<SEC-DOCUMENT>0001554855-26-001029.txt : 20260514
<SEC-HEADER>0001554855-26-001029.hdr.sgml : 20260514
<ACCEPTANCE-DATETIME>20260514083543
ACCESSION NUMBER:		0001554855-26-001029
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		7
CONFORMED PERIOD OF REPORT:	20260514
FILED AS OF DATE:		20260514
DATE AS OF CHANGE:		20260514

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Blue Moon Metals Inc.
		CENTRAL INDEX KEY:			0001732379
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		ORGANIZATION NAME:           	01 Energy & Transportation
		EIN:				981903645
		STATE OF INCORPORATION:			A1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-43058
		FILM NUMBER:		26976004

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		220 BAY STREET
		STREET 2:		SUITE 550
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 2W4
		BUSINESS PHONE:		647-409-9150

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		220 BAY STREET
		STREET 2:		SUITE 550
		CITY:			TORONTO
		PROVINCE COUNTRY:   	A6
		ZIP:			M5J 2W4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Blue Moon Zinc Corp.
		DATE OF NAME CHANGE:	20180222
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>MainDocument.htm
<DESCRIPTION>6-K
<TEXT>
<html><head><title></title><meta content="text/html"></meta></head><body><div class="content_container"><div style="font-family: 'times new roman', times; font-size: 10pt;" id="Den8078ej9lqei3y6rnk59q">
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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">UNITED STATES</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SECURITIES AND EXCHANGE COMMISSION</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Washington, D.C. 20549</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px;"> <br></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">Form 6-K</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px;"> <br></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">REPORT OF FOREIGN PRIVATE ISSUER</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">PURSUANT TO RULE 13a-16 OR 15d-16</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">UNDER THE SECURITIES EXCHANGE ACT OF 1934</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px;"> <br></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">For the month of May 2026</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px;"> <br></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Commission File Number: </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">001-43058</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px;"> <br></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">BLUE MOON METALS INC.</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(Translation of registrant&#8217;s name into English)</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px;"> <br></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">220 Bay Street, Suite 550, Toronto, Ontario, M5J 2W4 Canada </font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">(Address of principal executive office)</font></p>
<p style="margin: 0px; text-align: center; text-indent: 0px;"> <br></p>
<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Indicate by check mark whether the registrant files or will file annu</font><font style="font-family: 'Times New Roman'; font-size: 10pt;">al reports under cover of Form 20-F or Form 40-F.</font></p>
<p style="margin: 0px; text-indent: 0px;"> <br></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Form 20-F </font><font style="font-family: Wingdings; font-size: 10pt;">&#61608;</font><font style="font-family: 'Times New Roman'; font-size: 10pt;"> Form 40-F </font><font style="font-family: Wingdings; font-size: 10pt;">&#61560;</font></p>
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<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman'; font-size: 10pt;">&#160;</font></p>
<p align="center" style="text-align: center; margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><b><font lang="EN-US" style="line-height: inherit;">INCORPORATION
BY REFERENCE</font></b></font></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font lang="EN-US" style="font-family: 'times new roman', times; line-height: inherit;"><font style="line-height: inherit;">&#160;</font></font></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font lang="EN-US" style="font-family: 'times new roman', times; line-height: inherit;">The information contained in this Report on
Form 6-K including the unaudited condensed interim consolidated financial
statements for the three months ended March 31, 2026 and 2025, attached hereto
as Exhibit 99.1, and management&#8217;s discussion and analysis for the three months
ended March 31, 2026, attached hereto as Exhibit 99.2, shall be deemed to be incorporated
by reference to the Registration Statement on Form F-10 (File No. 333-293554)
of Blue Moon Metals, Inc. and to be a part thereof from the date on which this
report was furnished, to the extent not superseded by documents or reports
subsequently filed or furnished.</font></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font lang="EN-US" style="font-family: 'times new roman', times; line-height: inherit;">&#160;&#160;</font></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font lang="EN-US" style="font-family: 'times new roman', times; line-height: inherit;">See &#8220;Exhibits&#8221; below.</font></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font lang="EN-US" style="font-family: 'times new roman', times; line-height: inherit;">&#160;</font></p>
<p style="margin: 0in; font-size: 10pt; font-family: 'Times New Roman', serif; line-height: 1.2;"><font style="font-family: 'times new roman', times; line-height: inherit;"><b><font lang="EN-US" style="line-height: inherit;">Exhibits</font></b><font lang="EN-US" style="line-height: inherit;"></font></font></p>
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
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<p><font style="font-weight: bold; font-family: 'times new roman', times;">Exhibit<br></font><font style="font-family: 'times new roman', times; font-weight: bold; font-size: 10pt;">Number</font></p>



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<b><font lang="EN-US" style="font-size: 10pt; color: black;">Description</font></b>


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<td style="background-color: #cceeff; width: 7%;"><a href="ex991_1.htm" name="EX-99.1" style="-sec-extract:exhibit"><font style="font-family: 'times new roman', times;">99.1</font></a></td>
<td style="background-color: #cceeff; width: 1%;"><br></td>
<td style="background-color: #cceeff; width: 92%;"><a href="ex991_1.htm" name="EX-99.1" style="-sec-extract:exhibit"><font lang="EN-US" style="font-size: 10pt; font-family: 'times new roman', times;">















Unaudited Condensed
Interim Consolidated Financial Statements for the Three Months Ended March 31,
2026 and 2025


</font></a></td>




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<td><a href="ex992_2.htm" name="EX-99.2" style="-sec-extract:exhibit"><font style="font-family: 'times new roman', times;">99.2</font></a></td>
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<td><a href="ex992_2.htm" name="EX-99.2" style="-sec-extract:exhibit"><font lang="EN-US" style="font-size: 10pt; font-family: 'times new roman', times;">















Management&#8217;s
Discussion and Analysis for the Three Months Ended March 31, 2026


</font></a></td>




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<td style="background-color: #cceeff;"><a href="ex993_3.htm" name="EX-99.3" style="-sec-extract:exhibit"><font style="font-family: 'times new roman', times;">99.3</font></a></td>
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<td style="background-color: #cceeff;"><a href="ex993_3.htm" name="EX-99.3" style="-sec-extract:exhibit"><font lang="EN-US" style="font-size: 10pt; font-family: 'times new roman', times;">















Certification of
Interim Filings by Chief Executive Officer, dated May 14, 2026


</font></a></td>




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<td><a href="ex994_4.htm" name="EX-99.4" style="-sec-extract:exhibit"><font style="font-family: 'times new roman', times;">99.4</font></a></td>
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<td><a href="ex994_4.htm" name="EX-99.4" style="-sec-extract:exhibit"><font lang="EN-US" style="font-size: 10pt; font-family: 'times new roman', times;">















Certification of
Interim Filings by Chief Financial Officer, dated May 14, 2026


</font></a></td>




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<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">SIGNATURES</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</font></p>
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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt; font-weight: bold;">BLUE MOON METALS INC.</font></p>


















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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">/s/ Frances Kwong </font></p>


















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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Chief Financial Officer and Corporate Secretary</font></p>


















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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 10pt;">Date: May 14, 2026</font></p>


















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<TYPE>EX-99.1
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<DESCRIPTION>EXHIBIT 99.1
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<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">Exhibit 99.1</font></p>
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'times new roman'; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt; text-align: center;"><img src="c20e9b1d4116f1b720c6.jpg" alt="Image1" style="height:115;width:337;"></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Tahoma; font-size: 10pt; font-weight: bold;">&#160;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Calibri bold'; font-size: 14pt; font-weight: bold;">Blue Moon </font><font style="font-family: 'Calibri bold'; font-size: 14pt; font-weight: bold;">Metals Inc.</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Tahoma; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Tahoma; font-size: 10pt; font-weight: bold;">&#160;</font></p>
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<p style="margin: 0pt 0pt 6pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">Unaudited </font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">Condensed Interim </font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">Consolidated Financial</font> <font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">Statements</font></p>
<p style="margin: 0pt 0pt 6pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">For </font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">the </font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">three months</font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;"> ended </font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">March</font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;"> 3</font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">1</font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">, 202</font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;">6</font><font style="font-family: 'Calibri bold'; font-size: 11pt; font-weight: bold;"> and 2025</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 10pt;">(Expressed in Canadian dollars)</font></p>
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<p style="margin: 0pt 0pt 1pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold;">Blue Moon Metals Inc</font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold;">.</font></p>
<p style="margin: 0pt 0pt 1pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">Condensed Interim </font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">C</font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">onsolidated Statements</font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;"> of Financial Position</font></p>
<p style="margin: 0pt 0pt 1pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">(unaudited)</font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 8pt;">(Expressed in Canadian dollars)</font><font style="font-family: Tahoma; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Tahoma; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: Tahoma; font-size: 9pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">March</font><font style="font-size: 9pt; font-weight: bold;"> 3</font><font style="font-size: 9pt; font-weight: bold;">1</font><font style="font-size: 9pt; font-weight: bold;">, 202</font><font style="font-size: 9pt; font-weight: bold;">6</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">December</font><font style="font-size: 9pt; font-weight: bold;"> 31, 202</font><font style="font-size: 9pt; font-weight: bold;">5</font></font></p>
















</td>
















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">ASSETS</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">N</font><font style="font-size: 9pt; font-weight: bold;">ote</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font><font style="font-family: Calibri; font-size: 9pt;">$</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 72%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri;"><font style="font-size: 9pt;">Cash</font><font style="font-size: 9pt;"> and</font><font style="font-size: 9pt;"> cash </font><font style="font-size: 9pt;">equivalents</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 8%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">4</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 10%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">40,449,601</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 10%; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">92,811,289</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Other receivables and prepaid expenses</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">5</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">8,228,071</font><font style="font-size: 10pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">4,321,407</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Deferred financing costs</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1</font><font style="font-size: 9pt;">0</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,715,945</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,683,952</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Marketable securities</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">6</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,212,750</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">807,500</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">CURRENT ASSETS</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">51,606,367</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">99,624,148</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Deferred acquisition costs </font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">87,418&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,220,577</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Restricted cash</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">4</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">253,304</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">243,466</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Mineral property interests</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">7</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">18</font><font style="font-size: 9pt;">3,963,071</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">122,619,879</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Property, plant and equipment</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">7</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">5</font><font style="font-size: 9pt;">6,980,146</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">30,390,123</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">NON-CURRENT ASSETS</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">241,283,939&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">154,474,045</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">ASSETS</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">292,890</font><font style="font-size: 9pt; font-weight: bold;">,306&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">254,098,193</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">LIABILITIES</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Accounts payable and accrued liabilities</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">8</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">21,229,555</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1</font><font style="font-size: 9pt;">2,291,180</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Deferred income</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">166,825&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.25pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">28,312</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Debt and lease liabilities</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1</font><font style="font-size: 9pt;">0</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.3pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1</font><font style="font-size: 9pt;">76,327</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">135,140</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Other liabilities-current</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">9</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.3pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">690,861</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">291,298</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">CURRENT LIABILITIES</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">22,2</font><font style="font-size: 9pt;">63,568&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1</font><font style="font-size: 9pt;">2,745,930</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Debt and lease liabilities</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1</font><font style="font-size: 9pt;">0</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">16,1</font><font style="font-size: 9pt;">07,602</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">15,507,940</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Other liabilities non-current</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">9</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,287,340</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">836,555</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">NON-CURRENT LIABILITIES</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">17,</font><font style="font-size: 9pt;">394,942</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">16,344,495</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">LIABILITIES</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">39,658,510</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">2</font><font style="font-size: 9pt; font-weight: bold;">9,090,425</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">SHAREHOLDERS&#8217; EQUITY</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">Share capital</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1</font><font style="font-size: 9pt;">3</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">315,701,973</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">260,949,716</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">Contributed surplus</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">3,609,630</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">3,253,707</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">Accumulated other comprehensive income</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">14,623,982</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">7,375,860</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">Deficit</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(84,161,545)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.25pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(50,918,725)</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">Non-controlling interest</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">3,457,756&#160;</font></font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">4,347,210</font><font style="font-size: 9pt;">&#160;</font></font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">SHAREHOLDERS&#8217; EQUITY</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">253,231,79</font><font style="font-size: 9pt;">6</font><font style="font-size: 9pt;">&#160;</font></font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">225,007,768</font><font style="font-size: 9pt;">&#160;</font></font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">LIABILITIES AND SHAREHOLDERS&#8217; EQUITY</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">292,</font><font style="font-size: 9pt; font-weight: bold;">890,306&#160;</font></font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 17px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">254,098,193</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 19px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 19px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 19px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 19px; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">&#160;</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri;"><font style="font-size: 9pt;">N</font><font style="font-size: 9pt;">ature of operations and liquidity</font></font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">1</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">&#160;</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">&#160;</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Commitments </font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">20</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">&#160;</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Subsequent events</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">21</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">&#160;</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">&#160;</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">&#160;</font></p>
















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<font style="text-align: justify; font-family: Calibri; font-size: 9pt; margin-left: 51px;">Approved by the Board of Directors</font><font style="text-align: justify; font-family: Calibri; font-size: 9pt;"> on </font><font style="text-align: justify; font-family: Calibri; font-size: 9pt;">May 14</font><font style="text-align: justify; font-family: Calibri; font-size: 9pt;">, 202</font><font style="text-align: justify; font-family: Calibri; font-size: 9pt;">6</font>
<p style="margin: 0pt;"><font style="font-family: 'Calibri bold'; font-size: 10pt; font-weight: bold;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 10pt; font-weight: bold;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 55px; border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 93%; margin-right: auto;" width="93%">

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<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-style: italic; text-decoration: underline;">/</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic;">s/ Christian Kargl-Simard</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-style: italic; text-decoration: underline;">/</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic;">s/ Karin Thorburn</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic;">&#160;</font></p>
















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<p style="margin: 3pt 0pt 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Christian Kargl-Simard, Director</font></p>
















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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>
















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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 38px; width: 40%;">
<p style="margin: 3pt 0pt 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Karin Thorburn, Director</font></p>
















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 10pt; font-weight: bold;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 10pt; font-weight: bold;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">The accompanying notes are an integral part of<font>&#160;</font>thes</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">e</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">condensed unaudited interim<font>&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">consolidated f</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">inancial<font>&#160;</font>statements</font></font></p>
<p style="margin: 0pt;"><br></p>
<p style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 2 -</font></p>
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<p style="margin: 0pt 0pt 2.4pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold;">Blue Moon Metals Inc.</font></p>
<p style="margin: 0pt 0pt 2.4pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">Condensed Interim </font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">C</font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">onsolidated Statement</font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">s of Loss and Comprehensive Loss</font></p>
<p style="margin: 0pt 0pt 2.4pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">(unaudited)</font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 8pt;">(Expressed in Canadian dollars)</font><font style="font-family: Tahoma; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Tahoma; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">For the</font><font style="font-size: 9pt; font-weight: bold;"> three months</font><font style="font-size: 9pt; font-weight: bold;"> ended</font></font></p>
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;"> 3</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">1</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">,</font></font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">202</font><font style="font-size: 9pt; font-weight: bold;">6</font></font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">202</font><font style="font-size: 9pt; font-weight: bold;">5</font></font></p>
















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</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 8%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-family: calibri; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Note</font>&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt; font-style: normal; font-weight: bold;">$</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt; font-style: normal; font-weight: bold;">$</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Employee benefits</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,025,585</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">277,523</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Share-based payments</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">14</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,196,452</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">264,437</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Professional and consulting fees</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,916,877</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">155,651</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">General exploration expenses</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">12</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">28,</font><font style="font-size: 9pt;">361,384</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">745,077</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Filing and regulatory fees</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">304,771</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">52,749</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">General administrative costs</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">323,828</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">41,232</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Shareholder communication and travel</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">292,477</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">105,944</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Depreciation</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">7</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">494,826</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">379</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri;"><font style="font-size: 9pt;">Foreign exchange </font><font style="font-size: 9pt;">loss</font><font style="font-size: 9pt;">/(</font><font style="font-size: 9pt;">gain)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">361,898</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(8,226)</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri;"><font style="font-size: 9pt;">Interest&#160;</font><font style="font-size: 9pt;">expense</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">545,353</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">38</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;"><font style="font-family: calibri; font-size: 9pt;">Accretion expense</font></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: center; background-color: #cceeff;"><font style="font-size: 9pt;">10</font></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; text-align: center; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;"> 327,875</font><font style="font-size: 9pt;">&#160;</font></font></p>
</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 9pt;">-</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Interest income</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(371,267)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(146,445)</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Other income</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">11</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(242,535)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(14,219)</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Fair value gain on marketable securities</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">6</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(405,250)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-size: 9pt;">-</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">NET LOSS</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">34,132,27</font><font style="font-size: 9pt; font-weight: bold;">4</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">1,474,140</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-style: normal; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">NET LOSS ATTRIBUTABLE TO:</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">Blue Moon Metals Inc. shareholders</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">33,242,820</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,423,059</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">Non-controlling interest</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">889,454</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">51,081</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">N</font><font style="font-size: 9pt; font-weight: bold;">ET LOSS</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">34,132,274</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">1,474,140</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">OTHER COMPREHENSIVE </font><font style="font-size: 9pt; font-weight: bold;">INCOME</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">Foreign currency translation differences</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">(</font><font style="font-size: 9pt;">7,248,122</font><font style="font-size: 9pt;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(145,737)</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">TOTAL COMPREHENSIVE </font><font style="font-size: 9pt; font-weight: bold;">LOSS</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 9.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">26,884,152</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">1,</font><font style="font-size: 9pt; font-weight: bold;">328,403</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt;">Basic and diluted loss per common share</font><font style="font-size: 9pt;"> attributable to Blue Moon Metals Inc. shareholders</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font><font style="font-family: calibri;"><font style="font-size: 9pt;">0.</font><font style="font-size: 9pt;">41</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">0.0</font><font style="font-size: 9pt;">6</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">Weighted average number of common shares outstanding &#8211; basic and diluted</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font><font style="font-family: calibri;"><font style="font-size: 9pt;">81,418</font><font style="font-size: 9pt;">,648</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding: 0px 7px; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 10.75pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">22,196,932</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>

















</table>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 10pt;"><br></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 10pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">The accompanying notes are an integral part of<font>&#160;</font>thes</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">e</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">condensed unaudited interim<font>&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">consolidated f</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">inancial<font>&#160;</font>statements</font>&#160;</font></p>
<p style="margin: 0pt 18pt 0pt 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt 18pt 0pt 0pt; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 3 -</font></p>
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<p style="margin: 0pt 0pt 2.4pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold;">Blue Moon Metals Inc.</font></p>
<p style="margin: 0pt 0pt 2.4pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">Condensed Interim </font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">C</font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">onsolidated Statement</font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;"> Cash Flow</font></p>
<p style="margin: 0pt 0pt 2.4pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">(unaudited)</font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 8pt;">(Expressed in Canadian dollars)</font><font style="font-family: Tahoma; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: Tahoma; font-size: 8pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font></p>
<table cellspacing="0" cellpadding="0" style="height: 726px; border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 91%; margin-right: auto;" width="91%">

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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt; font-style: normal; font-weight: bold;">&#160;</font></p>
















</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">For the </font><font style="font-size: 9pt; font-weight: bold;">three months</font><font style="font-size: 9pt; font-weight: bold;"> ended </font></font></p>
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;"> 31,</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">202</font><font style="font-size: 9pt; font-weight: bold;">6</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">202</font><font style="font-size: 9pt; font-weight: bold;">5</font></font></p>
















</td>
</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-style: normal; font-weight: bold;">OPERATING ACTIVITIES</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;"><font style="color: #000000; font-family: calibri; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: bold; letter-spacing: normal; orphans: 2; text-align: center; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Note</font>&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">$</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">$</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Net loss</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">(</font><font style="font-size: 9pt;">34,132,27</font><font style="font-size: 9pt;">4</font><font style="font-size: 9pt;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(1,474,140)</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 63%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 8%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Items not affecting cash</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; text-indent: 7.2pt;"><font style="font-family: calibri; font-size: 9pt;">Share-based payments</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">14</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,196,452</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">264,437</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 7.2pt;"><font style="font-family: calibri; font-size: 9pt;">Depreciation</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">7</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">494,826</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">379</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; text-indent: 7.2pt;"><font style="font-family: calibri; font-size: 9pt;">Interest and accretion expense</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">865,135</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 7.2pt;"><font style="font-family: calibri; font-size: 9pt;">Recognition of deferred income</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">(</font><font style="font-size: 9pt;">70,118</font><font style="font-size: 9pt;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(14,219)</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; text-indent: 7.2pt;"><font style="font-family: calibri; font-size: 9pt;">Other income</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(242,535)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify; text-indent: 7.2pt;"><font style="font-family: calibri;"><font style="font-size: 9pt;">Foreign exchange loss</font><font style="font-size: 9pt;">/(gain)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">365,398</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(8,226)</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify; text-indent: 7.2pt;"><font style="font-family: calibri; font-size: 9pt;">Unrealized gain on marketable securities</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">6</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">(</font><font style="font-size: 9pt;">405,250</font><font style="font-size: 9pt;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Change in non-cash working capital items</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1</font><font style="font-size: 9pt;">7</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">4,81</font><font style="font-size: 9pt;">9,463</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,018,814</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">CASH USED IN </font><font style="font-size: 9pt; font-weight: bold;">OPERATING ACTIVITIES</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">(27,108,903</font><font style="font-size: 9pt; font-weight: bold;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">(212,955)</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-style: normal; font-weight: bold;">INVESTING ACTIVITIES</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Investment in property, plant and equipment</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">(469,053</font><font style="font-size: 9pt;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt;">Mineral property acquisition costs</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">(236,281</font><font style="font-size: 9pt;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(3,863,727)</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri;"><font style="font-size: 9pt;">Acquisition of </font><font style="font-size: 9pt;">REAS, net of cash acquired</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(11,042,287)</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Cash acquired in Nussir</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">792,997</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Cash acquired in NSG</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">9,611</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri;"><font style="font-size: 9pt;">Acquisition of </font><font style="font-size: 9pt;">Springer</font><font style="font-size: 9pt;"> project</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">3</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(24,356,371)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri;"><font style="font-size: 9pt;">Acquisition of </font><font style="font-size: 9pt;">Apex</font><font style="font-size: 9pt;"> project</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">3</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(69,000)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-style: normal; font-weight: bold;">CASH USED IN INVESTING ACTIVITIES</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">(</font><font style="font-size: 9pt; font-weight: bold;">25,130,705</font><font style="font-size: 9pt; font-weight: bold;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">(14,103,406)</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-style: normal; font-weight: bold;">FINANCING ACTIVITIES</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Net proceeds from issuance of shares</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1</font><font style="font-size: 9pt;">3</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">1,298,037</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">4,</font><font style="font-size: 9pt;">98</font><font style="font-size: 9pt;">4,453</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Proceeds from exercise of share-based awards</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">11,332</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Interest paid on loan</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">(</font><font style="font-size: 9pt;">543,734</font><font style="font-size: 9pt;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">-</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">CASH PROVIDED BY </font><font style="font-size: 9pt; font-weight: bold;">FINANCING ACTIVITIES</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">765,635</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">4,984,453</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">Effect of foreign exchange on cash balances</font></p>
















</td>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(887,715)</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">(25,330)</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-style: normal; font-weight: bold;">CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">(</font><font style="font-size: 9pt; font-weight: bold;">52,361,688</font><font style="font-size: 9pt; font-weight: bold;">)</font></font></p>
















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<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">(9,357,238)</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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</tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri;"><font style="font-size: 9pt;">Cash</font><font style="font-size: 9pt;">, cash equivalents</font><font style="font-size: 9pt;"> and restricted cash &#8211; beginning</font></font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">92,811,289</font><font style="font-size: 9pt;">&#160;</font></font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt;">30,008,106</font><font style="font-size: 9pt;">&#160;</font></font></p>
















</td>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-style: normal; font-weight: bold;">CASH, CASH EQUIVALENTS AND RESTRICTED CASH - ENDING</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">40,449,601</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">20,650,868</font><font style="font-size: 9pt; font-weight: bold;">&#160;</font></font></p>
















</td>
</tr>

















</table>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt;">Supplemental disclosure with respect to cash flow information (Note 1</font><font style="font-family: Calibri; font-size: 10pt;">7</font><font style="font-family: Calibri; font-size: 10pt;">)</font></p>
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt 18pt 0pt 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 9pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">The accompanying notes are an integral part of<font>&#160;</font>thes</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">e</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">condensed unaudited interim<font>&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">consolidated f</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt;">inancial<font>&#160;</font>statements</font></font></p>
<p style="margin: 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 4 -</font></p>
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<p style="margin: 0pt 0pt 1pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 10pt; font-weight: bold;">Blue Moon Metals Inc.</font></p>
<p style="margin: 0pt 0pt 1pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">Condensed Interim </font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">Consolidated Statement</font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">s</font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;"> of Changes in Equity</font></p>
<p style="margin: 0pt 0pt 1pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">For </font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">the </font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">three months </font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">ended </font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">March 31, 2026</font> <font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">and 202</font><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">5</font></p>
<p style="margin: 0pt 0pt 1pt; text-align: justify;"><font style="color: #595959; font-family: 'Trebuchet MS'; font-size: 9pt;">(unaudited)</font></p>
<p style="margin: 6pt 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 8pt;">(Expressed in Canadian dollars)</font></p>
<table cellspacing="0" cellpadding="0" style="height: 539px; border-collapse: collapse; margin: 0px 0px 0px 0.1px; width: 100%; text-indent: 0px; font-family: 'times new roman'; font-size: 10pt;" width="100%">

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<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold;">Note</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: center;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold;">Number of Shares</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold;">Share</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold;">Capital</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold;">Contributed</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold; line-height: inherit;">Surplus</font></p>
















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<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold; line-height: inherit;">Accumulated Other Comprehensive Income</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold;">Deficit</font></p>
















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<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold; line-height: inherit;">Non-controlling interest</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold;">Shareholders&#8217;</font></p>
<p style="margin: 0pt; text-align: center; line-height: 1;"><font style="font-family: calibri; font-size: 8pt; font-weight: bold; line-height: inherit;">Equity</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 11px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: center;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">$</font></p>
















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<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">$</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">$</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">$</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">$</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 11px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">$</font></p>
















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<tr style="height: 10px; font-size: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 7pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 7pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 7pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 7pt;">&#160;</font></p>
















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 7pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 7pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 7pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 7pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 7pt;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 28.5%;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 8pt; font-style: normal; font-weight: bold;">DECEMBER 31, 2024</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 5%;">
<p style="margin: 0pt;"><font style="font-family: 'Calibri bold'; font-size: 8pt; font-style: normal; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.5%;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">6,325,412</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.5%;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">16,455,925</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.5%;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">1,714,965</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.5%;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">-</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.5%;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">(13,714,104)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.5%;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">-</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 9.5%;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">4,456,786</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 10px; font-size: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">Conversion of subscription receipt</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">13</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">9,000,0</font><font style="font-family: Calibri;">35</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">27,000,084</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">27,000,084</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">Private placements</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">1</font><font style="font-family: Calibri;">3</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">1,797,660</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">5,392,980</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">5,392,980</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">S</font><font style="font-family: Calibri;">hare</font><font style="font-family: Calibri;"> issuance costs</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">(834,6</font><font style="font-family: Calibri;">89</font><font style="font-family: Calibri;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">(</font><font style="font-family: Calibri;">834,689</font><font style="font-family: Calibri;">)</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">Nussir acquisition </font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">13</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">24,168,149</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">85,796,930</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">5,915,449&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">91,712,379&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">NSG acquisition</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">13</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">5,608,000</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">19,908,399</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">19,908,399</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">REAS acquisition</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">13</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">4,210,000</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">14,945,500</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">14,945,500</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">Share-based compensation</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">251,62</font><font style="font-family: Calibri;">8</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">251,62</font><font style="font-family: Calibri;">8</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">Net loss</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">(1,4</font><font style="font-family: Calibri;">23,059</font><font style="font-family: Calibri;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">(51,081)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">(1,</font><font style="font-family: Calibri;">474,140</font><font style="font-family: Calibri;">)</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Other comprehensive income</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">145,737</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">145,737</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 10px; font-size: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 8pt; font-style: normal; font-weight: bold;">MARCH 31, 2025</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">51,109,256</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">168,665,129</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">1,966,593</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">145,737</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">(15,137,163)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-style: normal; font-weight: bold;">5,864,368&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-style: normal; font-weight: bold;">161,504,664&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 10px; font-size: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><br></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">Private placements</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">1</font><font style="font-family: Calibri;">3</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">2,469,006</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">8,027,499</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">8,027,499</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">Bought deal public offering</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">1</font><font style="font-family: Calibri;">3</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">26,220,000</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">81,198,840</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">81,198,840</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">S</font><font style="font-family: Calibri;">hare</font><font style="font-family: Calibri;"> issuance costs</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">(</font><font style="font-family: Calibri;">410,186</font><font style="font-family: Calibri;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">(</font><font style="font-family: Calibri;">410,186</font><font style="font-family: Calibri;">)</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Bonus share issuance to lender</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">1</font><font style="font-family: Calibri;">3</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">1,045,000</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">3,396,250</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">3,396,250</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Exercise of share&#8208;based awards</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">24,259</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">72,184</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">(170,000)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">(97,816)</font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">Share-based compensation</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">1,457,114</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">1,457,114</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 8pt;">Net loss</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">(</font><font style="font-family: Calibri;">3</font><font style="font-family: Calibri;">5,781,562</font><font style="font-family: Calibri;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">(</font><font style="font-family: Calibri;">1,5</font><font style="font-family: Calibri;">17,158</font><font style="font-family: Calibri;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">(</font><font style="font-family: Calibri;">37,298,720</font><font style="font-family: Calibri;">)</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Other comprehensive income</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">7,230,123</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">7,230,123</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 10px; background-color: #cceeff; font-size: 1pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Tahoma; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 8pt;"><font style="font-weight: bold;">DECEMBER 31</font><font style="font-weight: bold;">, 2025</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: 'Calibri bold'; font-size: 8pt; font-style: normal; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">80,867,521</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">260,949,716</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">3,253,707</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">7,</font><font style="font-family: Calibri; font-weight: bold;">375,860</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">(</font><font style="font-family: Calibri; font-weight: bold;">50,</font><font style="font-family: Calibri; font-weight: bold;">918,725</font><font style="font-family: Calibri; font-weight: bold;">)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">4,347,210</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">2</font><font style="font-family: Calibri; font-weight: bold;">25,</font><font style="font-family: Calibri; font-weight: bold;">007,768</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 10px; font-size: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Calibri bold'; font-size: 8pt; font-style: normal; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Calibri bold'; font-size: 8pt; font-style: normal; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Exercise of share-based awards</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">13</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">3,333</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">11,332</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">11,332</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Private placements</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">13</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">181,127</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">1,305,565</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">1,305,565</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Share issuance costs</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">(7,528)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">(7,528)</font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Apex acquisition</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">3b</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">7,031,959</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">53,442,888</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">53,442,888</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Share-based compensation</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">355,923</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">355,923</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Net loss</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">(33,242,820)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">(889</font><font style="font-family: Calibri;">,454)</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">(34,132,274)</font></p>
















</td>
















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">Other comprehensive income</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">-</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">7,248,122</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">-</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri;">7,248,122</font><font style="font-family: Calibri;">&#160;</font></font></p>
















</td>
















</tr>
<tr style="height: 10px; font-size: 1pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: 'Calibri bold'; font-size: 8pt; font-style: normal; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 8pt; font-style: normal; font-weight: normal;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt;">&#160;</font></p>
















</td>
















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 8pt;"><font style="font-weight: bold;">MARCH 31, 202</font><font style="font-weight: bold;">6</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: 'Calibri bold'; font-size: 8pt; font-style: normal; font-weight: bold;">&#160;</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">88,083,940</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 9.7pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">315,701,973</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">3,609,630</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 12.3pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">14,623,982</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 8pt; font-weight: bold;">(84,161,545)</font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">3,457,756&#160;</font></font></p>
















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-size: 8pt;"><font style="font-family: Calibri; font-weight: bold;">253,231,79</font><font style="font-family: Calibri; font-weight: bold;">6</font><font style="font-family: Calibri; font-weight: bold;">&#160;</font></font></p>
















</td>
















</tr>

































</table>
<p style="margin: 0pt 18pt 0pt 0pt; text-align: justify; line-height: 1.1;"><font style="font-family: Tahoma; font-size: 9pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 18pt 0pt 0pt; text-align: justify; line-height: 1.1;"><font style="font-family: Tahoma; font-size: 9pt; line-height: inherit;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt; line-height: inherit;">The accompanying notes are an integral part of these</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt; line-height: inherit;">condensed unaudited interim<font style="line-height: inherit;">&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt; line-height: inherit;">consolidated f</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Tahoma; font-size: 8pt; line-height: inherit;">inancial<font style="line-height: inherit;">&#160;</font>statements</font>&#160;</font></p>
<p style="margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: Tahoma; font-size: 9pt;"><br></font></p>
















