# EDGAR Filing Document

**Accession Number:** 0001727255
**File Stem:** 0001683168-25-008501
**Filing Date:** 2025-11
**Character Count:** 122985
**Document Hash:** ecdce9fcfebeb1c578350ed9d9fb92e4
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-25-008501.hdr.sgml**: 20251117

**ACCESSION NUMBER**: 0001683168-25-008501

**CONFORMED SUBMISSION TYPE**: 424B3

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20251117

**DATE AS OF CHANGE**: 20251117

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Chilean Cobalt Corp.
- **CENTRAL INDEX KEY:** 0001727255
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 823590294
- **STATE OF INCORPORATION:** NV
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 424B3
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-268335
- **FILM NUMBER:** 251492152

**BUSINESS ADDRESS:**
- **STREET 1:** 1199 LANCASTER AVENUE
- **STREET 2:** SUITE 107
- **CITY:** BERWYN
- **STATE:** PA
- **ZIP:** 19312
- **BUSINESS PHONE:** 484-580-8697

**MAIL ADDRESS:**
- **STREET 1:** 1199 LANCASTER AVENUE
- **STREET 2:** SUITE 107
- **CITY:** BERWYN
- **STATE:** PA
- **ZIP:** 19312

**Filed Pursuant to Rule 424(b)(3)**

**Registration No. 333-268335**

**Prospectus Supplement No. 25**

**to Prospectus dated February 3, 2023**

**CHILEAN COBALT CORP.**

**39,000,000 Shares of Common Stock**

**$1.33 per Share**

This prospectus supplement No. 25 amends and supplements the prospectus dated February 3, 2023, which forms a part of our Registration Statement on Form S-1 (Registration Statement No. 333-268335) (the "Registration Statement") and prospectus supplement No. 1 filed on March 24, 2023, prospectus supplement No. 2 filed on May 8, 2023, prospectus supplement No. 3 filed on May 15, 2023, prospectus supplement No. 4 filed on July 6, 2023, prospectus supplement No. 5 filed on July 12, 2023, prospectus supplement No. 6 filed on August 14, 2023, prospectus supplement No. 7 filed on September 27, 2023, prospectus supplement No. 8 filed on November 9, 2023, prospectus supplement No. 9 filed on February 7, 2024, prospectus supplement No. 10 filed on April 1, 2024, prospectus supplement No. 11 filed on May 8, 2024, prospectus supplement No. 12 filed on May 20, 2024, prospectus supplement No. 13 filed on June 14, 2024, prospectus supplement No. 14 filed on August 19, 2024, prospectus supplement No. 15 filed on November 14, 2024, prospectus supplement No. 16 filed on January 3, 2025, prospectus supplement No. 17 filed on February 27, 2025, prospectus supplement No. 18 filed on April 2, 2025, prospectus supplement No. 19 filed on May 15, 2025, prospectus supplement No. 20 filed on July 24, 2025, prospectus supplement No. 21 filed on July 29, 2025, prospectus supplement No. 22 filed on August 14, 2025, prospectus supplement No. 23 filed on September 3, 2025 and prospectus supplement No. 24 filed on September 15, 2025 (collectively, the "Supplements") relating to the resale of up to 39,000,000 shares of common stock of Chilean Cobalt Corp. (the "Company," "C3," "we," "our" and "us") by the selling stockholders named in the prospectus. The foregoing prospectus, the Supplements and this prospectus supplement No. 25 are collectively referred to as the "prospectus." Please keep this prospectus supplement with your prospectus for future reference.

This prospectus supplement incorporates into the prospectus the attached Quarterly Report on Form 10-Q for the period ended September 30, 2025, filed with the Securities and Exchange Commission ("SEC") on November 17, 2025.

This prospectus supplement is not complete without the prospectus, including any supplements and amendments thereto. This prospectus supplement should be read in conjunction with the prospectus which is to be delivered with this prospectus supplement. This prospectus supplement is qualified by reference to the prospectus, except to the extent that the information in this prospectus supplement updates or supersedes the information contained in the prospectus, including any supplements and amendments thereto.

**Investing in our common stock should be considered speculative and involves a high degree of risk, including the risk of losing your entire investment. See** "**Risk Factors**" **section of the prospectus to read about the risks you should consider before buying shares of our common stock.**

**Neither the SEC nor any state securities commission has approved or disapproved of these securities or determined if this prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

Capitalized terms contained in this prospectus supplement have the same meanings as in the prospectus unless otherwise stated herein.

**The date of this prospectus supplement is November 17, 2025**

**Index of SEC Filings**

The following report listed below is filed as a part of this prospectus supplement No. 25.

---

| | |
|:---|:---|
| **Appendix No.** | **Description** |
| Appendix 1 | Quarterly Report on Form 10-Q for the period ended September 30, 2025, filed with the Securities and Exchange Commission on November 17, 2025. |

---

i

[**Table of Contents**](#q3_001)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington D.C. 20549**

**FORM 10-Q**

&nbsp;&nbsp;&nbsp;&nbsp;☒ **QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** 

**For the quarterly period ended <u>September 30, 2025</u>**

☐ **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

**For the transition period from ______ to _____**

**Commission File Number <u>333-268335</u>**

**<u>CHILEAN COBALT CORP.</u>**

(Exact Name of Registrant as Specified in its Charter)

---

| | |
|:---|:---|
| **Nevada** | **82-3590294** |
| (State or Other Jurisdiction of<br> Incorporation or Organization) | (I.R.S. Employer<br> Identification No.) |
| **1199 Lancaster Ave, Suite 107**<br> **Berwyn, Pennsylvania** | **19312** |
| (Address of Principal Executive Offices) | (Zip Code) |

---

**<u>(484) 580-8697</u>**

(Registrant's Telephone Number, Including Area Code)

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| **Title of each class** | **Trading Symbol(s)** | **Name of each exchange on which registered** |
| N/A | N/A | N/A |

---

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☐ No ☒

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of "large accelerated filer," "accelerated filer," "smaller reporting company," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

Large accelerated filer ☐ Accelerated filer ☐ <br> Non-accelerated filer ☒ Smaller reporting company ☒ <br> Emerging growth company ☒

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

There were 48,002,145 shares of the registrant's common stock, $0.0001 par value per share, outstanding as of November 14, 2025.

**CHILEAN COBALT CORP.**

**Contents**

---

| | |
|:---|:---|
| [Cautionary Statement Regarding Forward-Looking Statements](#q3_002) | ii |
| [**PART I – FINANCIAL INFORMATION**](#q3_003) | [**PART I – FINANCIAL INFORMATION**](#q3_003) |
| [Item 1. Financial Statements](#q3_004) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Condensed Consolidated Balance Sheets](#q3_005) | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Operations](#q3_006) | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity](#q3_007) | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Unaudited Condensed Consolidated Statements of Cash Flows](#q3_008) | 4 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Notes to Condensed Consolidated Financial Statements](#q3_009) | 5 |
| [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#q3_010) | 19 |
| [Item 3. Quantitative and Qualitative Disclosures about Market Risk](#q3_011) | 27 |
| [Item 4. Controls and Procedures](#q3_012) | 27 |
| [**PART II – OTHER INFORMATION**](#q3_013) | [**PART II – OTHER INFORMATION**](#q3_013) |
| [Item 1. Legal Proceedings](#q3_014) | 28 |
| [Item 1A. Risk Factors](#q3_015) | 28 |
| [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#q3_016) | 28 |
| [Item 3. Defaults Upon Senior Securities](#q3_017) | 28 |
| [Item 4. Mine Safety Disclosures](#q3_018) | 28 |
| [Item 5. Other Information](#q3_019) | 28 |
| [Item 6. Exhibits](#q3_020) | 29 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[Signature Page](#q3_021) | 30 |

---

i

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q and the documents incorporated herein by reference contain forward-looking statements. Such forward-looking statements are based on current expectations, estimates and projections about Chilean Cobalt Corp.'s industry, management beliefs, and assumptions made by management. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," variations of such words and similar expressions are intended to identify such forward-looking statements. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict; therefore, actual results and outcomes may differ materially from what is expressed or forecasted in any such forward-looking statements. Although we believe the expectations reflected in our forward-looking statements are based upon reasonable assumptions, it is not possible to foresee or identify all factors that could have a material effect on the future financial performance of the Company. The forward-looking statements in this Quarterly Report on Form 10-Q are made on the basis of management's assumptions and analyses, as of the time the statements are made, in light of their experience and perception of historical conditions, expected future developments and other factors believed to be appropriate under the circumstances. Except as otherwise required by the federal securities laws, we disclaim any obligation or undertaking to publicly release any updates or revisions to any forward-looking statement contained in this Quarterly Report on Form 10-Q and the information incorporated by reference in this Quarterly Report on Form 10-Q to reflect any change in our expectations with regard thereto or any change in events, conditions or circumstances on which any statement is based.

ii

**PART I – FINANCIAL INFORMATION**

**ITEM 1. FINANCIAL STATEMENTS**

**CHILEAN COBALT CORP. AND SUBSIDIARY**

**CONDENSED CONSOLIDATED BALANCE SHEET**

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
|  | (Unaudited) | |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $189157 | $331309 |
| &nbsp;&nbsp;&nbsp;Subscriptions receivable |  | 73431 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 145339 | 64416 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 334496 | 469156 |
| Property and equipment, net | 2958 | 2958 |
| &nbsp;&nbsp;&nbsp;Total assets | $337454 | $472114 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $12039 | $18128 |
| &nbsp;&nbsp;&nbsp;Accrued service expenses | 12203 | 16441 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 24242 | 34569 |
| &nbsp;&nbsp;&nbsp;Total liabilities | 24242 | 34569 |
| Commitments and contingencies |  |  |
| **Stockholders' Equity:** |  |  |
| &nbsp;&nbsp;&nbsp;Series A Convertible Preferred Stock, $0.0001 par value; 19,848,875 shares authorized and 0 and 0 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Series B Convertible Preferred Stock, $0.0001 par value; 2,900,000 shares authorized and 2,407,785 and 724,420 shares issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 241 | 72 |
| &nbsp;&nbsp;&nbsp;Common Stock, $0.0001 par value; 100,000,000 shares authorized and 48,002,145 and 43,502,145 issued and outstanding at September 30, 2025 and December 31, 2024, respectively | 4800 | 4350 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 36380471 | 33565165 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 242637 | 250770 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (36314937) | (33382812) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 313212 | 437545 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $337454 | $472114 |

