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(the "Company") was originally incorporated as Atlantic Resources Inc. in the State of Nevada on February 9, 2007, and is an exploration stage company.  On April 11, 2012, the Company merged with its wholly owned subsidiary, Patriot Minefinders Inc., a Nevada corporation, to effect a name change to Patriot Minefinders Inc. On January 14, 2015, the Company completed a name change to Rise Resources Inc. in the same manner. On March 29, 2017, the Company changed its name to Rise Gold Corp. These mergers were carried out solely for the purpose of effecting these changes of names.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span style="font-size: 10pt;">On September 18, 2020, the Company increased its authorized capital from 40,000,000 shares to 400,000,000 shares. </span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span style="font-size: 10pt;">On January 29, 2016, the Company completed an initial public offering in Canada and began trading on the Canadian Securities Exchange ("CSE") on February 1, 2016.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span style="font-size: 10pt;">The Company is in the early stages of exploration and as is common with any exploration company, it raises financing for its acquisition activities. The accompanying condensed interim consolidated financial statements have been prepared on the going concern basis, which presumes that the Company will continue operations for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. The Company incurred a loss of  $3,198,410 for the nine months period ended April 30, 2026, and has accumulated a deficit of $36,693,385. The ability of the Company to continue as a going concern is dependent on the Company's ability to maintain continued support from its shareholders and creditors and to raise additional capital and implement its business plan. There is no assurance that the Company will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. Based on working capital at April 30, 2026, management estimates that it does have sufficient funds to continue operations for the ensuing 12 months from the date of these financial statements.</span></span></p> <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-family: Times New Roman,Times,serif;"><span style="font-size: 10pt;">              On April 30, 2026, the Company had working capital surplus of $7,406,191 (July 31, 2025 - working capital surplus of $1,930,258).</span></span></p> </div> 40000000 400000000 -3198410 -36693385 7406191 1930258 <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>2.<span style="display: inline-block; width: 28pt;"> </span></b><b>BASIS OF PREPARATION</b></span></span></p> <div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Generally Accepted Accounting Principles</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">These unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("US GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") for financial information with the instructions to Form 10-Q and Regulation S-K. Results are not necessarily indicative of results which may be achieved in the future. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with Management's Discussion and Analysis, for the year ended July 31, 2025. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such SEC rules and regulations. These financial statements follow the same accounting policies in the annual financial statements. The operating results for the nine months ended April 30, 2026, are not necessarily indicative of the results that may be expected for the year ending July 31, 2026.</span></span></p> </div> <p style="margin: 0pt;"> </p> <div style="margin-top: 0px; margin-bottom: 0px;"> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Basis of Consolidation</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">These condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiary, Rise Grass Valley Inc. All significant intercompany accounts and transactions have been eliminated on consolidation.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><i>Subsidiaries</i></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The accounts of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Intercompany transactions, balances, and unrealized gains or losses on transactions are eliminated upon consolidation.</span></span></p> <p style="margin: 0pt;"> </p> <div> <div> <p style="margin-left: 35pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Use of Estimates</b></span></span></p> </div> <p style="margin-left: 35pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The preparation of these financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties and the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Actual results could differ from those estimates and would impact future results of operations and cash flows.</span></span></p> </div> <div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Generally Accepted Accounting Principles</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">These unaudited condensed consolidated interim financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("US GAAP") and the rules and regulations of the Securities and Exchange Commission ("SEC") for financial information with the instructions to Form 10-Q and Regulation S-K. Results are not necessarily indicative of results which may be achieved in the future. The unaudited condensed consolidated interim financial statements should be read in conjunction with the Company's Annual Report on Form 10-K, which contains the audited financial statements and notes thereto, together with Management's Discussion and Analysis, for the year ended July 31, 2025. Certain information and footnote disclosures normally included in the financial statements prepared in accordance with US GAAP have been condensed or omitted pursuant to such SEC rules and regulations. These financial statements follow the same accounting policies in the annual financial statements. The operating results for the nine months ended April 30, 2026, are not necessarily indicative of the results that may be expected for the year ending July 31, 2026.</span></span></p> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Basis of Consolidation</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">These condensed consolidated interim financial statements include the accounts of the Company and its wholly owned subsidiary, Rise Grass Valley Inc. All significant intercompany accounts and transactions have been eliminated on consolidation.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><i>Subsidiaries</i></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The accounts of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Intercompany transactions, balances, and unrealized gains or losses on transactions are eliminated upon consolidation.</span></span></p> <div> <div> <p style="margin-left: 35pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Use of Estimates</b></span></span></p> </div> <p style="margin-left: 35pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The preparation of these financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties and the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Actual results could differ from those estimates and would impact future results of operations and cash flows.</span></span></p> </div> <div> <div> <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>3.<span style="display: inline-block; width: 28pt;"> </span></b><b>CASH AND CASH EQUIVALENTS</b></span></span></p> </div> <p style="margin-left: 35pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">As at April 30, 2026, the balance of cash and cash equivalents is $7,962,924 (July 31, 2025: $2,783,348) of which $6,553,757 (July 31, 2025: $Nil) is cash equivalents related to U.S Treasury Bills.</span></span></p> </div> 7962924 2783348 6553757 0 <div> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>4.<span style="display: inline-block; width: 28pt;"> </span></b><b>PREPAID EXPENSES</b></span></span></p> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>April 30, 2026</b></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>July 31, 2025</b></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Current</b></span></span></td> <td style="vertical-align: bottom; background-color: #e6efff; text-align: right;"> </td> <td style="vertical-align: bottom; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b> </b></span></span></td> <td style="vertical-align: bottom; background-color: #e6efff; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b> </b></span></span></td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Insurance</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">7,041</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Deposits</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">75,000</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">63,399</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Investor relations</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">11,000</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">10,875</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">93,041</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">74,274</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table> </div> </div> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; border-top: 0.75pt solid #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>April 30, 2026</b></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>July 31, 2025</b></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Current</b></span></span></td> <td style="vertical-align: bottom; background-color: #e6efff; text-align: right;"> </td> <td style="vertical-align: bottom; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b> </b></span></span></td> <td style="vertical-align: bottom; background-color: #e6efff; text-align: right;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b> </b></span></span></td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Insurance</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">7,041</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Deposits</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">75,000</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">63,399</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Investor relations</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">11,000</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 12%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">10,875</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">93,041</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 12%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">74,274</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> </table> 7041 0 75000 63399 11000 10875 93041 74274 <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>5.<span style="display: inline-block; width: 28pt;"> </span></b><b>MINERAL PROPERTY INTERESTS</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company's mineral properties balance consists of:</span></span></p> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 17.8pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-indent: -12.4pt; white-space: nowrap;"> </td> <td colspan="3" style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Idaho-Maryland, California</span></span></td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">July 31, 2025</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">197,499</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">April 30, 2026</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">197,499</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;"> </td> </tr> </table> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Title to mineral properties</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Title to mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain mineral titles. Additionally, the potential for problems arising from the frequently ambiguous conveying history characteristic of many mineral properties also exist. As at April 30, 2026, the Company holds title to the Idaho-Maryland Gold Mine Property.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">As of April 30, 2026, the management does not consider that there are events or changes in circumstances to indicate that the carrying amount of the asset group may not be recoverable. As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and has incurred only acquisition and exploration costs.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Idaho-Maryland Gold Mine Property, California</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On August 30, 2016, the Company entered into an option agreement with three parties to purchase a 100% interest in and to the Idaho-Maryland Gold Mine property located near Grass Valley, California, United States; pursuant to the option agreement, in order to exercise the option, the Company was required to pay $2,000,000 by November 30, 2016. Upon execution of the option agreement, the Company paid the vendors a non-refundable cash deposit in the amount of $25,000, which was credited against the purchase price of $2,000,000 upon exercise of the option. On November 30, 2016, the Company negotiated an extension of the closing date of the option agreement to December 26, 2016, in return for a cash payment of $25,000, which was also credited against the purchase price of $2,000,000 upon exercise of the option. On December 28, 2016, the Company negotiated a further no-cost extension of the closing date of the option agreement to April 30, 2017. On January 25, 2017, the Company exercised the option by paying the net amount owing of $1,950,000 and acquired a 100% interest in the Idaho-Maryland Gold Mine property.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">In connection with the option agreement, the Company agreed to pay a cash commission of $140,000, equal to 7 per cent of the purchase price of $2,000,000; the commission was settled on January 25, 2017, through the issuance of 92,000 units valued at C$2.00 per unit. Each unit consists of one share of common stock and one transferable share purchase warrant exercisable into one share of common stock at a price of C$4.00 for a period of two years from the date of issuance. On January 24, 2019, these warrants expired unexercised. The Company also incurred additional transaction costs of $109,053, which have been included in the carrying value of the Idaho-Maryland Gold Mine.</span></span></p> <div style="margin-top: 0px; margin-bottom: 0px;"> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On January 6, 2017, the Company entered into an option agreement with Sierra Pacific Industries Inc. ("Sierra") to purchase a 100% interest in and to certain surface rights near Grass Valley, California, United States, contiguous to the Idaho-Maryland Gold Mine property acquired by the Company on January 25, 2017. Pursuant to the option agreement, in order to exercise the option, the Company was required to pay $1,900,000 by March 31, 2017. Upon execution of the option agreement, the Company paid the vendors a non-refundable cash deposit in the amount of $100,000, which was credited against the purchase price of $1,900,000 upon exercise of the option. On April 3, 2017, the Company negotiated an extension of the closing date of the option agreement to June 30, 2017, in return for a cash payment of $200,000, at which time a payment of $1,600,000 was due in order to exercise the option. On June 7, 2017, the Company negotiated an extension of the closing date of the option agreement to September 30, 2017, in return for a cash payment of $300,000, at which time a payment of $1,300,000 was due in order to exercise the option.