# EDGAR Filing Document

**Accession Number:** 0002093856
**File Stem:** 0001062993-25-017349
**Filing Date:** 2025-12
**Character Count:** 491611
**Document Hash:** d61141dbc5644a3690cdd9f44c275c00
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-017349.hdr.sgml**: 20251216

**ACCESSION NUMBER**: 0001062993-25-017349

**CONFORMED SUBMISSION TYPE**: 40FR12B/A

**PUBLIC DOCUMENT COUNT**: 25

**FILED AS OF DATE**: 20251216

**DATE AS OF CHANGE**: 20251215

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APEX CRITICAL METALS CORP.
- **CENTRAL INDEX KEY:** 0002093856
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 741775688
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0731
- **LEGAL ENTITY IDENTIFIER:** 5299002BFQYW25WD9A95

**FILING VALUES:**
- **FORM TYPE:** 40FR12B/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42949
- **FILM NUMBER:** 251573197

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1450 789 WEST PENDER STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 1H2
- **BUSINESS PHONE:** 604-681-1568

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1450 789 WEST PENDER STREET
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V6C 1H2

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

_____________________

**FORM 40-F/A<br>(Amendment No. 1)**

_____________________

**☒ REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934**

**OR** 

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

**For the fiscal year ended** <u>**_______**</u> **Commission file number:** <u>**_________**</u>

_____________________

**<u>Apex Critical Metals Corp.</u>**

(Exact name of Registrant as specified in its charter) <br>

---

| | | |
|:---|:---|:---|
| <u>**British Columbia**</u> | **<u>1000</u>** | <u>**N/A**</u> |
| (Province or other jurisdiction of<br>incorporation or organization) | (Primary Standard Industrial<br>Classification Code Number) | (I.R.S. Employer<br>Identification Number.) |

---

**1450-789 West Pender Street**

**Vancouver, British Columba V6C 1H2, Canada** 

<u>**Telephone (604) 910-2607**</u>

(Address and telephone number of Registrant's principal executive offices) <br>

**Cogency Global Inc.**

**122 East 42nd Street, 18th Floor**

**New York, N.Y. 10168**

<u>**Telephone (800) 221-0102**</u>

(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)

*Copies of all communications, including communications sent to agent for service, should be sent to:*

**Brian Fast**<br>**Jun Ho Song**<br>**Cozen O'Connor LLP**<br>**Bentall 5**<br>**550 Burrard Street, Suite 2501**<br>**Vancouver, British Columbia V6C 2B5, Canada** <br><u>**Telephone (236) 317-5567**</u>

------

Securities registered or to be registered pursuant to Section 12(b) of the Securities Exchange Act of 1934 ("Exchange Act"):

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| **Common Shares Without Par Value** | APXC | **The Nasdaq Stock Market LLC** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Exchange Act: <u>**None**</u>

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Exchange Act: <u>**None**</u>

For annual reports, indicate by check mark the information filed with this form:

---

| | |
|:---|:---|
| **☐** Annual Information Form | **☐** Audited Annual Financial Statements |

---

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: <u>**N/A**</u>

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act 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 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 an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, 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 has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.

☐

If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.

☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b).

☐

------

**EXPLANATORY NOTE**

Apex Critical Metals Corp. (the "*Company*" or the "*Registrant*") is a Canadian issuer eligible to file this registration statement (this "*Registration Statement*") pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "*Exchange Act*"), on Form 40-F pursuant to the multi-jurisdictional disclosure system of the Exchange Act. The Registrant is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. Equity securities of the Registrant are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3. The Registrant is filing this registration statement on Form 40-F with the United States Securities and Exchange Commission (the "Commission") to register its common shares under Section 12(b) of the Exchange Act.

**PRINCIPAL DOCUMENTS** 

In accordance with General Instruction B.(l) of Form 40-F, the Registrant hereby incorporates by reference Exhibits 99.1 through Exhibit 99.64, as set forth in the Exhibit Index attached hereto.

In accordance with General Instruction D.(9) of Form 40-F, the Registrant has filed the written consent of certain experts named in the foregoing Exhibits as Exhibits 99.63 and 99.64, as set forth in the Exhibit Index attached hereto.

**FORWARD LOOKING STATEMENTS**

This Registration Statement on Form 40-F, including the exhibits incorporated by reference into this Registration Statement, includes certain statements that constitute "forward-looking statements" and "forward-looking information" (collectively referred to as "*forward-looking statements*") within the meaning of applicable Canadian and United States securities laws. These statements are based on the Registrant's current expectations, estimates and assumptions in light of its experience and perception of historical trends. All statements other than statements of historical fact may constitute forward-looking statements. Often, forward-looking statements are identified by words such as "believe," "may," "plan," "will," "estimate," "continue," "anticipate," "intend," "expect," "project," "potential," "ongoing," "could," "would," "target" or the negative of these terms or similar expressions, although not all forward-looking statements contain these terms or similar expressions. These statements reflect management's beliefs with respect to future events and are based on information available to management as of the respective dates of this Registration Statement and the documents incorporated by reference herein, including reasonable assumptions, estimates, internal and external analysis and opinions of management considering its experience, perception of trends, current conditions and expected developments as well as other factors that management believed to be relevant as at the date such statements were made. These statements involve known and unknown risks, uncertainties, and other factors that may cause actual results or events to differ materially from those anticipated or implied in such forward-looking statements, including in the documents incorporated by reference herein.

The Registrant and management caution readers not to place undue reliance on any forward-looking statements, which speak only as of the date made. Although the Registrant believes that the expectations reflected in the forward-looking statements were reasonable as of the time such forward-looking statements were made, it can give no assurance that such expectations will prove to have been correct. The Registrant and management assume no obligation to update or revise them to reflect new events or circumstances except as required by applicable securities laws.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multi-jurisdictional disclosure system adopted by the United States and Canada, to prepare this Registration Statement in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant prepares its audited annual financial statements, which are filed with this Registration Statement and attached hereto as Exhibit 99.58, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and the audit is subject to Canadian auditing and auditor independence standards. Such financial statements may not be comparable to financial statements of United States companies prepared in accordance with United States generally accepted accounting principles.

------

**CURRENCY**

Unless otherwise indicated, all dollar amounts in this Registration Statement and the documents incorporated herein by reference are in Canadian dollars. The exchange rate of Canadian dollars into United States dollars, on December 12, 2025, based upon the average rate of exchange of Canadian dollars into United States dollars as quoted by the Bank of Canada was US$1.00 = CDN$1.3769.

**MINERAL RESOURCE AND MINERAL RESERVE ESTIMATES**

Unless otherwise indicated, all mineral resource and mineral reserve estimates included in the documents incorporated by reference into this Registration Statement have been prepared in accordance with Canadian National Instrument 43-101 ("**NI 43-101**") and the Canadian Institute of Mining and Metallurgy Classification System. NI 43-101 is a rule developed by the Canadian securities administrators, which establishes standards for all public disclosure an issuer makes of scientific and technical information concerning mineral projects. Canadian standards, including NI 43-101, differ from the requirements of the Commission. Accordingly, mineral resource and mineral reserve estimates, and other scientific and technical information, contained in the documents incorporated by reference into this Registration Statement may not be comparable to similar information disclosed by U.S. companies.

**DESCRIPTION OF COMMON SHARES**

The Registrant is authorized to issue an unlimited number of common shares without par value. The holders of the common shares are entitled to receive notice of and to attend all meetings of the shareholders of the Registrant and shall have one vote for each common share held at all meetings of the shareholders of the Registrant, except meetings at which only holders of another specified class or series of shares of the Registrant are entitled to vote separately as a class or series. Subject to the prior rights of the holders of other shares ranking senior to the common shares with respect to priority in payment of dividends, the holders of common shares shall be entitled to receive dividends and the Registrant shall pay dividends thereon, as and when declared by the directors of the Registrant out of moneys properly applicable to the payment of dividends, in such amount and in such form as the directors of the Registrant may from time to time determine and all dividends which the directors of the Registrant may declare on the common shares shall be declared and paid in equal amounts per common share on all common shares at the time outstanding. In the event of the liquidation, dissolution or winding-up of the Registrant or any other distribution of assets of the Registrant among its shareholders for the purpose of winding-up its affairs or upon a reduction of capital, the holders of the common shares shall, subject to the prior rights of the holders of other shares ranking senior to the common shares in respect of priority in the distribution of assets upon liquidation, dissolution, winding-up or any other distribution of assets for the purpose of winding-up or a reduction of capital, be entitled to share equally, share for share, in the remaining assets and property of the Registrant.

**OFF-BALANCE SHEET ARRANGEMENTS**

The Registrant does not have any off-balance sheet transactions that have or are reasonably likely to have a current or future effect on the Registrant's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

**CONTRACTUAL AND OTHER OBLIGATIONS**

The following table lists, as of July 31, 2025, information with respect to the Registrant's known contractual obligations (in Canadian dollars):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
|  | **Total** | **Less than 1 year** | **1-3 years** | **3-5 years** | **More than 5 years** |
| Accounts Payable and Due to Related Parties | $1324157 | $1324157 |  |  |  |
| Marketing Contracts | $2257500 | $2257500 |  |  |  |
| **Total** | $3581657 | $3581657 | - | - | - |

---

------

**TAX MATTERS**

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this Registration Statement.

**UNDERTAKING**

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities registered pursuant to Form 40-F; the securities in relation to which the obligation to file an annual report on Form 40-F arises; or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS**

The Registrant has filed with the Commission an Appointment of Agent for Service of Process and Undertaking on Form F-X in connection with the class of securities to which this Registration Statement relates. Any change to the name or address of the Registrant's agent for service shall be communicated promptly to the Commission by amendment to the Form F-X referencing the file number of the Registrant.

------

**EXHIBIT INDEX**

The following documents are being filed with the Commission as exhibits to this Registration Statement.

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-1.htm) | [News Release dated August 19, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-1.htm) |
| [99.2\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-2.htm) | [Material Change Report dated August 19, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-2.htm) |
| [99.3\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-3.htm) | [News Release dated September 24, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-3.htm) |
| [99.4\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-4.htm) | [Material Change Report dated September 24, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-4.htm) |
| [99.5\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-5.htm) | [News Release dated October 31, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-5.htm) |
| [99.6\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-6.htm) | [Material Change Report dated November 1, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-6.htm) |
| [99.7\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-7.htm) | [Letter to BC Securities Commission, Ontario Securities Commission, The Canadian Depository for Securities, Canadian Securities Exchange dated November 4, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-7.htm) |
| [99.8\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-8.htm) | [News Release dated November 12, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-8.htm) |
| [99.9\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-9.htm) | [Management's Discussion and Analysis for years ended July 31, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-9.htm) |
| [99.10](exhibit99-10.htm) | [Audited Annual Financial Statements for the years ended July 31, 2024, 2023](exhibit99-10.htm) |
| [99.11\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-11.htm) | [News Release dated November 26, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-11.htm) |
| [99.12\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-12.htm) | [News Release dated November 26, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-12.htm) |
| [99.13\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-13.htm) | [Management's Discussion and Analysis for the three months ended October 31, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-13.htm) |
| [99.14\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-14.htm) | [Condensed Interim Consolidated Financial Statements for the three months ended October 31, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-14.htm) |
| [99.15\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-15.htm) | [News Release dated December 18, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-15.htm) |
| [99.16\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-16.htm) | [News Release dated December 19, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-16.htm) |
| [99.17\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-17.htm) | [News Release dated December 30, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-17.htm) |
| [99.18\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-18.htm) | [Material Change Report dated December 30, 2024](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-18.htm) |
| [99.19\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-19.htm) | [News Release dated February 5, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-19.htm) |
| [99.20\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-20.htm) | [Management Information Circular dated January 27, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-20.htm) |
| [99.21\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-21.htm) | [Notice of the Meeting dated January 27, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-21.htm) |
| [99.22\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-22.htm) | [Material Change Report dated February 13, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-22.htm) |
| [99.23\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-23.htm) | [News Release dated February 14, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-23.htm) |
| [99.24\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-24.htm) | [News Release dated February 21, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-24.htm) |
| [99.25\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-25.htm) | [Material Change Report February 21, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-25.htm) |
| [99.26\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-26.htm) | [News Release dated February 21, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-26.htm) |
| [99.27\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-27.htm) | [News Release dated March 14, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-27.htm) |
| [99.28\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-28.htm) | [Management's Discussion and Analysis for the six months ended January 31, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-28.htm) |
| [99.29\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-29.htm) | [Condensed Interim Consolidated Financial Statements for the six months ended January 31, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-29.htm) |
| [99.30\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-30.htm) | [News Release dated June 9, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-30.htm) |
| [99.31\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-31.htm) | [News Release dated June 19, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-31.htm) |
| [99.32\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-32.htm) | [Management's Discussion and Analysis for the nine months ended April 30, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-32.htm) |
| [99.33\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-33.htm) | [Condensed Interim Consolidated Financial Statements for the nine months ended April 30, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-33.htm) |
| [99.34\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-34.htm) | [News Release dated July 10, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-34.htm) |
| [99.35\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-35.htm) | [News Release dated July 22, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-35.htm) |
| [99.36\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-36.htm) | [News Release dated July 30, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-36.htm) |
| [99.37\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-37.htm) | [News Release dated August 1, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-37.htm) |
| [99.38\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-38.htm) | [News Release dated August 12, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-38.htm) |
| [99.39\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-39.htm) | [News Release dated August 21, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-39.htm) |
| [99.40\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-40.htm) | [News Release dated August 27, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-40.htm) |
| [99.41\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-41.htm) | [News Release dated September 3, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-41.htm) |
| [99.42\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-42.htm) | [News Release dated September 8, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-42.htm) |
| [99.43\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-43.htm) | [News Release dated September 8, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-43.htm) |
| [99.44\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-44.htm) | [Material Change Report dated September 10, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-44.htm) |
| [99.45\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-45.htm) | [Material Change Report dated September 10, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-45.htm) |
| [99.46\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-46.htm) | [News Release dated October 1, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-46.htm) |
| [99.47\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-47.htm) | [Material Change Report dated October 3, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-47.htm) |
| [99.48\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-48.htm) | [News Release dated October 7, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-48.htm) |
| [99.49\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-49.htm) | [News Release dated October 8, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-49.htm) |

---

------

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.50\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-50.htm) | [News Release dated October 14, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-50.htm) |
| [99.51\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-51.htm) | [News Release dated October 22, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-51.htm) |
| [99.52\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-52.htm) | [Annual Information Form for the year ended July 31, 2024 dated October 20, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-52.htm) |
| [99.53\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-53.htm) | [News Release dated October 30, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-53.htm) |
| [99.54\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-54.htm) | [Material Change Report dated October 30, 2025](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-54.htm) |
| [99.55](exhibit99-55.htm) | [News Release dated November 12, 2025](exhibit99-55.htm) |
| [99.56](exhibit99-56.htm) | [News Release dated November 24, 2025](exhibit99-56.htm) |
| [99.57](exhibit99-57.htm) | [Management's Discussion and Analysis for the year ended July 31, 2025](exhibit99-57.htm) |
| [99.58](exhibit99-58.htm) | [Audited Annual Financial Statements for the years ended July 31, 2025 and 2024](exhibit99-58.htm) |
| [99.59](exhibit99-59.htm) | [Annual Information Form for the financial year ended July 31, 2025 dated November 27, 2025](exhibit99-59.htm) |
| [99.60](exhibit99-60.htm) | [News Release dated December 8, 2025](exhibit99-60.htm) |
| [99.61](exhibit99-61.htm) | [News Release dated December 15, 2025](exhibit99-61.htm) |
| [99.62\*](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-55.htm) | ["Technical Report on the CAP Property, Northeast of Prince George, British Columbia, Canada" with an effective date of December 8, 2022, prepared by Alex Knox, M.Sc., P.Geo., of AWK Geological Consulting Ltd.](http://www.sec.gov/Archives/edgar/data/2093856/000106299325016605/exhibit99-55.htm) |
| [99.63](exhibit99-63.htm) | [Consent of Alex Knox, M.SC., P. Geo of AWK Geological Consulting Ltd.](exhibit99-63.htm) |
| [99.64](exhibit99-64.htm) | [Consent of DeVisser Gray LLP](exhibit99-64.htm) |

---

\*Previously Filed.

------

**SIGNATURES**

Pursuant to the requirements of the Exchange Act, the Registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this registration statement to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| **APEX CRITICAL METALS CORP.** | **APEX CRITICAL METALS CORP.** |
| By: | */s/ Sean Charland* |
|  | Name: Sean Charland |
|  | Title: Chief Executive Officer and President |

---

Date: December 15, 2025

------

## Exhibit 99.10

------

![](exhibit99-10x001.jpg)

(formerly Eagle Bay Resources Corp.)

Financial Statements

For the years ended July 31, 2024 and 2023

(Expressed in Canadian Dollars)

------

Audit note

![](exhibit99-10xu001.jpg)

------

![](exhibit99-10xu002.jpg)

------

![](exhibit99-10xu003.jpg)

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Statements of Financial Position<br>As at July 31, 2024 and 2023<br>As expressed in Canadian dollars

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $**1675222** | $264674 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GST | **15775** | 10194 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities (Note 5) | **287500** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **6236** |  |
|  | **1984733** | 274868 |
| &nbsp;&nbsp;Exploration and evaluation assets (Note 6) | **1103700** | 895953 |
| &nbsp;&nbsp;Reclamation bond | **33000** |  |
|  | $**3121433** | $1170821 |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Current** |  |  |
| &nbsp;&nbsp; Accounts payable and accrued liabilities | $**7773** | $35701 |
| &nbsp;&nbsp; Due to related parties (Note 9) | **122650** | 321329 |
|  | **130423** | 357030 |
| &nbsp;&nbsp;**Shareholders' Equity** |  |  |
| &nbsp;&nbsp;Share capital (Note 7) | **4541744** | 2036751 |
| &nbsp;&nbsp;Share subscriptions received (Note 12) | **60000** |  |
| &nbsp;&nbsp;Reserves (Note 8) | **115255** | 2844 |
| &nbsp;&nbsp;Deficit | **(1725989)** | (1225804) |
|  | **2991010** | 813791 |
|  | $**3121433** | $1170821 |

---

Nature and continuation of operations (Note 1)

Subsequent events (Note 12)

These financial statements were authorized for issue by the Audit Committee and Board of Directors on November 22, 2024.

*"Sean Charland"* *"Jody Dahrouge"* <br>     <br> Director Director

The accompanying notes are an integral part of these financial statements.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Statements of Operations and Comprehensive Loss<br>For the years ended July 31, 2024 and 2023

As expressed in Canadian dollars

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
| &nbsp;&nbsp;**Expenses** |  |  |
| &nbsp;&nbsp;Accounting and audit fees | $**19000** | $28000 |
| &nbsp;&nbsp;Administrative fees (Note 9) | **170000** | 150000 |
| &nbsp;&nbsp;Advertising and website (Note 9) | **203722** | 62020 |
| &nbsp;&nbsp;Consulting fees | **14567** | 3900 |
| &nbsp;&nbsp;Filing and transfer agent fees | **85644** | 30503 |
| &nbsp;&nbsp;Legal fees | **53877** | 138422 |
| &nbsp;&nbsp;Office, telephone and miscellaneous | **6409** | 459 |
| &nbsp;&nbsp;Property exploration costs | **-** | 1509 |
| &nbsp;&nbsp;Share-based payments (Note 8) | **112411** |  |
| &nbsp;&nbsp;Loss before other items | **665630** | 414813 |
| &nbsp;&nbsp;Gain on sale of exploration and evaluation assets (Note 6) | **137501** |  |
| &nbsp;&nbsp;Impairment of mineral property (Note 6) | **-** | (150000) |
| &nbsp;&nbsp;Interest income | **2944** |  |
| &nbsp;&nbsp;Unrealized gain on marketable securities (Note 5) | **25000** |  |
| &nbsp;&nbsp;**Net and comprehensive loss for the year** | $**500185** | $564813 |
| &nbsp;&nbsp;**Basic and diluted loss per share** | $**0.02** | $0.07 |
| &nbsp;&nbsp;**Weighted average number of common shares\* outstanding** - basic and diluted | **21101390** | 7896867 |

---

\*All shares are shown on a post-split basis (Note 12).

The accompanying notes are an integral part of these financial statements.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Statements of Changes in Equity

For the years ended July 31, 2024 and 2023

As expressed in Canadian dollars

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>Shares\*** | **Share<br>Capital** | **Share<br>Subscriptions** | **Reserves** | **Deficit** | **Total** |
| &nbsp;&nbsp;**Balance, July 31, 2022** | **7838188** | $**1981326** | $**-** | $**2844** | $**(660991)** | $**1323179** |
| &nbsp;&nbsp;&nbsp;Flow-through private placement (Note 7) | 90000 | 60000 |  |  |  | 60000 |
| &nbsp;&nbsp;&nbsp;Share issuance costs |  | (4575) |  |  |  | (4575) |
| &nbsp;&nbsp;&nbsp;Net loss for the year |  |  |  |  | (564813) | (564813) |
| &nbsp;&nbsp;**Balance, July 31, 2023** | **7928188** | $**2036751** | $**-** | $**2844** | $**(1225804)** | $**813791** |
| &nbsp;&nbsp;&nbsp;Private placement (Note 7) | 30074865 | 2504993 |  |  |  | 2504993 |
| &nbsp;&nbsp;&nbsp;Share-based payments (Note 8) |  |  |  | 112411 |  | 112411 |
| &nbsp;&nbsp;&nbsp;Share subscriptions received (Note 12) |  |  | 60000 |  |  | 60000 |
| &nbsp;&nbsp;&nbsp;Net loss for the year |  |  |  |  | (500185) | (500185) |
| &nbsp;&nbsp;**Balance, July 31, 2024** | **38003053** | $**4541744** | $**60000** | $**115255** | $**(1725989)** | $**2991010** |

---

\*All shares are shown on a post-split basis (Note 12).