---

*The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.*

**CHILEAN COBALT CORP. AND SUBSIDIARY**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATION AND COMPREHENSIVE LOSS**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** | **Nine-Months Ended** | **Nine-Months Ended** |
|  | **September 30,** | **September 30,** | **September 30,** | **September 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| Revenues | $– | $– | $– | $– |
| Operating expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cost of mineral exploration | 28440 |  | 48238 |  |
| &nbsp;&nbsp;&nbsp;General and administrative | 379841 | 195454 | 1015239 | 681218 |
| &nbsp;&nbsp;&nbsp;Foreign currency transaction (gain) loss | 659 | 378 | 3255 | (167) |
| Total operating expenses | 408940 | 195832 | 1066732 | 681051 |
| Loss from operations | (408940) | (195832) | (1066732) | (681051) |
| Interest income | 2706 | 2864 | 15689 | 14773 |
| Loss on asset impairment | (1881082) | – | (1881082) | – |
| Loss before income taxes | (2287316) | (192968) | (2932125) | (666278) |
| Provision for income taxes | – | – | – | – |
| &nbsp;&nbsp;&nbsp;Net loss | $(2287316) | $(192968) | $(2932125) | $(666278) |
| Basic and diluted loss per common share | $(0.05) | $(0.00) | $(0.07) | $(0.02) |
| Weighted-average number of shares outstanding: |  |  |  |  |
| Basic and diluted loss per common share | 44431493 | 43502145 | 43815332 | 43440534 |
| Comprehensive loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(2287316) | $(192968) | $(2932125) | $(666278) |
| &nbsp;&nbsp;&nbsp;Foreign currency translation adjustments | (9477) | 918 | (8133) | (643) |
| &nbsp;&nbsp;&nbsp;Comprehensive loss | $(2296793) | $(192050) | $(2940258) | $(666921) |

---

*The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.*

**CHILEAN COBALT CORP. AND SUBSIDIARY**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Preferred Stock | Preferred Stock | Common Stock | Common Stock | | | | |
|  | Shares | Amount | Shares | Amount | Additional <br> Paid-in<br>Capital | Accumulated Other <br> Comprehensive<br>Income | Accumulated<br>Deficit | Total <br> Stockholders'<br>Equity |
| **Balances at December 31, 2023** |  | $– | 43285716 | $4329 | $33081263 | $253487 | $(32500238) | $838841 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  |  |  |  |  | (2851) |  | (2851) |
| &nbsp;&nbsp;&nbsp;Stock based compensation |  |  | 216429 | 21 | 40539 |  |  | 40560 |
| &nbsp;&nbsp;&nbsp;Net loss |  | – | – | – | – | – | (263176) | (263176) |
| **Balances at March 31, 2024** |  | $– | 43502145 | $4350 | $33121802 | $250636 | $(32763414) | $613374 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  |  |  |  |  | 1290 |  | 1290 |
| &nbsp;&nbsp;&nbsp;Stock based compensation |  |  |  |  | 40562 |  |  | 40562 |
| &nbsp;&nbsp;&nbsp;Net loss |  | – | – | – | – | – | (210134) | (210134) |
| **Balances at June 30, 2024** |  | $– | 43502145 | $4350 | $33162364 | $251926 | $(32973548) | $445092 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  |  |  |  |  | 918 |  | 918 |
| &nbsp;&nbsp;&nbsp;Stock based compensation |  |  |  |  | 38439 |  |  | 38439 |
| &nbsp;&nbsp;&nbsp;Net loss |  | – | – | – | – | – | (192968) | (192968) |
| **Balances at September 30, 2024** |  | $– | 43502145 | $4350 | $33200803 | $252844 | $(33166516) | $291481 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Preferred Stock | Preferred Stock | Common Stock | Common Stock | | | | |
|  | Shares | Amount | Shares | Amount | Additional <br> Paid-in<br>Capital | Accumulated Other <br> Comprehensive<br>Income | Accumulated<br>Deficit | Total <br> Stockholders'<br>Equity |
| **Balances at December 31, 2024** | 724420 | $72 | 43502145 | $4350 | $33565165 | $250770 | $(33382812) | $437545 |
| &nbsp;&nbsp;&nbsp;Issuance of Series B Convertible Preferred Stock | 1497805 | 150 |  |  | 673862 |  |  | 674012 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  |  |  |  |  | 2477 |  | 2477 |
| &nbsp;&nbsp;&nbsp;Stock based compensation |  |  |  |  | 55216 |  |  | 55216 |
| &nbsp;&nbsp;&nbsp;Net loss | – | – | – | – | – | – | (334298) | (334298) |
| **Balances at March 31, 2025** | 2222225 | $222 | 43502145 | $4350 | $34294243 | $253247 | $(33717110) | $834952 |
| &nbsp;&nbsp;&nbsp;Issuance of Series B Convertible Preferred Stock | 185560 | 19 |  |  | 83483 |  |  | 83502 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  |  |  |  |  | (1133) |  | (1133) |
| &nbsp;&nbsp;&nbsp;Stock based compensation |  |  |  |  | 55219 |  |  | 55219 |
| &nbsp;&nbsp;&nbsp;Net loss | – | – | – | – | – | – | (310511) | (310511) |
| **Balances at June 30, 2025** | 2407785 | $241 | 43502145 | $4350 | $34432945 | $252114 | $(34027621) | $662029 |
| &nbsp;&nbsp;&nbsp;Issuance of Common Stock for an acquisition |  |  | 4500000 | 450 | 1889550 |  |  | 1890000 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  |  |  |  |  | (9477) |  | (9477) |
| &nbsp;&nbsp;&nbsp;Stock based compensation |  |  |  |  | 57976 |  |  | 57976 |
| &nbsp;&nbsp;&nbsp;Net loss | – | – | – | – | – | – | (2287316) | (2287316) |
| **Balances at September 30, 2025** | 2407785 | $241 | 48002145 | $4800 | $36380471 | $242637 | $(36314937) | $313212 |

---

*The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.*

**CHILEAN COBALT CORP. AND SUBSIDIARY**

**UNAUDITED CONDENSED CONSOLIDATED STATEMENT OF CASH FLOWS**

---

| | | |
|:---|:---|:---|
|  | **Nine-Months Ended** | **Nine-Months Ended** |
|  | **September 30,** | **September 30,** |
|  | **2025** | **2024** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(2932125) | $(666278) |
| &nbsp;&nbsp;&nbsp;Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stock based compensation | 168411 | 119561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment of assets | 1881082 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (81002) | (39563) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | (10312) | 6023 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (973946) | (580257) |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of Series B Convertible Preferred Stock | 830945 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities | 830945 |  |
| Effect of foreign exchange rate on cash | 849 | (843) |
| Net decrease in cash | (142152) | (581100) |
| Cash at beginning of period | 331309 | 799871 |
| Cash at end of period | $189157 | $218771 |
| **Supplemental disclosure of non-cash investing and financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common stock for the acquisition of mining concessions | $1890000 | $– |

---

*The accompanying notes are an integral part of the unaudited condensed consolidated financial statements.*

**CHILEAN COBALT CORP.**

**NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS**

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Organization and Nature of Business** 

The accompanying condensed consolidated financial statements include the accounts of Chilean Cobalt Corp. (the "Company") (OTCQB: COBA), a Nevada corporation formed on December 4, 2017, and its wholly-owned subsidiary Baltum Minería SpA ("Baltum"), a Chilean Sociedad por Acciones formed on January 3, 2018. The Company is a cobalt and copper, junior mining and exploration company. Cobalt, a critical mineral for many of the current cathode battery chemistry configuration options in the electric vehicle ("EV") battery production space, was mined in Chile for 100 years from 1844 thru 1944 and ceased at the end of World War II. Baltum owns exploitation-level mining concessions for 6,377 hectares in the San Juan mining district in northern Chile.

On May 12, 2022, the former Parent Company, Genlith, Inc. distributed all of its shares in the Company to its individual shareholders. As of the date of the distribution, Genlith, Inc. no longer held an equity interest in the Company.

The Company's year-end is December 31.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Going Concern** 

The Company has not yet begun to generate revenue as of September 30, 2025, has incurred recurring losses since inception, and expects to continue to incur losses as a result of costs and expenses related to mining exploration and general and administrative expenses. For the nine-month period and three-month period ended September 30, 2025, the Company reported a net loss of $2,932,125 and $2,287,316, respectively, and had an accumulated deficit of $36,314,937 as of September 30, 2025.

The ability of the Company to continue as a going concern over a longer term is dependent on the Company's ability to raise the financing necessary to complete the exploration and development of cobalt and copper mines and bring mining operations into production and commercialization.

With a cash balance of $189,157 as of September 30, 2025, the Company may not have sufficient financial resources to continue its operations for the next 12 months. Historically the Company has funded its operations with the private placement of equity, debt, and related party loans. However, raising capital sufficient to continue exploration and bring the Company into production and commercialization is dependent on continued discussions with potential off-take partners, debt providers, alternative lenders and investors and is a material uncertainty. There can be no assurance as to the availability or terms upon which such financing or capital might be available. As a result of these factors, there is substantial doubt about the Company's ability to continue as a going concern.

&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Summary of Significant Accounting Policies Basis of Presentation** 

The accompanying condensed consolidated financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP"). The financial statements include the consolidated accounts of the Company and Baltum, the Company's wholly-owned subsidiary. All material intercompany transactions have been eliminated in consolidation.

**Earnings (Loss) Per Share**

The weighted-average common shares outstanding for both basic and diluted earnings per share for all periods presented was calculated, in accordance with the Financial Accounting Standards Board's (the "FASB") Accounting Standards Codification ("ASC") 260, Earnings Per Share. To the extent that stock options, warrants and convertible preferred stock are anti-dilutive, they are excluded from the calculation of diluted earnings (loss) per share. As of the three and nine-month periods ended September 30, 2025 and 2024, the Company excluded the following shares from the calculation of diluted loss per share because such amounts were anti-dilutive:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | **September 30, 2024** |
| Shares issuable upon conversion of Series B Convertible Preferred Stock | 2407785 |  |
| Shares issuable upon vesting of Restricted Stock Units | 500000 |  |
| Shares issuable upon exercise of stock options | 7425004 | 6786254 |
| Total | 10332789 | 6786254 |

---

**Fair Value Measurements**

The Company uses fair value measurements to record fair value adjustments to certain assets and liabilities, as necessary, and to determine fair value disclosures of financial instruments on a recurring basis.

Consistent with ASC Topic 820, *Fair Value Measurements* ("ASC 820"), assets and liabilities that are required to be recorded at fair value are done so at the price that would be received to sell an asset or the price that would be paid to transfer a liability in an orderly transaction between market participants at the measurement date. When measuring fair value, and consistent with the fair value hierarchy in ASC 820, the Company maximizes the use of observable inputs and minimizes the use of unobservable inputs consistent with the following fair value hierarchy:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the Company has the ability to assess at the measurement date.

· Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly.

· Level 3 inputs are unobservable inputs for the asset or liability.

For assets and liabilities measured at fair value when there is limited or no observable market data, management applies judgment to estimate fair value and considers factors such as current pricing policy, the economic and competitive environment, the characteristics of the asset or liability, and other factors. The amounts estimated by management cannot be determined with precision and may not be realized in an actual sale or immediate settlement of the asset or liability. Inherent limitations in any such fair value calculation technique, including changes in discount rates, estimates of future cash flows, and other underlying assumptions, could significantly affect the results of current or future value.

**Use of Estimates**

The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, the disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the reported amounts of revenue and expenses during the reporting periods. Significant estimates and assumptions reflected in these condensed consolidated financial statements include but are not limited to the applicability of accrued expenses and volatility used in the determination of stock-based expenses. Estimates are periodically reviewed in light of changes in circumstances, facts, and experience. There have been no changes in estimates during the periods presented. Actual results could differ from the Company's estimates and those differences may be material.

**Cash**

Cash amounts consist of cash on hand, bank deposits, and money market accounts. Cash equivalents consist of all liquid debt instruments with original maturities of three months or less. As of September 30, 2025, and December 31, 2024, the Company's cash balances were $189,157 and $331,309, respectively, and the Company's cash equivalents were $-0- and $-0-, respectively.