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On May 14, 2018, the Company completed the purchase of the surface rights by making the final payment of $1,300,000.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">As at April 30, 2026, the Company has incurred cumulative expenditures of $9,921,166 on the Idaho-Maryland Gold Mine property as follows:</span></span></p> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-bottom: 0pt; text-align: right; border-top: 2.25pt double #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;">Nine months ended</span></span></span></span></p> <p style="margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;">April 30, 2026</span></span></span></span></p> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;">Year ended</span></span></span></span></p> <p style="margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;">July 31, 2025</span></span></span></span></p> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Idaho-Maryland Gold Mine expenditures:</span></span></td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Opening balance</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">9,636,334</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">9,539,814</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">    Consulting</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">213,014</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">64,000</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">    Drilling contractors and fees</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">37,901</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">    Geological</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">11,930</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">    Rent</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">21,393</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">28,473</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">    Supplies and office</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">594</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; border-bottom: 0.75pt solid #000000; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">4,047</span></span></td> <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total expenditures for the period</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">284,832</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 17%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">96,520</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Closing balance</span></span></td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">9,921,166</span></span></td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">9,636,334</span></span></td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> <p style="margin-top: 0pt; margin-bottom: 0pt;"> </p> <div style="margin-top: 0px; margin-bottom: 0px;"> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On October 1, 2024, the Company contracted to sell 66 acres of surface rights located adjacent to the Company's Idaho-Maryland Mine Property. The sale transaction is subject to two sale agreements with the same arm's length third party. The first agreement covers 16 acres of land for a total consideration of $1,800,000, and that contract closed on November 27, 2024, with the payment of half the sale price, minus certain deductions. The Company paid $816,941 of the proceeds towards the Eridanus loan. The other half of the purchase price ($900,000) is due on November 27, 2026. The buyer will pay monthly interest at an annual rate of 5% per year on the balance of the purchase price until it is paid in full. The $900,000 note receivable, which was secured by surface rights, had a fair value of $851,852 on November 27, 2024, calculated based on an estimated 8% market interest rate. On January 14, 2025, the Company and the buyer negotiated a discounted, accelerated payment whereby the Company received $702,000 in settlement of the second $900,000 payment due in November 2026. The carrying value of the note receivable on settlement date was $857,727, resulting in a loss on settlement of $155,727.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The second sale agreement covers 50 acres of land for a total sale price of $2,500,000 and closed on May 27, 2025, at which point half of the sale price was paid, with the other half due on May 27, 2027. The buyer paid $12,500 per month until closing, with the payments applied against the purchase price. Commencing on the closing date, the buyer will pay monthly interest at an annual rate of 5% per year on the balance of the purchase price until it is paid in full. Rise and the purchaser have also executed an option agreement whereby the Company may repurchase the 66 acres of land being sold for the sale price plus the cost of any capital improvements plus an increase of five percent per year on the condition that Rise acquires final government approvals to perform mining operations at the I-M Mine Property.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At April 30, 2026, the following is the continuity of the $1,250,000 note receivable:</span></span></p> <div style="margin-left: 36pt;"> <table border="1" cellpadding="3" cellspacing="0" style="border-collapse: collapse; font-size: 10pt; width: 70%; border-color: #000000;"> <tr> <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 1pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Discounted fair value on May 27, 2025</span></span></td> <td style="width: 30%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 1pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$ 1,183,128</span></span></td> </tr> <tr> <td style="vertical-align: top; border: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Interest income earned to July 31, 2025</span></span></td> <td style="border: 1pt solid #000000; width: 30%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$        5,573</span></span></td> </tr> <tr> <td style="vertical-align: top; border: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance at July 31, 2025</b></span></span></td> <td style="border: 1pt solid #000000; width: 30%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$ 1,188,701</b></span></span></td> </tr> <tr> <td style="vertical-align: top; border: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Interest income earned to April 30, 2026</span></span></td> <td style="border: 1pt solid #000000; width: 30%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$      25,077</span></span></td> </tr> <tr> <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 1pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance at April 30, 2026</b></span></span></td> <td style="width: 30%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 1pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$ 1,213,778</b></span></span></td> </tr> </table> </div> <p style="text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">              The estimated market interest rate used to discount the note receivable secured by the surface rights was 8%.</span></span></p> <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="padding-right: 5.4pt; padding-left: 17.8pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-indent: -12.4pt; white-space: nowrap;"> </td> <td colspan="3" style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Idaho-Maryland, California</span></span></td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">July 31, 2025</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">197,499</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">April 30, 2026</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">197,499</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; text-align: left; width: 2%;"> </td> </tr> </table> 197499 197499 1 2000000 25000 2000000 25000 2000000 1950000 1 140000 0.07 2000000 92000 2 4 109053 1 1900000 100000 1900000 200000 1600000 300000 1300000 1300000 9921166 <table cellpadding="0" cellspacing="0" style="width: 100%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="margin-bottom: 0pt; text-align: right; border-top: 2.25pt double #000000; vertical-align: bottom; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;">Nine months ended</span></span></span></span></p> <p style="margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;">April 30, 2026</span></span></span></span></p> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> <p style="margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;">Year ended</span></span></span></span></p> <p style="margin-top: 0pt; margin-bottom: 0pt;"><span style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;"><span style="font-family: Times New Roman, Times, serif; margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;"><span style="margin-top: 0pt; margin-bottom: 0pt;">July 31, 2025</span></span></span></span></p> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: justify;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Idaho-Maryland Gold Mine expenditures:</span></span></td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: center; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Opening balance</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">9,636,334</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">9,539,814</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">    Consulting</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">213,014</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">64,000</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">    Drilling contractors and fees</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">37,901</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">    Geological</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">11,930</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">    Rent</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">21,393</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">28,473</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">    Supplies and office</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">594</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; border-bottom: 0.75pt solid #000000; width: 17%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">4,047</span></span></td> <td style="vertical-align: bottom; text-align: left; border-bottom: 0.75pt solid #000000; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total expenditures for the period</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">284,832</span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 17%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">96,520</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 17%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Closing balance</span></span></td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">9,921,166</span></span></td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: right; width: 17%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">9,636,334</span></span></td> <td style="vertical-align: bottom; border-bottom: 2.25pt double #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> 9636334 9539814 213014 64000 37901 0 11930 0 21393 28473 594 4047 284832 96520 9921166 9636334 66 16 1800000 816941 900000 0.05 900000 851852 0.08 702000 900000 857727 -155727 50 2500000 12500 0.05 66 1250000 <table border="1" cellpadding="3" cellspacing="0" style="border-collapse: collapse; font-size: 10pt; width: 70%; border-color: #000000;"> <tr> <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 1pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Discounted fair value on May 27, 2025</span></span></td> <td style="width: 30%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 1pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$ 1,183,128</span></span></td> </tr> <tr> <td style="vertical-align: top; border: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Interest income earned to July 31, 2025</span></span></td> <td style="border: 1pt solid #000000; width: 30%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$        5,573</span></span></td> </tr> <tr> <td style="vertical-align: top; border: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance at July 31, 2025</b></span></span></td> <td style="border: 1pt solid #000000; width: 30%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$ 1,188,701</b></span></span></td> </tr> <tr> <td style="vertical-align: top; border: 1pt solid #000000; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Interest income earned to April 30, 2026</span></span></td> <td style="border: 1pt solid #000000; width: 30%; vertical-align: top; padding-right: 5.03pt; padding-left: 5.03pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$      25,077</span></span></td> </tr> <tr> <td style="padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 1pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance at April 30, 2026</b></span></span></td> <td style="width: 30%; padding-right: 5.03pt; padding-left: 5.03pt; vertical-align: top; border: 1pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$ 1,213,778</b></span></span></td> </tr> </table> 1183128 5573 1188701 25077 1213778 0.08 <div> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>6.