# EDGAR Filing Document

**Accession Number:** 0001727255
**File Stem:** 0001683168-26-004171
**Filing Date:** 2026-5
**Character Count:** 122112
**Document Hash:** 0e3c66cd6b489068dca2524ea55b79a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001683168-26-004171.hdr.sgml**: 20260520

**ACCESSION NUMBER**: 0001683168-26-004171

**CONFORMED SUBMISSION TYPE**: 10-Q

**PUBLIC DOCUMENT COUNT**: 52

**CONFORMED PERIOD OF REPORT**: 20260331

**FILED AS OF DATE**: 20260520

**DATE AS OF CHANGE**: 20260520

**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:** 10-Q
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-268335
- **FILM NUMBER:** 261004079

**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

?xml version='1.0' encoding='ASCII'? CHILEAN COBALT CORP. 10-Q

[**Table of Contents**](#q1_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>March 31, 2026</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 57,972,430 shares of the registrant's common stock, $0.0001 par value per share, outstanding as of May 20, 2026.

**CHILEAN COBALT CORP.**

**Contents**

---

| | |
|:---|:---|
| [Cautionary Statement Regarding Forward-Looking Statements](#q1_002) | ii |
| **[PART I – FINANCIAL INFORMATION](#q1_003)** | **[PART I – FINANCIAL INFORMATION](#q1_003)** |
| [Item 1. Financial Statements](#q1_004) | 1 |
| [Condensed Consolidated Balance Sheets](#q1_005) | 1 |
| [Unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss](#q1_006) | 2 |
| [Unaudited Condensed Consolidated Statements of Changes in Stockholders' Equity](#q1_007) | 3 |
| [Unaudited Condensed Consolidated Statements of Cash Flows](#q1_008) | 4 |
| [Notes to Condensed Consolidated Financial Statements](#q1_009) | 5 |
| [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](#q1_010) | 20 |
| [Item 3. Quantitative and Qualitative Disclosures about Market Risk](#q1_011) | 28 |
| [Item 4. Controls and Procedures](#q1_012) | 28 |
| **[PART II – OTHER INFORMATION](#q1_013)** | **[PART II – OTHER INFORMATION](#q1_013)** |
| [Item 1. Legal Proceedings](#q1_014) | 29 |
| [Item 1A. Risk Factors](#q1_015) | 29 |
| [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](#q1_016) | 29 |
| [Item 3. Defaults Upon Senior Securities](#q1_017) | 29 |
| [Item 4. Mine Safety Disclosures](#q1_018) | 29 |
| [Item 5. Other Information](#q1_019) | 29 |
| [Item 6. Exhibits](#q1_020) | 29 |
| [Signature Page](#q1_021) | 31 |

---

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 SHEETS**

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
|  | (Unaudited) |  |
| **Assets** |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $1867693 | $2772082 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | 227560 | 72231 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current assets | 2095253 | 2844313 |
| Other Asset | 483598 |  |
| Property and equipment, net | 2958 | 2958 |
| &nbsp;&nbsp;&nbsp;Total assets | $2581809 | $2847271 |
| **Liabilities and Stockholders' Equity** |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable | $57377 | $35388 |
| &nbsp;&nbsp;&nbsp;Accrued service expenses | 6992 | 15044 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total current liabilities | 64369 | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities | 64369 | 50432 |
| 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 March 31, 2026 and December 31, 2025, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Series B Convertible Preferred Stock, $0.0001 par value; 2,900,000 shares authorized and 0 and 0 shares issued and outstanding at March 31, 2026 and December 31, 2025, respectively |  |  |
| &nbsp;&nbsp;&nbsp;Common Stock, $0.0001 par value; 100,000,000 shares authorized and 56,409,930 and 56,409,930 issued and outstanding at March 31, 2026 and December 31, 2025, respectively | 5641 | 5641 |
| &nbsp;&nbsp;&nbsp;Additional paid-in capital | 39244374 | 39191565 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive income | 241744 | 245585 |
| &nbsp;&nbsp;&nbsp;Accumulated deficit | (36974319) | (36645952) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total stockholders' equity | 2517440 | 2796839 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total liabilities and stockholders' equity | $2581809 | $2847271 |

---

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

**CHILEAN COBALT CORP. AND SUBSIDIARY**

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

---

| | | |
|:---|:---|:---|
|  | **Three-Months Ended**<br>**March 31,**<br>**2026** | **Three-Months Ended**<br>**March 31,**<br>**2025** |
| Revenues | $– | $– |
| Cost of mineral exploration | – | – |
| Gross profit |  |  |
| Operating expenses: |  |  |
| Cost of mineral exploration | 22000 |  |
| General and administrative | 355975 | 339657 |
| Foreign currency transaction loss | 778 | 2172 |
| Total operating expenses | 378753 | 341829 |
| Loss from operations | (378753) | (341829) |
| Income from other sources | 32835 |  |
| Interest income | 17551 | 7531 |
| Loss before income taxes | (328367) | (334298) |
| Net loss | $(328367) | $(334298) |
| Basic and diluted loss per common share | $(0.01) | $(0.01) |
| Weighted-average number of shares outstanding: |  |  |
| Basic and diluted share count | 56409930 | 43502145 |
| Comprehensive loss: |  |  |
| Net loss | $(328367) | $(334298) |
| Foreign currency translation adjustments | (3841) | 2477 |
| Comprehensive loss | $(332208) | $(331821) |

