial risk is the risk to the Company's operations that arise from fluctuations in foreign exchange rates and the degree of volatility of these rates. Currently, the Company does not use derivative instruments to reduce its exposure to foreign currency risk. g. Research and Development Research and development costs are expensed as incurred. h. Reverse Stock Split On January 10, 2025, the Company effectuated a 1 for 20 reverse stock split of its issued and outstanding common stock, rounding up to account for any fractional shares (the "Reverse Stock Split"). The Reverse Stock Split had no effect on the Company's authorized shares of common stock and the par value will remain unchanged at $ 0.001 . All common stock share, option, warrant and per share amounts (except our authorized but unissued shares and previously reserved shares) have been retroactively adjusted in these consolidated financial statements and related disclosures. i. Recent Accounting Pronouncements In November 2024, the FASB issued ASU 2024-03, Income Statement-Reporting Comprehensive Income-Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses, which requires all public entities to disclose information about purchases of inventory, employee compensation, depreciation, intangible asset amortization, and depletion for each income statement line item that contains those expenses. The amendments are effective for the Company in fiscal years beginning after December 15, 2026, and interim periods within fiscal years beginning after December 27, 2027. Early adoption is permitted on either a prospective or retrospective basis. The Company is currently evaluating the guidance and its impact to the financial statements. 4. MINERAL PROPERTY West Tonopah On February 25, 2022, the Company staked unpatented mineral claims in Esmeralda County, Nevada for cash consideration of $ 10,500 . On January 21, 2026, the Company reported that the closing conditions have been met on the sale of the West Tonopah lithium project. The Company received $ 505,596 for the sale of mineral claims. The sale price included $ 5,596 as a recovery of BLM bond premiums included in exploration expenses, $ 11,000 for the remaining BLM claims paid included in prepaids and $ 478,500 gain on sale of the property. During the nine-months ended May 31, 2026, the Company expensed $ 13,779 relating to storage, assays and advisor expenses. During the nine-month period ended May 31, 2025, the Company expensed $ 23,124 in expenses relating to advisor, travel and storage expenses. May 31, May 31, 2026 2025 Sample Assays $ 443 $ - Travel, Storage & Misc 13,336 23,124 Total Exploration $ 13,779 $ 23,124 5. RESEARCH AND DEVELOPMENT Clean Technologies On December 6, 2021, The Company entered into a Definitive Purchase and Sale Agreement to acquire a 100 % ownership and rights to the hydrogen technology ("Hydrogen Technology"). By acquiring this Hydrogen Technology, the Company is currently researching the opportunity to create process gas that can be used in commercial, industrial and mining applications by splitting the hydrogen from water via electrolysis. The technology has advanced to the prototype phase and the provisional patent number 63/782/745 was filed with the USPTO on April 3, 2025. On February 11, 2025, the United States Patent Trademark Office (USPTO) notified the Company that patent #12224704 had been issued for the Heat Recovery System. On February 18, 2025 The USPTO notified the Company that patent #12231085 had been issued. This system has also been Trademarked as the "ENERTOPIA RAINMAKER". Energy Management System ("EMS") On December 17, 2021, The Company entered into a Definitive Purchase and Sale Agreement to acquire 100 % ownership and rights to their Provisional Patent Pending EMS. The Company created a Joint Venture ("JV") with 51 %, now 76 %, controlling interest in CapNTrack to run the commercial and industrial operations related to the EMS. As of May 31, 2026, one of the co inventors passed away. At this time the 2.5 million shares pre share consolidation, 125,000 post consolidation shares are being reviewed by all parties with respect to the necessary probate and other paperwork to be released or cancelled. As at the period ended date of May 31, 2026, there have been no operations in the JV and only office costs have been incurred. The EMS is still in the research and development phase and it has not obtained commercial or operational feasibility as at the period end date of May 31, 2026. On November 19, 2024 the USPTO notified the Company that patent number 12149091 was issued for EMS (Energy Management System). During