<span style="display: inline-block; width: 28pt;"> </span></b><b>EQUIPMENT </b></span></span></p> <div style="margin-left: 0px;"> <table cellpadding="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Cost</b></span></span></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; border-top: 1.5pt solid #000000; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; border-top: 1.5pt solid #000000; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Drilling equipment </b></span></span></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; border-top: 1.5pt solid #000000; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2023</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">644,847</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2024</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">644,847</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2025 and October 31, 2025</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 22%; text-align: right;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Accumulated depreciation</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2023</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">116,382</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Depreciation</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">16,935</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2024</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">133,317</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Depreciation</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2025 and October 31, 2025</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Total carrying value, July 31, 2023</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>528,465</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total carrying value, July 31, 2024</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">511,530</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Assets held for sale</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(511,530</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Total carrying value, July 31,  2025 and April 30, 2026</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>-</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> </table> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Assets Held for Sale </b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">During the year ended July 31, 2024, the Company approved a plan to sell its drilling equipment. The drilling equipment had a net carrying amount of $511,530 and was reclassified as an asset held for sale, with no impairment loss recognized. In May 2025, the Company entered into an agreement to sell its drilling equipment for a sale price of $100,000 plus $100,000 in contingent payments. $100,000 was received in June 2025 and was recognized as a deposit liability. Subsequent payments of $50,000 payable for each of the two drilling rigs sold may be received when each rig drills its first hole to a depth of 200m, no later than four months following delivery. In connection with the sale agreement, a loss of $411,530 on the sale of assets was recognized during the year ended July 31, 2025 ($311,530 as of April 30, 2025). The sale was completed when delivery occurred in October 2025, and the $100,000 deposit liability was derecognized.</span></span></p> </div> <table cellpadding="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; border-top: 1.5pt solid #000000; vertical-align: bottom; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Cost</b></span></span></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; border-top: 1.5pt solid #000000; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; border-top: 1.5pt solid #000000; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Drilling equipment </b></span></span></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; border-top: 1.5pt solid #000000; white-space: nowrap;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2023</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">644,847</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2024</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">644,847</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2025 and October 31, 2025</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 22%; text-align: right;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Accumulated depreciation</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2023</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">116,382</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Depreciation</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">16,935</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2024</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">133,317</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Depreciation</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">At July 31, 2025 and October 31, 2025</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">-</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Total carrying value, July 31, 2023</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>528,465</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"> </td> <td style="margin-top: 0pt; margin-bottom: 0pt; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Total carrying value, July 31, 2024</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">511,530</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Assets held for sale</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 1%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 22%; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(511,530</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 0.75pt solid #000000; vertical-align: bottom; width: 2%; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Total carrying value, July 31,  2025 and April 30, 2026</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 1%; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 22%; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>-</b></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; border-bottom: 1.5pt solid #000000; vertical-align: bottom; width: 2%; text-align: left;"> </td> </tr> </table> 644847 644847 0 0 0 116382 16935 133317 0 0 0 528465 511530 -511530 0 0 511530 100000 100000 100000 50000 -411530 -311530 100000 <div> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>7.<span style="display: inline-block; width: 28pt;"> </span></b><b>CONTINGENCY</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">During the year ended July 31, 2014, the Company entered into a binding letter of intent ("LOI") with Wundr Software Inc. ("Wundr"). Under the terms of the LOI, the Company would acquire 100% of the issued and outstanding common shares of Wundr. Due to unforeseen circumstances, the Company did not complete the transactions contemplated in the LOI, which the Company announced had expired on January 10, 2014. On September 17, 2014, the Company learned that it was the subject, along with a number of additional defendants, of a notice of civil claim (the "Claim") filed in the Supreme Court of British Columbia by Wundr, under which Wundr is seeking general damages from the Company as well as damages for conspiracy to cause economic harm. None of the allegations contained in the Claim have been proven in court.  Management has determined that the probability of the Claim resulting in an unfavourable outcome and financial loss to the Company is unlikely.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">In September 2024, the Company received a notice from the Community Environmental Advocates Foundation ("CEA") of intent to file a citizen suit against the Company for alleged violations of the Clean Water Act. The Company was not served with a summons and complaint filed in the citizen suit, and the Company was dismissed. The citizen suit proceeds, however, against Rise Grass Valley Inc, the subsidiary of the Company. On May 18, 2026, the District Court for the Eastern District of California entered an Order granting Summary Judgment as to liability against Rise Grass Valley, Inc. Trial on remaining issues in the lawsuit is scheduled for July 12, 2027. Litigation is ongoing. Rise Grass Valley Inc denies all allegations made in the citizen suit. Management has determined that no estimate of a loss event can be determined at this time in connection with the notice.</span></span></p> </div> 1 <div> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>8.<span style="display: inline-block; width: 28pt;"> </span></b><b>RELATED PARTY TRANSACTIONS</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Key management personnel consist of the Chief Executive Officer, Chief Financial Officer, and the directors of the Company. The remuneration of the key management personnel is as follows:</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">a)<span style="display: inline-block; width: 10pt;"> </span>During the nine-month period ended April 30, 2026, salaries of $72,000 (April 30, 2025 - $Nil) to the current CEO of the Company</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">b)<span style="display: inline-block; width: 10pt;"> </span>During the nine-month period ended April 30, 2026, consulting fees of $205,700 (April 30, 2025 - $99,000) to the former CEO of the Company.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">c)<span style="display: inline-block; width: 10pt;"> </span>During the nine-month period ended April 30, 2026, director fees of $78,667 (April 30, 2025 - $70,000) to directors of the Company.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">d)<span style="display: inline-block; width: 10pt;"> </span>During the nine-month period ended April 30, 2026, consulting fees of $51,504 (April 30, 2025 - $29,870) to a company controlled by the CFO of the Company.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">e)<span style="display: inline-block; width: 10pt;"> </span>During the nine-month period ended April 30, 2026, the Company paid $Nil (April 30, 2025 - $64,206) in professional and consulting fees to a company controlled by a former director of the Company.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">f)<span style="display: inline-block; width: 11pt;"> </span>Share-based compensation of $938,245 (April 30, 2025 - $258,415) for options, restricted share units.  and deferred share units ("DSUs") granted during the nine-month period ended April 30, 2026.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">g)<span style="display: inline-block; width: 10pt;"> </span>As at April 30, 2026, and July 31, 2025, $40,000 and $187,801 were owed to related parties, respectively.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">h)<span style="display: inline-block; width: 10pt;"> </span>During the nine-month period ended April 30, 2026, certain directors and officers purchased in a private placement of the Company an aggregate of 1,080,000 shares of the Company at a price of $0.25 per share for total gross proceeds of $270,000 ($Nil - April 30, 2025).</span></span></p> </div> 72000 0 205700 99000 78667 70000 51504 29870 0 64206 938245 258415 40000 187801 1080000 0.25 270000 0 <div> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>9.</b><span style="display: inline-block; width: 28pt;"> </span><b>LOANS PAYABLE</b></span></span></span></span></p> <div> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>a)<span style="display: inline-block; width: 10pt;"> </span><span style="text-decoration: underline;">Eridanus Loan</span></span></span></span></span></p> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-color: #000000; font-size: 10pt; margin-left: auto; margin-right: auto; width: 70%;"> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap; width: 85%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>Loan Payable</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>Balance, July 31, 2023</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>$</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>1,437,914</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; background-color: #e6efff; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Interest expense</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>299,228</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: right; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Accretion expense</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>120,918</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Repayment</span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>(200,000</span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>)</span></span></span></span></span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>Balance, July 31, 2024</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>$</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>1,658,060</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Interest expense</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>179,759</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Accretion expense</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>139,667</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Issuance costs</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>(154,351</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>)</span></span></span></span></span></span></td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Loss on settlment of loan</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>24,089</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Repayment</span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>(1,847,224</span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>)</span></span></span></span></span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>Balance, July 31, 2025 and April 30, 2026</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>$</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>-</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 2%;"> </td> </tr> </table> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>On September 3, 2019, the Company completed a debt financing with Eridanus Capital LLC ("Eridanus") for $1,000,000. The Eridanus loan has a term of 4 years and an annual interest rate of 10% for the first two years, increasing to 20% in year 3 and to 25% in year 4. Interest will accrue and be paid along with the principal upon the maturity date. Eridanus received 1,150,000 bonus share purchase warrants as additional consideration for advancing the Eridanus loan. The fair value of these warrants was calculated to be $444,942, which was netted against the loan payable balance, along with $15,000 paid to the lender for a total of $459,942 in issuance costs. Each warrant entitles the holder to acquire one share of common stock at an exercise price of $0.80 (C$1.00) for a period of three years from the date of issuance. The Eridanus loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. In addition, if total interest payments are less than $200,000, the difference will be paid to the Lender as prepayment compensation. The Eridanus loan is secured against the assets of the Company and its subsidiary.</span></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>In February 2023, the Company renegotiated its debt agreement with Eridanus whereby the Company agreed to pay $250,000 applied against unpaid and accrued interest and issue 575,000 share purchase warrants to Eridanus. The maturity date of the Eridanus loan has been extended by one year to September 4, 2024, and the interest rate has been reduced to 15% compounding monthly for a period of 12 months, after which it reverts to 25% per annum, compounding monthly. The renegotiation of the debt was accounted for as a non - substantial debt modification.</span></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Accordingly, no gain or loss was recorded and a new effective interest rate of 32.67% was established based on the carrying value of the debt and the revised cash flow. Each warrant entitles the holder to acquire one share at an exercise price of $0.60 for a period of two years from the date of issuance. The fair value of these warrants was calculated to be $154,218 which was netted against the loan payable balance.</span></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>In September 2024, the Company amended its debt agreement with Eridanus to extend an existing loan by one year to September 4, 2025, along with a reduction in interest rate to 15% per annum for a period of 12 months commencing September 4, 2024. Given that the renegotiation of the debt resulted in a change of the present value of the cash flow of less than 10%, the transaction has been recorded as a non-substantial debt modification for accounting purposes. The Company issued 1,700,000 share purchase warrants at an exercise price of US$0.115 to Eridanus as consideration for the extension. The share purchase warrants have a 4-year expiry period from the date of issuance. The fair value of these warrants was calculated to be $154,351 which was netted against the loan payable balance.