---

*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, 2024** | 724420 | $72 | 43285716 | $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 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | 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, 2025** |  | $– | 56409930 | $5641 | $39191565 | $245585 | $(36645952) | $2796839 |
| &nbsp;&nbsp;&nbsp;Foreign currency translation |  |  |  |  |  | (3841) |  | (3841) |
| &nbsp;&nbsp;&nbsp;Stock based compensation |  |  |  |  | 52809 |  |  | 52809 |
| &nbsp;&nbsp;&nbsp;Net loss |  | – | – | – | – | – | (328367) | (328367) |
| **Balances at March 31, 2026** |  | $– | 56409930 | $5641 | $39244374 | $241744 | $(36974319) | $2517440 |

---

*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**

---

| | | |
|:---|:---|:---|
|  | **Three-Months Ended** | **Three-Months Ended** |
|  | **March 31,** | **March 31,** |
|  | **2026** | **2025** |
| **Cash flows from operating activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss | $(328367) | $(334298) |
| &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 | 52809 | 55216 |
| &nbsp;&nbsp;&nbsp;Changes in operating assets and liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | (164573) | (31043) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 14349 | 38904 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in operating activities | (425782) | (271221) |
| **Cash flows from investing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Cash paid toward purchase of NSR Royalty Asset | (483598) | – |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash (used in) investing activities | (483598) |  |
| **Cash flows from financing activities:** |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from issuance of Series B Convertible Preferred Stock | – | 747443 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by financing activities |  | 747443 |
| Effect of foreign exchange rate on cash | 4991 | 599 |
| Net increase (decrease) in cash | (904389) | 476821 |
| Cash at beginning of period | 2772082 | 331309 |
| Cash at end of period | $1867693 | $808130 |

---

*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 and also has an earn-in option to potentially acquire royalties or concessions in rare earth element mining concessions. 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 March 31, 2026, 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 three-month period ended March 31, 2026, the Company reported a net loss of $328,367, and had an accumulated deficit of $36,974,319 as of March 31, 2026.

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. Furthermore, the Company's ability to achieve the milestones required to earn rare earth element mining concession royalties or ownership is also dependent on the Company's ability to raise the necessary financing.

With a cash balance of $1,867,693 as of March 31, 2026, and the recent capital raise of $2,500,000 as also discussed in Footnote 10. Subsequent events, the Company is well positioned to further its strategic objectives, but depending on pace of project development and success in raising capital, may not have sufficient financial resources to continue its operations for the next 12 months, in spite of the existing cash balance and capital raised. Historically the Company has funded its operations with the private placement of equity, debt, and related party loans. However, raising sufficient capital 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-month period ended March 31, 2026 and 2025, the Company excluded the following shares from the calculation of diluted loss per share because such amounts were anti-dilutive:

---

| | | |
|:---|:---|:---|
|  | **March 31, 2026** | **March 31, 2025** |
| Shares issuable upon conversion of Series B Convertible Preferred Stock |  | 2222225 |
| Shares issuable upon vesting of Restricted Stock Units | 500000 |  |
| Shares issuable upon exercise of stock options | 7239379 | 7431254 |
| Total | 7739379 | 9653479 |

---

**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 March 31, 2026 and December 31, 2025, the Company's cash balances were $1,867,693 and $2,772,082, 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. There were no subscriptions receivable as of March 31, 2026, or December 31, 2025.

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 March 31, 2026 and December 31, 2025, because the Company's ability to engage in sales activity necessary to recover VAT taxes paid in on its expenditures 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:

· 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:

· 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 three-months ended March 31, 2026 and March 31, 2025, 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 ended March 31, 2026 and 2025, we recorded $-0- and $-0-, respectively, impairment losses in those periods. 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, based on the lack of reliability of and availability of independent valuations for these unique assets, as necessary to substantiate their value for financial statement purposes. 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 March 31, 2026 and December 31, 2025, 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. There were no material transaction and remeasurement gains for the three-months ended March 31, 2025 and 2026, 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 three-months ended March 31, 2026.

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

The Company maintains cash balances at financial institutions in the United States 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, including ASC 2023-09, 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.** **Other Asset** 

Under the terms of the January 8, 2026 Binding Earn-in and Option Agreement (the "NeoRe Agreement") between the Company and NeoRe SpA ("NeoRe") related to the NeoRe Rare Earth Project in Southern Chile (the "NeoRe Project"), an agreed upon budget was developed whereby the Company pays the monthly budgeted amounts to NeoRe towards the accomplishment of tranche 1 and tranche 2 objectives, whether performed in sequence or in parallel, subject to a contribution cap of $1.5 million per tranche. Upon achieving the tranche objectives or meeting the contribution cap, the Company earns a 1% NSR royalty toward the NeoRe Project for each of tranche 1 and/or tranche 2, and thereby a potential 2% NSR royalty overall. Therefore, each contribution is recorded as an Other Asset, such that upon earning and evidencing registration of a 1% or 2% NSR royalty, the aggregate contribution amounts would either form the cost basis upon 3<sup>rd</sup>-party acquisition of the NSR royalty or amortized over the life of the production from the NeoRe Project that generates NSR Royalty income, if applicable. The Company is not obligated to make further contributions, but would then be subject to the potential of losing the contributions made toward the tranche 1 and/or tranche 2 NSR royalty, if not already fully earned.