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<p style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 5 -</font></p>
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<p style="margin: 0pt 18pt 0pt 0pt; text-align: justify;"><font style="font-family: Tahoma; font-size: 9pt;"><br></font></p><div id="Dyxvpeab70da5dd2gpaffx4" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<div><br></div>
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<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon <font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font> Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p><font style="font-family: calibri; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">1.</font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-left: 14px; line-height: inherit;"> Nature </font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">of operations</font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"> and </font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">LIQUIDITY</font></font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt 18pt; text-align: justify; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; margin-left: 27px; line-height: inherit;">a)&#160;</font><font style="font-size: 10pt; font-weight: bold; margin-left: 16px; line-height: inherit;">Nature of </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">O</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">perations</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Blue Moon Metals Inc. (&#8220;Blue Moon&#8221; or the &#8220;Company&#8221;) is an exploration stage company which is focused on the exploration and development of mineral resource properties.</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company was incorporated on January 15, 2007 under British Columbia&#8217;s Business Corporations Act. Its registered office is at </font><font style="font-size: 10pt; line-height: inherit;">2500-666 Burrard</font><font style="font-size: 10pt; line-height: inherit;">, Vancouver BC </font><font style="font-size: 10pt; line-height: inherit;">V6C 2X8</font><font style="font-size: 10pt; line-height: inherit;"> and its head office is at 550-220 Bay Street, Toronto, Ontario, M5J 2W4.</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-size: 10pt; line-height: inherit;">The Company trades on the Toronto Venture Exchange (&#8220;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">TSXV&#8221;</font><font style="font-size: 10pt; line-height: inherit;">) under the ticker symbol &#8220;MOON&#8221; and since January </font><font style="font-size: 10pt; line-height: inherit;">26</font><font style="font-size: 10pt; line-height: inherit;">, 2026, on the Nasdaq </font><font style="font-size: 10pt; line-height: inherit;">Capital Market under the symbol &#8220;BMM&#8221;</font><font style="font-size: 10pt; line-height: inherit;">. In connection with the Nasdaq listing, the Company&#8217;s shares ceased trading on the OTCQX under the symbol &#8220;BMOOF&#8221;.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company owns the zinc-silver-gold-copper Blue Moon project in California</font><font style="font-size: 10pt; line-height: inherit;">, US</font><font style="font-size: 10pt; line-height: inherit;"> through its wholly owned subsidiary Keystone Mines </font><font style="font-size: 10pt; line-height: inherit;">Inc</font><font style="font-size: 10pt; line-height: inherit;">. (&#8220;Keystone Mines&#8221;)</font><font style="font-size: 10pt; line-height: inherit;">,</font> <font style="font-size: 10pt; line-height: inherit;">t</font><font style="font-size: 10pt; line-height: inherit;">he Nussir copper-gold-silver property</font><font style="font-size: 10pt; line-height: inherit;"> (&#8220;Nussir</font> <font style="font-size: 10pt; line-height: inherit;">Project</font><font style="font-size: 10pt; line-height: inherit;">&#8221;)</font> <font style="font-size: 10pt; line-height: inherit;">in Norway </font><font style="font-size: 10pt; line-height: inherit;">through its </font><font style="font-size: 10pt; line-height: inherit;">9</font><font style="font-size: 10pt; line-height: inherit;">4.52</font><font style="font-size: 10pt; line-height: inherit;">% owned</font><font style="font-size: 10pt; line-height: inherit;"> subsidiary Nussir ASA</font><font style="font-size: 10pt; line-height: inherit;"> (&#8220;Nussir&#8221;)</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> the Sulitjelma copper-zinc property</font><font style="font-size: 10pt; line-height: inherit;"> (&#8220;</font><font style="font-size: 10pt; line-height: inherit;">Sulitjelma Project</font><font style="font-size: 10pt; line-height: inherit;">&#8221;) in Norway through its wholly owned subsidiary</font><font style="font-size: 10pt; line-height: inherit;"> Nye Sulitjelma Gruver SA</font><font style="font-size: 10pt; line-height: inherit;"> (&#8220;NSG&#8221;)</font><font style="font-size: 10pt; line-height: inherit;">, the tungsten</font> <font style="font-size: 10pt; line-height: inherit;">mill and mine Springer complex</font><font style="font-size: 10pt; line-height: inherit;"> in Nevada</font><font style="font-size: 10pt; line-height: inherit;"> through its wholly owned subsidiary Blue Moon (Springer) Inc. and the </font><font style="font-size: 10pt; line-height: inherit;">germanium and gallium Apex project</font><font style="font-size: 10pt; line-height: inherit;"> in Utah</font><font style="font-size: 10pt; line-height: inherit;"> through its wholly owned subsidiary Blue Moon (Utah) Inc</font><font style="font-size: 10pt; line-height: inherit;">. See </font><font style="font-size: 10pt; line-height: inherit;">N</font><font style="font-size: 10pt; line-height: inherit;">ote 3 f</font><font style="font-size: 10pt; line-height: inherit;">or more details.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">These </font><font style="font-size: 10pt; line-height: inherit;">consolidated </font><font style="font-size: 10pt; line-height: inherit;">financial statements were approved for issue by the Company&#8217;s Board of Directors on May 14</font><font style="font-size: 10pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
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<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt 18pt; text-align: justify; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; margin-left: 27px; line-height: inherit;">b)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160;</font><font style="font-size: 10pt; font-weight: bold; margin-left: 16px; line-height: inherit;">Liquidity</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The nature of the Company&#8217;s operations requires significant expenditures for the acquisition, exploration and </font><font style="font-size: 10pt; line-height: inherit;">evaluation</font><font style="font-size: 10pt; line-height: inherit;">, and development</font> <font style="font-size: 10pt; line-height: inherit;">of mineral properties.&#160; To date, the Company has not received any revenue from mining operations and is considered to be in the </font><font style="font-size: 10pt; line-height: inherit;">advanced </font><font style="font-size: 10pt; line-height: inherit;">exploration stage. The Company&#8217;s operations have been primarily funded from equity financings. The Company will continue to require additional funding to maintain its ongoing exploration </font><font style="font-size: 10pt; line-height: inherit;">and </font><font style="font-size: 10pt; line-height: inherit;">evaluation </font><font style="font-size: 10pt; line-height: inherit;">programs, property maintenance payments, operations</font><font style="font-size: 10pt; line-height: inherit;"> and project development</font><font style="font-size: 10pt; line-height: inherit;"> and construction as it starts entering into the development stage</font><font style="font-size: 10pt; line-height: inherit;">. </font></font></p>
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<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">These unaudited condensed interim consolidated financial statements have been prepared using IFRS as issued by the International Accounting Standards Boards (&#8220;IFRS&#174; Accounting Standards&#8221;) applicable to a going concern, which assumes the realization of assets and settlement of liabilities in the normal course of business as they come due.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">From December 2024 to the end of March 31, 2026, the Company has been successful in securing financing and raised over $120 million in gross receipts from equity financings. In May 2026, the Company closed an offering with gross proceeds of $156.3 million, comprised of a public prospectus financing and a concurrent private placement. (See note 21). This is in</font><font style="font-size: 10pt; line-height: inherit;"> addition</font><font style="font-size: 10pt; line-height: inherit;"> to</font> <font style="font-size: 10pt; line-height: inherit;">a </font><font style="font-size: 10pt; line-height: inherit;">project financing package for the Nussir project, </font><font style="font-size: 10pt; line-height: inherit;">the main conditions precedent of </font><font style="font-size: 10pt; line-height: inherit;">which </font><font style="font-size: 10pt; line-height: inherit;">included the</font><font style="font-size: 10pt; line-height: inherit;"> completion of </font><font style="font-size: 10pt; line-height: inherit;">the feasibility study report and </font><font style="font-size: 10pt; line-height: inherit;">a positive final investment decision</font><font style="font-size: 10pt; line-height: inherit;">, both of which </font><font style="font-size: 10pt; line-height: inherit;">were achieved when the </font><font style="font-size: 10pt; line-height: inherit;">financing was announced</font><font style="font-size: 10pt; line-height: inherit;">.</font> <font style="font-size: 10pt; line-height: inherit;">In </font><font style="font-size: 10pt; line-height: inherit;">February 2026,</font><font style="font-size: 10pt; line-height: inherit;"> the </font><font style="font-size: 10pt; line-height: inherit;">Company </font><font style="font-size: 10pt; line-height: inherit;">acquired </font><font style="font-size: 10pt; line-height: inherit;">the Springer </font><font style="font-size: 10pt; line-height: inherit;">project in Nevada, and paid the remainder of the US$18</font><font style="font-size: 10pt; line-height: inherit;">.0 million of the US$18.5 million cash purchase cost.</font><font style="font-size: 10pt; line-height: inherit;"> Other acquisitions, some of which </font><font style="font-size: 10pt; line-height: inherit;">closed shortly after th</font><font style="font-size: 10pt; line-height: inherit;">is reporting period, </font><font style="font-size: 10pt; line-height: inherit;">were </font><font style="font-size: 10pt; line-height: inherit;">mostly </font><font style="font-size: 10pt; line-height: inherit;">paid for with </font><font style="font-size: 10pt; line-height: inherit;">shares rather than cash.</font> <font style="font-size: 10pt; line-height: inherit;">Based on the above, management expects that the Company has</font><font style="font-size: 10pt; line-height: inherit;"> su</font><font style="font-size: 10pt; line-height: inherit;">fficient liquidity to meet its obligations</font> <font style="font-size: 10pt; line-height: inherit;">and continue its planned activities for at least the next</font><font style="font-size: 10pt; line-height: inherit;"> 12</font> <font style="font-size: 10pt; line-height: inherit;">month</font><font style="font-size: 10pt; line-height: inherit;">s</font><font style="font-size: 10pt; line-height: inherit;"> from </font><font style="font-size: 10pt; line-height: inherit;">Ma</font><font style="font-size: 10pt; line-height: inherit;">r</font><font style="font-size: 10pt; line-height: inherit;">ch</font><font style="font-size: 10pt; line-height: inherit;"> 31</font><font style="font-size: 10pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">.</font></font><br></p>
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<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon<font>&#160;</font><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font><font>&#160;</font>Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><br></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0px; text-align: justify; text-indent: 0pt; margin: 0pt !important;">2.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-left: 14px; line-height: inherit;">Basis of presentation and summary of material accounting policies</font></font></div>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 0pt 36pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt 18pt; text-align: justify; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; margin-left: 27px; line-height: inherit;">a)&#160;</font><font style="font-size: 10pt; font-weight: bold; margin-left: 16px; line-height: inherit;">Basis of </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Presentation</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">These </font><font style="font-size: 10pt; line-height: inherit;">unaudited condensed interim</font><font style="font-size: 10pt; line-height: inherit;"> consolidated financial statements of the Company and all its subsidiaries have been prepared in accordance with IFRS</font><font style="font-size: 10pt; line-height: inherit;">&#174;</font> <font style="font-size: 10pt; line-height: inherit;">Accounting Standards</font> <font style="font-size: 10pt; line-height: inherit;">as applicable to</font><font style="font-size: 10pt; line-height: inherit;"> the </font><font style="font-size: 10pt; line-height: inherit;">preparation of interim financial statements under IAS 34, Interim Financial Reporting</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;"> The unaudited </font><font style="font-size: 10pt; line-height: inherit;">condensed interim consolidated financial statements should be read in conjunction with the Company&#8217;s annual con</font><font style="font-size: 10pt; line-height: inherit;">solidated</font><font style="font-size: 10pt; line-height: inherit;"> financial statements for the years ended December 31, 2025 and 2024, which have been prepared </font><font style="font-size: 10pt; line-height: inherit;">in accordance with IFRS</font><font style="font-size: 10pt; line-height: inherit;">&#174;</font><font style="font-size: 10pt; line-height: inherit;"> Accounting Standards</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company&#8217;s unaudited condensed interim consolidated financial statements have been prepared on a historical cost basis, except for certain items at fair value. Additionally, these unaudited condensed interim consolidated financial statements have been prepared using the accrual basis of accounting, except for cash flow information.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The </font><font style="font-size: 10pt; line-height: inherit;">Company&#8217;s presentation currency is Canadian (&#8220;C</font><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;">&#8221;) dollars. Reference herein of $ or C</font><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;"> is to Canadian Dollars</font><font style="font-size: 10pt; line-height: inherit;">. US$ is to United States Dollars</font><font style="font-size: 10pt; line-height: inherit;"> and NOK is to Norwegian Krone.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The functional currency of the</font><font style="font-size: 10pt; line-height: inherit;"> pa</font><font style="font-size: 10pt; line-height: inherit;">rent company</font><font style="font-size: 10pt; line-height: inherit;"> is Canadian dollars</font><font style="font-size: 10pt; line-height: inherit;">.</font> <font style="font-size: 10pt; line-height: inherit;">The functional currency of the Company&#8217;s Norwegian</font><font style="font-size: 10pt; line-height: inherit;"> subsidiaries is Norwegian Krone</font><font style="font-size: 10pt; line-height: inherit;">.&#160;The Company&#8217;s United States subsidiaries, including Keystone Mines Inc., have a functional currency of United States dollars.&#160;</font><font style="font-size: 10pt; line-height: inherit;">Effective January 1, 2026</font><font style="font-size: 10pt; line-height: inherit;">, the functional currency of Keystone Mines Inc. changed from </font><font style="font-size: 10pt; line-height: inherit;">Canadian dollars to United States dollars</font><font style="font-size: 10pt; line-height: inherit;"> following changes in the underlying transactions, events and conditions relevant to the entity. </font><font style="font-size: 10pt; line-height: inherit;">This included </font><font style="font-size: 10pt; line-height: inherit;">increased US$</font> <font style="font-size: 10pt; line-height: inherit;">denominated expenditures and operating activities associated with the advancement of the Company&#8217;s Blue Moon project. The change </font><font style="font-size: 10pt; line-height: inherit;">in functional currency was applied prospectively from the date of change in accordance with IAS 21.</font>  <font style="font-size: 10pt; line-height: inherit;">These entities are translated into Canadian </font><font style="font-size: 10pt; line-height: inherit;">dollars </font><font style="font-size: 10pt; line-height: inherit;">for consolidation in accordance with IAS 21.</font></font></p>
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<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Statement of </font><font style="font-size: 10pt; line-height: inherit;">f</font><font style="font-size: 10pt; line-height: inherit;">inancial </font><font style="font-size: 10pt; line-height: inherit;">p</font><font style="font-size: 10pt; line-height: inherit;">osition</font><font style="font-size: 10pt; line-height: inherit;"> items are classified as current if receipt or payment is due within twelve months. Otherwise, they are presented as non-current.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt 36pt; text-align: justify; text-indent: -36pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; margin-left: 27px; line-height: inherit;">b)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160;</font><font style="font-size: 10pt; font-weight: bold; margin-left: 16px; line-height: inherit;">Material </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">A</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ccounting </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Po</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">licies</font></font></p>
<p style="margin: 0pt 0pt 6pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The financial framework and accounting policies applied in the preparation of these unaudited condensed interim financial statements are consistent with those as disclosed in the Company&#8217;s most recently disclosed annual consolidated financial statements for the years ended December 31, 2025 and 2024.</font></font></p>
<p style="font-size: 10pt; line-height: 115%; margin: 0pt 0pt 10pt 36pt; text-align: justify; text-indent: -36pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; margin-left: 27px; line-height: inherit;">c)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160;</font><font style="font-size: 10pt; font-weight: bold; margin-left: 16px; line-height: inherit;">Significant </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">J</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">udgements and </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">E</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">stimates in </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">A</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">pplying the </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">C</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ompany&#8217;s </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">A</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ccounting </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">P</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">olicies</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Significant</font><font style="font-size: 10pt; line-height: inherit;"> Judgments</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The preparation of these</font><font style="font-size: 10pt; line-height: inherit;"> unaudited condensed interim</font><font style="font-size: 10pt; line-height: inherit;"> consolidated financial statements requires the Company to make</font><font style="font-size: 10pt; line-height: inherit;"> significant</font><font style="font-size: 10pt; line-height: inherit;"> judgments</font><font style="font-size: 10pt; line-height: inherit;"> in applying the Company&#8217;s accounting policies and the basis of consolidation. These include but are not limited to the following</font><font style="font-size: 10pt; line-height: inherit;">:</font></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 7 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
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<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon<font>&#160;</font><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font><font>&#160;</font>Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; font-style: italic; line-height: inherit;">Going concern</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Although during the </font><font style="font-size: 10pt; line-height: inherit;">three months</font><font style="font-size: 10pt; line-height: inherit;"> ended </font><font style="font-size: 10pt; line-height: inherit;">March</font><font style="font-size: 10pt; line-height: inherit;"> 31, 202</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">, the Company had a loss from operations and negative cash flows from operational activities, the Company was able to secure debt and equity financing to fulfill its operational </font><font style="font-size: 10pt; line-height: inherit;">and developmental </font><font style="font-size: 10pt; line-height: inherit;">needs. Based on management&#8217;s expectations of future net cash flows, management has applied judgement that there </font><font style="font-size: 10pt; line-height: inherit;">are</font><font style="font-size: 10pt; line-height: inherit;"> not material uncertainties related to events or conditions that may cast substantial doubt on the Company&#8217;s ability to continue as a going concern.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; font-style: italic; line-height: inherit;">Recoverability of Asset Carrying Values</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-style: italic; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company assesses its property, plant and equipment for impairments if there are events or changes in circumstances that indicate tha</font><font style="font-size: 10pt; line-height: inherit;">t carrying values may not be recoverable at each statement of financial position date. Such indicators include changes in the Company&#8217;s business plans, changes in the market and evidence of physical damage. </font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Determination as to whether and how much an asset is impaired involves management&#8217;s judgement </font><font style="font-size: 10pt; line-height: inherit;">on highly uncertain matters such as estimates of project future production, estimated quantities of mineral reserves and resources</font><font style="font-size: 10pt; line-height: inherit;">, expected future production costs, and discount rates.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: italic; line-height: inherit;">Valuation of </font><font style="font-size: 10pt; font-style: italic; line-height: inherit;">Mineral Property Interests</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The carrying amount of the Company&#8217;s mineral property interests does not necessarily represent present or future values, and the Company&#8217;s mineral property assets have been accounted for under the assumption that the carrying amount will be recoverable. Recoverability is dependent on various factors, including the discovery of economically recoverable reserves, the ability of the Company to obtain the necessary financing to complete the development and upon future profitable production or proceeds from the disposition of the mineral properties themselves. Additionally, there are numerous geological, economic, environmental and regulatory factors and uncertainties that could impact management&#8217;s assessment as to the overall viability of its properties or to the ability to generate future cash flows necessary to cover or exceed the carrying value of the Company&#8217;s mineral property assets.</font></font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 8 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
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<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon<font>&#160;</font><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font><font>&#160;</font>Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><br></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Estimations and </font><font style="font-size: 10pt; line-height: inherit;">A</font><font style="font-size: 10pt; line-height: inherit;">ssumptions</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Significant assumptions about the future and other sources of estimation uncertainty that management has made at the end of the reporting period, that could result in a material adjustment to the carrying amounts of assets and liabilities in the event that actual results differ from assumptions made, relate to, but are not limited to, the following:</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 31.5pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; margin-left: 0px; line-height: inherit;">i)&#160;</font><font style="font-size: 10pt; margin-left: 16px; line-height: inherit;">Share-based Payments</font></font></p>
<p style="margin: 0pt 0pt 0pt 54pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">The estimation of share-based payments includes estimating the inputs used in calculating the fair value for share-based payments expense included in profit or loss and share-based share issuance costs included in equity. Share-based payments expense and share-based share issuance costs are estimated using the Black-Scholes options-pricing model as measured on the grant date to estimate the fair value of stock options. This model involves the input of highly subjective assumptions, including the expected price volatility of the Company&#8217;s common shares, the expected life of the options, and the estimated forfeiture rate.</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 31.5pt; text-align: justify; text-indent: 0pt; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">ii)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160;</font><font style="font-size: 10pt; margin-left: 16px; line-height: inherit;">Income Taxes</font></font></p>
<p style="margin: 0pt 0pt 0pt 31.5pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">The estimation of income taxes includes evaluating the recoverability of deferred tax assets based on an assessment of the Company&#8217;s ability to utilize the underlying future tax deductions against future taxable income prior to expiry of those deductions. Management assesses whether it is probable that some or all of the deferred income tax assets will not be realized. The ultimate realization of deferred tax assets is dependent upon the generation of future taxable income, which in turn is dependent upon the successful discovery, extraction, development and commercialization of mineral reserves. To the extent that management&#8217;s assessment of the Company&#8217;s ability to utilize future tax deductions changes, the Company would be required to recognize more or fewer deferred tax assets, and future income tax provisions or recoveries could be affected.</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 31.5pt; text-align: justify; text-indent: 0pt; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">iii)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160;</font><font style="font-size: 10pt; margin-left: 16px; line-height: inherit;">Incremental Borrowing R</font><font style="font-size: 10pt; line-height: inherit;">ate &#8211; Lease Liability Measurement</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">When the Company enters into leases as lessee and where the interest rate implicit in a lease cannot be readily determined, the Company determines its incremental borrowing rate in order to measure its lease liability. The incremental borrowing rate is the rate of interest that a lessee would have to pay to borrow over a similar term, and with similar security, the funds necessary to obtain an asset of a similar value to the right-</font><font style="font-size: 10pt; line-height: inherit;">of</font><font style="font-size: 10pt; line-height: inherit;">-use asset</font><font style="font-size: 10pt; line-height: inherit;"> in a similar economic environment. In determining its incremental borrowing rate, the Company considers the term of the lease, the nature of the leased asset, and its level of indebtedness with reference to market risk-free interest rates.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 31.5pt; text-align: justify; text-indent: 0pt; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">iv)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160;&#160;</font><font style="font-size: 10pt; line-height: inherit; margin-left: 16px;">Measurement of Fair Values at Acquisition Date</font></font></p>
<p style="margin: 0pt 0pt 0pt 31.5pt; text-align: justify; text-indent: 0pt; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 31.5pt; text-align: justify; text-indent: 0pt; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">In accounting for the acquisitions of the Springer and Apex mining properties, a significant estimate was calculated in determining the relative fair values of the identifiable assets acquired and liabilities assumed. The purchase consideration, including directly attributable acquisition costs, was allocated to the acquired assets on a relative fair value basis. <br></font></font></p>
<p style="margin: 0pt 0pt 0pt 31.5pt; text-align: justify; text-indent: 0pt; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">For Springer, the acquired assets primarily consisted of property, plant and equipment, mineral properties, water permits and fee land. For Apex, the acquired assets primarily consisted of mineral properties and related mining interests.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">New standards and interpretations not yet adopted</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">IFRS 18 &#8211; Presentation and Disclosure in Financial Statements</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">In April 2024,&#160;IFRS&#174; Accounting Standards issued IFRS 18, which replaces IAS 1. IFRS 18 introduces a revised structure for the income statement, requiring presentation of income and expenses within operating, investing and financing categories and mandating specified subtotals. It also sets disclosure requirements for management-defined performance measures and provides enhanced guidance on aggregation and disaggregation in the financial statements and notes.</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>
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<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon<font>&#160;</font><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font><font>&#160;</font>Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">IFRS 18 does not change the recognition or measurement of items, nor the classification of items within other comprehensive income. It is effective for annual reporting periods beginning on or after January 1, 2027, with retrospective application required and early adoption permitted. The Company is currently evaluating the impact of this standard on its consolidated financial statements.</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt !important;">3.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-left: 14px; line-height: inherit;">A</font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">cquisition of </font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">U.S.</font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"> asse</font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">ts</font> </font></div>
<div style="margin: 0pt 0pt 0pt 57pt; padding-left: 0pt; text-indent: 0pt;"><br></div>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">During the period, the Company completed the acquisition of the Springer and Apex mining properties. The assets acquired included plant and equipment, and mineral properties. Management concluded that the acquisitions did not meet the definition of a business under IFRS 3 due to a lack of substantive processes and accordingly accounted for the transactions as asset acquisitions. The consideration transferred, including cash, share consideration and directly attributable transaction costs, was allocated to the identifiable assets acquired based on their relative fair values.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
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<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On February 10, 2026, the Company completed the acquisition of the Springer Mine and Mill (&#8220;Springer&#8221;) located in Nevada from GOODS LG LLC. Management concluded that the acquisition did not meet the definition of a business under IFRS 3 due to a lack of substantive processes and accordingly accounted for the transaction as an asset acquisition.&#160;</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The purchase consideration consisted of an initial cash deposit of US$0.5 million</font><font style="font-size: 10pt; line-height: inherit;">, a final cash payment of US$1</font><font style="font-size: 10pt; line-height: inherit;">8.0 million and directly </font><font style="font-size: 10pt; line-height: inherit;">attributable transaction costs of $0.5 million, for total consideration of $25.6 million.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The purchase consideration, including directly attributable transaction costs, was allocated to the acquired assets based on their relative values. Of the total consideration allocated, $24.8 million was assigned to property, plant and equipment, including the processing facilities, infrastructure and fee land and $0.8 million was assigned to mineral properties, including the unpatented mining claims and water permits.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
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<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The purchase consideration </font><font style="font-size: 10pt; line-height: inherit;">consisted of 7,031,</font><font style="font-size: 10pt; line-height: inherit;">959 common shares of the Company issued to Teck at a fair value of $53.4 million, based on the Company&#8217;s closing share price on the acquisition date</font><font style="font-size: 10pt; line-height: inherit;">, and directly attributable transaction costs of $0.2 million</font><font style="font-size: 10pt; line-height: inherit;">, for total consideration of $53.6 million</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">a 0.5% NSR royalty on the property, life-of-mine zinc concentrate offtake rights for the Blue Moon deposit, offtake rights for the Apex deposit and certain investor rights.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The acquired assets primarily consisted of mineral properties and related mining interests. As the transaction represented an acquisition of assets </font><font style="font-size: 10pt; line-height: inherit;">rather than a </font><font style="font-size: 10pt; line-height: inherit;">business combination</font><font style="font-size: 10pt; line-height: inherit;">, the purchase consideration, including directly attributable transaction costs</font><font style="font-size: 10pt; line-height: inherit;">, was capitalized to mineral properties.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;">4.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-left: 14px; line-height: inherit;">Cash and cash equivalents </font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">AND RESTRICTED CASH</font></font></div>
<div style="margin: 0pt; padding-left: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 5.26pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;"><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></font></div>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Cash and cash equivalents and restricted cash are comprised of the following:</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</font></p>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;"> March 31, 2026</font></p>



















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">December 31, 2025</font></p>



















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 8pt; line-height: inherit;">&#160;</font></p>



















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Cash&#160;and cash equivalents</font></p>



















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<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">40,449,601</font></p>



















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<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">92,811,289</font></p>



















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Restricted</font><font style="font-size: 10pt; line-height: inherit;"> Cash</font></font></p>



















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<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">253,304</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">243,466</font></p>



















</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">TOTAL</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">40,702,905</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">93,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">054</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,755</font></font></p>



















</td>





</tr>

























</table>
<div style="margin: 0pt; padding-left: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;"><br></font></div>
<div style="margin: 0pt; padding-left: 0pt;">
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 10 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
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<div style="margin: 0pt; padding-left: 0pt;"><br></div>
<div style="margin: 0pt; padding-left: 0pt;">
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon<font>&#160;</font><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font><font>&#160;</font>Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
















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<div style="margin: 0pt; padding-left: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;"><br></font></div>
<div style="margin: 0pt; padding-left: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;">5.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-left: 14px; line-height: inherit;">OTHER RECEIVABLES AND PREPAID EXPENSES</font></font></div>
<div style="margin: 0pt; padding-left: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 5.26pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;"><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></font></div>
<table cellspacing="0" cellpadding="0" style="height: 170px; border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 93%; margin-right: auto;" width="93%">

<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March 31, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>



















</td>
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">December 31,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 2025</font></font></p>



















</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 80%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Value added tax receivable</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">4,004,004</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">958,332</font></p>



















</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Prepaid expenses</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,638,444</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">569,773</font></p>



















</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Receivable from Wergeland Eiendom AS &#8211; Hammerfest Port </font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,362,268</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">969,213</font></p>



















</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Supplier advance</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,206,933</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,689,644</font></p>



















</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Other receivables</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">16,422</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">134,445</font></p>



















</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">TOTAL</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">8,228,071</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">4,321,407</font></p>



















</td>





</tr>

























</table>
<p style="background-color: #ffffff; font-size: 10pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt 0pt 10pt; padding-left: 0pt; text-indent: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;">6.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-left: 14px; line-height: inherit;">MARKETABLE SECURITIES</font></font></div>
<p style="margin: 0pt 0pt 0pt 23pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As at </font><font style="font-size: 10pt; line-height: inherit;">March 31, 2026</font><font style="font-size: 10pt; line-height: inherit;">, the Company held 4,250,000 common shares of Honey Badger Silver Inc. (TSXV: TUF), received in connection with the disposition of a mineral property in 2024. </font><font style="font-size: 10pt; line-height: inherit;">The Company held a royalty in the Tillex project in Canada and </font><font style="font-size: 10pt; line-height: inherit;">in January 2026,</font><font style="font-size: 10pt; line-height: inherit;"> the owner of the Tillex project,</font><font style="font-size: 10pt; line-height: inherit;"> Metal</font><font style="font-size: 10pt; line-height: inherit;">s</font><font style="font-size: 10pt; line-height: inherit;"> Creek</font><font style="font-size: 10pt; line-height: inherit;"> Resources Corp. </font><font style="font-size: 10pt; line-height: inherit;">(TSXV: MEX</font><font style="font-size: 10pt; line-height: inherit;">, &#8220;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Metals Creek</font><font style="font-size: 10pt; line-height: inherit;">&#8221;) </font><font style="font-size: 10pt; line-height: inherit;">exercised </font><font style="font-size: 10pt; line-height: inherit;">its right of buy-back and issued </font><font style="font-size: 10pt; line-height: inherit;">50,000</font><font style="font-size: 10pt; line-height: inherit;"> common shares in </font><font style="font-size: 10pt; line-height: inherit;">Metals Creek to the Company.</font> <font style="font-size: 10pt; line-height: inherit;">The</font><font style="font-size: 10pt; line-height: inherit;">se</font><font style="font-size: 10pt; line-height: inherit;"> investment</font><font style="font-size: 10pt; line-height: inherit;">s</font> <font style="font-size: 10pt; line-height: inherit;">are</font><font style="font-size: 10pt; line-height: inherit;"> classified as financial asset</font><font style="font-size: 10pt; line-height: inherit;">s</font><font style="font-size: 10pt; line-height: inherit;"> measured as fair value through profit or loss. The fair value of the </font><font style="font-size: 10pt; line-height: inherit;">investments</font> <font style="font-size: 10pt; line-height: inherit;">in marketable securities</font> <font style="font-size: 10pt; line-height: inherit;">was </font><font style="font-size: 10pt; line-height: inherit;">$1,212,750</font><font style="font-size: 10pt; line-height: inherit;"> based on the closing market price </font><font style="font-size: 10pt; line-height: inherit;">of both investments as at March 31, 2026</font><font style="font-size: 10pt; line-height: inherit;"> (December 31, 2025: </font><font style="font-size: 10pt; line-height: inherit;">$807,500).</font><font style="font-size: 10pt; line-height: inherit;"> During the </font><font style="font-size: 10pt; line-height: inherit;">three months</font><font style="font-size: 10pt; line-height: inherit;"> ended </font><font style="font-size: 10pt; line-height: inherit;">March 31, 2026</font><font style="font-size: 10pt; line-height: inherit;">, a fair value </font><font style="font-size: 10pt; line-height: inherit;">gain </font><font style="font-size: 10pt; line-height: inherit;">of $</font><font style="font-size: 10pt; line-height: inherit;">405</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">250</font><font style="font-size: 10pt; line-height: inherit;"> was</font> <font style="font-size: 10pt; line-height: inherit;">recorded.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><br></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 11 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
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</div>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon<font>&#160;</font><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font><font>&#160;</font>Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt; text-align: justify;"><br></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;">7.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-left: 14px; line-height: inherit;">Mineral Propert</font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">ies, Plant and equipment</font></font></div>
<div style="margin: 0pt; padding-left: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;"><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></font></div>
<p style="margin: 0pt 0pt 0pt 23pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Mineral properties, plant and equipment are comprised of the following:</font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 554px; width: 100%;" width="100%">

<tr style="height: 34px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit; font-weight: bold;">Mineral Properties</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit; font-weight: bold;"><font style="font-size: 10pt; line-height: inherit;">Property, </font><font style="font-size: 10pt; line-height: inherit;">Plant and </font><font style="font-size: 10pt; line-height: inherit;">E</font><font style="font-size: 10pt; line-height: inherit;">quipment</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 34px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit; font-weight: bold;">Total</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Cost</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">As at December 31, 2024</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">698,007</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">5,706</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">703,713</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 70%; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Nussir acquisition </font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">95,</font><font style="font-size: 10pt; line-height: inherit;">222,303</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">95,222,303</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">NSG acquisition </font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">20,</font><font style="font-size: 10pt; line-height: inherit;">151,896</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">20,151,896</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">REAS acquisition</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">28,350,863</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">28,350,863</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Additions</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">7,220</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">7,220</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Effects of foreign exchange</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">158,000</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">2,925</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">160,925</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">As at March 31, 2025</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">116,230,206</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">28,366,714</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">144,596,920</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Additions</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">2,774,</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">75</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">2,774,</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">75</font></font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Effects of foreign exchange</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">6,389,673</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">688,065</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">7,077,738</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As at </font><font style="font-size: 10pt; line-height: inherit;">December 31</font><font style="font-size: 10pt; line-height: inherit;">, 2025</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">122,619,879</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">31,829,454</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">154,449,333</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Springer acquisition</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">770,935</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">24,838,564</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">25,609,</font><font style="font-size: 10pt; line-height: inherit;">499</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Apex acquisition</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">53,630,796</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">53,630,796</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Additions</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">291</font><font style="font-size: 10pt; line-height: inherit;">,322</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">608,762</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">900,084</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Effects of foreign exchange</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">6,650,139</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1,642,27</font><font style="font-size: 10pt; line-height: inherit;">1</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">8,292,</font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">10</font></font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">As at </font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">March 31</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">, 202</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">6</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">183,963,071</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">8,</font><font style="font-size: 10pt; line-height: inherit;">919,05</font><font style="font-size: 10pt; line-height: inherit;">1</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">242,882,12</font><font style="font-size: 10pt; line-height: inherit;">2</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">Accumulated depreciation, depletion and amortization</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As at </font><font style="font-size: 10pt; line-height: inherit;">December</font> <font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;">1, 202</font><font style="font-size: 10pt; line-height: inherit;">4</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3,022</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3,022</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Depreciation</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">379</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">379</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">As at March 31, 2025</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3,401</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3,401</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Depreciation</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,431,343</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,431,343</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Effects of foreign exchange</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">4,587</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">4,587</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As at </font><font style="font-size: 10pt; line-height: inherit;">December</font> <font style="font-size: 10pt; line-height: inherit;">31</font><font style="font-size: 10pt; line-height: inherit;">, 2025</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,439,331</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,439,331</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Depreciation</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">494,826</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">494,826</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Effects of foreign exchange</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">4,748</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">4,748</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">As at </font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">March</font> <font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">31</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">, 202</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">6</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,938,905</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,938,905</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Net book value</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As at De</font><font style="font-size: 10pt; line-height: inherit;">cember</font><font style="font-size: 10pt; line-height: inherit;"> 31, 202</font><font style="font-size: 10pt; line-height: inherit;">5</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">122,619,879</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">30,390,123</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">153,010,002</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">As at March 31, 202</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">6</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">1</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">83,963,071</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">56,980,14</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">6</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">240,943,21</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">7</font></font></p>



















</td>



















</tr>







































</table>
<p style="margin: 0pt; text-align: justify;"><br></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 12 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>














</div>
<p style="margin: 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon<font>&#160;</font><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font><font>&#160;</font>Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">During the</font><font style="font-size: 10pt; line-height: inherit;"> first quarter of</font><font style="font-size: 10pt; line-height: inherit;"> 202</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">, the Company completed the acquisitions of </font><font style="font-size: 10pt; line-height: inherit;">Springer and Apex</font><font style="font-size: 10pt; line-height: inherit;"> (Note 3)</font><font style="font-size: 10pt; line-height: inherit;">. </font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The following table summarizes the Company&#8217;s leases, which currently consist </font><font style="font-size: 10pt; line-height: inherit;">primarily</font><font style="font-size: 10pt; line-height: inherit;"> of the lease for the </font><font style="font-size: 10pt; line-height: inherit;">&#216;</font><font style="font-size: 10pt; line-height: inherit;">yen industrial</font><font style="font-size: 10pt; line-height: inherit;"> in Norway, </font><font style="font-size: 10pt; line-height: inherit;">vehicle leases associated with the Nussir project, </font><font style="font-size: 10pt; line-height: inherit;">as well as office and ground surface leases associated with the Blue Moon </font><font style="font-size: 10pt; line-height: inherit;">project. The table also reflects </font><font style="font-size: 10pt; line-height: inherit;">the movement of the related ROU asset within property, plant and equipment. </font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0pt; font-family: 'times new roman'; font-size: 10pt; height: 221px; width: 100%;" width="100%">

<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Net book value</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$</font></font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 90%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">As at December 31, 2024</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;</font><font style="font-size: 10pt; line-height: inherit;">-</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">REAS Acquisition </font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">2</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">,900,000</font></font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">As at March 31, 2025</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">26,900,000</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Additions</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">607,049</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Depreciation</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(</font><font style="font-size: 10pt; line-height: inherit;">1,</font><font style="font-size: 10pt; line-height: inherit;">28</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">033</font><font style="font-size: 10pt; line-height: inherit;">)</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Effects of foreign exchange</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">64,723</font></font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As at </font><font style="font-size: 10pt; line-height: inherit;">December 31,</font><font style="font-size: 10pt; line-height: inherit;"> 2025</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">26,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">8</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">85</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">739</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Additions</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">114,215</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Depreciation</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(456,</font><font style="font-size: 10pt; line-height: inherit;">362)</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Effects of foreign exchange</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">2,101,358</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">As at March 31, 2026</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">28,644,950</font></p>



















</td>



















</tr>







































</table>
<p style="background-color: #ffffff; font-size: 10pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;">8.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-left: 14px; line-height: inherit;">accounts payable and accrued liabilities</font></font></div>
<div style="margin: 0pt; padding-left: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 5.26pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;"><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></font></div>
<table cellspacing="0" cellpadding="0" style="height: 78px; border-collapse: collapse; margin-left: auto; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 93%; margin-right: auto;" width="93%">

<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March 31, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>



















</td>
<td style="padding: 0px; vertical-align: top; height: 10px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">December 31,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 2025</font></font></p>



















</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 80%;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>

</tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);"><font style="color: rgb(0, 0, 0); font-family: calibri; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Accounts payable</font></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">10,577,739</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">4,248,711</font></p>



















</td>

</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Accrued liabilities and other</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">10,651,81</font><font style="font-size: 10pt; line-height: inherit;">6</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">8,042,469</font></p>



















</td>

</tr>
<tr style="height: 17px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">TOTAL</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">21,229,555</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: rgb(0, 0, 0) !important; border-bottom-color: rgb(0, 0, 0) !important; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">12,291,180</font></p>



















</td>

</tr>





















</table>
<p style="background-color: #ffffff; font-size: 10pt; line-height: 115%; margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;">9.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 14px;">OTHER LIABILITIES</font></font></div>
<div style="margin: 0pt; padding-left: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 5.26pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;"><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></font></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 93%; margin-right: auto; height: 144px;" width="93%">

<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding: 0px; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March 31, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>



















</td>
<td style="padding: 0px; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">December 31,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 2025</font></font></p>



















</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>





</tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 80%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Other liabilities</font></p>



















</td>
<td style="width: 10%; background-color: #cceeff; height: 16px;">
<p>&#160;</p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 0pt 0pt 19.3pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Restricted share unit </font><font style="font-size: 10pt; line-height: inherit;">liabilities</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,091,742</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">251,21</font><font style="font-size: 10pt; line-height: inherit;">3</font></font></p>



















</td>





</tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 0pt 0pt 19.3pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Provision &#8211; Port of Hammerfest claim</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">72</font><font style="font-size: 10pt; line-height: inherit;">8,150</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">723,861</font></p>



















</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt 0pt 0pt 19.3pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Other (i)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">158,309</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">152,779</font></p>



















</td>





</tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; height: 16px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Other liabilities</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1,</font><font style="font-size: 10pt; line-height: inherit;">978,201</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,127,853</font></p>



















</td>





</tr>
<tr style="height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Less: current portion</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">690,861</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">291,298</font></p>



















</td>





</tr>
<tr style="background-color: #cceeff; height: 16px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">Long-term portion</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">1,287,340</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 16px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">836,555</font></p>



















</td>





</tr>

























</table>













</div>
<div><font style="font-family: calibri; font-size: 10pt; text-align: justify;">&#160;</font>
<p><font style="font-family: calibri; margin-left: 57px; line-height: inherit;"><font style="line-height: inherit;">i.</font><font style="font-size: 10pt; margin-left: 16px; line-height: inherit;">Other liabilities primarily relate to an accrual related to the Nussir project, required under the agreement with Finnmarkseiendommen (&#8220;FeFo&#8220;)</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;"><br></font></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 13 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>













</div>
<p style="margin: 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon<font>&#160;</font><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font><font>&#160;</font>Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt; text-align: justify;"><br></p>
<div style="margin: 0pt; padding-left: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;">10.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; margin-left: 8px; line-height: inherit;">DEBT AND LEASE LIABILITIES</font></font></div>
<div style="margin: 0pt; padding-left: 0pt;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt !important;"><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></font></div>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Debt and lease liabilities are comprised of the following:</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="height: 136px; border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 93%; margin-right: auto;" width="93%">

<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March 31, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>



















</td>
<td style="padding: 0px; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">December 31,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 2025</font></font></p>



















</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 8pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 80%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Lease liabilities (i)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">656,665</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">577,009</font></p>



















</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Bridge loan (ii)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">15,627,26</font><font style="font-size: 10pt; line-height: inherit;">4</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">15,066,071</font></p>



















</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Debt and lease liabilities</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">16,283,929</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">5,643,080</font></font></p>



















</td>





</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Less: current portion</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">176,327</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">135,140</font></p>



















</td>





</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">Long-term portion</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">16,107,602</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">15,507,940</font></p>



















</td>





</tr>

























</table>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">The changes in debt and lease liabilities are comprised of the following:</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 93%; margin-right: auto; height: 306px;" width="93%">

<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Leases</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Debt</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As at December 31, 2024</font><font style="font-size: 10pt; line-height: inherit;"> and March 31, 2025</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Additions</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">579,564</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">17,</font><font style="font-size: 10pt; line-height: inherit;">302,791</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">17,882,355</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 70%; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Deferred financing fee</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(2,</font><font style="font-size: 10pt; line-height: inherit;">591,756</font><font style="font-size: 10pt; line-height: inherit;">)</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(2,</font><font style="font-size: 10pt; line-height: inherit;">591,756</font><font style="font-size: 10pt; line-height: inherit;">)</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Payments</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(54,882)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(550,018)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(604,900)</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Interest </font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">62,569</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">701,628</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">764,197</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Financing fee amortization</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">390,392</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">390,392</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Effects of foreign exchange</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(10,242)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(186,966)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(197,208)</font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As at </font><font style="font-size: 10pt; line-height: inherit;">December 31, 2025</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">577,009</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">15,066,071</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">15,643,080</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Additions</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">114,215</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">114,215</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Payments</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(34,108)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(509,625)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(543,733)</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Interest</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">16,833</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">509,625</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"> <font style="font-size: 10pt; line-height: inherit;">526,458</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Financing fee amortiza</font><font style="font-size: 10pt; line-height: inherit;">tion</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">327,</font><font style="font-size: 10pt; line-height: inherit;">207</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">327,</font><font style="font-size: 10pt; line-height: inherit;">207</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 0pt 0pt 12.1pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Effects of foreign exchange</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(17,28</font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">)</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">2</font><font style="font-size: 10pt; line-height: inherit;">33,986</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">216,70</font><font style="font-size: 10pt; line-height: inherit;">2</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">As at March 31, 2026</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">656,66</font><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">15,</font><font style="font-size: 10pt; line-height: inherit;">627,26</font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">16,283,9</font><font style="font-size: 10pt; line-height: inherit;">29</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Less: current portion</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">176</font><font style="font-size: 10pt; line-height: inherit;">,327</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">76,327</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Long-term portion</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">4</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">80,33</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">8</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">15,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">627</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,26</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">4</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">16,107,60</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">2</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></font></p>



