</span></span></span></span></p> <div> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>The following weighted average assumptions were used for the Black-Scholes pricing model valuation of warrants:</span></span></span></span></p> <div> <div style="margin-left: 0px;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tr> <td style="width: 50%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 50%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: left; padding-left: 41.4pt; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>September 12, 2024</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"> </td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> <p style="margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Risk-free interest rate</span></span></span></span></p> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>2.72%</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Expected life of warrants</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>4 years</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Expected annualized volatility</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>133.99%</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Share price at grant date</span></span></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 41.4pt; width: 50%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.11</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Exercise price</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.115</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Fair value</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.091</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Dividend</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Nil</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Forfeiture rate</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>0%</span></span></span></span></td> </tr> </table> </div> </div> <p style="text-align: justify; margin-left: 36pt; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>In May 2025, the Company repaid the entire balance of the Eridanus loan.</span></span></span></span></p> <p style="margin-left: 65.65pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>b)<span style="display: inline-block; width: 10pt;"> </span></b><span style="text-decoration: underline;"><b>Myrmikan Loan</b></span></span></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>On October 10, 2024, the Company finalized a secured loan agreement with Myrmikan Gold Fund, LLC ("Myrmikan") for a $500,000 loan which will be used for the Company's working capital. The Myrmikan loan has a term of 4 years with an interest rate of 15% per annum with interest accruing and payable along with the principal upon maturity. The Company issued 2,882,514 share purchase warrants at an exercise price of $0.1735 with a 4-year expiry period as additional consideration for advancing the Myrmikan loan.  The fair value of these warrants was calculated to be $334,423 which was netted against the loan payable balance. The Myrmikan loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. The Myrmikan loan will be secured against the assets of the Company and its subsidiary.</span></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>In May 2025, the Company repaid the entire balance of the Myrmikan loan.</span></span></span></span></p> <div style="margin-left: 65.65pt;"> <table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; border-collapse: collapse; border-color: #000000;"> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; border-top: 0.75pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>Balance, July 31, 2024</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>$</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff; border-top: 0.75pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>-</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-top: 0.75pt solid #000000;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Proceeds</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>500,000</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Interest expense</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>47,346</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Accretion expense</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>45,573</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Issuance costs</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>(334,423</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>)</span></span></span></span></td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Loss on settlement of loan</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>288,850</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Repayment</span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>(547,346</span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>)</span></span></span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>Balance, July 31, 2025 and April 30, 2026</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>$</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>-</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> </table> </div> <p style="margin-top: 0pt; margin-bottom: 0pt;"> </p> <div> </div> <div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>The following weighted average assumptions were used for the Black-Scholes pricing model valuation of warrants:</span></span></span></span></p> <div style="margin-left: 0px;"> <div> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>October 10, 2024</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"> </td> </tr> <tr> <td style="width: 50%; vertical-align: top; text-align: justify; background-color: #e6efff;"> <p style="margin-left: 40pt; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Risk-free interest rate</span></span></span></span></p> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>2.98%</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Expected life of warrants</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>4 years</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Expected annualized volatility</span></span></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 41.4pt; background-color: #e6efff; width: 50%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>139.40%</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Share price at grant date</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.14</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Exercise price</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.1735</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Fair value</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.116</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Dividend</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Nil</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Forfeiture rate</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>0%</span></span></span></span></td> </tr> </table> </div> </div> </div> </div> <table cellpadding="0" cellspacing="0" style="border-collapse: collapse; border-color: #000000; font-size: 10pt; margin-left: auto; margin-right: auto; width: 70%;"> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap; width: 85%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>Loan Payable</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; white-space: nowrap; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>Balance, July 31, 2023</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>$</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>1,437,914</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; background-color: #e6efff; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Interest expense</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>299,228</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: right; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Accretion expense</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>120,918</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Repayment</span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>(200,000</span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>)</span></span></span></span></span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>Balance, July 31, 2024</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>$</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>1,658,060</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Interest expense</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>179,759</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Accretion expense</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>139,667</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Issuance costs</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>(154,351</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>)</span></span></span></span></span></span></td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Loss on settlment of loan</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>24,089</span></span></span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>Repayment</span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>(1,847,224</span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span>)</span></span></span></span></span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 85%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>Balance, July 31, 2025 and April 30, 2026</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>$</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; background-color: #e6efff; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><span><span><b>-</b></span></span></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; width: 2%;"> </td> </tr> </table> 1437914 299228 120918 200000 1658060 179759 139667 154351 24089 1847224 0 0 1000000 P4Y an annual interest rate of 10% for the first two years, increasing to 20% in year 3 and to 25% in year 4. Interest will accrue and be paid along with the principal upon the maturity date. 0.10 0.20 0.25 P4Y 1150000 444942 15000 459942 0.8 1 200000 250000 575000 The maturity date of the Eridanus loan has been extended by one year to September 4, 2024, and the interest rate has been reduced to 15% compounding monthly for a period of 12 months, after which it reverts to 25% per annum, compounding monthly. The renegotiation of the debt was accounted for as a non - substantial debt modification. 0.15 0.25 0.3267 0.6 154218 0.15 0.10 1700000 0.115 P4Y 154351 <div> <div style="margin-left: 0px;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tr> <td style="width: 50%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 50%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: left; padding-left: 41.4pt; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>September 12, 2024</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"> </td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> <p style="margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Risk-free interest rate</span></span></span></span></p> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>2.72%</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Expected life of warrants</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>4 years</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Expected annualized volatility</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>133.99%</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Share price at grant date</span></span></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 41.4pt; width: 50%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.11</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Exercise price</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.115</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Fair value</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.091</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Dividend</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Nil</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Forfeiture rate</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>0%</span></span></span></span></td> </tr> </table> </div> </div> 2.72 4 133.99 0.11 0.115 0.091 0 0 500000 P4Y 0.15 2882514 0.1735 P4Y 334423 <table cellpadding="0" cellspacing="0" style="width: 100%; font-size: 10pt; border-collapse: collapse; border-color: #000000;"> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff; border-top: 0.75pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>Balance, July 31, 2024</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff; border-top: 0.75pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>$</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff; border-top: 0.75pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>-</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff; border-top: 0.75pt solid #000000;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Proceeds</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>500,000</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Interest expense</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>47,346</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Accretion expense</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>45,573</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Issuance costs</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>(334,423</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>)</span></span></span></span></td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Loss on settlement of loan</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>288,850</span></span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Repayment</span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>(547,346</span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>)</span></span></span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>Balance, July 31, 2025 and April 30, 2026</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>$</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span><b>-</b></span></span></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> </table> 0 500000 47346 45573 334423 288850 547346 0 0 <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>October 10, 2024</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"> </td> </tr> <tr> <td style="width: 50%; vertical-align: top; text-align: justify; background-color: #e6efff;"> <p style="margin-left: 40pt; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Risk-free interest rate</span></span></span></span></p> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>2.98%</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Expected life of warrants</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>4 years</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Expected annualized volatility</span></span></span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 41.4pt; background-color: #e6efff; width: 50%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>139.40%</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Share price at grant date</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.14</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Exercise price</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.1735</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Fair value</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>$0.116</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Dividend</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Nil</span></span></span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>Forfeiture rate</span></span></span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>0%</span></span></span></span></td> </tr> </table> 2.98 4 139.4 0.14 0.1735 0.116 0 0 <div> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>10.