The accompanying notes are an integral part of these financial statements.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Statements of Cash Flows<br>For the years ended July 31, 2024 and 2023<br>As expressed in Canadian dollars

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
| **CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;Net loss for the year: | $**(500185)** | $(564813) |
| &nbsp;&nbsp;Add items not affecting cash: |  |  |
| &nbsp;&nbsp; Gain on sale of mineral properties | **(137501)** |  |
| &nbsp;&nbsp; Impairment of mineral property | **-** | 150000 |
| &nbsp;&nbsp; Share-based payments | **112411** |  |
| &nbsp;&nbsp; Unrealized gain on marketable securities | **(25000)** |  |
| &nbsp;&nbsp;Changes in non-cash working capital items related to operations: |  |  |
| &nbsp;&nbsp; GST | **(5581)** | (5500) |
| &nbsp;&nbsp; Prepaid expenses | **(6236)** |  |
| &nbsp;&nbsp; Accounts payable and accrued liabilities | **(27928)** | 13515 |
| &nbsp;&nbsp; Due to related parties | **(223485)** | 142588 |
| **Net cash flows used in operating activities** | **(813505)** | (264210) |
| **CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp; Issue of common shares, net of share issuance costs | **2504993** | 55425 |
| &nbsp;&nbsp; Share subscriptions received | **60000** |  |
| **Net cash flows from financing activities** | **2564993** | 55425 |
| **CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp; Exploration and evaluation expenditures | **(307940)** | (55478) |
| &nbsp;&nbsp; Mining tax credit | **-** | 8709 |
| &nbsp;&nbsp; Reclamation bond | **(33000)** |  |
| &nbsp;&nbsp; Sale of mineral property claims | **-** | 26649 |
| **Net cash used in investing activities** | **(340940)** | (20120) |
| **Increase (decrease) in cash** | **1410548** | (228905) |
| **Cash, beginning of year** | **264674** | 493579 |
| **Cash, end of year** | $**1675222** | $264674 |

---

**SUPPLEMENTARY DISCLOSURE**

As at July 31, 2024, the Company had $91,498 (2023 - $66,692) in exploration and evaluation expenditures due to related parties.

The accompanying notes are an integral part of these financial statements.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**1. NATURE AND CONTINUATION OF OPERATIONS**

Apex Critical Metals Corp. ("Apex" or the "Company") (formerly Eagle Bay Resources Corp.) was incorporated on August 2, 2018, under the Company Act of British Columbia and is in the business of acquiring, exploring, developing and evaluating mineral resource properties. The Company is in the exploration stage and has interests in properties located in British Columbia ("BC"), Canada. The head office, principal address and registered and records office of the Company are located at 1450 - 789 West Pender Street, Vancouver, BC, Canada, V6C 1H2. On March 15, 2023, the Company's shares were listed on the Canadian Securities Exchange ("CSE") under the trading symbol "EBR". On October 24, 2023, the Company consolidated its common shares on a ratio of ten pre-consolidation shares to one post-consolidation share, and subsequently on November 7, 2024, subdivided all its issued and outstanding common shares on the basis of one and one-half (1.5) new common shares for one (1) old common share (see Note 12). As such, all share figures in these financial statements are shown as post-split shares. On May 1, 2024, the Company changed its name to Apex Critical Metals Corp. and began trading under the symbol "APXC" on the CSE. The Company's shares are also listed under the symbol "APXCF" on the OTCQB Venture Market ("OTCQB").

The Company has no source of operating cash flows, has not yet achieved profitable operations, has a working capital of $1,854,310 as at July 31, 2024 (2023: $82,162 deficiency), has accumulated losses since its inception, expects to incur further losses in the development of its business, and has no assurance that sufficient funding will be available to conduct further exploration of its mineral properties. These material uncertainties cast significant doubt about the Company's ability to continue as a going concern. In recognition of these circumstances, management is pursuing various financial alternatives to fund the Company's exploration and development programs. There is no assurance that these initiatives will be successful.

In the future, the Company may raise additional financing through the issuance of share capital or shareholder loans; however, there can be no assurance that it will be successful in its efforts to do so and that the terms will be favourable to the Company. These financial statements do not include any adjustments to the carrying values of assets and liabilities, the reported expenses and statement of financial position classifications that might be necessary should the Company be unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Management is actively seeking to raise the necessary capital to meet its funding requirements and has undertaken available cost-cutting measures. There can be no assurance that management's plan will be successful. If the going concern assumption were not appropriate for these financial statements, then adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the statement of financial position classifications used. Such adjustments could be material.

The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company has no source of revenue, and has significant cash requirements to meet its administrative overhead and maintain its mineral interests.

**2. BASIS OF PRESENTATION**

<u>Statement of Compliance</u>

These financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**2. BASIS OF PRESENTATION** - continued

<u>Basis of Measurement</u>

These financial statements have been prepared on a historical costs basis except for financial instruments classified as financial instruments at fair value through profit or loss, which are stated at their fair value. In addition, this financial statement has been prepared using the accrual basis of accounting.

The preparation of these financial statements requires management to make judgments, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and reported amounts of expenses during the reporting period. Estimates and assumptions are continuously evaluated and are based on management's experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. However, actual outcomes can differ from these estimates.

**3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS**

<u>Estimates and assumptions</u> 

In particular, information about significant areas of estimation uncertainty considered by management in preparing the financial statements includes:

* The recoverability of the carrying value of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest;

* The inputs used in assessing the recoverability of deferred income tax assets to the extent that the deductible temporary differences will reverse in the foreseeable future and that the Company will have future taxable income; and

* Management's assumption that there are currently no decommissioning liabilities is based on the facts and circumstances that have existed during the periods.

<u>Judgments</u>

The critical judgments that the Company's management has made in the process of applying the Company's accounting policies from those involving estimations that have the most significant effect on the amounts recognized in the Company's financial statements are as follows:

* Economic recoverability and probability of future economic benefits of exploration, evaluation and development costs: Management has determined that exploratory drilling, evaluation, development and related costs incurred which have been capitalized are economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefit including geologic information, scoping and feasibility studies, accessible facilities, existing permits and life of mine plans.

* Provisions for reclamation: Management assesses its provision for reclamation on an annual basis or when new information becomes available. This assessment includes the estimation of the future rehabilitation costs, the timing of these expenditures, and the impact of changes in discount rates. The actual future expenditures may differ from the amounts currently provided if the estimates made are significantly different than actual results or if there are significant changes in environmental and/or regulatory requirements in the future.

* Going concern: The assessment of the Company's ability to continue as a going concern involves judgment regarding future funding available for its exploration projects and working capital requirements.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**4. MATERIAL ACCOUNTING POLICY INFORMATION**

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

*Foreign currency translation*

The Company's presentation currency and functional currency is the Canadian dollar as this is the principal currency of the economic environment in which it operates.

Transactions in foreign currencies are initially recorded in the Company's functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the end of each reporting period.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions and are not subsequently restated. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when fair value is determined.

All gains and losses on translation of these foreign currency transactions are included in profit or loss.

*Cash* 

Cash consists of amounts held in banks and cashable highly liquid investments with limited interest and credit risk.

*Exploration and evaluation costs*

Exploration and evaluation activities involve the search for minerals, the determination of technical feasibility, and the assessment of commercial viability of an identified resource.

Exploration and evaluation costs incurred prior to obtaining licenses are expensed in the period in which they are incurred. Once the legal right to explore has been acquired, exploration and evaluation costs incurred are capitalized. All capitalized exploration and evaluation costs are recorded at acquisition cost and are monitored for indications of impairment. Where there are indications of a potential impairment, an assessment is performed for recoverability. Capitalized costs are charged to the statement of operations and comprehensive loss to the extent that they are not expected to be recovered.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets are tested for impairment and transferred to "Mines under construction". There is no amortization during the exploration and evaluation phase.

Recoverability of the carrying amount of any exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**4. MATERIAL ACCOUNTING POLICY INFORMATION** - continued

*Mining rights*

Mining rights acquired separately are measured on initial recognition at cost in accordance with *IAS 38 - Intangible Assets*. The cost of mining rights acquired is their fair value as at the date of acquisition. Mining rights include licenses, permits or other legal rights which permit the Company to carry out exploration activities within the subject area of these rights. The Company records mining rights separate from exploration and evaluation assets when there are no initial plans or intentions to carryout exploration activities upon acquisition.

Following initial recognition, mining rights are carried at cost less any accumulated amortization and accumulated impairment losses.

The useful lives of mining rights are assessed as either finite or indefinite. Mining rights with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the mining rights may be impaired. Mining rights with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.

*Mining tax credits* 

Mining tax credits and mining duties are recorded in the accounts when they are received. These refundable mining tax credits are earned in respect to exploration costs incurred in BC, Canada and are recorded as a reduction of the related deferred exploration expenditures.

*Financial instruments*

We have assessed the classification and measurement of our financial assets and financial liabilities under IFRS 9 as follows:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Financial Assets** |  |
| &nbsp;&nbsp;Cash | &nbsp;&nbsp;Amortized cost |
| &nbsp;&nbsp;Marketable securities | &nbsp;&nbsp;Fair value through profit or loss |
| &nbsp;&nbsp;Reclamation bond | &nbsp;&nbsp;Amortized cost |
| &nbsp;&nbsp;**Financial Liabilities** |  |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | &nbsp;&nbsp;Amortized cost |
| &nbsp;&nbsp;Due to related parties | &nbsp;&nbsp;Amortized cost |

---

The classification of financial assets is based on how the entity manages its financial instruments and contractual cash flow characteristics of the financial asset. Transactions costs with respect to financial instruments classified as fair value through profit or loss are recognized in the statements of operations and comprehensive loss.

The Company's financial assets that are classified as and subsequently measured at fair value through profit or loss are marketable securities.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**4. MATERIAL ACCOUNTING POLICY INFORMATION** - continued

*Share-based payment transactions*

The Company grants stock options to buy common shares of the Company to directors, officers and employees. The board of directors grants such options for periods of up to five years, which vest immediately and are priced at the previous day's closing price.

The fair value of the options is measured at grant date, using the Black-Scholes option pricing model, and is recognized over the vesting period of the options. The fair value is recognized as an expense with a corresponding increase in equity. The amount recognized as expense is adjusted to reflect the number of share options expected to vest.

Where the terms of a stock option is modified, the minimum expense recognized is the expense as if the terms had not been modified. An additional expense is recognized for any modification which increases the total fair value of the share-based compensation arrangement, or is otherwise beneficial to the employee as measured at the date of modification over the remaining vesting period.

Share-based payments to non-employees are measured at the fair value of the goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received.

*Income taxes*

Income tax on the profit or loss for the periods presented comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive income or loss.

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries and associates to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial position reporting date applicable to the period of expected realization or settlement.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**4. MATERIAL ACCOUNTING POLICY INFORMATION** - continued

*Share capital*

The Company records proceeds from share issuances net of issue costs and any tax effects. Common shares issued for consideration other than cash, are valued based on their market value at the date the common shares are issued.

*Earnings (loss) per share*

The Company presents basic and diluted earnings/loss per share data for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. The Company uses the treasury stock method for calculating diluted earnings (loss) per share. Under this method the dilutive effect on earnings per share is calculated on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to purchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive.

*Related party transactions*

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

*Impairment of non-current assets*

Non-current assets are evaluated at least annually by management for indicators that carrying value is impaired and may not be recoverable. When indicators of impairment are present the recoverable amount of an asset is evaluated at the level of a cash generating unit (CGU), the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets, where the recoverable amount of a CGU is the greater of the CGU's fair value less costs to sell and its value in use. An impairment loss is recognized in income to the extent that the carrying amount exceeds the recoverable amount.

In calculating the recoverable amount, the Company uses discounted cash flow techniques to determine fair value when it is not possible to determine fair value either by quotes from an active market or a binding sales agreement. The determination of discounted cash flows is dependent on a number of factors, including future metal prices, the amount of reserves, the cost of bringing the project into production, production schedules, production costs, sustaining capital expenditures, and site closure, restoration and environmental rehabilitation costs. Additionally, the reviews take into account factors such as political, social and legal and environmental regulations. These factors may change due to changing economic conditions or the accuracy of certain assumptions and, hence, affect the recoverable amount. The Company uses its best efforts to fully understand all of the aforementioned to make an informed decision based upon historical and current facts surrounding the projects. Discounted cash flow techniques often require management to make estimates and assumptions concerning reserves and expected future production revenues and expenses.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**4. MATERIAL ACCOUNTING POLICY INFORMATION** - continued

*Decommissioning liabilities*

A legal or constructive obligation to incur restoration, rehabilitation and environmental costs may arise when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized at the start of each project to the carrying amount of the asset, as soon as the obligation to incur such costs arises. A pre-tax discount rate that reflects the time value of money and the risks specific to the liability are used to calculate the net present value of the expected future cash flows. These costs are charged to the statement of loss over the economic life of the related asset, through depreciation expense using either the unit-of-production or the straight-line method as appropriate. The related liability is progressively increased each period as the effect of discounting unwinds, creating an expense recognized in the statement of loss. The liability is assessed at each reporting date for changes to the current market-based discount rate, amount or timing of the underlying cash flows needed to settle the obligation.

Costs for restoration of subsequent site damage which is created on an ongoing basis during production are provided for at their net present values and charged against profits as extraction progresses.

The Company has no material restoration, rehabilitation and environmental costs as the disturbance to date is minimal.

**5. MARKETABLE SECURITIES** 

During the year ended July 31, 2024, the Company received 2,500,000 shares of Discovery Lithium Inc. ("Discovery") in connection with the option of the West James Bay Properties. As at July 31, 2024, the Company holds 2,500,000 shares (2023 - nil) with a fair market value of $287,500, or $0.115 per share. During the year ended July 31, 2024, the Company recorded an unrealized gain on the shares of $25,000 (2023 - $nil). See Note 6.

**6. EXPLORATION AND EVALUATION ASSETS** 

The Company has reorganized and consolidated its mineral properties for more effective exploration and management. The properties form two distinct claim groups on trend and are within the Rocky Mountain Rare Metal Belt. The two claim groups are the Carbo and Cap properties (the northwest Carbo property now encompasses formerly referenced Gambier Gold Property, Wicheeda Property and Prince Property).

**CAP Property Claims**

On February 11, 2019, the Company entered into an agreement with Arctic Star Exploration Corp. ("Arctic"), whereby the Company acquired a 100% interest in and to 21 claims, known as the CAP Claims, located approximately 85 km northeast of Prince George, British Columbia. To acquire the property, the Company issued 2,550,000 shares at a deemed value of $640,356. The CAP Property is subject to a 2% net smelter return ("NSR") royalty in favour of the original vendors. During the seven months ended July 31, 2022, the Company staked 3 claims contiguous to the CAP Claims. As of July 31, 2024, the Cap property consists of 6 claims totalling 2,824 hectares. (July 31, 2023 - 6 claims).

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**6. EXPLORATION AND EVALUATION ASSETS** - continued

**CARBO Property Claims (formerly referenced as Gambier Gold Property, Wicheeda Property and Prince Property)**

The Company has reorganized consolidated the following mineral properties for more effective exploration and management under the Carbo property, which consists of 17 claims of 2,048 hectares as of July 31, 2024 and 2023, respectively.

*Gambier Gold Property*

On September 21, 2021, the Company entered into an agreement with Gambier Gold Corp. ("Gambier"), whereby the Company acquired a 100% interest in and to 6 claims, known as the Gambier Gold Property, located north of the Company's existing CAP Claims and adjacent to the Prince Property by paying $150,000 (paid). On July 15, 2023, 5 of the claims originally acquired under the Gambier Gold Property acquisition were forfeited and all deferred costs were written off.

*Wicheeda Property*

On July 29, 2022, the Company entered into an agreement with Zimtu Capital Corp. ("Zimtu"), a related party (see Note 9), whereby the Company earned a 100% interest in and to 4 claims (subsequently converted into 8 claims), known as the Wicheeda Property, located immediately north of the Company's existing CAP Claims and adjacent to the Prince Property. In consideration, the Company issued 120,000 common shares with a fair value of $60,000. During the seven months ended July 31, 2022, the Company staked an additional claim contiguous to the Wicheeda Property.

*Prince Property*

On October 13, 2021, the Company entered into an agreement with two vendors, whereby the Company acquired a 100% interest in and to 13 claims, known as the Prince Property, located immediately north of the Company's existing CAP Claims and adjacent to the Wicheeda Property. In consideration, the Company paid $20,000 in cash and issued 75,000 shares with a fair value of $37,500. On December 2, 2022, the Company entered into a property purchase agreement with Marvel Discovery Corp. ("Marvel"), whereby the Company sold 4 claims to Marvel for cash consideration of $26,649 (received). At July 31, 2024, the Prince Property consists of 7 claims.

**West James Bay Properties**

On May 24, 2024, the Company announced it had entered into an agreement with a vendor, a director of the Company, to acquire a 50% interest in a group of mineral claims located in the James Bay region of Quebec, Canada, for a cash payment of $125,000 (paid).

On June 6, 2024, the Company entered into an earn-in option agreement (the "Option") with Discovery and DG Resource Management LTD. ("DG Resource") on the West James Bay property portfolio (the "Portfolio"). The Portfolio includes the Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus and Bruce Lake projects located within the James Bay Region. Upon, and subject to the terms of this Option, Apex and DG Resource grant Discovery the sole and exclusive right and option to acquire, as to 40% from DG Resource and as to 40% from the Company, an undivided 80% earned interest in the Portfolio, free and clear of any encumbrance, subject only to a 2% gross overriding royalty payable as to 1% to each of DG Resource and the Company. To maintain the Option in good standing, Discovery will make a share issuance within 5 days of signing the agreement of 2,500,000 shares to each vendor (issued with a fair value of $0.105), and a incur a minimum of $1,000,000 across the Portfolio on or before the date that is six (6) months from the effective date. During the year ended July 31, 2024, a gain of $137,501 was recorded on the sale of the 40% interest. See Note 5.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**6. EXPLORATION AND EVALUATION ASSETS** - continued

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | CAP<br>Claims | Gambier Gold<br>Property | Prince<br>Property | Wicheeda<br>Property | West James<br>Bay Properties | Total property<br>costs |
| Balance, July 31, 2022 | $678719 | $150000 | $79735 | $60000 | $- | $968454 |
| Staking costs | 1250 |  | 19782 | 5677 |  | 26709 |
| Assays | 3146 |  |  |  |  | 3146 |
| Field supplies and rentals | 4127 |  |  |  |  | 4127 |
| Geological costs | 53767 |  |  |  |  | 53767 |
| Reports and other | 13920 |  |  | 433 |  | 14353 |
| Travel and transportation | 10755 |  |  |  |  | 10755 |
| Proceeds from sale of claims |  |  | (26649) |  |  | (26649) |
| Impairment |  | (150000) |  |  |  | (150000) |
| Mining tax credit | (8709) |  |  |  |  | (8709) |
| Balance, July 31, 2023 | $756975 | $- | $72868 | $66110 | $- | $895953 |
| Acquisition costs |  |  |  |  | 125000 | 125000 |
| Geological expense | 147535 |  |  |  |  | 147535 |
| Travel and transportation | 60211 |  |  |  |  | 60211 |
| Proceeds received |  |  |  |  | (124999) | (124999) |
| Balance, July 31, 2024 | $964721 | $- | $72868 | $66110 | $1 | $1103700 |

---

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**7. SHARE CAPITAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Authorized: Unlimited common shares with no par value. On October 24, 2023, the Company consolidated its common shares on a ratio of ten pre-consolidation shares to one post-consolidation share, and subsequently announced a forward split of all its issued and outstanding common shares on the basis of one and one-half (1.5) new common shares for one (1) old common shares (see Note 12). All share figures in these financial statements are shown as post-split shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Issued and outstanding: The total issued and outstanding shares of the Company total 38,003,053 as of July 31, 2024 (2023 - 7,928,188).

As of July 31, 2024, the Company has 2,659,500 (2023 - 3,989,250) of the issued common shares held in escrow. The shares will be released every six months, over a three-year period.

**During the year ended July 31, 2024:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On December 13, 2023, the Company completed a non-brokered private placement consisting of 14,999,865 units (each, a "Unit") at a price of $0.05 per Unit raising gross proceeds of $749,993 (the "Offering"). Each Unit consists of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.067 per Share for a period of two (2) years from closing of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. On April 12, 2024, the Company completed a non-brokered private placement consisting of 11,325,000 units (each, a "Unit") at a price of $0.067 per Unit raising gross proceeds of $755,000 (the "Offering"). Each Unit consists of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.10 per Share for a period of two (2) years from closing of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. On July 5, 2024, the Company completed the first tranche of a non-brokered private placement consisting of 3,750,000 units (each, a "Unit") at a price of $0.267 per Unit to raise gross proceeds of $1,000,000. Each Unit consists of one common share in the capital of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to purchase one Share at a price of $0.40 per Share for a period of one (1) year from closing of the Offering (the "Closing"). All securities issued pursuant to the Offering will be subject to a statutory hold period of four (4) months and a day from the Closing. In addition, the Company entered into an agreement with the subscribers whereby the Shares issued, and any Warrant Shares that may be issuable upon the exercise of the Warrants, will be subject to a voluntary hold period of six (6) months from the date of issuance of the Units.

**During the year ended July 31, 2023:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On December 5, 2022, the Company issued 90,000 units at a price of $0.667 for gross proceeds of $60,000. Each unit is comprised of one flow-through common share and one share purchase warrant priced at $1.00 for the first 6 months and $1.333 for the last 6 months, expiring one year from date of issuance.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**7. SHARE CAPITAL** - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Share purchase warrants / finders' warrants

The following is a summary of warrant transactions for the years ended July 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
|  |  | Weighted Average |  | Weighted average |
|  | Number of | Exercise | Number of | Exercise |
|  | Warrants | Price | Warrants | Price |
| &nbsp;&nbsp; Balance, beginning of year | 90000 | $1.333 | 1317393 | $0.90 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired | (90000) | 1.333 | (1317393) | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 30074865 | 0.12 | 90000 | 1.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of year | 30074865 | $0.12 | 90000 | $1.333 |

---

The following warrants were outstanding and exercisable as of July 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
|  |  | Number of Warrants | Weighted Average |
|  | Exercise | Outstanding and | Remaining Contractual |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiry Date | Price | Exercisable | Life (Years) |
| December 13, 2025 | $0.067 | 14999865 | 1.37 |
| April 12, 2026 | $0.10 | 11325000 | 1.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 5, 2025 | $0.40 | 3750000 | 0.93 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp;Total | 30074865 | 1.44 |

---

**8. SHARE-BASED PAYMENTS**

The Company has a 20% rolling stock option plan for officers, directors, employees and consultants. Options are granted with an exercise price determined by the Board of Directors, which may not be less than 25% of the Company's stock price on the date of the grant. Options granted to directors, employees and consultants other than consultants engaged in investor relations activities will vest immediately. However, for options granted to employees and consultants engaged in investor relations activities will vest in stages over a minimum period of 12 months with no more than one-quarter of the options vesting in any three-month period. As of July 31, 2024, the Company has 2,250,000 stock options outstanding (2023 - nil).

