Announcement PDF For the Year Ended 31 December 2025 Annual Report ABN 12 145 184 667 www.criticalresources.com.au CORPORATE INFORMATION Critical Resources Limited – Annual Report 2025 1 DIRECTORS Mr Bilal Ahmad Non-Executive Chairman Mr Timothy Wither Managing Director Mr Joshua Gordon Non-Executive Director Mr Nigel Broomham Non-Executive Director Mr John Markovic Non-Executive Director COMPANY SECRETARY Mr Harry Spindler REGISTERED AND PRINCIPAL OFFICE Level 45, 108 St Georges Terrace Perth WA 6000 Telephone (08) 9389 4499 Website www.criticalresources.com.au POSTAL ADDRESS Level 45, 108 St Georges Terrace Perth WA 6000 AUDITORS BDO Audit Pty Ltd Level 9, Mia Yellagonga Tower 2 5 Spring Street Perth WA 6000 SHARE REGISTER Computershare Investor Services Pty Limited GPO Box 2975 Melbourne, VIC 3001 Telephone 1300 850 505 (03) 9415 4000 Critical Resources Limited shares are listed on the Australian Securities Exchange (ASX) ASX Code CRR ACN 145 184 667 ABN 12 145 184 667 In this report, the following definitions apply: “Board” means the Board of DirectorsSyntax Warning: Bad annotation destination of Critical Resources Limited “Critical” or the “Company” means Critical Resources Limited ABN 12 145184 667 “Group” means Critical Resources Limited and its controlled entities CONTENTS Critical Resources Limited – Annual Report 2025 2 DIRECTORS’ REPORT ............................................................................................................................................3 AUDITORS INDEPENDENCE DECLARATION....................................................................................................24 CONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME..................25 CONSOLIDATED STATEMENT OF FINANCIAL POSITION................................................................................26 CONSOLIDATED STATEMENT OF CASH FLOWS..............................................................................................27 CONSOLIDATED STATEMENT OF CHANGES IN EQUITY.................................................................................28 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS ............................................................................29 CONSOLIDATED ENTITY DISCLOSURE STATEMENT.........................................................................................52 DIRECTORS’ DECLARATION..............................................................................................................................53 INDEPENDENT AUDITOR’S REPORT...................................................................................................................54 ASX ADDITIONAL INFORMATION .....................................................................................................................58 DIRECTORS’ REPORT Critical Resources Limited – Annual Report 2025 3 The directors of Critical Resources Limited (‘Critical’ or the ‘Company’) (ASX: CRR) submit the financial report of the Company and its controlled entities (the ‘Group’) for the year ended 31 December 2025. DIRECTORS The names and particulars of directors who are in office at the date of this report: Mr Bilal Ahmad Non-Executive Chairman (appointed 28 February 2025) Mr Timothy Wither Managing Director & CEO (appointed CEO 14 May 2025, appointed MD 13 October 2025) Mr Joshua Gordon Non-Executive Director (appointed 12 March 2025) Mr John Markovic Non-Executive Director Mr Nigel Broomham Non-Executive Director The names and particulars of directors who are not in office at the date of this report but who held office during the financial year: Mr Robert Martin Non-Executive Chairman (resigned 28 February 2025) Directors have held office since the start of the financial year to the date of this report unless otherwise stated. COMPANY SECRETARY Mr Harry Spindler PRINCIPAL ACTIVITIES The principal activity of the Group during the financial year was mineral exploration and development across a range of projects but with particular emphasis on the Company’s Mavis Lake Lithium Project in Ontario, Canada, Gold Portfolio in New Zealand and Halls Peak Project in New South Wales, Australia. There were no significant changes in the nature of the Group’s principal activity during the financial year. The Company remains committed to advancing exploration and development efforts across its highly prospective critical metals tenement portfolio and next generation battery technologies for a sustainable future. RESULTS The result for the year ended 31 December 2025 attributable to members of the Company was a net loss after tax of $2,034,340 (2024; $2,395,315). As at 31 December 2025, the Group had cash and cash equivalents of $955,925 (2024; $2,797,202) and net assets of $28,645,982 (2024; $27,720,832). DIVIDENDS No amounts have been paid or declared by way of dividend during or since the end of the financial year. REVIEW OF