</td>



















</tr>







































</table>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: Calibri; font-size: 10pt; margin: 0pt 0pt 0pt 29.55pt; padding-left: 13pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Lease liabilities relate to arrangements associated with operations at the Nussir project and the Blue Moon project. The arrangement with the Hammerfest port relating to quay repairs and continued use was assessed as a variable lease with no fixed minimum payment. As the quay lease payments were not fixed, no lease liability or ROU asset has been recognized at this stage. The Company also recognizes lease liabilities related to office and ground surface leases associated with the Blue Moon project.</font></li>



















</ol>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; margin-left: 27px;"><font style="font-family: calibri; font-size: 10pt; padding-left: 0pt; text-align: justify; text-indent: 0pt; margin: 0pt !important; line-height: inherit;">ii.  <font style="font-size: 10pt; margin-left: 19px; line-height: inherit;">On August 19, 2025, the Company </font><font style="font-size: 10pt; line-height: inherit;">and its subsidiaries </font><font style="font-size: 10pt; line-height: inherit;">entered into a bridge loan agreement with Hartree Partners, LP </font><font style="font-size: 10pt; line-height: inherit;">(&#8220;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Hartree</font><font style="font-size: 10pt; line-height: inherit;">&#8221;) </font><font style="font-size: 10pt; line-height: inherit;">and </font><font style="font-size: 10pt; line-height: inherit;">a fund managed by Oaktree Capital Management Inc</font><font style="font-size: 10pt; line-height: inherit;">. </font><font style="font-size: 10pt; line-height: inherit;">(&#8220;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Oaktree</font><font style="font-size: 10pt; line-height: inherit;">&#8221;).</font></font></div>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 14 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
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<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon<font>&#160;</font><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font><font>&#160;</font>Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the<font>&#160;</font></font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"><font>&#160;</font>and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; background-color: #ffffff; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; text-align: justify;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt; text-align: justify;"><br></p>
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The bridge loan provided a total facility of </font><font style="font-size: 10pt; line-height: inherit;">US</font><font style="font-size: 10pt; line-height: inherit;">$25,000,000, available in two advances of </font><font style="font-size: 10pt; line-height: inherit;">US</font><font style="font-size: 10pt; line-height: inherit;">$12,500,000 each. The first advance was drawn on September 4, 2025 by Nussir. The second advance remains undrawn as at</font><font style="font-size: 10pt; line-height: inherit;"> March 31, 2026</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 0pt 42.55pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Interest is calculated at the base rate plus 8% per annum. The base rate is the greater of:</font></p>
<p style="margin: 0pt 0pt 0pt 42.55pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 42.55pt; text-align: justify; text-indent: 21.3pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">i)</font><font style="font-style: normal; font-variant: normal; font-size-adjust: none; font-language-override: normal; font-kerning: auto; font-optical-sizing: auto; font-feature-settings: normal; font-variation-settings: normal; font-weight: normal; font-stretch: normal; font-size: 7pt; line-height: inherit;">&#160; </font><font style="font-size: 10pt; line-height: inherit;"> Adjusted Term SOFR, defined as 3-month Term SOFR + 0.10%; and</font></font></p>
<p style="margin: 0pt 0pt 0pt 42.55pt; text-align: justify; text-indent: 21.3pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">ii)</font> <font style="font-size: 10pt; line-height: inherit;"> 3.00%</font></font></p>
<p style="margin: 0pt 0pt 0pt 42.55pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Interest is calculated on a 360-day year and payable in arrears on a quarterly basis.</font><font style="font-size: 10pt; line-height: inherit;"> The Company has the option to pay interest in kind, in which case the accrued interest is capitalized to the loan principal, subject to lender approval.</font></font></p>
<p style="margin: 0pt 0pt 0pt 42.55pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">The bridge loan matures on June 30, 2027 and is secured by pledges over the shares and assets of Nussir, Blue Moon Norway, REAS and Keystone Mines. </font></p>
<p style="margin: 0pt 0pt 0pt 42.55pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">In connection with the initial advance, the Company paid a structuring premium of 2% of the total commitment and incurred legal fees, both of which were deducted from the proceeds on initial recognition in accordance with IFRS 9. The Company also issued 1,045,000 bonus shares to one of the lenders as consideration for providing the facility. The bonus shares issued, the fair value of which was $3,396,250,&#160;was recorded as a deferred financing cost and will be recognized as a deduction from the carrying amount of the loan and amortized over the term of the bridge loan using the effective interest method upon draw down. For the initial draw, 50% of the value of the bonus shares has been recognized as a transaction cost, with the remaining 50% to be recognized when the second tranche is drawn. The carrying value of the bonus shares is recorded as deferred financing cost at $1,</font><font style="font-size: 10pt; line-height: inherit;">715,</font><font style="font-size: 10pt; line-height: inherit;">945</font><font style="font-size: 10pt; line-height: inherit;"> as </font><font style="font-size: 10pt; line-height: inherit;">at March</font><font style="font-size: 10pt; line-height: inherit;"> 31, 202</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 0pt 42.55pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As a result, the carrying value of the bridge loan increases over time through the amortization of deferred financing costs and bonus share consideration recognized within the accretion expense. The bridge loan is classified as a financial liability at amortized cost and is measured using the effective interest method. The effective interest rate on the first advance is approximately 16.78%.</font></font></p>
<p style="margin: 0pt 0pt 0pt 42.55pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As at </font><font style="font-size: 10pt; line-height: inherit;">March</font><font style="font-size: 10pt; line-height: inherit;"> 31, 202</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">, the carrying amount of the bridge loan was $15,</font><font style="font-size: 10pt; line-height: inherit;">627</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">26</font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">. The fair value of the loan approximates its carrying amount given its recent issuance and floating interest rate.</font></font></p>
<p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify; margin-left: 57px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">The schedule of undiscounted lease payment and debt obligations is as follows:</font></p>
<p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 93%; margin-right: auto;" width="93%">

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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Leases</font></p>



















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Debt</font></p>



















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<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Total</font></p>



















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<tr>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>



















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</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 69.9737%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Less than one year</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">76,327</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">2,096,059</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">2,</font><font style="font-size: 10pt; line-height: inherit;">272,</font><font style="font-size: 10pt; line-height: inherit;">386</font></font></p>



















</td>



















</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 69.9737%;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">One to five years</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">69,236</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">18,</font><font style="font-size: 10pt; line-height: inherit;">100,896</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">18,</font><font style="font-size: 10pt; line-height: inherit;">570,132</font></font></p>



















</td>



















</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 69.9737%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">More than five years</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">410,730</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">410,730</font></p>



















</td>



















</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 69.9737%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Total undiscounted obligations as at </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 31, 202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">1,056,293</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">20,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">196,955</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10.0088%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">21,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">253,248</font></font></p>



















</td>



















</tr>







































</table>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>













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<div>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 15 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
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</div><div id="Doi1jk5ds6kpertqlbkipd" style="font-family: 'times new roman', times; font-size: 10pt;">
<p style="margin: 0pt 0pt 0pt 21.3pt; text-align: justify;"><font style="font-family: Calibri; font-size: 10pt;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt 0pt !important;">11.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">OTHER INCOME</font></font></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">During</font><font style="font-size: 10pt; line-height: inherit;"> the </font><font style="font-size: 10pt; line-height: inherit;">three months</font><font style="font-size: 10pt; line-height: inherit;"> ended </font><font style="font-size: 10pt; line-height: inherit;">March</font><font style="font-size: 10pt; line-height: inherit;"> 31</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">2026,</font><font style="font-size: 10pt; line-height: inherit;"> the Company recognized other income </font><font style="font-size: 10pt; line-height: inherit;">of </font><font style="font-size: 10pt; line-height: inherit;">$2</font><font style="font-size: 10pt; line-height: inherit;">42</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">535</font><font style="font-size: 10pt; line-height: inherit;"> (202</font><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">: </font><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;">14,219</font><font style="font-size: 10pt; line-height: inherit;">)</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">primarily </font><font style="font-size: 10pt; line-height: inherit;">related</font><font style="font-size: 10pt; line-height: inherit;"> to the sale of rock masses </font><font style="font-size: 10pt; line-height: inherit;">from underground development activities at the Nussir project.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt 0pt !important;">12.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">General exploration expenses</font></font></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt 0pt !important;"><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></font></div>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 93%; margin-right: auto;" width="93%">

<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">For the </font><font style="font-size: 10pt; line-height: inherit;">three months</font><font style="font-size: 10pt; line-height: inherit;"> ended </font><font style="font-size: 10pt; line-height: inherit;">March</font><font style="font-size: 10pt; line-height: inherit;"> 31,</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">5</font></font></p>

















</td>









</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 8pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 80%; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Claims costs</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">10,885</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">9,849</font></p>

















</td>









</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Camp operations</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3,786,145</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">234,457</font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Development and site preparation</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">17,750,204</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>

















</td>









</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Engineering studies</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3,501,083</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">382,151</font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Prospecting and geology</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3,173,015</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">16,189</font></p>

















</td>









</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Permitting </font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">140,052</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">102,431</font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">TOTAL</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">28,361,384</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 7.2pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">745,077</font></p>

















</td>









</tr>



























</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 16 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>















</div>
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon <font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font> Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 0pt 0pt !important;">13.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">S</font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">hare capital</font></font></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">a) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 9px;">Authorized </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">s</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">hare capital</font></font></p>
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; line-height: 1.2; margin-left: 50px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Authorized share capital consists of an unlimited number of common shares without par value, unlimited Class &#8220;A&#8221; preferred shares with par value of $10 per share, and unlimited Class &#8220;B&#8221; preferred shares without par value. No preferred shares have been issued.</font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 10pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">b) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 9px;">Common shares</font></font><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; line-height: 1.2; margin-left: 50px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">The following shows the Co</font><font style="font-size: 10pt; line-height: inherit;">mpany</font><font style="font-size: 10pt; line-height: inherit;">&#8217;s issued and outstanding common shares and the prices at which the shares are issued.</font></p>
<p style="margin: 0pt 0pt 0pt 0pt; text-align: justify; line-height: 1.2; margin-left: 50px;"><font style="font-size: 10pt; line-height: inherit;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="height: 271px; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 93%; text-indent: 0px;" width="93%">

<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt 6pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Number of Common Shares</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 1.45pt; padding-right: 1.45pt; height: 18px; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.75pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Share Issue Price</font></p>

















</td>

















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; width: 78%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Balance as at December 31, 2024</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">6,325,412</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>

















</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Conversion of subscription receipts</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">9,000,035</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$ 3.00</font></p>

















</td>

















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Shares issued under p</font><font style="font-size: 10pt; line-height: inherit;">rivate placement</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">4,266,666</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$ </font><font style="font-size: 10pt; line-height: inherit;">3.1</font><font style="font-size: 10pt; line-height: inherit;">5</font></font></p>

















</td>

















</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Sha</font><font style="font-size: 10pt; line-height: inherit;">res </font><font style="font-size: 10pt; line-height: inherit;">issued under bought deal public offering</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">26,220,000</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$ </font><font style="font-size: 10pt; line-height: inherit;">3.15</font></font></p>

















</td>

















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Bonus share issuance to lender</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1,045,000</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$ 3.25</font></p>

















</td>

















</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Nussir acquisition</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">24,168,149</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$ 3.55</font></p>

















</td>

















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">NSG acquisition</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">5,608,000</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$ 3.55</font></p>

















</td>

















</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">REAS acquisition</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">4,210,000</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$ 3.55</font></p>

















</td>

















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Shares issued on settlement of share-based awards</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">24,259</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$ 3.80</font></p>

















</td>

















</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as at </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">December 31, 2025</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">80,867,521</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>

















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Shares issued under private placement</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">181,127</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$ </font><font style="font-size: 10pt; line-height: inherit;">7.</font><font style="font-size: 10pt; line-height: inherit;">2</font><font style="font-size: 10pt; line-height: inherit;">1</font></font></p>

















</td>

















</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Exercise of share-based awards</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">3,333</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$ 3.</font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">0</font></font></p>

















</td>

















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Apex acquisition</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="middle">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">7,031,959</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; height: 18px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff;" valign="middle">
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<p style="margin: 0pt 0pt 0pt 0.7pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$ </font><font style="font-size: 10pt; line-height: inherit;">7.60</font></font></p>

















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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as at </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 31, 202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>

















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<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















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<p style="margin: 0pt 7.2pt 0pt 5.75pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">88,083,940</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></font></p>

















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<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 21.3pt;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 50px;"><font>i. </font><font style="margin-left: 14px;">Acquisitions</font></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On </font><font style="font-size: 10pt; line-height: inherit;">March 13, 2026</font><font style="font-size: 10pt; line-height: inherit;">, the Company closed the acquisitions of</font> <font style="font-size: 10pt; line-height: inherit;">Apex </font><font style="font-size: 10pt; line-height: inherit;">(Note 3)</font><font style="font-size: 10pt; line-height: inherit;"> and</font><font style="font-size: 10pt; line-height: inherit;"> issued </font><font style="font-size: 10pt; line-height: inherit;">7,0</font><font style="font-size: 10pt; line-height: inherit;">31,959</font><font style="font-size: 10pt; line-height: inherit;"> shares valued&#160;</font><font style="font-size: 10pt; line-height: inherit;">at a price of $</font><font style="font-size: 10pt; line-height: inherit;">7.60</font><font style="font-size: 10pt; line-height: inherit;"> per common share</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On March 6, 2025, the Company closed the acquisition of REAS and issued 4,210,000 shares valued at</font><font style="font-size: 10pt; line-height: inherit;"> a price of $3.55 per common share</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On February 26, 2025, the Company closed the acquisitions of Nussir and NSG</font> <font style="font-size: 10pt; line-height: inherit;">and issued 24,168,149 and 5,608,000 shares respectively valued at a price of $3.55 per common share</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
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<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon <font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font> Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 50px;">ii.  <font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 10px;">Financing</font></font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On March 3, 2026, the Company announced that </font><font style="font-size: 10pt; line-height: inherit;">Leonard Nilsen &amp; S</font><font style="font-size: 10pt; line-height: inherit;">&#248;</font><font style="font-size: 10pt; line-height: inherit;">nner AS </font><font style="font-size: 10pt; line-height: inherit;">(&#8220;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">LNS</font><font style="font-size: 10pt; line-height: inherit;">&#8221;)</font><font style="font-size: 10pt; line-height: inherit;">, the mining contractor fo</font><font style="font-size: 10pt; line-height: inherit;">r</font> <font style="font-size: 10pt; line-height: inherit;">the </font><font style="font-size: 10pt; line-height: inherit;">Company&#8217;s Nussir project in Norway, subscribed for 168,514 common shares of the Company at a price of $7.208 per share for gross proceeds of approximately $1.2 million</font><font style="font-size: 10pt; line-height: inherit;">, as </font><font style="font-size: 10pt; line-height: inherit;">the second and final</font><font style="font-size: 10pt; line-height: inherit;"> follow-</font><font style="font-size: 10pt; line-height: inherit;">up</font><font style="font-size: 10pt; line-height: inherit;"> investment </font><font style="font-size: 10pt; line-height: inherit;">originally agreed to on December 19, 2024 and was triggered </font><font style="font-size: 10pt; line-height: inherit;">on 10 months after the </font><font style="font-size: 10pt; line-height: inherit;">LNS underground </font><font style="font-size: 10pt; line-height: inherit;">mobilization at Nussir (see below)</font><font style="font-size: 10pt; line-height: inherit;">. </font><font style="font-size: 10pt; line-height: inherit;">Pursuant to a pre-existing participation right, Hartree elected to exercise its pre-emptive right to participate in the financing and on March 6, 2026, subscribed for an additional 12,613 common shares at the same price of $7.208 per share. </font><font style="font-size: 10pt; line-height: inherit;">On March 10, 2026, the Company announced the closing of the financing, issuing an aggregate of 181,127 common shares for total gross proceeds of $1,305,565. </font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">O</font><font style="font-size: 10pt; line-height: inherit;">n October 1, 2025</font><font style="font-size: 10pt; line-height: inherit;">, pursuant to a prospectus supplement to the Company&#8217;s short form base shelf prospectus, </font><font style="font-size: 10pt; line-height: inherit;">the Company closed a bought-deal public offering issuing 26,220,000 common shares at a price of $3.30 per share for total gross proceeds of $86,526,000. Net proceeds from the offering of $81,198,840, after underwriters&#8217; fees and other offering costs, are expected to be used for the development of the Blue Moon project, further exploration at Nussir and NSG and general corporate and working capital purposes.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On </font><font style="font-size: 10pt; line-height: inherit;">September </font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">, 2025 the Company issued 2,092,173 common shares at a price of $3.30 per share for gross proceeds of </font><font style="font-size: 10pt; line-height: inherit;">$6,897,000 to Oaktree as part of the initial equity tranche under the </font><font style="font-size: 10pt; line-height: inherit;">Hartree</font><font style="font-size: 10pt; line-height: inherit;"> and Oaktree project finance package to fund early works and pre-construction activities at Nussir.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Concurrent with the first draw under the related bridge loan, the Company </font><font style="font-size: 10pt; line-height: inherit;">issued 1,045,000 bonus shares</font> <font style="font-size: 10pt; line-height: inherit;">to </font><font style="font-size: 10pt; line-height: inherit;">Hartree</font> <font style="font-size: 10pt; line-height: inherit;">for no cash consideration </font><font style="font-size: 10pt; line-height: inherit;">as part of the financing arrangement.</font><font style="font-size: 10pt; line-height: inherit;"> The fair value of the bonus shares was based on the Company&#8217;s closing share price on </font><font style="font-size: 10pt; line-height: inherit;">September 4, 2025.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On May 8, 2025</font><font style="font-size: 10pt; line-height: inherit;">, the Company issued 376,833 shares at a price of $3.0</font><font style="font-size: 10pt; line-height: inherit;">0</font><font style="font-size: 10pt; line-height: inherit;"> per</font><font style="font-size: 10pt; line-height: inherit;"> share for gross proceeds of </font><font style="font-size: 10pt; line-height: inherit;">$1,130,499</font><font style="font-size: 10pt; line-height: inherit;"> to LNS</font><font style="font-size: 10pt; line-height: inherit;">. The subscription formed part of the follow-on equity investment originally agreed to on December 19, 2024 and was triggered upon the Company achieving the first milestone</font><font style="font-size: 10pt; line-height: inherit;"> -</font><font style="font-size: 10pt; line-height: inherit;"> the LNS underground mobilization </font><font style="font-size: 10pt; line-height: inherit;">at Nussir.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On March 7, 2025, the Company closed the second tranche of financing from Hartree Partners LP </font><font style="font-size: 10pt; line-height: inherit;">(&#8220;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Hartree</font><font style="font-size: 10pt; line-height: inherit;">&#8221;) </font><font style="font-size: 10pt; line-height: inherit;">in</font><font style="font-size: 10pt; line-height: inherit;"> connection with the Nussir and NSG Transactions. Hartree purchased 1,750,000 shares at a price of $3.00 per share for total gross proceeds of $5,250,000.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On February 26, 2025, on closing of the Nussir and NSG transactions, 9,000,0</font><font style="font-size: 10pt; line-height: inherit;">28</font><font style="font-size: 10pt; line-height: inherit;"> Subscription Receipts, issued as part of the December 19, 2024 unit financing were automatically converted into 9,000,0</font><font style="font-size: 10pt; line-height: inherit;">35</font><font style="font-size: 10pt; line-height: inherit;"> common shares of the Company without payment of additional consideration</font><font style="font-size: 10pt; line-height: inherit;"> (rounding due to the 10:1 share consolidation)</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On February 26, 2025, the Company issued 47,660 shares at a price of $3.00 per common share for gross proceeds of $142,980.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 50px;">iii.  <font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 9px;">Share units</font></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company maintains a share-based compensation plan under which certain employees and officers are granted share units. During the year,</font><font style="font-size: 10pt; line-height: inherit;"> share units were granted and settled in accordance with the </font><font style="font-size: 10pt; line-height: inherit;">terms of the plan.</font><font style="font-size: 10pt; line-height: inherit;"> Further details of the Company&#8217;s share-based compensation arrangements are disclosed </font><font style="font-size: 10pt; line-height: inherit;">in Note 1</font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
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<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon <font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font> Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
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<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><font style="background-color: #ffffff; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 0pt 0pt !important;">14.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">Stock options, RESTRICTED STOCK UNITS (&#8220;RSUs&#8221;), and Deferred stock units (&#8220;DSUs&#8221;)</font></font></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">a) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 9px;">S</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">tock options</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Co</font><font style="font-size: 10pt; line-height: inherit;">mpany</font><font style="font-size: 10pt; line-height: inherit;">&#8217;s Plan includes Options, RSUs and DSUs.&#160; Directors, officers, employees and consultants of the Company and of its subsidiaries are eligible to receive Options. The aggregate number of shares to be issued upon the exercise of all derivatives granted under the plan shall not exceed 10% of the issued shares of the </font><font style="font-size: 10pt; line-height: inherit;">Company at the time of granting the options. The maximum number of common shares optioned to any one optionee shall not exceed 5% of outstanding common shares of the Company. Options granted under the plan generally have a term of five years but may not exceed five years and typically vest over a </font><font style="font-size: 10pt; line-height: inherit;">three</font><font style="font-size: 10pt; line-height: inherit;">-year period or at terms to be determined by the directors at the time of grant. The exercise price of each option shall be determined by the directors at the time of grant but shall not be less than the price permitted by the policies of the stock exchange(s) on which the Company&#8217;s common shares are then listed.</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The following table summarizes the stock option activity for the </font><font style="font-size: 10pt; line-height: inherit;">year</font><font style="font-size: 10pt; line-height: inherit;">:</font> </font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 93%; margin-left: auto; margin-right: auto;" width="93%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 96%; margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Number of</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Stock options</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Weighted average</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">exercise price</font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 80%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Balance as at </font><font style="font-size: 10pt; line-height: inherit;">January </font><font style="font-size: 10pt; line-height: inherit;">1, 202</font><font style="font-size: 10pt; line-height: inherit;">5</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 10%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 18pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">181,500</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 10%; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$2.</font><font style="font-size: 10pt; line-height: inherit;">80</font></font></p>

















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<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Granted</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 18pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">593</font><font style="font-size: 10pt; line-height: inherit;">,000</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$3.52</font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Expired, unexercised</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 18pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(</font><font style="font-size: 10pt; line-height: inherit;">11</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">5</font><font style="font-size: 10pt; line-height: inherit;">00)</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$5.00</font></p>

















</td>









</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Balance as at December 31, 202</font><font style="font-size: 10pt; line-height: inherit;">5</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 18pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">763,000</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;">3.32</font></font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Exercised</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 18pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(</font><font style="font-size: 10pt; line-height: inherit;">3,333</font><font style="font-size: 10pt; line-height: inherit;">)</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$3.40</font></p>

















</td>









</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">Balance as at </font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;"> 31</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">, 202</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">6</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt 18pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">7</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">59,667</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">$</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">3.</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">3</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">2</font></font></p>

















</td>









</tr>



























</table>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Stock options outstanding </font><font style="font-size: 10pt; line-height: inherit;">and exercisable </font><font style="font-size: 10pt; line-height: inherit;">are as follows:</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 93%; margin-left: auto; margin-right: auto;" width="93%">

<tr style="height: 22.5pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Expiry Date</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Exercise Price</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Number of</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Stock options outstanding</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Average remaining</font> <font style="font-size: 10pt; font-weight: bold; line-height: inherit;">contractual life (years)</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Number of stock options exercisable</font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">January 9, 2029</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 18%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;">1.00</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">55,000</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">2.78</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 20.5%; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">55,000</font></p>

















</td>









</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">November 1, 2029</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;">3.40</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">11</font><font style="font-size: 10pt; line-height: inherit;">1,667</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">3.</font><font style="font-size: 10pt; line-height: inherit;">59</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;">4,999</font></font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">February 26, 2030</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$3.55</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">275,000</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3.91</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">91,</font><font style="font-size: 10pt; line-height: inherit;">666</font></font></p>

















</td>









</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">April 21, 2030</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$4.10</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">60,000</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">4.</font><font style="font-size: 10pt; line-height: inherit;">06</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">May 8, 2030</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$3.0</font><font style="font-size: 10pt; line-height: inherit;">0</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">24,000</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">4.</font><font style="font-size: 10pt; line-height: inherit;">10</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>

















</td>









</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">July 3, 2030</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$3.37</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">200,000</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">4.</font><font style="font-size: 10pt; line-height: inherit;">26</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>

















</td>









</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">August 20, 2030</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$3.57</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">34,000</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">4.</font><font style="font-size: 10pt; line-height: inherit;">39</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>

















</td>









</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">March 31, 2026</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="font-size: 10pt; line-height: 96%; margin: 0pt;"><br></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">7</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">59,667</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">3.91</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;" valign="bottom">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">181,665</font></p>

















</td>









</tr>



























</table>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">During the </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">three months</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">ended </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">March</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 31</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">6</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, the Co</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">mpany</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> recorded share-based compensation expense of </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">$</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">301,675</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">(March 31, 2</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">02</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">5</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">: </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">$</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">114,533</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">) relating to stock options.</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">N</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">o </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">options were granted during </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">three months</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> ended </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">March</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 31</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">6</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> (March 31, 202</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">5</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">: </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">2</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">75</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">,000</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">)</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> and </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">3,333 options were exercised (March 31, 2025: NIL)</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">Th</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">e </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">majority of options granted vest over a </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">three-year</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> period</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, however certain </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">options</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> granted in 2024 vest semi-annually over an 18-month period.</font></font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><br></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 19 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>















</div>
<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon <font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font> Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="font-size: 11pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-indent: 0px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">b) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 9px;">RSUs</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The following table summarizes the RSU activity for the period: </font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 93%; text-indent: 0px; height: 134px;" width="93%">

<tr style="height: 51px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 51px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 51px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 51px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: bottom; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 51px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: normal; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; line-height: inherit;">Number of RSUs</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 51px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 51px;">
<p style="margin: 0pt 3pt 0pt 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-decoration: none; line-height: inherit;">Weighted Average Value at Date of Grant</font></p>

















</td>

















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 76%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Balance as at January 1, 2025</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 7.9pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">37,500</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 30.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3.40</font></p>

















</td>

















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<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Granted</font></p>

















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 18px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 18px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 18px;">
<p style="margin: 0pt 7.9pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">410,415</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 18px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 18px;">
<p style="margin: 0pt 30.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">4.04</font></p>

















</td>

















</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Balance as at December 31, 2025</font></p>

















</td>
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<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 8.25pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">447,915</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 30.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3.99</font></p>

















</td>

















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Forfeited</font></p>

















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt 7.9pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(8,334)</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><br></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt 30.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3.40</font></p>

















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</tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Balance as at </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 31</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">, </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>

















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt 8.25pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">439,581</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 11px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff; height: 11px;">
<p style="margin: 0pt 30.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">4.00</font></p>

















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</table>
<p style="margin: 0pt 0pt 0pt 18pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; font-size: 5pt; letter-spacing: -0.1pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Under the Co</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">mpany</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#8217;s Plan, RSUs are granted to employees, directors and non-employees as approved by the Co</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">mpany</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#8217;s Board of Directors. Each RSU represents a unit with the underlying value equal to the value of one common share of the Co</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">mpany</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, vests over a specified period of service in accordance with the plan and can be equity or cash settled at the discretion of the Co</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">mpany</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">. RSUs granted to date vest over a period of </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">up to </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">three years</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">. </font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On April</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">21, 202</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">5, 25,000 RSUs were granted</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, and on December 1, 2025 the Company granted a further </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">385,415 RSUs.</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> As the Company intends to settle in cash, the cost of the RSUs is recognized as </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">an</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">other</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> liability in the </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">consolidated </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">statement</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">s</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> of financial position and as an expense</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> over the vesting period</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> in the consolidated statements of loss</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> and comprehensive</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> loss</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">. The liability is re-measured to fair value at each reporting date with changes in fair value recognized in the consolidated statements of loss</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> and comprehensive loss</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> As at </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">March 31, 2026</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, the fair value of the RSU liability was $</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">1,091,742</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">(</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">note 9) and</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">a</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> total of </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">4</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">39,581</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> RSUs were outstanding (March 31,&#160;</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">202</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">5</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">: </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">37,500</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">)</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">During </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">three months</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> ended </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">March</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 31,</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> 202</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">6</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">, an amount of </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">$</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">8</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">40,529</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">(March 31, 202</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">5</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">: $</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">12,808</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">)</font> <font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">as related to RSUs </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">was recorded in stock-based compensation expense.</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><br></font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">c) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 9px;">D</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">SUs</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The following table summarizes the DSU activity for the period:</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 93%; text-indent: 0px; height: 138px;" width="93%">

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<p style="margin: 0pt 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 51px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; line-height: inherit;">Number of DSUs</font></p>

















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; margin: 0px; text-indent: 0px; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 51px;">
<p style="margin: 0px; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 51px;">
<p style="margin: 0pt 3pt 0pt 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; text-decoration: none; line-height: inherit;">Weighted Average Value at Date of Grant</font></p>

















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<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 79%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 10.15pt 0pt 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Balance as at January 1, 2025</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 8.25pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">140,000</font></p>

















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<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; width: 1%; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; padding-left: 0px; padding-right: 0px; text-indent: 0px; text-align: left;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 30.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3.40</font></p>

















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<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt 10.15pt 0pt 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Granted</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt 8.25pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">84,506</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; height: 18px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;">
<p style="margin: 0pt 30.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3.55</font></p>

















</td>


</tr>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 10.15pt 0pt 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Settled</font></p>

















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 8.25pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">(50,000)</font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; background-color: #cceeff; height: 18px;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt 30.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3.50</font></p>

















</td>


</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 18px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt 10.15pt 0pt 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Balance as at December 31, 202</font><font style="font-size: 10pt; line-height: inherit;">5 and March 31, 2026</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 18px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt 8.25pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">174,506</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; margin: 0px; text-indent: 0px; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 18px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0px; text-align: justify; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 18px; border-bottom-width: 1pt; border-bottom-style: solid; border-bottom-color: #000000;">
<p style="margin: 0pt 30.65pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">3.46</font></p>

















</td>


</tr>




















</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; font-size: 5pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 7pt 37pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Under the Co</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">mpany</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#8217;s Plan, DSUs are granted to directors as approved by the Co</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">mpany</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">&#8217;s Board of Directors. Each DSU represents a unit with the underlying value equal to the value of one common share of the Co</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">mpany</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> and </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">in accordance with the terms of the plan</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> is settled </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">upon a director&#8217;s departure from the Board</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"> or </font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">twelve months from grant, whichever is later</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">. DSU&#8217;s vest over one year from the grant date</font><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; letter-spacing: -0.1pt; line-height: inherit;"><font style="color: rgb(0, 0, 0); font-family: calibri; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; line-height: inherit;">On<font>&#160;</font></font>March 7, 2025,<font>&#160;</font>84,506<font>&#160;</font>DSUs were granted. As the Company intends to equity settle the awards, the cost of the DSUs is recognized as a component of contributed surplus in the<font>&#160;</font>consolidated<font>&#160;</font>statements<font>&#160;</font>of financial position and<font>&#160;</font>as an expense in the consolidated statements of loss<font>&#160;</font>and comprehensive<font>&#160;</font>loss. The fair value is not remeasured after the grant date. During the<font>&#160;</font>three months<font style="color: #000000; font-family: calibri; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>ended<font>&#160;</font>March<font>&#160;</font>31, 2026, an amount<font>&#160;</font>of<font>&#160;</font>$54,248<font style="color: #000000; font-family: calibri; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>(March 31, 2025: $137,096)<font>&#160;</font>relating to DSUs on grant date was recorded in stock-based compensation expense.<font>&#160;</font>During<font>&#160;</font>2025,<font style="color: #000000; font-family: calibri; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>50,000 DSUs<font>&#160;</font>were settled<font style="color: #000000; font-family: calibri; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>following one director<font>&#160;</font>who did not stand<font>&#160;</font>for re-election to the Board.</font></font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 20 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
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<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon <font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font> Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><br></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 0pt 0pt !important;">15.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">RELATED PARTY TRANSACTIONS</font></font></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit; font-weight: bold;"><font style="font-size: 10pt; line-height: inherit;">Management C</font><font style="font-size: 10pt; line-height: inherit;">ompensation</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company&#8217;s related parties include its directors and officers, who are the key management of the</font><font style="font-size: 10pt; line-height: inherit;"> Company.&#160; The remuneration of directors and officers during the years presented was as follows:</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 96%;" width="96%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">For the </font><font style="font-size: 10pt; line-height: inherit;">three months</font><font style="font-size: 10pt; line-height: inherit;"> ended </font><font style="font-size: 10pt; line-height: inherit;">March</font><font style="font-size: 10pt; line-height: inherit;"> 31,</font></font></p>

















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>

















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">5</font></font></p>

















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<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>

















</tr>
<tr style="height: 14.4pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 80%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Wages and salaries</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">831,183</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">325,821</font></p>

















</td>

















</tr>
<tr style="height: 14.4pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Consulting fees</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">540,541</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-</font></p>

















</td>

















</tr>
<tr style="height: 14.4pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Share-based payments</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1,</font><font style="font-size: 10pt; line-height: inherit;">05</font><font style="font-size: 10pt; line-height: inherit;">8</font><font style="font-size: 10pt; line-height: inherit;">,700</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">245,391</font></p>

















</td>

















</tr>
<tr style="height: 14.4pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">MANAGEMENT COMPENSATION</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">2,430,424</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">571,212</font></p>

















</td>

















</tr>



































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt 0pt !important;">16.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">Segmented information</font></font></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company </font><font style="font-size: 10pt; line-height: inherit;">is engaged</font><font style="font-size: 10pt; line-height: inherit;"> in the acquisition, exploration and development of mineral properties in</font><font style="font-size: 10pt; line-height: inherit;"> Norway and the United States.</font><font style="font-size: 10pt; line-height: inherit;"> Segment reporting is aligned with the manner in which management monitors business performance</font><font style="font-size: 10pt; line-height: inherit;">. Prior to aggregation, each exploration project is considered an individual operating segment. The Nussir and REAS </font><font style="font-size: 10pt; line-height: inherit;">acquisitions</font><font style="font-size: 10pt; line-height: inherit;"> have been aggregated into a single reportable segment. </font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">All non-current assets and exploration expenditures are located in, and incurred within, the United States or Norway.</font> <font style="font-size: 10pt; line-height: inherit;">Materially all </font><font style="font-size: 10pt; line-height: inherit;">of the cash and general administrative costs are held and incurred by the Canadian parent company.</font> <font style="font-size: 10pt; line-height: inherit;">The following is a summary of non</font><font style="font-size: 10pt; line-height: inherit;">-current assets by</font><font style="font-size: 10pt; line-height: inherit;"> reportable</font><font style="font-size: 10pt; line-height: inherit;"> segment:</font>  </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 96%;" width="96%">

<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 31</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">, 202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>

















</td>
<td colspan="2" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 31</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">, 202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">5</font></font></p>

















</td>

















</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Mineral Properties</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Property, Plant and Equipment</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Mineral Properties</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Property, Plant and Equipment</font></p>

















</td>

















</tr>
<tr style="height: 14.4pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>

















</tr>
<tr style="height: 14.4pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 60%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Blue Moon</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">1,000,366</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">613,261</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">698,007</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>

















</tr>
<tr style="height: 14.4pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Nussir</font><font style="font-size: 10pt; line-height: inherit;">/REAS</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">10</font><font style="font-size: 10pt; line-height: inherit;">6,105,797</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">31,352,035</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">95,301,303</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">28,353,788</font></p>

















</td>

















</tr>
<tr style="height: 14.4pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">NSG</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">2</font><font style="font-size: 10pt; line-height: inherit;">2,455,177</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">32,</font><font style="font-size: 10pt; line-height: inherit;">290</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">20,230,896</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>

















</tr>
<tr style="height: 14.4pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Springer</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">770,935</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">24,838,564</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>

















</tr>
<tr style="height: 14.4pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Apex</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">53,630,796</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160; -</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>

















</tr>
<tr style="height: 14.4pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Corporate</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; -</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">143,99</font><font style="font-size: 10pt; line-height: inherit;">6</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">-</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">9,525</font></p>

















</td>

















</tr>
<tr style="height: 14.4pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: calibri; font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">Total</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">83,963,071</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">56,980,14</font><font style="font-size: 10pt; line-height: inherit;">6</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">116,230,206</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">28,363,313</font></p>

















</td>

















</tr>



































</table>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company&#8217;s exploration and evaluation expenditures by reportable segment for the periods are presented as follows:</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 96%; margin-right: auto; height: 129px;" width="96%">

<tr style="height: 19px;">
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">For</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> the </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">three months</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> ended </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 31</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>

















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">5</font></font></p>

















</td>


</tr>
<tr style="height: 19px;">
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>


</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 80%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 19px; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Blue Moon</font></p>

















</td>
<td style="vertical-align: bottom; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">11,956,840&#160;</font></font></p>

















</td>
<td style="vertical-align: middle; width: 10%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;">360,864&#160;</p>

















</td>


</tr>
<tr style="height: 19px;">
<td style="vertical-align: middle; height: 19px; padding: 0px 7px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Nussir/REAS</font></p>

















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">15,376,158&#160;</font></font></p>

















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">322,058&#160;</font></font></p>

















</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="vertical-align: middle; height: 17px; background-color: #cceeff; padding: 0px 7px;"><font style="font-family: calibri;">NSG</font></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">668,339&#160;</font></font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">62,155&#160;</font></font></p>

















</td>


</tr>
<tr style="height: 17px;">
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 17px; padding: 0px 7px;"><font style="font-family: calibri;">Springer</font></td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">360,047&#160;</font></font></p>

















</td>
<td style="vertical-align: middle; height: 17px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><font style="color: #000000; font-family: calibri; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">-</font>&#160;</font></font></p>

















</td>


</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 19px; background-color: #cceeff; padding: 0px 7px;">
<p style="margin: 0pt 14.4pt 0pt 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">Total</font></font></p>

















</td>
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">28,361,384&#160;</font></font></p>

















</td>
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 19px; background-color: #cceeff;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">745,077&#160;</font></font></p>

















</td>


</tr>




















</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 21 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>















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<p style="margin: 0pt;"><br></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon <font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font> Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0px; text-align: justify; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</font></p>
<div style="margin: 0px; padding-left: 0pt; line-height: 1.2; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt 0pt !important;">17.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">supplemental disclosure with respect to cash flows</font></font></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The </font><font style="font-size: 10pt; line-height: inherit;">changes in the Company&#8217;s non-cash working capital items relating to operating activities for the </font><font style="font-size: 10pt; line-height: inherit;">period</font><font style="font-size: 10pt; line-height: inherit;">s indicated below are as follows:</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: auto; font-family: 'times new roman'; font-size: 10pt; width: 96%; margin-right: auto; height: 95px;" width="96%">

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<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">For</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> the </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">three months</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> ended </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;"> 31</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">,</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></font></p>

















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<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">6</font></font></p>

















</td>
<td style="vertical-align: middle; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">5</font></font></p>

















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</tr>
<tr style="height: 19px;">
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>

















</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>
<td style="vertical-align: bottom; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$</font></p>

