The following is a summary of option transactions under the Company's stock option plan for the years ended July 31, 2024 and 2023:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2024** | **2024** | **2023** | **2023** |
|  |  | Weighted Average |  | Weighted average |
|  | Number of | Exercise | Number of | Exercise |
|  | Options | Price | Options | Price |
| &nbsp;&nbsp; Balance, beginning of year |  | $- |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 2250000 | 0.138 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of year | 2250000 | $0.138 | - | - |

---

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**8. SHARE-BASED PAYMENTS** - continued

The following stock options were outstanding and exercisable as at July 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Number of | Number of | Weighted Average |
|  | Exercise | Options | Options | Remaining Contractual |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expiry Date | Price | Exercisable | Outstanding | Life (Years) |
| April 26, 2029 | $0.133 | 643500 | 1950000 | 4.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 8, 2029 | $0.167 |  | 300000 | 4.77 |
| &nbsp;&nbsp;Total | $0.138 | 643500 | 2250000 | 4.74 |

---

On April 26, 2024, the Company announced the issuance of 1,950,000 stock options to the directors and officers of the Company, priced at $0.133 and exercisable for a period of 5 years. The options will vest as to 33% on the date that is three months from the Grant, 33% on the date that is twelve months from the grant and the final 34% on the date that is twenty-four months from the date of the Grant.

On May 15, 2024, the Company announced the appointment of Mr. Joness Lang to the board of directors. The Company granted Mr. Lang 300,000 stock options priced at $0.167 and exercisable for a period of 5 years. The options will vest as to 33% on the date that is three months from the Grant, 33% on the date that is twelve months from the grant and the final 34% on the date that is twenty-four months from the date of the Grant.

During the year ended July 31, 2024, $112,411 (2023 - $nil) was charged to share-based payments. The following assumptions were used for the Black-Scholes pricing model calculations:

---

| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;**May 8, 2024** | &nbsp;&nbsp;**April 26, 2024** |
| &nbsp;&nbsp;Risk-free interest rate | &nbsp;&nbsp;3.86% | &nbsp;&nbsp;3.86% |
| &nbsp;&nbsp;Expected stock price volatility | &nbsp;&nbsp;230.48% | &nbsp;&nbsp;230.72% |
| &nbsp;&nbsp;Expected option life in years | &nbsp;&nbsp;5 years | &nbsp;&nbsp;5 years |
| &nbsp;&nbsp;Dividend rate | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |

---

**9. RELATED PARTY TRANSACTIONS**

Zimtu is a company with a common director and management and holds 16.27% of the Company's issued and outstanding shares. On December 1, 2022, the Company entered into a twelve-month Management Services Agreement ("MSA") with Zimtu. Under the terms of the MSA, Zimtu has provided the Company with administrative and managerial services, including corporate maintenance, continuous disclosure services, rent, and administrative services, at a rate of $12,500 per month for a period of 12 months. On December 1, 2023, the MSA agreement was extended another 12 months at a rate of $15,000 per month.

On May 1, 2023, the Company signed a twelve-month consulting agreement with Zimtu, whereas Zimtu has provided advertising and promotion services under the ZimtuADVANTAGE program. Under the term of the agreement, the Company is required to pay at a rate of $12,500 per month for a period of 12 months. On May 1, 2024, the agreement was renewed for an additional twelve months.

Dahrouge Geological Consulting Ltd. ("Dahrouge") is a company with common directors and management. Dahrouge provides key mineral property management services to the Company.

Mr. Michael Schuss is a former director of the Company and provided geological consulting services to the Company.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**9. RELATED PARTY TRANSACTIONS** - continued

During the years ended July 31, 2024 and 2023, the Company incurred the following transactions with officers or directors of the Company or companies with common directors:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Year ended** | **2024** | **2023** |
| &nbsp;&nbsp;**Key management compensation\*** | **$** | **$** |
| &nbsp;&nbsp;Dahrouge - Exploration & evaluation asset expenditures | 147536 | 65705 |
| &nbsp;&nbsp;Michael Schuss - Geological and consulting fees | 3750 | 18000 |
| &nbsp;&nbsp;Zimtu - Administrative fees | 170000 | 150000 |
| &nbsp;&nbsp;Zimtu - Advertising and promotion | 150000 | 50000 |
| &nbsp;&nbsp;Share-based payments | 104817 |  |
| &nbsp;&nbsp;Total | 576103 | 283705 |

---

\* Key management includes those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including the Company's executive officers and certain members of its Board of Directors.

---

| | | |
|:---|:---|:---|
| **Year ended** | **2024** | **2023** |
| **Due to related parties** | **$** | **$** |
| Dahrouge | 91498 | 61692 |
| Michael Schuss |  | 5000 |
| Zimtu | 31152 | 254637 |
| Total | 122650 | 321329 |

---

The terms and conditions of these transactions with key management and their related parties were no more favourable than those available, or which might reasonably be expected to be available, or similar transactions to non-key management related entities on an arm's length basis.

These transactions are in the normal course of operations and have been valued in these financial statements at the exchange amount, which is the amount of consideration established and agreed to by the related parties. The amounts due to related parties are unsecured, non-interest bearing, and have no specific terms of repayment.

**10. FINANCIAL INSTRUMENTS**

The Company's risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to market conditions and the Company's activities. The Company has exposure to credit risk, liquidity risk and market risk as a result of its use of financial instruments. This note presents information about the Company's exposure to each of the above risks and the Company's objectives, policies and processes for measuring and managing these risks. Further quantitative disclosures are included throughout these financial statements.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**10. FINANCIAL INSTRUMENTS** - continued

The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Board has implemented and monitors compliance with risk management policies as set out herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company's cash is subject to credit risk for a maximum of the amounts shown on the statements of financial position.

On July 31, 2024, the Company held cash of $1,675,222 (2023: $264,674) with Canadian chartered banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Liquidity Risk

Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations as they are due. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company's reputation.

As of July 31, 2024, the Company has total current liabilities of $130,423 (2023: $357,030). Management intends to meet these obligations by raising funds through future financings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Market Risk

Market risk consists of currency risk, commodity price risk and interest rate risk. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while maximizing returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) *Currency Risk*

Foreign currency exchange rate risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. Although the Company is in the exploration stage and has not yet developed commercial mineral interests, the underlying commodity price for minerals is impacted by changes in the exchange rate between the Canadian and United States dollar. As all of the Company's transactions are denominated in Canadian dollars, the Company is not significantly exposed to foreign currency exchange risk at this time.

ii) *Commodity Price Risk*

Commodity price risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in commodity prices. Commodity prices for minerals are impacted by world economic events that dictate the levels of supply and demand as well as the relationship between the Canadian and United States dollar, as outlined above. As the Company has not yet developed commercial mineral interests, it is not exposed to commodity price risk at this time.

iii) *Interest Rate Risk*

Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**10. FINANCIAL INSTRUMENTS** - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Fair Value

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

* Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

* Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

* Level 3 - Inputs that are not based on observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Capital Management

Capital is comprised of the Company's shareholders' equity and any debt it may issue. As at July 31, 2024, the Company's shareholders' equity was $2,991,010 (2023: $813,791). The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern and to maintain a flexible capital structure which will allow it to pursue the exploration of its mineral properties. Therefore, the Company monitors the level of risk incurred in its mineral property expenditures relative to its capital structure which is comprised of working capital and shareholders' equity.

The Company monitors its capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to facilitate the management of capital and the exploration of its mineral properties, the Company prepares annual expenditure budgets which are updated as necessary and are reviewed and periodically approved by the Company's Board of Directors. To maintain or adjust the capital structure, the Company may issue new equity if available on favourable terms, option its mineral properties for cash and/or expenditure commitments from optionees, enter into joint venture arrangements, or dispose of mineral properties. The Company is not subject to any externally imposed capital requirements and there were no changes in the Company's approach to capital management during the year.

**11. CORPORATE INCOME TAXES**

The Company is subject to income taxes in Canada. The reconciliation of the income tax provision computed at the statutory rate is as follows:

---

| |
|:---|
| &nbsp;&nbsp;(Rounded to nearest thousand) |
| &nbsp;&nbsp;Net loss before tax |
| &nbsp;&nbsp;Statutory tax rate |
| &nbsp;&nbsp;Expected income tax recovery |
| &nbsp;&nbsp;Net adjustments for deductible and non-deductible amounts |
| &nbsp;&nbsp;Change in valuation allowance |
| &nbsp;&nbsp;True-up for prior year balance |
| &nbsp;&nbsp;Deferred income tax recovery per financial statements |

---

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**11. CORPORATE INCOME TAXES** - continued

There are no deferred tax assets/(liabilities) presented in the statement of financial position.

Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets/ (liabilities) have been recognized are attributable to the following:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;(Rounded to nearest thousand) | **2024** | **2023** |
|  | **$** | **$** |
| &nbsp;&nbsp;Non-capital loss carry forward | 1745000 | 1079000 |
| &nbsp;&nbsp;Exploration and evaluation assets | 92000 | 92000 |
| &nbsp;&nbsp;Share issue costs | 10000 | 15000 |
|  | 1847000 | 1186000 |

---

The Company has non-capital losses available for Canadian income tax purposes which may be carried forward to reduce taxable income in future years. If not utilized, the non-capital losses of approximately $1,745,000 expire as follows:

---

| | |
|:---|:---|
| Expiry | &nbsp;&nbsp;**$** |
| &nbsp;&nbsp;2039 | &nbsp;&nbsp; 133000 |
| &nbsp;&nbsp;2040 | &nbsp;&nbsp;29000 |
| &nbsp;&nbsp;2041 | &nbsp;&nbsp;373000 |
| &nbsp;&nbsp;2042 | &nbsp;&nbsp;125000 |
| &nbsp;&nbsp;2043 | &nbsp;&nbsp;418000 |
| &nbsp;&nbsp;2044 | &nbsp;&nbsp;667000 |
| &nbsp;&nbsp;Total | &nbsp;&nbsp; 1745000 |

---

The Company has unclaimed resource deductions of approximately $1,195,000 (2023 - $987,000), which do not expire and may be deducted against future taxable income on a discretionary basis.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Financial Statements<br>For the years ended July 31, 2024 and 2023<br>Expressed in Canadian dollars

**12. SUBSEQUENT EVENTS**

On August 16, 2024, the Company completed the second and final tranche of a non-brokered private placement consisting of 3,750,000 units (each, a "Unit") at a price of $0.267 per Unit to raise gross proceeds of $1,000,000. Each Unit consists of one common share in the capital of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to purchase one Share at a price of $0.40 per Share for a period of one (1) year from closing of the Offering (the "Closing"). All securities issued pursuant to the Offering will be subject to a statutory hold period of four (4) months and a day from the Closing.

On September 24, 2024, the Company completed a non-brokered private placement issuing 906,346 flow-through units (each, a "FT Unit") at a price of $0.43 per FT Unit for aggregate gross proceeds of $392,749.50. Each FT Unit is comprised of one common share in the capital of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one common share purchase warrant (each, a "Warrant") issued on a non-flow-through basis. Each Warrant entitles the holder to receive one non-flow-through common share in the capital of the Company (each, a "Warrant Share") at a price of $0.67 per Warrant Share at any time before the date that is two (2) years following the date of issuance. The gross proceeds from the sale of the FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's Cap Property located in British Columbia, Canada on or before December 31, 2024. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2024. All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months and a day from the date of issuance.

On July 8, 2024, the Company announced it entered into an investor relations agreement with Rumble Strip Media Inc. ("Rumble") to enhance its investor awareness. The Company paid an upfront payment on August 1, 2024 of $300,000 for a 3-month contract ending October 31, 2024.

On November 7, 2024, the Company completed a forward split of all of its issued and outstanding common shares on the basis of one and one-half (1.5) new common shares for one (1) old common share (1.5:1) (the "Forward Split"). All shareholders of record on November 7, 2024 will be entitled to receive one half of one (.5) additional Common Share pursuant to the Forward Split (the "Record Date"). The Company completed the Forward Split to increase the liquidity and marketability of the common shares. The Company currently has 28,439,594 Common Shares issued and outstanding. Upon completion of the Forward Split, the Company will have approximately 42,659,391 Common Shares outstanding. The Common Shares will begin trading on a post-Forward Split basis under the existing stock trading symbol "APXC" effective at the opening of markets on November 6, 2024. Outstanding stock options and share purchase warrants will also be adjusted by the Forward Split ratio and the respective exercise prices of outstanding stock options and share purchase warrants will be adjusted accordingly.

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## Exhibit 99.55

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**Apex Critical Metals Confirms Significant Magnetic Anomaly at**

**Cap Project, British Columbia**

**Vancouver, British Columbia - November 12, 2025 - Apex Critical Metals Corp. (CSE: APXC** \| OTCQX: APXCF \| FWB: KL9) ("Apex" or the "Company"), a Canadian mineral exploration company focused on the identification and development of critical and strategic metals, is pleased to announce the completion and results from a high resolution airborne geophysical survey completed at the Company's 100%-owned Cap Critical Minerals Project ("Cap" or the "Cap Project") in central British Columbia.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Strong magnetic high measuring approximately 2.2 km x 1.8 km with northwest offshoot

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Magnetic anomaly roughly correlates with the 1.8 km niobium-in-soil trend identified in 2024 and confirmed in 2025 drilling

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Helicopter borne magnetic and radiometric survey completed by Precision GeoSurveys Inc

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 781 line-km flown at 40 m spacing

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Assays remain pending for 2,251 m of core, with results expected shortly

Sean Charland, CEO of Apex Critical Metals, commented, *"The new airborne survey has provided valuable insight into the scale and geometry of the magnetic anomaly, giving us a stronger foundation to evaluate future drill targets and plan the next phase of exploration in 2026. We anticipate receiving assays from the remaining drillholes shortly, which will further guide our understanding of the mineralized system."*

The helicopter-borne survey was completed by Precision GeoSurveys Inc. of Langley, British Columbia, on September 15 and 16, 2025, and covered a total of 781 line-km at 40-m line spacing. The program was designed to provide detailed magnetic and radiometric data to assist in mapping the extent and geometry of carbonatite-hosted mineralization at the Cap Project.

The airborne magnetic survey delineates a large, well-defined magnetic high measuring approximately 2.2 km by 1.8 km, with a smaller magnetic offshoot extending northwest (Figure 1). The offshoot roughly correlates with the 1.8 km niobium-in-soil trend identified during the 2024 exploration program, which was subsequently confirmed in the subsurface during 2025 drilling. All drillholes completed in 2025 intersected carbonatite and/or associated alteration, with drillhole CAP25-006 returning 0.59 % Nb₂O₅ over 36.0 m, demonstrating a spatial correlation between magnetic intensity and niobium mineralization.

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![](exhibit99-55x2x1.jpg)

*Figure 1. Map showing Total Magnetic Intensity (TMI) relative to historical and 2025 drillholes.<br>Apex Critical Metals 2025.*

Historical drilling completed by the previous operator in 2017 tested the magnetic feature but is interpreted to have not drilled deep enough to intersect the primary source of the anomaly. The offshoot is interpreted to connect to the main magnetic body, suggesting a more extensive carbonatite system than previously recognized.

Magnetic anomalies in carbonatite systems are commonly caused by high magnetite content and associated iron-rich minerals such as pyrrhotite, which can act as geophysical markers for niobium and rare earth element-bearing carbonatites. The strong, coherent magnetic feature at CAP supports and enhances the current geological interpretation developed from Apex's drilling and surface mapping programs.

The interpretation of geophysical data is preliminary in nature. While the magnetic anomaly described is spatially associated with previously intersected carbonatite and niobium mineralization, there is no certainty that the anomaly itself is directly related to mineralization or that it represents the full extent of the carbonatite system. Additional drilling will be required to confirm the source of the magnetic feature.

**Qualified Person**

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The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo. (EGBC Licence 48336), Geologist for Dahrouge Geological Consulting Ltd. (EGBC Permit to Practice 1003035), and a Qualified Person under NI 43-101 on standards of disclosure for mineral projects. Mr. Schmidt has verified all scientific and technical data disclosed in this news release and certified analytical data underlying the technical information disclosed. Mr. Schmidt noted no errors or omissions during the data verification process.

**About Apex Critical Metals Corp.** (CSE: APXC) (OTCQX: APXCF) (FWB: KL9)

Apex Critical Metals Corp. is a Canadian exploration company focused on advancing rare earth element (REE) and niobium projects that support the growing demand for critical and strategic metals across the United States and Canada. The Company's flagship **Rift Project**, located within the highly prospective **Elk Creek Carbonatite Complex in Nebraska, U.S.A.**, hosts extensive rare earth rights surrounding one of North America's most advanced niobium-REE deposits. Historical drilling across the complex has reported broad intervals of high-grade REE mineralization, including intercepts such as **155.5 m of 2.70% REO** and **68.2 m of 3.32% REO**.

In Canada, Apex continues to advance its 100%-owned **Cap Project**, located 85 kilometres northeast of Prince George, British Columbia. The 2025 drill program confirmed a significant niobium discovery with **0.59% Nb₂O₅ over 36 metres, including 1.08% Nb₂O₅ over 10 metres**, within a 1.8-kilometre-long niobium trend. The Cap Project continues to demonstrate strong potential for niobium mineralization within a large and previously unrecognized carbonatite system.

With a growing portfolio of critical mineral projects in both Canada and the United States, Apex Critical Metals is strategically positioned to help strengthen domestic supply chains for the minerals essential to advanced technologies, clean energy, and national security. Apex is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC and quoted on the OTCQX market in the United States under the symbol APXCF, and in Germany on the Borse Frankfurt under the symbol KL9 and/or WKN: A40CCQ. Find out more at <u>www.apexcriticalmetals</u>.com and to sign up for free news alerts please go to <u>https://apexcriticalmetals.com/news/news-alerts/</u>, or follow us on X (formerly Twitter), Facebook or <u>LinkedIn</u>.

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email:<u> </u><u>info@apexcriticalmetals.com</u>

*Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.*

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:**

*This news release may contain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include (without limitation) statements with respect to anticipated assay results from remaining 2025 drillholes, statements regarding the Company's US-based prospective assets (more particularly described above), including the potential for additional acquisitions and the potential for exploration, and statements regarding the potential for future exploration and drilling to confirm the source of magnetic anomalies. Forward-looking statements are subject to various known and unknown risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Risks that could change or prevent these events, activities or developments from coming to fruition include: the Company's properties are at an early stage of development and no current mineral resources or reserves have been identified by the Company thereof, that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able to raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from our properties may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for REE and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements herein are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.*

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## Exhibit 99.56

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**Apex Launches Extensive 2025 Re-Analysis of Preserved Historical <br>Drill Core at Rift Rare Earth Project Near Elk Creek, Nebraska**

**-Unique opportunity offers potential to accelerate mineralization models, drill targeting, scale & grade knowledge base**

**Vancouver, B.C - November 24, 2025 - Apex Critical Metals Corp. (CSE: APXC, FSE: KL9,** OTCQB: APXCF) ("Apex" or the "Company"), a Canadian mineral exploration company focused on the identification and development of critical and strategic metals, is pleased to announce that it has commenced an extensive 2025 re-sampling and re-logging program of historical drill core from the Rift Rare Earth Project, located near Elk Creek, Nebraska, USA.

The historical drill programs were completed during the 1970s and 1980s by Molycorp Inc., and a substantial portion of the drill core, and sample material have been preserved and are available for modern analysis.

The Company has retained Dahrouge Geological Consulting Ltd. to oversee the program. Dahrouge previously completed similar verification and re-sampling work for Quantum Rare Earth Developments Corp. in 2010-2011, which supported the first modern NI 43-101 Technical Reports for the Elk Creek district. Apex's 2025 work will include re-logging of drillholes and the selection of samples for multi-element analysis. All samples will be analyzed by <u>Actlabs</u> using modern Fusion ICP-MS, ICP-OES and XRF. Initial results are expected during the first quarter of 2026.

Apex CEO, Sean Charland, states: "We are grateful to the Conservation and Survey Division, School of Natural Resources, University of Nebraska-Lincoln for ensuring the preservation of the historical Molycorp material. Having access to this material is a tremendous resource to draw from and our 2025 re-logging and re-sampling program initiative at Rift will provide a modern analytical foundation for understanding the scale and grade potential of the system."

The results of this work will support Apex's ongoing geological interpretation and modelling of the Rift carbonatite system, which is host to significant rare earth element ("REE") and niobium mineralization. The Rift Project covers a series of carbonatite and related intrusive rocks which form part of the broader Elk Creek district, a region known to contain high-grade REE and niobium mineralization at depth.

Historical drilling by Molycorp identified multiple zones of REE- and niobium-bearing carbonatite within the boundaries of Apex's current holdings at Elk Creek though these results pre-date NI 43- 101 and are therefore non-compliant with current reporting standards. Apex is not treating the historical results or estimates as current mineral resources or reserves.

**Qualified Person**

The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo., Geologist for Dahrouge Geological Consulting Ltd. and a Qualified Person under NI 43-101 on standards of disclosure for mineral projects.

The results discussed in this document are considered historical. An Apex Critical Metals Corp. qualified person has not performed sufficient work or data verification to validate these historical

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results in accordance with NI 43-101, and therefore results should not be relied upon until such time that the Company has carried out its own sampling, drilling and modern analysis.