the nine-months ended May 31, 2026 and 2025 the Company incurred the following research and development expenses: May 31, May 31, 2026 2025 Clean Technologies $ 33,807 $ 95,832 Total Research and Development $ 33,807 $ 95,832 6. RELATED PARTY TRANSACTIONS For the nine-month periods ended May 31, 2026 and 2025, the Company was party to the following related party transactions: • As at May 31, 2026, the Company had a balance owing of $ 0 owing to the President (August 31, 2025 $ 27,861 ). • The Company incurred $ 22,500 (May 31, 2025: $ 22,500 ) to the CFO of the Company in consulting fees. • The Company incurred $ 368 (May 31, 2025: $ 184 ) to a director of the Company in geological consulting services. • The Company incurred $ 0 (May 31, 2025: $ 4,384 ) in total to two directors of the Company for director fees. 7. SHARE CAPITAL The Company is authorized to issue up to 500 million shares. During the nine-month period ending May 31, 2026 the Company did not issue any shares. During the nine-month period May 31 2025 the Company issued 1,089 post consolidation round up shares for the fractional shares with respect to the Companies 1 for 20 share consolidation with the effective date of January 10, 2025 . During the nine months ended May 31, 2025, the Company issued 1,040,000 units for CAD$ 0.10 per unit, that included one common share and one whole warrant, exercisable at $ 0.10 per warrant for two years expiring May 8, 2027 for gross proceeds of CAD$ 104,000 . A cash finder's fee of CAD$ 2,400 and 74,000 full broker warrants valued at $ 6,915 (Note 8) was paid to third parties. As at May 31, 2026 the Company had 10,339,394 (August 31, 2025 - 10,339,394 ) shares issued and outstanding. As at May 31, 2026 the Company had 175,000 (August 31 2025 - 175,000 ) shares held in escrow, that are included in the total shares issued and outstanding. 125,000 of the shares held in Escrow are being reviewed by all parties with respect to the necessary probate and other paperwork to be released or cancelled with respect to the issuance of the Energy Management System Patent, United States Patent Trademark Office (USPTO) #12149091, as per the terms and conditions of the contract. 8. STOCK OPTIONS AND WARRANTS Stock Options On July 15, 2014, the shareholders approved and adopted at the Annual General Meeting the Company's 2014 Stock Option Plan. The purpose of this Plan is to advance the interests of the Corporation, through the grant of Options, by providing an incentive mechanism to foster the interest of eligible persons in the success of the Corporation and its affiliates; encouraging eligible persons to remain with the Corporation or its affiliates; and attracting new Directors, Officers, Employees and Consultants. The aggregate number of Common Shares that may be reserved, allotted and issued pursuant to Options shall not exceed 870,000 shares of common stock, less the aggregate number of shares of common stock then reserved for issuance pursuant to any other share compensation arrangement. For greater certainty, if an Option is surrendered, terminated or expires without being exercised, the Common Shares reserved for issuance pursuant to such Option shall be available for new Options granted under this Plan. The options are deemed as vested and exercisable on issuance and the maximum life of the options granted under this Plan may not exceed 5 years. At the Annual General Meeting held March 22, 2023, a new 2023 Stock Option Plan was approved. Under the 2023 Stock Option Plan (the "2023 Plan") the Company may grant options to purchase shares of common stock, $ 0.001 par value per share, of the Company. The stock subject to options granted under the 2023 Plan shall be shares of authorized but unissued or reacquired common stock. The maximum number of shares of common stock of the Company which may be issued and sold under the 2023 Plan shall be 1,550,000 , subject to adjustment for stock splits or consolidations with a maximum life of 5 years and vesting at the discretion of the Board of Directors. Management plans to issue all new option grants under the 2023 Plan and to cancel the 2014 Plan once all currently issued options are either exercised or expire. During the nine-months ended May 31, 2026 the Company issued 100,000 options exercisable at $ 0.135 for a period of three years vesting immediately, valued at $ 7,191 based on inputs to the Black Scholes option pricing model of expected life of three years , volatility of 288 %, dividend rate of 0 % and risk free rate of 3.49 %, to an advisor to the Company and included in exploration expense. During the nine-months