</td>

















</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="vertical-align: bottom; width: 80%; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; height: 19px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Changes in other receivables and prepaid expenses</font></p>

















</td>
<td style="vertical-align: bottom; width: 10%; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; height: 19px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">(3,664,129)</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="vertical-align: middle; width: 10%; border-top-width: 1px; border-top-style: solid; background-color: #cceeff; border-top-color: #000000 !important; height: 19px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">45,848</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>

















</tr>
<tr style="height: 19px;">
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Changes in accounts payable and accrued liabilities</font></p>

















</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">8,483,590&#160;</font></font></p>

















</td>
<td style="vertical-align: middle; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">972,966</font><font style="font-size: 10pt; line-height: inherit;">&#160;</font></font></p>

















</td>

















</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt 14.4pt 0pt 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">CHANGE IN NON-CASH WORKING CAPITAL</font><font style="font-size: 10pt; font-style: normal; font-weight: bold; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">4,819,461</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></font></p>

















</td>
<td style="vertical-align: bottom; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; background-color: #cceeff; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 19px;">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">1,018,814</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></font></p>

















</td>

















</tr>



































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt 0pt !important;">18.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">CAPITAL MANAGEMENT</font></font></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company</font><font style="font-size: 10pt; line-height: inherit;"> is a mineral exploration and development company </font><font style="font-size: 10pt; line-height: inherit;">focusing on</font><font style="font-size: 10pt; line-height: inherit;"> advancing </font><font style="font-size: 10pt; line-height: inherit;">its projects in Norway and the United States, including </font><font style="font-size: 10pt; line-height: inherit;">its material </font><font style="font-size: 10pt; line-height: inherit;">projects in</font><font style="font-size: 10pt; line-height: inherit;"> Nussir and Blue M</font><font style="font-size: 10pt; line-height: inherit;">oo</font><font style="font-size: 10pt; line-height: inherit;">n</font><font style="font-size: 10pt; line-height: inherit;">. </font><font style="font-size: 10pt; line-height: inherit;">Its</font><font style="font-size: 10pt; line-height: inherit;"> principal source of funding is the issuance of equity securities.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company considers capital to be equity attributable to common shareholders, comprised of share capital, contributed surplus, and deficit.&#160; It is the Company&#8217;s objective to safeguard its ability to continue as a going concern so that it can continue to explore and develop its projects</font><font style="font-size: 10pt; line-height: inherit;">.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company</font><font style="font-size: 10pt; line-height: inherit;"> manages its capital structure based on the funds available for its operations and makes adjustments for changes in economic conditions, capital markets and the risk characteristics of the underlying assets.&#160; To maintain its objectives, the Company may attempt to issue new shares, seek debt financing, </font><font style="font-size: 10pt; line-height: inherit;">alternative project financing, </font><font style="font-size: 10pt; line-height: inherit;">acquire or dispose of assets or change the timing of its planned exploration and development projects.&#160; There is no assurance that these initiatives will be successful.&#160; </font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company</font> <font style="font-size: 10pt; line-height: inherit;">monitors its cash position on a regular basis to determine whether sufficient funds are available to meet its short-term and long-term corporate objectives.&#160; </font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">There has been no change in the Company&#8217;s capital management practices during the period</font><font style="font-size: 10pt; line-height: inherit;">.&#160; </font><font style="font-size: 10pt; line-height: inherit;">Blue Moon</font><font style="font-size: 10pt; line-height: inherit;"> does not pay dividends.&#160; Neither the Company nor any of its subsidiaries is subject to externally imposed capital requirements. </font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt 0pt !important;">19.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">FINANCIAL INSTRUMENT RISK</font></font></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Board of Directors has overall responsibility for the establishment and oversight of the Company&#8217;s risk management framework. </font><font style="font-size: 10pt; line-height: inherit;">The Company is exposed to liquidity and credit risks arising from its financial instruments. The Company&#8217;s financial instruments include cash, restricted cash, other receivables, marketable securities, accounts payable and accrued liabilities, deferred income and the bridge loan. These financial assets and liabilities are primarily classified and measured at amortized cost</font><font style="font-size: 10pt; line-height: inherit;">, except for marketable securities</font><font style="font-size: 10pt; line-height: inherit;">, which are measured at fair value through profit or loss. The</font><font style="font-size: 10pt; line-height: inherit;"> carrying values </font><font style="font-size: 10pt; line-height: inherit;">of the Company&#8217;s financial instruments </font><font style="font-size: 10pt; line-height: inherit;">approximate their fair values due to their short-term nature.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">As at </font><font style="font-size: 10pt; line-height: inherit;">March</font><font style="font-size: 10pt; line-height: inherit;"> 31</font><font style="font-size: 10pt; line-height: inherit;">, 202</font><font style="font-size: 10pt; line-height: inherit;">6</font><font style="font-size: 10pt; line-height: inherit;">, the carrying amount of the bridge </font><font style="font-size: 10pt; line-height: inherit;">loan was $</font><font style="font-size: 10pt; line-height: inherit;">15,066</font><font style="font-size: 10pt; line-height: inherit;">,07</font><font style="font-size: 10pt; line-height: inherit;">1</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> which</font><font style="font-size: 10pt; line-height: inherit;"> includes interest capitalized </font><font style="font-size: 10pt; line-height: inherit;">to the loan principal under the payment-in-kind</font><font style="font-size: 10pt; line-height: inherit;"> interest terms of the l</font><font style="font-size: 10pt; line-height: inherit;">oan</font><font style="font-size: 10pt; line-height: inherit;">. The fair value of the loan approximates its carrying amount given its recent issuance and f</font><font style="font-size: 10pt; line-height: inherit;">loating</font><font style="font-size: 10pt; line-height: inherit;"> interest rate.</font><font style="font-size: 10pt; line-height: inherit;"> The bridge loan is classified as a non-current liability </font><font style="font-size: 10pt; line-height: inherit;">as the contractual maturity extends twelve months beyond the reporting date.</font></font></p>
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<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon <font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font> Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">a) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 9px;">Liquidity risk</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they come due.&#160; Refer to note 1(b) for more information regarding the Company&#8217;s liquidity risk. </font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">b) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 9px;">Credit risk</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company is exposed to credit risk on its cash, restricted cash, receivables due from Wergeland Eiendom AS and value added tax receivables.  To reduce credit risk, substantially all cash is on deposit at major banks. Restricted cash are deposits held by the Bureau of Land Management (&#8220;BLM&#8221;) in California, and FeFo the land management authority in Norway.  As at March 31, 2026, sales tax recoverable was $4,004,004 (December 31, 2025: $958,332).  Restricted cash is comprised of bonds valued at $92,895 (December 31, 2025: $91,341) held by the BLM and cash held in a restricted account valued at $160,409 (December 31, 2025: $152,125) held by FeFo. The Company&#8217;s exposure to credit risk is limited to the carrying amount of its cash, restricted cash, advance to suppliers, receivables due from Wergeland Eiendom AS and sales tax recoverable. Accordingly, the Company considers its exposure to credit risk minimal.</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 0pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">c) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 9px;">Market Risk</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices. </font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Interest rate risk </font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company has cash balances which are not subject to significant risks in fluctuating interest rates.&#160; The Company&#8217;s current policy is to invest excess cash in </font><font style="font-size: 10pt; line-height: inherit;">high-rate</font><font style="font-size: 10pt; line-height: inherit;"> savings or </font><font style="font-size: 10pt; line-height: inherit;">investment-grade short-term deposit certificates issued by its banking institutions.&#160; The Company periodically monitors the investments it makes and is satisfied with the credit ratings of its banks. </font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">At </font><font style="font-size: 10pt; line-height: inherit;">March</font><font style="font-size: 10pt; line-height: inherit;"> 31, 202</font><font style="font-size: 10pt; line-height: inherit;">6,</font><font style="font-size: 10pt; line-height: inherit;"> the Company held </font><font style="font-size: 10pt; line-height: inherit;">interest-bearing </font><font style="font-size: 10pt; line-height: inherit;">cash</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> cash equivalents</font><font style="font-size: 10pt; line-height: inherit;"> and restricted cash</font><font style="font-size: 10pt; line-height: inherit;"> of </font><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;">40</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">610</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;">011</font> <font style="font-size: 10pt; line-height: inherit;">(</font><font style="font-size: 10pt; line-height: inherit;">December 31, </font><font style="font-size: 10pt; line-height: inherit;">2025</font><font style="font-size: 10pt; line-height: inherit;">: $</font><font style="font-size: 10pt; line-height: inherit;">92,963,414</font><font style="font-size: 10pt; line-height: inherit;">).</font><font style="font-size: 10pt; line-height: inherit;"> A </font><font style="font-size: 10pt; line-height: inherit;">1% increase or decrease in interest rates, with all other variables held constant, would increase or decrease the Company&#8217;s net loss by </font><font style="font-size: 10pt; line-height: inherit;">approximately $</font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">0</font><font style="font-size: 10pt; line-height: inherit;">6,100</font><font style="font-size: 10pt; line-height: inherit;"> (</font><font style="font-size: 10pt; line-height: inherit;">December 31, 2025: </font><font style="font-size: 10pt; line-height: inherit;"> $</font><font style="font-size: 10pt; line-height: inherit;">929,634</font><font style="font-size: 10pt; line-height: inherit;">). </font><font style="font-size: 10pt; line-height: inherit;">This is based on the Company&#8217;s </font><font style="font-size: 10pt; line-height: inherit;">interest-bearing balances</font><font style="font-size: 10pt; line-height: inherit;"> at the r</font><font style="font-size: 10pt; line-height: inherit;">eporting date.</font><font style="font-size: 10pt; line-height: inherit;"> Restricted cash balances that do not earn interest have been excluded from this analysis.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Foreign currency risk </font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company is exposed to foreign currency risk </font><font style="font-size: 10pt; line-height: inherit;">on fluctuations related to cash, restricted cash, receivable</font><font style="font-size: 10pt; line-height: inherit;">s,</font><font style="font-size: 10pt; line-height: inherit;"> accounts payable and accrued liabilities</font><font style="font-size: 10pt; line-height: inherit;">, and capital expenditures that are denominated in </font><font style="font-size: 10pt; line-height: inherit;">US dollars and Norwegian Kroner.</font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The foreign currency translation differences recognized in other comprehensive income primarily relate to the translation of the Company&#8217;s foreign operations, including USD and NOK functional subsidiaries. The foreign exchange presented in the Company&#8217;s net loss primarily related to the revaluation of foreign currency denominated cash and cash equivalents held during the period, as well as the translation of the US$ denominated short-term bridge loan held in a NOK functional subsidiary.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Sensitivity Analysis </font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company</font><font style="font-size: 10pt; line-height: inherit;"> operates through subsidiar</font><font style="font-size: 10pt; line-height: inherit;">ies</font><font style="font-size: 10pt; line-height: inherit;"> in the United States and </font><font style="font-size: 10pt; line-height: inherit;">Norway and </font><font style="font-size: 10pt; line-height: inherit;">is exposed to </font><font style="font-size: 10pt; line-height: inherit;">foreign </font><font style="font-size: 10pt; line-height: inherit;">currency risk arising from fluctuations in exchange rates. The Company&#8217;s principal exposure relates to balances denominated in US dollar</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> Norwegian Krone</font><font style="font-size: 10pt; line-height: inherit;"> and Euro</font><font style="font-size: 10pt; line-height: inherit;"> relative to the Can</font><font style="font-size: 10pt; line-height: inherit;">adian dollar.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The </font><font style="font-size: 10pt; line-height: inherit;">following table illustrates the estimated impact on loss </font><font style="font-size: 10pt; line-height: inherit;">and comprehensive loss </font><font style="font-size: 10pt; line-height: inherit;">before income taxes of a 10% change in the CAD exchange rate against the USD</font><font style="font-size: 10pt; line-height: inherit;">,</font><font style="font-size: 10pt; line-height: inherit;"> NOK</font><font style="font-size: 10pt; line-height: inherit;"> and EUR,</font><font style="font-size: 10pt; line-height: inherit;"> based on the Compa</font><font style="font-size: 10pt; line-height: inherit;">ny&#8217;s monetary financial instruments denominated in foreign currencies as at </font><font style="font-size: 10pt; line-height: inherit;">March</font><font style="font-size: 10pt; line-height: inherit;"> 31, 2026.</font> </font></p>
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<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon <font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font> Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 10pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 25%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;">1,941,</font><font style="font-size: 10pt; line-height: inherit;">644</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 15.5%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-10%</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 23%; border-top-width: 1px; border-top-style: solid; border-top-color: #000000 !important; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;">(</font><font style="font-size: 10pt; line-height: inherit;">1,941,644</font><font style="font-size: 10pt; line-height: inherit;">)</font></font></p>

















</td>

















</tr>
<tr>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">NOK</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">+10%</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;">219,063</font></font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-10%</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">$</font><font style="font-size: 10pt; line-height: inherit;">(</font><font style="font-size: 10pt; line-height: inherit;">21</font><font style="font-size: 10pt; line-height: inherit;">9,</font><font style="font-size: 10pt; line-height: inherit;">063)</font></font></p>

















</td>

















</tr>
<tr style="background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">EUR</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">+10%</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$56,461</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">-10%</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; background-color: #cceeff;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">$(56,461)</font></p>

















</td>

















</tr>



































</table>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 37pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Mark</font><font style="font-size: 10pt; line-height: inherit;">e</font><font style="font-size: 10pt; line-height: inherit;">t </font><font style="font-size: 10pt; line-height: inherit;">Price risk </font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 0pt 42pt; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">i. <font style="margin-left: 10px;">Equity price risk</font></font></p>
<p style="margin: 6pt 0pt 6pt 57pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company is exposed to equity price risk through fluctuations in the market price of its own common shares. Equity price risk is defined as the potential adverse impact on the Company&#8217;s earnings, or ability to obtain equity financing, due to movements in individual equity prices or broader stock market movements. </font></font></p>
<p style="margin: 6pt 0pt 6pt 57pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">In addition, the Company holds equity instruments which are </font><font style="font-size: 10pt; line-height: inherit;">classified</font><font style="font-size: 10pt; line-height: inherit;"> as marketable securities and are subject to equity price risk. The market price or value of these investments can vary </font><font style="font-size: 10pt; line-height: inherit;">from</font><font style="font-size: 10pt; line-height: inherit;"> period to period.&#160;</font><font style="font-size: 10pt; line-height: inherit;">A 10% fluctuation in the quoted market price of marketable securities would have a minimal impact on the Company&#8217;s loss and comprehensive loss.</font></font></p>
<div style="margin: 6pt 0pt 6pt 36pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; font-size: 10pt; padding-left: 2.65pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 6pt 0pt !important;">ii.  <font style="font-size: 10pt; line-height: inherit; margin-left: 11px;">Commodity price risk</font></font></div>
<p style="margin: 6pt 0pt 6pt 57pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity price movements and </font><font style="font-size: 10pt; line-height: inherit;">volatility</font><font style="font-size: 10pt; line-height: inherit;">. The Company closely monitors commodity prices of zinc, copper, </font><font style="font-size: 10pt; line-height: inherit;">gold</font><font style="font-size: 10pt; line-height: inherit;">, silver, individual equity movements, and the stock market to determine the appropriate course of action to be taken by the Company.</font></font></p>
<p style="margin: 0pt 0pt 0pt 18pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; text-transform: uppercase; margin: 0pt 0pt 10pt 0pt !important;">20.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">COMMITMENTS</font></font></div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">T</font><font style="font-size: 10pt; line-height: inherit;">he Company entered into</font><font style="font-size: 10pt; line-height: inherit;"> contracts for underground mining and associated development work related to the Nussir project. As at </font><font style="font-size: 10pt; line-height: inherit;">March</font><font style="font-size: 10pt; line-height: inherit;"> 31</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">2026</font><font style="font-size: 10pt; line-height: inherit;">, the Company has contractual commit</font><font style="font-size: 10pt; line-height: inherit;">ments </font><font style="font-size: 10pt; line-height: inherit;">to spend in accordance with such contracts </font><font style="font-size: 10pt; line-height: inherit;">totaling </font><font style="font-size: 10pt; line-height: inherit;">approximately </font><font style="font-size: 10pt; line-height: inherit;">$62.5 million</font><font style="font-size: 10pt; line-height: inherit;">.</font> <font style="font-size: 10pt; line-height: inherit;">Except as otherwise disclosed in the financial statements, there are no other </font><font style="font-size: 10pt; line-height: inherit;">commitments</font><font style="font-size: 10pt; line-height: inherit;">.</font> </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The Company&#8217;s mineral properties are subject to several net smelter return (&#8220;NSR&#8221;) and royalty obligations as summarized below:</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><br></p>
<table cellspacing="0" cellpadding="0" style="height: 102px; border-collapse: collapse; font-family: 'times new roman'; font-size: 10pt; width: 96%; margin-left: auto; margin-right: auto;" width="96%">

<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Project</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Country</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-bottom-width: 1px; border-bottom-style: solid; height: 17px; border-bottom-color: #000000 !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Royalty / NSR</font></p>

















</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1px; border-top-style: solid; height: 17px; background-color: rgb(204, 238, 255); border-top-color: rgb(0, 0, 0) !important; width: 31%;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Nussir</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; border-top-width: 1px; border-top-style: solid; height: 17px; background-color: rgb(204, 238, 255); border-top-color: rgb(0, 0, 0) !important; width: 31%;">Norway</td>
<td style="padding: 0px 7px; vertical-align: top; border-top-width: 1px; border-top-style: solid; height: 17px; background-color: rgb(204, 238, 255); border-top-color: rgb(0, 0, 0) !important; width: 34%;">
<p style="margin: 0pt; text-align: left;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">0.75% NSR</font></font></p>

















</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">NSG</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Norway</font></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">
<p style="margin: 0pt; text-align: left;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">0.5% NSR</font></font></p>

















</td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">Blue Moon</font></p>

















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">USA</font></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">
<p style="margin: 0pt; text-align: left;"><font style="font-family: calibri; font-size: 10pt; line-height: inherit;">0.5% NSR and 3% NSR</font></p>

















</td>


</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">Springer</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;">USA</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px;"><font style="font-family: calibri;">2.0% NSR</font></td>


</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;">Apex</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><font style="color: #000000; font-family: 'times new roman'; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">USA</font></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 17px; background-color: #cceeff;"><font style="font-family: calibri;">0.5% NSR, 2.0% NSR and 4.0% to 8.0% royalties</font></td>


</tr>




















</table>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;"><br></font></div>
<div style="margin: 0pt; padding-left: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit; padding-left: 0.19pt; text-align: justify; text-indent: 0pt; margin: 0pt 0pt 0pt 0pt !important;">21.  <font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit; margin-left: 6px;">Subsequent events</font></font></div>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 0pt 0pt 6pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">a) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Acquisition of </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">the Gage P</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">roject</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On </font><font style="font-size: 10pt; line-height: inherit;">April 2</font><font style="font-size: 10pt; line-height: inherit;">, 2026, the Company </font><font style="font-size: 10pt; line-height: inherit;">closed the acquisition of the Gage project located in Washington County, Utah, USA from</font><font style="font-size: 10pt; line-height: inherit;"> a subsidiary of Liberty Gold Corp. </font><font style="font-size: 10pt; line-height: inherit;">This consists of 181 unpatented mining claims and two Utah School and Institutional Trust Lands (</font><font style="font-size: 10pt; line-height: inherit;">&#8220;</font><font style="font-size: 10pt; line-height: inherit;">SITLA</font><font style="font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-size: 10pt; line-height: inherit;">) leases, covering approximately 5,916 hectares surrounding the Apex mine. </font></font></p>
<p style="margin: 6pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">Consideration for the acquisition consist</font><font style="font-size: 10pt; line-height: inherit;">ed</font><font style="font-size: 10pt; line-height: inherit;"> of the issuance of 420</font><font style="font-size: 10pt; line-height: inherit;">,935 common shares of the Company and a 2% NSR royalty on mineral production from certain concessions, excluding land subject to SITLA leases</font><font style="font-size: 10pt; line-height: inherit;">, which carries</font><font style="font-size: 10pt; line-height: inherit;"> a 4%/8% NSR </font><font style="font-size: 10pt; line-height: inherit;">royalty </font><font style="font-size: 10pt; line-height: inherit;">depending on whether the materials are </font><font style="font-size: 10pt; line-height: inherit;">fissionable</font><font style="font-size: 10pt; line-height: inherit;">. The Company also retains an option to repurchase 1.0% of the royalty for cash consideration prior to achieving commercial production.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 6pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">b) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Proposed </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">c</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ombination of Sultijelma </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">d</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">istrict </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">a</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ssets</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On April 2, 2026, the Company announced that it had entered into a non-binding letter of intent (&#8220;LOI&#8221;) with Alpha Future Funds S.C.S</font><font style="font-size: 10pt; line-height: inherit;">. (&#8220;AFF&#8221;) to combine their respective </font><font style="font-size: 10pt; line-height: inherit;">wholly owned</font><font style="font-size: 10pt; line-height: inherit;"> subsidiaries, Nye Sulitjelma Gruver AS and VMS Explorations AS</font><font style="font-size: 10pt; line-height: inherit;"> (&#8220;VMS&#8221;)</font><font style="font-size: 10pt; line-height: inherit;">, into a single entity.</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<div style="text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 24 -</font><br><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
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</div>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Blue Moon <font style="font-family: 'trebuchet ms', geneva; line-height: inherit;">Metals</font> Inc.</font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">Notes to the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Condensed Interim </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">Consolidated Financial Statements</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: 'trebuchet ms', geneva; line-height: inherit;"><font style="color: #595959; font-size: 9pt; line-height: inherit;">For the </font><font style="color: #595959; font-size: 9pt; line-height: inherit;">three months ended March</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">6</font><font style="color: #595959; font-size: 9pt; line-height: inherit;"> and 202</font><font style="color: #595959; font-size: 9pt; line-height: inherit;">5</font></font></p>
<p style="margin: 0pt 0pt 1pt 18pt; text-align: justify; text-indent: 0pt;"><font style="color: #595959; font-family: 'trebuchet ms', geneva; font-size: 9pt; line-height: inherit;">(unaudited)</font></p>
<p style="margin: 6pt 0pt 0pt 18pt; text-align: justify; text-indent: 0pt;"><font style="font-family: tahoma, arial, helvetica, sans-serif; font-size: 8pt; line-height: inherit;">(Expressed in Canadian dollars)</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;"><br></font></font></p>
<p style="margin: 0pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">NSG and VMS hold permits over the historic Sulitjelma mining district in Norway and the proposed transaction is exp</font><font style="font-size: 10pt; line-height: inherit;">ected to support an integrated development approach to advance the project.</font></font></p>
<p style="margin: 6pt 0pt 0pt 21pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">The LOI contemplates a period of</font><font style="font-size: 10pt; line-height: inherit;"> up to four months to complete due diligence and negotiate a definitive agreement. The proposed transaction remains subject to, among other things, completion of due diligence, execution of a definitive agreement and receipt of applicable regulatory approvals. </font><font style="font-size: 10pt; line-height: inherit;">Accordingly, there can be no assurance that the transaction will be completed as contemplated, or at all.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 6pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">c) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Hartree </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">f</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">ollow-</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">o</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">n </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">i</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">nvestment</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On April 2</font><font style="font-size: 10pt; line-height: inherit;">4</font><font style="font-size: 10pt; line-height: inherit;">, 2026, </font><font style="font-size: 10pt; line-height: inherit;">following</font> <font style="font-size: 10pt; line-height: inherit;">Hartree&#8217;s</font><font style="font-size: 10pt; line-height: inherit;"> exercise of </font><font style="font-size: 10pt; line-height: inherit;">its</font><font style="font-size: 10pt; line-height: inherit;"> top-up right pursuant to </font><font style="font-size: 10pt; line-height: inherit;">the</font><font style="font-size: 10pt; line-height: inherit;"> investor rights agreement with </font><font style="font-size: 10pt; line-height: inherit;">the Company</font><font style="font-size: 10pt; line-height: inherit;">, </font><font style="font-size: 10pt; line-height: inherit;">the Company </font><font style="font-size: 10pt; line-height: inherit;">issued </font><font style="font-size: 10pt; line-height: inherit;">526,617 common shares </font><font style="font-size: 10pt; line-height: inherit;">to Hartree</font><font style="font-size: 10pt; line-height: inherit;"> at $9.06 per share for gross proceeds of approximately $4.8 million</font><font style="font-size: 10pt; line-height: inherit;">.</font><font style="font-size: 10pt; line-height: inherit;"> Proceeds will be used for project development and general corporate purposes.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 6pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">d) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">May 2026 Offering</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On </font><font style="font-size: 10pt; line-height: inherit;">May 6, 2026, the Company </font><font style="font-size: 10pt; line-height: inherit;">closed its </font><font style="font-size: 10pt; line-height: inherit;">bought deal Offering</font><font style="font-size: 10pt; line-height: inherit;">, consisting of </font><font style="font-size: 10pt; line-height: inherit;">the Public Offering of</font> <font style="font-size: 10pt; line-height: inherit;">10</font><font style="font-size: 10pt; line-height: inherit;">&#160;million common shares </font><font style="font-size: 10pt; line-height: inherit;">with </font><font style="font-size: 10pt; line-height: inherit;">a partial </font><font style="font-size: 10pt; line-height: inherit;">exercise of </font><font style="font-size: 10pt; line-height: inherit;">over-allotment option of 0.63</font><font style="font-size: 10pt; line-height: inherit;">&#160;million common shares, at $10.00 per share, and the </font><font style="font-size: 10pt; line-height: inherit;">Concurrent </font><font style="font-size: 10pt; line-height: inherit;">Private Placement of 50 million common shares at the </font><font style="font-size: 10pt; line-height: inherit;">same price, for an aggregate gross proceeds of </font><font style="font-size: 10pt; line-height: inherit;">approximately </font><font style="font-size: 10pt; line-height: inherit;">$156.</font><font style="font-size: 10pt; line-height: inherit;">3</font><font style="font-size: 10pt; line-height: inherit;"> million</font><font style="font-size: 10pt; line-height: inherit;">.</font> <font style="font-size: 10pt; line-height: inherit;">Scotiabank, ATB Cormark Capital Markets and Canaccord Genuity Corp. </font><font style="font-size: 10pt; line-height: inherit;">acted as joint bookrunners on behalf of a syndicate of underwriters, including Haywood Securities Inc., Titan Partners Group LLC, a division of American Capital Partners, LLC, Maxim Group LLC and Red Cloud Securities Inc.</font><font style="font-size: 10pt; line-height: inherit;"> (collectively, the &#8220;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">Underwriters</font><font style="font-size: 10pt; line-height: inherit;">&#8221;</font><font style="font-size: 10pt; line-height: inherit;">). The Underwriters received an aggregate cash commission of approximately $7.8 million </font><font style="font-size: 10pt; line-height: inherit;">in connection with the Offerings.</font></font></p>
<p style="font-size: 10pt; line-height: 1.2; margin: 6pt 0pt 6pt 18pt; text-indent: -18pt;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; line-height: inherit; margin-left: 27px;">e) </font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">WO claims</font></font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; margin-left: 27px;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; line-height: inherit;">On </font><font style="font-size: 10pt; line-height: inherit;">April 28</font><font style="font-size: 10pt; line-height: inherit;">, 2026, the Company </font><font style="font-size: 10pt; line-height: inherit;">announced </font><font style="font-size: 10pt; line-height: inherit;">it has entered into an agreement to acquire certain </font><font style="font-size: 10pt; line-height: inherit;">claims </font><font style="font-size: 10pt; line-height: inherit;">adjacent to the Springer </font><font style="font-size: 10pt; line-height: inherit;">mine and processing plant</font><font style="font-size: 10pt; line-height: inherit;"> from GoldPlay LLC and Robert Schafer </font><font style="font-size: 10pt; line-height: inherit;">for </font><font style="font-size: 10pt; line-height: inherit;">consideration of 188,199 common shares</font><font style="font-size: 10pt; line-height: inherit;">, US$1 million in cash and a sliding scale gross revenue royalty (&#8220;</font><font style="font-size: 10pt; font-weight: bold; line-height: inherit;">GRR</font><font style="font-size: 10pt; line-height: inherit;">&#8221;)</font> <font style="font-size: 10pt; line-height: inherit;">on </font><font style="font-size: 10pt; line-height: inherit;">mineral production on </font><font style="font-size: 10pt; line-height: inherit;">the </font><font style="font-size: 10pt; line-height: inherit;">claims</font><font style="font-size: 10pt; line-height: inherit;"> with an option for the Company to buy </font><font style="font-size: 10pt; line-height: inherit;">down the GRR to 1.5% </font><font style="font-size: 10pt; line-height: inherit;">for a cash</font><font style="font-size: 10pt; line-height: inherit;"> payment of US$2.0 million</font><font style="font-size: 10pt; line-height: inherit;">. The claims </font><font style="font-size: 10pt; line-height: inherit;">consisted of nine unpatented mineral claims </font><font style="font-size: 10pt; line-height: inherit;">and include the Stank deposit, the O&#8217;Byrne deposits and a portion of the Sutton deposit, </font><font style="font-size: 10pt; line-height: inherit;">which covered some historically identified veins.</font></font></p>
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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>ex992_2.htm
<DESCRIPTION>EXHIBIT 99.2
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<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt; text-align: right;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold;">Exhibit 99.2</font></p>
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<p style="line-height: 1; margin: 5pt 0pt; text-indent: 0pt;"><font style="font-family: calibri; font-size: 11pt; line-height: inherit;">BLUE MOON METALS INC.</font></p>
<p style="line-height: 1; margin: 5pt 0pt; text-indent: 0pt;"><font style="font-family: calibri; font-size: 11pt; line-height: inherit;">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS</font></p>
<p style="line-height: 1; margin: 5pt 0pt 0pt; text-indent: 0pt;"><font style="font-family: calibri; font-size: 11pt; line-height: inherit;">FOR THE THREE MONTHS ENDED MARCH 31, 2026</font><br></p>



















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<p style="margin: 0in 0in 6pt; text-align: justify; font-size: 9pt; font-family: Calibri, sans-serif;">The following management discussion and analysis (&#8220;<b>MD&amp;A</b>&#8221;)
of Blue Moon Metals Inc. (&#8220;<b>Blue Moon</b>&#8221; or the &#8220;<b>Company</b>&#8221;) has been
prepared as of May <font style="background-image: initial; background-position: initial; background-size: initial; background-repeat: initial; background-attachment: initial; background-origin: initial; background-clip: initial;">14,</font>
2026, and provides an analysis of the Company&#8217;s results of operations for the three
months ended March 31, 2026. <b><font lang="EN-CA" style="mso-ansi-language: EN-CA;"></font></b></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;">This discussion is intended to provide investors with a reasonable basis for assessing the financial performance of the Company as well as certain </font><font style="font-size: 9pt; line-height: inherit;">forward-looking</font><font style="font-size: 9pt; line-height: inherit;"> statements relating to its potential future performance. The information should be read in conjunction with </font><font style="font-size: 9pt; line-height: inherit;">the </font><font style="font-size: 9pt; line-height: inherit;">Blue Moon </font><font style="font-size: 9pt; line-height: inherit;">unaudited </font><font style="font-size: 9pt; line-height: inherit;">consolidated </font><font style="font-size: 9pt; line-height: inherit;">interim </font><font style="font-size: 9pt; line-height: inherit;">financial statements for the </font><font style="font-size: 9pt; line-height: inherit;">three months</font><font style="font-size: 9pt; line-height: inherit;"> ended </font><font style="font-size: 9pt; line-height: inherit;">March </font><font style="font-size: 9pt; line-height: inherit;">31, 202</font><font style="font-size: 9pt; line-height: inherit;">6</font><font style="font-size: 9pt; line-height: inherit;"> and 2025</font><font style="font-size: 9pt; line-height: inherit;">, </font><font style="font-size: 9pt; line-height: inherit;">Blue Moon&#8217;s audited consolidated financial statements for the years ended December 31, 2025 and </font><font style="font-size: 9pt; line-height: inherit;">2024, </font><font style="font-size: 9pt; line-height: inherit;">and </font><font style="font-size: 9pt; line-height: inherit;">the </font><font style="font-size: 9pt; line-height: inherit;">notes thereto</font><font style="font-size: 9pt; line-height: inherit;">, which have been prepared in accordance with </font><font style="font-size: 9pt; line-height: inherit;">IFRS Accounting Standards</font><font style="font-size: 9pt; line-height: inherit;"> (&#8220;</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">IFRS</font><font style="font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-size: 9pt; line-height: inherit;">.</font> <font style="font-size: 9pt; line-height: inherit;">Blue Moon's</font><font style="font-size: 9pt; line-height: inherit;"> material</font><font style="font-size: 9pt; line-height: inherit;"> accounting policies are described in note </font><font style="font-size: 9pt; line-height: inherit;">3 </font><font style="font-size: 9pt; line-height: inherit;">of the aforementioned audited</font><font style="font-size: 9pt; line-height: inherit;"> consolidated financial statements. All of the financial information presented herein is expressed in Canadian dollars</font><font style="font-size: 9pt; line-height: inherit;">, </font><font style="font-size: 9pt; line-height: inherit;">unless </font><font style="font-size: 9pt; line-height: inherit;">otherwise</font><font style="font-size: 9pt; line-height: inherit;"> indicated</font><font style="font-size: 9pt; line-height: inherit;">. </font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;">The operations of the Company are speculative due to the high-risk nature of the mining industry. </font><font style="font-size: 9pt; line-height: inherit;">Blue Moon</font><font style="font-size: 9pt; line-height: inherit;"> faces risks that are generally applicable to its industry and others that are specific to its operations. Additional risks not currently known to the Company, or that the Company currently deems immaterial, may also impair the Company&#8217;s operations. Such risk factors could materially affect the value of the Company&#8217;s assets, and future operating results of the Company and could cause actual results to differ materially from those described</font><font style="font-size: 9pt; line-height: inherit;"> in</font><font style="font-size: 9pt; line-height: inherit;"> this </font><font style="font-size: 9pt; line-height: inherit;">MD&amp;A</font><font style="font-size: 9pt; line-height: inherit;">. </font><font style="font-size: 9pt; line-height: inherit;">Reference is made to the discussion of forward-looking statements at the end of this </font><font style="font-size: 9pt; line-height: inherit;">#</font><font style="font-size: 9pt; line-height: inherit;">document.</font><font style="font-size: 9pt; line-height: inherit;"> In addition, the Company hereby incorporates by reference into this MD&amp;A, the disclosure contained in the Company&#8217;s Annual Information Form dated April 23, 2026 (the &#8220;</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">AIF</font><font style="font-size: 9pt; line-height: inherit;">&#8221;): (i) under the heading &#8220;</font><font style="font-size: 9pt; font-style: italic; line-height: inherit;">Cautionary Statement Regarding Forward-Looking Information</font><font style="font-size: 9pt; line-height: inherit;">&#8221; on page 1 of such AIF, and (ii) under the heading &#8220;</font><font style="font-size: 9pt; font-style: italic; line-height: inherit;">Risk Factors</font><font style="font-size: 9pt; line-height: inherit;">&#8221; commencing on page </font><font style="font-size: 9pt; line-height: inherit;">82</font><font style="font-size: 9pt; line-height: inherit;"> of such AIF and ending on page </font><font style="font-size: 9pt; line-height: inherit;">92</font><font style="font-size: 9pt; line-height: inherit;"> of such AIF.</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Description of the Business </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">Blue Moon</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> is a mineral exploration </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">and development </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">company </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">and </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">in 202</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> is</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> focused on advancing its </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">poly</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">metallic </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">brownfield project</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> in </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">Tier 1</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> mining juri</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">dictions</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">, in particular,</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">the Nussir </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">copper-gold-silver property</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">(</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Nussir Project</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">&#8221;)</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">in Norway</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">and</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> the Blue Moon zinc-copper-gold-silver property</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">(</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> in California, </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">United States of America (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">USA</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">. </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">In February 2026, </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">the Company</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> closed the previously announced</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> acquisition of the</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">Springer </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">tungsten </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">mine and processing plant in Nevada, USA</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> (the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Springer Property</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">an acquisition that was</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">initially</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">intended to </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">select </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">process</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">ing facilities for the</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> direct shipped ore from the Blue Moon </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">Project when </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">the latter</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> starts production. In 2026,</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">as the source</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> of critical metals</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">, including tungsten,</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">became</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> affected by restrictive </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">trade policies</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> and global conflicts</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">and the prices for these metals </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">skyrocketed, </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">the Company</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">decided to explore the mining of the Springer tungsten deposit, as well as</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">advancing the hub-and-s</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">po</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">ke </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">business mode</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">l in </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">western USA</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">,</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">building </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">around </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">Springer</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> complex</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">. </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">In </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">March 2026,</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">Company acquired</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">g</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">ermanium-</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">g</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">allium Apex mine </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">in Utah</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> (the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; letter-spacing: -0.1pt; line-height: inherit;">Apex Project</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">, US</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">A and in April 2026, the Company expanded the</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> Apex </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">project</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> by acquiring the Gage property surrounding it</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">. In April 2026, the Company </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">signed a letter of intent to acquire certain properties surrounding the Springer</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> complex, </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">a transaction</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> which is expected to be </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">completed in May 2026. In the meantime,</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> the Company </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">entered into a non-binding letter of intent</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> in April 2026</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;"> to combine its interest in the Sulitjelma Project with </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">a company that owns adjacent concessions, thereby consolidating the Sulitjelma district</font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">. In May 2026, following the release of the Nussir feasibility study in April 2026, the Company announced the launch of an equity financing and</font> <font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; letter-spacing: -0.1pt; line-height: inherit;">final investment decision on Nussir project was made.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> is listed on the TSX Venture Exchange</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">TSXV</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">under the symbol </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">MOON</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">on </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">NASDAQ</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Capital Market </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">NASDAQ</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">under</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">symbol </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">BM</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">M</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and on the Frankfurt Stock Exchange under the symbol </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;8SX0&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">2026 Highlights</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">C</font><font style="font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">orporate</font></font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">US </font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">h</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">ub</font> <font style="font-size: 9pt; font-weight: bold; line-height: inherit;">and</font> <font style="font-size: 9pt; font-weight: bold; line-height: inherit;">s</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">poke </font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">b</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">usiness </font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">m</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">odel</font> <font style="font-size: 9pt; font-weight: bold; line-height: inherit;">and other acquisitions</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On February 1</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, 2026, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Company clo</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">sed the previously announced </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">acquisition of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Springer </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Property in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Pershing County, Nevada </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">from Goods LG LLC (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Goods</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) for US$18,500,000</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of which </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US$500,000 had been </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">paid in October 2025 as a</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">n initial</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> non-refundable</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> deposit</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, as well as a 2</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.0</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">% net smelter return (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">NSR</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> royalty</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font>  </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Springer complex is expected to be developed into a hub for processing critical minerals, with feeds coming initially from Blue Moon and the Springer tungsten deposit, the latter of which the Company is working to accelerate confirmatory drilling for updating historical resources to support a development plan. The Company is also planning to acquire and develop smaller, high grade underground critical metals mines in the western United States and with the intention to send the mineralized material to the Springer hub for processing. This dovetails with federal initiatives in the USA under section 232 of the Trade Expansion Act to promote domestic production of critical metals and decrease dependence on foreign supply chains.</font></p>
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<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>


