**About Apex Critical Metals Corp.** (CSE: APXC) (OTCQX: APXCF) (FWB: KL9)

Apex Critical Metals Corp. is a Canadian exploration company focused on advancing rare earth element (REE) and niobium projects that support the growing demand for critical and strategic metals across the United States and Canada. The Company's flagship **Rift Project**, located within the highly prospective **Elk Creek Carbonatite Complex in Nebraska, U.S.A.**, hosts extensive rare earth rights surrounding one of North America's most advanced niobium-REE deposits. Historical drilling across the complex has reported broad intervals of high-grade REE mineralization, including intercepts such as **155.5 m of 2.70% REO** and **68.2 m of 3.32% REO**.

In Canada, Apex continues to advance its 100%-owned **Cap Project**, located 85 kilometres northeast of Prince George, British Columbia. The 2025 drill program confirmed a significant niobium discovery with **0.59% Nb₂O₅ over 36 metres, including 1.08% Nb₂O₅ over 10 metres**, within a 1.8-kilometre-long niobium trend. The Cap Project continues to demonstrate strong potential for niobium mineralization within a large and previously unrecognized carbonatite system.

With a growing portfolio of critical mineral projects in both Canada and the United States, Apex Critical Metals is strategically positioned to help strengthen domestic supply chains for the minerals essential to advanced technologies, clean energy, and national security. Apex is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC and quoted on the OTCQX market in the United States under the symbol APXCF, and in Germany on the Borse Frankfurt under the symbol KL9 and/or WKN: A40CCQ. Find out more at <u>www.apexcriticalmetals.com</u> and to sign up for free news alerts please go to <u>https://apexcriticalmetals.com/news/news-alerts/</u>, or follow us on <u>X (formerly Twitter)</u>, <u>Facebook</u> or <u>LinkedIn</u>.

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: <u>info@apexcriticalmetals.com</u>

*Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.*

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:**

*This news release may contain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include (without limitation) statements with respect to the planned re-logging and re-sampling of certain historical drill cores and when the Company expects to receive results from such activities, , the potential benefits of undertaking a re-analysis of the historical drill cores, and statements regarding the Company's Canadian and US-based prospective assets more particularly described above.. Forward-looking statements are subject to various known and unknown risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Risks that could change or prevent these events, activities or developments from coming to fruition include: the Company's properties are at an early stage of development and no current mineral resources or reserves have been identified by the Company thereof, that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able to raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from our properties may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for REE and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward- looking statements. The forward-looking statements herein are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.*

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## Exhibit 99.57

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![](exhibit99-57x001.jpg)

**Management Discussion & Analysis for the Year Ended July 31, 2025**

The following discussion and analysis of the consolidated financial position and results of operations for Apex Critical Metals Corp. should be read in conjunction with the consolidated financial statements for the **year ended July 31, 2025,** which are prepared using accounting policies consistent with IFRS Accounting Standards ("IFRS").

The effective date of this report is November 27, 2025.

All financial figures presented herein are expressed in Canadian Dollars (CDN$) unless otherwise specified.

<u>**Nature of Business**</u>

Apex Critical Metals Corp. ("Apex" or the "Company") was incorporated on August 2, 2018, under the Business Corporations Act of British Columbia and is in the business of acquiring, exploring, developing and evaluating mineral resource properties. The Company is in the exploration stage and has interests in properties located in British Columbia ("BC"), Canada.

On March 15, 2023, the Company's shares were listed on the Canadian Securities Exchange ("CSE") under the trading symbol "EBR". On October 24, 2023, the Company consolidated its common shares on a ratio of ten pre-consolidation shares to one post-consolidation share. On May 1, 2024, the Company changed its name to Apex Critical Metals Corp. and began trading under the symbol "APXC" on the CSE. The Company's shares are also listed under the symbol "APXCF" on the OTCQX Best Market ("OTCQX"). On November 7, 2024, the Company completed a forward split of all its issued and outstanding common shares on the basis of one and one-half (1.5) new common shares for one (1) old common share.

The head office, principal address and registered and records office of the Company are located at 1450 - 789 West Pender, Vancouver, BC, Canada, V6C 1H2. The technical information included in this Management Discussion & Analysis ("MD&A"), unless otherwise stated, has been reviewed by Nathan Schmidt, P. Geo, who is a Qualified Person under National Instrument 43-101 ("NI 43-101") on standards of disclosure for mineral projects.

<u>**Corporate Activities**</u>

**Updates for the year ended July 31, 2025 and to the date of this report:**

On August 16, 2024, the Company completed the second and final tranche of a non-brokered private placement consisting of 3,750,000 units (each, a "Unit") at a price of $0.267 per Unit to raise gross proceeds of $1,000,000. Each Unit consists of one common share in the capital of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to purchase one Share at a price of $0.40 per Share for a period of one (1) year from closing of the Offering (the "Closing").

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On September 24, 2024, the Company completed a non-brokered private placement issuing 906,345 flow-through units (each, a "FT Unit") at a price of $0.433 per FT Unit for aggregate gross proceeds of $392,749.50. Each FT Unit is comprised of one common share in the capital of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one common share purchase warrant (each, a "Warrant") issued on a non-flow-through basis. Each Warrant entitles the holder to receive one non-flow-through common share in the capital of the Company (each, a "Warrant Share") at a price of $0.667 per Warrant Share at any time before the date that is two (2) years following the date of issuance. The gross proceeds from the sale of the FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's Cap Project located in British Columbia, Canada on or before December 31, 2024. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2024.

On November 7, 2024, the Company completed a forward split of all of its issued and outstanding shares (the "Common Shares") on the basis of one and one-half (1.5) new Common Shares for one (1) old Common Share (1.5:1) (the "Forward Split"). All shareholders of record on November 7, 2024 will be entitled to receive one half of one (0.5) additional Common Share pursuant to the Forward Split (the "Record Date"). The Company proposed the Forward Split to increase the liquidity and marketability of the Common Shares. The Common Shares began trading on a post-Forward Split basis under the existing stock trading symbol "APXC" effective at the opening of markets on November 6, 2024. Outstanding stock options and share purchase warrants were also be adjusted by the Forward Split ratio and the respective exercise prices of outstanding stock options and share purchase warrants were be adjusted accordingly

On November 12, 2024, the Company announced results from its July 2024 exploration program at the Cap Project located in east-central, British Columbia. The exploration program included soil sampling, rock sampling and geological mapping with the objectives to validate and expand upon previously identified niobium mineralization from historical surface samples and drilling on the Project. The program was successful with soil samples delineating a 1.8 km anomalous niobium trend from an area of known mineralization. One outcrop sample collected returned 3.33% Nb<sub>2</sub>O<sub>5</sub> with four (4) additional outcrop samples assaying between 0.16% to 0.50% Nb<sub>2</sub>O<sub>5</sub>. Two mineralized carbonatite boulders sampled also returned 1.79% and 1.45% Nb<sub>2</sub>O<sub>5</sub>.

On November 26, 2024, the Company acquired the Bianco Carbonatite Project ("Bianco"), situated approximately 12½ km southwest of the Kingfisher Lake First Nation and 156 km north of Pickle Lake, Ontario. It comprises 85 single cell mining claims, encompassing approximately 3,735 hectares (9,229.3 acres), and is characterized by a geophysical magnetic anomaly consistent with carbonatite complexes observed in the region. Pursuant to a sale agreement dated November 26, 2024, among the Company and the Vendor (the "Vendor"), the Company has agreed to acquire a 100% interest in the Claims for consideration of CDN$30,000 cash ("Cash Consideration"), to be paid on signing of the agreement. In addition, the Company will grant to the Vendor a 2.0% net smelter returns royalty interest in the future minerals produced from the Claims upon achieving commercial production.

On December 18, 2024, the Company announced it had extended its investor relations agreement with Rumble Strip Media. Pursuant to the agreement, the Company will make an upfront payment of $300,000 for a three-month extension that commences December 11, 2024 and ends March 11, 2025.

On December 30, 2024, the Company completed a non-brokered private placement issuing a total of 4,200,000 units (each, a "Unit") at a price of $0.60 per Unit, raising aggregate proceeds of $2,520,000 (the "Offering"). Each Unit consisted of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.75 per Share for a period of two (2) years from closing of the Offering (the "Closing").

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On February 5, 2025, the Company announced the acquisition of the Lac Le Moyne Carbonatite Project. The Company acquired a 100% interest in the claims for total consideration payable over a 3-year period of $100,000 in cash ($25,000 paid) and the issuance to the vendors of a total of 200,000 shares (100,000 shares issued). In the event a material drill intersection of niobium mineralization is identified on the Project, an additional 500,000 "bonus" shares are payable. In addition, the Company will grant to the vendor a 2% net smelter return royalty interest in the future minerals produced from the claims upon achieving commercial production.

On February 26, 2025, the Company held its Annual General Meeting with all matters passing unanimously.

On February 21, 2025, the Company completed a non-brokered private placement issuing a total of 1,530,612 flow-through common shares (each, an "FT Share") at a price of $0.98 per FT Share for gross proceeds of $1,499,999.76 (the "Offering"). The FT Shares were issued as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec). The proceeds from the issuance of the FT Shares will be used to incur eligible resource exploration expenses which will qualify as "Canadian exploration expenses"(as defined in the Income Tax Act (Canada)). In addition, subscribers residing in the province of Québec are also eligible for i) an additional deduction for CEE that qualifies as "exploration base relating to certain Québec exploration expenses" incurred in Québec, within the meaning of section 726.4.10 of the Taxation Act (Québec), and ii) for an additional deduction for certain surface mining CEE incurred in Québec that qualifies as "exploration base relating to certain Québec surface mining exploration expenses" within the meaning of section 726.4.17.2 of the Taxation Act (Québec). In connection with the Offering, the Company paid cash fees of $90,000 to one qualified finder.

On February 21, 2025, the Company announced it had further extended its investor relations agreement with Rumble Strip Media. Pursuant to the agreement, the Company will make an upfront payment of $250,000, and a subsequent payment of $250,000, for a three-month extension that commences March 11, 2025 and ends June 11, 2025.

On March 14, 2025, the Company granted an aggregate of 5,000,000 incentive stock options to purchase up to 5,000,000 common shares of the Company to certain directors, officers and consultants under its Equity Incentive Plan. The Options are exercisable for a period of 5 years from the date of Grant, expiring on March 14, 2030, at a price of $0.85 per Share. The Options will vest as to 33% on the date that is four (4) months from the Grant, 33% on the date that is eight (8) months from the date of the Grant and the final 34% on the date that is twelve (12) months from the date of the Grant.

On June 9, 2025, the Company announced details regarding the 2025 field exploration programs at the Bianco and Lac Le Moyne Projects will comment in June. The Company has engaged Dahrouge Geological Consulting Ltd. to undertake the field work for the two projects planned for this summer.

On June 9, 2025, the Company announced it has signed an agreement with Zimtu Capital Corp. ("Zimtu") whereby Zimtu will provide marketing services under its Zimtu ADVANTAGE program, effective June 1, 2025, for an initial term of 12 months at a cost of $12,500 per month (the "Zimtu Agreement"). The program is designed to provide strategic marketing support, investor engagement, and public awareness initiatives. Services include investor presentations, email marketing, lead generation campaigns, blog posts, digital campaigns, social media management, Rockstone Research reports & distribution, video news releases and related marketing & awareness activities.

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On June 19, 2025, the Company announced an update on its plans and preparations for the upcoming drill program at the Cap Project, estimated to start in md-July.

On July 10, 2025, the Company announced it had finalized a drill contract with Quesnel Bros. Diamond Drilling Ltd. for its fully funded summer drill program at the Cap Project.

On July 22, 2025, the Company announced the arrival of a Hydracore 2000 heli-portable drill rig with crews mobilized at the Cap Project.

On July 30, 2025, the Company announced the commencement of the 2025 diamond drill program at the Cap Project.

On August 1, 2025, the Company announced it had qualified to trade on the OTCQX Best Market.

On August 12, 2025, the Company provided an update on its 2025 diamond drill program at the Cap Project.

On August 21, 2025, the Company announced an extension to its investor relations agreement with Rumble Strip Media Inc., whereby the Company will pay Rumble $1,000,000 (with $250,000 upfront). The extension commences August 20, 2025 for a three-month term ending November 20, 2025.

On August 27, 2025, the Company announced significant results from its second drillhole, CAP25-006, from its 2025 diamond drill program at the Cap Project.

On September 3, 2025, the Company announced it had acquired rights to explore and options to purchase a 2,407 acre property package in the midwestern United States, known as the Rift Project.

On September 8, 2025, the Company announced that Alex Knox, P.Geo., had been appointed as the inaugural member of its Technical Advisory Board.

On September 8, 2025, the Company granted (the "Grant") an aggregate of 1,760,000 incentive stock options (each, an "Option") to purchase up to 1,760,000 common shares of the Company (each, a "Share") to certain directors, officers and consultants under its Equity Incentive Plan. The Options are exercisable for a period of 5 years from the date of Grant, expiring on September 8, 2030, at a price of $1.97 per Share. The Options will vest as to 33% on the date that is four (4) months from the Grant, 33% on the date that is eight (8) months from the date of the Grant and the final 34% on the date that is twelve (12) months from the date of the Grant. Additionally, the Company granted an aggregate of 1,660,000 restricted share units (each, a "RSU") which will vest on the date that is four (4) months from the date of grant, provided that the holder may, upon written notice to the Company on or before the vesting date, elect to defer vesting of certain of the RSUs such that the RSUs shall vest as to one quarter (1/4) every four (4) months with the initial vesting date being the date that is four (4) months from the date of grant. Each RSU represents the right to receive, once vested, one common share in the capital of the Company

On September 8, 2025, the Company announced it intends to undertake a non-brokered private placement offering of up to 800,000 flow-through units (each a "FT Unit") at a price of $2.00 per FT Unit for proceeds up to $1,600,000. Each FT Unit shall be comprised of one common share in the capital of the Company to be issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, a "FT Share") and one common share purchase warrant (each whole warrant, a "FT Warrant") issued on a non-flow-through basis. Each Warrant shall entitle the holder to receive one non-flow-through common share in the capital of the Company (each, a "Warrant Share") at a price of $2.50 per Warrant Share at any time before the date that is two (2) years following the date of issuance.

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On October 1, 2025, the Company provided an update on its acquisition of certain mineral rights within the Elk Creek Carbonatite Complex in southeastern Nebraska, USA, called the Rift Project.

On October 7, 2025, the Company announced that it intends to undertake a non-brokered private placement offering of up to 2,000,000 units (each, a "Unit") at a price of $2.50 per Unit for aggregate gross proceeds of up to $5,000,000 (the "Offering"). Each Unit shall be comprised of one common share in the capital of the Company and one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant shall entitle the holder to receive one common share in the capital of the Company (each, a "Warrant Share") at a price of $3.00 per Warrant Share at any time before the date that is two (2) years following the date of issuance. On October 8, 2025, the Company announced that due to strong investor demand, it has increased the size of the offering to $10,000,000.

On October 14, 2025, the Company reported it has acquired additional rare earth exploration rights within a high-priority target area at the Elk Creek Rift Project in southeaster Nebraska, USA.

On October 22, 2025, the Company announced it has initiated the permitting process with the Nebraska Department of Environment and Energy to conduct exploration activities at the Company's Rift Project.

On October 22, 2025, the Company announced it has closed its non-brokered flow-through private placement (the "Offering"), raising aggregate gross proceeds of C$1,600,000. Under the Offering, the Company issued 800,000 flow-through units (each, an "FT Unit") at a price of C$2.00 per FT Unit. Each FT Unit consists of one common share in the capital of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, an "FT Share") and one common share purchase warrant (each whole warrant, an "FT Warrant") issued on a non-flow-through basis. Each FT Warrant entitles the holder to purchase one non-flow-through common share in the capital of the Company (each, a "Warrant Share") at a price of C$2.50 per Warrant Share for a period of two (2) years from the date of issuance.

On October 22, 2025, the Company announced it has granted (the "Grant") an aggregate of 50,000 incentive stock options (each, an "Option") to purchase up to 50,000 common shares of the Company (each, a "Share") to a consultant under its Equity Incentive Plan. The Options are exercisable for a period of two years from the date of Grant, expiring on October 22, 2027, at a price of $3.82 per Share. Additionally, the Company announces that is has granted an aggregate of 50,000 restricted share units (each, a "RSU"). The Options and RSU's will vest upon the successful listing by the Company on EuroNext.

On October 24, 2025, the Company filed its Annual Information Form for the year ended July 31, 2024.

On October 30, 2025, the Company announced that it has completed a non-brokered private placement issuing a total of 4,000,000 units of the Company ("Units") at a price of $2.50 per Unit for gross proceeds of $10,000,000 (the "Offering"). Each Unit consists of one common share of the Company and one common share purchase warrant, with each warrant exercisable to acquire one common share of the Company at a price of $3.00 per share for a period of two years from the date of issuance. The proceeds of the Offering will be used for general working capital purposes and exploration expenses. In connection with the Offering, the Company paid an aggregate of $255,500 in cash and issued an aggregate of 102,200 non-transferable finder's warrants (each, a "Finder's Warrant") to certain finders. Each Finder's Warrant entitles the holder thereof to purchase one Common Share at a price of $3.00 per Common Share for a period of two years.

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On November 12, 2025, the Company announced the completion and results from a high resolution airborne geophysical survey completed at the Company's 100%-owned Cap Project.

**Updates for the year ended July 31, 2024:**

On August 24, 2023, the Company announced the appointment of Sean Charland as President and CEO and the resignation of David Hodge as President, CEO and Director and the resignation of Michael Schuss as Director.

On October 24, 2023, the Company completed a consolidation of its common shares on the basis of ten (10) pre-consolidation Shares for one (1) post-consolidation share.

On December 13, 2023, the Company held its Annual and Special General Meeting on with all matters passing.

On April 26, 2024, the Company announced the resignation of Mr. Jason Birmingham as a director.

On May 1, 2024, the Company changed its name to Apex Critical Metals Corp. and began trading under the symbol "APXC" on the CSE.

On May 15, 2024, the Company announced the appointment of Mr. Joness Lang to the board of directors.

On May 24, 2024, the Company announced it had entered into an agreement with a vendor, a director of the Company, to acquire a 50% interest in a group of mineral claims located in the James Bay region of Quebec, Canada, for a cash payment of $125,000 (paid).

On May 29, 2024, the Company's shares were approved for trading under the symbol "APXCF" on the OTCQB Venture Market ("OTCQB") and will be Depository Trust Eligible ("DTC").

On June 6, 2024, the Company announced it has entered into an Earn-In Option Agreement ("the Agreement") with Discovery Lithium inc. ("Discovery") and DG Resource Management LTD. ("DG Resource") on the West James Bay property portfolio. The portfolio includes the Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus and Bruce Lake projects located within the James Bay Region. Upon and subject to the terms of this Agreement, Apex and DG Resource grants Discovery the sole and exclusive right and option to acquire, as to 40% from DGRM and as to 40% from Apex, an undivided 80% Earned Interest in the Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus and Bruce Lake projects, free and clear of any Encumbrance, subject only to the Royalty. To maintain the Option in good standing, Discovery will make a share issuance within 5 days of signing the agreement of 2,500,000 shares to each vendor (issued), and a incur a minimum expenditure of $1,000,000 on or before the date that is six (6) months from the effective date.

On July 8, 2024, the Company announced it entered into an investor relations agreement with Rumble Strip Media Inc. ("Rumble") to enhance its investor awareness. The Company paid an upfront payment of $300,000 for a 3-month contract covering August 1, 2024 through October 31, 2024.

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On July 17, 2024, the Company announced it commenced a field exploration program at its Cap Project located in east-central, British Columbia, near the community of Prince George, BC. The Cap Project covers a large carbonatite complex which is considered highly prospective for both niobium and/or Rare Earth Element (REE) mineralization. The ongoing activities entail prospecting, geological mapping, rock and soil sampling to confirm previously identified niobium mineralization in both historical surface samples and drilling. The exploration work is expected to outline areas prospective for follow-up drill

<u>**Selected Annual Information**</u>

The following is a summary of the financial data of the Company for the last three completed fiscal year ends, derived from the audited annual consolidated financial statements of the Company:

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| | | | |
|:---|:---|:---|:---|
|  | **For the year** <br>**ended July 31, 2025** | **For the year** <br>**ended July 31, 2024** | **For the year<br>ended July 31, 2023** |
|  | $| $| $|
| &nbsp;&nbsp;Total Revenues | Nil | Nil | Nil |
| &nbsp;&nbsp;Loss from continuing operations | 4359020 | 665630 | 414813 |
| &nbsp;&nbsp;Net loss | 4089117 | 500185 | 564813 |
| &nbsp;&nbsp;Net loss per share - basic and diluted | 0.09 | 0.02 | 0.07 |
| &nbsp;&nbsp;Net and comprehensive loss | 4089117 | 500185 | 564813 |
| &nbsp;&nbsp;Total assets | 9597061 | 3121433 | 1170821 |
| &nbsp;&nbsp;Total long-term financial liabilities | Nil | Nil | Nil |
| &nbsp;&nbsp;Cash dividend declared per share | Nil | Nil | Nil |

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The Company has recorded losses in each of its three most recently completed fiscal years and expects to continue to record further losses until such time as an economic resource is identified, developed, and brought into profitable commercial operation on one or more of the Company's properties or otherwise disposed of at a profit.

**Business of the Company**

The principal business carried on and intended to be carried on by the Company is the exploration of mineral resources on the Company's properties, which are in the exploration stage.

To date, the Company has raised $25,223,927 through the sale of common shares.

**Mineral Properties**

***British Columbia, Canada***

The Company has reorganized and consolidated its mineral properties for more effective exploration and management. The properties form two distinct claim groups on trend and are within the Rocky Mountain Rare Metal Belt.

The two claim groups are the Carbo and Cap properties, (the northwest Carbo Property now encompasses formerly referenced Gambier Gold Property, Wicheeda Property and Prince Property). These claims cover over 12 kilometers of sedimentary units which are host to either alkaline intrusive rocks or carbonatites, both of which are favorable hosts to rare-earth and niobium carbonatite deposits. Both properties have seen early-stage exploration work including diamond drilling, airborne magnetic and radio metric surveys with soil geochemistry and geological mapping completed between 2009 and 2017.Both properties are approximately 60-80 km from Prince George, a major regional center and are accessible by resource and logging roads.