As of March 31, 2026 and March 31, 2025, $483,598 and $-0- had been paid against contingent consideration for tranche 1. Therefore, as of March 31, 2026, this leaves a capped maximum of $1,016,402 of contingent consideration for the full acquisition of the tranche 1 1% NSR royalty asset. As of March 31, 2026, it is possible that the Company will continue toward the acquisition of the tranche 2 1% NSR royalty asset, subjecting it to an additional capped maximum of $1,500,000 of contingent consideration. However, there can be no assurance that the Company will proceed, or if it elects to proceed, that it can obtain the necessary financing on reasonable terms.

Under the terms of the NeoRe Agreement, the Company may elect to proceed with tranche 3 of the NeoRe Project, and if so, a definitive agreement would be executed with the terms for the Option to acquire the NeoRe Project as outlined in the NeoRe Agreement. If elected, the Company would surrender its earned NSR royalties, issue to the owners of NeoRe the appropriate number of shares of common stock of the Company and take ownership of the NeoRe Project by asset purchase, share purchase, merger or other mutually agreed upon acquisition structure. There are also provisions for bonus shares of the Company's common stock to be issued, if NeoRe meets certain permitting and production targets. In addition, upon acquiring the NeoRe Project, the Company would be responsible to third-parties for NeoRe introduction fees and warrants issued by NeoRe prior to the execution of the NeoRe Agreement. Currently, the acquisition of the NeoRe Project is still considered a remote possibility.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Property and Equipment, Net** 

Property and equipment, net consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Property and equipment | $29583 | $29583 |
| Property and equipment, gross | 29583 | 29583 |
| Accumulated depreciation | (26625) | (26625) |
| Property and equipment, net | $2958 | $2958 |

---

Depreciation expenses for the three-months ended March 31, 2026 and March 31, 2025, amounted to $-0- and $-0-, respectively. Loss on retirement of assets for the three-months ended March 31, 2026 and March 31, 2025, amounted to $-0- and $-0-, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Accrued Expenses** 

Accrued expenses consisted of the following:

---

| | | |
|:---|:---|:---|
|  | **March 31,**<br>**2026** | **December 31,**<br>**2025** |
| Service fees | $2765 | $12500 |
| Employee benefits | 2100 | 2100 |
| Supplies | 1325 |  |
| Other | 802 | 444 |
| Total accrued expenses | $6992 | $15044 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **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 provided for anti-dilution protection and included a provision that all shares of Series B Convertible Preferred Stock will convert to their common stock equivalent, at a ratio of one share of Series B Convertible Preferred Stock equals one share of Common Stock, subject to adjustments for dividends, splits and/or anti-dilution, as of December 31, 2025. All 2,407,785 shares of Series B Convertible Preferred Stock converted to common stock on December 31, 2025.

2025 Issuances:

During the year ended December 31, 2025, the Company issued the following shares of preferred stock:

· 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 .
In addition, $73,431 of Subscriptions Receivable were received in cash for an overall total of $830,945 cash received in 2025.

2026 Issuances:

During the three-months ended March 31, 2026, the Company issued no shares of preferred stock.

There were no shares of Series A Convertible Preferred Stock outstanding as of March 31, 2026, or December 31, 2025, and no shares of Series B Convertible Preferred Stock outstanding as of March 31, 2026, and December 31, 2025, respectively.

**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 March 31, 2026 and December 31, 2025, there were 56,409,930 and 56,409,930 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 year ended December 31, 2025, the Company issued the following shares of common stock:

· 4.5 million shares of common stock 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.

· 6 million shares of common stock were issued to Madesal SpA (4 million shares) and Glencore Ltd (2 million shares) on December 2, 2025, at the fair value price on the date of issuance of $0.50 per share for total gross proceeds of $3,000,000, and after reducing for $247,500 of direct and incremental costs of the raise, there were net proceeds of $2,752,500 .

· 2,407,785 shares of Series B Convertible Preferred Stock were converted at one share of common issued for every one share of Series B Convertible Preferred Stock tendered on December 31, 2025, as indicated previously in the "Preferred Stock" section above.

2026 Issuances:

During the three-months ended March 31, 2026, the Company issued no shares of common stock.