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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March 13, 2026, the Company closed the acquisition of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Apex</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> mine </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Washington </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">County </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">southern Utah </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">from a subsidiary of Teck Resources Limited (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Teck</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> for </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">7,031,959 common shares</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> of the Company, a 0.5% </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">NSR </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">royalty </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and offtake </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">rights </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">on the property, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">life of mine </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">offtake on </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon mine&#8217;s zinc concentrate</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and equity participation rights and top-up rights </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and information rights in an investor rights agreement. The Company </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">also </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">assumed </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">an existing 3.0% </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">NSR royalty obligation on the Apex claims.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> Apex is a </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">historical </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">gallium, germanium and copper </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">underground mine </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">with 24 patented claims </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">located in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">southwestern </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Utah</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> had been </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">primary producer of gallium and germanium in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">1980s to 1990s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> is in one of the most important gallium and germanium </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">districts</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On April 1, 2026, the Company </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">consolidated </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">its position in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">th</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">is </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">district </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">with the acquisition of</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the Gage pro</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ject</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> from </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a subsidiary of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Liberty Gold </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Corp</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> for 420,935 common shares of the Company</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a 2.0% NSR royalty </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">on certain concession</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Gage </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">project </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">consists of</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 181</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">unpatented mining claims located on Bureau of Land Management (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">BLM</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) lands and two Utah School and Institutional Trust Lands Administration (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">SITLA</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">leases surrounding the Apex mine, for a total area of 5,916 hectares.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company also </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">assumed </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a 4</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.0</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">% </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">NSR </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">royalty</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> in respect of the SITLA leases (8</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.0</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">% for</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> fissionable materials).</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On April 28, 2026, the Company announced it has entered into an </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">agreement to acquire certain claims adjacent to the Springer Property</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> for consideration of 188,199 common shares of the Company, US$1 million in cash and a sliding </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">scale </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">gross revenue royalty (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">GRR</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> The claims included some historically identified veins including the Stank deposit, the O&#8217;By</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">rne deposits and a portion of the Sutton deposit.</font> </p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">Equity </font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">f</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">inancing</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On May 6, 2026, the Company </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">closed </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">its previously announced bought</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">-</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">deal </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">financing </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Offering</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">consisting of a </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">public offering (the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Public Offering</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a concurrent private placement (the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Private Placement</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> of common shares in the Company</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. Scotiabank, ATB Cormark Capital Markets and Canaccord Genuity Corp. acted as joint bookrunners on behalf of a syndicate of underwriters, including Haywood Securities Inc., Titan Partners Group LLC, a division of American Capital Partners, LLC, Maxim Group LLC and Red Cloud Securities Inc. (collectively, the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Underwriters</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. An aggregate of 10,625,000 </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">common shares </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Prospectus Shares</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">at an issue price of $10.00 per Prospectus Share</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(including </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the partial exercise of the Underwriters&#8217; over-allotment option of an additional 625,000 </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Prospectus Shares</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">) were issued</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> for gross proceed</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> of $106,250,000</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, as well as 5,000,000 common shares of the Company (the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Private Placement Shares</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">were issued for</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">gross proceed</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> of $50,000,000.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> In connection with the services of the Underwriters in the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Offering, an aggregate cash commission of $7,756,260 w</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">as</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> paid to the Underwriters.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On April 24, 2026, following Hartree&#8217;s exercise of its top-up right pursuant to the investor rights agreement with the Company, the Company issued 526,617 common shares to Hartree at $9.06 per share for gross proceeds of approximately $4.8 million. Proceeds will be used for project development and general corporate purposes.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On March 10, 2026, the Company closed </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a private placement financing </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">with </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Leonard Nilsen &amp; S&#248;nner AS (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">LNS</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and Hartree</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> with the issuance of 181,127 common shares for total gross proceeds of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">1,305,563</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Details of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">previously announced agreement with LNS and participation rights of Hartree are described elsewhere in this MD&amp;A.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On October 1, 2025, pursuant to a prospectus supplement to the Company&#8217;s short form base shelf prospectus</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> (the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Base Shelf Prospectus</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the Company closed a bought-deal public offering </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">October 1, 2025 Offering</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">issuing 26,220,000 common shares at a price of $3.30 per share for total gross proceeds of $86.5 million. Net proceeds from the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">October 1, 2025 O</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ffering are expected to be used for the development of the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, further exploration at Nussir and NSG and general corporate and working capital purposes.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">September 23, 2025, the Company filed </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">B</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ase </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">S</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">helf</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> P</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">rospectus in each of the provinces and territories of Canada, other than Qu&#233;bec</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> which provides for the issuance of up to $200 million of eligible securities and has a term of twenty-five months, allow</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ing</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the Company to raise funds quickly during the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">twenty-five month </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">term by filing a prospectus supplement for the issuance of eligible securities.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On September </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">4</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, 2025</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the Company issued 2,092,173 common shares at a price of $3.30 per share for gross proceeds of $6,897,000 to Oaktree Capital Management LP </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Oaktree</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">as part of the initial equity tranche under the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Hartree</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and Oaktree project finance package to fund early works and pre-construction activities at Nussir.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Concurrent with the first draw under the related </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">b</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ridge loan, the Company issued 1,045,000 bonus shares</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Hartree</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> for no cash consideration as part of the financing arrangement.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On May 8, 2025, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Company announced the mobilization for the underground development of the exploration </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">decline and confirmation of underground mining parameters at the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">pursuant to the previously announced agreement with </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">LNS</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">which provides comprehensive mining services to the Company during the construction and operation of the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">LNS </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">acquired 376,833 common shares in the Company at a share price of $3.00 per share through a non-brokered private placement for gross proceeds of $1,130,499.</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On March 7, 2025, the Company closed the second tranche of financing from Hartree of 1</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">75</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,000 shares for gross proceeds of $5.25 million. The shares </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">were</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> subject to a statutory hold period of four months and one day from the date of issuance </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ee below for </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Hartree investment).</font></p>
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<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>


















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<p style="margin: 0px; text-align: justify; line-height: 1.1; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"><br></font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.1; text-indent: 0px;"><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;">On February 26, 2025, </font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;">9,000,02</font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;">8</font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;"> subscription receipts issued as part of </font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;">the units in </font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;">the December 2024 brokered unit financing </font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;">came out of escrow </font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;">upon </font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;">the completion of the Nussir and NSG transactions</font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;"> and were converted into </font><font style="text-indent: 0pt; font-family: Calibri; font-size: 9pt; line-height: inherit;">9,000,035 common shares without payment of additional consideration (rounding due to the 10:1 share consolidation).</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Strategic investors in the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Concurrent F</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">inancing included:</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; font-style: italic; line-height: inherit;">Hartree Partners</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; line-height: inherit;"> LP </font></p>
<p style="margin: 0pt 0pt 6pt 18pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Hartree subscribed to $7.25 million Units</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, with an option to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">subscribe </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">to</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> up to $7.75</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> million</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Units</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, received pro-rata pre-emptive rights in respect of future equity issuances, the right to appoint a nominee </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">to the Blue Moon board of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">d</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">irectors </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Board</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> by the end of December 2025 and the right to participate on a technical committee. The Company </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">entered</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> into a long</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">-</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">term offtake agreement </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">with an affiliate of Hartree </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">for </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir&#8217;s production of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">concentrate, with a right of last offer for a portion of the offtake volumes at the Blue Moon and the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Sulitjelma</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> projects</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">with </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Hartree being provided with </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">customary securities and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">guarantees</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> In addition, Hartree and Blue Moon entered into a</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> Memorandum of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Understanding</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">MOU</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> for up to US$20 million </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">secured bridge loan. On March </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">7</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, 2025, the Company closed the second tranche of</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> equity</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> financing from Hartree for an amount of $5.25 million.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; font-style: italic; line-height: inherit;">Wheaton Precious Metals Corp. (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: bold; line-height: inherit;">Wheaton</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; line-height: inherit;">&#8221;)</font></p>
<p style="margin: 0pt 0pt 6pt 18pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Wheaton subscribed to $4.95 million Units. In addition, an affiliate of Wheaton has acquired a corporate-wide right of first refusal (&#8220;ROFR&#8221;) on any precious metals streams or royalties on Blue Moon&#8217;s properties for $50,000.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; font-style: italic; line-height: inherit;">Leonard Nilsen &amp; S&#248;nner AS</font></p>
<p style="margin: 0pt 0pt 6pt 18pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">LNS subscribed to approximately $4.2 million (equivalent of NOK</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">33 million) in Blue Moon Shares and committed to two further tranches of approximately $1.1 million (equivalent of NOK</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">8.5 million) each, with the first tranche being made at the start of the Nussir decline construction and the second being ten months after the start of decline construction.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">As mentioned elsewhere in this MD&amp;A, LNS subscribed to the second tranche </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">in March 2026.</font></p>
<p style="margin: 0pt 0pt 6pt 18pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">If LNS owns 5% of the issued and outstanding common shares, they have the right to appoint a Board member by the end of December 2025. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On November 13, 2025, Frode Nilsen, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">President </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of the LNS group, was appointed to the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Company&#8217;s Board.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">US listing</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On January 2</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6, 2026, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">common shares of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Company began trading on the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">NASDAQ</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">under the symbol &#8220;BMM&#8221; and ceased to be quoted on the OTCQX Best M</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">arket. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">Board </font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">changes </font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">and </font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">m</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">anagement </font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">a</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">ppointments</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">continued </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">evolve in its board composition, and to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">grow its management team to support its strategic activities and project development activities</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> in 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">:</font></p>
<ul style="padding-inline-start: 3px;">
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 6pt 9.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On April 1, 2026, the Company appointed Reza Ehsani as Senior Vice President, Projects.</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 6pt 9.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">On January 26, 2026, the Company appointed Peter Madsen as a new member of the Board.</font></li>



















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<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Nussir Project</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;"> feasibility study (the </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">&#8220;</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Feasibility Study&#8221; or &#8220;FS&#8221;).</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">On April </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">16</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">, 2026, the Company announced the results of an updated FS for Nussir, which </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">was</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;"> summarized in an independent National Instrument (&#8220;</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">NI</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;) 43-101 Technical Report entitled &#8220;NI 43-101 Technical Report on the </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir Project</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;"> &#8211; Feasibility Study&#8221; </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">(the &#8220;</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">2026 </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Technical Report</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font> <font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">with an effective date of</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;"> April 14, 2026</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">. </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">This was filed on</font> <font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">www.s</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">edarplus.ca on April </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">20</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">, 2026.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 9pt; text-transform: uppercase; font-weight: bold; line-height: inherit;">Highlights of the Report</font></p>
<ul style="list-style-type: disc;">
<li class="mylistitemclass" style="padding: 0px 0px 5px 10px; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;">Total m</font><font style="font-size: 9pt; line-height: inherit;">easured and indicated resource is 28.72 Mt at 1.20% CuEq grade</font><font style="font-size: 9pt; line-height: inherit;">.</font></font></li>
<li class="mylistitemclass" style="padding: 0px 0px 5px 10px; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;">Total proven and probable reserve estimate is 24.98 Mt at 0.99% CuEq grade</font><font style="font-size: 9pt; line-height: inherit;">.</font></font></li>
<li class="mylistitemclass" style="padding: 0px 0px 5px 10px; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;">Life of Mine (LOM) is </font><font style="font-size: 9pt; line-height: inherit;">13 </font><font style="font-size: 9pt; line-height: inherit;">years with mill throughput</font><font style="font-size: 9pt; line-height: inherit;"> of 6,000 tonnes per day</font><font style="font-size: 9pt; line-height: inherit;">.</font></font></li>
<li class="mylistitemclass" style="padding: 0px 0px 5px 10px; text-align: justify;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">Life of Mine (LOM) average annual production of 19 kt of CuEq including an average of 3,200 ounces of gold and 496,000 ounces of silver in the consensus price scenario.</font></li>
<li class="mylistitemclass" style="padding: 0px 0px 5px 10px; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;">LOM total cash costs (net of by-products) of </font><font style="font-size: 9pt; line-height: inherit;">US</font><font style="font-size: 9pt; line-height: inherit;">$0.95 per pound of copper and all-in sustaining costs of </font><font style="font-size: 9pt; line-height: inherit;">US</font><font style="font-size: 9pt; line-height: inherit;">$2.05 per pound of copper resulting in an all-in sustaining cost cashflow margin of 43% utilizing consensus pricing.</font></font></li>
<li class="mylistitemclass" style="padding: 0px 0px 5px 10px; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;">After-tax Net Present Value of </font><font style="font-size: 9pt; line-height: inherit;">US</font><font style="font-size: 9pt; line-height: inherit;">$235 million (8% discount rate) at a long term copper price of </font><font style="font-size: 9pt; line-height: inherit;">US</font><font style="font-size: 9pt; line-height: inherit;">$4.78 per pound, gold price of </font><font style="font-size: 9pt; line-height: inherit;">US</font><font style="font-size: 9pt; line-height: inherit;">$3,515 per ounce and silver price of </font><font style="font-size: 9pt; line-height: inherit;">US</font><font style="font-size: 9pt; line-height: inherit;">$45.26 per ounce. At consensus pricing</font><font style="font-size: 9pt; line-height: inherit;">,</font><font style="font-size: 9pt; line-height: inherit;"> the payable metal mix breakdown is 77% copper, 6% gold and 13% silver.</font></font></li>
<li class="mylistitemclass" style="padding: 0px 0px 5px 10px; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;">After-tax Internal Rate of Return of 19% for the </font><font style="font-size: 9pt; line-height: inherit;">13</font> <font style="font-size: 9pt; line-height: inherit;">year mine life and consensus pricing and 31% at spot pricing.</font></font></li>
<li class="mylistitemclass" style="padding: 0px 0px 5px 10px; text-align: justify;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;">Initial capital expenditures of </font><font style="font-size: 9pt; line-height: inherit;">US</font><font style="font-size: 9pt; line-height: inherit;">$184 million</font><font style="font-size: 9pt; line-height: inherit;">.</font></font></li>

















</ul>
<p style="text-align: center;"><font style="font-family: calibri; line-height: inherit;"><font style="font-size: 9pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 3 -</font></font></font></p>
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<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>












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<p style="margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>


















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</table>
<p style="margin: 0px; text-align: justify; text-indent: 0px; line-height: 1.2;"><font style="font-family: calibri; font-size: 9pt; text-transform: uppercase; text-indent: 0pt; font-weight: bold;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: calibri; font-size: 9pt; text-transform: uppercase; text-indent: 0pt; font-weight: bold;">Project Economics and Key Parameters</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 90%;" width="90%">

<tr style="height: 14.4pt;">
<th colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Table 1: Project Economics and Key Parameters</font></p>



















</th>



















</tr>





















<tr style="height: 14.4pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Commodity Pricing</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Units</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Consensus</font><font style="font-family: Calibri; font-size: 6pt; font-weight: bold; vertical-align: super;">(1)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Spot</font><font style="font-family: Calibri; font-size: 6pt; font-weight: bold; vertical-align: super;">(2)</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 60%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Milling Capacity</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">tpd</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">6,000</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; width: 10%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">6,000</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Mine Life</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">Years</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">13</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">13</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">LOM Cu Production</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">kt</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">185</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">185</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">LOM CuEq Production</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">kt</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">241</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">261</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">LOM Average Cu Production</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">ktpa</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">14.6</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">14.6</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">LOM Average CuEq Production</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">ktpa</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">19.0</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">20.6</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Average </font><font style="font-family: Calibri; font-size: 9pt;">Annual Free Cash Flow</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$m</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$77.2</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$125</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Initial Capital Costs</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$m</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$184</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$184</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Sustaining Capital Costs</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$m</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$495</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$495</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">LOM C1 Cash Cost (net of by-product</font><font style="font-family: Calibri; font-size: 9pt;"> credits</font><font style="font-family: Calibri; font-size: 9pt;">)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$/lb</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$0.95</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$0.03</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">LOM ASIC (net of by-product credits)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$/lb</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$2.05</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$1.14</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Post-tax NPV (0%)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$m</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$708</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$1,322</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Post-tax NPV (8%)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$m</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$235</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$559</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">IRR</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">%</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">19.0</font></p>



















</td>
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<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">31.2</font></p>



















</td>



















</tr>







































</table>
<p style="margin: 0pt 0pt 0pt 54pt; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 7pt;"><font style="font-family: Calibri; vertical-align: super;">(1) </font><font style="font-family: Calibri;">Consensus pricing assumes: 2028 </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$5.22/lb Cu, </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$4,207/oz Au, </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$61.15/oz Ag; 2029 </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$5.23/lb Cu, </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$3,971/oz Au, </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$55.07/oz Ag; LT </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$4.78 Cu, </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$3,515/oz Au, </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$45.26/oz Ag.</font></font></p>
<p style="margin: 0pt 0pt 0pt 54pt; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 7pt;"><font style="font-family: Calibri; vertical-align: super;">(2)</font><font style="font-family: Calibri;"> Spot prices are based on March 3</font><font style="font-family: Calibri; vertical-align: super;">rd</font><font style="font-family: Calibri;">, 2026: </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$5.84/lb Cu, </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$5,171/oz Au, </font><font style="font-family: Calibri;">US</font><font style="font-family: Calibri;">$84.61/oz Ag</font><font style="font-family: Calibri;">.</font> </font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">M</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ineral </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">R</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">esources </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">E</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">stimate (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">MRE</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> remains unchanged from the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">technical report</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">titled &#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">NI</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">43-101 Technical Report On The Mineral Resources Of The Nussir And Ulveryggen Projects, Norway&#8221;, dated January 24, 2025 (as amended and restated on September 12, 2025) with an effective date of January 20, 2025, prepared by Adam Wheeler, B.Sc., M.Sc., C.Eng., Eur Ing., FIMMM</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> (the &#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">2025 Technical Report</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. See Table 2: Mineral Resource Statement</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> in the Nussir section</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> The MRE is inclusive of the Mineral Res</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">erves shown in the section below.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">Nussir drilling results</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">2026 drilling program </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">at Nussir </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">consists of deep navigational step-out drilling and surface infill, intended to support ongoing geological evaluation</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, with the deep directional drilling aiming to expand the current known deep mineralization</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, including 1.2 km deep high-grade intercepts to the west, while the shallow infill program in the east concentrates on the resource initially to be mined.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Highlights of the drilling </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">results to date:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 99%; height: 40px;" width="99%">

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<th style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Hole ID</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">From</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">To</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">True Thickness</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu Grade</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 4.1pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Au Grade</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Ag Grade</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu Eq Grade</font><font style="font-family: Calibri; font-size: 6pt; font-weight: bold; vertical-align: super;">1</font></p>



















</th>



















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<tr style="height: 10px;">
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 6.45pt 0pt 6.8pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">m</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">)</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="font-size: 9pt; line-height: 108%; margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">m</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">)</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="font-size: 9pt; line-height: 108%; margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">m</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">)</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="font-size: 9pt; line-height: 108%; margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(%)</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(g/t)</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(g/t)</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(%)</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: middle; border-image: initial; width: 29%; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.4pt 6.5pt 0pt 6.8pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">NUS-DD-1401-02</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; width: 10%; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1,166.0</font></p>



















</td>
<td style="vertical-align: top; border-image: initial; width: 10%; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.4pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1,173.0</font></p>



















</td>
<td style="vertical-align: top; border-image: initial; width: 10%; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.4pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">6.7</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; width: 10%; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.4pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1.</font><font style="font-family: Calibri; font-size: 9pt;">75</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; width: 10%; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">0.1</font><font style="font-family: Calibri; font-size: 9pt;">6</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; width: 10%; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.4pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">27.9</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; width: 10%; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.4pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">2.08</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.3pt 6.35pt 0pt 6.8pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">NUS-DD-1401-03A</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1,120.7</font></p>



















</td>
<td style="vertical-align: top; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1,123.8</font></p>



















</td>
<td style="vertical-align: top; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">3.0</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">0.86</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">0.1</font><font style="font-family: Calibri; font-size: 9pt;">6</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.3pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">27.7</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.3pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">1.</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">19</font></p>



















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</table>
<p style="margin: 3pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-weight: bold;">Note </font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: numeric;">
<li style="font-family: Calibri; font-size: 7pt; margin: 0pt 0pt 3pt 13.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt;">Metal prices assu</font><font style="font-family: Calibri; font-size: 7pt;">med were US$4.20/lb Cu, US$27.00</font><font style="font-family: Calibri; font-size: 7pt;">/oz Ag and US$2,200/oz Au, which represent reasonable long-term consensus metal pricing and coefficient factors of 0.00781 for Ag and 0.740 for Au.</font></li>
<li style="font-family: Calibri; font-size: 7pt; margin: 0pt 0pt 3pt 13.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt;">The applied formula for copper equivalent was: CuEq% = Cu%</font><font style="font-family: Calibri; font-size: 7pt;">_Grade + (0.00781 * Ag_Grade) + (0.74 * Au_Grade)</font><font style="font-family: Calibri; font-size: 7pt;">.</font></li>
<li style="font-family: Calibri; font-size: 7pt; margin: 0pt 0pt 3pt 13.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt;">Metallurgy recovery assumptions </font><font style="font-family: Calibri; font-size: 7pt;">were 96% Cu, 80% Ag and 93% Au, which stem from SGS metallurgical test work completed in 2022.</font></li>
<li style="font-family: Calibri; font-size: 7pt; margin: 0pt 0pt 3pt 13.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt;">The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost of </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$26.20/t of ore.</font></li>



















</ol>
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt; line-height: 1.2; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 4 -</font></p>
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<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>


















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</table>
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">MIneral Properties</font></p>
<p style="margin: 6pt 0pt; break-after: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Nussir </font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">Project </font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold; line-height: inherit;">(Finnmark, Norway)</font></p>
<p style="margin: 0pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">The Nussir Property is</font> <font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">a polymetallic deposit which contains copper, silver and gold located </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">in</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;"> Finnmark </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">County </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">in northern Norway.</font> <font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">It is an underground development project that benefits from existing critical infrastructure located next to the property (access, power and port).</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">On March 6, 2025, the Company acquired all</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;"> of</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;"> the shares of REAS, from</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;"> Wergeland Eigedom</font> <font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">AS (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">WG</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">. The acquisition includes critical infrastructure adjacent to the </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">Nussir Project</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">, notably the &#216;yen Industrial Land, a deep-water port facility with ship-loading and conveyor systems, a fully permitted and operating aggregate mine and buildings suitable for housing, administration and processing. This site is permitted and zoned for mining and processing activities and includes a large process plant building capable of supporting a 6,000 tpd flotation plant, along with access to low-cost industrial power.</font> <font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">Under the agreement, WG retains sublease rights for aggregate production and has committed to purchasing waste rock from Nussir</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">On June 4, 2025, the European Union Commission designated the </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">Nussir Project</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">, as well as twelve other projects outside of the EU, as a Strategic Critical Raw Material Project under the provisions of the 2023 EU Critical Raw Materials Act, the first project located in Norway to receive this designation, and the only primary copper project to receive this designation. This designation may benefit the project through coordinated support by the EU Commission, better access to public and private financing through various funding programs, and political support for the advancement of the project.</font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">LNS commenced underground construction in June 2025 with the mine access portal. The 1</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">600m long decline will provide access to start construction of the exploration decline and provides a platform for further underground exploration. </font></p>
<p style="font-size: 9pt; line-height: 1.2; margin: 6pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">Following the </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">release of the 2026 Feasibility Study and the announcement of its equity financing in May, the Board </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">announced a final </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">investment decision has been made for the Company to commence development of the Nussir Project to a mine.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">2026 Feasibility Study</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">As discussed in the 2026 Highlights, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">on</font> <font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">April </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">16</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">, 2026, the Company announced the results of an updated FS for Nussir, which is summarized in </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">the 2026 Technical Report</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;"> filed on April </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">20</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">, 2026</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">, details of which are found on </font><font style="background-color: #ffffff; color: #0000ff; font-family: Calibri; font-size: 9pt; text-decoration: underline; line-height: inherit;">www.sedarplus.ca</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;"> as well as on the Company&#8217;s website </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">at </font><font style="background-color: #ffffff; color: #0000ff; font-family: Calibri; font-size: 9pt; text-decoration: underline; line-height: inherit;">www.bluemoonmetals.com</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">Th</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">e FS represents a comprehensive study of the technical and economic viability of the selected development </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">option</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font> <font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">The</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;"> project economics and key parameters as shown in Table 1 above demonstrates </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">the project as economically viable and can support a positive production decision by the Company</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; line-height: inherit;">. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">The mineral resource estimate remains unchanged from t</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">hose in </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">2025 Technical Report</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;"> as shown</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;"> in Table 2</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;"> below.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 9pt; text-transform: uppercase; line-height: inherit; font-weight: bold;">Mineral Resources Estimate (&#8220;MRE&#8221;)</font></p>
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<tr style="height: 10px;">
<th colspan="6" style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 2pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Table 2: Mineral Resource Statement</font></p>
<p style="margin: 2pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">January 20, 2025 (amended and restated September 12, 2025)</font></p>



















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<th style="vertical-align: middle; border-image: initial; height: 34px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Classification</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 34px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Tonnes</font></p>
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(millions)</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 34px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu Grade</font></p>
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(%)</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 34px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 4.1pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Au Grade</font></p>
<p style="line-height: 11.5pt; margin: 0.2pt 4.1pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(g/t)</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 34px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Ag Grade</font></p>
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(g/t)</font></p>



















</th>
<th style="vertical-align: middle; border-image: initial; height: 34px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu Eq Grade</font></p>
<p style="line-height: 11.5pt; margin: 0.2pt 3.75pt 0pt 4.55pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(%)</font></p>



















</th>



















</tr>





















<tr style="height: 10px; background-color: #cceeff;">
<td style="vertical-align: middle; border-image: initial; height: 10px; width: 18%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 6.45pt 0pt 6.8pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">Measured</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px; width: 15%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">2.69</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px; width: 15%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="font-size: 9pt; line-height: 108%; margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1.08</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px; width: 15%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">0.18</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px; width: 15%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">12.8</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px; width: 15%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1.31</font></p>



















</td>



















</tr>
<tr style="height: 18px;">
<td style="vertical-align: middle; border-image: initial; height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 6.5pt 0pt 6.75pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">Indicated</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">26.03</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1.01</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">0.11</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">12.3</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1.19</font></p>



















</td>



















</tr>
<tr style="height: 19px; background-color: #cceeff;">
<td style="vertical-align: middle; border-image: initial; height: 19px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.4pt 6.5pt 0pt 6.8pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">Measured &amp; Indicated</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 19px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">28.72</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 19px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.4pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1.02</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 19px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">0.12</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 19px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.4pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">12.3</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 19px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.4pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1.20</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.3pt 6.35pt 0pt 6.8pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">Inferred</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">31.99</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1.01</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.15pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">0.14</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.3pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">14.6</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 1.3pt 3.75pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">1.23</font></p>



















</td>



















</tr>







































</table>
<p style="margin: 0pt 0pt 0pt 40pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-weight: bold;">Notes</font><font style="font-family: Calibri; font-size: 7pt;">:</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">1.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">CIM definitions were followed for resource estimate. </font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">2.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">A minimum mining width of 2.0 m was applied in making the resource estimate constraint wireframes. These wireframes were generated using a preliminary MSO. </font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">3.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Density values for Nussir were estimated from density sample values or assigned default average values where insufficient samples occur nearby. </font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">4.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">MRE constraint wireframes were generated for a cut-off grade of 0.30%Cu, related to potential underground mining.</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">5.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Metal</font> <font style="font-family: Calibri; font-size: 7pt;">prices assumed for this MRE were US$4.20/lb Cu, US$27.00/</font><font style="font-family: Calibri; font-size: 7pt;">oz</font> <font style="font-family: Calibri; font-size: 7pt;">Ag and US$2,200</font><font style="font-family: Calibri; font-size: 7pt;">/</font><font style="font-family: Calibri; font-size: 7pt;">oz Au, which represent reasonable long-term consensus metal pricing. </font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">6.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">CuEq Grade=Cu Grade+0.00781*Ag</font> <font style="font-family: Calibri; font-size: 7pt;">Grade+0.740*Au</font> <font style="font-family: Calibri; font-size: 7pt;">Grade</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">7.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Metallurgy recovery assumptions were 96% Cu, 80% Ag and 93% Au, which stem from SGS metallurgical testwork completed in 2022. </font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">8.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">The cut-off grade of 0.30% Cu was derived from the price and recovery values above, as well as a smelter payability of 97.3% and an assumed total operating cost </font><font style="font-family: Calibri; font-size: 7pt;">of US</font><font style="font-family: Calibri; font-size: 7pt;">$26.20/t of ore. </font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">9.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material. </font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">10.</font> <font style="font-family: Calibri; font-size: 7pt;">Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability. CIM Definition Standards were followed for classification of Mineral Resources.</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">11.</font> <font style="font-family: Calibri; font-size: 7pt;">Mineral Resources shown are inclusive of Mineral Reserves.</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt;"><br></font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2; text-align: center;"><font style="font-family: Calibri; font-size: 7pt;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 5 -</font></font></p>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>


















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<p style="margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>


















</tr>





































</table>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><br><font style="font-family: calibri; font-size: 9pt; text-transform: uppercase; font-weight: bold;">Mineral Reserves Estimate</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 90%;" width="90%">

<tr style="height: 17pt;">
<td colspan="6" style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.35pt; margin: 0.3pt 157.05pt 0pt 157.35pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Table 3: Mineral Reserves</font></p>



















</td>



















</tr>
<tr style="height: 23.1pt;">
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 5.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Classification</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Tonnes (millions)</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 5.25pt; orphans: 0; text-align: center; text-indent: 3.1pt; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu Grade</font></p>
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 5.25pt; orphans: 0; text-align: center; text-indent: 3.1pt; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(%)</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 5.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Au Grade</font></p>
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 5.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(g/t)</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 5.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Ag Grade</font></p>
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 5.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">(g/t)</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 5.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu Eq Grade (%)</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt; background-color: #cceeff;">
<td style="vertical-align: middle; border-image: initial; width: 18%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">Proven</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; width: 15%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">2.64</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; width: 15%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">0.80</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; width: 15%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.5pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">0.13</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; width: 15%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11pt; margin: 0pt 5pt 0pt 5.3pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">10.15</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; width: 15%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11pt; margin: 0pt 5pt 0pt 5.3pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">1.01</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt;">
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">Probable</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">22.34</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">0.81</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.5pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">0.09</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11pt; margin: 0pt 5pt 0pt 5.3pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">10.36</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11pt; margin: 0pt 5pt 0pt 5.3pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">0.99</font></p>



















</td>



















</tr>
<tr style="height: 12.95pt; background-color: #cceeff;">
<td style="vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">Proven &amp; Probable</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">24.98</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">0.81</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.55pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">0.09</font></p>



















</td>
<td style="vertical-align: middle; border-image: initial; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11pt; margin: 0pt 5pt 0pt 5.3pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">10.34</font></p>



















</td>
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<p style="line-height: 11pt; margin: 0pt 5pt 0pt 5.3pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">0.99</font></p>



















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</table>
<p style="margin: 0pt 0pt 0pt 40pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-weight: bold;">Notes:</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">1.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Above Reserves estimate follows CIM (2019) MRMR Best Practice Guidelines including CIM Definition Standards for classification.</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">2.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Mining methodology is long hole open stope with minimum mining width of 3 m and mining recovery of 95% applied. </font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">3.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Dilution applied to stopes using ELOS method correlated with geotechnical conditions.</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">4.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Reserves are based on copper price of </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$9,034 per tonne, gold price of </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$2,487/oz and silver price of </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$26.58/oz.</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">5.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">In-Situ NSR Cut off is </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$35.43/t with an incremental cut-off value of </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$21.03/t.</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">6.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Copper recovery is 96%, gold is 84% and silver is 95%.</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">7.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Concentrate treatment cost is </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$75 per dry metric tonne.</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">8.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Refining costs are </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$0.075/lb for copper, </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$5.00/oz for gold and </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$0.45/oz for </font><font style="font-family: Calibri; font-size: 7pt;">silver</font><font style="font-family: Calibri; font-size: 7pt;">.</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">9.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt;">Freight is </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$54.50 per wet metric tonne and zero emission premium of </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$2.50 per wet metric tonne.</font></p>
<p style="margin: 0pt 0pt 0pt 40pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; letter-spacing: -0.8pt;">10.</font> <font style="font-family: Calibri; font-size: 7pt;">Numbers presented in this table may not add to the totals provided due to rounding.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold;">Mining and Processing</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The mining method used for the FS is Long Hole Open Stoping (LHOS) with ribs and sill pillars to consistently sustain the production and mill throughput design rate. Required infrastructure to support the mine operation have been included in the design, including all materials handling equipment. Trucking and mobile equipment have been optimized in the mine design along with implementation of conveyors for both crushed ore and waste.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">Underground mobile crushers are utilized followed by a grinding circuit including a semi-autogenous grinding (SAG) mill and a ball mill located on surface prior to flotation. The concentrate is filtered using a plate and frame pressure filter and stored in a storage warehouse prior to shipping through the existing and operational port and ship loaders. The mine and process facility will be powered by an existing 132 kV power line. Fresh water requirements for the process plant and the mine will be provided from an existing water dam using an existing buried pipeline. A water treatment plant has been included to treat the underground mine water to a quality suitable for reuse within the processing plant, thereby reducing demand for freshwater abstraction from the water reservoir and to treat the excess mine water to a quality suitable for controlled discharge during upset conditions (e.g. processing plant shutdowns or maintenance), in accordance with applicable Norwegian and EU environmental standards.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold;">Environmental and Permitting </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The primary permits required for mining projects in Norway have been obtained. These permits include an Extraction Permit for state-owned minerals (under the Minerals Act 2009), an approved Zoning Plan revision of the municipal land use plan to include the proposed mining area (under the Planning and Building Act), a Discharge Permit (under the Pollution Control Act) and an Operating License (under the Minerals Act). The Project has also obtained certain secondary approvals, including an approved Mine Waste Management Plan for the exploration decline development and a Baseline Marine Monitoring Plan that allows for further marine baseline studies in Repparfjord. Additional secondary permits are in progress and are proceeding in the normal course.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold;">Project Timeline</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">A project execution plan and</font><font style="font-family: Calibri; font-size: 9pt;"> target</font><font style="font-family: Calibri; font-size: 9pt;"> schedule </font><font style="font-family: Calibri; font-size: 9pt;">as shown in Table 4 below </font><font style="font-family: Calibri; font-size: 9pt;">ha</font><font style="font-family: Calibri; font-size: 9pt;">ve</font><font style="font-family: Calibri; font-size: 9pt;"> been developed as part of the Feasibility Study to outline the durations and key activities for </font><font style="font-family: Calibri; font-size: 9pt;">achieving commercial production at </font><font style="font-family: Calibri; font-size: 9pt;">the Project. The Project schedule defined the construction completion of October 2027, hot commissioning starting August 2027 and start of production December 2027.</font></p>
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<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Table 4: Project Timeline</font></p>



















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<th style="vertical-align: middle; border-image: initial; height: 19px; width: 65%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 5.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Milestone</font></p>



















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<th style="vertical-align: middle; border-image: initial; height: 19px; width: 35%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 11.25pt; margin: 0pt 5pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Target Date</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">EPC Contract Award</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">May 2026</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">First Concrete Pour Mill Building</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">July 2026</font></p>



















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<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">Mechanical Completion</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">October 2027</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">Start of No-Load Commissioning</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">March 2027</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">Start of System Handover to Operation</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">April 2027</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">Start of Production and Ramp-up</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">December 2027</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 0pt 0pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">Final Certification</font></p>



















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<td style="vertical-align: middle; border-image: initial; height: 16px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="line-height: 10.9pt; margin: 0.1pt 12.1pt 0pt 12.25pt; orphans: 0; text-align: center; widows: 0;"><font style="font-family: Calibri; font-size: 9pt;">March 2028</font></p>



















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<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>

















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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Economic Impact</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> Company expects the</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> Project to generate significant economic benefits at both the local and national levels. At peak construction, the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Company</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">expects</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> to employ</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, directly or indirectly, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">approximately 200 personnel, and approximately 100 personnel during</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> commercial production</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> operations, with indirect employment estimated at two to three times these levels through supporting industries and services.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company is implementing strategies to maximize the number of long-term employees residing locally, which is expected to provide a sustained boost to the regional economy and support the creation of additional long-term indirect employment associated with population growth.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Based on the assumptions used in the Feasibility Study and applying current Norwegian fiscal regimes, the Project is expected to generate substantial government revenues over its life. Using long-term consensus commodity prices, life-of-mine</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> Norwegian government</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> royalties are estimated at approximately </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$18 million, with corporate taxes of approximately </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$191 million, for total government revenues of approximately </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$209 million.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">At spot commodity prices, life-of-mine</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> Norwegian government</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> royalties are estimated at approximately </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$25 million, with corporate taxes increasing to approximately </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$365 million, for total government revenues of approximately </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$390 million over the life of the Project.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.1;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Opportunity Case</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.1;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The FS reserve estimate excludes inferred material from the resource estimate. The potential conversion of this inferred material supports the opportunity case and showcases the potential of the life of mine extension to 17 years, considering the same production throughput. </font></p>
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<th colspan="4" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 423.9pt; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold; text-transform: none;">Table 5: Opportunity Case</font><font style="font-size: 6pt; font-weight: bold; text-transform: none; vertical-align: super;">(1)</font><font style="font-size: 9pt; font-weight: bold; text-transform: none;"> Economics and Key Parameters</font></font></p>



















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<th style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 211.8pt; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: justify;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold; text-transform: none;">Commodity Pricing</font></p>



















</th>
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<p style="margin: 0pt 0pt; text-align: center;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold; text-transform: none;">Units</font></p>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 77.3pt; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold; text-transform: none;">Consensus</font><font style="font-size: 6pt; font-weight: bold; text-transform: none; vertical-align: super;">(2)</font></font></p>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; width: 78.6pt; border-image: initial; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: center;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold; text-transform: none;">Spot</font><font style="font-size: 6pt; font-weight: bold; text-transform: none; vertical-align: super;">(3)</font></font></p>





















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">Milling Capacity</font></p>



















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<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">tpd</font></p>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">6,000</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">6,000</font></p>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">Mine Life</font></p>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">Years</font></p>



















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<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">17</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">17</font></p>



















</td>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">LOM Cu Production</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">kt</font></p>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">294</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">294</font></p>



















</td>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">LOM CuEq Production</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">kt</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">386</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">420</font></p>



