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Cap Project

On February 11, 2019, the Company entered into an agreement with Arctic Star Exploration Corp. ("Arctic"), whereby the Company acquired a 100% interest in and to 21 claims, known as the Cap Claims, located approximately 85 km northeast of Prince George, British Columbia. To acquire the property, the Company issued 2,550,000 shares at a deemed value of $640,356. At the time of the acquisition, the Company did not have any assets or liabilities. During the period ended July 31, 2022, the Company staked 3 claims contiguous to the CAP Claims. The Cap Project is subject to a 2% net smelter return ("NSR") royalty in favor of the original vendors.

As of July 31, 2025, the Cap Project consists of 6 claims of 2,824 hectares. (2024 - 6 claims). The Cap Project covers a large carbonatite complex, which is considered highly prospective for both niobium and are earth element (REE) mineralization. Historical exploration identified niobium mineralization within surficial boulder and outcrop samples and through diamond drilling, with drillhole CAP17-004 returning 0.51% Nb<sub>2</sub>O<sub>5</sub> over 4.01 m. Exploration in 2024 returned seven (7) rock samples with niobium values exceeding 0.1% Nb<sub>2</sub>O<sub>5</sub>, with one (1) outcrop sample assaying 3.33% Nb₂O<sub>5</sub> and two (2) boulder samples assaying 1.45% and 1.79% Nb₂O₅. The surficial mineralization extends over a potential strike length of 250 m. Additionally, a distinct niobium in soil anomaly was identified extending 1.8km from known surficial mineralization, with several samples also returning elevated REE mineralization.

During the 2025 field season, the Company completed nine drillholes totaling 2,324 metres, testing multiple targets across the Cap Project. All drillholes intersected carbonatite and/or fenite (carbonatite-related alteration).

Preliminary assay results from drillhole CAP25-006, submitted on a rush basis, returned 36 m grading 0.59% Nb₂O₅, including 10 m averaging 1.08% Nb₂O₅, beginning at 33.5 m downhole. These results support the interpreted continuity of niobium mineralization within the near-surface portion of the carbonatite system, and mineralization remains open in all directions.

Assays for the remaining 2,251 metres of core have not yet been released and are expected in the coming weeks. Pending results will be incorporated into ongoing geological modelling and will help guide planning for subsequent phases of drilling.

Carbo Property

The Company has reorganized and consolidated the following mineral properties for more effective exploration and management under the Carbo property, which consists of 17 claims of 2,048.06 hectares as of July 31, 2025 and July 31, 2024, respectively.

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*Wicheeda Property*

On July 29, 2022, the Company entered into an agreement with Zimtu Capital Corp. ("Zimtu"), a related party, whereby the Company earned a 100% interest in and to 4 claims (subsequently converted into 8 claims), known as the Wicheeda Property, located immediately north of the Company's existing Cap Project and adjacent to the Prince Property located approximately 85 km northeast of Prince George British Columbia. In consideration, the Company issued 120,000 common shares with a fair value of $60,000. During the period ended July 31, 2022, the Company staked an additional claim contiguous to the Wicheeda Property. During the year ended July 31, 2023, two claims lapsed. As at July 31, 2025, there are seven claims comprising the property.

*Prince Property*

On October 13, 2021, the Company entered into an agreement with two vendors, whereby the Company acquired a 100% interest in and to 13 claims, known as the Prince Property, located immediately north of the Company's existing Cap Project and adjacent to the Wicheeda Property located approximately 85 km northeast of Prince George, British Columbia. In consideration, the Company paid $20,000 in cash and issued 75,000 shares with a fair value of $37,500.

On December 2, 2022, the Company entered into a property purchase agreement with Marvel Discovery Corp. ("Marvel"), whereby the Company has agreed to sell four claims comprising of the Prince Property to Marvel for cash consideration of $26,649. At July 31, 2025 and 2024, the Prince Property consists of 7 claims.

The current Carbo Property is within 5 km southeasterly from the Wicheeda Rare Earth Deposit currently being developed by Defense Metals Corp. Defense has recently announced it has commenced work on a Pre-Feasibility Study. The mineral resource estimate at Wicheeda is 34.2 million tonnes (Measured + Indicated) averaging 2.02 % TREO indicated and 11.1 million tonnes inferred averaging 1.02% TREO (Apex 2023). (Management cautions that past results or discoveries on adjacent properties may not necessarily be indicative to the presence of mineralization on the Company's properties).

***Quebec, Canada***

West James Bay Properties

On May 24, 2024, the Company announced it had entered into an agreement with a vendor, a director of the Company, to acquire a 50% interest in a group of mineral claims located in the James Bay region of Quebec, Canada, for a cash payment of $125,000 (paid).

On June 6, 2024, the Company entered into an earn-in option agreement (the "Option") with Discovery and DG Resource Management LTD. ("DG Resource") on the West James Bay property portfolio (the "Portfolio"). The Portfolio includes the Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus and Bruce Lake projects located within the James Bay Region. Upon, and subject to the terms of this Option, Apex and DG Resource grant Discovery the sole and exclusive right and option to acquire, as to 40% from DG Resource and as to 40% from the Company, an undivided 80% earned interest in the Portfolio, free and clear of any encumbrance, subject only to a 2% gross overriding royalty payable as to 1% to each of DG Resource and the Company. To maintain the Option in good standing, Discovery issued 2,500,000 shares to each vendor with a fair value of $0.105 per share, and incur $1,000,000 across the Portfolio . During the year ended July 31, 2024, a gain of $137,501 was recorded on the sale of the 40% interest.

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Lac Le Moyne Carbonatite Project

On February 5, 2025, the Company acquired the Lac Le Moyne Carbonatite Project, located in northeastern Quebec near the community of Kuujjuaq. The Project consists of 86 mineral claims totaling 4,025 ha and was acquired for its carbonatite hosted rare earth elements and rare metals potential. Limited exploration has been completed historically on the Property with no known exploration completed specifically for carbonatite-related mineralization. Multiple carbonatite outcrops were previously identified by regional government mapping with regional radiometric surveys showing coincident anomalies indicative of carbonatite. The Project lies directly north the Ashram Rare Earth and Fluorspar Deposit, held by Commerce Resources Corp. on its Eldor Property, with a mineral resource of 73.2 Mt at 1.89% rare earth oxide ("REO") and 6.6% CaF<sub>2</sub> indicated, and 131.1 Mt at 1.91% REO and 4.0% CaF<sub>2</sub> inferred (<u>Commerce, 2024</u>). Additionally, recent exploration at Commerce's Mallard Prospect, located proximal to the Ashram Deposit, returned a drill intercept of 122.5 m of 0.62% Nb<sub>2</sub>O<sub>5</sub> (<u>Commerce, 2024</u>).

The Company cautions that past results or discoveries on adjacent properties (i.e. Eldor) may not necessarily be indicative to the presence of mineralization on the Company's properties (i.e. Lac Le Moyne).

The Company acquired a 100% interest in the claims for total consideration payable over a 3-year period of $100,000 in cash ($25,000 paid) and the issuance to the vendors of a total of 200,000 shares (100,000 issued with a fair value of $87,000). In the event a material drill intersection of niobium mineralization is identified on the Project, an additional 500,000 "bonus" shares are payable. In addition, the Company will grant to the vendor a 2% net smelter return royalty interest in the future minerals produced from the claims upon achieving commercial production.

Following the acquisition, the Company completed a property-wide field program from July 3 to July 18, 2025. The program focused on mapping and reconnaissance sampling of carbonatite occurrences and resulted in the collection of 151 rock samples across the Project area. Analytical results will be used to prioritize targets for potential future drilling and to refine the geological understanding of the carbonatite complex.

***Ontario, Canada***

Bianco Carbonatite Project

On November 26, 2024, the Company acquired the Bianco Carbonatite Project ("Bianco" or the "Project"), located in northwestern Ontario near the community of Big Beaver House. The Project covers a large carbonatite complex which has seen little to no historical exploration, and is situated approximately 12½ km southwest of the Kingfisher Lake First Nation and 156 km north of Pickle Lake, Ontario. It comprises 85 single cell mining claims, encompassing approximately 3,735 hectares (9,229.3 acres), and is characterized by a geophysical magnetic anomaly consistent with carbonatite complexes observed in the region.

Originally identified and mapped during an Ontario Geological Survey (OGS) in the 1970's, Bianco lies within an area known for significant Nb mineralization. The Project is strategically located between the Big Beaver House and Schryburt Lake Carbonatite projects. Historical results from these nearby projects include assays of 2.92% Nb₂O₅ over 1.6 meters and 1.05% Nb₂O₅ over 2 meters at the Big Beaver House property, as well as sampling results of 1.82% Nb₂O₅ from a grab sample and 0.40% Nb₂O₅ over 2.43 meters at the Schryburt Lake Carbonatite property. Mineralization at nearby or adjacent projects is not necessarily indicative of mineralization hosted on the Company's projects.

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From June 13 to June 23, Dahrouge completed a field program at the Bianco Property consisting of the collection of 36 rock samples and 161 soil samples; no significant results were returned, although the Company considers the property to remain underexplored.

The Company acquired a 100% interest in the Claims for consideration of $30,000 cash ("Cash Consideration"), to be paid on signing of the agreement (paid). In addition, the Company will grant to the Vendor a 2.0% net smelter returns royalty interest in the future minerals produced from the Claims upon achieving commercial production. The acquisition of the Project is a "Related Party Transaction" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI61-101") as Jody Dahrouge, a director of the Company, is also a director and officer of the Vendor.

***Nebraska, USA***

Rift Project

The Company continued advancing its land consolidation strategy in Elk Creek, Nebraska through the execution of privately negotiated surface and mineral-rights agreements. During the year ended July 31, 2025, the Company acquired, through the execution of privately negotiated surface and mineral-rights agreements, signed agreements 13 with individual landholders, covering approximately 2,217 acres across 27 parcels. All agreements were facilitated by Key Landmark LLC, acting as the landman on behalf of the Company. Under the terms of the landman agreement, Key Landmark LLC retains a 0.5% net smelter return ("NSR") royalty on the applicable properties. To acquire the rights the Company paid, in aggregate, $420,287 to the landowners. The land acquisition program provides the Company with a land position over areas of interest in the Elk Creek Carbonatite Complex and forms the basis for ongoing and future exploration activities. Subsequent to the year ended July 31, 2025, the Company signed an additional 9 agreements with individual landholders, covering 1,266 acres across 15 parcels.

The Rift Project encompasses two primary target areas with known rare earth element ("REE") mineralization: the East Zone and the West Zone. Both areas include historical drilling that returned significant REE grades, including 155.5 m averaging 2.70% TREO with 54.9 m at 3.30% TREO in drillhole EC-93, and 236.2 m averaging 2.10% TREO with 68.2 m at 3.32% TREO in drillhole NEC11-004. These historical intersections occur within carbonatite-hosted REE systems and remain open in all directions.

The Company has also identified several additional historical drillholes requiring follow-up, including EC-43, located approximately one kilometre southeast of EC-93. EC-43 returned 134.1 m of 1.22% TREO, including 12.2 m of 3.18% TREO and a separate interval of 27.4 m of 1.83% TREO. In the West Zone, historical drillhole EC-04 returned 185.2 m of 1.18% TREO, with a deeper interval of 15.2 m averaging 1.14% TREO. These results, together with historical work completed by Molycorp between 1973 and 1986, indicate the potential for a large, continuous REE-mineralized system within the Elk Creek Carbonatite Complex.

Management cautions that discoveries or mineralization on adjacent properties, including those held by NioCorp Developments Ltd., are not necessarily indicative of mineralization on the Rift Project. Drillhole EC-93 was originally completed by Molycorp between 1984 and 1985, with sample reanalysis performed by Quantum Rare Earth Development Corp. in 2010; the EC-93 results referenced herein are from that 2010 reanalysis. Results for drillhole NEC11-004 originate from a 2011 drill program completed by Quantum Rare Earth Development Corp.

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<u>**Overall Performance**</u>

<u>*Financings*</u>

During the year ended July 31, 2025 and up to the date of this report:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On August 16, 2024, the Company completed the second and final tranche of a non-brokered private placement consisting of 3,750,000 units (each, a "Unit") at a price of $0.267 per Unit to raise gross proceeds of $1,000,000. Each Unit consists of one common share in the capital of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to purchase one Share at a price of $0.40 per Share for a period of one (1) year from closing of the Offering (the "Closing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. On September 24, 2024, the Company completed a non-brokered private placement issuing 906,346 flow-through units (each, a "FT Unit") at a price of $0.433 per FT Unit for aggregate gross proceeds of $392,750. Each FT Unit is comprised of one common share in the capital of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one common share purchase warrant (each, a "Warrant") issued on a non-flow-through basis. Each Warrant entitles the holder to receive one non-flow-through common share in the capital of the Company (each, a "Warrant Share") at a price of $0.67 per Warrant Share at any time before the date that is two (2) years following the date of issuance. The gross proceeds from the sale of the FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada) (the "Qualifying Expenditures") related to the Company's Cap Project located in British Columbia, Canada on or before December 31, 2024. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. On December 30, 2024, the Company completed a non-brokered private placement issuing a total of 4,200,000 units (each, a "Unit") at a price of $0.60 per Unit, raising aggregate proceeds of $2,520,000 (the "Offering"). Each Unit consisted of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.75 per Share for a period of two (2) years from closing of the Offering (the "Closing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. On February 12, 2025, the Company issued 100,000 shares at a fair value of $87,000 in connection with the Lac Le Moyne Property agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. On February 21, 2025, the Company completed a non-brokered private placement issuing a total of 1,530,612 flow-through common shares (each, an "FT Share") at a price of $0.98 per FT Share for gross proceeds of $1,500,000 (the "Offering"). The FT Shares were issued as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec). The proceeds from the issuance of the FT Shares will be used to incur eligible resource exploration expenses which will qualify as "Canadian exploration expenses"(as defined in the Income Tax Act (Canada)). In addition, subscribers residing in the province of Québec are also eligible for i) an additional deduction for CEE that qualifies as "exploration base relating to certain Québec exploration expenses" incurred in Québec, within the meaning of section 726.4.10 of the Taxation Act (Québec), and ii) for an additional deduction for certain surface mining CEE incurred in Québec that qualifies as "exploration base relating to certain Québec surface mining exploration expenses" within the meaning of section 726.4.17.2 of the Taxation Act (Québec). In connection with the Offering, the Company paid cash fees of $90,000 to one qualified finder.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. During the year ended July 31, 2025, 3,956,250 share purchase warrants priced at $0.40 were exercised for gross proceeds of $1,582,500.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. On October 22, 2025, the Company announced it has closed its non-brokered flow-through private placement (the "Offering"), raising aggregate gross proceeds of C$1,600,000. Under the Offering, the Company issued 800,000 flow-through units (each, an "FT Unit") at a price of C$2.00 per FT Unit. Each FT Unit consists of one common share in the capital of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, an "FT Share") and one common share purchase warrant (each whole warrant, an "FT Warrant") issued on a non-flow-through basis. Each FT Warrant entitles the holder to purchase one non-flow-through common share in the capital of the Company (each, a "Warrant Share") at a price of C$2.50 per Warrant Share for a period of two (2) years from the date of issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;viii. On October 30, 2025, the Company announced that it has completed a non-brokered private placement issuing a total of 4,000,000 units of the Company ("Units") at a price of $2.50 per Unit for gross proceeds of $10,000,000 (the "Offering"). Each Unit consists of one common share of the Company and one common share purchase warrant, with each warrant exercisable to acquire one common share of the Company at a price of $3.00 per share for a period of two years from the date of issuance. The proceeds of the Offering will be used for general working capital purposes and exploration expenses. In connection with the Offering, the Company paid an aggregate of $255,500 in cash and issued an aggregate of 102,200 non-transferable finder's warrants (each, a "Finder's Warrant") to certain finders. Each Finder's Warrant entitles the holder thereof to purchase one Common Share at a price of $3.00 per Common Share for a period of two years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ix. Subsequent to July 31, 2025, 13,343,745 share purchase warrants were exercised for gross proceeds of $2,757,820 and 99,500 options were exercised for gross proceeds of $84,575.

During the year ended July 31, 2024:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On December 13, 2023, the Company completed a non-brokered private placement consisting of 14,999,865 units (each, a "Unit") at a price of $0.05 per Unit raising gross proceeds of $749,993 (the "Offering"). Each Unit consists of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.067 per Share for a period of two (2) years from closing of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. On April 12, 2024, the Company completed a non-brokered private placement consisting of 11,325,000 units (each, a "Unit") at a price of $0.067 per Unit raising gross proceeds of $755,000 (the "Offering"). Each Unit consists of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.10 per Share for a period of two (2) years from closing of the Offering.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. On July 5, 2024, the Company completed the first tranche of a non-brokered private placement consisting of 3,750,000 units (each, a "Unit") at a price of $0.267 per Unit to raise gross proceeds of $1,000,000. Each Unit consists of one common share in the capital of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to purchase one Share at a price of $0.40 per Share for a period of one (1) year from closing of the Offering (the "Closing"). All securities issued pursuant to the Offering will be subject to a statutory hold period of four (4) months and a day from the Closing. In addition, the Company entered into an agreement with the subscribers whereby the Shares issued, and any Warrant Shares that may be issuable upon the exercise of the Warrants, will be subject to a voluntary hold period of six (6) months from the date of issuance of the Units.

For additional details regarding the Company's recent financings, please refer to Note 7 of the Company's audited consolidated financial statements for the year ended July 31, 2025.

<u>*General and Administrative*</u>

Net loss for the year ended July 31, 2025 was $4,089,117, compared to net loss of $500,185 for the year ended July 31, 2024. The significant expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounting and audit fees (2025: $17,250, 2024: $19,000) related to the cost of the annual audit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative fees (2025: $180,000, 2024: $170,000) were incurred due to the management agreement with Zimtu;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advertising expenses (2025: $1,277,230, 2024: $192,741) were higher in the current year due to a strategic marketing campaign for August through July;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consulting fees (2025: $61,813, 2024: $14,567) increased due to increased business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Filing fees (2025: $71,071, 2024: $85,644) are related to the Company's regulatory filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal fees (2025: $50,643, 2024: $53,877) were higher in the prior year due to increased business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based payments (2025: $2,591,294, 2024: $112,411) for stock options vested during the year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Travel and meals (2025: $78,167, 2024: $10,981) was higher due to increased business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income (2025: $99,336, 2024: $2,944) for interest generated from the Company's cash on hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flow-through premium recovery (2025: $145,567, 2024: $nil) for the premium on the issuance of flow-through shares issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unrealized gain on marketable securities (2025: $25,000, 2024: $25,000) for the increased market value of shares received for a property transaction during the year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gain on sale of exploration assets of (2025: $nil, 2024: $137,501) for the sale of exploration assets during the year.

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<u>**Summary of Quarterly Results**</u>

The following is a summary of the results from the eight previously completed financial quarters:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **July 31,**<br> **2025** | **April 30,**<br> **2025** | **January 31,**<br> **2025** | **October 31,**<br> **2024** |
|  | $| $| $| $|
| &nbsp;&nbsp;Revenues | Nil | Nil | Nil | Nil |
| &nbsp;&nbsp;Net loss from continuing operations | 2061935 | 1360087 | 491064 | 445934 |
| &nbsp;&nbsp;Net and comprehensive loss | 1846289 | 1281173 | 555655 | 406000 |
| &nbsp;&nbsp;Loss per share - basic and diluted | 0.04 | 0.03 | 0.01 | 0.00 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **July 31,**<br> **2024** | **April 30, <br>2024** | **January 31,**<br> **2024** | **October 31,** <br>**2023** |
|  | $| $| $| $|
| &nbsp;&nbsp;Revenues | Nil | Nil | Nil | Nil |
| &nbsp;&nbsp;Net loss from continuing operations | 83539 | 191431 | 129645 | 95570 |
| &nbsp;&nbsp;Net and comprehensive loss | 83539 | 191431 | 129645 | 95570 |
| &nbsp;&nbsp;Loss per share - basic and diluted | 0.00 | 0.01 | 0.02 | 0.02 |

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

As of the date of this report, the Company has raised $25,223,927 to fund acquisitions of the Company's mineral properties and its general working capital.

The Company will require more funds to continue its exploration of mineral resource properties. As a result, the Company may have to continue to rely on equity and debt financing. There can be no assurance whether debt or equity financings will be available to the Company in the amount required at any particular time.

The Company's financial success will be dependent on the economic viability of its mineral resource properties and the extent to which it can discover and develop new mineral deposits. Such development may take several years to complete and the amount of resulting income, if any, is difficult to determine.

All of the Company's mineral resource properties are still in the exploration stage. Further development of any of the properties will only follow upon obtaining satisfactory results. Exploration and development of natural resources involve a high degree of risk and few properties which are explored are ultimately developed into producing properties. There is no assurance that the Company's exploration and development activities will result in any discoveries of commercial bodies of ore. The long-term profitability of the Company's operations will be in part directly related to the cost and success of its exploration programs, which may be affected by a number of factors.

The Company's revenues, if any, are expected to be in large part derived from the extraction and sale of copper, cobalt, silver and gold from the properties. The price of those commodities has fluctuated widely, particularly in recent years, and is affected by numerous factors beyond the Company's control such as international, economic and political trends, expectations of inflation, currency exchange fluctuations and interest rates.

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As at July 31, 2025, the Company had total assets of $9,597,061 (July 31, 2024: $3,121,433). The primary assets of the Company were cash of $5,542,504 (July 31, 2024: $1,675,222), marketable securities of $312,500 (July 31, 2024: $287,500), prepaid expenses of $241,959 (July 31, 2024: $6,236), GST receivable of $119,744 (July 31, 2024: $15,755), and exploration and evaluation assets of $3,347,354 (July 31, 2024: $1,103,700). The Company had no long-term liabilities and had working capital of $4,880,247 as at July 31, 2025 (July 31, 2024: $1,854,310).