**Subscriptions Receivable and Stock Compensation**

The Company typically reflects subscriptions receivable in stockholders' equity, unless there is substantial evidence of the intent and ability of the subscriber to pay the amounts in a reasonable amount of time, in which case the subscriptions receivable are instead reflected as an asset on the balance sheet.

The subscriptions receivable of $73,431 was reflected as an asset on the balance sheet as of December 31, 2024, as the amounts were received from the subscribers within days after year-end, which was considered substantial evidence of the intent and ability of the subscribers to pay the amounts in a reasonable amount of time.

The Company reflects stock-based compensation at the intrinsic value of the compensation ratably across the periods in which the compensation is earned. When stock is issued for services, the intrinsic value of the stock issued is amortized ratably over the period in which the compensation is earned. In the initial period of amortization, the amortized portion is reflected in preferred or common stock, as applicable, for both shares and the full par value with any residual reflected in additional paid-in capital. The amortization for each subsequent period is reflected entirely in additional paid-in capital.

**Value Added Tax ("VAT Tax")**

The Company's subsidiary historically has paid significant amounts of VAT Tax to the Chilean government on certain operating purchases. The tax paid can be offset against future VAT Tax due. The Company has not recorded any VAT tax receivables as of September 30, 2025, and December 31, 2024, because the Company's ability to fund future expenditures necessary to recover VAT taxes paid in, is currently indeterminable.

**Property and Equipment**

Property, plant, and equipment are stated at cost, less accumulated depreciation. Acquired property, plant and equipment are recognized at their estimated fair value. Capitalized costs may include computers, vehicles, furniture and fixtures, machinery, and equipment, and are depreciated using the straight-line method or unit-of-production method at rates sufficient to depreciate such costs over the shorter of estimated productive lives or the useful life of the individual assets. Useful lives range from 3 to 10 years. Capitalized costs may also include buildings or improvements to land, which if applicable, have useful lives ranging from 20 to 40 years.

Gains and losses are reflected in income or expense upon sale or retirement of assets. Expenditures that extend the useful lives of property, plant and equipment or increase productivity are capitalized. Ordinary repairs and maintenance are expensed as incurred through operating expense. We periodically evaluate whether events or circumstances indicate that the net book value of our property, plant and equipment may not be recoverable.

Costs are capitalized when it has been determined an ore body can be economically developed. The development stage begins at new projects when our management and/or board of directors make the decision to bring a mine into commercial production and ends when the production state, or extraction of reserves, begins. The production stage of a mine commences when salable materials, beyond a de minimis amount, are produced.

Exploration costs include those relating to activities carried out (a) in search of previously unidentified mineral deposits or (b) at undeveloped concessions. Pre-development activities involve costs incurred in the exploration stage that may ultimately benefit production and are expensed due to a lack of evidence of economic development, which is necessary to demonstrate future recoverability of these expenses. Costs for exploration, evaluation, and pre-development, including drilling costs related to those activities (discussed further below), and repairs and maintenance on capitalized property and equipment are charged to operations as incurred.

Drilling, development, and related costs are either classified as exploration, pre-development or secondary development as defined above, and charged to operations as incurred, or capitalized based on the following criteria:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· whether the costs are incurred to further define mineralization at and adjacent to existing reserve areas or intended to assist with mine planning within a reserved area;

· whether the drilling or development costs relate to an ore body that has been determined to be commercially mineable, and a decision has been made to put the ore body into commercial production;

· whether, at the time the cost is incurred: (a) the expenditure embodies a probable future benefit that involves a capacity, singly or in combination with other assets, to contribute directly or indirectly to future net cash inflows, (b) we can obtain the benefit and control others' access to it, and (c) the transaction or event giving risk to our right to or control of the benefit has already occurred.

If all of these criteria are met, drilling, development and related costs are capitalized. Drilling and development costs not meeting all of these criteria are expensed as incurred. The following factors are considered in determining whether or not the criteria listed above have been met, and whether capitalization of drilling and development costs is appropriate:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Completion of a favorable economic study and mine plan for the ore body targeted;

· authorization of development of the ore body by management and/or the board of directors; and

· there is a justifiable expectation, based on applicable laws and regulations, that issuance of permits or resolution of legal issues and/or contractual requirements necessary for us to have the right to or control of the future benefit from the targeted ore body have been met.

Drilling and related costs at our properties as of and for the nine-months ended September 30, 2025, and September 30, 2024, respectively, and the three-months ended September 30, 2025, and September 30, 2024, respectively, did not meet our criteria for capitalization.

When assets are retired or sold, the costs and related allowances for depreciation and amortization are eliminated from the accounts and any resulting gain or loss is reflected in the current period net income (loss).

**Impairment of Long-lived Assets**

Long-lived assets consist of property and equipment. Long-lived assets to be held and used are tested for recoverability whenever events or changes in business circumstances indicate that the carrying amount of the assets may not be fully recoverable. Factors that the Company considers in deciding when to perform an impairment review include significant underperformance of the business in relation to expectations, significant negative industry or economic trends, and significant changes or planned changes in the use of the assets. If an impairment review is performed to evaluate a long-lived asset for recoverability, the Company compares forecasts of undiscounted cash flows expected to result from the use and eventual disposition of the long-lived asset to its carrying value. An impairment loss would be recognized when estimated undiscounted future cash flows expected to result from the use and eventual disposition of an asset are less than its carrying amount. The impairment loss would be based on the excess of the carrying value of the impaired asset over its fair value less cost to sell or dispose, determined based on discounted cash flows.

During the three-months and nine-months ended September 30, 2025 and 2024, we recorded $1,881,082 and $0, respectively, impairment loss in those periods. The decision to write-down the mining concessions acquired on September 12, 2025 was driven by the lack of reliability of and availability of independent valuations for these unique assets, as necessary to substantiate their value on these financial statements. Baltum presently owns 6,377 hectares of exploitation-level mining concessions in the San Juan mining district, which were recorded as fully impaired and written down to $-0- value from approximately $10.7 million on the Company's facilities located in the San Juan mining district of Chile. Under a funding level that allows the Company to focus on exploration, Baltum will continue its exploration activities under these mining concessions toward proving the existence of cobalt and/or copper. Depending on the outcome of the exploration activities, the Company would then consider seeking a preliminary economic assessment, preliminary feasibility study, or definitive feasibility study to validate the expected profitability of constructing a plant to extract the target minerals and process them into saleable products.

**Environmental Obligations**

We provide for environmental-related obligations when they are probable and amounts can be reasonably estimated. Where the available information is sufficient to estimate the amount of liability, that estimate has been used.

Included in our environmental liabilities are costs for the operation, maintenance and monitoring of site remediation plans ("OM&M"). If applicable, such reserves are based on our best estimates for these OM&M plans. Over time we could incur OM&M costs in excess of these reserves. However, we are unable to reasonably estimate an amount in excess of any recorded reserves because we cannot reasonably estimate the period for which such OM&M plans will need to be in place or the future annual cost of such remediation, as conditions at environmental sites change over time. If applicable, such additional OM&M costs could be significant in total but would be incurred over an extended period of years.

Environmental remediation charges represent the costs for continuing charges associated with environmental remediation at operating sites from previous years and from products that are no longer manufactured and are currently not applicable.

**Leases**

The Company determines if an arrangement is a lease at the inception of the contract. If applicable, our operating leases are included in Operating lease right-of-use ("ROU") assets, operating lease liabilities – current, and Operating lease liabilities – long term in the condensed consolidated balance sheets. The operating lease ROU assets and operating lease liabilities are recognized based on the present value of future minimum lease payments over the lease term at commencement date. As most leases do not provide an implicit interest rate, we utilize an estimated incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. In determining the discount rate used in the present value calculation, the Company has elected to apply the portfolio approach for leases provided the leases commenced at or around the same time. This election allows the Company to account for leases at a portfolio level provided that the resulting accounting at this level would not differ materially from the accounting at the individual lease level. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term.

If leases are applicable, the Company has elected not to separate lease and non-lease components and accounts for each separate lease component and non-lease component associated with that lease component as a single lease component. Operating lease ROU assets include all contractual lease payments and initial direct costs incurred less any lease incentives. Facility leases generally only contain lease expense and non-component items such as taxes and pass-through charges. Additionally, we have elected not to apply the recognition requirements of ASC 842 to leases which have a lease term of less than one year at the commencement date.

**Mining Concessions**

Mining concessions are recorded at cost based on the payments required under the contracts. Amortization begins when placed in service after the mining concession is exercised. Mining concessions are amortized over their useful life based on the pattern over which the mining concessions are consumed or otherwise used up. Determination of expected useful lives for amortization calculations is made on a property-by-property or asset-by-asset basis at least annually. At the time an ore body can be economically developed, the basis of the mining concession will be amortized on a units-of-production basis. Pursuant to our policy on the impairment of long-lived assets, if it is determined that a mining concession cannot be economically developed or its innate value has not been independently substantiated, the basis of the mining concession is reduced to its fair value and an impairment loss is recorded to expense in the period in which it is determined to be impaired.

Finite-lived intangible assets are tested for impairment when events or changes in circumstances indicate that the carrying value of the asset may not be recoverable. Intangible assets that are not subject to amortization are tested for impairment annually and more frequently if events or changes in circumstances indicate that is more likely than not, meaning more than 50%, that the asset is impaired.

The value of the exploitation mining concessions owned by Baltum has yet to be independently substantiated by a valuation or any level of feasibility study. As of September 30, 2025, and December 31, 2024, these mining concessions had a value of $-0- and $-0-, respectively on the Company's condensed consolidated balance sheet.

**Restructuring and Other Charges**

We continually perform strategic reviews and assess the returns on our businesses. In the event that this results in a plan to restructure the operations of our business, we record an accrual for severance and other exit costs under the provisions of the relevant accounting guidance.

**Research and Development**

Research and development costs are expensed as incurred.

**Foreign Currency**

The reporting currency of the Company is the U.S. dollar. The functional currency of Baltum, the Company's wholly-owned subsidiary, is the Chilean Peso. The assets and liabilities of Baltum are translated into U.S. dollars based on exchange rates at the end of each reporting period. Expenses are translated at average exchange rates during the reporting period. Gains and losses arising from the translation of assets and liabilities are included as a component of accumulated other comprehensive income or loss within the Company's condensed consolidated balance sheet. Gains and losses resulting from foreign currency transactions are reflected within the Company's condensed consolidated statements of operations. Transactions denominated in foreign currency other than our functional currency of the foreign operation are recorded upon initial recognition at the exchange rate at the date of the transaction. After initial recognition, monetary assets and liabilities denominated in foreign currency are remeasured at each reporting date into the functional currency at the exchange rate at that date. The Company has not utilized foreign currency hedging strategies to mitigate the effect of its foreign currency exposure. We recorded transaction and remeasurement gains of $-0.0- million and $-0.0- million for the three-months ended September 30, 2024 and 2025, respectively, and $-0.0- million and $-0.0- million for the nine-months ended September 30, 2024 and 2025, respectively.