**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 March 31, 2026. 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 of directors 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 March 31, 2026. The purposes of the 2023 Plan were (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 of directors 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 March 31, 2026. 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> **March 31, 2025** | **As of**<br> **March 31, 2026** |
| Expected dividend yield | 0.00% | 0.00% |
| Expected stock volatility (a) | 110.43% | 129.10% |
| Risk-free interest rate | 4.027% | 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 | $0.3405 - 0.4020 | $0.3197 - 0.3197 |

---

(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 three-months ended March 31, 2026, and March 31, 2025, the Company recorded option-related stock-based compensation expenses of $24,604 and $55,216, respectively. As of March 31, 2026, the unamortized stock option expense was $73,812. The Company's stock options had an intrinsic value of $12,218,382, based on the OTCQB published closing price for (OTCQB: COBA) of $1.880 per share as of March 31, 2026, 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 March 31, 2026, 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 | $0.49 |
| &nbsp;&nbsp;&nbsp;Expired/Forfeited | (56250) | $0.50 |
| &nbsp;&nbsp;&nbsp;Exercised | – | n/a |
| Balance, December 31, 2025 | 7425004 | $0.23 |
| &nbsp;&nbsp;&nbsp;Issued |  | n/a |
| &nbsp;&nbsp;&nbsp;Expired/Forfeited |  | n/a |
| &nbsp;&nbsp;&nbsp;Exercised | – | n/a |
| Balance, March 31, 2026 | 7425004 | $0.23 |

---

The Company has the following options outstanding and exercisable at March 31, 2026 and 2025:

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Schedule of options outstanding and exercisable |  |  |  |  |  |  |  |  |  |
|  |  | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2026** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** | **March 31, 2025** |
| **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 | 6.16 | $0.20 | 4931250 | 4931250 | 7.16 |
| June 1, 2022 | June 1, 2032 | $0.20 | 80004 | 80004 | 6.18 | $0.20 | 80004 | 80004 | 7.18 |
| July 15, 2022 | July 15, 2032 | $0.20 | 450000 | 450000 | 6.30 | $0.20 | 450000 | 450000 | 7.30 |
| July 28, 2022 | July 28, 2032 | $0.20 | 150000 | 150000 | 6.33 | $0.20 | 150000 | 150000 | 7.33 |
| July 1, 2023 | July 1, 2033 | $0.26 | 750000 | 750000 | 7.26 | $0.26 | 750000 | 412500 | 8.26 |
| July 7, 2023 | July 7, 2033 | $0.26 | 300000 | 300000 | 7.28 | $0.26 | 300000 | 150000 | 8.28 |
| January 25, 2024 | January 25, 2034 | $0.26 | 75000 | 75000 | 7.83 | $0.26 | 75000 | 56250 | 8.83 |
| February 13, 2024 | February 13, 2034 | $0.26 | 50000 | 50000 | 7.88 | $0.26 | 50000 | 37500 | 8.88 |
| January 17, 2025 | January 17, 2035 | $0.50 | 588750 | 403125 | 8.81 | n/a | 645000 | 90000 | 9.81 |
| July 29, 2025 | July 29, 2035 | $0.37 | 50000 | 50000 | 9.34 | n/a | – | – | n/a |
| Totals and Weighted Averages Outstanding | Totals and Weighted Averages Outstanding | $0.23 | 7425004 | 7239379 | 6.59 | $0.21 | 7431254 | 6632504 | 7.58 |

---

**Award Timing Disclosure**

The Company's board of directors typically grants annual equity awards during scheduled meetings, independent of MNPI releases. Awards are not timed to coincide with MNPI, and the Company did not intentionally align MNPI releases to influence compensation during the three-months ended March 31, 2026 and March 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name** | **Grant Date** | **Securities Underlying Options (Shares)** | **Exercise Price (per Share)** | **Grant Date Fair Value** | **% Change in Closing Price** |
| Duncan Blount (CEO) | January 17, 2025 | 200000 | $0.50 | $80398 | 0% |
| Jim Van Horn (CFO) | January 17, 2025 | 60000 | $0.50 | $24119 | 0% |
| Jeremy McCann (COO) | January 17, 2025 | 25000 | $0.50 | $10050 | 0% |

---

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 three-months ended March 31, 2026 and March 31, 2025, the Company recorded RSU-related stock-based compensation expenses of $28,205 and $-0-, respectively. As of March 31, 2026, the unamortized RSU expense was $150,088. The Company's RSUs had an intrinsic value of $940,000, based on the OTCQB published closing price of $1.88 per share as of March 31, 2026, 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;**8.** **Commitments and Contingencies, Indemnification Agreements** 

On January 6, 2026, CORFO (the Chilean Economic Development Agency) officially announced the selection of the project entitled "Sustainable Cobalt: A Semi-Industrial Validation of the Green Cobalt Biotechnological Process Integrated with an Extractive Metallurgical Strategy Focused on Tailings and Circular Mining" (the "CORFO Project") for a $3,000,000 R&D Contribution (the "Grant"), which is to be funded by Albemarle Limitada under agreement with CORFO to support research and development programs vetted and approved by CORFO. The CORFO Project objective is to recover marketable volumes of cobalt product from tailings and mining waste. The Company is one participant in a consortium of industry sponsors for the CORFO Project and has committed to providing $200,000 overall support consisting of half monetary and half in-kind support over the expected three-year project timeline. The Company's support equates to approximately 21% of the overall consortium-required support contribution of $950,000 toward the CORFO Project. The other key participants in the consortium are Universidad Andres Belo, through its Center for Systems Biotechnology, Pucobre (SSE: PUCOBRE), a Chilean copper mining company listed on the Santiago Stock Exchange, and ENAMI, Chile's state-owned mining company.