<span style="display: inline-block; width: 24pt;"> </span></b><b>CREDIT FACILITY</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On February 6, 2024, the Company entered into a revolving credit facility arrangement with an arm's length lender that also provides services to the Company. Pursuant to the arrangement, each month, the lender will defer and add to the loan principal an amount equal to half of the fees billed by the lender up to $1,000,000. Amounts loaned will bear interest at a rate of 12% per annum compounded annually and will be due four years from the date of the arrangement. The Company may repay any amounts owing under the credit facility at any time without penalty. In connection with the credit facility, the Company has issued 1,000,000 non-transferable share purchase warrants to the lender, with each warrant exercisable into one share of common stock of the Company at a price of $0.16 per share for a period of four years from the date of issuance. The fair value of these warrants was calculated to be $127,336. In addition, for each $100,000 loaned under the arrangement, the Company has agreed to issue to the lender 200,000 additional non-transferable warrants ("Additional Warrants"). Each Additional Warrant will be exercisable into one share of common stock of the Company at any time within a four-year period from the date of issuance at an exercise price equal to the market price of the shares of the Company on grant.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">In December 2025, the Company agreed with the lender to cancel the credit facility and paid the outstanding balance.</span></span></p> <div style="margin-top: 0px; margin-bottom: 0px;"> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The following are the continuity schedules of the Credit Facility and Deferred Financing asset:</span></span></p> <table cellpadding="0" cellspacing="0" style="width: 80%; font-size: 10pt; border-collapse: collapse; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, July 31, 2024</b></span></span></td> <td style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>116,130</b></span></span></td> <td style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Reclassification to accounts payable</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(63,796</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Principal amount</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">58,031</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Interest expense</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">5,008</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Issuance costs</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(31,610</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Accretion expense</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">45,238</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, July 31, 2025</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>129,001</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Principal amount</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">95,182</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Interest expense</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">3,915</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Issuance costs</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(8,018</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Accretion expense</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">8,018</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Repayment upon cancellation of credit facility</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(228,098</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, April 30, 2026</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>-</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: left; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; white-space: nowrap; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Deferred Financing Asset</b></span></span></td> <td style="vertical-align: bottom; text-align: left; white-space: nowrap; border-bottom: 0.75pt solid #000000;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, July 31, 2024</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>111,707</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Allocation to credit facility</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(36,079</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, July 31, 2025</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>75,628</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Accretion expense</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(8,018</span></span></td> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Impairment of deferred financing asset</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(67,610</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, April 30, 2026</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>-</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> </table> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The following weighted average assumptions were used for the Black-Scholes pricing model valuation of warrants:</span></span></p> <div> <div style="margin-left: 0px;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 77.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">February 5, 2024</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;"> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;"> </td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Risk-free interest rate</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">3.67%</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Expected life of warrants</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">4 years</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Expected annualized volatility</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 41.4pt; background-color: #e6efff; width: 50%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">122.71%</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Share price at grant date</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$0.16</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Exercise price</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$0.16</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Fair value</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$0.13</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Dividend</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Nil</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Forfeiture rate</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">0%</span></span></td> </tr> </table> </div> </div> </div> 1000000 0.12 1000000 0.16 127336 In addition, for each $100,000 loaned under the arrangement, the Company has agreed to issue to the lender 200,000 additional non-transferable warrants ("Additional Warrants"). <table cellpadding="0" cellspacing="0" style="width: 80%; font-size: 10pt; border-collapse: collapse; border-color: #000000; margin-left: auto; margin-right: auto;"> <tr> <td style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, July 31, 2024</b></span></span></td> <td style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>116,130</b></span></span></td> <td style="border-top: 1px solid #000000; border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Reclassification to accounts payable</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(63,796</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Principal amount</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">58,031</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Interest expense</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">5,008</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Issuance costs</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(31,610</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Accretion expense</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">45,238</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, July 31, 2025</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>129,001</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Principal amount</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">95,182</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Interest expense</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">3,915</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Issuance costs</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(8,018</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Accretion expense</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">8,018</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Repayment upon cancellation of credit facility</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(228,098</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, April 30, 2026</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>-</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; text-align: left; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left; white-space: nowrap; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: 0.75pt solid #000000;"> </td> <td style="vertical-align: bottom; text-align: right; white-space: nowrap; border-bottom: 0.75pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Deferred Financing Asset</b></span></span></td> <td style="vertical-align: bottom; text-align: left; white-space: nowrap; border-bottom: 0.75pt solid #000000;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, July 31, 2024</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>111,707</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Allocation to credit facility</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(36,079</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, July 31, 2025</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>75,628</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Accretion expense</span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(8,018</span></span></td> <td style="vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Impairment of deferred financing asset</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">(67,610</span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">)</span></span></td> </tr> <tr> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>Balance, April 30, 2026</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>$</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: right; width: 12%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>-</b></span></span></td> <td style="border-bottom: 1px solid #000000; vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> </table> 116130 63796 58031 5008 31610 45238 129001 95182 3915 8018 8018 228098 0 111707 36079 75628 -8018 67610 0 <div> <div style="margin-left: 0px;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; margin-left: auto; margin-right: auto;"> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 77.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">February 5, 2024</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;"> </td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;"> </td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Risk-free interest rate</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">3.67%</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Expected life of warrants</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">4 years</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Expected annualized volatility</span></span></td> <td style="margin-top: 0pt; margin-bottom: 0pt; padding-left: 41.4pt; background-color: #e6efff; width: 50%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">122.71%</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Share price at grant date</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$0.16</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Exercise price</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$0.16</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Fair value</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">$0.13</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Dividend</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Nil</span></span></td> </tr> <tr> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">Forfeiture rate</span></span></td> <td style="width: 50%; padding-right: 5.4pt; padding-left: 41.4pt; vertical-align: top; border-bottom: 2.25pt double #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">0%</span></span></td> </tr> </table> </div> </div> 3.67 4 122.71 0.16 0.16 0.13 0 0 <div> <div> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><b>11.<span style="display: inline-block; width: 24pt;"> </span>CAPITAL STOCK AND ADDITIONAL PAID-IN-CAPITAL </b></span></span></span></p> <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><b>Private Placements</b></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On May 8, 2025, the Company completed a non-brokered private placement of $3,000,000 through the issuance of 36,585,361 units at a price of $0.082 per unit, with each unit comprising one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one share of common stock at an exercise price of $0.15 for a period of three years from the date of issuance. Certain directors and officers of Rise, directly, through entities controlled by them, or through entities for which they exercise control or direction over investment decisions, purchased an aggregate of 9,904,196 units for gross proceeds of $812,144. The Company paid finder's fees of $3,000 and issued a total of 36,585 finder's warrants, with each finder's warrant entitling the holder to acquire one share of common stock at a price of $0.15 until May 8, 2028. The Company paid legal fees and other share issuance costs of $37,124 in connection with this financing.