</td>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">LOM Average Cu Production</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">ktpa</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">16</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">16</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">LOM Average CuEq Production</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">ktpa</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">20.9</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">22.8</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">Average </font><font style="font-family: Calibri; font-size: 9pt;">Annual Free Cash Flow</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$m</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$82.3</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$137</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">Initial Capital Costs</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$m</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$184</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$184</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">Sustaining Capital Costs</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$m</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$741</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$741</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">LOM C1 Cash Cost (net of by-product</font><font style="font-family: Calibri; font-size: 9pt;"> credits</font><font style="font-family: Calibri; font-size: 9pt;">)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$/lb</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$0.75</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$0.23</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">LOM ASIC (net of by-product credits)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$/lb</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$1.83</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$0.85</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">Post-tax NPV (0%)</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 56.2pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$m</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 77.3pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$1,332</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 78.6pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$2,350</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">Post-tax NPV (8%)</font></p>



















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<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">US$m</font></p>



















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<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$358</font></p>



















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<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">$784</font></p>



















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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 211.8pt; border-image: initial; height: 10px; vertical-align: middle;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">IRR</font></p>



















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<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">%</font></p>



















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<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">19.6</font></p>



















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<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">31.1</font></p>



















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<p style="margin: 0pt 0pt 0pt 54pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 5.33pt; vertical-align: super;">(1)</font> <font style="font-family: Calibri; font-size: 7pt;">Opportunity case includes additional inferred resources (using 50% conversion rate) that are considered too speculative geologically to have been categorized as reserves.</font></p>
<p style="margin: 0pt 0pt 0pt 54pt; line-height: 1.2; text-indent: 0pt;"> <font style="font-family: Calibri; font-size: 4.67pt; vertical-align: super;">(2) </font><font style="font-family: Calibri; font-size: 7pt;">Consensus pricing assumes: 2028 </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$5.22/lb Cu, </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$4,207/oz Au, </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$61.15/oz Ag, 2029 </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$5.23/lb Cu, </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$3,971/oz Au, </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$55.07/oz Ag, LT </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$4.78 Cu, </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$3,515/oz Au, </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$45.26/oz Ag.</font></p>
<p style="margin: 0pt 0pt 0pt 54pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 4.67pt; vertical-align: super;">(3)</font><font style="font-family: Calibri; font-size: 7pt;"> Spot prices are based on March 3</font><font style="font-family: Calibri; font-size: 4.67pt; vertical-align: super;">rd</font><font style="font-family: Calibri; font-size: 7pt;">, 2026: </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$5.84/lb Cu, </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$5,171/oz Au, </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$84.61/oz Ag</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">Qualified Persons</font><font style="font-size: 9pt; font-weight: bold;"> for FS</font></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">T</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">he Company </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">commissioned Worley Europe Limited (&#8220;</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; font-weight: bold;">Worley</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">&#8221;) to perform the FS and the Technical Report was prepared by </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">the following qualified persons (&#8220;</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; font-weight: bold;">QP</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">&#8221;):</font></p>
<ul>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 3pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Chris Hughes-Narborough &#8211; Institute of Materials, Minerals and Mining (IMMM)</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 3pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Martin Prior &#8211; Fellow (FSAIMM) </font><font style="font-family: Calibri; font-size: 9pt;">ECSA</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 3pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Roy Levesque &#8211; P</font><font style="font-family: Calibri; font-size: 9pt;">.</font><font style="font-family: Calibri; font-size: 9pt;">Eng</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 3pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Lumin Ma, P</font><font style="font-family: Calibri; font-size: 9pt;">h.D.,</font><font style="font-family: Calibri; font-size: 9pt;"> P.</font><font style="font-family: Calibri; font-size: 9pt;">E</font><font style="font-family: Calibri; font-size: 9pt;">ng</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 3pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Susan<font>&#160;</font>Abell<font>&#160;</font>&#8211; Professional<font>&#160;</font>Scientist<font style="color: #000000; font-family: Symbol; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: -24px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>registered with the South African Council for Natural Scientific<font>&#160;</font>Professions</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 3pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Adam Wheeler &#8211; C.Eng, Eur Ing, FIMMM</font></li>

















</ul>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 7 -</font></p>
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<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>

















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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">2026 Drilling </font><font style="font-size: 9pt; font-weight: bold;">Program</font></font></p>
<p style="margin: 0pt 0pt 3pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The mineralization of Nussir to the west is open at depth and along strike. The 2026 drilling program consists of deep navigational drilling </font><font style="font-family: Calibri; font-size: 9pt;">in </font><font style="font-family: Calibri; font-size: 9pt;">the west, </font><font style="font-family: Calibri; font-size: 9pt;">targeting 1.2 km deep high-grade intercepts </font><font style="font-family: Calibri; font-size: 9pt;">and </font><font style="font-family: Calibri; font-size: 9pt;">is </font><font style="font-family: Calibri; font-size: 9pt;">intended to </font><font style="font-family: Calibri; font-size: 9pt;">extend the existing </font><font style="font-family: Calibri; font-size: 9pt;">known deep mineralization, </font><font style="font-family: Calibri; font-size: 9pt;">as well as shallow infill drilling from surface in the east. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">Navigational drilling</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The </font><font style="font-family: Calibri; font-size: 9pt;">deep drilling program</font><font style="font-family: Calibri; font-size: 9pt;">,</font> <font style="font-family: Calibri; font-size: 9pt;">planned </font><font style="font-family: Calibri; font-size: 9pt;">at </font><font style="font-family: Calibri; font-size: 9pt;">4</font><font style="font-family: Calibri; font-size: 9pt;">,000 metres, </font><font style="font-family: Calibri; font-size: 9pt;">aided by Devico&#8217;s navigational drilling techniques, is centered around the </font><font style="font-family: Calibri; font-size: 9pt;">historic </font><font style="font-family: Calibri; font-size: 9pt;">high-grade intercept hole NUS-DD-14-001</font><font style="font-family: Calibri; font-size: 9pt;"> (</font><font style="font-family: Calibri; font-size: 9pt;">9.7 met</font><font style="font-family: Calibri; font-size: 9pt;">re</font><font style="font-family: Calibri; font-size: 9pt;">s at 1.22% CuEq</font><font style="font-family: Calibri; font-size: 9pt;">)</font><font style="font-family: Calibri; font-size: 9pt;">. The 6 targets, each designed to bridge the 650-met</font><font style="font-family: Calibri; font-size: 9pt;">re</font><font style="font-family: Calibri; font-size: 9pt;"> gap between this known high-grade intercept and the current MRE</font><font style="font-family: Calibri; font-size: 9pt;">,</font><font style="font-family: Calibri; font-size: 9pt;"> follow up on the exploration target outlined in the </font><font style="font-family: Calibri; font-size: 9pt;">2023</font><font style="font-family: Calibri; font-size: 9pt;"> Technical Report. Note that the potential quantity and grade of this exploration target is conceptual in nature, there has been insufficient exploration to define a mineral resource and that it is uncertain if further exploration will result in the target being delineated as a mineral resource.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">Of the three daughter holes from the first mother hole, two resulted in successful intercepts whilst one hole was abandoned due to technical difficulties prior to the anticipated mineralized zone. The recently completed NUS-DD-26-07, itself yielding an intercept of 6.85 met</font><font style="font-family: Calibri; font-size: 9pt;">re</font><font style="font-family: Calibri; font-size: 9pt;">s of mineralization from the target horizon, will act as a mother hole for the </font><font style="font-family: Calibri; font-size: 9pt;">next</font><font style="font-family: Calibri; font-size: 9pt;"> two targets.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">Infill</font><font style="font-size: 9pt; font-weight: bold;"> drilling</font></font></p>
<p style="margin: 0pt 0pt 3pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">I</font><font style="font-family: Calibri; font-size: 9pt;">nfill drilling</font><font style="font-family: Calibri; font-size: 9pt;"> from the surface is ongoing and, together with the navigational drilling</font><font style="font-family: Calibri; font-size: 9pt;">, is expected to provide extensive structural data for the Nussir deposit</font><font style="font-family: Calibri; font-size: 9pt;">, </font><font style="font-family: Calibri; font-size: 9pt;">targeting </font><font style="font-family: Calibri; font-size: 9pt;">a thinner, copper-rich horizon approximately 80 metres above the main mineralized body, which extends about 10 k</font><font style="font-family: Calibri; font-size: 9pt;">ilometres along strike. </font><font style="font-family: Calibri; font-size: 9pt;">This was planned to include approximately 3,000 metres of surface drilling with nominal drill spacing a</font><font style="font-family: Calibri; font-size: 9pt;">bout 75 by 75 metres</font><font style="font-family: Calibri; font-size: 9pt;">. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">Blue Moon</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;"> Project (</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">California</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">, </font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">USA</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">)</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">The </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">Blue Moon Project</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;"> is a </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">volcanogenic massive sulfide</font> <font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">(&#8220;</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt; font-weight: bold;">VMS</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">&#8221;)</font> <font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">deposit which contains zinc, gold, silver</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">, </font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">copper</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;"> and lead</font><font style="background-color: #ffffff; font-family: Calibri; font-size: 9pt;">. The property is well located with</font><font style="font-family: Calibri; font-size: 9pt;"> existing local infrastructure including paved highways three miles from site; a hydroelectric power generation facility a few mile</font><font style="font-family: Calibri; font-size: 9pt;">s </font><font style="font-family: Calibri; font-size: 9pt;">from the site, a three-hour drive to the Oakland port and a f</font><font style="font-family: Calibri; font-size: 9pt;">ive</font><font style="font-family: Calibri; font-size: 9pt;">-hour drive to the </font><font style="font-family: Calibri; font-size: 9pt;">industrial </font><font style="font-family: Calibri; font-size: 9pt;">service centre of Reno</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">. </font><font style="font-family: Calibri; font-size: 9pt;">Zinc </font><font style="font-family: Calibri; font-size: 9pt;">and copper are</font><font style="font-family: Calibri; font-size: 9pt;"> currently on the USGS list of metals critical to the US economy and national security.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">On April 15, 2025, the Company announced </font><font style="font-family: Calibri; font-size: 9pt;">that it </font><font style="font-family: Calibri; font-size: 9pt;">received </font><font style="font-family: Calibri; font-size: 9pt;">approval by </font><font style="font-family: Calibri; font-size: 9pt;">BLM</font><font style="font-family: Calibri; font-size: 9pt;"> to construct </font><font style="font-family: Calibri; font-size: 9pt;">a portal and </font><font style="font-family: Calibri; font-size: 9pt;">exploration decline </font><font style="font-family: Calibri; font-size: 9pt;">to enable underground mineral exploration activities at </font><font style="font-family: Calibri; font-size: 9pt;">the </font><font style="font-family: Calibri; font-size: 9pt;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt;">. This is an important </font><font style="font-family: Calibri; font-size: 9pt;">permitting milestone for the development of the </font><font style="font-family: Calibri; font-size: 9pt;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt;">, as the initial portal and decline will provide access for infill and exploration drilling, </font><font style="font-family: Calibri; font-size: 9pt;">allow for examination of geology, rock mechanics</font><font style="font-family: Calibri; font-size: 9pt;">, hydrogeologic characteristics</font><font style="font-family: Calibri; font-size: 9pt;">,</font><font style="font-family: Calibri; font-size: 9pt;"> underground mining conditions, and can also be utilized </font><font style="font-family: Calibri; font-size: 9pt;">as the main haulage route </font><font style="font-family: Calibri; font-size: 9pt;">once the mine moves into production</font><font style="font-family: Calibri; font-size: 9pt;">.</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">On October 10, 2024, the Company initiated a Preliminary Economic Assessment (</font><font style="font-family: Calibri; font-size: 9pt;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">PEA</font><font style="font-family: Calibri; font-size: 9pt;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt;">) on the </font><font style="font-family: Calibri; font-size: 9pt;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt;"> led by Micon International Ltd</font> <font style="font-family: Calibri; font-size: 9pt;">(&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Micon</font><font style="font-family: Calibri; font-size: 9pt;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt;">and</font><font style="font-family: Calibri; font-size: 9pt;"> Resource Development Associates, Inc</font><font style="font-family: Calibri; font-size: 9pt;"> (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">RDA</font><font style="font-family: Calibri; font-size: 9pt;">&#8221;)</font><font style="font-family: Calibri; font-size: 9pt;">. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">In con</font><font style="font-family: Calibri; font-size: 9pt;">nection</font><font style="font-family: Calibri; font-size: 9pt;"> with the PEA, the Company announced</font><font style="font-family: Calibri; font-size: 9pt;"> an updated MRE </font><font style="font-family: Calibri; font-size: 9pt;">for the </font><font style="font-family: Calibri; font-size: 9pt;">project</font><font style="font-family: Calibri; font-size: 9pt;">,</font> <font style="font-family: Calibri; font-size: 9pt;">which is contained in the technical report entitled </font><font style="font-family: Calibri; font-size: 9pt;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt;">NI </font><font style="font-family: Calibri; font-size: 9pt;">43-101 Technical Report For the Preliminary Economic Assessment of the Blue Moon Mine, Mariposa County, California</font><font style="font-family: Calibri; font-size: 9pt;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt;">, dated April 14, 2025 (as amended and restated on September 12, 2025) with an effective date of March 3, 2025 and with an effective date of Mineral Resource Estimate of December 24, 2024, prepared by Scott Wilson, C.P.G. SME-RM, Peter Szkilnyk, P. Eng., Alan J. San Martin, P. Eng., Richard Gowans, P.Eng., Justin Taylor, P.Eng., and Christopher Jacobs, C. Eng., MIMMM</font><font style="font-family: Calibri; font-size: 9pt;">. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The MRE is available on the Company&#8217;s website and is</font> <font style="font-family: Calibri; font-size: 9pt;">based on 87 drill holes </font><font style="font-family: Calibri; font-size: 9pt;">totaling</font><font style="font-family: Calibri; font-size: 9pt;"> 122,364 feet of drilling with 2,631 individual assay intervals. </font><font style="font-family: Calibri; font-size: 9pt;">The estimate outlined the following resources:</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">Indicated Resources</font><font style="font-size: 9pt; font-weight: bold;">:</font></font></p>
<table cellspacing="0" cellpadding="0" style="height: 107px; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 95%; text-indent: 0px;" width="95%">

<tr style="height: 10px;">
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 15.7585%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Domain (Vein)</font></p>



















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<p style="margin: 0pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">ZnEq Cutoff</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Tons</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">ZnEq %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Pb %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Zn %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Au opt</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 10.6038%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Ag opt</font></p>



















</th>



















</tr>





















<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 15.7585%; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Main</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2.9%</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">3,073,000 </font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">12.66</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.78</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: #cceeff;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.16</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: #cceeff;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">5.90</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: #cceeff;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.04</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.6038%; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.14</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 15.7585%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt;"><font style="font-family: Calibri; font-size: 9pt;">East</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2.9%</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; width: 10.4566%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">498,000</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">18.99</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.47</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.63</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">6.64</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.09</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.6038%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">3.72</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; width: 15.7585%; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt;"><font style="font-family: Calibri; font-size: 9pt;">West</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2.9%</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">78,000 </font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">9.5</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.62</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.33</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">4.41</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.03</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.6038%; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.93</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; border-image: initial; height: 10px; width: 15.7585%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Total</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; border-image: initial; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;"><br></td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; border-image: initial; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">3,650,000</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; border-image: initial; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">13.46</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">0.73</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">0.23</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">5.97</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.4566%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">0.04</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; width: 10.6038%;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">1.49</font></p>



















</td>



















</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 15.7585%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Metal</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu Mlbs</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Pb Mlbs</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Zn </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Mlbs</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Au Moz</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 17px; width: 10.6038%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Ag Moz</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 15.7585%;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 10.4566%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Main</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">47.94</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">10.08</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">362.76</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.11</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.6038%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">3.51</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 15.7585%; background-color: #cceeff;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: #cceeff;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt;"><font style="font-family: Calibri; font-size: 9pt;">East</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">4.67</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: #cceeff;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">6.29</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: #cceeff;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">66.15</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: #cceeff;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.04</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.6038%; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.85</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 15.7585%;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; width: 10.4566%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt;"><font style="font-family: Calibri; font-size: 9pt;">West</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.97</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.52</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">6.91</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.00</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.6038%;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.07</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 15.7585%; background-color: #cceeff;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: #cceeff;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; border-image: initial; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Total</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">53.59</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">16.90</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">435.83</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.4566%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">0.16</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 10px; width: 10.6038%; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">5.43</font></p>



















</td>



















</tr>







































</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 8 -</font></p>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>

















</div>
<p style="margin: 0pt;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>

















</tr>



































</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold;">Inferred </font><font style="font-size: 9pt; font-weight: bold;">Resources</font><font style="font-size: 9pt; font-weight: bold;">:</font></font></p>
<table cellspacing="0" cellpadding="0" style="height: 107px; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 95%; text-indent: 0px;" width="95%">

<tr style="height: 17px;">
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; border-image: initial; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Domain (Vein)</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; border-image: initial; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">ZnEq Cutoff</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; border-image: initial; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Tons</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">ZnEq %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Pb %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Zn %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Au opt</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Ag opt</font></p>



















</th>



















</tr>





















<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 3px; vertical-align: middle; width: 15%; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">Main</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; width: 10%; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">2.9%</font></p>



















</td>
<td style="padding: 0px 7px 0px 3px; vertical-align: middle; width: 10%; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">3,261,000</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; width: 10%; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">11.41</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; width: 10%; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.52</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; width: 10%; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.23</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; width: 10%; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">5.68</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; width: 10%; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.04</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; width: 10%; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">1.15</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">East</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">2.9%</font></p>



















</td>
<td style="padding: 0px 7px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">994,000</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">15.49</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.59</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.56</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">5.04</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.07</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">2.43</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">West</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">2.9%</font></p>



















</td>
<td style="padding: 0px 7px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">173,000</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">6.28</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.73</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.22</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">1.98</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.02</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.40</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 3px; vertical-align: middle; border-image: initial; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Total</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; border-image: initial; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>



















</td>
<td style="padding: 0px 7px 0px 3px; vertical-align: middle; border-image: initial; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">4,428,000</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">12.12</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">0.54</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">0.30</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">5.39</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">0.04</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">1.41</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Metal</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu Mlbs</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Pb Mlbs</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Zn </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Mlbs</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Au Moz</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Ag Moz</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding: 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">Main</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">33.65</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">14.74</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">370.27</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.11</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">3.76</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding: 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">East</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">11.80</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">11.20</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">100.11</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.07</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">2.42</font></p>



















</td>



















</tr>
<tr style="height: 10px;">
<td style="padding: 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding: 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">West</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">2.52</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.74</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">6.84</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.00</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">0.07</font></p>



















</td>



















</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding: 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: #cceeff;">
<p style="margin: 0px; break-after: avoid; text-align: center; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 0px; padding-right: 0px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding: 0px 3px; vertical-align: middle; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Total</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">47.97</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">26.68</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">477.22</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">0.19</font></p>



















</td>
<td style="padding: 0px 13px 0px 3px; vertical-align: top; height: 10px; margin: 0px; text-indent: 0px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0px; break-after: avoid; text-align: right; padding-left: 0px; padding-right: 0px; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">6.25</font></p>



















</td>



















</tr>







































</table>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 8pt;">Notes:</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">(1)</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Scott Wilson, CPG, President of RDA is responsible for this mineral resource estimate and is an independent Qualified Person as such term is defined by NI 43-101</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">(2)</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Reasonable prospects of eventual economic extraction were assessed by enclosing the mineralized material in the block model estimate in 3D wireframe shapes that were constructed based upon geological interpretations as well as adherence to a minimum mining unit with geometry appropriate for underground mining.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">(3)</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">The cutoff grade of 2.9% ZnEq considered parameters of:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="list-style-type: none;">
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-alpha;">
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 23.87pt; orphans: 0; padding-left: 3.13pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Metal selling prices: Au-</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">US</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">$2200/oz, Ag-</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">US</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">$27/oz, Cu-</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">US</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">$4.25/lb., Pb-</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">US</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">$0.90/lb., Zn-</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">US</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">$1.25/lb.</font></li>



















</ol>



















</li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 23.87pt; orphans: 0; padding-left: 3.13pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Recoveries of Au 86.2%, Ag 94.3%, Cu 93.1%, Pb 0%, Zn 95.3%</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">.</font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 23.18pt; orphans: 0; padding-left: 3.82pt; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Costs including mining, processing, general and administrative (G&amp;A).</font></li>



















</ol>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">(4)</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Zinc Equivalent Grade (&#8220;ZnEq&#8221;) is estimated by the formula: ZnEq = Zn% + ((Cu% * 78.20)+(Pb% * 0)</font> <font style="font-family: Calibri; font-size: 7pt; font-style: italic;">+</font> <font style="font-family: Calibri; font-size: 7pt; font-style: italic;">(Ag opt * 25.46)+(Au opt * 1896.40))/23.83</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">(5)</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">There are no known legal, political, environmental, or other risks that could materially affect the potential development of the mineral resources.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">(6)</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Mineral resources are not mineral reserves and do not have demonstrated economic viability.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">(7)</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Figures may not add up due to rounding.</font></p>
<p style="margin: 0pt; text-align: justify; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">(8)</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Tonnages shown are short tons.</font></p>
<p style="margin: 0pt; text-indent: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">(9)</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160;&#160; </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Unless otherwise noted, all currencies in this table are reported in US dollars on a 100% basis.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">I</font><font style="font-family: Calibri; font-size: 9pt;">n June 2025, the Company award</font><font style="font-family: Calibri; font-size: 9pt;">ed</font> <font style="font-family: Calibri; font-size: 9pt;">to Small Mine Development, LLC (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">SMD</font><font style="font-family: Calibri; font-size: 9pt;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt;">a</font><font style="font-family: Calibri; font-size: 9pt;"> contract for the construction of a</font><font style="font-family: Calibri; font-size: 9pt;">n exploration</font><font style="font-family: Calibri; font-size: 9pt;"> portal and decline</font><font style="font-family: Calibri; font-size: 9pt;">. This will enable underground exploration activities </font><font style="font-family: Calibri; font-size: 9pt;">at the Blue Mine Project, providing access for infill and exploration drilling, as well as </font><font style="font-family: Calibri; font-size: 9pt;">for further studies and investigations related to geology, rock mech</font><font style="font-family: Calibri; font-size: 9pt;">anic</font><font style="font-family: Calibri; font-size: 9pt;">s, </font><font style="font-family: Calibri; font-size: 9pt;">hydrogeology, </font><font style="font-family: Calibri; font-size: 9pt;">underground mining conditions and metallurgical test work</font><font style="font-family: Calibri; font-size: 9pt;">, leading to a </font><font style="font-family: Calibri; font-size: 9pt;">final investment</font><font style="font-family: Calibri; font-size: 9pt;"> decision</font><font style="font-family: Calibri; font-size: 9pt;"> on the mine</font><font style="font-family: Calibri; font-size: 9pt;">.</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">C</font><font style="font-family: Calibri; font-size: 9pt;">onstruction of</font><font style="font-family: Calibri; font-size: 9pt;"> the portal and the underground </font><font style="font-family: Calibri; font-size: 9pt;">exploration </font><font style="font-family: Calibri; font-size: 9pt;">decline</font> <font style="font-family: Calibri; font-size: 9pt;">commenced</font><font style="font-family: Calibri; font-size: 9pt;">. Exploration drilling activities </font><font style="font-family: Calibri; font-size: 9pt;">commence</font><font style="font-family: Calibri; font-size: 9pt;">d</font><font style="font-family: Calibri; font-size: 9pt;"> from the underground alongside the advance of the decline, allowing the Company to accelerate the collection of geological, geotechnical and metallurgical data in parallel with ongoing </font><font style="font-family: Calibri; font-size: 9pt;">decline </font><font style="font-family: Calibri; font-size: 9pt;">development. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The Company is committed to supporting the economic and social development of the local and regional communities and the initial construction work is expected to generate at least 20 local employment opportunities directly with the mine and indirectly through SMD and its subcontractors.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">A 16,000</font><font style="font-family: Calibri; font-size: 9pt;">-metre </font><font style="font-family: Calibri; font-size: 9pt;">infill </font><font style="font-family: Calibri; font-size: 9pt;">drilling program was undertaken at a</font><font style="font-family: Calibri; font-size: 9pt;"> nominal spacing of approximately 50 metres by 50 metres. This was designed to support the potential conversion of portions of the current inferred </font><font style="font-family: Calibri; font-size: 9pt;">mineral resources to the indicated category. </font><font style="font-family: Calibri; font-size: 9pt;">Diamond d</font><font style="font-family: Calibri; font-size: 9pt;">rilling </font><font style="font-family: Calibri; font-size: 9pt;">has </font><font style="font-family: Calibri; font-size: 9pt;">commence</font><font style="font-family: Calibri; font-size: 9pt;">d</font><font style="font-family: Calibri; font-size: 9pt;"> from the underground exploration decline, with approximately 8,000 met</font><font style="font-family: Calibri; font-size: 9pt;">re</font><font style="font-family: Calibri; font-size: 9pt;">s to be completed from three underground drill stations targeting the central and upper portions of the VMS</font> <font style="font-family: Calibri; font-size: 9pt;">deposit. The remaining approximately 8,000 met</font><font style="font-family: Calibri; font-size: 9pt;">re</font><font style="font-family: Calibri; font-size: 9pt;">s of drilling is planned from surface locations, targeting the deeper portions of the currently defined mineral resource. Selected drill holes will be completed with downhole geophysical surveys, including electromagnetic methods, to assist in identifying additional mineralization and generating new exploration targets, particularly to the northwest and along up-dip and down-dip extensions</font><font style="font-family: Calibri; font-size: 9pt;">.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">Historical</font> <font style="font-family: Calibri; font-size: 9pt;">drilling has returned encouraging polymetallic intercepts within the VMS system, such as drillhole CH-09 which has intersected 14.40 meters @ 4.97% Zn, 0.25% Cu, 4.5 g/t Au and 26.66 g/t Ag </font><font style="font-family: Calibri; font-size: 9pt;">t</font><font style="font-family: Calibri; font-size: 9pt;">otaling</font> <font style="font-family: Calibri; font-size: 9pt;">18.46% ZnEq from 371.20 meters and a second higher-grade interval of 10.88 met</font><font style="font-family: Calibri; font-size: 9pt;">re</font><font style="font-family: Calibri; font-size: 9pt;">s @ 5.55% Zn, 0.32% Cu, 4.81 g/t Au and 261.3 g/t Ag </font><font style="font-family: Calibri; font-size: 9pt;">totaling</font> <font style="font-family: Calibri; font-size: 9pt;">27.92% ZnEq</font><font style="font-family: Calibri; font-size: 6pt; vertical-align: super;">1,2</font><font style="font-family: Calibri; font-size: 9pt;"> from 390.30 met</font><font style="font-family: Calibri; font-size: 9pt;">re</font><font style="font-family: Calibri; font-size: 9pt;">s. These intercepts occur within the northwestern part of the mineralized system and demonstrate both grade continuity and local high-grade enrichment. The Company considers these zones to be priority areas for follow-up drilling, with clear potential to infill and expand mineralization to the northwest and along interpreted up-dip and down-dip extensions of the deposit. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">In January 2026, Blue Moon acquired the mineral rights to the West Property</font><font style="font-family: Calibri; font-size: 9pt;">, located to the west of the portal</font><font style="font-family: Calibri; font-size: 9pt;">, and the rights to drill from surface. </font><font style="font-family: Calibri; font-size: 9pt;">The Company</font> <font style="font-family: Calibri; font-size: 9pt;">expects </font><font style="font-family: Calibri; font-size: 9pt;">to drill 8,000 met</font><font style="font-family: Calibri; font-size: 9pt;">re</font><font style="font-family: Calibri; font-size: 9pt;">s from surface from the NW area to expand the high-grade resources to the NW</font><font style="font-family: Calibri; font-size: 9pt;">.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The Company is currently undertaking a systematic re-logging and re-sampling program of the historic drill core, including previously unsampled mineralized intersections. The program is designed to validate the historical dataset, support an updated mineral resource estimate incorporating new assay data from this year&#8217;s drill program, and refine the geological and structural interpretation of the mineralized system</font><font style="font-family: Calibri; font-size: 9pt;">.</font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 9 -</font></p>
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<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>

















</tr>



































</table>
<p style="margin: 12pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">Sulitjelma</font> <font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">Property</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;"> (</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">Nordland </font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">County</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">, Norway)</font></p>
<p style="margin: 12pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">On February 26, 2025, t</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">he</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> Company acquired the</font> <font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">Sulitjelma </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">project</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">,</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> a polymetallic deposit which contains copper</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> and zinc</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> located in northern Norway</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">.</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> Sulitjelma previously hosted Norway&#8217;s largest mining operation </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">with historical production </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">between 1891 and 1991 </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">of 26 million ton</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">ne</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">s</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> of 1.80% Cu with additional zinc, sul</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">ph</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">ur, gold and silver credits</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">On April 10, 2025, the</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> Company announced </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">its maiden MRE for the Sulitjelma VMS deposit.</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> This </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">was</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> summarized in</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> an NI 43-101 technical report</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> entitled </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">NI</font> <font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">43-101 Technical Report On The Mineral Resources Of The Sulitjelma Project, Norway</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">, dated February 20, 2025 (as amended and restated on September 12, 2025) with an effective date of May 20, 2025, prepared by Adam Wheeler, B.Sc., M.Sc., C.Eng., Eur Ing., FIMMM.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">The </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">constrained</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> MRE is as follows:</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin: 0px auto; font-family: &quot;times new roman&quot;; font-size: 10pt; width: 75%; height: 231px;" width="75%">

<tr style="height: 35px; background-color: rgb(204, 238, 255);">
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 35px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Region</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 35px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Zone</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 35px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Ton</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">nes</font></p>
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">k</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">t</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 35px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 35px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Zn %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 35px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Cu</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Eq %</font></p>



















</th>
<th style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 35px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">APT</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">*</font> </p>
<p style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">m</font></p>



















</th>
</tr>


<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; width: 15%; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">Rupsi/Dypet</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; width: 10%; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; width: 10%; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">4,188</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; width: 10%; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.45</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; width: 10%; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.35</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; width: 10%; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.50</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; width: 10%; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">5.2</font></p>



















</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">3</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1,499</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.95</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.</font><font style="font-family: Calibri; font-size: 9pt;">19</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.98</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">5.5</font></p>



















</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">5</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2,188</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.82</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.37</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.88</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">15.7</font></p>



















</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">6</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">410</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.40</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.24</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.43</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">3.6</font></p>



















</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">7</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">126</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.77</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.15</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.79</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2.4</font></p>



















</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">8</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">484</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.89</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.11</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.91</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">6.8</font></p>



















</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">9</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">163</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2.01</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.25</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2.05</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2.5</font></p>



















</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">10</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">201</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.39</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.36</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.45</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2.9</font></p>



















</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">Subtotal</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">9,258</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.19</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.31</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.24</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">Hankabakken II</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">3,031</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.88</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.07</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.89</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">4.2</font></p>



















</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">3</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1,471</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.86</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.05</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.86</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">3.1</font></p>



















</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">5</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">453</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.00</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.02</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.00</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">9.1</font></p>



















</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">Subtotal</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">4,955</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.88</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.06</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.89</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">Sagmo</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">455</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.15</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.19</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.18</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">3.6</font></p>



















</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">3</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">193</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.56</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.14</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: Calibri; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160; 1.58</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
</tr>
<tr style="height: 10px; background-color: rgb(204, 238, 255);">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">5</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">2</font><font style="font-family: Calibri; font-size: 9pt;">,</font><font style="font-family: Calibri; font-size: 9pt;">853</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.98</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">0.16</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">1.00</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
</tr>
<tr style="background-color: rgb(204, 238, 255); height: 16px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; background-color: rgb(204, 238, 255); height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;"><br></td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; background-color: rgb(204, 238, 255); height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><br></td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; background-color: rgb(204, 238, 255); height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;"><br></td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; background-color: rgb(204, 238, 255); height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><br></td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; background-color: rgb(204, 238, 255); height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><br></td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; background-color: rgb(204, 238, 255); height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><br></td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; background-color: rgb(204, 238, 255); height: 16px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;"><br></td>
</tr>
<tr style="height: 10px;">
<td style="padding-left: 2.85pt; padding-right: 2.85pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Total</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 5.65pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; break-after: avoid; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">17</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">,066</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">1.06</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">0.</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">21</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">1.10</font></p>



















</td>
<td style="padding-left: 2.85pt; padding-right: 9.9pt; vertical-align: middle; height: 10px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 2.3pt 0pt 0pt; page-break-after: avoid; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">6.1</font></p>



















</td>
</tr>




















</table>
<p style="margin: 6pt 0pt; text-align: justify; text-indent: 36pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt;">*</font><font style="font-family: Calibri; font-size: 7pt;">Apparent True</font><font style="font-family: Calibri; font-size: 7pt;"> Thickness </font></p>
<p style="margin: 0pt 0pt 0pt 40.5pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Notes</font><font style="font-family: Calibri; font-size: 4.67pt; font-style: italic; vertical-align: sub;">:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: numeric;">
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">CIM definitions were followed for MRE.</font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">All resources reported are categorized Inferred; there are no Measured or Indicated resources. </font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">A minimum mining thickness of 2.2 m was applied in making the MRE constraint wireframes.&#160; </font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">The MRE constraint wireframes were generated using a preliminary MSO, based on a cut-off grade of 0.60% CuEq, related to potential underground mining.</font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Assumed parameters for the cut-off grade and CuEq calculations included: Prices: </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">US</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">$4.20/lb Cu, </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">US</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">$1.25/lb Zn</font> <font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Processing recoveries: 92% Cu, 57% Zn Payabilities: 96.5% Cu, 86% Zn </font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; orphans: 0; text-align: justify; text-indent: 0pt; widows: 0;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">The copper equivalent (CuEq) calculation is as follows: CuEq = Cu grade + (Zn grade x 0.16)</font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">For the cut-off grade calculation, the assumed total operating cost was </font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">US</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">$50/t of ore.</font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">A global density value of 3 t/m</font><font style="font-family: Calibri; font-size: 4.67pt; font-style: italic; vertical-align: super;">3</font><font style="font-family: Calibri; font-size: 7pt; font-style: italic;"> was assumed.</font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.</font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Mineral Resources are not Mineral Reserves and do not have demonstrated economic viability.</font></li>
<li style="font-family: Calibri; font-size: 7pt; font-style: italic; margin: 0pt 0pt 0pt 40.5pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-style: italic;">Unless otherwise noted, all currencies in this table are reported in US dollars on a 100% basis.</font></li>



















</ol>
<p style="font-size: 4pt; line-height: 1.2; margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 4pt; font-style: italic;">&#160;</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Blue Moon initially focus</font><font style="font-family: Calibri; font-size: 9pt;">ed</font><font style="font-family: Calibri; font-size: 9pt;"> on the Rupsi and Dypet deposits where the Company received Norwegian Government approval in Q1 2025 to extend an existing historical mine tunnel into the deposit by up to 1 km. The tunnel extension and the completion of 10,000 m of underground drilling </font><font style="font-family: Calibri; font-size: 9pt;">were</font> <font style="font-family: Calibri; font-size: 9pt;">part of the recommendations in the technical report</font><font style="font-family: Calibri; font-size: 9pt;">,</font><font style="font-family: Calibri; font-size: 9pt;"> with a budget of </font><font style="font-family: Calibri; font-size: 9pt;">46.2</font><font style="font-family: Calibri; font-size: 9pt;"> MNOK (</font><font style="font-family: Calibri; font-size: 9pt;">approximately </font><font style="font-family: Calibri; font-size: 9pt;">US$</font><font style="font-family: Calibri; font-size: 9pt;">4</font><font style="font-family: Calibri; font-size: 9pt;">.</font><font style="font-family: Calibri; font-size: 9pt;">5</font><font style="font-family: Calibri; font-size: 9pt;">M)</font><font style="font-family: Calibri; font-size: 9pt;">, which </font><font style="font-family: Calibri; font-size: 9pt;">would </font><font style="font-family: Calibri; font-size: 9pt;">allow the Company to upgrade the resource from the inferred category to the indicated category, expand on the current resource, and gather geotechnical and metallurgical data.</font></p>
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<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>

