The consortium arrangement is considered an executory contract under ASC Topic 440, Commitments ("ASC 440"), which only allows for a liability to be recorded when performance occurs. As there has been no tangible progress on the project as of March 31, 2026, there has been no performance and no liability applicable for this commitment under ASC 440. When project progress is applicable, the Company will record an appropriate liability and expense to research and development for the prorated progress toward project completion. As payments in cash or in-kind are made toward the obligation, they will be recorded as a credit to cash or expense with a corresponding debit to the progress liability. As of March 31, 2026, there have been no cash or in-kind payments toward the project. There has been no formal commitment payment schedule provided to the Company by the consortium, which is currently establishing the legal entity for the project, and then will be able to fulfill the other administrative project prerequisites with project inception expected near the end of 2026 or early 2027. Once technical work is commenced the Company expects the commitment to be consistent from year to year, and therefore projects approximately $33,000 and $33,000 for cash and in-kind contributions, respectively, in 2027; approximately $33,000 and $33,000 for cash and in-kind contributions, respectively, in 2028; and approximately $34,000 and $34,000 for cash and in-kind contributions in 2029.

Also, 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 March 31, 2026 and December 31, 2025.

For contingent compensation liability, see the discussion under Footnote 4. Other asset.

**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 March 31, 2026, management was not aware of any material active, pending, or threatened litigation.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Related Party Activities** 

The Company's Chilean legal counsel, Quinzio Abogados SpA ("QA") has 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 accounting coverage and for the managerial services of Felipe Quinzio during the three-months ended March 31, 2026 and March 31, 2025. 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 bills for $-0- and $-0- outstanding with Baltum to NyD at March 31, 2026 and March 31, 2025, respectively. There were bills for $5,824 and $-0- outstanding with Baltum to QA at March 31, 2026 and March 31, 2025, 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 $683 and $14,547 at March 31, 2026 and March 31, 2025, respectively. Baltum incurred legal expenses provided by QA of $6,070 and $14,799 for the three-months ended March 31, 2026 and March 31, 2025, respectively. Baltum incurred managerial and accounting expenses provided by NyD of $10,192 and $10,253 for the three-months ended March 31, 2026 and March 31, 2025, respectively.

A Company 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 $940,000 as of March 31, 2026. Also, Mr. Lazenby is a former employee of Glencore Ltd. Glencore Ltd is an investor in the Company and has a Deed of Undertaking with the Company giving it first and last right of refusal on cobalt and copper off-take from any future production at the Company's La Cobaltera and El Cofre Projects for the life of the mine.

NeoRe SpA is majority-owned by Madesal Mineria SpA, which in turn is majority-owned by Madesal SpA a more than 5% beneficial owner of our capital stock. The Company and NeoRe SpA are parties to a binding Earn-in and Option Agreement that was signed on January 8, 2026, as further described along with the nature of the NeoRe Project business opportunity in Footnote 4. Other asset.

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Subsequent Events** 

**Terms of Reference**

Subsequent to quarter-end, on May 12, 2026, the Company executed a Terms of Reference (the "Term Sheet") with a counter-party that defined the terms agreeable for a potential future option agreement for the acquisition of approximately 1,400 hectares of exploitation-level and approximately 2,900 hectares of exploration-level mining concessions in Chile. Subject to the Term Sheet, the Company is to advance $500,000 to the counter-party within five business days of the signing of the Term Sheet, which is refundable if encumbrances or material adverse conditions are discovered during the due diligence period. The total option price varies contingent on the timing of option repayment and the advance amount paid would be credited against the first option payment, leaving $1,500,000 due within 5 business days of the execution of a definitive option agreement, if applicable.

**Common Stock Issued**

Subsequent to quarter-end, as of May 18, 2026, the Company issued 1,562,500 shares of common stock at a price of $1.60 per share for proceeds of $2,500,000 to two investors in a private raise, increasing the Company's issued and outstanding stock on that date to 57,972,430 shares.

**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 March 31, 2026, as the same may be amended from time to time.*

 

**Overview**

We are a critical materials exploration and development company focused on the La Cobaltera and El Cofre cobalt-copper projects, located in the San Juan District in northern Chile, one of the world's few known primary cobalt districts. We have a deliberate focus on building a dynamic and sustainable business with an emphasis on applying leading environmental stewardship, social engagement, and corporate governance practices to its strategy. La Cobaltera and El Cofre are a district-scale opportunity across Chilean Cobalt's 6,377 hectares of 100% owned and unencumbered mining property situated in the San Juan District in northern Chile (Atacama Region III), a historic mining district with numerous past-producing mines and excellent infrastructure and accessibility. The project includes copper oxide and cobalt-copper oxide and sulphide resources with evidence of gold at depth across several known exploration and development targets district-wide.