ended May 31, 2026 and 2025, the Company recorded $ 7,191 and $ 0 as stock-based compensation expenses. A summary of the changes in stock options for the nine-months ended May 31, 2026 is presented below: Number of Options Weighted Average Exercise Price $ Weighted Average Remaining Life (Years) Aggregate Intrinsic Value $ Balance, August 31, 2024 407,500 1.73 Issued 510,000 0.15 Expired - - Exercised - - Balance, August 31, 2025 (Outstanding & Exercisable) 917,500 0.85 Issued 100,000 0.135 Expired ( 232,500 ) 2.04 Exercised - - Balance, May 31, 2026 (Outstanding & Exercisable) 785,000 0.41 1.86 - The Company has the following options outstanding and exercisable as at May 31, 2026: Issue Date Expiry Date Exercise Price $ Number of Options Remaining Life (Years) 1-Sep-21 1-Sep-26 1.60 25,000 0.25 6-Dec-21 6-Dec-26 1.40 50,000 0.52 18-Aug-22 18-Aug-27 1.20 100,000 1.22 6-Jun-25 5-Jun-28 0.15 510,000 2.02 25-Feb-26 25-Feb-29 0.14 100,000 2.74 Balance outstanding and exercisable 785,000 1.86 Warrants During the periods ended May 31, 2026 no warrants were issued. During the period ended May 31, 2025, 1,040,000 whole warrants were issued as part of units issued in the private placement that closed during May 2025, and 74,000 whole broker warrants. The warrants expire on May 8, 2027, with an exercise price of $ 0.10 during the 24-month period. The warrants were valued at $ 97,184 and $ 6,915 , respectively, and included in additional paid in capital. As of May 31, 2026, the intrinsic value of the warrants was $ 17,376 . Issue Date Expiry Date Exercise Price $ Number of Warrants* Weighted Average Life (Years) Intrinsic Value $ 8-May-25 8-May-27 0.10 614,000 0.94 17,376 0.10 614,000 0.94 17,376 *Each warrant entitles a holder to purchase one common share. There were 614,000 warrants outstanding as of May 31, 2026. 9. COMMITMENTS The Company has a consulting agreement with the President of the Company for corporate administration and consulting services for $ 9,500 per month plus goods and services tax ("GST") on a continuing basis. The financial terms of the contract have been suspended since July 1, 2024 pending improvement in financing conditions. The Company has a consulting agreement with the CFO of the Company for corporate administration and consulting services for $ 7,500 per quarter plus goods and services tax ("GST") on a continuing basis. The Company has a director fee agreement with two directors for CAD$ 1,500 each plus GST per quarter. The financial terms of the agreement have been suspended since February 28, 2025 pending improvement in financing conditions. The Company has a rental agreement for a corporate office for CAD$ 725 per month plus GST on a month-to-month basis. Rent expense for the nine-months ended May 31, 2026 and 2025 were $ 4,726 and $ 5,470 , respectively. 10. SEGMENTED INFORMATION The Company's operations involve the potential development of natural resources and green technologies. The Company is centrally managed and its chief operating decision maker, being the CEO, uses the consolidated and other financial information to make operational decisions and to assess the performance of the Company. The Company has three reportable segments: Natural Resources, Technology and Corporate, none of which are revenue generating as at the period ended date and for the period ended May 31, 2026. Long term Assets Amount United States of America $ 0 Balance May 31, 2026 $ 0 Natural Resources Technology Corporate Consolidated Total May 31, 2026 $ $ $ $ Expenses ( 13,779 ) ( 33,807 ) ( 172,799 ) ( 220,385 ) Other income (Note 4) 478,500 - ( 8,591 ) 469,909 Segment Income (Loss) 464,721 ( 33,807 ) ( 181,390 ) 249,524 Total Assets - - 340,185 340,185 Long term Assets Amount United States of America $ 10,500 Balance August 31, 2025 $ 10,500 Natural Resources Technology Corporate Consolidated Total August 31, 2025 $ $ $ $ Expenses ( 30,385 ) ( 153,266 ) ( 330,090 ) ( 513,741 ) Other income - - 6,888 6,888 Segment Loss ( 30,385 ) ( 153,266 ) ( 323,202 ) ( 506,853 ) Total Assets (Note 4) 10,500 - 114,992 125,492 11. PREPAID EXPENSES AND DEPOSITS The balance of Prepaid Expenses and Deposits consisted of the following: May 31, August 31, 2026 2025 Prepaid Expenses & Deposits $ $ Exploration costs - 17,600 Fees and Dues 14,666 10,749 Insurance 6,064 3,413 Legal & Professional 39 - Office Expenses 1,059 3,785 Total Prepaid Expenses & Deposits 21,828 35,547 12. SUBSEQUENT EVENTS Management has evaluated subsequent events to the date these consolidated financial statements were issued. Based on our evaluation no material events have occurred that require disclosure.