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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">In July 2025, </font><font style="font-family: Calibri; font-size: 9pt;">the Company received the environmental permit from the Norwegian </font><font style="font-family: Calibri; font-size: 9pt;">Environmental Agency</font> <font style="font-family: Calibri; font-size: 9pt;">required to start its planned activities </font><font style="font-family: Calibri; font-size: 9pt;">in the Rupsi tunnel </font><font style="font-family: Calibri; font-size: 9pt;">and </font><font style="font-family: Calibri; font-size: 9pt;">awarded a contract to Fauskebygg AS (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Fauskebygg</font><font style="font-family: Calibri; font-size: 9pt;">&#8221;), a </font><font style="font-family: Calibri; font-size: 9pt;">local construction company in the Fauske municipality</font><font style="font-family: Calibri; font-size: 9pt;">, for the extension. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">A </font><font style="font-family: Calibri; font-size: 9pt;">10,000 metre drilling </font><font style="font-family: Calibri; font-size: 9pt;">program </font><font style="font-family: Calibri; font-size: 9pt;">wa</font><font style="font-family: Calibri; font-size: 9pt;">s planned </font><font style="font-family: Calibri; font-size: 9pt;">focused on infill and expansion of the </font><font style="font-family: Calibri; font-size: 9pt;">inferred resource. </font><font style="font-family: Calibri; font-size: 9pt;">The program </font><font style="font-family: Calibri; font-size: 9pt;">commenced</font><font style="font-family: Calibri; font-size: 9pt;"> with the extension of the existing Rupsi tunnel, with the first approximately 150 met</font><font style="font-family: Calibri; font-size: 9pt;">re</font><font style="font-family: Calibri; font-size: 9pt;">s of development providing access to two underground drill stations.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">In April 2026, the </font><font style="font-family: Calibri; font-size: 9pt;">Fauskebygg extension contract </font><font style="font-family: Calibri; font-size: 9pt;">was terminated </font><font style="font-family: Calibri; font-size: 9pt;">as part of</font><font style="font-family: Calibri; font-size: 9pt;"> a broader review of</font><font style="font-family: Calibri; font-size: 9pt;"> ongoing project evaluation activities</font><font style="font-family: Calibri; font-size: 9pt;">.</font> <font style="font-family: Calibri; font-size: 9pt;">The Company also entered into a non-binding letter of intent to combine its Sulitjelma Project with adjacent district assets</font><font style="font-family: Calibri; font-size: 9pt;"> held through VMS </font><font style="font-family: Calibri; font-size: 9pt;">Explorations </font><font style="font-family: Calibri; font-size: 9pt;">AS, which hold</font><font style="font-family: Calibri; font-size: 9pt;">s</font><font style="font-family: Calibri; font-size: 9pt;"> exploration permits in the Sulitjelma district</font><font style="font-family: Calibri; font-size: 9pt;">.</font></p>
<p style="margin: 12pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">Springer </font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">mine</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;"> and mill</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;"> (</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">Nevada</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">, </font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">USA)</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">In February 2026, the</font><font style="font-family: Calibri; font-size: 9pt;"> Company </font><font style="font-family: Calibri; font-size: 9pt;">closed the previously announced acquisition of </font><font style="font-family: Calibri; font-size: 9pt;">the Springer mine and mill </font><font style="font-family: Calibri; font-size: 9pt;">from </font><font style="font-family: Calibri; font-size: 9pt;">GOODS LG LLC </font><font style="font-family: Calibri; font-size: 9pt;">for </font><font style="font-family: Calibri; font-size: 9pt;">US$18.5 million </font><font style="font-family: Calibri; font-size: 9pt;">and a 2.0% </font><font style="font-family: Calibri; font-size: 9pt;">NSR </font><font style="font-family: Calibri; font-size: 9pt;">royalty</font><font style="font-family: Calibri; font-size: 9pt;"> in favour of the seller</font><font style="font-family: Calibri; font-size: 9pt;">. </font><font style="font-family: Calibri; font-size: 9pt;">The Springer</font> <font style="font-family: Calibri; font-size: 9pt;">complex is located in Pershing</font><font style="font-family: Calibri; font-size: 9pt;"> County</font><font style="font-family: Calibri; font-size: 9pt;">, Nevada and c</font><font style="font-family: Calibri; font-size: 9pt;">onsists of approximately 3,000 hectares of mineral claims and fee lands</font><font style="font-family: Calibri; font-size: 9pt;">. </font><font style="font-family: Calibri; font-size: 9pt;">The</font><font style="font-family: Calibri; font-size: 9pt;"> historical</font><font style="font-family: Calibri; font-size: 9pt;"> mineral resource is located entirely on private fee lands. The historical mineral resource </font><font style="font-family: Calibri; font-size: 6pt; vertical-align: super;">(1)(2)(3) </font><font style="font-family: Calibri; font-size: 9pt;">on the Property is: </font></p>
<p style="margin: 0pt 0pt 3pt 36pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">Historical estimate of indicated resources of 355,000 tons @ 0.537% WO3</font></p>
<p style="margin: 0pt 0pt 6pt 36pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">Historical estimate of inferred resources of 1,933,600 tons @ 0.493% WO3</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The mine infrastructure includes </font><font style="font-family: Calibri; font-size: 9pt;">an Ammonium Paratungstate (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">APT</font><font style="font-family: Calibri; font-size: 9pt;">&#8221;) </font><font style="font-family: Calibri; font-size: 9pt;">circuit including autoclave and related reagent systems. The mill can be readily modified to produce concentrates from critical metals </font><font style="font-family: Calibri; font-size: 9pt;">from alternate sources. </font><font style="font-family: Calibri; font-size: 9pt;">It also includes </font><font style="font-family: Calibri; font-size: 9pt;">a vertical shaft developed down to 1,600 feet, a headframe and 3 compartment hoist and associated equipment</font><font style="font-family: Calibri; font-size: 9pt;">, a process plant </font><font style="font-family: Calibri; font-size: 9pt;">with approximately 1,200 tpd capacity to produce concentrates and/or APT</font><font style="font-family: Calibri; font-size: 9pt;">, electrical infrastructure</font><font style="font-family: Calibri; font-size: 9pt;"> including main substation, transformers etc</font><font style="font-family: Calibri; font-size: 9pt;">.</font><font style="font-family: Calibri; font-size: 9pt;">, tailings storage facilities and water rights.</font></p>
<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 18pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt;">Notes:</font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: numeric;">
<li style="background-color: #ffffff; font-family: Calibri; font-size: 7pt; list-style-position: inside; margin: 0pt 0pt 0pt 27.35pt; orphans: 0; text-align: justify; text-indent: -9.35pt; widows: 0;"><font style="font: 7.0pt 'Times New Roman';">&#160;</font><font style="font-family: Calibri; font-size: 7pt;">A</font><font style="font-family: Calibri; font-size: 7pt;"> qualified person has not completed sufficient work to classify this historical estimate as current mineral resources or mineral reserves in accordance with NI 43-101 and </font><font style="font-family: Calibri; font-size: 7pt;">the Company</font><font style="font-family: Calibri; font-size: 7pt;"> is not treating the historical estimate as current mineral resources or mineral reserves. In order to verify the historical estimate, the Company needs to engage a qualified person to review the historical data, review any work completed on the property since the date of the estimate and complete a new technical report. </font><font style="font-family: Calibri; font-size: 7pt;">The Company</font><font style="font-family: Calibri; font-size: 7pt;"> views this historical data as an indicator of the potential size and grade of the mineralized deposits, and this data is relevant to Company&#8217;s future plans with respect to the property.</font><font style="font-family: Calibri; font-size: 7pt;">&#160;</font></li>
<li style="background-color: #ffffff; font-family: Calibri; font-size: 7pt; list-style-position: inside; margin: 0pt 0pt 0pt 27.35pt; orphans: 0; text-align: justify; text-indent: -9.35pt; widows: 0;"><font style="font: 7.0pt 'Times New Roman';">&#160;</font><font style="font-family: Calibri; font-size: 7pt;">Resource classification was performed according to CIM guidelines for indicated and inferred resources at the time and are based on drill spacing and density; the estimate was presented at 0.20 WO3% cutoff grade based on approximate mining cost of </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$40/ton, processing cost of </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$13.50/ton, administration cost of </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$7/ton, mill recovery of 82% and a WO3 price of </font><font style="font-family: Calibri; font-size: 7pt;">US</font><font style="font-family: Calibri; font-size: 7pt;">$11.50/lb. Rounding may result in apparent summation differences between tonnes, grades and metal content; not considered material.</font></li>
<li style="background-color: #ffffff; font-family: Calibri; font-size: 7pt; list-style-position: inside; margin: 0pt 0pt 0pt 27.35pt; orphans: 0; text-align: justify; text-indent: -9.35pt; widows: 0;"><font style="font: 7.0pt 'Times New Roman';">&#160;</font><font style="font-family: Calibri; font-size: 7pt;">The effective date of this estimate is August 20, 2012, and is contained in the &#8220;Preliminary Economic Assessment of the Springer Tungsten Mine, Pershing County, Nevada, USA&#8221; dated December 31, 2013 and prepared by Keith McCandlish of DMT Geosciences Ltd.</font></li>



















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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The Springer </font><font style="font-family: Calibri; font-size: 9pt;">Project</font><font style="font-family: Calibri; font-size: 9pt;"> was the site of continuous underground tungsten mining between 1918 and 1958, much of that time controlled first by the Segerstrom family, and later by the Nevada-Massachusetts Mining Company. The General Electric Company ("GE") acquired the property in the 1970's, interested in securing long term tungsten supply assets to support its lighting and industrial tools businesses. The current mine and mill were constructed by Utah International Inc. (later became BHP Minerals Group) for GE in the mid 1970's, and was subsequently commissioned and operated by GE for 8 months in 1982. The property has not been actively mined since October 1982, and the underground workings are currently flooded to a depth of approximately 375 feet. EMC Metals Corp. acquired the Springer mine and associated properties from GE in 2006. Between that purchase date and today, considerable refurbishment and renewal have been undertaken to the mill, control systems, hoist house, and an up-rating of the mill throughput from a nominal 950 tpd to a current 1,350 tpd capacity, and an estimated 1,200 tpd throughput after availabilities (89%). </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">Centrally located with access to diverse mineral sources and existing road and rail infrastructure, the Springer Mine and Mill is well situated to become a regional metallurgical complex. With established tailings and water management systems, the brownfield site provides significant opportunities to reduce capital and permitting timelines compared to a greenfield development.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The Springer </font><font style="font-family: Calibri; font-size: 9pt;">Project</font> <font style="font-family: Calibri; font-size: 9pt;">is planned to be advanced through a multi-phase work program in 2026. The initial phase will focus on a detailed review of available historical information, including drill logs, core where accessible, cross-sections, assay data and the existing block model covering the Sutton I and Sutton II </font><font style="font-family: Calibri; font-size: 9pt;">tungsten skarn deposits</font><font style="font-family: Calibri; font-size: 9pt;">. This work will be used to refine the current geological interpretation and to guide the design of a follow-up drilling program.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">Subject to the outcome of the data review, the Company plans to complete approximately 5,000 metr</font><font style="font-family: Calibri; font-size: 9pt;">e</font><font style="font-family: Calibri; font-size: 9pt;">s of resource evaluation drilling. The program is expected to include a combination of twinning, infill, and step-out drilling targeting the higher-grade scheelite skarn mineralization. Drilling will also test for base and precious metals, which have received limited attention in previous work and are largely absent from the existing dataset.</font></p>
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<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 10pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 11 -</font></p>
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<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>

















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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Calibri; font-size: 9pt;">A further phase of work is planned to assess additional mineralized horizons located to the east of the main<font>&#160;</font>skarn<font>&#160;</font>bodies. Historical work in these areas outlines multiple mineralized beds and indicates potential for resource growth, based on historic operations by General Electric when the mine was in production in the early 1980s.</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Calibri; font-size: 9pt;">Available information suggests that molybdenum and tungsten grades increase at depth; however, no systematic assays have been recorded for these elements, there is limited historical data regarding associated gold and copper mineralization, and no mineral resource has been defined<font>&#160;</font></font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Calibri; font-size: 9pt;">for molybdenum. The deposit setting also provides broader exploration potential, given the association of<font>&#160;</font>skarn<font>&#160;</font>mineralization with nearby porphyry, carbonate replacement, and epithermal systems.</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The Company purchased the site in February 2026 to provide processing capacity to support the development of the Blue Moon Mine and to establish a regional processing hub. Sitting on a large land package, Blue Moon believes there is significant room to expand the mill layout and add additional buildings to process multiple ore types and improve economies of scale to unlock and maximize the value of resources that would otherwise not support stand-alone processing facilities. Located only a few miles from both Interstate 80 and the Union Pacific rail line, the Springer complex is well connected to the transportation and logistics infrastructure to integrate with other operations, including Teck&#8217;s Trail Operations.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">On April 28, 2026, the Company announced it has entered into an agreement to acquire certain claims adjacent to the Springer Property for consideration of 188,199 common shares of the Company, US$1 million in cash and a sliding scale gross revenue royalty (&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">GRR</font><font style="font-family: Calibri; font-size: 9pt;">&#8221;). The claims included some historically identified veins including the Stank deposit, the O&#8217;Byrne deposits and a portion of the Sutton deposit. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">Apex </font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">Project </font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">(</font><font style="font-family: Calibri; font-size: 10pt; font-style: italic; font-weight: bold;">Utah, USA)</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">In March 2026, the Company cl</font><font style="font-family: Calibri; font-size: 9pt;">osed the previously </font><font style="font-family: Calibri; font-size: 9pt;">announced acquisition of the Apex property from a subsidiary of Teck</font><font style="font-family: Calibri; font-size: 9pt;">.</font> <font style="font-family: Calibri; font-size: 9pt;">The Apex </font><font style="font-family: Calibri; font-size: 9pt;">mine was a </font><font style="font-family: Calibri; font-size: 9pt;">historical </font><font style="font-family: Calibri; font-size: 9pt;">underground mine</font><font style="font-family: Calibri; font-size: 9pt;"> in Utah, which had previously been mined for copper oxide, and subsequently for germanium and gallium.</font><font style="font-family: Calibri; font-size: 9pt;"> This became the primary producer of gallium and germanium for the U</font><font style="font-family: Calibri; font-size: 9pt;">nited States</font><font style="font-family: Calibri; font-size: 9pt;"> when Musto </font><font style="font-family: Calibri; font-size: 9pt;">Explorations Ltd. brought it into production in the mid 1980&#8217;s and again with Hecla Mining Company in the 1990&#8217;s. During its peak year of operations, Apex produced 10,270 tons yielding 1,645 lb Ga, 5,634 lbs of Ge, and 224,800 lbs of Cu. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">Hecla completed a feasibility study in 1989, reporting a reserve of 230,200 tons of 0.100% Ge, 0.046% Ga and 1.6% Cu. A historical reserve estimate</font><font style="font-family: Calibri; font-size: 6pt; vertical-align: super;">1</font><font style="font-family: Calibri; font-size: 9pt;"> by Ken Krahulec in 2018 estimated 1 MT @ 0.087% Ge, 0.033% Ga, 1.8% Cu and 41 g/t Ag. The Ge and Ga are 10-100x higher grade than most Ge and Ga deposits</font><font style="font-family: Calibri; font-size: 9pt;">.</font><font style="font-family: Calibri; font-size: 9pt;"> Beyond the historical reserves, Hecla also identified several additional breccia bodies as prospective exploration targets, including the Paymaster, Cavern, and 500 North pipes, along with further oxide zones in the immediate mine area</font><font style="font-family: Calibri; font-size: 9pt;">.</font></p>
<p style="background-color: #ffffff; margin: 0pt; text-align: justify; text-indent: 18pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt;">Notes:</font></p>
<p style="margin: 0pt 0pt 6pt 27.35pt; text-align: justify; text-indent: -9.35pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 7pt; font-style: normal; font-weight: normal;">1.</font><font style="font: 7.0pt 'Times New Roman';">&#160;&#160;</font><font style="font-family: Calibri; font-size: 7pt;">A qualified person has not completed sufficient work to classify this historical estimate as current mineral resources or mineral reserves in accordance with </font><font style="font-family: Calibri; font-size: 7pt;">NI 43-101 and Blue Moon is not treating the historical estimate as current mineral resources or mineral reserves. In order to verify the historical estimates, the Company needs to engage a qualified person to review the historical data, review any work completed on the property since and complete a new technical report. Blue Moon views this historical data as an indicator of the potential size and grade of the mineralized deposits, and this data is relevant to Company&#8217;s future plans with respect to the property. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">Subject to renewed permits and with the intent to reopen the mine, the Company plans to fast track efforts to advance the technical studies, metallurgical testing, process flowsheets, permitting and community engagement to support a final investment decision. In parallel, Blue Moon is evaluating options for a new processing line at the Company&#8217;s Springer complex to process the Apex material and provide an integrated United States Ge and Ga value chain. </font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">In April 2026, the Company</font> <font style="font-family: Calibri; font-size: 9pt;">consolidated the land around the Apex property by </font><font style="font-family: Calibri; font-size: 9pt;">acquir</font><font style="font-family: Calibri; font-size: 9pt;">ing</font> <font style="font-family: Calibri; font-size: 9pt;">the Gage project located in Washington county, Utah, from a subsidiary of Liberty Gold Corp. </font><font style="font-family: Calibri; font-size: 9pt;">The Gage project consisted of 181 unpatented mining claims located on Bureau of Land Management lands and two SITLA leases, for a total area of about 6,000 hectares.</font><font style="font-family: Calibri; font-size: 9pt;"> The district is considered highly </font><font style="font-family: Calibri; font-size: 9pt;">prospective for modern exploration and discovery, including alteration mapping, regional geophysical surveys and drill-testing at depth. No modern exploration has been conducted on the other mapped breccia pipes (10 mapped) or regional prospects (9 mapped), in addition to numerous other areas not yet discovered. Previous drilling (1980, Musto) was focused on only a 600-foot vertical section of a single breccia pipe, and it is estimated that up to 10 pipes may be present, with many more regionally.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold;">QUALIFIED PERSON</font></p>
<p style="margin: 12pt 0pt 0pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">T</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">he</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> technical </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">and scientific </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">information contained in this MD&amp;A for the Company&#8217;s properties has been reviewed and approved by </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">Reza Eh</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">zani</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> P.Eng., </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">Senior Vice President, Projects</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> of the Company</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">, </font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">and</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> a non-Independent Qualified Person</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;">, as defined by NI</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal;"> 43-101.</font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 12 -</font></p>
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<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>

















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<p style="margin: 0px; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold;">General Exploration Expenses</font></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt;">The Company&#8217;s exploration expenses for the periods presented were as follows:</font></p>
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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>



















</td>
<td colspan="5" style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">For the </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">three months</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;"> ended March 31, </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">202</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">6</font></p>



















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<tr style="height: 37px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 37px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 7pt; font-weight: bold;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 37px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Nussir</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 37px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">NSG</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 37px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Blue Moon</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 37px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Springer</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 37px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Total</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">$</font></p>



















</td>






</tr>
<tr style="height: 17px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 35%; background-color: rgb(204, 238, 255); height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Claims costs</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; text-align: right; background-color: rgb(204, 238, 255); height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">3,995</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; text-align: right; background-color: rgb(204, 238, 255); height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">6,890</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; text-align: right; background-color: rgb(204, 238, 255); height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; text-align: right; background-color: rgb(204, 238, 255); height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; width: 10%; text-align: right; background-color: rgb(204, 238, 255); height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">10,885</font></p>



















</td>






</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Camp operations</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">2,356,448</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">163,330</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">1,197,892</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="color: #000000; font-family: Calibri; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">68,475</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">3,786,145</font></p>



















</td>






</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Development and site preparation</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">8,622,148</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">458,146</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">8,589,102</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;"><font style="color: #000000; font-family: Calibri; font-size: 12px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: right; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">80,808</font></font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">17,750,204</font></p>



















</td>






</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Engineering studies</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">2,866,307</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">39,973</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">526,471</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">68,332</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">3,501,083</font></p>



















</td>






</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Prospecting and geology</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">1,527,260</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: #cceeff; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">1,503,323</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">142,432</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">3,173,015</font></p>



















</td>






</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Permitting</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">140,052</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">140,052</font></p>



















</td>






</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; background-color: rgb(204, 238, 255); height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">TOTAL</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">15,376,158</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">668,339</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">11,956,840</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; background-color: rgb(204, 238, 255); height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">360,047</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; border-image: initial; text-align: right; background-color: rgb(204, 238, 255); height: 18px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">28,361,384</font></p>



















</td>






</tr>


























</table>

















<br>
<table cellspacing="0" cellpadding="0" style="height: 166px; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 85%;" width="85%">

<tr style="height: 15px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 15px;"><br></td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: center; height: 15px;" colspan="4"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Calibri; font-size: 9pt; font-weight: bold;">For the<font>&#160;</font></font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Calibri; font-size: 9pt; font-weight: bold;">three months ended</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Calibri; font-size: 9pt; font-weight: bold;"><font>&#160;</font>March 31,<font>&#160;</font></font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Calibri; font-size: 9pt; font-weight: bold;">202</font><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: Calibri; font-size: 9pt; font-weight: bold;">5</font></td>






</tr>
<tr style="height: 44px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 44px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 44px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Nussir</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 44px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">NSG</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 44px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Blue Moon</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">$</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 44px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Total</font></p>
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">$</font></p>



















</td>






</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Claims costs</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">1,200</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">2,190</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">6,459</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">9,849</font></p>



















</td>






</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; width: 45%;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Camp operations</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">192,989</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">23,623</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; width: 10%;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">17,845</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; width: 10%;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">234,457</font></p>



















</td>






</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Engineering studies</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">127,869</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">36,342</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">217,940</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: rgb(204, 238, 255);border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">382,151</font></p>



















</td>






</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Prospecting and geology</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">16,189</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">16,189</font></p>



















</td>






</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Permitting</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: #cceeff;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">102,431</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 18px; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;border-right-width:1px; border-right-style:solid; border-right-color:rgb(0, 0, 0) !important;border-left-width:1px; border-left-style:solid; border-left-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">102,431</font></p>



















</td>






</tr>
<tr style="height: 17px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">TOTAL</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">322,058</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">62,155</font></p>



















</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: bottom; text-align: right; height: 17px;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">360,864</font></p>



















</td>
<td style="padding-left: 5.4pt;padding-right: 5.4pt;vertical-align: bottom;text-align: right;height: 17px;border-bottom-width: 1px;border-bottom-style: solid;border-bottom-color: #000000;border;border-left-width: 1px; #000000;border-r;border-left-style: solid;border-left-color: rgb(0, 0, 0) !important;border-right-color: rgb(0, 0, 0) !important;border-right-width: 1px;border-right-style: solid;">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">745,077</font></p>



















</td>






</tr>


























</table>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 13 -</font></p>
<div><hr class="horizontalLineRemoved" style="border-bottom-color: #000000; border-top-color: #000000; color: #000000; background-color: #000000;"/>
<div class="pageBreak" style="page-break-before: always;"><a href="#TOC"></a><br></div>

















</div>
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<table style="width: 100%; margin-left: 0.1px; font-family: 'times new roman'; font-size: 10pt;">

<tr>
<td style="width: 100%; padding: 0px 0px 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;"><font style="font-family: 'trebuchet ms', geneva; font-size: 9pt; font-weight: bold;"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Blue Moon Metals&#160;</font>Inc<font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">.</font></font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Management&#8217;s Discussion and Analysis</font><br><font style="color: #000000; font-family: 'trebuchet ms', geneva; font-size: 8pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">For the three months ended March 31, 2026</font></td>

















</tr>



































</table>
<p style="margin: 0pt; line-height: 1.2;"><br></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase;">R</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase;">esults of Operations</font><font style="font-family: Tahoma; font-size: 10pt; font-weight: bold; text-transform: uppercase;">&#160;</font><font style="font-family: Tahoma; font-size: 10pt; font-weight: bold; text-transform: uppercase;"><br></font></p>
<table cellspacing="0" cellpadding="0" style="height: 219px; border-collapse: collapse; margin: 0px auto; font-family: 'times new roman'; font-size: 10pt; width: 70%;" width="70%">

<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td colspan="2" style="padding-left: 5.25pt; padding-right: 5.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold; text-transform: uppercase;">Three months</font><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold; text-transform: uppercase;"> ended </font><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold; text-transform: uppercase;">March</font><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold; text-transform: uppercase;"> 31,</font></p>



















</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; vertical-align: middle; height: 10px;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; vertical-align: middle; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold; text-transform: uppercase;">202</font><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold; text-transform: uppercase;">6</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; vertical-align: middle; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt 0pt 6pt; text-align: center;"><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold; text-transform: uppercase;">202</font><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold; text-transform: uppercase;">5</font></p>



















</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; vertical-align: middle; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; vertical-align: middle; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold; text-transform: uppercase;">$</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; vertical-align: middle; height: 10px;border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;">
<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: 'Calibri bold'; font-size: 9pt; font-weight: bold; text-transform: uppercase;">$</font></p>



















</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; width: 50%; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Employee benefits</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">1,025,585</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; width: 10%; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">277,523</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Share-based payments</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">1,</font><font style="font-family: Calibri; font-size: 9pt;">196,452</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">264,437</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Professional and consulting fees</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">1,916,877</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">155,651</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">General exploration expenses</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">28,361,384</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">745,077</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Filing and regulatory fees</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">304,771</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">52,749</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">General administrative costs</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">323,828</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">41,232</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Shareholder communication and travel</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">292,477</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">105,944</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Depreciation</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">494,826</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">379</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Foreign exchange</font> <font style="font-family: Calibri; font-size: 9pt;">loss</font><font style="font-family: Calibri; font-size: 9pt;"> /</font> <font style="font-family: Calibri; font-size: 9pt;">(gain)</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">361,898</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">(8,226)</font></p>



















</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Interest</font><font style="font-family: Calibri; font-size: 9pt;"> and accretion</font><font style="font-family: Calibri; font-size: 9pt;"> expense</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">545,353&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">38</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-size: 9pt; font-family: calibri;">Accretion expense</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt;">327,875&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-size: 9pt; font-family: calibri;">-&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Interest income</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">(</font><font style="font-family: Calibri; font-size: 9pt;">371</font><font style="font-family: Calibri; font-size: 9pt;">,267</font><font style="font-family: Calibri; font-size: 9pt;">)</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">(146,445) </font></p>



















</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Other income</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">(</font><font style="font-family: Calibri; font-size: 9pt;">242,535</font><font style="font-family: Calibri; font-size: 9pt;">)</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: #cceeff;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">(14,219)</font></p>



















</td>

</tr>
<tr style="height: 13px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">Fair value gain</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">(</font><font style="font-family: Calibri; font-size: 9pt;">405,250</font><font style="font-family: Calibri; font-size: 9pt;">)</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 13px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">-</font></p>



















</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">NET LOSS</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;"> ATTRIBUTABLE TO:</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding: 0px 7px; height: 10px; vertical-align: bottom; background-color: rgb(204, 238, 255);border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="text-align: right;"><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Blue Moon Metals Inc. shareholders</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">3</font><font style="font-family: Calibri; font-size: 9pt;">3,242,820</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">1,423,059&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px; background-color: #cceeff;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Non-controlling interests</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">889,454</font><font style="font-family: Calibri; font-size: 9pt;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom; background-color: rgb(204, 238, 255);border-bottom-width:1px; border-bottom-style: solid; border-bottom-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt;">51,081&#160;</font></p>



















</td>

</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">Net loss</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">3</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">4,132,274</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font></p>



















</td>
<td style="padding-left: 5.25pt; padding-right: 5.25pt; height: 10px; vertical-align: bottom;border-top-width:1px; border-top-style: solid; border-top-color:rgb(0, 0, 0) !important;border-bottom-width:1px; border-bottom-style:solid; border-bottom-color:rgb(0, 0, 0) !important;" valign="bottom">
<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: right; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">&#160;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold;">1,474,140</font></p>



















</td>

</tr>





















</table>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>



















</div><div id="Djk9zi79j49jooojod7a2o" style="font-family: 'times new roman', times; font-size: 10pt; margin: 0pt; text-indent: 0pt;">
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-size: 10pt; text-indent: 0pt; font-family: Calibri; font-style: italic; font-weight: bold; line-height: inherit;">Results of operations for the</font><font style="font-size: 10pt; text-indent: 0pt; font-family: Calibri; font-style: italic; font-weight: bold; line-height: inherit;"> three months</font><font style="font-size: 10pt; text-indent: 0pt; font-family: Calibri; font-style: italic; font-weight: bold; line-height: inherit;"> ended </font><font style="font-size: 10pt; text-indent: 0pt; font-family: Calibri; font-style: italic; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 10pt; text-indent: 0pt; font-family: Calibri; font-style: italic; font-weight: bold; line-height: inherit;"> 31,</font><font style="font-size: 10pt; text-indent: 0pt; font-family: Calibri; font-style: italic; font-weight: bold; line-height: inherit;"> 202</font><font style="font-size: 10pt; text-indent: 0pt; font-family: Calibri; font-style: italic; font-weight: bold; line-height: inherit;">6</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon incurred a </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">net </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">loss </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of $3</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">3</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">242</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">820</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">($0.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">41</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> per common share) for th</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">e </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months ended March 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, compared to a loss of $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">1,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">423,059</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ($0.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">06</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> per common share) over the same period in 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">These factors contributed to the key differences in the comparative figures, as follows:</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Employee benefits and share based compensati</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">on increased by $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">748,062</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">932,015</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">respectively, during the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, compared to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the same period in 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. Th</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">e</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> increase</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> reflects the hiring of corporate personnel </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">required to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">advance financing, permitting and development planning</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> In the prior year, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Company </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">had </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">just acquired its Norwegian assets </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">half-way through the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">first quarter of 2025</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">had </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">not started to ramp up activities </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">at</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> all its assets.</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Professional fee</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s increased by $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">1,761,226</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> dur</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ing the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, compared to the same period in 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The increase </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">reflects higher legal and advisory costs related to corporate financing activities</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, due diligence costs</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and other general support</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the Springer </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and Apex </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">acquisition</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and increased regulatory and permitting activity associated with </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">all its projects</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> In the prior year, professional fees were </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">lower</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> as the Company</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ha</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">d</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> just acquired the Norwegian assets</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> during the quarter</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, and</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> had not yet explored </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">avenues of project fin</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ance and other </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">acquisitions.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Exploration expen</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ditures</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">increased by $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">27,616,3</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">07</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> during the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, compared to</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> same period in 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. This</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> increase</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> primarily reflects the technical</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and development</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> work undertaken to advance the Company&#8217;s key asset</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s as well as </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">tunnelling and drilling activities in both Nussir and Blue Moon, as the Company </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">completed its feasibility study work on Nussir</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> which was filed in April 2026, </font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">preparation for a</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> final decision to enter into development for Nussir</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, which was made by the Board in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">April</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 2026.</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Filing and regulatory fees increased by </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">2</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">52,022</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> during the three months ended March 31, 2026, as compared to the same period in 2025. This was attributable to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">increased TSX</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">V fees as the market capitalization grew, as well as the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">NADSAQ</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">listing, completed in January 2026.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Shareholder communication and travel increased by $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">186,5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">33</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> during the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, compared to the same period in 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, reflecting higher corporate </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and marketing </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">activities durin</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">g the period</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Deprecia</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">tion increased by $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">494,447</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> during the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, primarily reflecting the amortization of the fair value adjustment recognized i</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">n the purchase price allocation related to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">property, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">plant </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and equipment </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">included in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the REAS acquisition</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, as well as depreciation related to several lease arrangements and fixed assets at the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and Blue Moon</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font></p>
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<b style="mso-bidi-font-weight: normal;"><font style="font-size: 9pt;">Blue Moon Metals Inc.</font></b>


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<p style="margin: 0pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font style="font-size: 8pt; font-family: 'trebuchet ms', geneva; color: #595959;">Management&#8217;s
Discussion and Analysis</font></p>











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For the



















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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Interest inco</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">me increased by $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">224,8</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">22</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">during</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, compared to the same period in 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. The increase is </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">mainly</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> due to the Company&#8217;s higher cash balance resulting from the equity financings completed in 2025</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, while interest and accretion expense increased by $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">8</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">73,228</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> for the same period,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> a result of drawing down the first tranche from the Bridge Loan.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Other inco</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">me increased by $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">228,316</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> during the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, compared to the same period in 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, mainly due </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">income from the sale o</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">f aggregates and rental of</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> land</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">within the Nussir industrial area</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">A fair value gain of $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">405,250</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> was recorded during the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, reflecting the revaluation of the Company&#8217;s investment in Honey Badger Silver Inc., received as consideration in 2024 for the sale of the Yava property.</font></p>
<p style="margin: 0pt 0pt 10pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Liquidity and Capital Resources</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">For th</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">e </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;"> 31,</font></p>







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<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">202</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">6</font></p>







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<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">202</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">5</font></p>







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<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>







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<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font></p>







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<p style="margin: 0pt; text-align: left;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">C</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ash</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">provided by</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> (</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">used in</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">)</font></p>







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<p style="margin: 0pt; text-align: justify; text-indent: 9.9pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;</font></p>







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<p style="margin: 0pt 14.4pt 0pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;</font></p>







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<p style="margin: 0pt 0pt 0pt 24.5pt; text-align: justify; text-indent: -17.3pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Operating activities</font></p>







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<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(27,108,903</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">)</font></p>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">212,955</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">)</font></p>







</td>


</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 0pt 0pt 7.2pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Investing activities</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(25,130,705</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">)</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(14,103,406)</font></p>







</td>


</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 0pt 0pt 24.5pt; text-align: justify; text-indent: -17.3pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Financing activities</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">765,635&#160;</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">4,984,453</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;</font></p>







</td>


</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 0pt 0pt 17.1pt; text-align: justify; text-indent: -17.1pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Effects of foreign exchange on cash balances</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(887,715)</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(25,330)</font></p>







</td>


</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">CHANGE IN CASH</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">, CASH EQUIVALENTS</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;"> AND RESTRICTED CASH</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">(52,361,688)</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">(9,357,238)</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>







</td>


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<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 0pt 0pt 17.1pt; text-align: justify; text-indent: -17.1pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Cash</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, cash equivalents</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and restricted cash &#8211; beginning</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">92,811,289&#160;</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 18px; vertical-align: middle; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">30,008,106</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;</font></p>







</td>


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<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt 0pt 0pt 8.1pt; text-align: justify; text-indent: -8.1pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">CASH</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">, CASH EQUIVALENTS</font> <font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">AND RESTRICTED </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">CASH</font> <font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">&#8211;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;"> ENDING</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">40,449,601&#160;</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; height: 10px; vertical-align: middle; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt 10.8pt 0pt 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">20,650,868</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>







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</table>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> had </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">40,449,601</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">in cash</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">cash equivalents</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and restricted cash</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">as </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">:&#160; </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">20,65</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0,868</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">). </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">As </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the Company had working capital</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">29,342,799</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> (202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">: </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">1</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6,923,045</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">A summary of the significant financings and other </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">activities</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> during the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> is provided </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">in the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">audited </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">consolidated </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">financial statements for the</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Operating </font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">a</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">ctivities</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The main components of cash flows used for operating activities are discussed in the Results of Operations section, above.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Investing</font> <font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">a</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">ctivities</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the Company used </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">net cash </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">25</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.1 m</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">illion</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> in investing activities. The primary components relate to the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Springer </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">acquisition</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> as well as </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">addition to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">property, plant and eq</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">uipment</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> completed in the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">period</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Financing </font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">a</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">ctivities</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the Company generated n</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">et cash of $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.8</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> million</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> from financing activities. </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Net </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">proceeds from the issuance of shares totalle</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">d $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">1.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">3</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">million. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">This included </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a follow-on equity investment by LNS of $1.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">2</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> million in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March 2026 as well as top-up by Hartree</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.1 million.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During the three months ended March 31, 2026, the Company paid $0.5 million in interest on the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">bridge loan.</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 15 -</font></p>
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<b style="mso-bidi-font-weight: normal;"><font style="font-size: 9pt;">Blue Moon Metals Inc.</font></b>


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<p style="margin: 0pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font style="font-size: 8pt; font-family: 'trebuchet ms', geneva; color: #595959;">Management&#8217;s
Discussion and Analysis</font></p>











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For the



















three


months ended March 31, 2026


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<p style="margin: 0pt 0pt 6pt; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0pt; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Equity placements</font></p>
<p style="margin: 0px; color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-size: 13.3333px; background-color: #ffffff; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">As<font>&#160;</font></font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of</font><font>&#160;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"><font>&#160;</font>31</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"><font>&#160;</font>the Company had completed f</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">our</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"><font>&#160;</font>private placements within the prior 12-month period,&#160;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">raising gross proceeds of $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">95.9</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;million</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;and net proceeds of approximately $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">89.7</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;million</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. The table below summarizes&#160;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">for each financing, the net proceeds raised,&#160;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the intended use of net proceeds</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,&#160;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the actual use of net proceeds up to&#160;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March 31</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, 2026</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;and the remaining amount to be spent</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">:</font></p>
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<p style="margin: 3pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Offering</font></p>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: top; height: 22px;" valign="top">
<p style="margin: 3pt 0pt; text-align: center; line-height: 1;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Net</font> </p>
<p style="margin: 3pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Proceeds</font></p>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: top; height: 22px;" valign="top">
<p style="margin: 3pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Expected</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;"> Use of Proceeds</font></p>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: top; height: 22px;" valign="top">
<p style="margin: 3pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Actual Use of Proceeds</font></p>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; border-top-color: #000000 !important; border-bottom-color: #000000 !important; vertical-align: top; height: 22px;" valign="top">
<p style="margin: 3pt 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Remaining / Reconciliation</font></p>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 28%; vertical-align: top; height: 33px; background-color: #cceeff;" valign="top">
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">May 8, 2025</font></p>
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;">(Private Placement of 376,833 Common Shares)</font></p>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 12%; vertical-align: top; height: 33px; background-color: #cceeff;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">$1.1M</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 22%; vertical-align: top; height: 33px; background-color: #cceeff;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">Exploration activities</font></p>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 19%; vertical-align: top; height: 33px; background-color: #cceeff;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">1.1</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">M</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; width: 19%; vertical-align: top; height: 33px; background-color: #cceeff;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">Nil</font></p>







</td>







</tr>
<tr style="height: 33px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 33px;" valign="top">
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">September 4, 2025</font></p>
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;">(Private Placement of </font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;">2,09</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;">2,173</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;"> Common Shares)</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 33px;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">$6.</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">9</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">M</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 33px;" valign="top">
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">General corporate and exploration activities</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 33px;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">6.9</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">M</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 33px;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="color: #000000; font-family: Calibri; font-size: 12px; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">Nil</font></p>







</td>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 47px; background-color: #cceeff;" valign="top">
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">October 1, 2025</font></p>
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;">(</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;">Bought deal public offering</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;"> of 26,220,000 Common Shares)</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 47px; background-color: #cceeff;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">$80.5M</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 47px; background-color: #cceeff;" valign="top">
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">General corporate, exploration and the advancement of the Company&#8217;s mineral properties</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 47px; background-color: #cceeff;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">$50.5M</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: top; height: 47px; background-color: #cceeff;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">$30.0M</font></p>







</td>







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<tr style="height: 47px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: top; height: 47px;" valign="top">
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">March 13, 2026</font></p>
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;">(</font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;">Private Placement of </font><font style="font-family: Calibri; font-size: 9pt; font-style: italic; font-weight: normal; line-height: inherit;">181,127 Common Shares)</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: top; height: 47px;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">1.3M</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: top; height: 47px;" valign="top">
<p style="margin: 3pt 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">General corporate and exploration activities</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: top; height: 47px;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">$1.3M</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; border-bottom-color: #000000 !important; vertical-align: top; height: 47px;" valign="top">
<p style="margin: 3pt 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; font-weight: normal; line-height: inherit;">1.3M</font></p>







</td>







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<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 16 -</font></p>
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<b style="mso-bidi-font-weight: normal;"><font style="font-size: 9pt;">Blue Moon Metals Inc.</font></b>


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<p style="margin: 0pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font style="font-size: 8pt; font-family: 'trebuchet ms', geneva; color: #595959;">Management&#8217;s
Discussion and Analysis</font></p>











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For the



















three


months ended March 31, 2026


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</table>
<p style="margin: 0pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><br><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">LIQUIDITY OUTLOOK</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">In </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">2025, the Company strengthened its liquidity position by raising over $125.5 million </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">in gross proceeds from equity financing</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s, including </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">follow-on equity investments from Hartree and LNS and the proceeds from the Company&#8217;s October bought-deal public offering, enabling the Company to ramp up activities at Blue Moon, Nussir and Sulitjelma properties and progress towards a construction decision</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> on Nussir</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. These funds </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">have </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">supported project advancement activities including early engineering, underground development and project evaluation work.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> In the three months ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March 31, 2026, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">about $1.3 million were raise</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">d in follow-on equity investments from LNS and Hartree. This was followed by the Offering of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$162.5 million </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">in gross proceeds from the Prospectus Offering and the concurrent Private Offering in May 2026.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">In addition</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> to the equity financings, a</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s part of the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">December 2024</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> financing, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Hartree subscribed to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$7.25 million shares in the Company and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">entered into an MOU with </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Company</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> to provide </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">funding for the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir Project</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ahead of project financing</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The financing package </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">included a bridge loan and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">an offtake</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> agreement </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">provid</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ed</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> for </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">pro-rata pre-emptive rights in respect</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">future </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">equity </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">financing</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Following the evaluation of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">project financing </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">proposals </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">from </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a number of</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">financial institutions and</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> operating companies</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Company entered into a </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">p</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">roject </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">f</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">inance </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">arrangement </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">with Hartree and Oaktree as</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> financing partners</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and in</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> August 2025</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> executed a project finance package of up to US$140 million consisting of:</font> </p>
<ul style="padding-inline-start: 2px;">
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 6pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">25 million Bridge Loan (first draw of US$12.5 million completed in September 2025),</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 6pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Up to US$20 million in equity</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> (first placement </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US$5 million </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">completed in September 2025)</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, and</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 6pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Project financing comprising a US$50 million senior secured term loan and a US$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">70 million redeemable precious metals stream.</font></li>