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.

Our 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 District and is pursuing other opportunities to further consolidate mining rights in the district. 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 is 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. The site is strategically located near robust mining infrastructure, including roads, electricity, water, and ports.

Our principal business activities since incorporation have been the assessment, acquisition and consolidation of mining concessions; the exploration of the potential cobalt-copper resources within the concessions, including geophysics, geochemistry, drilling, IP surveys and AI pilot studies; developing an accelerated phased implementation plan to generate revenue as quickly as possible; establishing off-take and downstream refining relationships; developing and advancing our ESG strategy; building our board of directors, management team, and governance systems; and raising capital.

Our commercial priorities are to have funding lined up to allow for timely development, when appropriate, and to put in place the necessary downstream processing relationships. Related to funding for development, efforts include a potential debt-related package of up to $317,400,000 pursuant to a June 4, 2024, and further extended, non-binding letter of interest ("LOI") we received from the Export-Import Bank of the United States. Whereas, related to the downstream processing objectives, we envision a three-way strategic partnership between the Company, Glencore and US Strategic Metals ("USSM") to establish an Americas-centric cobalt and copper supply chain, connecting Chilean Cobalt's La Cobaltera and El Cofre cobalt-copper projects in Chile with USSM's integrated critical minerals processing site in Missouri, USA - which may include development of a dedicated processing line for our concentrate at USSM's site. Our partnership with USSM and Glencore is expected to strengthen United States 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 September 6, 2024, and then extended on September 5, 2025, we put in place a non-binding LOI with USSM to process and refine cobalt and copper concentrate we expect to produce. Refined outputs from USSM are expected to be used in cobalt metal, battery chemical intermediate products, and/or other products critical for the production of advanced materials and energy technologies. We are working with USSM to define final terms and conditions for downstream processing. In addition, on November 11, 2025, we signed a Deed of Undertaking with a subsidiary of Glencore plc ("Glencore") whereby Glencore has been granted a right of first and last refusal to purchase cobalt and copper product from the La Cobaltera and El Cofre projects, which it expects to ship to the United States or U.S. Free Trade Agreement countries.

Chilean Cobalt is participating in a research and development ("R&D") project awarded through Chilean Economic Development Agency ("CORFO") to evaluate the technical and environmental feasibility of recovering cobalt and copper from legacy waste piles at the La Cobaltera site. The project is funded through a $3,000,000 grant from Albermarle Limitada, the industry sponsor of the CORFO R&D project-selection process. This project remains in the research and evaluation stage and does not involve operational activities or changes to the our current permitting requirements. Our support equates to approximately 21% of the overall consortium-required support contribution of $950,000 toward the project. The other key participants in the consortium of project sponsors are Universidad Andres Belo, through its Center for Systems Biotechnology, Pucobre (SSE: PUCOBRE), a Chilean copper mining company listed on the Santiago Stock Exchange, and ENAMI, Chile's state-owned mining company.

We remain aware of and are investigating other critical minerals opportunities particularly in Chile. On January 8, 2026, we entered into a binding earn-in and option agreement with NeoRe SpA, a privately-held Chilean company to acquire approximately 6,300 hectares of mining concessions (the "Properties") within the coastal belt region near Concepcion Chile with an ionic adsorption clay-style rare earth elements system enriched with yttrium, neodymium, dysprosium and terbium elements critical to defense and advanced manufacturing supply chains. While contributing to the project, we earn credit toward a net smelter return ("NSR") royalty, with percentage depending on the extent of the contribution and the progress of the project. After the project achieves certain developmental milestones, we would then have an option to acquire the Properties through the relinquishment of the NSR royalty and payment of equity-based consideration.

We are committed to building a mature, transparent, and continuously improving ESG framework that supports responsible development and long-term value creation. Responsible-sourcing and ESG-assurance frameworks such as IRMA and Digbee increasingly shape the expectations of downstream customers, investors, and supply-chain partners. In 2025, the board of directors approved the adoption of the Digbee and IRMA ESG frameworks, and we completed our first independent Digbee ESG assessment in July 2025. We continue to strengthen our governance and ESG systems, including the board of directors' adoption in principle of a new governance framework in March 2026, which is intended to support enhanced oversight, disclosure readiness, and our consideration of an uplisting to a national securities exchange in 2026.

We have not generated any revenues to date. Our limited operations have included the formation of the Company and Baltum, oversight of cobalt exploration 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 May 20, 2026, we raised a total of $36,645,547 from accredited investors through the issuance of our common stock, preferred stock, and debt, net of $247,500 of direct and incremental costs of equity raising. 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 of stock-based expenditures inferred by the issuance of 4,500,000 shares for 3,742 hectares of full exploitation mining concessions acquired from 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 $406,000 for a total of $4,872,000 for the following 12 months. We have relied and will continue to rely on capital raised from third parties to fund operations during the upcoming 12 months and plan to potentially raise additional funds in private offerings or a public offering along with a potential concurrent uplisting to a national securities exchange. We expect to be able to further our acquisition and exploration plans, if we are successful in raising the anticipated working capital. However, there can be no assurance that we will be successful in securing additional capital, timely or at all, and if we are able to if there will be favorable terms.