**Income Taxes**

The Company accounts for income taxes using the asset and liability method, which requires the recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the consolidated financial statements or in the Company's tax returns. Deferred taxes are determined based on the differences between the consolidated financial statements and tax basis of assets and liabilities using enacted tax rates in effect in the years in which the differences are expected to reverse. Changes in deferred tax assets and liabilities are recorded in the provision for income taxes. The Company assesses the likelihood that its deferred tax assets will be recovered from future taxable income and, to the extent it believes, based upon the weight of available evidence, that is more likely than not that all or a portion of the deferred tax assets will not be realized, a valuation allowance is established through a charge to income tax expense. The potential for recovery of deferred tax assets is evaluated by estimating the future taxable profits expected and considering prudent and feasible tax planning strategies. The Company's wholly owned subsidiary is subject to foreign corporate tax in foreign taxing jurisdictions. We do not provide income taxes on the equity in undistributed earnings of consolidated foreign subsidiaries as it is our intention that such earnings will remain invested in those companies.

The Company accounts for income taxes in accordance with ASC 740, "Accounting for Income Taxes" ("ASC 740"). Under ASC 740, income tax expense includes federal and state taxes currently payable and deferred taxes arising from temporary differences between income for financial reporting and income tax purposes.

In accordance with ASC 740, the Company has evaluated its tax positions. A tax position is recognized as a benefit only if it is "more likely than not" that the tax position would be sustained in a tax examination, with a tax examination being presumed to occur. The amount recognized is the largest amount of tax benefit that has a likelihood of being realized on examination of more than 50 percent. For tax positions not meeting the "more likely than not" test, no tax benefit is recorded. Under the "more likely than not" threshold guidelines, the Company believes no significant uncertain tax positions exist, either individually or in the aggregate, that would give rise to the non-recognition of an existing tax benefit. The Company's policy is to account for interest expense and penalties related to unrecognized tax benefits as a component of income tax expense. The Company is currently not under examination with any federal, state, or foreign taxing authorities. In addition, the Company had no material unrecognized tax benefits or accrued interest and penalties as of and for the nine-months ended September 30, 2025.

**Concentration of Credit Risk and of Significant Vendors**

The Company maintains cash balances at financial institutions in the U.S. and Chile. The Company holds all cash balances at accredited financial institutions, in amounts that exceed federally insured limits in the United States of America. The Company does not believe that it is subject to unusual credit risk beyond the normal credit risk associated with commercial banking relationships.

**Segment Reporting**

The Company has not yet begun generating revenues from its planned principal operations and operates as a single reportable segment for its cobalt-copper / copper-cobalt projects in Chile. The chief operating decision maker is the Company's chief executive officer, who assesses the performance based on total expenses, cash flows and progress made in the Company's ongoing development efforts. All of the Company's long-lived assets are located in Chile.

**Recently Issued and Adopted Accounting Pronouncements**

The Company's management has evaluated all the recently issued accounting pronouncements through the filing date of these financial statements and does not believe that any of these pronouncements will have a material impact on the Company's current financial position and results of operations.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Property and Equipment, Net** 

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Machinery and equipment | $29583 | $29583 |
| Property and equipment, gross | 29583 | 29583 |
| Accumulated depreciation | (26625) | (26625) |
| Property and equipment, net | $2958 | $2958 |

---

Depreciation expenses for the nine-months ended September 30, 2025, and September 30, 2024, amounted to $-0- and $-0-, respectively and for the three-months ended September 30, 2025, and September 30, 2024, amounted to $-0- and $-0-, respectively. Loss on retirement of assets for the nine-months ended September 30, 2025, and September 30, 2024, amounted to $-0- and $-0-, respectively and for the three-months ended September 30, 2025, and September 30, 2024, amounted to $-0- and $-0-, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Accrued Expenses** 

Accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **December 31,**<br>**2024** |
| Service fees | $9720 | $14000 |
| Employee benefits | 2100 | 2000 |
| Other | 383 | 441 |
| Total accrued expenses | $12203 | $16441 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Stockholders' Equity** 

**Preferred Stock**

The Company's certificate of incorporation authorized the Company to issue 25,000,000 shares of Preferred Stock, $0.0001 par value.

On December 28, 2017, a Certificate of Designations was approved by the Board of Directors that authorized the issuance of 7,500,000 shares of Series A Convertible Preferred Stock, of which 5,151,125 were issued and then subsequently converted into shares of common stock on August 10, 2020. Once converted into shares of common stock, the provisions of the Certificate of Designations do not allow for the re-issuance of such shares of Series A Convertible Preferred Stock.

On December 26, 2024, a Certificate of Designations was approved by the Board of Directors that authorized the issuance of 2,600,000 shares of Series B Convertible Preferred Stock. On December 29, 2024, an amended and restated Certificate of Designations was approved by the Board of Directors that authorized the issuance of 2,900,000 shares of Series B Convertible Preferred Stock (an increase of 300,000 shares), among other terms and conditions. The Certificate of Designations provides for anti-dilution protection and includes a provision that all Preferred shares will convert to their common stock equivalent, at a ratio of one share of preferred equals one share of common stock, subject to adjustments for dividends, splits and/or anti-dilution, as of December 31, 2025.

There were no shares of Series A Convertible Preferred Stock outstanding as of September 30, 2025, or December 31, 2024, and 2,407,785 and 724,420 shares of Series B Convertible Preferred Stock issued and outstanding as of September 30, 2025, and December 31, 2024, respectively.

2025 Issuances:

During the nine-months ended September 30, 2025, the Company issued the following shares of preferred stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 1,683,365 shares of Series B Convertible Preferred Stock were issued to investors at $0.45 per share for total proceeds of $757,514.25. In addition, $73,431 of Subscriptions Receivable were received in cash for an overall total of $830,945.25 cash received in the nine-month period.

2024 Issuances:

During the year ended December 31, 2024, the Company issued the following shares of preferred stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 724,420 shares of Series B Convertible Preferred Stock were issued to investors at $0.45 per share for total proceeds of $325,989. Of the $325,989 in proceeds, $258,558 was received in cash by December 31, 2024 and $73,431 was reflected as Subscriptions Receivable at December 31, 2024 and all amounts due were received in cash by shortly after year-end.

**Common Stock**

The Company's certificate of incorporation authorizes the Company to issue 100,000,000 shares of $0.0001 par value common stock. As of September 30, 2025, and December 31, 2024, there were 48,002,145 and 43,502,145 shares of common stock issued and outstanding. Each share of common stock entitles the holder to one vote on all matters submitted to a vote of the Company's stockholders.

2025 Issuances:

During the nine-months ended September 30, 2025, the Company issued the following shares of common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 4.5
 million shares were issued to Cobalt Chile SpA on September 12, 2025, on behalf of Baltum, for it to acquire 30 full-exploitation
 mining concessions at the fair value price on the date of issuance of $0.42
 per share, which equates to a total acquisition value of $1,890,000,
 as reflected in the supplemental disclosure of non-cash financing activities in the financial statements.

2024 Issuances:

During the year ended December 31, 2024, the Company issued the following shares of common stock:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· 216,429 shares were issued to a vendor on March 19, 2024, for a year of services at the fair value price on the date of issuance of $0.26 per share, which equates to total annual compensation paid in the amount of $56,272. Since the stock had not traded as of the date of such issuance, the $0.26 per share was used as it was the offering price for the most recently completed private placement capital raise by the Company on April 12, 2023. The stock-based compensation was amortized quarterly for the year of service. As of December 31, 2024, all $56,272 of the stock-based compensation is reflected in the financial statements as non-cash expense.

**Stock Options and Restricted Stock Units**

On April 26, 2022, the board adopted, and by shareholder consent achieved on April 29, 2022, the shareholders approved the Company's 2022 Equity Incentive Plan (the "2022 Plan"), which allows awards for up to 5,850,000 options to purchase 5,850,000 shares of its Common Stock at prevailing fair value exercise prices at the time of each award. There were 5,611,254 options to purchase 5,611,254 shares of its Common Stock, net of forfeitures, awarded under the 2022 Plan as of September 30, 2025. The purposes of the 2022 Plan are (i) to attract and retain the best available personnel for positions of substantial responsibility, (ii) to provide additional incentives to Employees, Directors, and Consultants, and (iii) to promote the success of the Company's business.

On May 24, 2022, the Company granted stock options to purchase an aggregate of 5,025,000 shares to officers/management, advisors, and directors at an exercise price of $0.20. The options vest quarterly starting on June 30, 2022, for 25% of the granted shares and then the remainder in equal installments over a one-and-one-half-year period and expire in 10 years from the date of the grant.

On June 1, 2022, the Company granted stock options to purchase an aggregate of 80,004 shares to an advisor at an exercise price of $0.20. The options vest quarterly in equal installments over a one-year period and expire 10 years from the date of grant.

On July 15, 2022, the Company granted stock options to purchase an aggregate of 450,000 shares to an officer at an exercise price of $0.20. The options vest quarterly starting on September 30, 2022, for 25% of the granted shares and then the remainder in equal installments over a three-quarter year period and expire in 10 years from the date of grant.

On July 28, 2022, the Company granted stock options to purchase an aggregate of 150,000 shares to an officer/director at an exercise price of $0.20. The options vest quarterly starting on September 30, 2022, for 12.5% of the granted shares and then the remainder in equal installments over a one-and-three-quarter-year period and expire in 10 years from the date of grant.

On June 29, 2023, the board adopted, and by shareholder consent achieved on June 30, 2023, the shareholders approved the Company's 2023 Equity Incentive Plan (the "2023 Plan"), which allows awards for up to 1,963,746 options to purchase 1,963,746 shares of its Common Stock at prevailing fair value exercise prices at the time of each award. There were 1,870,000 options to purchase 1,870,000 shares of its Common Stock awarded under the 2023 Plan as of September 30, 2025. The purposes of the 2023 Plan are (i) to attract and retain the best available personnel for positions of substantial responsibility, (ii) to provide additional incentives to Employees, Directors, and Consultants, and (iii) to promote the success of the Company's business.

On July 1, 2023, the Company granted stock options to purchase an aggregate of 750,000 shares to officers/management and directors at an exercise price of $0.26. The options vest quarterly starting on October 1, 2023, in equal installments over a two-year period and expire in 10 years from the date of grant.

On July 7, 2023, the Company granted stock options to purchase an aggregate of 300,000 shares to directors at an exercise price of $0.26. The options vest quarterly starting on October 1, 2023, for 12.5% of the granted shares and then the remainder in equal installments over a one-and-one-half-year period and expire in 10 years from the date of grant.

On January 25, 2024, the Company granted stock options to purchase an aggregate of 75,000 shares to advisory board members at an exercise price of $0.26. The options vest quarterly starting on March 31, 2024, for 25% of the granted shares and then the remainder in equal installments at each quarter-end through the end of 2024 and expire in 10 years from the date of grant.

On February 13, 2024, the Company granted stock options to purchase an aggregate of 50,000 shares to an advisory board member at an exercise price of $0.26. The options vest quarterly starting on March 31, 2024, for 25% of the granted shares and then the remainder in equal installments at each quarter-end through the end of 2024 and expire in 10 years from the date of grant.

On January 17, 2025, the Company granted stock options to purchase an aggregate of 645,000 shares to officers/management, directors, contractors and advisory board members at an exercise price of $0.50. The 570,000 options awarded to officers/management, directors and contractors vest quarterly starting on March 31, 2025, for 12.5% of the granted shares and then the remainder in equal installments at each quarter-end through the end of 2026 and expire 10 years from the date of grant. The 75,000 options awarded to advisory board members vest quarterly starting on March 31, 2025, for 25% of the granted shares and then the remainder in equal installments at each quarter-end through the end of 2025 and expire in 10 years from the date of grant.