</ul>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Bridge Loan and initial equity placement </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">provide</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">d</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> near-term capital to support key early works and pre-construction activities including detailed engineering, procurement of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">long-lead items, underground development and operational readiness. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">For t</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">he project financing package</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">t</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">he availability of the remaining funding </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">is conditional on a final investment decision for the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">remains subject </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">customary approvals, due diligence and other closing conditions.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Bridge Loan is </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">fully secured and guaranteed by the Blue Moon</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> group. Blue Moon Metals Inc. provides a parent guarantee alongside guarantees from Keystone Mines Inc., Blue Moon Norway AS and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Repparfjord</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> Eiendom AS. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The facility has first-ranking security over the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir Project</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and related assets, security over the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> including a pledge of Keystone shares and associated security interests.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Bridge Loan,<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>which<font>&#160;</font>the Company had drawn on the first tranche of US$12.5 million in September 2025,<font>&#160;</font>matures on June 30, 2027, with repayment expected to occur upon the first draw under the senior secured term loan or redeemable precious metals stream.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">To date, t</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">he Company&#8217;s primary source of funding remains the issuance of common shares. As Blue Moon&#8217;s common shares are publicly traded, their market price is </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">subject</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> to factors beyond management&#8217;s control, including </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">fluctuations in commodity prices</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, foreign exchange rates</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and broader market conditions.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> To increase liquidity exposure to more shareholders, the Corporation </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">cross-listed on the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">NASDAQ </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">as from January </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">2</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">If capita</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">l is required during a period of share price weakness, the Company may face significant dilution to secure necessary funding or may be unable to raise sufficient capital to meet its obligations.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">In addition to equity financing, the Company may also pursue strategic alternatives such as royalty </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">sales </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">on its mineral properties</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, debt financing</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, stream financing</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">or divesti</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ture</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> of its investment of marketable securities </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">to help fund the Company&#8217;s capital needs while minimizing </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">equity </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">dilution.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Loss and comprehensive loss</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">th</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">e increase in loss</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and comprehensive loss, compared to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">previous</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">quarters, is primarily attributable to higher exploration and project advancement costs. </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">In comparison, e</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">xploration expenditures for </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the three months</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">were </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">much </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">lower</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">than the current year</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">mainly because </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Company closed its acquisitions of Nussir and NSG in February 2026</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and have yet begun to ramp up its expenditures on the two projects</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Cash and cash equivalents</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon raises funds, as required, in order to explore and develop its mineral properties and to conduct corporate activities.&#160; As a result, cash and cash equivalents are typically expected to decrease in periods where there is no financing transaction. The timing and amount of expenditures and financing transactions have caused the Company&#8217;s cash and cash equivalents balance to fluctuate from year to year.</font></p>
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<b style="mso-bidi-font-weight: normal;"><font style="font-size: 9pt;">Blue Moon Metals Inc.</font></b>


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<p style="margin: 0pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font style="font-size: 8pt; font-family: 'trebuchet ms', geneva; color: #595959;">Management&#8217;s
Discussion and Analysis</font></p>











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For the



















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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">year ended December 31,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 2025</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the Company </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">raised over $120 million in equity financing and in the first </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months of 2026, added another $1.3 million to its treasury. In May 2026, it closed a $156.2</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> million Offering, including a bought deal </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Prospectus Offering and a bought deal Private Placement Offering.</font></p>
<p style="margin: 12pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">S</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">u</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">m</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">mary of</font> <font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Q</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">uarterly </font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">R</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">esults</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The following table sets forth selected unaudited quarterly financial information derived from financial information for each of the eight most recent quarters.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 12pt; line-height: inherit;">&#160;</font></p>
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<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">As at and for the quarter ended</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10%;" valign="middle">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">3</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">1</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">-</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Mar</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">-2</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">6</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10%;" valign="middle">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">3</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">1</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">-</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Dec</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">-25</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10%;" valign="middle">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">30-Sept-25</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 17px; border-top-color: #000000 !important; border-bottom-color: #000000 !important; width: 10%;" valign="middle">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">30-Jun-25</font></p>







</td>


</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Loss and comprehensive loss</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">26,884,152</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">12,969,224</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$10,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">765,634</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$6,333,739</font></p>







</td>


</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Loss per share </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">attributable to Blue Moon shareholders </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8211; basic and diluted</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;" valign="middle">
<p style="font-size: 9pt; line-height: 108%; margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">72</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">36</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.18</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.12</font></p>







</td>


</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Cash and cash equivalents&#160; </font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">40,449,601</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">92,811,289</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">28,068,467</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">13,815,796</font></p>







</td>


</tr>
<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 18px;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Total assets</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 18px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">292,890,306</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 18px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">254,098,193</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 18px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">18</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">3,275,390</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; border-top-color: #000000 !important; border-bottom-color: #000000 !important; height: 18px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">162,991,490</font></p>







</td>


</tr>










</table>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;</font></p>
<table cellspacing="0" cellpadding="0" style="border-collapse: collapse; margin-left: 0px; font-family: 'times new roman'; font-size: 10pt; width: 100%; height: 75px;" width="100%">

<tr style="height: 18px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; width: 60%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: justify;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">As at and for the quarter ended</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; width: 10%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">31-Mar-25</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; width: 10%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">31-Dec-24</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; width: 10%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">30-Sep-24</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; width: 10%; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: center;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">30-Jun-24</font></p>







</td>


</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Loss and comprehensive loss</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$1,328,403</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$256,300</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$71,732</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 18px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$105,708</font></p>







</td>


</tr>
<tr style="height: 10px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Loss per share </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">attributable to Blue Moon shareholders </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8211; basic and diluted</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.06</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.06</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.02</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.04</font></p>







</td>


</tr>
<tr style="height: 18px; background-color: #cceeff;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Cash and cash equivalents</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">20,495,161</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">3,001,720</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">945,885</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 18px; border-bottom-color: #000000 !important; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">146,617</font></p>







</td>


</tr>
<tr style="height: 11px;">
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 11px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Total assets</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 11px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">165,979,266</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 11px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">32,372,944</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 11px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">1,666,323</font></p>







</td>
<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 11px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">866,308</font></p>







</td>


</tr>










</table>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Historically, t</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">he Company&#8217;s primary source of funding </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">has been</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">through the issuance of common shares</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, with activity levels closely tied to the strength of the capital markets.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> When capital markets are depressed, the Company&#8217;s activity level normally declines accordingly</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">stronger </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">markets </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">allow</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the Company</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">to secure equity financing on favourable terms, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">enabling expansion of its </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">exploration and development programs.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">In addition to equity financing, the Company may also explore alternative funding strategies, such as royalty agreements</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, stream financing</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> or divesting its investment in marketable securities</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, to support its growth objectives.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During the three months ended</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> March 31, 2026</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the Company </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">closed the acquisition of Springer and Apex. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$18 milli</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">on in cash was made to the seller of Springer to complete the acquisition. </font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During the three months ended December 31, 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Company received gross proceeds of $86.5 million from its bought-deal public offering</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> which included</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> a</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> $0.7 million</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> follow-on equity investment by LNS. These funds are intended to support the continued advancement and development of the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, ongoing exploration activities at Nussir and NSG and to provide working capital and general corporate funding.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During the three months ended September 30, 2025, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Company</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> completed the first draw</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> under</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the Bridge Loan</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and a concurrent equity investment</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. The Company drew US$12.5 million </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">under the Bridge Loan on September 4, 2025</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and received gross proceeds of US$5 million from a private placement with Oaktree</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> under its previously announced commitment of up to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">US$20 million.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">These funds have been </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">structured to provide working capital for the Nussir and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s and fund activities ahead of the Project Finance Package closing.</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During the three months ended </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">June</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 30, 2025</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the Company received gross proceeds of $1.13 million from a follow-on equity investment by LNS. Operationally, the Company advanced development activities at the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, including portal and underground development work, as well as site earthworks.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months ended</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">31, 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Company achieved several key milestones as it progressed from exploration toward project development. Notably, the Company completed the acquisitions of the Nussir and Sulitjelma projects in Norway, including the purchase of REAS which holds the surface </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">lease</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and infrastructure critical to the development of the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. At </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the Company completed a PEA and filed an updated MRE. A maiden NI 43-101 </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">technical report was filed for the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and a</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> maiden </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">MRE</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> was finalized for the Sulitjelma project. </font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">three months ended</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> December 31, 2024, the Company advanced a PEA and updated resource estimate at Blue Moon, completed a financing to support the Nussir and Sulitjelma acquisitions, and shifted toward a development-focused strategy. The Yava project was also divested</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and the Company recorded a gain of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$340,000</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> in its disposition.</font></p>
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<b style="mso-bidi-font-weight: normal;"><font style="font-size: 9pt;">Blue Moon Metals Inc.</font></b>


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<p style="margin: 0pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font style="font-size: 8pt; font-family: 'trebuchet ms', geneva; color: #595959;">Management&#8217;s
Discussion and Analysis</font></p>











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For the



















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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">During the three months ended<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>September<font>&#160;</font>30, 2024,<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>the Company completed a private placement for gross proceeds of $924,000.<font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: justify; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;"><font>&#160;</font></font>In prior periods, activities primarily involved baseline work<font>&#160;</font>in the<font>&#160;</font>Blue Moon Project<font>&#160;</font>to comply with permit and regulatory requirements.</font></p>
<p style="margin: 0pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">R</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">elated Party Transaction</font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Management compensation</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company&#8217;s related parties include its directors and officers, who are the key management of the Company.&#160; The remuneration of directors and officers during the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">periods </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">presented was as follows:</font></p>
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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">For the </font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">three months</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;"> ended </font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">March</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;"> 31,</font> </font></p>







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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">6</font></font></p>







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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">202</font><font style="font-size: 9pt; font-weight: bold; line-height: inherit;">5</font></font></p>







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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">&#160;</font></p>







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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">$</font></p>







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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">$</font></p>







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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">Wages and salaries</font></p>







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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">831,183</font></p>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; vertical-align: middle; height: 10px; background-color: #cceeff;" valign="middle">
<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">325,821</font></p>







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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">Consulting fees</font></p>







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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">540,541</font></p>







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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">-</font></p>







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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">Share-based payments</font></p>







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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri;"><font style="font-size: 9pt; line-height: inherit;">1,</font><font style="font-size: 9pt; line-height: inherit;">058,700</font></font></p>







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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; line-height: inherit;">245,391</font></p>







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<p style="margin: 0pt; text-align: justify; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">MANAGEMENT COMPENSATION</font></p>







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<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">2,430,424</font></p>







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<td style="padding-left: 5.4pt; padding-right: 5.4pt; border-top-width: 1px; border-top-style: solid; border-bottom-width: 1px; border-bottom-style: solid; vertical-align: middle; height: 10px; border-top-color: #000000 !important; border-bottom-color: #000000 !important;" valign="middle">
<p style="margin: 0pt; text-align: center; text-indent: 0pt;"><font style="font-family: calibri; font-size: 9pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">571,212</font></p>







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<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">As at </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, 20</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">2</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, no amounts are du</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">e to related parties (</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">- </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">nil</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">) of the Company.&#160; </font></p>
<p style="margin: 12pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Outstanding Share Data</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The table below summarizes the Company&#8217;s common shares and securities convertible into common shares as at </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">date</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> of this </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">MD&amp;A</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font></p>
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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>







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<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">As at </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">May&#160;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">14</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">, 202</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">6</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Common Shares</font></p>







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<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">104</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">656</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">492</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Stock Options</font></p>







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<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">7</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">59,667</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Deferred</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Share Units</font></p>







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<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">174</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,506</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Restricted</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> Share </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Units</font></p>







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<p style="margin: 0pt; text-align: right;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">439,581</font></p>







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<p style="margin: 12pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Contractual obligations</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"> AND CONTINGENCIES</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> has capital commitments as described in Note 20 </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;Commitments&#8221; in the Company&#8217;s Consolidated Financial Statements.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">As at </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the Company had total contractual </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">obligations and capital </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">commitments of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">83.8</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> million</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> on an undiscounted basis, comprising of the following:</font></p>
<ul style="padding-inline-start: 2px;">
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Capital commitments of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">62</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> million</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, primarily related to ongoing development</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> activities at the Nussir and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Lease obligations of $1.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">1</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> million, primarily related to the REAS industrial land</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> office </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and vehicles leases</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">; and</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Debt obligations of $20.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">2</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> million</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> related to the Company&#8217;s Bridge Loan facility.</font></li>






</ul>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">These commitments are expected to be settled </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">in the normal course of operations and will be funded through existing cash balances, as well as future </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">financing </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">activities.</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">In addition to the co</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">ntractual commitments outlined above, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">some of the Company&#8217;s mineral properties are subject</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">royalties, including</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">NSR</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> royalties.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Blue Moon Project</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Blue Moon Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> is subject to:</font></p>
<ul style="padding-inline-start: 2px;">
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 0.5% NSR royal</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">t</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">y </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">payable to Boliden AB </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">on certain patented claims (Tracts 1-3), with total payments capped at $500,000; and</font></li>
<li style="font-family: Symbol; font-size: 9pt; margin: 0pt 0pt 0pt 27.14pt; padding-left: 8.86pt; text-align: justify; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">a</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 3.0% NSR royalty on specific claims payable to the James W. Gann, Jr. Trust, with total payments capped at $200,000</font></li>






</ul>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">These royalties are payable upon the commencement of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">production </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">from the applicable claims</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"><br></font></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 19 -</font></p>
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<b style="mso-bidi-font-weight: normal;"><font style="font-size: 9pt;">Blue Moon Metals Inc.</font></b>


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<p style="margin: 0pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font style="font-size: 8pt; font-family: 'trebuchet ms', geneva; color: #595959;">Management&#8217;s
Discussion and Analysis</font></p>











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For the



















three


months ended March 31, 2026


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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Nussir </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">&amp; Sulitjelma </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Project</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">s</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Nussir Project</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> is subject to a net smelter return (&#8220;NSR&#8221;) royalty of 0.75% payable to Finnmarkseiendommen</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> state landowner in Finnmark, Norway. This comprises a statutory royalty and an additional 0.25% regional royalty applicable to projects in Finnmark.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> A similar </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">statutory </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0.5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">0</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">% NSR royalty applies to the Sulitjelma property.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Springer Property</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Springer property is subject to a 2.0% NSR </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">royalty payable to the vendor on production from the property.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Apex </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Mine</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Apex </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">mine and related mineral properties acquired by the Company, including the Apex property claims and additional Gage </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">licenses, are </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">subject to</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> certain royalty arrangements. The Apex property claims are subject to</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(i) a 0.5% NSR royalty granted to Teck Resources Limited as part of the acquisition and (ii) </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">an existing 3.0% NSR royalty on certain claims.</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The </font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">G</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">age </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">licenses are</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> subject to (i) a 2.0% NSR royalty on mineral production on claims not subject to SITLA leases, with an option for the Company to repurchase 1.0% of such royalty for a cash payment of US$2.0 million prior to commercial production, and (ii) a 4.0% royalty in respect of mineral production from claims subject to SITLA leases, and where the minerals are fissionable, the royalty increases to 8.0%.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Contingencies</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">As at </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the Company is not aware of any material environmental liabilities associated with its mining projects, including Blue Moon</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and Nussir</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, other than as described below.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company has recognized a provision related to reclamation obligations associated with aggregate extraction activities undertaken by a third party at the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">REAS</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> industrial site. The provision reflects the Company&#8217;s obligation in connection with these activities and is measured based on extraction actvitiy during the year. A corresponding restricted cash balance has been established in connection with these obligations. </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Management is not aware of any other material environmental or contingent liabilities that could have a significant impact on the finacial position or performance of the Company.</font></p>
<p style="margin: 0pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Financial Instrument Risk</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Board of Directors has overall responsibility for the establishment and oversight of the Company&#8217;s risk management framework.&#160; The Company has exposure to liquidity and credit risks from the use of financial instruments.&#160; Financial instruments consist of cash, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">restricted cash,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> receivable</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, due to related parties, accounts payable and accrued liabilities</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, which</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> approximate fair value due to the short</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">-</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">term nature of the instruments.</font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Liquidity risk</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they come due. Certain conditions cast significant doubt on the Company&#8217;s ability to meet its financial obligations. Refer</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> to</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> Liquidity and Capital Resources for more information regarding the Company&#8217;s liquidity risk. </font></p>
<p style="margin: 6pt 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Credit risk</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company is exposed to credit risk on its bank accounts, restricted cash and receivables. To reduce credit risk, substantially all cash is on deposit at Canadian chartered banks. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Restricted cash are deposits held by</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">BLM in California</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">FEFO</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the land management authority in Norway</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Receivables consist of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">value</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">-</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">added</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> tax receivable</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and other amounts due from government agencies. Accordingly, the Company considers its exposure to credit risk </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">to be </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">minimal.</font></p>
<p style="margin: 6pt 0pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Market Risk</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices.</font></p>
<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><br></p>
<p style="margin: 0px; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 20 -</font></p>
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<b style="mso-bidi-font-weight: normal;"><font style="font-size: 9pt;">Blue Moon Metals Inc.</font></b>


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<p style="margin: 0pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font style="font-size: 8pt; font-family: 'trebuchet ms', geneva; color: #595959;">Management&#8217;s
Discussion and Analysis</font></p>











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For the



















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months ended March 31, 2026


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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Interest rate risk </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company has cash balances which are not subject to significant risks in fluctuating interest rates. The Company&#8217;s current policy is to invest excess cash in investment-grade short-term deposit certificates issued by its banking institutions</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> or equivalent instruments</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. The Company periodically monitors the investments it makes and is satisfied with the credit ratings of its banks. An increase to interest rates by 1% would have an insignificant effect on the Company&#8217;s operations.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">At </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the Company held interest-bearing cash, cash equivalents and restricted cash of $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">40,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">610,011</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">(</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">December 31, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">: $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">9</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">2,963,414</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">). A 1% increase or decrease in interest rates, with all other variables held constant, would increase or decrease the Company&#8217;s net loss by approximately </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">40</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6,100</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> (202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">5</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">: $</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">9</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">29,634</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">). This is based on the Company&#8217;s interest-bearing balances at the reporting date. Restricted cash balances that do not earn interest have been excluded from this analysis.</font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Foreign currency risk </font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company is exposed to foreign currency risk on fluctuations related to cash, restricted cash, receivables, accounts payable and accrued liabilities, and capital expenditures that are denominated in U</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">S</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> dollars and Norwegian kroner.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The foreign currency translation differences recognized in other comprehensive income primarily relate to the translation of the Company&#8217;s foreign operations, including USD and NOK functional subsidiaries. The foreign exchange presented in the Company&#8217;s net loss primarily related to the revaluation of foreign currency denominated cash and cash equivalents held during the period, as well as the translation of the US$ denominated short-term bridge loan held in a NOK functional subsidiary.</font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Sensitivity </font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">a</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">nalysis</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company operates through subsidiaries in the United States and Norway and is exposed to foreign currency risk arising from fluctuations in exchange rates. The Company&#8217;s principal exposure relates to balances denominated in U</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">S</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> dollar and Norwegian krone relative to the Canadian dollar.</font></p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The following table illustrates the estimated impact on loss</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and comprehensive loss</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> before income taxes of a 10% change in the CAD exchange rate against the USD and NOK, based on the Company&#8217;s monetary financial instruments denominated in foreign currencies as at </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">March</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> 31, 202</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">6</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. </font></p>
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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Change</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Effect on Pre-Tax Loss</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Change</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">Effect on Pre-Tax Loss</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">USD</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">+10%</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">1,941,644</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">-10%</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$(</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">1,941,644</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">)</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">NOK</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">+10%</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">219,063</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">-10%</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$(</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">219,063</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">)</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">+10%</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$56,541</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">-10%</font></p>







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<p style="margin: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">$(56,461)</font></p>







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<p style="margin: 0px; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 6pt; line-height: 1.2;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">Market </font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">p</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; line-height: inherit;">rice risk </font></p>
<ol style="margin: 0pt; padding-left: 0pt; list-style-type: lower-roman;">
<li style="font-family: Calibri; font-size: 9pt; margin: 0pt 0pt 6pt 23pt; padding-left: 13pt; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Equity price risk</font></li>







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<p style="margin: 0pt 0pt 6pt 36pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Company is exposed to equity price risk through fluctuations in the market price of its own common shares and its holding of equity securities. Equity price risk is defined as the potential adverse impact on the Company&#8217;s earnings, or ability to obtain equity financing, due to movements in individual equity prices or broader stock market movements. </font></p>
<p style="margin: 0pt 0pt 6pt 36pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">In addition, the Company holds equity instruments which are held as marketable securities and are subject to equity price risk. The market price or value of these investments can vary </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">from</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> period to period.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> A 10% fluctuation in the quoted market price of marketable securities would have a minimal impact on the Company&#8217;s loss and comprehensive loss.</font></p>
<div style="margin: 0pt 0pt 6pt; padding-left: 0pt; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; padding-left: 13pt; text-align: justify; text-indent: 0pt; line-height: inherit; margin: 0pt 0pt 6pt 0pt !important;"><font style="line-height: inherit;">ii.&#160; &#160; &#160; &#160;&#160;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Commodity price risk</font></font></div>
<p style="margin: 0pt 0pt 0pt 36pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Commodity price risk is defined as the potential adverse impact on earnings and economic value due to commodity</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> price movements and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">volatility</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. The Company closely monitors commodity prices </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">across, base metals, precious metals and critical metals</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, individual equity movements, and the stock market to determine the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">appropriate course of action to be taken by the Company.</font></p>
<p style="margin: 0px; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></p>
<p style="margin: 0px; break-after: avoid; line-height: 1.2; text-indent: 0px; text-align: center;"><font style="color: #000000; font-family: 'times new roman', times; font-size: 13.3333px; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-indent: 0px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">- 21 -</font></p>
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<b style="mso-bidi-font-weight: normal;"><font style="font-size: 9pt;">Blue Moon Metals Inc.</font></b>


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<p style="margin: 0pt; text-align: justify; font-size: 12pt; font-family: 'Times New Roman', serif; text-indent: 0pt;"><font style="font-size: 8pt; font-family: 'trebuchet ms', geneva; color: #595959;">Management&#8217;s
Discussion and Analysis</font></p>











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For the



















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months ended March 31, 2026


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<p style="margin: 0px; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0px;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;"><br></font></p>
<p style="margin: 0pt 0pt 6pt; break-after: avoid; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">Forward-looking </font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">S</font><font style="font-family: Calibri; font-size: 10pt; font-weight: bold; text-transform: uppercase; line-height: inherit;">tatements</font> </p>
<p style="margin: 0pt 0pt 6pt; text-align: justify; line-height: 1.2; text-indent: 0pt;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">This Management Discussion and Analysis contains certain forward-looking statements concerning anticipated developments in </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Corporation</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8217;s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> operations in future periods. Statements that are not historical fact are forward looking information as that term is defined in NI 51-102 of the Canadian Securities Administrators. Certain forward looking information should also be considered future-oriented financial information (</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; font-weight: bold; line-height: inherit;">FOFI</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">) as that term is defined in NI 51-102.</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#160;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The purpose of disclosing FOFI is to provide a general overview of management&#8217;s expectations regarding the anticipated results of operations and capital expenditures. Forward-looking statements and information (referred to herein together as </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">forward-looking statements</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">) are frequently, but not always, identified by words such as </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">expects</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">anticipates</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">believes</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">intends</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">estimates</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">potential</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">possible</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and similar expressions, or statements that events, conditions or results </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">will</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">may</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">could</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> or </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8220;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">should</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8221;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> occur or be achieved. The material factors or assumptions used to develop forward-looking statements include prevailing and projected market prices and foreign exchange rates, exploitation and exploration estimates and results, continued availability of capital and financing, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">certainty that the conditions precedent to drawdown of project financing is achieved, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and general economic, market or business conditions and as more specifically disclosed throughout this document. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Statements related</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> to the Corporation&#8217;s plans and expectations</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> related to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">production, development and expansion plans</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, the performance of the project, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">estimation </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of Mineral Reserves and Mineral Resources</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">; the timing </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and amount of future production, the estimation of life of mine </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">are all </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">forward looking</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Forward-looking statements are statements about the future and are inherently uncertain, and actual achievements of </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Corporation</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and its subsidiaries may differ materially from those reflected in the forward-looking statements due to a variety of risks, uncertainties and other factors. </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">They include</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, but </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">are </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">not limited to, statements regarding: the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Corporation&#8217;s </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">plans to advance the projects </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">through additional exploration and technical studies, the timing of these </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">exploration activities, the recommended exploration wo</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">r</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">k program</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and the budget thereof, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">anticipated results of Technical Reports, </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the ability </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">of the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">Corporation </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">to </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">obtain the necessary funding and permit</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the ability to satisfy all conditions precedent to drawing down on project financing,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the ability to integrate the acquired companies and the maintenance of the social licences necessary to operate in the areas where the projects are located</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font></p>
<p style="margin: 0pt; text-align: justify; line-height: 1.2;"><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">The Corporation</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">&#8217;s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> forward-looking statements are based on the beliefs, expectations and opinions of management on the date the statements are made, and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Corporation</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> does not assume any obligation to update forward-looking statements if circumstances or management&#8217;s beliefs, expectations or opinions should change except as required by law. For the reasons set forth above, investors should not place undue reliance on forward-looking statements. Important factors that could cause actual results to differ materially from </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the Corporation</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">'s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> expectations include</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">, but are not limited to,</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> uncertainties involved in fluctuations in commodity prices and currency exchange rates; uncertainties relating to interpretation of drill results and geology, continuity and grade of mineral deposits; uncertainty of estimates of capital and operating costs, recovery rates, production estimates and estimated economic return; the need for cooperation of government agencies in the exploration and development of properties and th</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">e issuance of required permits;</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">anti-mining sentiments </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">in the community and juri</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">s</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">dictions where the projects are located</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> as well as </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">objections</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> of indigenous or </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">other tribal </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">communities</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">;</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> the possibility that</font> <font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">th</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">e conditions precedent to the closing</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> and drawdown</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> of the recently announced financing will</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> not</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;"> be met; </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">the </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">need to obtain additional financing to develop properties and uncertainty as to the availability and terms of future financing; the possibility of delay in exploration or development programs or in construction projects and uncertainty of meeting anticipated program milestones; </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">and </font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">uncertainty as to timely availability of permits and other governmental approvals</font><font style="font-family: Calibri; font-size: 9pt; line-height: inherit;">.</font></p>
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<DOCUMENT>
<TYPE>EX-99.3
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<DESCRIPTION>EXHIBIT 99.3
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<html><head><title></title><meta content="text/html"></meta></head><body><div class="content_container"><div id="Dqcei4tl6ipkcwyls1kddiu" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt; text-align: right; line-height: 1.2;"><font style="font-family: 'times new roman'; font-size: 10pt;">&#160;<font style="font-size: 11pt; font-weight: bold;">Exhibit 99.3</font></font></p>
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt; line-height: 1.2;"><font style="font-family: 'times new roman'; font-size: 10pt;">&#160;</font></p>
<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;"><font style="font-weight: bold; line-height: inherit;">Form 52-109</font><font style="font-weight: bold; line-height: inherit;">F2 &#8211; IPO/RTO</font></font></h4>
<h4 style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">Certification of </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">Interim</font><font style="font-style: italic; font-weight: bold; line-height: inherit;"> Filing</font><font style="font-style: italic; font-weight: bold; line-height: inherit;">s Following </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">An</font><font style="font-style: italic; font-weight: bold; line-height: inherit;"> Initial Public Offering, Reverse Takeover </font></font></h4>
<h4 style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;"><font style="font-style: italic; font-weight: bold; line-height: inherit;">Or Becoming </font><font style="font-style: italic; font-weight: bold; line-height: inherit;">A</font><font style="font-style: italic; font-weight: bold; line-height: inherit;"> Non-Venture Issuer</font></font></h4>
<h4 style="margin: 0pt; text-align: center;"><font style="font-family: 'times new roman', times; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</font></h4>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">I, <font style="font-weight: bold; line-height: inherit;">Christian Kargl-</font><font style="font-weight: bold; line-height: inherit;">Simard, Chief Executive Officer </font>of <font style="font-weight: bold; line-height: inherit;">Blue Moon Metals Inc.</font>, certify the following:</font></p>
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<td style="vertical-align: top; width: 4%;" valign="top"><font style="font-size: 11pt;">1.</font></td>
<td style="vertical-align: top; width: 94%;" valign="top"><font style="font-size: 11pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold; line-height: inherit;">Review:</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;I have reviewed the interim financial report and interim MD&amp;A (together, the &#8220;interim filings&#8221;) of Blue Moon Metals Inc. (the &#8220;issuer&#8221;) for the interim period ended March 31, 2026.</font></font></td>

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<td style="vertical-align: top;" valign="top"><font style="font-size: 11pt;">2.</font></td>
<td style="vertical-align: top;" valign="top"><font style="font-size: 11pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold; line-height: inherit;">No misrepresentations:</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</font></font></td>

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<td style="vertical-align: top;" valign="top"><font style="font-size: 11pt;">3.</font></td>
<td style="vertical-align: top;" valign="top"><font style="font-size: 11pt; line-height: inherit;"><font style="color: #000000; font-family: 'times new roman', times; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-style: italic; font-weight: bold; line-height: inherit;">Fair presentation:</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;">&#160;Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.</font></font></td>

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<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">Date: May 14, 2026</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;"><font style="font-style: italic; text-decoration: underline; line-height: inherit;">/s/</font> <font style="font-style: italic; text-decoration: underline; line-height: inherit;">&#8220;Christian Kargl-Simard&#8221;</font></font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">Christian Kargl-Simard</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'times new roman', times; font-size: 11pt; line-height: inherit;">Chief Executive Officer</font></p>
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<p style="margin: 0pt; padding-left: 4pt; padding-right: 4pt; padding-top: 1pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-decoration: underline;">NOTE TO READER</font></p>
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<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">In contrast to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">usual</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">certificate</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">required for</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">non-venture</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">issuers</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">under</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">National Instrument</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">52-109 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic;">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings </font><font style="font-family: 'Times New Roman'; font-size: 10pt;">(NI 52-109), namely, Form 52-109F2, this Form 52-109F2 &#8211; IPO/RTO does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as defined in NI 52-109.</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">In particular, the certifying officers</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">filing</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">this</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">certificate</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">are</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">not</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">making</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">any</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">representations</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">relating</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">to</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">the</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">establishment</font> <font style="font-family: 'Times New Roman'; font-size: 10pt;">and maintenance </font><font style="font-family: 'Times New Roman'; font-size: 9pt;">of</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">i)</font><font style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 9pt;">controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">ii)</font><font style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 9pt;">a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">The issuer&#8217;s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">Investors should be aware that inherent limitations on the ability of certifying officers of an issuer to design and implement on a </font><font style="font-family: 'Times New Roman'; font-size: 9pt;">cost effective</font><font style="font-family: 'Times New Roman'; font-size: 9pt;"> basis DC&amp;P and ICFR as defined in</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">NI 52-109 in the first financial period following</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 9pt;">completion of the issuer&#8217;s initial public offering in the circumstances described in s. 5.3 of NI 52-109;</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 9pt;">completion of a reverse takeover in the circumstances described in s. 5.4 of NI 52-109; or</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 9pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 9pt;">the issuer becoming a non-venture issuer in the circumstances described in s. 5.5 of NI 52-109;</font></p>
<p style="margin: 0pt; padding-bottom: 31pt; padding-left: 4pt; padding-right: 4pt;"><font style="font-family: 'Times New Roman'; font-size: 9pt;">may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.</font> </p>


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<DOCUMENT>
<TYPE>EX-99.4
<SEQUENCE>5
<FILENAME>ex994_4.htm
<DESCRIPTION>EXHIBIT 99.4
<TEXT>
<html><head><title></title><meta content="text/html"></meta></head><body><div class="content_container"><div id="Dqzhfb2rxjxoycndrufwe5" style="font-family: 'times new roman', times; font-size: 10pt; line-height: 1.2;">
<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt; text-align: right; line-height: 1.2;"><font style="font-family: 'times new roman'; font-size: 10pt;">&#160;<font style="font-size: 11pt; font-weight: bold;">Exhibit 99.4</font></font></p>
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<h4 style="margin: 0pt; page-break-after: avoid; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 11pt; font-weight: bold; line-height: inherit;">Form 52-109</font><font style="font-family: 'Times New Roman'; font-size: 11pt; font-weight: bold; line-height: inherit;">F2 &#8211; IPO/RTO</font></h4>
<h4 style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;">Certification of </font><font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;">Interim</font><font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;"> Filing</font><font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;">s Following An Initial Public Offering, Reverse Takeover </font></h4>
<h4 style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;">Or Becoming A Non-Venture Issuer</font></h4>
<h4 style="margin: 0pt; text-align: center;"><font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;">&#160;</font></h4>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt 0pt 12pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">I, </font><font style="font-family: 'Times New Roman'; font-size: 11pt; font-weight: bold; line-height: inherit;">Frances Kwong</font><font style="font-family: 'Times New Roman'; font-size: 11pt; font-weight: bold; line-height: inherit;">, Chief </font><font style="font-family: 'Times New Roman'; font-size: 11pt; font-weight: bold; line-height: inherit;">Financial</font><font style="font-family: 'Times New Roman'; font-size: 11pt; font-weight: bold; line-height: inherit;"> Officer </font><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">of</font> <font style="font-family: 'Times New Roman'; font-size: 11pt; font-weight: bold; line-height: inherit;">Blue Moon Metals Inc.</font><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">, certify the following:</font></p>
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<td style="width: 4%; vertical-align: top;" valign="top"><font style="font-size: 11pt;">1.</font></td>
<td style="width: 94%; vertical-align: top;" valign="top"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;">Review:</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 11pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; 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-webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">MD&amp;A</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">(together,</font><font style="color: #000000; font-family: 'times new roman', times; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important;">&#160;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; 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text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Blue Moon Metals Inc.</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;(the &#8220;issuer&#8221;) for the&#160;</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">interim period</font><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">&#160;ended&#160;</font><font style="font-size: 11pt;">March 31, 2026</font>.</font></td>


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<td style="vertical-align: top;" valign="top"><font style="font-size: 11pt;">2.</font></td>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;">No misrepresentations:</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 11pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; float: none; display: inline !important; line-height: inherit;"><font style="line-height: inherit;">&#160;</font></font><font style="font-size: 11pt;"><font style="color: #000000; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; line-height: inherit;">Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.</font></font></td>


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<td style="vertical-align: top;" valign="top"><font style="font-size: 11pt;">3.</font></td>
<td style="vertical-align: top;" valign="top"><font style="color: #000000; font-variant-ligatures: normal; font-variant-caps: normal; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; font-weight: bold; line-height: inherit;">Fair presentation:</font><font style="color: #000000; font-family: 'times new roman', times; font-size: 11pt; font-style: normal; font-variant-ligatures: normal; font-variant-caps: normal; font-weight: 400; letter-spacing: normal; orphans: 2; text-align: start; text-indent: -48px; text-transform: none; widows: 2; word-spacing: 0px; -webkit-text-stroke-width: 0px; white-space: normal; text-decoration-thickness: initial; text-decoration-style: initial; text-decoration-color: initial; 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<p style="margin: 0pt; font-family: 'times new roman'; font-size: 10pt;"><font style="font-family: 'Times New Roman'; font-size: 11pt;">&#160;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">Date: </font><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">May 14</font><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">, </font><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">202</font><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">6</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; text-decoration: underline; line-height: inherit;">/s/</font> <font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; text-decoration: underline; line-height: inherit;">&#8220;</font><font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; text-decoration: underline; line-height: inherit;">Frances Kwong</font><font style="font-family: 'Times New Roman'; font-size: 11pt; font-style: italic; text-decoration: underline; line-height: inherit;">&#8221;</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">Frances Kwong</font></p>
<p style="margin: 0pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">Chief </font><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;">Financial</font><font style="font-family: 'Times New Roman'; font-size: 11pt; line-height: inherit;"> Officer</font></p>
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<td class="pgno" style="padding: 0px; text-align: right;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">1</font></font></td>

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<p style="margin: 0pt;"><font style="font-family: 'Times New Roman'; font-size: 11pt;">&#160;</font></p>
<div style="border: 1pt solid #000000;">
<p style="margin: 0pt; padding-left: 4pt; padding-right: 4pt; padding-top: 1pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; text-decoration: underline; line-height: inherit;">NOTE TO READER</font></p>
<p style="margin: 0pt; padding-left: 4pt; padding-right: 4pt; text-align: center; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; font-weight: bold; line-height: inherit;">&#160;</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">In contrast to the </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">usual</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certificate</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">required for</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">non-venture</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">issuers</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">under</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">National Instrument</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">52-109 </font><font style="font-family: 'Times New Roman'; font-size: 10pt; font-style: italic; line-height: inherit;">Certification of Disclosure in Issuers&#8217; Annual and Interim Filings </font><font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">(NI 52-109), namely, Form 52-109F2, this Form 52-109F2 &#8211; IPO/RTO does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&amp;P) and internal control over financial reporting (ICFR), as defined in NI 52-109.</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">In particular, the certifying officers</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">filing</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">this</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">certificate</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">are</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">not</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">making</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">any</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">representations</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">relating</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">to</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">the</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">establishment</font> <font style="font-family: 'Times New Roman'; font-size: 10pt; line-height: inherit;">and maintenance </font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">of</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">i)</font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">ii)</font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer&#8217;s GAAP.</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">The issuer&#8217;s certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate.</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">Investors should be aware that inherent limitations on the ability of certifying officers of an issuer to design and implement on a cost effective basis DC&amp;P and ICFR as defined in</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">NI 52-109 in the first financial period following</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">completion of the issuer&#8217;s initial public offering in the circumstances described in s. 5.3 of NI 52-109;</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">completion of a reverse takeover in the circumstances described in s. 5.4 of NI 52-109; or</font></p>
<p style="margin: 0pt; padding-bottom: 6pt; padding-left: 4pt; padding-right: 4pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#8226;</font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">the issuer becoming a non-venture issuer in the circumstances described in s. 5.5 of NI 52-109;</font></p>
<p style="margin: 0pt; padding-bottom: 31pt; padding-left: 4pt; padding-right: 4pt; line-height: 1.2;"><font style="font-family: 'Times New Roman'; font-size: 9pt; line-height: inherit;">may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.</font> </p>



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<td class="pgno" style="padding: 0px; text-align: right;"><font style="font-size: 10pt;" class="pageno"><font class="pageno">2</font></font></td>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