*Cash Used in Operating Activities:* Cash used in operating activities during the year ended July 31, 2025 was $1,980,685, compared with $813,505 used in operating activities for the year ended July 31, 2024. Cash was mostly spent on advertising and promotion, filing, regulatory and transfer agent fees, legal fees, prepaid expenses, and amounts due to related parties.

*Cash Provided from Financing Activities:* Total cash from financing activities during the year ended July 31, 2025 was $6,838,284 (July 31, 2024: $2,564,993), including $6,838,284 (July 31, 2024: $2,504,993) from the issuance of common shares net of share issuance costs, and $NIL (July 31, 2024: $60,000 from) used in share subscriptions received.

*Cash Used in Investing Activities:* Total cash used in investing activities during the year ended July 31, 2025 was $990,317 (July 31, 2024: $340,940), consisting of $1,018,235 (July 31, 2024: $307,940) used in exploration and evaluation expenditures, $27,918 (July 31, 2024: $nil) received from mining tax credits, and $nil (July 31, 2024: $33,000) used for reclamation bonds.

<u>**Transactions with Related Parties**</u>

Zimtu is a company with a common director and management. Sean Charland is the CEO, President, and a director of Zimtu as well as CEO, President, and a director of the Company. Jody Bellefleur is the Chief Financial Officer of Zimtu and the Chief Financial Officer and a director of the Company. Zimtu provides key management services to the Company and holds 16.27% of the Company's issued and outstanding shares.

On December 1, 2022, the Company entered into a twelve-month Management Services Agreement ("MSA") with Zimtu. Under the terms of the MSA, Zimtu has provided the Company with administrative and managerial services, including corporate maintenance, continuous disclosure services, rent, and administrative services, at a rate of $12,500 per month for a period of 12 months. On December 1, 2023 and 2024, the MSA agreement was extended another 12 months at a rate of $15,000 per month.

On February 22, 2023, Arctic sold 637,500 of their 1,275,000 shares of the Company to Jody Bellefleur, Director and Chief Financial Officer of the Company and Chief Financial Officer of Zimtu, at a price of $0.133 per share.

On May 1, 2023, the Company signed a twelve-month consulting agreement with Zimtu, whereby Zimtu is to provide advertising and promotion services under the ZimtuADVANTAGE program. Under the term of the agreement, the Company is required to pay at a rate of $12,500 per month for a period of 12 months. On May 1, 2024, the agreement was renewed for an additional twelve months. On June 1, 2025, the Company signed a new ZimtuADVANTAGE agreement at a rate of $12,500 for twelve months.

Dahrouge Geological Consulting Ltd. ("Dahrouge") is a company with common directors and management. Jody Dahrouge is the CEO, President and a director of Dahrouge and a director of the Company. Dahrouge provides key mineral property management services to the Company.

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Mr. Michael Schuss is a former director of the Company and provides geological consulting services to the Company.

During the years ended July 31, 2025 and 2024, the Company incurred the following transactions with officers or directors of the Company or companies with common directors:

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| | | |
|:---|:---|:---|
| **Years ended July 31,** | **2025** | **2024** |
| **Key management compensation\*** | **$** | **$** |
| Dahrouge - Exploration & evaluation asset expenditures | 410149 | 147536 |
| Michael Schuss - Geological and consulting fees |  | 3750 |
| Corporate consulting fees | 16887 |  |
| Property acquisition costs | 30000 |  |
| Wages and benefits | 17500 |  |
| Zimtu - Administrative fees | 180000 | 170000 |
| Zimtu - Advertising and promotion | 150000 | 150000 |
| Share-based payments | 2209382 | 104817 |
| Total | 3013918 | 576103 |

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\* Key management includes those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including the Company's executive officers and certain members of its Board of Directors.

---

| | | |
|:---|:---|:---|
| **Year ended:** | **July 31,**<br> **2025** | **July 31,**<br> **2024** |
| **Due to (from) related parties** | **$** | **$** |
| Dahrouge | 300596 | 91498 |
| Zimtu | 42965 | 31152 |
| Total | 343561 | 122650 |

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The terms and conditions of these transactions with key management and their related parties were no more favourable than those available, or which might reasonably be expected to be available, or similar transactions to non-key management related entities on an arm's length basis. These transactions are in the normal course of operations and have been valued in these consolidated financial statements at the exchange amount, which is the amount of consideration established and agreed to by the related parties. The amounts due to related parties are unsecured, non-interest bearing, and have no specific terms of repayment.

<u>**Other MD&A Requirements**</u>

<u>Additional Disclosure for Venture Issuers without Significant Revenue</u>

The Company has not earned any income from operations in either of its last three fiscal years. The following is a breakdown of the material costs incurred:

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| | | | |
|:---|:---|:---|:---|
|  | <br>**Year Ended** <br>**July 31, 2025** | <br>**Year Ended** <br>**July 31, 2024** | <br>**Year Ended** <br>**July 31, 2023** |
| &nbsp;&nbsp;Capitalized Exploration and Evaluation Costs | $3347354 | $1103700 | $895953 |
| &nbsp;&nbsp;General and Administration Expenses | $4359020 | $665630 | $414813 |

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<u>Disclosure of Outstanding Share Capital</u>

The following is a breakdown of common shares and other equity instruments outstanding as of date of this report:

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| | | | |
|:---|:---|:---|:---|
|  | **November 27, 2025** | **July 31, 2025** | **July 31, 2024** |
| &nbsp;&nbsp;Common Shares | 70689506 | 52446261 | 38003053 |
| &nbsp;&nbsp;Warrants | 26533416 | 34974961 | 30074865 |
| &nbsp;&nbsp;Stock Options | 8960500 | 7250000 | 2250000 |
| &nbsp;&nbsp;Fully Diluted Shares | 106183422 | 94671222 | 70327918 |

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For additional details of outstanding share capital, refer to Note 7 of the audited consolidated financial statements for the year ended July 31, 2025.

<u>**RISK FACTORS**</u>

An investment in the Common Shares, in the event that the Common Shares are offered for sale at some time in the future, should be considered highly speculative due to the nature of the Company's business and the present stage of development. An investment in the Common Shares should only be made by knowledgeable and sophisticated investors who are willing to risk and can afford the loss of their entire investment. Potential investors should consult with their professional advisors to assess an investment in the Company. In evaluating the Company and its business, investors should carefully consider, in addition to other information contained in this Prospectus, the risk factors below. These risk factors are not a definitive list of all risk factors associated with an investment in the Company or in connection with its operations and other risks and uncertainties affecting the Company's business could potentially arise or become material in the future.

**Insufficient Capital**

The Company does not currently have any revenue producing operations and may, from time to time, report a working capital deficit. To maintain its activities, the Company will require additional funds which may be obtained either by the sale of equity capital or by entering into an option or joint venture agreement with a third party providing such funding. There is no assurance that the Company will be successful in obtaining such additional financing; failure to do so could result in the loss or substantial dilution of the Company's interest in the Company's properties.

**Limited Operating History**

The Company is an early-stage company and the Company's properties are exploration stage properties. As such, the Company will be subject to all of the business risks and uncertainties associated with any new business enterprise, including under-capitalization, cash shortages, limitations with respect to personnel, financial and other resources and lack of revenues. The current state of the Company's properties requires significant additional expenditures before any cash flow may be generated. There is no assurance that the Company will be successful in achieving a return on shareholders' investment and the likelihood of success of the Company must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered in connection with the establishment of any business.

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Although no securities are being offered pursuant to this prospectus, any investment in the Common Shares carries a high degree of risk and should be considered speculative by purchasers. There is a low probability of dividends being paid on the Common Shares.

**Lack of Operating Cash Flow**

The Company currently has no source of operating cash flow and is expected to continue to do so for the foreseeable future. The Company's failure to achieve profitability and positive operating cash flows could have a material adverse effect on its financial condition and results of operations. If the Company sustains losses over an extended period of time, it may be unable to continue its business. Further exploration and development of the Company's properties will require the commitment of substantial financial resources. It may be several years before the Company may generate any revenues from operations, if at all. There can be no assurance that the Company will realize revenue or achieve profitability.

**Resale of Common Shares**

The continued operation of the Company will be dependent upon its ability to generate operating revenues and to procure additional financing. There can be no assurance that any such revenues can be generated or that other financing can be obtained. If the Company is unable to generate such revenues or obtain such additional financing, any investment in the Company may be lost. In such event, the probability of resale of the Common Shares purchased would be diminished.

**Price Volatility of Publicly Traded Securities**

In recent years, the securities markets in the United States and Canada have experienced a high level of price and volume volatility, and the market prices of securities of many companies have experienced wide fluctuations in price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. There can be no assurance that continual fluctuations in price will not occur. It may be anticipated that any quoted market for the Common Shares will be subject to market trends generally, notwithstanding any potential success of the Company in creating revenues, cash flows or earnings.

**Dilution**

Common Shares, including rights, warrants, special warrants, subscription receipts and other securities to purchase, to convert into or to exchange into Common Shares, may be created, issued, sold and delivered on such terms and conditions and at such times as the Board may determine. In addition, the Company may issue additional Common Shares from time to time pursuant to Common Share purchase warrants and Awards issued from time to time by the Board. The issuance of these Common Shares could result in dilution to holders of Common Shares.

**Uninsurable Risks**

In the course of exploration, development and production of mineral properties, certain risks, and in particular, unexpected or unusual geological operating conditions including rock bursts, cave-ins, fires, flooding and earthquakes may occur. It is not always possible to fully insure against such risks and the Company may decide not to take out insurance against such risks as a result of high premiums or other reasons. Should such liabilities arise, they could reduce or eliminate any future profitability and result in increasing costs and a decline in the value of the securities of the Company.

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**Additional Funding Requirements**

The exploration and development of the Company's properties will require substantial additional capital. When such additional capital is required, the Company will need to pursue various financing transactions or arrangements, including joint venturing of projects, debt financing, equity financing or other means. Additional financing may not be available when needed or, if available, the terms of such financing might not be favorable to the Company and might involve substantial dilution to existing shareholders. The Company may not be successful in locating suitable financing transactions in the time period required or at all. A failure to raise capital when needed would have a material adverse effect on the Company's business, financial condition and results of operations. Any future issuance of securities to raise required capital will likely be dilutive to existing shareholders. In addition, debt and other debt financing may involve a pledge of assets and may be senior to interests of equity holders. The Company may incur substantial costs in pursuing future capital requirements, including investment banking fees, legal fees, accounting fees, securities law compliance fees, printing and distribution expenses and other costs. The ability to obtain needed financing may be impaired by such factors as the capital markets (both generally and in the REE industries in particular), the Company's status as a new enterprise with a limited history, the location of the Company's properties, the price of rare earth minerals and/or the loss of key management personnel. Further, if the price of rare earth elements and future rare earth element markets decreases, then potential revenues from the Company's properties will likely decrease and such decreased revenues may increase the requirements for capital. Failure to obtain sufficient financing will result in a delay or indefinite postponement of development or production at the Company's properties.

**Mineralized deposit**

Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities to justify commercial operations or that the funds required for development can be obtained on a timely basis. The discovery of mineral deposits is dependent upon a number of factors. The commercial viability of a mineral deposit once discovered is also dependent upon a number of factors, some of which relate to particular attributes of the deposit, such as size, grade and proximity to infrastructure, and some of which are more general such as metal prices and government regulations, including environmental protection. Most of these factors are beyond the control of the Company. The Company has no history of operating earnings and, due to the nature of its business and (among others) the factors described herein, there can be no assurance that the Company will succeed in discovering a commercially viable mineral deposit.

Mineral exploration and development involve a high degree of risk and few properties that are explored are ultimately developed into producing mines. There is no assurance that the Company's mineral exploration and development programs at the Company's properties will result in the definition of bodies of commercial mineralization. The discovery of bodies of commercial mineralization is dependent upon a number of factors, not the least of which is the technical skill of the exploration personnel involved. Most of the above factors are beyond the Company's control.

**Exploration, Development and Production Risks**

The exploration for and development of minerals involves significant risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. Few properties that are explored are ultimately developed into producing mines. There can be no guarantee that the estimates of quantities and qualities of minerals disclosed will be economically recoverable. With all mining operations there is uncertainty and, therefore, risk associated with operating parameters and costs resulting from the scaling up of extraction methods tested in pilot conditions. Mineral exploration is speculative in nature and there can be no assurance that any minerals discovered will result in an increase in the Company's resource base.

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The Company's operations will be subject to all of the hazards and risks normally encountered in the exploration, development and production of minerals. These include unusual and unexpected geological formations, rock falls, seismic activity, flooding and other conditions involved in the extraction of material, any of which could result in damage to, or destruction of, mines and other producing facilities, damage to life or property, environmental damage and possible legal liability. In addition, operations are subject to hazards that may result in environmental pollution, and consequent liability that could have a material adverse impact on the business, operations and financial performance of the Company.

Substantial expenditures are required to establish ore reserves through drilling, to develop metallurgical processes to extract the metal from the ore and, in the case of new properties, to develop the mining and processing facilities and infrastructure at any site chosen for mining. Although substantial benefits may be derived from the discovery of a major mineralized deposit, no assurance can be given that minerals will be discovered in sufficient quantities to justify commercial operations or that funds required for development can be obtained on a timely basis. The economics of developing rare earth element and other mineral properties is affected by many factors including the cost of operations, variations in the grade of ore mined, fluctuations in metal markets, costs of processing equipment and such other factors as government regulations, including regulations relating to royalties, allowable production, importing and exporting of minerals and environmental protection. The remoteness and restrictions on access of properties in which the Company has an interest will have an adverse effect on profitability as a result of higher infrastructure costs. There are also physical risks to the exploration personnel working in the terrain in which the Company's properties will be located, often in poor climate conditions.

The long-term commercial success of the Company depends on its ability to explore, develop and commercially produce minerals from its properties and to locate and acquire additional properties worthy of exploration and development for minerals. No assurance can be given that the Company will be able to locate satisfactory properties for acquisition or participation. Moreover, if such acquisitions or participations are identified, the Company may determine that current markets, terms of acquisition and participation or pricing conditions make such acquisitions or participation uneconomic.

**Mineral Resources and Reserves**

Because the Company has not defined or delineated any proven or probable reserves on any of its properties, mineralization estimates for the Company's properties may require adjustments or downward revisions based upon further exploration or development work or actual production experience. In addition, the grade of ore ultimately mined, if any, may differ from that indicated by drilling results. There can be no assurance that minerals recovered in small-scale tests will be duplicated in large-scale tests under on-site conditions or in production scale.

Unless otherwise indicated, mineralization figures presented in this Prospectus are based upon estimates made by the Company, personnel and independent geologists. These estimates are imprecise and depend upon geological interpretation and statistical inferences drawn from drilling and sampling analysis which may prove to be unreliable. There can be no assurance that these estimates will be accurate; resource or other mineralization figures will be accurate; or such mineralization could be mined or processed profitably.

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**Obtaining and Renewing Licenses and Permits**

In the ordinary course of business, the Company will be required to obtain and renew governmental licenses or permits for exploration, development, construction and commencement of mining at the Company's properties. Obtaining or renewing the necessary governmental licenses or permits is a complex and process involving public hearings and costly undertakings on the part of the Company. The duration and success of the Company's efforts to obtain and renew licenses or permits are contingent upon many variables not within the Company's control, including the interpretation of applicable requirements implemented by the licensing authority. The Company may not be able to obtain or renew licenses or permits that are necessary to its operations, including, without limitation, an exploitation license, or the cost to obtain or renew licenses or permits may exceed what the Company believes they can recover from the Company's properties. Any unexpected delays or costs associated with the licensing or permitting process could delay the development or impede the operation of a mine, which could adversely impact the Company's operations and profitability.

**No Assurances**

There is no assurance that economic mineral deposits will ever be discovered, or if discovered, subsequently put into production. Most exploration activities do not result in the discovery of commercially mineable deposits. The Company's future growth and profitability will depend, in part, on its ability to identify and expand its mineral reserves through additional exploration of the Company's properties and on the costs and results of continued exploration and development programs. Mining exploration is highly speculative in nature, involves many risks and frequently is not productive. Most exploration projects do not result in the discovery of commercially mineable ore deposits and no assurance can be given that any anticipated level of recovery of mineral reserves will be realized or that any identified mineral deposit will ever qualify as a commercially mineable (or viable) ore body which can be legally and economically exploited. There can be no assurance that the Company's exploration efforts at the Company's properties will be successful.

**Aboriginal Title** 

The Supreme Court of Canada decision of June 26, 2014, in Tsilhqot'in Nation v. British Columbia (the "Tsilhqot'in Decision"), which declares aboriginal title for the first time in a certain area in Canada and outlines the rights associated with aboriginal title, could potentially have a significant impact on the Company's properties.

While the Company's properties are not located within the areas involved in the Tsilhqot'in Decision, there is a risk that the Tsilhqot'in Decision may lead other communities or groups to pursue similar claims in area where the Company's properties are located. Although the Company relies on the Crown to adequately discharge its obligations in order to preserve the validity of its actions in dealing with public rights, including the grant of mineral titles and associated rights, the Company cannot accurately predict whether aboriginal claims will have a material adverse effect on the Company's ability to carry out its intended exploration and work programs on its properties.

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**Title Risks**

Although the Company has exercised the usual due diligence with respect to determining title to properties in which it has a material interest, there is no guarantee that title to such properties will not be challenged or impugned. The Company's mineral property interests may be subject to prior unregistered agreements or transfers or native land claims and title may be affected by undetected defects. Surveys have not been carried out on any of the Company's mineral properties, therefore, in accordance with the laws of the jurisdiction in which such properties are situated; their existence and area could be in doubt. Until competing interests in the mineral lands have been determined, the Company can give no assurance as to the validity of title of the Company to those lands or the size of such mineral lands.

**First Nations Land Claims**

The Company's properties may now or in the future be the subject of First Nations land claims. The legal nature of Aboriginal land claims is a matter of considerable complexity. The impact of any such claim on the Company's material interest in the Company's properties and/or potential ownership interest in the Company's properties in the future, cannot be predicted with any degree of certainty and no assurance can be given that a broad recognition of Aboriginal rights in the area in which the Company's properties are located, by way of a negotiated settlement or judicial pronouncement, would not have an adverse effect on the Company's activities. Even in the absence of such recognition, the Company may at some point be required to negotiate with and seek the approval of holders of Aboriginal interests in order to facilitate exploration and development work on the Company's properties, there is no assurance that the Company will be able to establish a practical working relationship with the First Nations in the area which would allow it to ultimately develop the Company's properties.

Many lands in Canada and elsewhere are or could become subject to Aboriginal land claim to title, which could adversely affect the Company's title to its properties.

**Loss of Interest in Properties**

Mineral Properties in British Columbia are subject to the requirements of the Mineral Tenure Act (British Columbia) which requires the Company to incur exploration and development expenditures in order to maintain its interest in the mineral claims. The Company's ability to maintain its interest in the Cap Project may be dependent on its ability to raise additional funds by equity financings. Failure to obtain additional financing may result in the Company being unable to expend the required exploration expenditures required to maintain the Cap Project and could result the partial or total loss of the Company's interest in either of this property.

**Environmental Risks**

All phases of the Company's operations with respect to the Company's properties will be subject to environmental regulation. Environmental legislation involves strict standards and may entail increased scrutiny, fines and penalties for non-compliance, stringent environmental assessments of proposed projects and a high degree of responsibility for companies and their officers, directors and employees. Changes in environmental regulation, if any, may adversely impact the Company's operations and future potential profitability. In addition, environmental hazards may exist on the Company's properties that are currently unknown. The Company may be liable for losses associated with such hazards, or may be forced to undertake extensive remedial cleanup action or to pay for governmental remedial cleanup actions, even in cases where such hazards have been caused by previous or existing owners or operators of the properties, or by the past or present owners of adjacent properties or by natural conditions. The costs of such cleanup actions may have a material adverse impact on the Company's operations and future potential profitability.

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Failure to comply with applicable laws, regulations, and permitting requirements may result in enforcement actions thereunder, including orders issued by regulatory or judicial authorities causing operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or remedial actions. Parties engaged in mining operations may be required to compensate those suffering loss or damage by reason of the mining activities and may have civil or criminal fines or penalties imposed for violations of applicable laws or regulations and, in particular, environmental laws.

The Company may be subject to reclamation requirements designed to minimize long-term effects of mining exploitation and exploration disturbance by requiring the operating Company to control possible deleterious effluents and to re-establish to some degree pre-disturbance landforms and vegetation. Any significant environmental issues that may arise, however, could lead to increased reclamation expenditures and could have a material adverse impact on the Company's financial resources.

**Regulatory Requirements**

Even if the Company's properties are proven to host economic reserves of rare earth minerals, factors such as governmental expropriation or regulation may prevent or restrict mining of any such deposits. Exploration and mining activities may be affected in varying degrees by government policies and regulations relating to the mining industry. Any changes in regulations or shifts in political conditions are beyond the control of the Company and may adversely affect its business. Operations may be affected in varying degrees by government regulations with respect to restrictions on production, price controls, export controls, income taxes, expropriation of the Company's properties, environmental legislation and mine safety.

**Volatility of Mineral Prices**

The Company's revenues, if any, are expected to be in large part derived from the extraction and sale of rare earth minerals. Factors beyond the control of the Company may affect the marketability of metals discovered, if any. Metal prices have fluctuated widely, particularly in recent years. Consequently, the economic viability of any of the Company's exploration projects cannot be accurately predicted and may be adversely affected by fluctuations in mineral prices. In addition, currency fluctuations may affect the cash flow which the Company may realize from its operations, since most mineral commodities are sold in a world market in United States dollars.

**Infrastructure**

Exploration, development and processing activities depend, to one degree or another, on adequate infrastructure. Reliable roads, bridges, power sources and water supply are important elements of infrastructure, which affect access, capital and operating costs. The lack of availability on acceptable terms or the delay in the availability of any one or more of these items could prevent or delay exploration or development of the Company's properties. If adequate infrastructure is not available in a timely manner, there can be no assurance that the exploration or development of the Company's properties will be commenced or completed on a timely basis, if at all. Furthermore, unusual or infrequent weather phenomena, sabotage, government or other interference in the maintenance or provision of necessary infrastructure could adversely affect our operations.