On July 29, 2025, the Company granted stock options to purchase an aggregate of 50,000 shares to a director at an exercise price of $0.37. The 50,000 options awarded to the director vested in full immediately upon award and expire in 10 years from the date of grant.

On July 24, 2025, the board approved, and by shareholder consent achieved on August 27, 2025, the shareholders adopted the Company's 2025 Equity Incentive Plan (the "2025 Plan"), which allows awards for up to 5,000,000 shares of its common stock to be awarded in various equity incentive formats at prevailing fair value exercise prices at the time of each award. There were 500,000 Restricted Stock Units (RSUs) related to its Common Stock awarded under the 2025 Plan as of September 30, 2025. The purposes of the 2025 Plan are (i) to attract and retain the best available personnel for positions of substantial responsibility, (ii) to provide additional incentives to Employees, Directors, and Consultants, and (iii) to promote the success of the Company's business.

On August 28, 2025, the Company granted 500,000 RSUs related to its Common Stock to a director. The RSUs all vest on July 27, 2027, assuming the Plan Administrator has not accelerated the vesting for any reason and the director is still actively delivering services under the Consulting and Advisory Agreement between director and Company.

Stock Options:

The fair value of the options granted was estimated on the date of grant using the Black-Scholes options pricing model, with the following weighted average assumptions:

---

| | | |
|:---|:---|:---|
| **Description** | **As of**<br> **September 30, 2024** | **As of**<br> **September 30, 2025** |
| Expected dividend yield | 0.00% | 0.00% |
| Expected stock volatility (a) | 67.20% | 129.10% |
| Risk-free interest rate | 5.027% | 3.625% |
| Expected life of options (years) | 3.00 - 5.00 | 3.00 - 5.00 |
| Expected forfeiture rate | 0.00% | 0.00% |
| Grant date fair value range per option issued | $0.1251 - 0.1679 | $0.3197 - 0.4020 |

---

(a) At the time of determination of expected stock volatility, the Company's securities were trading over-the-counter as an OTCQB traded stock, but for less than two years and under limited trading volume such that calculated volatility based solely on the Company's volatility isn't necessarily indicative of the expected volatility over the expected life of the options and RSUs. Therefore, the expected stock volatility was estimated using three public companies in the same industry as the Company and calculating an equal-weighted and blended volatility of the Company's volatility and the volatility of those three believed-to-be-representative companies over the same period.

During the nine-months ended September 30, 2025, and September 30, 2024, the Company recorded stock-based compensation expenses of $157,409 and $77,357, respectively, and during the three-months ended September 30, 2025, and September 30, 2024, the Company recorded stock-based compensation expenses of $46,974 and $24,371, respectively. As of September 30, 2025, the unamortized stock option expense was $129,405. The Company's stock options had an intrinsic value of $1,520,683, based on the OTCQB published closing price for (OTCQB: COBA) of $0.434 per share as of September 30, 2025, which may not be indicative of the true market value of the stock options given the limited historical volumes traded and the volatility of the underlying shares as of that date. Stock-based compensation expense is measured at the date of grant, based on the fair value of the award, and is recognized over the vesting period of the option. The Company recognizes forfeitures in stock-based compensation expense as they occur.

A summary of the changes in stock options outstanding at September 30, 2025, are presented below:

---

| | | |
|:---|:---|:---|
|  | **Options Outstanding**<br> **Number of Shares** | **Weighted Average Exercise Price** |
| Balance, December 31, 2023 | 6661254 | $0.21 |
| &nbsp;&nbsp;&nbsp;Issued | 125000 | $0.26 |
| &nbsp;&nbsp;&nbsp;Expired/Forfeited |  | n/a |
| &nbsp;&nbsp;&nbsp;Exercised | – | n/a |
| Balance, December 31, 2024 | 6786254 | $0.21 |
| &nbsp;&nbsp;&nbsp;Issued | 645000 | $0.50 |
| &nbsp;&nbsp;&nbsp;Expired/Forfeited |  | n/a |
| &nbsp;&nbsp;&nbsp;Exercised | – | n/a |
| Balance, March 31, 2025 | 7431254 | $0.24 |
| &nbsp;&nbsp;&nbsp;Issued |  | $n/a |
| &nbsp;&nbsp;&nbsp;Expired/Forfeited |  | n/a |
| &nbsp;&nbsp;&nbsp;Exercised | – | n/a |
| Balance, June 30, 2025 | 7431254 | $0.24 |
| &nbsp;&nbsp;&nbsp;Issued | 50000 | $0.37 |
| &nbsp;&nbsp;&nbsp;Expired/Forfeited | (56250) | 0.50 |
| &nbsp;&nbsp;&nbsp;Exercised | – | n/a |
| Balance, September 30, 2025 | 7425004 | $0.23 |

---

The Company has the following options outstanding and exercisable at September 30, 2025 and 2024:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Schedule of options outstanding and exercisable |  |  |  |  |  |  |  |  |  |
|  |  | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2025** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** | **September 30, 2024** |
| **Issue Date** | **Expiry Date** | **Exercise Price** | **Stock Options Outstanding** | **Stock Options Exercisable** | **Remaining Life** | **Exercise Price** | **Stock Options Outstanding** | **Stock Options Exercisable** | **Remaining Life** |
| May 24, 2022 | May 24, 2032 | $0.20 | 4931250 | 4931250 | 6.65 | $0.20 | 4931250 | 4931250 | 7.65 |
| June 1, 2022 | June 1, 2032 | $0.20 | 80004 | 80004 | 6.68 | $0.20 | 80004 | 80004 | 7.67 |
| July 15, 2022 | July 15, 2032 | $0.20 | 450000 | 450000 | 6.80 | $0.20 | 450000 | 450000 | 7.79 |
| July 28, 2022 | July 28, 2032 | $0.20 | 150000 | 150000 | 6.83 | $0.20 | 150000 | 150000 | 7.83 |
| July 1, 2023 | July 1, 2033 | $0.26 | 750000 | 750000 | 7.76 | $0.26 | 750000 | 412500 | 8.76 |
| July 7, 2023 | July 7, 2033 | $0.26 | 300000 | 300000 | 7.78 | $0.26 | 300000 | 150000 | 8.77 |
| January 25, 2024 | January 25, 2034 | $0.26 | 75000 | 75000 | 8.33 | $0.26 | 75000 | 56250 | 9.33 |
| February 13, 2024 | February 13, 2034 | $0.26 | 50000 | 50000 | 8.38 | $0.26 | 50000 | 37500 | 9.38 |
| January 17, 2025 | January 17, 2035 | $0.50 | 588750 | 248125 | 9.31 | $n/a |  |  | n/a |
| July 29, 2025 | July 29, 2035 | $0.37 | 50000 | 50000 | 9.84 | n/a | – | – | n/a |
| Totals and Weighted Averages Outstanding |  | $0.23 | 7425004 | 7084379 | 7.08 | $0.21 | 6786254 | 6267504 | 7.87 |

---

Restricted Stock Units (RSUs):

The fair value of the 500,000 RSUs granted was $217,500, based on the closing price of $0.435 per share on the grant date of August 28, 2025.

During the nine-months ended September 30, 2025, and September 30, 2024, the Company recorded stock-based compensation expenses of $11,002 and $-0-, respectively, and during the three-months ended September 30, 2025, and September 30, 2024, the Company recorded stock-based compensation expenses of $11,002 and $-0-, respectively. As of September 30, 2025, the unamortized RSU expense was $206,498. The Company's RSUs had an intrinsic value of $217,000, based on the OTCQB published closing price of $0.434 per share as of September 30, 2025, which may not be indicative of the true market value of the stock options given the limited historical volumes traded and the volatility of the underlying shares as of that date. Stock-based compensation expense is measured at the date of grant, based on the fair value of the award, and is recognized over the vesting period of the option. The Company recognizes forfeitures in stock-based compensation expense as they occur.

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Commitments and Contingencies Indemnification Agreements** 

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners, and other parties with respect to certain matters. In addition, the Company has entered into indemnification agreements with members of its board of directors that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company does not believe that the outcome of any claims under indemnification arrangements will have a material effect on its consolidated financial position, results of operations, or cash flows, and it has not accrued any liabilities related to such obligations in its consolidated financial statements as of September 30, 2025, and December 31, 2024.

**Litigation**

From time to time, the Company may be subject to claims and lawsuits arising in the normal course of business. The Company's management believes that the outcome of any litigation or claims will not have a material effect on the Company's consolidated financial position, results of operations, or cash flows. As of September 30, 2025, management was not aware of any material active, pending, or threatened litigation.

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Related Party Activity** 

The Company's Chilean legal counsel, Quinzio Abogados SpA ("QA") have power of attorney ("POA") over and also provide legal counsel to Baltum. Baltum's contracted general manager is Felipe Quinzio, the sole owner of NyD Mining SpA ("NyD"). Baltum paid NyD for the services of Felipe Quinzio during the three- and nine-months ended September 30, 2025 and September 30, 2024 and for accounting services provided by NyD since July 2024. One of the law partners and owner of QA is Cristian Quinzio, who is the parent of Felipe Quinzio. Baltum pays QA for legal services provided, whether QA is engaged at the request of Baltum or the Company. There were no bills outstanding with Baltum to NyD at September 30, 2025 or September 30, 2024. There were bills for $2,054 and $-0- outstanding with Baltum to QA at September 30, 2025 and September 30, 2024, respectively. In addition, Baltum accrued an estimate of legal services provided by QA along with VAT due on those services, but yet to be billed by QA in the amount of $9,058 and $-0- at September 30, 2025 and December 31, 2024, respectively. Baltum incurred legal expenses provided by QA of $10,080 and $422 and $37,035 and $5,663 for the three- and nine-months ended September 30, 2025 and September 30, 2024, respectively. Baltum incurred managerial and accounting expenses provided by NyD of $10,185 and $11,175 and $30,639 and $26,095 for the three- and nine-months ended September 30, 2025 and September 30, 2024, respectively.

The Company's director, Ash Lazenby, has an advisory agreement with the Company and stands to receive 500,000 RSU's when they vest in July 2027, which have an intrinsic value of $217,000 as of September 30, 2025.

**ITEM 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS**

*The following discussion and analysis of the financial condition and results of operations of Chilean Cobalt Corp. ("Chilean Cobalt" and including its subsidiaries, collectively, the "Company") should be read in conjunction with our condensed consolidated financial statements and the accompanying notes thereto included elsewhere in this Quarterly Report on Form 10-Q. References in this Management's Discussion and Analysis of Financial Condition and Results of Operations to "us," "we," "our," and similar terms refer to the Company. This Quarterly Report on Form 10-Q includes forward-looking statements, as that term is defined in the federal securities laws, based upon current expectations that involve risks and uncertainties, such as plans, objectives, expectations and intentions. Actual results and the timing of events could differ materially from those anticipated in these forward-looking statements as a result of a number of factors. Words such as "anticipate," "estimate," "plan," "continuing," "ongoing," "expect," "believe," "intend," "may," "will," "should," "could," and similar expressions are used to identify forward-looking statements. We caution you that these statements are not guarantees of future performance or events and are subject to a number of uncertainties, risks and other influences, many of which are beyond our control, which may influence the accuracy of the statements and the projections upon which the statements are based. Reference is made to "Risk Factors", which are included in our Annual Report on Form 10-K, filed with the Securities and Exchange Commission ("Commission") on April 2, 2025, as the same may be amended from time to time.*

 

**Overview**

Chilean Cobalt Corp. is a US-based and US-traded (OTCQB: COBA) critical materials exploration and development company focused on the La Cobaltera cobalt-copper project in northern Chile, one of the world's few primary cobalt districts. As of the acquisition date on September 12, 2025, the Company is also focused on the El Cofre copper-cobalt-gold project in northern Chile. Chilean Cobalt strives to responsibly supply cobalt, copper and other critical minerals for a sustainable future.