OPERATIONS Overview The year ended 31 December 2025 was an active period for Critical Resources Limited across its portfolio of projects. The Company advanced its flagship Mavis Lake Lithium Project in Ontario, Canada, executed maiden drilling programs at its gold-antimony assets in New South Wales and New Zealand, and secured a strategic option over next-generation solid-state battery technology. Mavis Lake Lithium Project – Ontario, Canada Mavis Lake remains the cornerstone of the Company's portfolio, underpinned by an Inferred Mineral Resource of 8 million tonnes (Mt) at 1.07% Li₂O (ASX:CRR 5 May 2023) and a conceptual Exploration Target of 18–29Mt at 0.8–1.2% Li₂O. The 2024 drilling campaign delivered final assay results confirming resource DIRECTORS’ REPORT Critical Resources Limited – Annual Report 2025 4 expansion potential, with standout intercepts including 14.6m at 1.83% Li₂O (MF24-267), 11.7m at 1.28% Li₂O (MF24-268) and 34.9m at 1.02% Li₂O (MF24-248), all outside the current resource envelope. Drilling at the Tot Prospect extended spodumene-bearing pegmatite south and down-dip, with mineralisation remaining open in multiple directions. Total drilling at the project has exceeded 58,000 metres since acquisition. During the year the Company expanded its Ontario landholding to over 400km², adding approximately 80km² of adjacent prospective ground. SLR Consulting was appointed to develop an integrated environmental and permitting framework, and the Pathway Group was engaged as government relations adviser to support permitting and access to non-dilutive funding. An application was submitted for up to C$200,000 under Ontario's Junior Exploration Program. Environmental baseline studies and First Nations stakeholder engagement continued throughout the year, maintaining the project's development-ready status. • Inferred MRE: 8Mt at 1.07% Li₂O – open along strike and at depth. • Key 2024 campaign intercepts: 14.6m at 1.83% Li₂O; 11.7m at 1.28% Li₂O; 34.9m at 1.02% Li₂O. • Landholding expanded to over 400km² through acquisition and staking of adjacent claims. • SLR Consulting and Pathway Group appointed for permitting and government relations. Cautionary statement - The potential quantity and grade of the Exploration Target is conceptual in nature. There has been insufficient exploration to estimate a Mineral Resource, and it is uncertain if further exploration will result in the estimation of a Mineral Resource. Please refer to Exploration Target Cautionary Statement for further information as announced ASX:CRR announcement 22 May 2024. Ontario Lithium Portfolio – Graphic Lake & Vermilion Bay In addition to the Mavis Lake Lithium Project, the Company holds early-stage lithium exploration tenements at Graphic Lake and Vermilion Bay in Ontario, Canada. Graphic Lake is located approximately 55km southeast of Kenora and hosts a northeast-southwest trending pegmatite swarm with an estimated 5.5km strike length. Vermilion Bay is held within the broader Ontario lithium portfolio. Both projects are 100% owned by the Company. No material exploration activity was conducted at Graphic Lake or Vermilion Bay during the year ended 31 December 2025. All tenements were maintained in good standing as at the reporting date. The Company's current Ontario exploration focus is on the Mavis Lake Lithium Project, with Graphic Lake and Vermilion Bay available for systematic evaluation when resources and market conditions support prioritisation. • Graphic Lake: 100% owned; NE-SW trending pegmatite swarm; ~5.5km interpreted strike. • Vermilion Bay: 100% owned; held within the Ontario lithium portfolio. New Zealand – Gold Portfolio During the year, the Company established a new gold-antimony exploration portfolio in New Zealand through its wholly owned subsidiary, Goldfire Resources Ltd. The portfolio is focused on the Otago and Reefton regions, both of which are known for historical gold and antimony mineralisation (CRR: ASX 6 August 2025, 10 September 2025). The Cap Burn Gold Project (100%), located within the Otago Schist Belt approximately 11km from OceanaGold's Macraes mine, was acquired during the December 2025 quarter following ministerial consent and land access transfer. Inaugural reverse circulation drilling commenced prior to 31 December 2025. Five additional prospecting permit applications were acquired (90%) during the year to expand the portfolio (the Rock and Pillar, Silver Peaks, Lammerlaw, Tokomairiro and Croesus). • Cap Burn Gold Project acquired (Otago Schist Belt; ~11km from OceanaGold's Macraes mine). • Maiden RC drilling commenced at Cap Burn prior to year end. • Five additional NZ prospecting permit applications acquired. • Subsequent to reporting period – NZ Petroleum & Minerals approved permit transfers into Goldfire Resources Ltd; DOC granted Minimum Impact Activity approvals across four permits (CRR: ASX 26 March 2026). • Subsequent to reporting