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**Risks Associated with Acquisitions**

If appropriate opportunities present themselves, the Company may acquire mineral claims, material interests in other mineral claims, and companies that the Company believes are strategic. The Company currently has no understandings, commitments or agreements with respect to any other material acquisition and no other material acquisition is currently being pursued. There can be no assurance that the Company will be able to identify, negotiate or finance future acquisitions successfully, or to integrate such acquisitions with its current business. The process of integrating an acquired Company or mineral claims into the Company may result in unforeseen operating difficulties and expenditures and may absorb significant management attention that would otherwise be available for ongoing development of the Company's business. Future acquisitions could result in potentially dilutive issuances of equity securities, the incurrence of debt, contingent liabilities and/or amortization expenses related to goodwill and other intangible assets, which could materially adversely affect the Company's business, results of operations and financial condition.

**Executive Employee Recruitment and Retention**

The success of the Company will be dependent upon the performance of its management and key employees. The loss of any key executive or manager of the Company may have an adverse effect on the future of the Company's business. The number of persons skilled in acquisition, exploration and development of mining properties is limited and competition for such persons is intense. As the Company's business activity grows, it will require additional key financial, administrative, geologic and mining personnel as well as additional operations staff. There is no assurance that it will be successful in attracting, training and retaining qualified personnel as competition for persons with these skill sets increases. If the Company is not successful in attracting, training and retaining qualified personnel, the efficiency of its operations could be impaired, which could have an adverse impact on its future cash flows, earnings, results of operations and financial condition.

**Adverse General Economic Conditions**

The unprecedented events in global financial markets in the past several years have had a profound impact on the global economy. Many industries, including the mineral exploration sector, were impacted by these market conditions. Some of the key impacts of the financial market turmoil included contraction in credit markets resulting in a widening of credit risk, devaluations, high volatility in global equity, commodity, foreign exchange and precious metal markets, a lack of market liquidity, natural disasters, public health crisis (such as the recent global outbreak of COVID-19 and other events outside of the Company's control. A similar slowdown in the financial markets or other economic conditions, including but not limited to, inflation, fuel and energy costs, lack of available credit, the state of the financial markets, interest rates and tax rates, may adversely affect the Company's operations. Specifically, a global credit/liquidity crisis could impact the cost and availability of financing and our overall liquidity, the volatility of mineral prices would impact the Company's prospects, volatile energy, commodity and consumables prices and currency exchange rates would impact costs and the devaluation and volatility of global stock markets would impact the valuation of its equity and other securities. These factors could have a material adverse effect on the Company's financial condition and results of operations.

In recent years, the securities markets in Canada, as well as in other countries around the world, have experienced a high level of price and volume volatility, and the market prices of securities of many companies have experienced wide fluctuations in price that have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. There can be no assurance that continual fluctuations in price will not occur. It may be anticipated that any quoted market for the Common Shares will be subject to market trends and conditions generally, notwithstanding any potential success of the Company in developing assets, adding additional resources, establishing feasibility of deposits or creating revenues, cash flows or earnings. The value of securities will be affected by market volatility. An active public market for the Common Shares might not develop or be sustained. If an active public market for the Common Shares does not develop or continue, the liquidity of a shareholder's investment may be limited and the price of the Common Shares may decline.

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**Force Majeure**

The Company's properties now or in the future may be adversely affected by risks outside the control of the Company, including the price of rare earth elements on world markets, labour unrest, civil disorder, war, subversive activities or sabotage, fires, floods, explosions or other catastrophes, epidemics or quarantine restrictions.

**Uncertainty of Use of Proceeds**

Although the Company has set out its intended use of proceeds in this Prospectus, these intended uses are estimates only and subject to change. While management does not contemplate any material variation, management does retain broad discretion in the application of such proceeds. The failure by the Company to apply these funds effectively could have a material adverse effect on the Company's business, including the Company's ability to achieve its stated business objectives.

**Competition**

All aspects of the Company's business will be subject to competition from other parties. Many of the Company's competitors for the acquisition, exploration, production and development of mineral properties, and for capital to finance such activities, will include companies that have greater financial and personnel resources available to them than the Company. Competition could adversely affect the Company's ability to acquire suitable properties or prospects in the future.

**Conflicts of Interest**

Certain of the directors and officers of the Company will be engaged in, and will continue to engage in, other business activities on their own behalf and on behalf of other companies (including mineral resource companies) and, as a result of these and other activities, such directors and officers of the Company may become subject to conflicts of interest. The BCBCA provides that in the event that a director has a material interest in a contract or proposed contract or agreement that is material to the issuer, the director shall disclose their interest in such contract or agreement and shall refrain from voting on any matter in respect of such contract or agreement, subject to and in accordance with the BCBCA. To the extent that conflicts of interest arise, such conflicts will be resolved in accordance with the provisions of the BCBCA.

In addition to directors and officers of the Company, the Company has engaged in transactions and business activities with related parties including Zimtu and Dahrouge in the past and will continue to do so. Such related parties are not legally bound to refrain from engaging in similar activities with other businesses or even competitors and as such, the Company may become subject to conflicts of interest due to these relationships as well.

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**Dividends**

To date, the Company has not paid any dividends on their outstanding shares. Any decision to pay dividends on the shares of the Company will be made by the Board on the basis of the Company's earnings, financial requirements and other conditions.

**Reporting Issuer Status**

As a reporting issuer, the Company will be subject to reporting requirements under applicable securities law and stock exchange policies. Compliance with these requirements will increase legal and financial compliance costs, make some activities more difficult, time consuming or costly, and increase demand on existing systems and resources. Among other things, the Company will be required to file annual, quarterly and current reports with respect to its business and results of operations and maintain effective disclosure controls and procedures and internal controls over financial reporting. In order to maintain and, if required, improve disclosure controls and procedures and internal controls over financial reporting to meet this standard, significant resources and management oversight may be required. As a result, management's attention may be diverted from other business concerns, which could harm the Company's business and results of operations.

The Company may need to hire additional employees to comply with these requirements in the future, which would increase its costs and expenses.

Management of the Company expects that being a reporting issuer will make it more expensive to maintain director and officer liability insurance. This factor could also make it more difficult for the Company to retain qualified directors and executive officers.

**Tax Issues**

Income tax consequences in relation to the Common Shares will vary according to the circumstances by each purchaser of Common Shares. Prospective purchasers should seek independent advice from their own tax and legal advisors prior to subscribing for Common Shares.

**Operating Hazards, Risks and Insurance**

The ownership, exploration, operation and development of a mine or mineral property involves many risks which even a combination of experience, knowledge and careful evaluation may not be able to overcome. These risks include environmental hazards, industrial accidents, explosions and third-party accidents, the encountering of unusual or unexpected geological formations, ground falls and cave-ins, mechanical failure, unforeseen metallurgical difficulties, power interruptions, flooding, earthquakes and periodic interruptions due to inclement or hazardous weather conditions. These occurrences could result in environmental damage and liabilities, work stoppages, delayed production and resultant losses, increased production costs, damage to, or destruction of, mineral properties or production facilities and resultant losses, personal injury or death and resultant losses, asset write downs, monetary losses, claims for compensation of loss of life and/or damages by third parties in connection with accidents (for loss of life and/or damages and related pain and suffering) that occur on the Company's properties, and punitive awards in connection with those claims and other liabilities.

It is not always possible to fully insure against such risks, and the Company may decide not to take out insurance against such risks as a result of high premiums or other reasons. Should such liabilities arise they could reduce or eliminate any future profitability and result in an increase in costs and a decline in value of our securities. Liabilities that the Company incurs may exceed the policy limits of insurance coverage or may not be covered by insurance, in which event the Company could incur significant costs that could adversely impact its business, operations, potential profitability or value. Despite efforts to attract and retain qualified personnel, as well as the retention of qualified consultants, to manage the Company's interests, even when those efforts are successful, people are fallible and human error could result in significant uninsured losses. These could include loss or forfeiture of mineral interests or other assets for non-payment of fees or taxes, significant tax liabilities in connection with any tax planning effort the Company might undertake and legal claims for errors or mistakes by personnel.

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<u>**Forward Looking Statements**</u>

This Management Discussion & Analysis may contain forward-looking information and is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ from those projected in the forward-looking statements.

*Readers can identify many of these statements by looking for words such as "believes", "expects", "will", "intends", "projects", "anticipates", "estimates", "continues" or similar words or the negative thereof.* 

Forward-looking information is based on the opinions and estimates of management and its consultants at the date the information is given. It is subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking information*.* The information is based on reasonable assumptions which include but are not limited to those regarding actual costs for mining and processing and their impact on the cut-off grade established, actual capital costs, forecasts of mine production rates, the timing and content of upcoming work programs, geological interpretations, potential process methods and mineral recoveries, the availability of markets for the products produced, market pricing for the products produced, etc.

Factors that could cause actual results to differ materially from those in forward-looking statements include market prices for metals, the conclusions of detailed feasibility and technical analyses, lower than expected grades and quantities of resources, mining rates and recovery rates and the lack of availability of necessary capital, which may not be available to the Company on terms acceptable to it or at all.

Forward-looking statements address future events and conditions and therefore involve inherent risks and uncertainties. Actual results may differ materially from those currently anticipated in such statements. There can be no assurance that the plan, intentions or expectations upon which these forward-looking statements are based will occur. Forward looking statements are subject to risks, uncertainties and assumptions. Although the Company believes the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements should not be in any way construed as guarantees of future performance and actual results or developments may differ materially from those in the forward-looking statements.

Readers are cautioned not to put undue reliance on forward-looking statements. The Company does not undertake to update any forward-looking statements that are contained herein, except in accordance with applicable securities laws.

<u>**Approval**</u>

<br>The Board of Directors of Apex Critical Metals Corp. has approved the disclosure contained in this MD&A.

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<u>**Additional Information**</u>

Additional information related to the Company can be found on the Company's website at <u>www.apexcriticalmetals.com</u> or on SEDAR+ at <u>www.sedarplus.ca</u>.

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## Exhibit 99.58

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![](exhibit99-58x001.jpg)

Consolidated Financial Statements

For the Years Ended July 31, 2025 and 2024

(Expressed in Canadian Dollars)

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**Independent Auditor's Report**

To the Shareholders of Apex Critical Metals Corp.,

**Report on the Audit of the Financial Statements**

**Opinion**

We have audited the financial statements of Apex Critical Metals Corp. (the "Company"), which comprise the statements of financial position as at July 31, 2025 and 2024 and the statements of operations and comprehensive loss, changes in equity and cash flows for the years then ended, and notes to the financial statements, including a summary of material accounting policies.

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at July 31, 2025 and 2024, and its financial performance and its cash flows for the years then ended in accordance with IFRS Accounting Standards ("IFRS").

**Basis for Opinion**

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada, and we have fulfilled our ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

**Material Uncertainty Related to Going Concern**

We draw attention to Note 1 in the financial statements, which indicates that the Company has accumulated losses since inception, has no source of operating cash flows and has yet to achieve profitable operations. As stated in Note 1, the Company's ability to continue as a going concern is dependent upon its ability to obtain additional financing to fund the Company's exploration and development programs. These matters, along with other matters as set forth in Note 1, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter.

**Key Audit Matters**

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

In addition to the matter described in Material Uncertainty Related to Going Concern section, we have determined that there is the following key audit matter to communicate in our auditor's report:

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| | |
|:---|:---|
| **Key audit matter:** | **How our audit addressed the key audit matter:** |
| Assessment of impairment indicators of Exploration and evaluation assets. | Our approach to addressing the matter included the following procedures, among others: |
| *Refer to note 3 - Significant accounting judgments, estimates and assumptions, note 4 - Material accounting policies: Exploration and evaluation costs and mining rights, and note 6 - Exploration and evaluation assets*<br> Management assesses at each reporting period whether there is an indication that the carrying value of exploration and evaluation assets may not be recoverable. Management applies significant judgment in assessing whether indicators of impairment exist that necessitate impairment testing. Internal and external factors, such as (i) a significant decline in the market value of the Company's share price; (ii) changes in the Company's assessment of whether commercially viable quantities of mineral resources exist within the properties; and (iii) changes in metal prices, capital and operating costs, are evaluated by management in determining whether there are any indicators of impairment.<br> We considered this a key audit matter due to (i) the significance of the exploration and evaluation asset balance and (ii) the significant audit effort and subjectivity in applying audit procedures to assess the factors evaluated by management in its assessment of impairment indicators, which required significant management judgement. | Evaluated the reasonableness of management's assessment of impairment indicators, which included the following:<br> Assessed the Company's market capitalization in comparison to the Company's net assets, which may be an indication of impairment. Assessed the completeness of the factors that could be considered indicators of impairment, including consideration of evidence obtained in other areas of the audit.<br> Confirmed that the Company's right to explore the properties had not expired.<br> Obtained management's written representations regarding the Company's future plans for the exploration and evaluation assets.<br> Assessed the reasonability of the Company's financial statement disclosure regarding their exploration and evaluation assets. |

---

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**Other Information**

Management is responsible for the other information. The other information comprises the information included in "Management's Discussion and Analysis" but does not include the financial statements and our auditor's report thereon.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information, and in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

**Responsibilities of Management and Those Charged with Governance for the Financial Statements**

Management is responsible for the preparation and fair presentation of the financial statements in accordance with IFRS, and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Company's financial reporting process.

**Auditor's Responsibilities for the Audit of the Financial Statements**

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with Canadian generally accepted auditing standards, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

* Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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* Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.<br>

* Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.<br>

* Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.<br>

* Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is William Nichols.

![](exhibit99-58xm003.jpg)

**CHARTERED PROFESSIONAL ACCOUNTANTS**

Vancouver, BC, Canada

November 27, 2025

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**Apex Critical Metals Corp.**<br> Consolidated Statements of Financial Position<br>As at July 31, 2025 and 2024<br>As expressed in Canadian dollars

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| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | $**5542504** | $1675222 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GST/QST | **119744** | 15775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities (Note 5) | **312500** | 287500 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposit | **241959** | 6236 |
|  | **6216707** | 1984733 |
| &nbsp;&nbsp;Exploration and evaluation assets (Note 6) | **3347354** | 1103700 |
| &nbsp;&nbsp;Reclamation bond | **33000** | 33000 |
|  | $**9597061** | $3121433 |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Current** |  |  |
| &nbsp;&nbsp; Accounts payable and accrued liabilities | $**980596** | $7773 |
| &nbsp;&nbsp; Due to related parties (Note 9) | **343561** | 122650 |
| &nbsp;&nbsp; Liability for flow-through shares (Note 11) | **12303** |  |
|  | **1336460** | 130423 |
| &nbsp;&nbsp;**Shareholders' Equity** |  |  |
| &nbsp;&nbsp;Share capital (Note 7) | **11369158** | 4541744 |
| &nbsp;&nbsp;Share subscriptions received | **-** | 60000 |
| &nbsp;&nbsp;Reserves (Note 8) | **2706549** | 115255 |
| &nbsp;&nbsp;Deficit | **(5815106)** | (1725989) |
|  | **8260601** | 2991010 |
|  | $**9597061** | $3121433 |

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Nature and continuation of operations (Note 1)

Subsequent events (Note 14)

These financial statements were authorized for issue by the Audit Committee and Board of Directors on November 27, 2025.

<u>*"Sean Charland"*</u> <u>*"Jody Dahrouge"*</u> <br> Director Director

The accompanying notes are an integral part of these consolidated financial statements.

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**Apex Critical Metals Corp.** <br>Consolidated Statements of Operations and Comprehensive Loss<br>For the years ended July 31, 2025 and 2024<br>As expressed in Canadian dollars

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| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **Expenses** |  |  |
| &nbsp;&nbsp;Accounting and audit fees | $**17250** | $19000 |
| &nbsp;&nbsp;Administrative fees (Note 9) | **180000** | 170000 |
| &nbsp;&nbsp;Advertising and website (Note 9 & 12) | **1277230** | 192741 |
| &nbsp;&nbsp;Consulting fees | **61813** | 14567 |
| &nbsp;&nbsp;Filing and transfer agent fees | **71071** | 85644 |
| &nbsp;&nbsp;Insurance | **14727** |  |
| &nbsp;&nbsp;Legal fees | **50644** | 53877 |
| &nbsp;&nbsp;Office, telephone and miscellaneous | **16824** | 6409 |
| &nbsp;&nbsp;Share-based payments (Note 8) | **2591294** | 112411 |
| &nbsp;&nbsp;Travel and meals | **78167** | 10981 |
| &nbsp;&nbsp;Loss before other items | **4359020** | 665630 |
| &nbsp;&nbsp;Gain on sale of exploration and evaluation assets (Note 6) | **-** | 137501 |
| &nbsp;&nbsp;Flow-through premium recovery (Note 11) | **145567** |  |
| &nbsp;&nbsp;Interest income | **99336** | 2944 |
| &nbsp;&nbsp;Unrealized gain on marketable securities (Note 5) | **25000** | 25000 |
| **Net and comprehensive loss for the year** | $**4089117** | $500185 |
| **Basic and diluted loss per share** | $**0.09** | $0.02 |
| **Weighted average number of common shares\* outstanding** - basic and diluted | **45863073** | 21101390 |

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\*All shares are shown on a post-split basis (Note 7(a)).

The accompanying notes are an integral part of these consolidated financial statements.

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**Apex Critical Metals Corp.** <br>Consolidated Statements of Changes in Equity

For the years ended July 31, 2025 and 2024

As expressed in Canadian dollars

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>Shares\*** | **Share<br>Capital** | **Share<br>Subscriptions** | **Reserves** | **Deficit** | **Total** |
| &nbsp;&nbsp;**Balance, July 31, 2023** | **7928188** | $**2036751** | $**-** | $**2844** | $**(1225804)** | $**813791** |
| &nbsp;&nbsp; Private placement (Note 7) | 30074865 | 2504993 |  |  |  | 2504993 |
| &nbsp;&nbsp; Share-based payments (Note 8) |  |  |  | 112411 |  | 112411 |
| &nbsp;&nbsp; Share subscriptions received |  |  | 60000 |  |  | 60000 |
| &nbsp;&nbsp; Net loss for the year |  |  |  |  | (500185) | (500185) |
| &nbsp;&nbsp;**Balance, July 31, 2024** | **38003053** | $**4541744** | $**60000** | $**115255** | $**(1725989)** | $**2991010** |
| &nbsp;&nbsp; Private placement (Note 7) | 7950000 | 3520000 |  |  |  | 3520000 |
| &nbsp;&nbsp; Flow-through private placement (Note 7) | 2436958 | 1734880 | (60000) |  |  | 1674880 |
| &nbsp;&nbsp; Shares issued for property (Note 6) | 100000 | 87000 |  |  |  | 87000 |
| &nbsp;&nbsp; Warrant exercise (Note 7) | 3956250 | 1582500 |  |  |  | 1582500 |
| &nbsp;&nbsp; Share issuance costs |  | (96966) |  |  |  | (96966) |
| &nbsp;&nbsp; Share-based payments (Note 8) |  |  |  | 2591294 |  | 2591294 |
| &nbsp;&nbsp; Net loss for the year |  |  |  |  | (4089117) | (4089117) |
| &nbsp;&nbsp;**Balance, July 31, 2025** | **52446261** | $**11369158** | $**-** | $**2706549** | $**(5815106)** | $**8260601** |

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\*All shares are shown on a post-split basis (Note 7(a))

The accompanying notes are an integral part of these consolidated financial statements.

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**Apex Critical Metals Corp.** <br>Consolidated Statements of Cash Flows<br>For the years ended July 31, 2025 and 2024<br>As expressed in Canadian dollars

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| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| &nbsp;&nbsp;**CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss for the year | $**(4089117)** | $(500185) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add items not affecting cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on sale of mineral properties | **-** | (137501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flow-through premium recovery | **(145567)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | **2591294** | 112411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on marketable securities | **(25000)** | (25000) |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in non-cash working capital items related to operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GST | **(103969)** | (5581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses and deposit | **(235723)** | (6236) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **15584** | (27928) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | **11813** | (223485) |
| &nbsp;&nbsp;**Net cash flows used in operating activities** | **(1980685)** | (813505) |
| &nbsp;&nbsp;**CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issue of common shares, net of share issuance costs | **6838284** | 2504993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share subscriptions received | **-** | 60000 |
| &nbsp;&nbsp;**Net cash flows from financing activities** | **6838284** | 2564993 |
| &nbsp;&nbsp;**CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation expenditures | **(1018235)** | (307940) |
| &nbsp;&nbsp;&nbsp;&nbsp;Mining tax credit | **27918** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Reclamation bond | **-** | (33000) |
| &nbsp;&nbsp;**Net cash used in investing activities** | **(990317)** | (340940) |
| &nbsp;&nbsp;**Increase in cash** | **3867282** | 1410548 |
| &nbsp;&nbsp;**Cash, beginning of year** | **1675222** | 264674 |
| &nbsp;&nbsp;**Cash, end of year** | $**5542504** | $1675222 |

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**SUPPLEMENTARY DISCLOSURE**

As at July 31, 2025, the Company had $300,596 (2024 - $91,498) in exploration and evaluation expenditures due to related parties and $957,239 (2024 - $nil) of exploration and evaluation expenditures included in accounts payable and accrued liabilities.

The accompanying notes are an integral part of these consolidated financial statements.

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**1. NATURE AND CONTINUATION OF OPERATIONS**

Apex Critical Metals Corp. ("Apex" or the "Company") was incorporated on August 2, 2018, under the Company Act of British Columbia and is in the business of acquiring, exploring, developing and evaluating mineral resource properties. The Company is in the exploration stage and has interests in properties located in British Columbia ("BC"), Canada. The head office, principal address and registered and records office of the Company are located at 1450 - 789 West Pender Street, Vancouver, BC, Canada, V6C 1H2. On March 15, 2023, the Company's shares were listed on the Canadian Securities Exchange ("CSE") under the trading symbol "EBR". On October 24, 2023, the Company consolidated its common shares on a ratio of ten pre-consolidation shares to one post-consolidation share, and subsequently on November 7, 2024, subdivided all its issued and outstanding common shares on the basis of one and one-half (1.5) new common shares for one (1) old common share (see Note 7). As such, all share figures in these financial statements are shown as post-split shares. On May 1, 2024, the Company changed its name to Apex Critical Metals Corp. and began trading under the symbol "APXC" on the CSE. The Company's shares are also listed under the symbol "APXCF" on the OTCQX Best Market ("OTCQX").