Cobalt demand has been driven by the growth of its use in high performance metal alloy products for industrial and defense applications, as well as in lithium-ion batteries for portable electronic devices (tablets, phones) and electric vehicles (EVs). Copper demand continues to be driven by the growth in all manner of electrification as copper is a staple in nearly all things electric. The Company's wholly-owned subsidiary Baltum Mineria SpA ("Baltum") has acquired 6,377 hectares of fully exploitable mining concessions in northern Chile's Atacama region in the San Juan mining district. The Company continues to seek opportunities to further consolidate mining rights in the district, it has finalized a primary offtake arrangement and is working to finalize a downstream processing partner arrangement. The San Juan mining district, which includes the La Cobaltera and El Cofre areas, has been identified by CORFO, the Chilean governmental agency responsible for the country's economic development, as likely containing the highest quality cobalt assets in Chile. Chile already being the leading copper-producing country in the world with the La Cobaltera and El Cofre areas historically supporting the existence of established and high-quality copper assets. Being strategically located near roads, electricity, water, and ports, the site is in close proximity to robust mining infrastructure. The Company's principal business activities since incorporation have been the assessment, acquisition and consolidation of mining concessions; the exploration of the potential cobalt and copper resources within the concessions; and developing an accelerated phased implementation plan to generate revenue as quickly as possible. On November 11, 2025, we signed a definitive offtake arrangement with a wholly-owned subsidiary of Glencore plc (LSE: GLEN, "Glencore"), whereby Glencore will have a first and last right of refusal to purchase all of the Company's production of cobalt and copper minerals from the La Cobaltera and El Cofre projects, which it expects to ship to the United States or U.S. Free Trade Agreement countries. In addition, on September 6, 2024, we signed a non-binding LOI with US Strategic Metals ("USSM") to process and refine cobalt and copper concentrate we expect to produce at our La Cobaltera project. This processing is intended to lead to the creation of cobalt metal, battery chemical intermediate products, and/or other products critical for the production of advanced materials and energy technologies. USSM plans to carry out the processing at its production facility in Missouri. We are advancing due diligence and strategic discussions pursuant to that LOI and the terms and conditions of the agreement to be entered into between the Company and USSM are subject to negotiation. The objective of the three-way strategic partnership between the Company, Glencore and USSM is to establish an Americas-centric cobalt and copper supply chain, connecting Chilean Cobalt's La Cobaltera cobalt-copper project in Chile with USSM's integrated critical minerals processing site in Missouri, USA - which may include development of a dedicated processing line for La Cobaltera concentrate at USSM's site. Our relationship with USSM and Glencore is expected to strengthen US critical minerals supply chains while providing a sustainable and traceable source of raw materials for the growing domestic lithium-ion battery manufacturing capacity and high-performance metal alloy markets.

On November 7, 2025, the Company signed a non-binding Letter of Intent ("LOI") with NeoRe SpA ("NeoRe") for a nine-month exclusive right to perform due diligence on the economic viability of extracting rare earth elements from NeoRe's mining concessions located near Conception, Chile. There is no obligation to move past the due diligence phase, however, the LOI contains an option for acquiring the NeoRe mining concessions, if the economics are determined to be favorable.

We have not generated revenues to date. Our limited operations have included the formation of the Company and its wholly-owned subsidiary Baltum Mineria SpA, oversight of cobalt exploration and concession acquisition activities, business development activities and sustainability framework development activities. These limited operations have been funded by capital raised through the issuance of our common stock, preferred stock, and debt. From December 4, 2017 through November 14, 2025, we raised a total of $31,393,047 from accredited investors through the issuance of our common stock, preferred stock, and debt. This total does not include the $56,272 of stock-based compensation inferred by the issuance of 216,429 shares for the retainer for services provided by Collingwood Capital Partners AG at $0.26 per share on March 19, 2024, the $1,890,000 acquisition of El Cofre and additional La Cobaltera concessions by the issuance of 4.5 million shares to Cobalt Chile SpA at $0.42 per share on September 12, 2025 or any other non-cash amounts for other stock-based compensation, dividends paid-in-kind or similar.

We have limited business operations and have achieved losses since inception. We have been issued a going concern opinion from our auditors as a result of not generating sufficient business to date.

Our monthly "burn rate," the amount of expenses we expect to incur on a monthly basis, is approximately $117,000 for a total of $1,404,000 for the following 12 months. This is for baseline expenditures with costs of acquisition, exploration that includes feasibility assessment and drilling and direct and soft costs for an uplisting to a national exchange, not factored into those averages. Acquisition expenditures, if funding is achieved to proceed, could exceed $10,000,000, drilling and feasibility expenditures could exceed $2 million, while direct and soft costs to achieve an uplisting to a national exchange would possibly fall in the range of $300,000 to $500,000. We have relied and will continue to rely on capital raised from third parties to fund operations during the upcoming 12 months and we have plans to raise $2,000,000 to $4,000,000 imminently via a private raise, with board approval to do so, potentially another $10 million in the next three to six months via convertible debt and up to $20,000,000 or more in 2026, potentially as a public offering as part of an uplisting to a national market. We expect to be able to further our acquisition and exploration plans, if we are successful in raising the anticipated working capital.

In order to complete our plan of operations, which entails proving out feasibility, commencing production and generating saleable product, we estimate that approximately $325 million in funds will be required.

For the years ended December 31, 2024 and 2023, we generated no revenues and reported net losses of $882,574 and $1,292,742, respectively, and negative cash flow from operating activities of $791,706 and $929,418, respectively. For the three-months ended September 30, 2025 and September 30, 2024, we reported net losses of $2,287,316 and $192,968, respectively, and negative cash flow from operating activities of $412,280 and $199,321, respectively. For the nine-months ended September 30, 2025 and September 30, 2024, we reported net losses of $2,932,125 and $666,278, respectively, and negative cash flow from operating activities of $973,946 and $580,257, respectively. Our management has concluded that our historical recurring losses from operations and negative cash flows from operations as well as our dependence on securing private equity and other financings raise substantial doubt about our ability to continue as a going concern and our auditor has included an explanatory paragraph relating to our ability to continue as a going concern in its audit reports for the fiscal years ended December 31, 2024 and 2023. As noted in our unaudited financial statements included elsewhere in this Quarterly Report on Form 10-Q, we had an accumulated stockholders' deficit of approximately $36,314,937 and recurring losses from operations as of September 30, 2025. See the risk factor in our Annual Report on Form 10-K titled, "Risk Factors - We have a history of operating losses and our management has concluded that factors raise substantial doubt about our ability to continue as a going concern and our auditor has included an explanatory paragraph relating to our ability to continue as a going concern in its audit report for the fiscal years ended December 31, 2024 and 2023."

**Plan of Operations**

In order to complete our plan of operations, including Phase 2 exploration work, during the next 12 months, we estimate that approximately $1,284,000 in additional funds will be required. In order to pursue our strategic priorities of progressing mining rights acquisition and consolidation and uplisting to a national exchange, along with both brownfield and greenfield exploration and having a longer operational runway, we will require raising approximately $2,000,000 to $3,000,000. To complete mining rights acquisition and consolidation along with drilling and feasibility assessments will require substantially more funding. The source of such funds is anticipated to come from private and public placements of our securities as discussed in the Overview above. If we fail to raise the amounts we require, we may not be able to fully carry out our plan of operations. Assuming that we are able to raise the amounts discussed above, we believe we can satisfy our cash requirements during the next 12 months and begin to implement our long-term business plan.

For the next twelve months, we intend to implement our business plan as follows:

· *Exploration and Development Expenses*. During this period, we intend to, among other things, continue exploration and development of the mining sites, both La Cobaltera and El Cofre, in addition to any new mining sites that are successfully acquired. The exploration and development expenses are expected to encompass Artificial Intelligence ("AI") pilot studies, sampling, mapping and trenching in greenfield areas and further diamond drilling and work towards establishing pre-feasibility and/or definitive feasibility studies in brownfield areas. To achieve our Phase 2 objectives, we expect this to cost approximately $350,000. To progress into feasibility assessment and drilling is expected to cost approximately $2,000,000 to $4,000,000, or more, depending on the breadth of the follow-up exploration program.

· *Possible Strategic Acquisition Opportunities*. During this period, we intend to, among other things, consider possible strategic acquisitions of other possible mining sites in addition to the 3,742 hectares of full-exploitation mining concessions that were recently acquired. There continue to be sites that the Company has expressed interest in acquiring and the ability to close on these acquisitions is dependent on the Company's success in achieving its capital raise objectives and being able to negotiate favorable terms with mining concession sellers in the areas of cash, equity and net smelter royalties, as applicable.

· *General and Administrative Expenses*. During this period, we intend to, among other things, hire additional staff or engage additional advisors to assist with operations. We also intend to continue incurring the same level of general and administrative expenses, such as corporate insurance, professional services, public filer services, marketing, site and conference travel and other administrative costs in order to further our plan. The general and administrative expenses are expected to be approximately $1,100,000 to $1,200,000, depending on the phases of the business plan that are able to be engaged.

Any major acquisition and the underlying funding source would need to be approved at the board level as a prerequisite to closing. We are seeking to secure a source of equity financing, such as through a private offering and/or a public offering as part of an uplisting to a national exchange, or convertible debt to fund our exploration and development efforts within our mining concessions that comprise our La Cobaltera cobalt-copper project and our El Cofre copper-cobalt project, as well as other mining concessions we are evaluating within the San Juan mining district in northern Chile. The overall financing requirements may also include a potential debt funding package of up to $317,400,000 pursuant to a June 4, 2024 non-binding letter of interest we received from the Export-Import Bank of the United States and the extension notice that makes it applicable until June 14, 2026. There can be no assurance that a private offering, public offering upon uplisting to a national exchange, convertible debt or debt financing, when instituted can occur as planned or at all. Our future is dependent upon our ability to obtain further financing, the successful execution of our business plan, securing favorable downstream processing arrangements, and achieving a profitable level of operations. The issuance of additional equity securities by us could result in a significant dilution in the equity interests of our current stockholders. Obtaining commercial loans, assuming those loans would be available, will increase our liabilities and future cash commitments. There are no assurances that we will be able to obtain further funds required for our continued operations. Even if additional financing is available, it may not be available on terms we find favorable. At this time, there are no anticipated sources of additional funds in place. Failure to secure the needed additional financing will have an adverse effect on our ability to remain in business.