period - First-pass drilling confirmed a structurally controlled orogenic gold system at Cap Burn, with mineralisation open at depth. DIRECTORS’ REPORT Critical Resources Limited – Annual Report 2025 5 New South Wales – Halls Peak Projects The Halls Peak Projects include a base metals Inferred Mineral Resource of 884,000 tonnes at 3.7% Zn, 1.5% Pb, 0.44% Cu, 30g/t Ag and 0.1g/t Au (ASX:CRR 30 June 2023), together with the Amoco and Mayview gold-antimony prospects located in the New England Fold Belt. At the Amoco Gold-Antimony Project, field mapping completed in May 2025 confirmed mineralisation over approximately 1km of east-west strike, with rock chip samples returning up to 15.1g/t Au, 0.7% Sb and 53.1g/t Ag. A subsequent soil geochemistry program defined a coherent Au-As-Sb anomaly over approximately 2km of strike. A maiden reverse circulation program of 25 holes was executed from October 2025, and assay results received in December 2025 confirmed a substantial orogenic gold-antimony system with characteristics analogous to the Hillgrove deposit, approximately 19km to the northwest. At the Mayview Gold-Antimony Project, rock chip sampling returned grades of up to 52% Sb, and petrographic analysis confirmed orogenic Au-Sb system characteristics. Permitting with the NSW Resources Regulator progressed during the year. • Halls Peak Inferred MRE: 884,000t at 3.7% Zn, 1.5% Pb, 0.44% Cu, 30g/t Ag and 0.1g/t Au. • Amoco: Maiden RC drilling (25 holes) confirmed substantial orogenic gold-antimony system. • Amoco: Key surface assays up to 17.9g/t Au, 0.7% Sb, 80g/t Ag. • Mayview: Permitting advancing with NSW Resources Regulator. Battery Technology In November 2025, the Company secured a 12-month exclusive option with the South Dakota School of Mines & Technology (SDM) to evaluate a portfolio of next-generation solid-state lithium-ion battery technologies. The option covers five granted US patents and one pending patent, encompassing non-sulphide solid-state electrolytes, engineered cathode architectures and scalable glass-ceramic synthesis processes. The technology targets improved safety, energy density, cycle life and performance at elevated temperatures, addressing key barriers to commercial solid-state battery adoption. The option builds upon the Company's 2022 strategic investment in Volt Carbon Technologies (TSX-V: VCT). • Exclusive 12-month evaluation option secured over SDM battery technology IP (November 2025). • Covers 5 granted US patents and 1 pending patent across solid-state electrolyte and cathode technologies. • Subsequent to reporting period –Company accepted into NSF-supported Centre for Solid-State Electric Power Storage (CEPS). • Subsequent to reporting period – Formal six-month evaluation program commenced at SDM (February 2026). Sohar Copper Project - Oman The Sohar Copper Project covers approximately 1,006km² of the copper-rich Ophiolite belt near Sohar, Sultanate of Oman. The Company holds a 51% interest in Block 4 and a 65% interest in Block 5, which hosts a JORC 2012 Mineral Resource of 819,000 tonnes at 3.4% Cu, including a high-grade zone of approximately 500,000 tonnes at 4.5% Cu. During the year, the Company engaged with the Ministry of Energy and Minerals, Sultanate of Oman, regarding the status of the Block 4 and Block 5 exploration licences. During the December Quarter, the Company completed the technical reports requested by the Ministry of Energy and Minerals (MEM). Following submission of these studies, the Government renewed the Block 5 Mining Licences (Mahab 4 and Maqail South) for a further 5 years. The Company indirectly retains a majority shareholding and associated asset interests in Al Fairuz Mining LLC (AFM) and Al Thuraya Mining LLC (ATM). Discussions with in-country management regarding the future strategy and development options for the projects remain ongoing. • Block 5 JORC Resource: 819,000t at 3.4% Cu (including ~500,000t at 4.5% Cu high-grade zone). • Block 5 mining licences (Mahab 4 and Maqail South) were renewed for a further 5 years by the Ministry of Energy and Minerals. • Commercial assessment of the Sohar Copper Project ongoing. DIRECTORS’ REPORT Critical Resources Limited – Annual Report 2025 6 Project Generation While its principal focus remains expanding the resource base at Mavis Lake and advancing the exploration for antimony and gold mineralisation at its New Zealand and Australian projects, the Company continues to evaluate multiple value-adding critical minerals and technology opportunities globally. There is no certainty that current discussions will result in new project acquisitions. Mineral Resource Statement Halls Peak – Gibson Base Metals Project – Mineral Resources Statement JORC Classification Zn cut-off grade (%) Tonnage (Mt) Zn (%) Pb (%) Cu (%) Ag ppm Au ppm SG (calc) Indicated - - - - - - - - Inferred 2.0 0.84 3.7 1.5 0.44 30 0.1 2.80 Total Inferred 0.84 3.7 1.5 0.44 30 0.1 