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On October 24, 2025, the Company completed a non-brokered private placement of $7,000,000 through the issuance of 28,000,000 units at a price of $0.25 per unit, with each unit comprising one share of common stock and one share purchase warrant. Each warrant entitles the holder to acquire one share of common stock at an exercise price of $0.45 for a period of three years from the date of issuance. Certain directors and officers of Rise, directly, through entities controlled by them, or through entities for which they exercise control or direction over investment decisions, purchased an aggregate of 1,080,000 units for gross proceeds of $270,000. The Company paid finder's fees of $1,500 and issued a total of 6,000 finder's warrants, with each finder's warrant entitling the holder to acquire one share of common stock at a price of $0.45 until October 24, 2028.</span></span></span></p> <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><b>Exercises under the Long-Term Incentive Plan</b></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On November 20, 2025, 1,650,000 stock options with an exercise price of $0.10 were exercised and converted to common stock.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On November 20, 2025, 1,000,000 deferred share units were exercised and converted to common stock.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On January 5, 2026, 250,000 restricted share units vested and were converted to common stock.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On February 23, 2026, 3,901,870 stock options with exercise prices ranging from $0.10 to $0.25 were exercised and converted to common stock.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On April 20, 2026, 62,500 restricted share units vested and were converted to common stock.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><b>Warrant exercises</b></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>During the nine-month period ended April 30, 2026, 309,000 warrants with an exercise price pf $0.158 were exercised and converted to common stock.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><b>Stock Options </b></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On November 20, 2025, the Company granted a total of 2,660,000 stock options to directors, officers, and consultants of the Company. The stock options are exercisable at a price of $0.18 per share until November 20, 2030. The Company recognized a share-based compensation expense of $415,737 in connection with this grant.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On October 30, 2025, the Company granted a total of 1,445,469 stock options to directors, officers, and consultants of the Company. The stock options are exercisable at a price of $0.25 per share until October 30, 2030. The Company recognized a share-based compensation expense of $277,411 in connection with this grant.</span></span></span></p> <div> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On May 22, 2025, the Company granted a total of 3,320,000 stock options to directors, officers, and consultants of the Company. The stock options are exercisable at a price of $0.10 per share until May 22, 2030. The Company recognized a share-based compensation expense of $366,870 in connection with this grant.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On March 25, 2025, the Company granted a total of 1,142,410 stock options to directors and officers of the Company. The stock options have a fair value of $81,455 and are exercisable at a price of $0.10 per share until March 25, 2030. 533,103 stock options were vested immediately, and 609,307 stock options originally vested over six calendar quarters but were accelerated to fully vest on May 22, 2025. The Company recognized a share-based compensation expense of $81,455 in connection with this grant.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On October 21, 2024, the Company granted a total of 1,006,750 stock options with a fair value of $106,859 to a consultant of the Company. The stock options are exercisable at a price of $0.11 per share until October 21, 2029.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On September 20, 2024, the Company granted 1,006,750 stock options to an officer of the Company. The stock options are exercisable at a price of $0.10 per share for a period of five years from the date of grant, subject to vesting, 25% vesting on the date of grant and 12% vesting every 3 months thereafter. On May 22, 2025 all unvested options were accelerated to fully vest. The Company recorded share-based compensation of $116,240 in connection with this grant.</span></span></span></p> </div> <div> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>The following incentive stock options were outstanding as at April 30, 2026:</span></span></span></p> <div> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="width: 10%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="width: 7.5%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Number<br/>of Options<br/>outstanding</span></span></span></td> <td style="width: 10%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="width: 10%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Weighted<br/>Average<br/>Exercise<br/>Price ($)</span></span></span></td> <td style="width: 10%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 31%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> <br/>Expiry Date</span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"> </td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>200,000</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.65</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; background-color: #e6efff; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> February 7, 2027 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>260,000</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.53</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> February 21, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>217,780</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.26</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; background-color: #e6efff; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> September 22, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>612,202</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.25</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> December 12, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>562,238</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.17</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; background-color: #e6efff; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> May 1, 2029 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>1,006,750</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.11</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> October 21, 2029 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>330,000</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.10</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; background-color: #e6efff; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> March 25, 2030 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>530,000</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.10</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> May 22, 2030 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>915,000</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.25</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; background-color: #e6efff; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> October 30, 2030 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2,660,000</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.18</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> November 20, 2030 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right; border-bottom: 2.25pt double #000000;"> </td> <td style="width: 7.5%; vertical-align: middle; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>7,293,970</span></span></span></td> <td style="width: 10%; vertical-align: top; border-bottom: 2.25pt double #000000; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>          0.20</span></span></span></td> <td style="width: 10%; vertical-align: top; border-bottom: 2.25pt double #000000; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; border-bottom: 2.25pt double #000000; background-color: #e6efff; text-align: justify;"> </td> </tr> </table> </div> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>As at April 30, 2026, the aggregate intrinsic value of the Company's stock options is $1,182,343 (July 31, 2025 - $443,246). As at April 30, 2026, the Company has 7,293,970 options issued, outstanding, and exercisable with a weighted average exercise price of $0.20.</span></span></span></p> <div> </div> <p style="text-indent: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Stock option transactions are summarized as follows:</span></span></span></p> <div> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Number of Options</span></span></span></td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Weighted Average<br/>Exercise Price ($)</span></span></span></td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding, July 31, 2024</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>5,578,511</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>$</span></span></span></td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.52</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Options granted</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>6,475,910</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.10</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Options expired and cancelled</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>(3,314,050</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>)</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.68</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding and exercisable, July 31, 2025</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>8,740,371</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>$</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.15</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Options granted</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>4,105,469</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.20</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Options exercised</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>(5,551,870</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>)</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.12</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding and exercisable, April 30, 2026</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>7,293,970</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>$</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.20</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>The following weighted average assumptions were used for the Black-Scholes pricing model valuation of stock options issued during the nine-month period ended April 30, 2026 and year ended July 31, 2025:</span></span></span></p> <div> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>November 20,<br/>2025</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>October 30,<br/>2025</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>May 22,<br/>2025</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;"> </td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Risk-free interest rate</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.80%</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.71%</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.96%</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Expected life of stock options</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Expected annualized volatility</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>154.54%</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>154.35%</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>149.96%</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Dividend</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Forfeiture rate</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0%</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0%</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0%</span></span></span></td> </tr> </table> </div> <p style="margin-top: 0pt; margin-bottom: 0pt;"> </p> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"> </td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>March 25,<br/>2025</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>October 21, 2024</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>September 30, 2024</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;"> </td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Risk-free interest rate</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.72%</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.98%</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.73%</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Expected life of stock options</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Expected annualized volatility</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>145.38%</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>135.38%</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>132.92%</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Dividend</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Forfeiture rate</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>0%</span></span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>0%</span></span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>0%</span></span></span></span></td> </tr> </table> </div> </div> <p style="margin: 0pt;"> </p> </div> <div> </div> <div> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt; margin-left: 36pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><b>Deferred Share Units ("DSUs)</b></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On October 30, 2025, the Company granted 1,365,854 DSUs to certain directors. The DSUs are fully vested and can be exercised and converted to shares upon termination of service. Based on the Company's October 30, 2025, share price of $0.21, a stock-based compensation of $286,829 was recognized. On November 20, 2025, 1,000,000 DSUs were converted to shares upon termination of service of the previous CEO. 365,854 DSUs are outstanding at April  30, 2026.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><b>Referred Share Units ("RSUs)</b></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On January 5, 2026, the Company granted 250,000 RSUs to the CEO of the Company. The RSUs were fully vested and converted to shares. Based on the Company’s January 5, 2026, share price of $0.28, a stock-based compensation of $70,000 was recognized. On April 1, 2026, 62,500 RSUs were granted to the CEO of the Company. The RSUs were fully vested and converted to shares on April 20, 2026. A stock-based compensation of $26,250 (based on a $0.42 share price on grant date) was recognized in connection with the April 2026 RSU grant. No RSUs are outstanding at April 30, 2026. Pursuant to an employment agreement between the Company and its CEO, the Company is committed to grant 375,000 RSUs between July 1, 2026 and October 1, 2027.