**Components of revenues and costs and expenses**

*Exploration and development expense*. Our exploration and development costs are incurred during the exploration and development of mining sites. We incurred light exploration and development expenses during the quarter ended September 30, 2025, related to the Company's AI pilot program. In addition, the Company finalized the acquisition of 3,724 additional hectares of full-exploitation mining concessions in the district, which are now being incorporated into the overall exploration plan and evaluated for incorporation into the AI pilot program. Throughout the year, the Company has worked diligently to get an extension to its letter of interest with the Export-Import Bank of the United States, in addition to finalizing the definitive arrangement for Glencore's right of first and last refusal for product offtake with Glencore, an international commodity trading and mining company. The letter of interest with the Export-Import Bank of the United States serves as the Company's long-term debt funding strategy and the definitive arrangement for offtake with Glencore is critical, especially when combined with a letter of intent with United States Strategic Metals for putting in place an eventual three-party Americas-centric cobalt and copper upstream and downstream processing relationship. During 2025, the Company has brought on technical consultants Dr. Brian Townley and Cesar Vargas to assist Dr. Lawrence W. Snee, its Executive Vice President of Exploration. Dr. Snee has the responsibility for developing and executing the Company's exploration activities, which includes progressing the AI trial exploration campaign and contributing to the overall corporate strategic plan.

*General and administrative expense*. Our general and administrative expenses include compensation of staff and overhead, which includes depreciation and foreign currency transaction (gains) and losses.

*Interest expense, interest income, net*. Interest expense consists of interest expense associated with debt obligations. Interest income consists of interest income earned on our cash, cash equivalents and short-term investments.

*Provision for Income Taxes*. Provision for income taxes consists of an estimate of U.S. federal and state income taxes and income taxes in certain foreign jurisdictions in which we conduct business, as adjusted for allowable credits, deductions and the valuation allowance against deferred tax assets.

*Gain (loss) on retirement/sale of assets*. When fixed assets are sold, retired or disposed, there is either a non-cash gain or loss associated with the action depending on whether there is receipt of proceeds (in the case of a sale) and the extent of depreciation that has already been claimed on the fixed asset that is being removed from the books. For a gain, there must be proceeds received in excess of the residual book value of the asset, whereas, otherwise, there is no loss or a loss by the amount that the residual book value exceeds any applicable proceeds.

&nbsp;&nbsp;&nbsp;&nbsp;

**Results of Operations – Three-Months Ended September 30, 2025 Compared to the Three-Months Ended September 30, 2024**

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| | | | |
|:---|:---|:---|:---|
|  | **Three-Months Ended**<br> **September 30, 2024** | **Three-Months Ended**<br> **September 30, 2025** | **Increase**<br> **(Decrease)** |
| Revenue | $0 | $0 | $0 |
| Cost of Sales | 0 | 0 | 0 |
| Gross Profit | $0 | $0 | $0 |
| Gross Profit % | 0% | 0% | 0% |
| Operating Expenses: |  |  |  |
| Cost of Mineral Exploration | $0 | $28440 | $28440 |
| General and administrative expenses and foreign currency transaction loss | 195832 | 380500 | 184668 |
| Interest (income) expense, net | (2864) | (2706) | 158 |
| Gain (loss) on retirement/sale/impairment of assets | 0 | (1881082) | 1881082 |
| Loss before income taxes | (192968) | (2287316) | 2094348 |
| Provision for income taxes | 0 | 0 | 0 |
| Net Loss | $(192968) | $(2287316) | $2094348 |

---

Operating losses for the three-months ended September 30, 2025, compared to September 30, 2024, were much higher due primarily to the impairment write-down of the recently acquired mining concessions as it was determined to be impractical to achieve a reliable independent valuation in order to support the value on the financial statements. In addition, exploration costs in the current period, not experienced in the same period for the previous year, higher mining concession patent costs for Baltum, including the added patent costs for the newly acquired mining concessions, were a substantial driver of increased net losses. Those factors combined with higher legal costs in Chile related to due diligence on acquisitions and patent fee rate changes, higher cash-based compensation, due to employee additions to the management suite, along with higher non-cash option compensation to directors, officers and advisors, along with somewhat higher costs across the remaining expense categories for the remainder of the difference.

**Results of Operations – Nine-Months Ended September 30, 2025 Compared to the Nine-Months Ended September 30, 2024**

---

| | | | |
|:---|:---|:---|:---|
|  | **Nine-Months Ended**<br> **September 30, 2024** | **Nine-Months Ended**<br> **September 30, 2025** | **Increase**<br> **(Decrease)** |
| Revenue | $0 | $0 | $0 |
| Cost of Sales | 0 | 0 | 0 |
| Gross Profit | $0 | $0 | $0 |
| Gross Profit % | 0% | 0% | 0% |
| Operating Expenses: |  |  |  |
| Cost of Mineral Exploration | $0 | $48238 | $48238 |
| General and administrative expenses and foreign currency transaction loss | 681051 | 1018494 | 337443 |
| Interest income, net | (14773) | (15689) | (916) |
| Gain (loss) on retirement/sale/impairment of assets | 0 | (1881082) | 1881082 |
| Loss before income taxes | (666278) | (2932125) | 2265847 |
| Provision for income taxes | 0 | 0 | 0 |
| Net Loss | $(666278) | $(2932125) | $2265847 |

---

Operating losses for the nine-months ended September 30, 2025, compared to September 30, 2024, were much higher generally due to the same factors that drove quarterly costs higher, as explained above, such as impairment write-down costs, exploration costs in the current year, not applicable in the previous year, higher mining concession patent costs for Baltum, along with higher legal costs in Chile related to due diligence on acquisitions and patent fee changes, higher cash-based compensation, due to employee additions to the management suite, along with higher non-cash option compensation to directors, officers and advisors, along with somewhat higher costs across the remaining expense categories for the remainder of the difference.

**<u>Liquidity and Capital Resources</u>**

***Liquidity***

 ****

We have primarily financed our operations through the sale of unregistered equity. As of September 30, 2025, our Company had cash totaling $189,157 current assets totaling $334,496 and total assets of $337,454. As of September 30, 2025, we had total liabilities of $24,242 (all current), positive working capital of $310,254, and stockholders' equity of $313,212.

 ****

<u>Sources and Uses of Cash for the Nine-Months Ended September 30, 2025 and 2024</u>

The following table summarizes our cash flows for the nine-months ended September 30, 2024 and 2025.

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| | | | |
|:---|:---|:---|:---|
|  | **Nine-Months Ended**<br> **September 30, 2024** | **Nine-Months Ended**<br> **September 30, 2025** | **Increase**<br> **(Decrease)** |
| Net Cash Provided By (Used In) Operating Activities | $(580257) | $(973946) | $(393689) |
| Net Cash Provided By (Used In) Investment Activities | 0 | 0 | 0 |
| Net Cash Provided By (Used In) Financing Activities | 0 | 830945 | 830945 |
| Effect of foreign exchange rate on cash | (843) | 849 | 1692 |
| Net Increase (Decrease) in Cash | $(581100) | $(142152) | $438948 |

---

<u>Net cash used in operations</u>

Net cash used in operating activities was $580,257 for the nine-months ended September 30, 2024 versus net cash used in operating activities of $973,946 for the nine-months ended September 30, 2025. The increase in cash flow used in operating activities was primarily due to the annual patent fee reimbursement to seller of newly acquired mining concessions, higher cash-based compensation and payroll tax impacts, as additional employees were hired to the management suite, and higher annual mining concession patent payments related to the long-held mining concessions by Baltum. To a lesser degree, but still impactful, were increased professional service costs, primarily in the areas of environmental sustainability consulting and legal services for both US-based and Chile-based for acquisition due diligence and higher outlays for AI pilot studies and more expenditures for marketing and Company awareness. Each of these factors along with nominal impacts from various other expense areas contributed to the $393,689 higher use in net cash for operations in the current period compared to the same period in the previous year.

<u>Net cash used in investment activities</u>

Net cash used in investment activities was $-0- for the nine-months ended September 30, 2024 versus net cash used in investment activities of $-0- for the nine-months ended September 30, 2025. There were no changes in cash flow used in investment activities between years. The acquisition of the 3,724 hectares of full-exploitation mining concessions was a non-cash transaction through the issuance of the Company's common stock, as noted in the supplemental disclosure of non-cash investing and financing activities in the financial statements.

<u>Net cash provided by financing activities</u>

Net cash provided by financing activities of $-0- in the nine-months ended September 30, 2024, versus net cash provided by financing activities of $830,945 in the nine-months ended September 30, 2025, which included an aggregate of $757,514 of proceeds for the sale of an aggregate of 1,683,365 shares of Series B convertible preferred and collection of $73,431 in subscriptions receivable. The issuance of 4,500,000 shares at $0.42 per share for an overall value of $1,890,000 was a non-cash transaction for the acquisition of 3,724 hectares of full-exploitation mining concessions, as noted in the supplemental disclosure of non-cash investing and financing activities in the financial statements.

 ****

***Going Concern***

Based upon our working capital of $310,254 compared to our $973,946 cash used in operating activities year-to-date through September 30, 2025, that annualized would equate to cash used in operating activities of $1,298,595, which exceeds our existing working capital, coupled with our accumulated deficit of ($36,314,937), as of September 30, 2025, we require additional equity and/or debt financing to continue our operations. These conditions raise substantial doubt about our ability to continue as a going concern for at least one year from the date of this filing. As a result of the foregoing factors, together with our recurring losses from operations and negative cash flows since inception, our independent registered public accounting firm included an explanatory paragraph relating to our ability to continue as a going concern in its report on our audited consolidated financial statements for the fiscal years ended December 31, 2024 and 2023 and as footnoted in our unaudited quarterly condensed consolidated financial statements for the quarters ended September 30, 2025 and 2024.

***Availability of Additional Funds***

Our capital requirements going forward will consist of financing our operations until we are able to reach a level of revenues and gross margins adequate to equal or exceed our ongoing operating expenses. Other than the possibility of borrowings from related and third parties, it should be noted that we do not have any credit agreement or source of liquidity immediately available to us.

Since inception our operations have primarily been funded through proceeds from existing shareholders in exchange for equity. There can be no assurance that we will be able to obtain funds on commercially acceptable terms, if at all. We expect to have ongoing needs for working capital in order to (a) fund operations; plus (b) exploration and development. To that end, we may be required to raise additional funds through equity or debt financing. However, there can be no assurance that we will be successful in securing additional capital. If we are unsuccessful, we may need to (a) initiate cost reductions; (b) forego business development opportunities; (c) seek extensions of time to fund its liabilities, or (d) seek protection from creditors.

In addition, if we are unable to generate adequate cash from operations, and if we are unable to find sources of funding, it may be necessary for us to sell all or a portion of our assets, enter into a business combination, or reduce or eliminate operations. These possibilities, to the extent available, may be on terms that result in significant dilution to our shareholders or that result in our shareholders losing all of their investment in our Company.

If we are able to raise additional capital, we do not know what the terms of any such capital raising would be. In addition, any future sale of our equity securities would dilute the ownership and control of your shares and could be at prices substantially below prices at which our shares currently trade. Our inability to raise capital could require us to significantly curtail or terminate our operations. We may seek to increase our cash reserves through the sale of additional equity or debt securities. The sale of convertible debt securities or additional equity securities could result in additional and potentially substantial dilution to our shareholders. The incurrence of indebtedness would result in increased debt service obligations and could result in operating and financing covenants that would restrict our operations and liquidity. In addition, our ability to obtain additional capital on acceptable terms is subject to a variety of uncertainties.