At this time, we have not submitted an application to any national securities exchange, and do not have a definitive timeline for doing so. Any decision to pursue such a listing would be subject to, among other factors, our ability to satisfy applicable listing requirements, market conditions, and any necessary authorizations by our board of directors. There can be no assurance that we will pursue or complete an uplisting to a national securities exchange, and if we do pursue an uplisting, if it will be timely or successful.

In order to complete our plan of operations, which entails proving out feasibility, commencing production and generating saleable product, we estimate that approximately $400 million in funds will be required.

For the years ended December 31, 2025 and 2024, we generated no revenues and reported net losses of $3,263,140 and $882,574, respectively, however, $1,882,082 of the 2025 loss was related to a one-time, non-cash charge for impairment of mining concessions, and negative cash flow from operating activities of $1,146,473 and $718,275, respectively. For the three-months ended March 31, 2026 and March 31, 2025, we reported net losses of $328,367 and $334,298, respectively, and negative cash flow from operating activities of $425,782 and $271,221, 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, 2025 and 2024. 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 $36,974,319 and recurring losses from operations as of March 31, 2026. 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, 2025 and 2024*."

**Plan of Operations**

In order to complete our plan of operations during the next 12 months, we estimate that approximately $4,872,000 in funds will be required. In order to pursue our strategic priorities of progressing mining rights acquisition and consolidation and a potential uplisting to a national exchange, along with both brownfield and greenfield exploration and having a longer operational runway, we will require raising at least $900,000 to $1,500,000. 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 offerings and/or a public offering with a potential concurrent uplisting to a national securities exchange. There is no guarantee that we will be able to raise such funds or that we will be able to uplist to a national securities exchange. If we fail to raise the amounts we require, we may not be able to fully carry out our plan of operations.

Assuming we are able to raise the necessary funds for the next 12 months, we intend to implement our business plan as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Exploration and Development Expenses*. During this period, we plan to, among other things, continue exploration and development of the mining sites in addition to any new mining sites that are successfully acquired. The exploration and development expenses are expected to encompass 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.

· *Possible Strategic Acquisition Opportunities*. During this period, we plan to, among other things, consider possible strategic acquisitions of other possible mining sites. There are several sites that we have expressed interest in acquiring and the ability to close on these acquisitions is dependent on our success in achieving the projected capital raise objectives and being able to negotiate favorable terms with mining concession sellers in the areas of cash, equity and net smelter return royalties, as applicable. In addition, we plan to make additional capital infusions into the NeoRe Project during the period toward the earn-in of net smelter return royalties.

· *General and Administrative Expenses*. During this period, we plan to, among other things, hire additional staff, engage additional advisors to assist with operations, and incur substantial legal, registration and other professional services fees in association with any strategy involving an uplisting to a national securities exchange. We also plan 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.

We are seeking to secure a source of financing to fund our exploration and development efforts within our mining concessions that comprise our La Cobaltera and El Cofre cobalt-copper projects, as well as to complete or at least further our progress toward acquiring a rare earth elements project in south-central Chile in association with NeoRe SpA. In addition, there are other mining concessions we are evaluating within the San Juan District in northern Chile that would require funding to acquire them. These funding efforts include a potential debt-related package of up to $317,400,000 pursuant to a June 4, 2024, further extended, non-binding letter of interest we received from the Export-Import Bank of the United States. There can be no assurance that a private raise 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 off-take agreements, 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. The costs incurred in the three-months ended March 31, 2026 were related to geological and exploration labor deployed during our two site visits in the period. The exploration leveraged the improvements from the value-added outputs from our prior year artificial intelligence trials and lead to further development of our geographic information system ("GIS").

*General and administrative expense*. Our general and administrative ("G&A") 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 United States 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.

**Results of Operations – Three-Months Ended March 31, 2026 Compared to the Three-Months Ended March 31, 2025**

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| | | | |
|:---|:---|:---|:---|
|  | **Three-Months Ended**<br> **March 31, 2025** | **Three-Months Ended**<br> **March 31, 2026** | **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 | $22000 | $22000 |
| General and administrative expenses and foreign currency transaction loss | 341829 | 356753 | 14924 |
| Interest and Miscellaneous (income) expense, net | (7531) | (50386) | (42855) |
| Loss before income taxes | (334298) | (328367) | 5931 |
| Provision for income taxes | 0 | 0 | 0 |
| Net Loss | $(334298) | $(328367) | $5931 |

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Operating losses for the three-months ended March 31, 2026, compared to March 31, 2025, were lower due primarily to the higher exploration costs and in-country travel expenses for site visits conducted in the current period, not experienced in the same period for the previous year, along with slightly higher professional services costs comparatively between periods, however, these effects were more than offset by the interest and miscellaneous income received in this period, compared to lesser in the same period for the previous year, which resulted in a lower overall net loss.