</span></span></span></p> <p style="text-indent: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><b>Share-Based Payments</b></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>The Company has in place a Long-Term Incentive Plan which provide for the award of Restricted Share Units ("RSUs"), Performance Share Units ("PSUs"), Deferred Share Units ("DSUs"), Stock Appreciation Rights ("SARs") and options to purchase Shares ("Options" and together with RSUs, PSUs, DSUs and SARs, "Awards") to directors, officers, employees, management Company Employees, and consultants. The maximum aggregate number of Awards, at any point, shall not exceed 10% of the total number of issued and outstanding shares of the Company on a non-diluted basis at such point in time.</span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><b>Warrants</b></span></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>The following warrants were outstanding at April 30, 2026:</span></span></span></p> <div> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Number<br/>of Warrants</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Exercise<br/>Price ($)</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Expiry Date</span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2,873,170</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.16</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> April 9, 2027 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>1,849,212</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.16</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> April 29, 2027 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>1,000,000</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.16</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> February 5, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>18,329,266</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.15</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> May 8, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>1,700,000</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.12</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> September 12, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2,882,514</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.17</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> October 10, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>28,006,000</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.45</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> October 24, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>18,000,000</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.40</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> December 31, 2029 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>74,640,162</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.32</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify;"> </td> </tr> </table> </div> </div> <p style="margin: 0pt;"> </p> <div> </div> <p style="margin-left: 36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Warrant transactions are summarized as follows:</span></span></span></p> <div> <div style="margin-left: 36pt;"> <table border="0" cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Number of Warrants</span></span></span></td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Weighted Average<br/>Exercise Price ($)</span></span></span></td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding, July 31, 2024</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>16,711,575</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.41</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants granted</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>22,911,780</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.15</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants expired</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>(7,943,424</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>)</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.66</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding, July 31, 2025</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>31,679,931</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>$</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.16</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants granted</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>46,006,000</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.43</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants exercised</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>(309,000</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>)</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.16</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants expired</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>(2,736,769</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>)</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.26</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding, April 30, 2026</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>74,640,162</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>$</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.32</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants exercisable</span></span></span></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>56,640,162</span></span></span></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.30</span></span></span></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> </div> <p style="margin-left: 35.45pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>On March 3, 2026, the Company entered into a strategic development partnership (the “Agreement”) with Morgan Hughes Energy (“Morgan Hughes”) to advance the I-M Mine Property as a U.S.-based gold and critical-minerals project. Under the Agreement, Morgan Hughes will work alongside Rise Gold to advance development planning, support capital formation in connection with progressing the project toward operations and position the project within applicable domestic critical-minerals and industrial initiatives.</span></span></span></p> <p style="margin-left: 35.45pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Under the terms of the Agreement the Company issued to Morgan Hughes 18,000,000 warrants with an exercise price of $0.40 and an expiration date of December 31, 2029. The warrants are structured to vest and become exercisable upon the achievement of defined project advancement milestones associated with positioning the I-M Mine Property for development and operation.</span></span></span></p> <p style="margin-left: 35.45pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>9,000,000 warrants will vest upon designation by a US federal agency as a critical-minerals or national-security project. An additional 4,500,000 warrants will vest upon the issuance of a development funding letter. The remaining 4,500,000 warrants will vest upon the Company securing material development participation or capital commitments in connection with advancing the project toward operations during the term of the Agreement.</span></span></span></p> <p style="margin-left: 35.45pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>If material development participation or capital commitments are secured within 36 months of signing the Agreement, Rise Gold will pay Morgan Hughes a one-time development milestone payment of $1,500,000 in recognition of its role as a strategic development partner advancing the project toward production. If the Agreement expires without achievement of the defined milestones, Rise Gold shall pay Morgan Hughes a one-time project development reimbursement of $250,000, or, upon mutual agreement, issue 1,800,000 warrants exercisable for twelve months.</span></span></span></p> <p style="margin-left: 35pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>As of April 30, 2026, the Company has not  recognized compensation expense related to the warrants as the vesting is not yet considered probable.</span></span></span></p> </div> </div> 3000000 36585361 0.082 0.15 9904196 812144 3000 36585 0.15 37124 7000000 28000000 0.25 0.45 1080000 270000 1500 6000 0.45 1650000 0.1 1000000 250000 3901870 0.1 0.25 62500 309000 0.158 2660000 0.18 415737 1445469 0.25 277411 3320000 0.1 366870 1142410 81455 0.1 533103 609307 81455 1006750 106859 0.11 1006750 0.1 0.25 0.12 116240 <div> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="width: 10%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="width: 7.5%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Number<br/>of Options<br/>outstanding</span></span></span></td> <td style="width: 10%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="width: 10%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Weighted<br/>Average<br/>Exercise<br/>Price ($)</span></span></span></td> <td style="width: 10%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 31%; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> <br/>Expiry Date</span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"> </td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>200,000</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.65</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; background-color: #e6efff; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> February 7, 2027 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>260,000</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.53</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> February 21, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>217,780</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.26</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; background-color: #e6efff; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> September 22, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>612,202</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.25</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> December 12, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>562,238</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.17</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; background-color: #e6efff; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> May 1, 2029 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>1,006,750</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.11</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> October 21, 2029 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>330,000</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.10</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; background-color: #e6efff; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> March 25, 2030 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>530,000</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.10</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> May 22, 2030 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>915,000</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.25</span></span></span></td> <td style="width: 10%; vertical-align: top; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; background-color: #e6efff; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> October 30, 2030 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; text-align: right;"> </td> <td style="width: 7.5%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2,660,000</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.18</span></span></span></td> <td style="width: 10%; vertical-align: top; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> November 20, 2030 </span></span></span></td> </tr> <tr> <td style="width: 10%; vertical-align: middle; background-color: #e6efff; text-align: right; border-bottom: 2.25pt double #000000;"> </td> <td style="width: 7.5%; vertical-align: middle; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>7,293,970</span></span></span></td> <td style="width: 10%; vertical-align: top; border-bottom: 2.25pt double #000000; background-color: #e6efff; text-align: right;"> </td> <td style="width: 10%; vertical-align: middle; border-top: 0.75pt solid #000000; border-bottom: 2.25pt double #000000; background-color: #e6efff; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>          0.20</span></span></span></td> <td style="width: 10%; vertical-align: top; border-bottom: 2.25pt double #000000; background-color: #e6efff; text-align: justify;"> </td> <td style="width: 31%; vertical-align: top; border-bottom: 2.25pt double #000000; background-color: #e6efff; text-align: justify;"> </td> </tr> </table> </div> </div> 200000 0.65 2027-02-07 260000 0.53 2028-02-21 217780 0.26 2028-09-22 612202 0.25 2028-12-12 562238 0.17 2029-05-01 1006750 0.11 2029-10-21 330000 0.1 2030-03-25 530000 0.1 2030-05-22 915000 0.25 2030-10-30 2660000 0.18 2030-11-20 7293970 0.2 1182343 443246 7293970 0.2 <div> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Number of Options</span></span></span></td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Weighted Average<br/>Exercise Price ($)</span></span></span></td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding, July 31, 2024</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>5,578,511</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>$</span></span></span></td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.52</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Options granted</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>6,475,910</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.10</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Options expired and cancelled</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>(3,314,050</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>)</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.68</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding and exercisable, July 31, 2025</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>8,740,371</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>$</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.15</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Options granted</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>4,105,469</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.20</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Options exercised</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>(5,551,870</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>)</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.12</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding and exercisable, April 30, 2026</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>7,293,970</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>$</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.20</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> </div> 5578511 0.52 6475910 0.1 3314050 0.68 8740371 0.15 4105469 0.2 5551870 0.12 7293970 0.2 <div> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>November 20,<br/>2025</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>October 30,<br/>2025</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>May 22,<br/>2025</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;"> </td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Risk-free interest rate</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.80%</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.71%</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.96%</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Expected