Table 1: Halls Peak JORC Code 2012 Mineral Resource Estimate (2023). Reported at a cut-off grade of 2% Zn for an open pit mining scenario. Estimation for the model is from the generation of a rotated block model, with blocks dipping 55>330o. Classification is according to JORC Code Mineral Resource categories. Refer to ASX announcement 30 June 2023. The Company’s Mineral Resources Statement has been compiled and is reported in accordance with the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC 2012 edition) and Chapter 5 of the ASX Listing Rules. Governance arrangements and internal controls for reporting its Mineral Resources Estimate includes reporting on an annual basis and in compliance with the 2012 Edition of JORC and the ASX Listing Rules. The Competent Persons are suitably qualified and experienced as defined in the 2012 Edition of JORC. The annual Mineral Resource Estimate in respect of the Halls Peak Project is based on, and fairly represents, information and supporting documentation prepared by a competent person and announced on ASX on 30 June 2023. There has been no change to the mineral resource from the previously reported mineral resource. No Ore Reserves have been reported. Mavis Lake Lithium Project - Mineral Resources Statement JORC Classification Li2O cut-off grade (%) Tonnage (Mt) Li2O (%) SG (calc) Indicated - - - - Inferred 0.3 8.0 1.07 2.80 Total Inferred 8.0 1.07 Table 2: Mavis Lake JORC Code 2012 Mineral Resource Estimate. Reported at a cut-off grade of 0.30% Li2O for an open pit mining scenario. Estimation for the model is by inverse distance weighting. Classification is according to JORC Code Mineral Resource categories. Refer to ASX announcement 5 May 2023, 8.0 Mt at 1.07% Li2O Maiden Mineral Resource at Mavis Lake. The Company’s Mineral Resources Statement has been compiled and is reported in accordance with the Australasian Code of Reporting of Exploration Results, Mineral Resources and Ore Reserves (the JORC 2012 edition) and Chapter 5 of the ASX Listing Rules. Governance arrangements and internal controls for reporting its Mineral Resources Estimate includes reporting on an annual basis and in compliance with the 2012 Edition of JORC and the ASX Listing Rules. The Competent Persons are suitably qualified and experienced as defined in the 2012 Edition of JORC. The annual Mineral Resource Estimate in respect of the Mavis Lake Project is based on, and fairly represents, information and supporting documentation prepared by a competent person and announced on ASX on 8 May 2023. There has been no change to the mineral resource from the previously reported mineral resource. No Ore Reserves have been reported. DIRECTORS’ REPORT Critical Resources Limited – Annual Report 2025 7 The Mavis Lake Exploration Target is derived from exploration potential at the Mavis Lake Main Zone (where the current MRE is located) while also introducing the exploration potential of the Northern Prospects, centered on the Gullwing and Tot pegmatites. The Exploration Target is based on interpretation of exploration completed to date (see summary of ASX releases below) and includes: • 287 diamond drill holes throughout the entirety of the Mavis Lake Project Area, including: o 44,179m of drill data generated by Critical Resources; o 6,829m of drilling data generated by other parties; and o 9,454m of drill core samples. • 2,032 samples taken at surface, from bedrock throughout the Mavis Lake Project Area; • 1,346 Mobile Metal Ion (MMI) Soil samples; • Regional and detailed geological mapping; • Airborne magnetics, radiometrics, very-low frequency (VLF) surveys; • Wireframing of inferred resource shapes at the Main Zone; and • Internal 3D geological modeling and wireframing for projection purposes. The Exploration Target includes the entirety of the Mavis Lake Project Area, but its primary focus is on known pegmatites that have proven significant lithium mineralisation from spodumene. Geological modelling and wireframing of the pegmatites included in the exploration model derived from inferred resource shapes, outcropping pegmatites including structural measurements and detailed geological interpretations. Tonnage was estimated by calculating the volume of the wireframes and multiplying by a density of 2.7 tonnes/m3. The weighted average grade was calculated from lithium assays from previous drilling and geochemical samples from the outcropping pegmatites at surface. Northern Prospects sample 159082, 157856, 347562 refer to ASX announcement dated 20 December 2022. Tot Pegmatite channel samples refer to ASX announcement dated 22 August 2024. Previously Reported Information This document contains information relating to the Mineral Resource estimate for the Mavis Lake Lithium Project, which is extracted from the Company’s ASX announcement dated 5 May 2023 and reported in accordance with the 2012 JORC Code and available for viewing at criticalresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in the original announcement and that all material assumptions and technical parameters underpinning the Mineral Resource estimate continue to apply and have not materially changed. This information in this report that relates to the Halls Peak Mineral Resource Estimate is extracted from the ASX market announcement dated 30 June 2023 and reported in accordance with the 2012 JORC Code and available for viewing at criticalresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in any original announcement and that all material assumptions and technical parameters underpinning the estimates in the original market announcement continue to apply and have not materially changed. This report contains information on the Mavis Lake Project extracted from ASX market announcements dated 25 October 2021, 16 June 2022, 21 July 2022, 13 September 2022, 25 October 2022, 31 October 2022, 20 December 2022, 23 January 2023, 9 February 2023, 27 March 2023, 3 April 2023, 18 May 2023, 16 June 2023, 27 June 2023, 17 July 2023, 24 July 2023, 21 August 2023, 13 September 2023, 19 September 2023, 19 October 2023, 24 October 2023, 2 November 2023, 15 November 2023, 13 February 2024, 18 March 2024, 17 April 2024, 2 May 2024, 22 May 2024, 29 May 2024, 2 July 2024, 8 July 2024, 24 July 2024, 22 August 2024, 28 October 2024, 30 October 2024, 2 December 2024, 27 June 2025 and 25 August 2025 and 27 November 2025 reported in accordance with the 2012 JORC Code and available for viewing at www.criticalresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in any original ASX market announcement. This report contains information on the Amoco and Halls Peak Project extracted from ASX market announcements dated 22 November 2021, 30 June 2023, 28 August 2024, 12 September 2024, 3 October 2024, 8 November 2024, 19 November 2024 4 December 2024, 16 December 2024, 12 February 2025, 20 March 2025, 4 June 2025, 2 July 2025, 18 September 2025, 1 October 2025 and 13 October 2025, 5 December 2025 and 9 February 2026 reported in accordance with the 2012 JORC Code and available for viewing at www.criticalresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in any original ASX market announcement. This report contains information on the New Zealand Projects (Cap Burn, Silver Peaks, Lammerlaw, Tokomairiro, Croesus and Rock and Pillar) extracted from ASX market announcements dated 6 August 2025, 8 September 2025, 10 September 2025, 4 December 2025 23 February 2026 and 25 March 2026 reported in accordance with the 2012 JORC Code and available for viewing at www.criticalresources.com.au. The Company confirms that it is not aware of any new information or data that materially affects the information included in any original ASX market announcement. DIRECTORS’ REPORT Critical Resources Limited – Annual Report 2025 8 Corporate The 2025 year saw the appointment of Mr Tim Wither as Chief Executive Officer in May 2025, and subsequently appointed Managing Director in October 2025, bringing over two decades of global mining leadership experience across operational, corporate, and capital markets functions. This leadership transition is already shaping a sharper strategic focus on high‑impact exploration and disciplined capital allocation. Additionally, the Company announced a number of changes to its Board of Directors strengthening the Company’s leadership. Mr Bilal Ahmad was appointed as Non-Executive Director and Chairman (effective 28 February 2025) and Mr Joshua Gordon was appointed Non-Executive Director of the Company (effective 12 March 2025). At the same time, the Company announced the resignation of Mr. Robert Martin as Chairman and Non- Executive Director (effective 28 February 2025). Throughout his tenure, Mr Martin has been a valued member of the Board providing valuable insights and guidance to the Company as a non-executive chairman, and we wish him all the best in his future endeavours. Messrs Wither, Ahmad and Gordon bring extensive leadership experience across the mining, resources, and corporate sectors, with a proven track record of driving strategic growth and delivering shareholder value. Their appointment strengthens the Company’s leadership framework and enhances its ability to navigate the next phase of exploration and project development, particularly as Critical Resources advances the Mavis Lake lithium project, newly acquired New Zealand gold projects, its Halls Peak gold antimony projects and newly secured next generation solid state battery evaluation technology portfolio, together with other key assets. These Board and Executive changes position Critical Resources with a refreshed leadership team, aligned to support its strategic focus on advancing its critical minerals portfolio. Critical Resources strengthened its balance sheet through a $1.1M placement at $0.004 per share, with free‑attaching options (exercise $0.008, expiring April 2028), $1.8M placement at $0.008 per share, with free‑attaching options (exercise $0.008, expiring April 2028), and completion of the second tranche of $200K of its November 2024 capital raising, following shareholder approval on 16 January 2025. The Company continues to evaluate multiple critical mineral opportunities globally and looks forward to updating shareholders as discussions progress. There is no certainty that current discussions will result in new project acquisitions. Environment, Social and Governance and Sustainability Critical Resources is committed to responsible mineral exploration and development across all jurisdictions in which it operates. The Company's approach to ESG is anchored in three core principles: respect for the environment and host communities, transparent governance, and compliance with applicable regulatory and reporting standards. At the Mavis Lake Lithium Project, the Company continued proactive engagement with local First Nations communities and the Metis Nation of Ontario throughout the year. This engagement is an integral part of the Company's development pathway and is being advanced in parallel with environmental baseline studies. The Company recognises that securing and maintaining the trust of Indigenous stakeholders is essential to the long-term success of the project and to meeting the requirements of any future permitting and development approvals. All exploration activities are conducted in accordance with the 2012 JORC Code and applicable Canadian and Australian regulatory requirements. The Company applies responsible exploration practices across its portfolio, including appropriate QAQC protocols, use of accredited independent laboratories, and transparent public reporting of results. Exploration programs in New South Wales and New Zealand were conducted in compliance with the requirements of the NSW Resources Regulator and New Zealand Petroleum & Minerals respectively, including all required landowner and regulatory approvals prior to commencement. • First Nations and Metis Nation of Ontario engagement ongoing at Mavis Lake • Environmental baseline studies progressing in support of future permitting at Mavis Lake • All exploration reported in accordance with the 2012 JORC Code DIRECTORS’ REPORT Critical Resources Limited – Annual Report 2025 9 • Exploration activities conducted with all required regulatory and landowner approvals in place Business Risks The Group, as an exploration and technology company, faces inherent risks in its activities which may materially affect its operations. Key risks identified which the Group are exposed to include: Future capital requirements; The Company has no operating revenue and is unlikely to generate any operating revenue unless and until the Projects are successfully developed and production commences. The future capital requirements of the Company will depend on many factors including its business development activities. In order to successfully develop the Projects and for production to commence, the Company will require further financing in the future, in addition to amounts raised to date. Any additional equity financing may be dilutive to Shareholders, may be undertaken at lower prices than the then market price (or Offer Price) or may involve restrictive covenants which limit the Company’s operations and business strategy. Debt financing, if available, may involve restrictions on financing and operating activities. Although the Directors believe that additional capital can be obtained, no assurances can be made that appropriate capital or funding, if and when needed, will be available on terms favourable to the Company or at all. If the Company is unable to obtain additional financing as needed, it may be required to reduce the scope of its activities and this could have a material adverse effect on the Company’s activities including resulting in the Claims being subject to forfeiture, and could affect the Company’s ability to continue as a going concern. The Company may undertake additional offerings of Securities in the future. The increase in the number of Shares issued and outstanding and the possibility of sales of such Shares may have a depressive effect on the price of Shares. In addition, as a result of such additional Shares, the voting power of the Company’s existing Shareholders will be diluted. Exploration and Development Risk Mineral exploration and development is a high-risk undertaking. There can be no assurance that exploration of the Projects or any other exploration properties that may be acquired in the future will result in the discovery of an economic resource. Even if an apparently viable resource is identified, there is no guarantee that it can be economically exploited due to various issues including lack of ongoing funding, land tenure, land use, adverse government policy, geological conditions, proximity