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

***Liquidity***

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We have primarily financed our operations through the sale of unregistered equity. As of March 31, 2026, we had cash totaling $1,867,693 current assets totaling $2,095,253 and total assets of $2,581,809. As of March 31, 2026, we had total liabilities of $64,369, all current, positive working capital of $2,030,884, and stockholders' equity of $2,517,440.

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<u>Sources and Uses of Cash for the Three-Months Ended March 31, 2026 and 2025</u>

The following table summarizes our cash flows for the three-months ended March 31, 2025 and 2026.

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| | | | |
|:---|:---|:---|:---|
|  | **Three-Months Ended**<br> **March 31, 2025** | **Three-Months Ended**<br> **March 31, 2026** | **Increase**<br> **(Decrease)** |
| Net Cash Used In Operating Activities | $(271221) | $(425782) | $(154561) |
| Net Cash Provided By (Used In) Investment Activities | 0 | (483598) | (483598) |
| Net Cash Provided By (Used In) Financing Activities | 747443 | 0 | (747443) |
| Effect of foreign exchange rate on cash | 599 | 4991 | 4392 |
| Net Increase (Decrease) in Cash | $476821 | $(904389) | $(1381210) |

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

Net cash used in operating activities was $271,221 for the three-months ended March 31, 2025 versus net cash used in operating activities of $425,782 for the three-months ended March 31, 2026. The decrease in cash from the increase in cash flow used in operating activities was primarily due to higher prepaids from higher patent charges in the current period compared to the same period in the previous year, along with higher exploration costs and travel related to exploration in the current period compared to none in the previous year, combined to higher professional services costs comparatively between periods. These impacts were slightly muted by miscellaneous income received in the current period compared to none in the same period for the previous year. Each of these factors along with nominal impacts from various other expense areas contributed to the $154,561 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 three-months ended March 31, 2025 versus net cash used in investment activities of $483,598 for the three-months ended March 31, 2026. The increase in cash used in investment activities was driven entirely by the contributions to NeoRe toward a net smelter return royalty and the potential for eventual acquisition of the NeoRe rare earth project.

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

Net cash provided by financing activities of $747,443 in the three-months ended March 31, 2025, which included an aggregate of $747,443 proceeds for the sale of an aggregate 1,497,805 shares of preferred stock for $674,012 in cash and $73,431 of subscriptions receivable received in the period, versus net cash provided by financing activities of $-0- in the three-months ended March 31, 2026.

 **

 ****

 **

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***Going Concern***

Based upon our working capital of $2,030,884 compared to our $425,782 cash used in operating activities year-to-date through March 31, 2026, that annualized would equate to cash used in operating activities of $1,703,128, which is reasonably close to our existing working capital, coupled with our accumulated deficit of $36,974,319 from continuing existence without generation of revenues, as of March 31, 2026, 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, 2025 and 2024 and as footnoted in our unaudited quarterly condensed consolidated financial statements for the quarters ended March 31, 2026 and 2025.

***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 and occasionally new 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, such as the equity-based capital recently raised. 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.

Our climate-related risk processes are informed in part by the independent Digbee ESG assessment completed in July 2025, which identified water scarcity, extreme weather events, and seismic activity as material considerations for long-term planning. We are also participating in a research and development project granted through the CORFO to evaluate bioleaching and related technologies for potential recovery of cobalt and copper from legacy waste piles. The project is funded through Albermarle Limitada, the industry sponsor of the CORFO R&D project-selection process. This project includes analysis of water use, energy requirements, and environmental impacts associated with alternative processing technologies, which may inform future climate-related risk assessments and planning.

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 entered into off-balance sheet commitments related to a research and development project consortium as described in Footnote 8. Commitments and contingencies, indemnification agreements.

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 March 31, 2026. Based upon such evaluation, the Chief Executive Officer and Chief Financial Officer have concluded that, as of March 31, 2026, 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 March 31, 2026 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, 2025, 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;&nbsp;&nbsp;&nbsp;&nbsp;(a) None.

(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.

(c) During the quarter ended March 31, 2026, 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** |
| 31.1\* | [Rule 13a-14(a) Certification of Principal Executive Officer.](chilean_ex3101.htm) |
| 31.2\* | [Rule 13a-14(a) Certification of Principal Financial Officer.](chilean_ex3102.htm) |
| 32.1\*\* | [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.](chilean_ex3201.htm) |
| 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.

**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: May 20, 2026 | By: | */s/ Duncan T. Blount* |
|  |  | Duncan T. Blount, Chief Executive Officer<br> (principal executive officer) |
| Dated: May 20, 2026 | By: | */s/ Jim Van Horn* |
|  |  | Jim Van Horn, Chief Financial Officer<br> (principal financial officer and principal accounting officer) |

---

## Exhibit 31.1

**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 March 31, 2026 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: May 20, 2026

---

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

---

## Exhibit 31.2

**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 March 31, 2026 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: May 20, 2026

---

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

---

## Exhibit 32.1

**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 March 31, 2026 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: May 20, 2026 | */s/ Duncan T. Blount* |
|  | Duncan T. Blount, Chief Executive Officer<br> (principal executive officer) |
| Date: May 20, 2026 | */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.*