life of stock options</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Expected annualized volatility</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>154.54%</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>154.35%</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>149.96%</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Dividend</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Forfeiture rate</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0%</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0%</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0%</span></span></span></td> </tr> </table> </div> <p style="margin-top: 0pt; margin-bottom: 0pt;"> </p> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 70%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; white-space: nowrap;"> </td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>March 25,<br/>2025</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>October 21, 2024</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>September 30, 2024</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: justify;"> </td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right;"> </td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Risk-free interest rate</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.72%</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.98%</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2.73%</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Expected life of stock options</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> 5 years </span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Expected annualized volatility</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>145.38%</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>135.38%</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>132.92%</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Dividend</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Nil</span></span></span></td> </tr> <tr> <td style="width: 35%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Forfeiture rate</span></span></span></td> <td style="width: 16%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>0%</span></span></span></span></td> <td style="width: 18%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>0%</span></span></span></span></td> <td style="width: 17%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span><span>0%</span></span></span></span></td> </tr> </table> </div> </div> 0.028 0.0271 0.0296 P5Y P5Y P5Y 1.5454 1.5435 1.4996 0 0 0 0 0 0 0.0272 0.0298 0.0273 P5Y P5Y P5Y 1.4538 1.3538 1.3292 0 0 0 0 0 0 1365854 0.21 286829 1000000 365854 250000 0.28 70000 62500 26250 0.42 0.10 <div> <div style="margin-left: 36pt;"> <table cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt;"> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Number<br/>of Warrants</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Exercise<br/>Price ($)</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Expiry Date</span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2,873,170</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.16</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> April 9, 2027 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>1,849,212</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.16</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> April 29, 2027 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>1,000,000</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.16</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> February 5, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>18,329,266</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.15</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> May 8, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>1,700,000</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.12</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> September 12, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>2,882,514</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.17</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> October 10, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>28,006,000</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.45</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> October 24, 2028 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 0.75pt solid #000000; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>18,000,000</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: middle; text-align: right;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.40</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span> December 31, 2029 </span></span></span></td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>74,640,162</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: right; background-color: #e6efff;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-top: 0.75pt solid #000000; text-align: right; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.32</span></span></span></td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; text-align: justify; background-color: #e6efff;"> </td> </tr> <tr> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right;"> </td> <td style="width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right;"> </td> <td style="width: 9%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: right;"> </td> <td style="width: 10%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify;"> </td> <td style="width: 27%; padding-right: 5.4pt; padding-left: 5.4pt; vertical-align: top; border-bottom: 2.25pt double #000000; text-align: justify;"> </td> </tr> </table> </div> </div> 2873170 0.16 2027-04-09 1849212 0.16 2027-04-29 1000000 0.16 2028-02-05 18329266 0.15 2028-05-08 1700000 0.12 2028-09-12 2882514 0.17 2028-10-10 28006000 0.45 2028-10-24 18000000 0.4 2029-12-31 74640162 0.32 <div> <div style="margin-left: 36pt;"> <table border="0" cellpadding="0" cellspacing="0" style="width: 80%; border-collapse: collapse; font-size: 10pt; border-color: #000000;"> <tr> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: justify; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Number of Warrants</span></span></span></td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: center; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Weighted Average<br/>Exercise Price ($)</span></span></span></td> <td style="vertical-align: bottom; border-top: 2.25pt double #000000; border-bottom: 0.75pt solid #000000; text-align: right; white-space: nowrap;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding, July 31, 2024</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>16,711,575</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.41</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants granted</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>22,911,780</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.15</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants expired</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>(7,943,424</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>)</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.66</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding, July 31, 2025</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>31,679,931</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>$</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.16</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants granted</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>46,006,000</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.43</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants exercised</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>(309,000</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>)</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.16</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants expired</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>(2,736,769</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>)</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.26</span></span></span></td> <td style="vertical-align: bottom; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> <tr> <td style="vertical-align: bottom; border-bottom: 1.5pt solid #000000; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>Balance outstanding, April 30, 2026</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>74,640,162</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 1%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>$</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: right; width: 22%;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.32</span></span></span></td> <td style="vertical-align: bottom; border-top: 0.75pt solid #000000; border-bottom: 1.5pt solid #000000; text-align: left; width: 2%;"> </td> </tr> <tr style="background-color: #e6efff;"> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: justify; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>    Warrants exercisable</span></span></span></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>56,640,162</span></span></span></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 1%; background-color: #e6efff;"> </td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: right; width: 22%; background-color: #e6efff;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><span>0.30</span></span></span></td> <td style="vertical-align: bottom; border-bottom: 0.75pt solid #000000; text-align: left; width: 2%; background-color: #e6efff;"> </td> </tr> </table> </div> </div> 16711575 0.41 22911780 0.15 7943424 0.66 31679931 0.16 46006000 0.43 309000 0.16 2736769 0.26 74640162 0.32 56640162 0.3 18000000 0.4 9000000 4500000 4500000 1500000 250000 1800000 <div> <p style="text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>12.<span style="display: inline-block; width: 24pt;"> </span>SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">During the nine-month periods ended April 30, 2026, and 2025, the Company had the following non-cash financing and investing activities:</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">For the period ended April 30, 2026:</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">a)<span style="display: inline-block; width: 10pt;"> </span>The Company accrued $3,915 of interest expense as part of the outstanding balance of the credit facility.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">b)<span style="display: inline-block; width: 10pt;"> </span>Share issuance costs of $12,793 are included in accounts payable at April 30, 2026.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">c)<span style="display: inline-block; width: 10pt;"> </span>Note receivable of $1,213,778 at April 30, 2026, is for mineral property recovery.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">d)<span style="display: inline-block; width: 10pt;"> </span>Sale of equipment for $100,000 which offsets the deposit liability.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">e)<span style="display: inline-block; width: 10pt;"> </span>The Company allocated $8,018 to deferred financing asset.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">For the period ended April 30, 2025:</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">a)<span style="display: inline-block; width: 10pt;"> </span>The Company accrued $220,708 of interest expense as part of the outstanding balance of loan payable and credit facility.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">b)<span style="display: inline-block; width: 10pt;"> </span>The Company issued a total of 1,700,000 share purchase warrants, as consideration for loan extension, entitling the holder to acquire one share at an exercise price of $0.115 until September 12, 2028 with a total fair value of $154,351.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">c)<span style="display: inline-block; width: 10pt;"> </span>The Company issued 2,882,514 share purchase warrants for a secured loan agreement entitling the holder to acquire one share at an exercise price of $0.1735 until October 10, 2028 with a total fair value of $334,423.</span></span></p> <p style="margin-left: 54pt; text-indent: -18pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">d)<span style="display: inline-block; width: 10pt;"> </span>The Company allocated $28,061 to deferred financing asset.</span></span></p> </div> 3915 12793 1213778 100000 8018 220708 1700000 0.115 154351 2882514 0.1735 334423 28061 <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>13.<span style="display: inline-block; width: 23pt;"> </span></b><b>SEGMENTED INFORMATION</b></span></span></p> <p style="margin-left: 35.45pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">A reporting segment is defined as a component of the Company that:</span></span></p> <p style="margin-left: 53.45pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify; margin-top: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">- Engages in business activities from which it may earn revenues and incur expenses;</span></span></p> <p style="margin-top: 0pt; margin-left: 53.45pt; margin-bottom: 0pt; text-indent: -18pt; text-align: justify;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">- Operating results are reviewed regularly by the entity's chief operating decision maker; and</span></span></p> <p style="margin-top: 0pt; margin-left: 53.45pt; text-indent: -18pt; text-align: justify; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">- Discrete financial information is available.</span></span></p> <p style="margin-left: 35pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">The Company has determined that it operates its business in one geographical segment located in California, United States, where all of its equipment and mineral property interests are located.</span></span></p> 1 <div> <p style="margin-left: 36pt; text-indent: -36pt; text-align: justify; margin-top: 0pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;"><b>14.<span style="display: inline-block; width: 23.5pt;"> </span>SUBSEQUENT EVENT</b></span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 10pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On May 7, 2026, Superior Court of California for the County of Nevada (the “Court”) denied the Company’s Writ of Mandamus asking the Court to compel the Board of Supervisors of Nevada County (the “Board”) to grant Rise recognition of its vested right to operate the I-M Mine.</span></span></p> <p style="margin-left: 36pt; text-align: justify; margin-top: 10pt; margin-bottom: 0pt;"><span style="font-size: 10pt;"><span style="font-family: Times New Roman,Times,serif;">On May 18, 2026, the District Court for the Eastern District of California entered an Order granting Summary Judgment as to liability against Rise Grass Valley, Inc. Trial on remaining issues in the lawsuit is scheduled for July 12, 2027. Litigation is ongoing. Rise Grass Valley Inc denies all allegations made in the citizen suit. Management has determined that no estimate of a loss event can be determined at this time in connection with the order.</span></span></p> </div>