Our unaudited condensed consolidated financial statements included elsewhere in this Quarterly Report on Form 10-Q have been prepared in conformity with accounting principles generally accepted in the United States of America ("U.S. GAAP"), which contemplate our continuation as a going concern and the realization of assets and the satisfaction of liabilities in the normal course of business. The carrying amounts of assets and liabilities presented in the condensed consolidated financial statements do not necessarily purport to represent realizable or settlement values. The condensed consolidated financial statements do not include any adjustment that might result from the outcome of this uncertainty.

***Public Company Expenses***

We expect to incur direct, incremental selling, general and administrative expenses as a result of being a publicly traded company, including, but not limited to, where applicable, increased scope of our operations and costs associated with hiring new personnel, implementation of compensation programs that are competitive with our public company peer group, annual and quarterly reports to shareholders, tax return preparation, independent registered public accounting firm fees, investor relations activities, legal and registration fees, registrar and transfer agent fees, incremental director and officer liability insurance costs and independent director compensation. Some of these direct, incremental selling, general and administrative expenses are not yet applicable in our historical results of operations.

**Climate Change**

The potential physical impacts of climate change on our operations are highly uncertain and are specific to the geographic circumstances of areas in which we operate. These may include changes in rainfall and storm patterns and intensities, droughts and water shortages, changing sea levels and changing temperatures, and an increase in the number and severity of weather events and natural disasters. These changes may have a material adverse effect on our future operations, including cobalt extraction and production processes, as well as transportation of raw materials and delivery of products to customers. We may also face more stringent customer and regulatory requirements to accelerate water use reduction initiatives, more reliance on renewable energy sources and more water re-use and re-cycling. Climate change may also exacerbate socio-economic and political issues around the world and have other direct impacts to ecosystems, human health and quality of life, ranging from destruction of habitats to air, water and land quality to growing incidences of famines, pandemics and population shifts.

In addition, a number of governmental bodies have introduced or are contemplating legislative and regulatory change in response to the potential impacts of climate change. Such legislation or regulation, if enacted, potentially could include provisions for a "cap and trade" system of allowances and credits or a carbon tax, among other provisions. There is also a potential for climate change legislation and regulation to adversely impact the cost of purchased energy and electricity.

The growing concerns about climate change and related increasingly stringent regulations may provide us with new or expanded business opportunities. Our future product contributes to the efforts of our customers to revolutionize their product lines and markets. As a key part of the EV and battery supply chain, we would eventually be providing cobalt-containing solutions that help enable the growth of electric transportation and the shift away from fossil fuels. As demand for, and legislation mandating or incentivizing the use of, alternative fuel technologies that limit or eliminate greenhouse gas emissions increases, we will continue to monitor the market and offer solutions where we have appropriate technology.

**Off-Balance Sheet Arrangements**

We have not entered into any other financial guarantees or other commitments to guarantee the payment obligations of any third parties. We have not entered into any derivative contracts that are indexed to our shares and classified as stockholders' equity or that are not reflected in our condensed consolidated financial statements. Furthermore, we do not have any retained or contingent interest in assets transferred to an unconsolidated entity that serves as credit, liquidity or market risk support to such entity. We do not have any variable interest in any unconsolidated entity that provides financing, liquidity, market risk or credit support to us or engages in leasing, hedging or research and development services with us.

**Critical Accounting Policies and Estimates**

Our discussion and analysis of our financial condition and results of operations is based upon our financial statements, which have been prepared in accordance with U.S. GAAP. The preparation of these financial statements requires us to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenue and expenses and the related disclosure of contingent assets and liabilities. We base our estimates on historical experience and on various other assumptions that we believe are reasonable under the circumstances. Our estimates form the basis for our judgments about the carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these estimates.

An accounting policy is considered to be critical if it requires an accounting estimate to be made based on assumptions about matters that are highly uncertain at the time the estimate is made, and if different estimates that reasonably could have been used, or changes in the accounting estimate that are reasonably likely to occur, could materially impact the financial statements. We believe that our critical accounting policies reflect the most significant estimates and assumptions used in the preparation of the consolidated financial statements.

We believe that the assumptions and estimates associated with our mining concession capitalization and stock-based compensation and the valuation of stock option grants have the greatest potential impact on our financial statements. Therefore, we consider these to be our critical accounting policies and estimates.

**Principal Accounting Policies and Related Financial Information**

Refer to Note 3. "Summary of Significant Accounting Policies Basis of Presentation" in the accompanying unaudited condensed consolidated financial statements.

**Recently Issued Accounting Pronouncements**

The Company's management has evaluated all the recently issued accounting pronouncements through the filing date of these financial statements and does not believe that any of these pronouncements will have a material impact on the Company's current financial position and results of operations.

**ITEM 3. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK**

Not applicable.

**ITEM 4. CONTROLS AND PROCEDURES**

**Disclosure Controls and Procedures**

The Company's Chief Executive Officer and Principal Financial Officer have evaluated the effectiveness of the Company's disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of September 30, 2025. Based upon such evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of September 30, 2025, the Company's disclosure controls and procedures were not effective as required under Rules 13a-15(e) and 15d-15(e) under the Exchange Act.

***Changes in Internal Control over Financial Reporting***

There were no changes in our internal control over financial reporting that occurred during the fiscal quarter ended September 30, 2025 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

**PART II – OTHER INFORMATION**

**ITEM 1. LEGAL PROCEEDINGS**

From time to time, we are involved in various claims and legal actions arising in the ordinary course of business. There are no legal proceedings currently pending against us which we believe would have a material effect on our business, financial position or results of operations and, to the best of our knowledge, there are no such legal proceedings contemplated or threatened.

We may be subject to a fine imposed by the National Forestry Corporation of the Atacama Region ("CONAF"), on our subsidiary Baltum Mineria SpA ("Baltum"), which is awaiting court determination, of up to $4,000, which may be reduced by as much as 50%. This is in connection with a self-report made by Baltum to CONAF on May 13, 2019, reporting the involuntary cutting of certain vegetation species in the La Cobaltera sector. Since Baltum made a self-report to CONAF, the applicable fine may be reduced by as much as 50%. We do not believe that this fine, even if imposed in the full amount, will have any material effect on the Company's business, financial position or results of operations.

**ITEM 1A. RISK FACTORS**

There have been no material changes in our risk factors from those disclosed in Part 1, Item 1A. of our Annual Report on Form 10-K for the year ended December 31, 2024, as the same may be updated from time to time.

**ITEM 2. UNREGISTERED SALES OF EQUITY SECURITIES, USE OF PROCEEDS AND ISSUER PURCHASES OF EQUITY SECURITIES**

None.

**ITEM 3. DEFAULTS UPON SENIOR SECURITIES**

Not applicable.

**ITEM 4. MINE SAFETY DISCLOSURES**

Not applicable.

**ITEM 5. OTHER INFORMATION**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There have been no material changes to the procedures by which security holders may recommend nominees
to the Company's Board of Directors since the Company last provided disclosure in response to the requirements of Item 407(c)(3)
of Regulation S-K.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the quarter ended September 30, 2025, no director or officer adopted or terminated any Rule 10b5-1
trading arrangement or non-Rule 10b5-1 trading arrangement, as each term is defined in Item 408(a) of Regulation S-K.

**ITEM 6. EXHIBITS**

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| | |
|:---|:---|
| **Exhibit Number** | **Description of Document** |
| 10.1+ | [Chilean Cobalt Corp. 2025 Equity Incentive Plan](https://www.sec.gov/Archives/edgar/data/1727255/000168316825006647/chilean_ex1001.htm) (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on September 3, 2025). |
| 10.2+ | [Form of Restricted Stock Unit Award Agreement](https://www.sec.gov/Archives/edgar/data/1727255/000168316825006647/chilean_ex1002.htm) (incorporated by reference to Exhibit 10.2 to the Company's Current Report on Form 8-K filed with the Commission on September 3, 2025). |
| 10.3 | [Form of Mining Concession Purchase Agreement, Cobalt Chile SpA to Baltum Mineria SpA and Annex 1 Issuance Agreement, dated as of 12 September 2025](https://www.sec.gov/Archives/edgar/data/1727255/000168316825006976/chilean_ex1001.htm) (incorporated by reference to Exhibit 10.1 to the Company's Current Report on Form 8-K filed with the Commission on September 15, 2025). |
| 31.1\* | <u>Rule 13a-14(a) Certification of Principal Executive Officer.</u> |
| 31.2\* | <u>Rule 13a-14(a) Certification of Principal Financial Officer.</u> |
| 32.1\*\* | <u>Certification Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, of Principal Executive Officer and Principal Financial Officer.</u> |
| 101.INS\* | Inline XBRL Instance Document |
| 101.SCH\* | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL\* | Inline XBRL Taxonomy Extension Calculation Linkbase |
| 101.DEF\* | Inline XBRL Taxonomy Extension Definition Linkbase |
| 101.LAB\* | Inline XBRL Taxonomy Extension Labels Linkbase |
| 101.PRE\* | Inline XBRL Taxonomy Extension Presentation Linkbase |
| 104\* | Cover Page Interactive Data File (embedded within the Inline XBRL document) |

---

\* Filed herewith. <br> \*\* Furnished herewith. <br> + Management contract or compensatory plan or arrangement.

**SIGNATURES**

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **CHILEAN COBALT CORP.** | **CHILEAN COBALT CORP.** |
| Dated: November 17, 2025 | By: | */s/ Duncan T. Blount* |
|  |  | Duncan T. Blount, Chief Executive Officer<br> (principal executive officer) |
| Dated: November 17, 2025 | By: | */s/ Jim Van Horn* |
|  |  | Jim Van Horn, Chief Financial Officer<br> (principal financial officer and principal accounting officer) |

---

**Exhibit 31.1**

**CERTIFICATIONS**

I, Duncan T. Blount, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of CHILEAN COBALT CORP.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 17, 2025

---

| |
|:---|
| */s/ Duncan T. Blount* |
| Duncan T. Blount |
| Chief Executive Officer<br> (principal executive officer) |

---

**Exhibit 31.2**

**CERTIFICATIONS**

I, Jim Van Horn, certify that:

1. I have reviewed this Quarterly Report on Form 10-Q for the quarter ended September 30, 2025 of CHILEAN COBALT CORP.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

5. The registrant's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: November 17, 2025

---

| |
|:---|
| */s/ Jim Van Horn* |
| Jim Van Horn |
| Chief Financial Officer<br> (principal financial officer) |

---

**Exhibit 32.1**

**CERTIFICATION**

**PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

In connection with the Quarterly Report on Form 10-Q of CHILEAN COBALT CORP. (the "Company") for the quarter ended September 30, 2025 as filed with the Securities and Exchange Commission (the "Report"), I, Duncan T. Blount, Chief Executive Officer of the Company, and I, Jim Van Horn, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that to the best of my knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and result of operations of the Company.

---

| | |
|:---|:---|
| Date: November 17, 2025 | */s/ Duncan T. Blount* |
|  | Duncan T. Blount, Chief Executive Officer<br> (principal executive officer) |
| Date: November 17, 2025 | */s/ Jim Van Horn* |
|  | Jim Van Horn, Chief Financial Officer |
|  | (principal financial officer) |

---

*This certification accompanies this Quarterly Report on Form 10-Q pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not, except to the extent required by such Act, be deemed filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such certification will not be deemed to be incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, except to the extent that the Company specifically incorporates it by reference.*