The Company has no source of operating cash flows, has not yet achieved profitable operations, has working capital of $4,880,247 as at July 31, 2025 (2024: $1,854,310), has accumulated losses since its inception, expects to incur further losses in the development of its business, and has no assurance that sufficient funding will be available to conduct further exploration of its mineral properties. These material uncertainties cast significant doubt about the Company's ability to continue as a going concern. In recognition of these circumstances, management is pursuing various financial alternatives to fund the Company's exploration and development programs. There is no assurance that these initiatives will be successful.

In the future, the Company may raise additional financing through the issuance of share capital or shareholder loans; however, there can be no assurance that it will be successful in its efforts to do so and that the terms will be favourable to the Company. These financial statements do not include any adjustments to the carrying values of assets and liabilities, the reported expenses and statement of financial position classifications that might be necessary should the Company be unable to realize its assets and settle its liabilities as a going concern in the normal course of operations. Management is actively seeking to raise the necessary capital to meet its funding requirements and has undertaken available cost-cutting measures. There can be no assurance that management's plan will be successful. If the going concern assumption were not appropriate for these financial statements, then adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses and the statement of financial position classifications used. Such adjustments could be material.

The business of mining and exploration involves a high degree of risk and there can be no assurance that current exploration programs will result in profitable mining operations. The Company has no source of revenue, and has significant cash requirements to meet its administrative overhead and maintain its mineral interests.

**2. BASIS OF PRESENTATION**

<u>Statement of Compliance</u>

These consolidated financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") issued by the International Accounting Standards Board ("IASB") and interpretations of the International Financial Reporting Interpretations Committee ("IFRIC").

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**2. BASIS OF PRESENTATION** - continued

<u>Basis of Measurement</u>

The consolidated financial statements have been prepared on the historical cost basis, except for cash and cash equivalents which are reflected at fair value as set out in the accounting policies below. In addition, these consolidated financial statements have been prepared using the accrual basis of accounting except for cash flow information. The consolidated financial statements include the financial statements of the Company, its wholly owned subsidiary Elk Creek Rare Earths Corp. Subsidiaries consist of entities over which the Company is exposed to, or has rights to, variable returns as well as the ability to affect those returns through the power to direct the relevant activities of the entity. Subsidiaries are fully consolidated from the date control is transferred to the Company and are de-consolidated from the date control ceases. The consolidated financial statements include all the assets, liabilities, revenues, expenses and cash flows of the Company and its subsidiaries after eliminating inter-entity balances and transactions.

**3. SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES AND ASSUMPTIONS**

<u>Estimates and assumptions</u> 

In particular, information about significant areas of estimation uncertainty considered by management in preparing the financial statements includes:

* The recoverability of the carrying value of the exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest;

* The inputs used in assessing the recoverability of deferred income tax assets to the extent that the deductible temporary differences will reverse in the foreseeable future and that the Company will have future taxable income; and

* Management's assumption that there are currently no decommissioning liabilities is based on the facts and circumstances that have existed during the periods.

<u>Judgments</u>

The critical judgments that the Company's management has made in the process of applying the Company's accounting policies from those involving estimations that have the most significant effect on the amounts recognized in the Company's financial statements are as follows:

* Economic recoverability and probability of future economic benefits of exploration, evaluation and development costs: Management has determined that exploratory drilling, evaluation, development and related costs incurred which have been capitalized are economically recoverable. Management uses several criteria in its assessments of economic recoverability and probability of future economic benefit including geologic information, scoping and feasibility studies, accessible facilities, existing permits and life of mine plans.

* Provisions for reclamation: Management assesses its provision for reclamation on an annual basis or when new information becomes available. This assessment includes the estimation of the future rehabilitation costs, the timing of these expenditures, and the impact of changes in discount rates. The actual future expenditures may differ from the amounts currently provided if the estimates made are significantly different than actual results or if there are significant changes in environmental and/or regulatory requirements in the future.

* Going concern: The assessment of the Company's ability to continue as a going concern involves judgment regarding future funding available for its exploration projects and working capital requirements.

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**4. MATERIAL ACCOUNTING POLICY INFORMATION**

The accounting policies set out below have been applied consistently to all periods presented in these financial statements.

*Foreign currency translation*

The Company's presentation currency and functional currency is the Canadian dollar as this is the principal currency of the economic environment in which it operates.

Transactions in foreign currencies are initially recorded in the Company's functional currency at the exchange rate at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated at the functional currency rate of exchange ruling at the end of each reporting period.

Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions and are not subsequently restated. Non-monetary items measured at fair value in a foreign currency are translated using the exchange rates at the date when fair value is determined.

All gains and losses on translation of these foreign currency transactions are included in profit or loss.

*Cash* 

Cash consists of amounts held in banks and cashable highly liquid investments with limited interest and credit risk.

*Exploration and evaluation costs*

Exploration and evaluation activities involve the search for minerals, the determination of technical feasibility, and the assessment of commercial viability of an identified resource.

Exploration and evaluation costs incurred prior to obtaining licenses are expensed in the period in which they are incurred. Once the legal right to explore has been acquired, exploration and evaluation costs incurred are capitalized. All capitalized exploration and evaluation costs are recorded at acquisition cost and are monitored for indications of impairment. Where there are indications of a potential impairment, an assessment is performed for recoverability. Capitalized costs are charged to the statement of operations and comprehensive loss to the extent that they are not expected to be recovered.

Once the technical feasibility and commercial viability of the extraction of mineral resources in an area of interest are demonstrable, exploration and evaluation assets are tested for impairment and transferred to "Mines under construction". There is no amortization during the exploration and evaluation phase.

Recoverability of the carrying amount of any exploration and evaluation assets is dependent on successful development and commercial exploitation, or alternatively, sale of the respective areas of interest.

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**4. MATERIAL ACCOUNTING POLICY INFORMATION** - continued

*Mining rights*

Mining rights acquired separately are measured on initial recognition at cost in accordance with *IAS 38 - Intangible Assets*. The cost of mining rights acquired is their fair value as at the date of acquisition. Mining rights include licenses, permits or other legal rights which permit the Company to carry out exploration activities within the subject area of these rights. The Company records mining rights separate from exploration and evaluation assets when there are no initial plans or intentions to carryout exploration activities upon acquisition.

Following initial recognition, mining rights are carried at cost less any accumulated amortization and accumulated impairment losses.

The useful lives of mining rights are assessed as either finite or indefinite. Mining rights with finite lives are amortized over the useful economic life and assessed for impairment whenever there is an indication that the mining rights may be impaired. Mining rights with indefinite useful lives are not amortized, but are tested for impairment annually, either individually or at the cash-generating unit level. The assessment of indefinite life is reviewed annually to determine whether the indefinite life continues to be supportable. If not, the change in useful life from indefinite to finite is made on a prospective basis.

*Mining tax credits* 

Mining tax credits and mining duties are recorded in the accounts when they are received. These refundable mining tax credits are earned in respect to exploration costs incurred in BC, Canada and are recorded as a reduction of the related deferred exploration expenditures.

*Financial instruments*

We have assessed the classification and measurement of our financial assets and financial liabilities under IFRS 9 as follows:

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| | |
|:---|:---|
| **Financial Assets** |  |
| Cash | Amortized cost |
| Marketable securities | Fair value through profit or loss |
| Reclamation bond | Amortized cost |
| **Financial Liabilities** |  |
| Accounts payable and accrued liabilities | Amortized cost |
| Due to related parties | Amortized cost |

---

The classification of financial assets is based on how the entity manages its financial instruments and contractual cash flow characteristics of the financial asset. Transactions costs with respect to financial instruments classified as fair value through profit or loss are recognized in the statements of operations and comprehensive loss.

The Company's financial assets that are classified as and subsequently measured at fair value through profit or loss are marketable securities.

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**4. MATERIAL ACCOUNTING POLICY INFORMATION** - continued

*Share-based payment transactions*

The Company grants stock options to buy common shares of the Company to directors, officers and employees. The board of directors grants such options for periods of up to five years, which vest immediately and are priced at the previous day's closing price.

The fair value of the options is measured at grant date, using the Black-Scholes option pricing model, and is recognized over the vesting period of the options. The fair value is recognized as an expense with a corresponding increase in equity. The amount recognized as expense is adjusted to reflect the number of share options expected to vest.

Where the terms of a stock option is modified, the minimum expense recognized is the expense as if the terms had not been modified. An additional expense is recognized for any modification which increases the total fair value of the share-based compensation arrangement, or is otherwise beneficial to the employee as measured at the date of modification over the remaining vesting period.

Share-based payments to non-employees are measured at the fair value of the goods or services received or the fair value of the equity instruments issued, if it is determined the fair value of the goods or services cannot be reliably measured, and are recorded at the date the goods or services are received.

*Income taxes*

Income tax on the profit or loss for the periods presented comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to a business combination or items recognized directly in equity or in other comprehensive income or loss.

Current tax expense is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted at year end, adjusted for amendments to tax payable with regards to previous years.

Deferred tax is provided using the liability method, providing for temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. The following temporary differences are not provided for: goodwill not deductible for tax purposes; the initial recognition of assets or liabilities that affect neither accounting nor taxable profit; and differences relating to investments in subsidiaries and associates to the extent that they will probably not reverse in the foreseeable future. The amount of deferred tax provided is based on the expected manner of realization or settlement of the carrying amount of assets and liabilities, using tax rates enacted or substantively enacted at the financial position reporting date applicable to the period of expected realization or settlement.

A deferred tax asset is recognized only to the extent that it is probable that future taxable profits will be available against which the asset can be utilized.

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set off current tax assets against current tax liabilities and when they relate to income taxes levied by the same taxation authority and the Company intends to settle its current tax assets and liabilities on a net basis.

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**4. MATERIAL ACCOUNTING POLICY INFORMATION** - continued

*Share capital*

The Company records proceeds from share issuances net of issue costs and any tax effects. Common shares issued for consideration other than cash, are valued based on their market value at the date the common shares are issued.

*Earnings (loss) per share*

The Company presents basic and diluted earnings/loss per share data for its common shares, calculated by dividing the loss attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the period. The Company uses the treasury stock method for calculating diluted earnings (loss) per share. Under this method the dilutive effect on earnings per share is calculated on the use of the proceeds that could be obtained upon exercise of options, warrants and similar instruments. It assumes that the proceeds of such exercise would be used to purchase common shares at the average market price during the period. However, the calculation of diluted loss per share excludes the effects of various conversions and exercise of options and warrants that would be anti-dilutive.

*Related party transactions*

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control, related parties may be individuals or corporate entities. A transaction is considered to be a related party transaction when there is a transfer of resources or obligations between related parties.

*Impairment of non-current assets*

Non-current assets are evaluated at least annually by management for indicators that carrying value is impaired and may not be recoverable. When indicators of impairment are present the recoverable amount of an asset is evaluated at the level of a cash generating unit (CGU), the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets, where the recoverable amount of a CGU is the greater of the CGU's fair value less costs to sell and its value in use. An impairment loss is recognized in income to the extent that the carrying amount exceeds the recoverable amount.

In calculating the recoverable amount, the Company uses discounted cash flow techniques to determine fair value when it is not possible to determine fair value either by quotes from an active market or a binding sales agreement. The determination of discounted cash flows is dependent on a number of factors, including future metal prices, the amount of reserves, the cost of bringing the project into production, production schedules, production costs, sustaining capital expenditures, and site closure, restoration and environmental rehabilitation costs. Additionally, the reviews take into account factors such as political, social and legal and environmental regulations. These factors may change due to changing economic conditions or the accuracy of certain assumptions and, hence, affect the recoverable amount. The Company uses its best efforts to fully understand all of the aforementioned to make an informed decision based upon historical and current facts surrounding the projects. Discounted cash flow techniques often require management to make estimates and assumptions concerning reserves and expected future production revenues and expenses.

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**4. MATERIAL ACCOUNTING POLICY INFORMATION** - continued

*Decommissioning liabilities*

A legal or constructive obligation to incur restoration, rehabilitation and environmental costs may arise when environmental disturbance is caused by the exploration, development or ongoing production of a mineral property interest. Such costs arising from the decommissioning of plant and other site preparation work, discounted to their net present value, are provided for and capitalized at the start of each project to the carrying amount of the asset, as soon as the obligation to incur such costs arises. A pre-tax discount rate that reflects the time value of money and the risks specific to the liability are used to calculate the net present value of the expected future cash flows. These costs are charged to the statement of loss over the economic life of the related asset, through depreciation expense using either the unit-of-production or the straight-line method as appropriate. The related liability is progressively increased each period as the effect of discounting unwinds, creating an expense recognized in the statement of loss. The liability is assessed at each reporting date for changes to the current market-based discount rate, amount or timing of the underlying cash flows needed to settle the obligation.

Costs for restoration of subsequent site damage which is created on an ongoing basis during production are provided for at their net present values and charged against profits as extraction progresses.

The Company has no material restoration, rehabilitation and environmental costs as the disturbance to date is minimal.

**5. MARKETABLE SECURITIES** 

During the year ended July 31, 2024, the Company received 2,500,000 shares of Discovery Energy Metals Corp. ("Discovery") in connection with the option of the West James Bay Properties. As at July 31, 2025, the Company holds 2,500,000 shares (July 31, 2024 - 2,500,000) with a fair market value of $312,500, or $0.125 per share. During the year ended July 31, 2025, the Company recorded an unrealized gain on the shares of $25,000 (2024 - $25,000). See Note 6.

**6. EXPLORATION AND EVALUATION ASSETS** 

<u>**British Columbia, Canada**</u>

The Company has reorganized and consolidated its mineral properties for more effective exploration and management. The properties form two distinct claim groups on trend and are within the Rocky Mountain Rare Metal Belt. The two claim groups are the Carbo and Cap properties (the northwest Carbo property now encompasses formerly referenced Gambier Gold Property, Wicheeda Property and Prince Property).

**CAP Property Claims**

On February 11, 2019, the Company entered into an agreement with Arctic Star Exploration Corp. ("Arctic"), whereby the Company acquired a 100% interest in and to 21 claims, known as the CAP Claims, located approximately 85 km northeast of Prince George, British Columbia. To acquire the property, the Company issued 2,550,000 shares at a deemed value of $640,356. The CAP Property is subject to a 2% net smelter return ("NSR") royalty in favour of the original vendors. During the period ended July 31, 2022, the Company staked 3 claims contiguous to the CAP Claims. As of July 31, 2025, the Cap property consists of 6 claims totalling 2,824 hectares (2024 - 6 claims).

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**6. EXPLORATION AND EVALUATION ASSETS** - continued

**CARBO Property Claims (formerly referenced as Gambier Gold Property, Wicheeda Property and Prince Property)**

The Company has reorganized and consolidated the following mineral properties for more effective exploration and management under the Carbo property, which consists of 17 claims of 2,048 hectares as of July 31, 2025 and 2024, respectively.

*Gambier Gold Property*

On September 21, 2021, the Company entered into an agreement with Gambier Gold Corp. ("Gambier"), whereby the Company acquired a 100% interest in and to 6 claims, known as the Gambier Gold Property, located north of the Company's existing CAP Claims and adjacent to the Prince Property by paying $150,000 (paid). On July 15, 2023, 5 of the claims originally acquired under the Gambier Gold Property acquisition were forfeited and all deferred costs were written off.

*Wicheeda Property*

On July 29, 2022, the Company entered into an agreement with Zimtu Capital Corp. ("Zimtu"), a related party (see Note 9), whereby the Company earned a 100% interest in and to 4 claims (subsequently converted into 8 claims), known as the Wicheeda Property, located immediately north of the Company's existing CAP Claims and adjacent to the Prince Property. In consideration, the Company issued 120,000 common shares with a fair value of $60,000. During the period ended July 31, 2022, the Company staked an additional claim contiguous to the Wicheeda Property. During the year ended July 31, 2023, two claims lapsed. As at July 31, 2025, there are seven claims comprising the property.

*Prince Property*

On October 13, 2021, the Company entered into an agreement with two vendors, whereby the Company acquired a 100% interest in and to 13 claims, known as the Prince Property, located immediately north of the Company's existing CAP Claims and adjacent to the Wicheeda Property. In consideration, the Company paid $20,000 in cash and issued 75,000 shares with a fair value of $37,500. On December 2, 2022, the Company entered into a property purchase agreement with Marvel Discovery Corp. ("Marvel"), whereby the Company sold 4 claims to Marvel for cash consideration of $26,649.

<u>**Quebec, Canada**</u>

**West James Bay Properties**

On May 24, 2024, the Company announced it had entered into an agreement with a Company controlled by a director of the Company, to acquire a 50% interest in a group of mineral claims located in the James Bay region of Quebec, Canada, for a cash payment of $125,000 (paid).

On June 6, 2024, the Company entered into an earn-in option agreement (the "Option") with Discovery and DG Resource Management LTD. ("DG Resource") on the West James Bay property portfolio (the "Portfolio"). The Portfolio includes the Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus and Bruce Lake projects located within the James Bay Region. Upon, and subject to the terms of this Option, Apex and DG Resource grant Discovery the sole and exclusive right and option to acquire, as to 40% from DG Resource and as to 40% from the Company, an undivided 80% earned interest in the Portfolio, free and clear of any encumbrance, subject only to a 2% gross overriding royalty payable as to 1% to each of DG Resource and the Company. To maintain the Option in good standing, Discovery issued 2,500,000 shares to each vendor with a fair value of $0.105 per share, and incurred $1,000,000 across the Portfolio. During the year ended July 31, 2024, a gain of $137,501 was recorded on the sale of the 40% interest. See Note 5.

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**6. EXPLORATION AND EVALUATION ASSETS** - continued

**Lac Le Moyne Carbonatite Project**

On February 5, 2025, the Company acquired the Lac Le Moyne Carbonatite Project from a Company controlled by a director of the Company (the "Vendor"). The Company acquired a 100% interest in the claims for total consideration payable over a 3-year period of $100,000 in cash ($25,000 paid) and the issuance to the Vendor of a total of 200,000 shares (100,000 shares issued with a fair value of $87,000). In the event a material drill intersection of niobium mineralization is identified on the Project, an additional 500,000 shares are payable to the Vendor. In addition, the Company will grant to the Vendor a 2% net smelter return ("NSR") royalty interest in the future minerals produced from the claims upon achieving commercial production.

<u>**Ontario, Canada**</u>

**Bianco Property**

On November 26, 2024, the Company acquired the Bianco Carbonatite Project ("Bianco"), situated approximately 12½ km southwest of the Kingfisher Lake First Nation and 156 km north of Pickle Lake, Ontario. It comprises 85 single cell mining claims, encompassing approximately 3,735 hectares (9,229.3 acres), and is characterized by a geophysical magnetic anomaly consistent with carbonatite complexes observed in the region. Pursuant to a sale agreement dated November 26, 2024, among the Company and the Vendor (the "Vendor"), the Company has agreed to acquire a 100% interest in the Claims for consideration of $30,000 cash, to be paid on signing of the agreement (paid). In addition, the Company will grant to the Vendor a 2.0% NSR in the future minerals produced from the Claims upon achieving commercial production.

<u>**Nebraska, USA**</u>

**Rift Project**

During the year ended July 31, 2025, the Company acquired, through the execution of privately negotiated surface and mineral-rights agreements, signed 13 agreements with individual landholders, covering approximately 2,217 acres across 27 parcels. All agreements were facilitated by Key Landmark LLC, acting as the landman on behalf of the Company. Under the terms of the landman agreement, Key Landmark LLC retains a 0.5% net smelter return ("NSR") royalty on the applicable properties. To acquire the rights the Company paid, in aggregate, $420,287 to the landowners. The land acquisition program provides the Company with a land position over areas of interest in the Elk Creek Carbonatite Complex and forms the basis for ongoing and future exploration activities. Subsequent to the year ended July 31, 2025, the Company signed an additional 9 agreements with individual landholders, bringing the aggregate property holdings to 1,266 acres.

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**6. EXPLORATION AND EVALUATION ASSETS** - continued

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Bianco <br>Property | CAP<br>Claims | Carbo <br>Claims | Rift <br>Project | Lac Le Moyne<br>Project | West James <br>Bay Properties | Total property<br>costs |
| Balance, July 31, 2023 | $- | $756975 | $138978 | $- | $- | $- | $895953 |
| Acquisition costs |  |  |  |  |  | 125000 | 125000 |
| Geological expense |  | 147535 |  |  |  |  | 147535 |
| Travel & transportation |  | 60211 |  |  |  |  | 60211 |
| Proceeds received |  |  |  |  |  | (124999) | (124999) |
| Balance, July 31, 2024 | $- | $964721 | $138978 | $- | $- | $1 | $1103700 |
| Acquisition costs |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 30000 |  |  | 420287 | 25000 |  | 475287 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares |  |  |  |  | 87000 |  | 87000 |
| Assays | 13782 | 34575 |  |  |  |  | 48357 |
| Camp costs |  | 73460 |  |  |  |  | 73460 |
| Drilling costs |  | 355147 |  |  |  |  | 355147 |
| Geological expense | 75735 | 132761 |  |  | 100798 |  | 309294 |
| Reports and other |  | 16912 |  | 164628 |  |  | 181540 |
| Supplies | 9843 | 13688 |  |  | 9240 |  | 32771 |
| Travel & transportation | 189771 | 432598 |  | 40903 | 45444 |  | 708716 |
| Total for the year | 319131 | 1059141 |  | 625818 | 267482 |  | 2271572 |
| Mining tax credits |  | (27918) |  |  |  |  | (27918) |
| Balance, July 31, 2025 | $319131 | $1995944 | $138978 | $625818 | $267482 | $1 | $3347354 |

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**7. SHARE CAPITAL**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Authorized: Unlimited common shares with no par value.

On October 24, 2023, the Company consolidated its common shares on a ratio of ten pre-consolidation shares to one post-consolidation share. On November 7, 2024, the Company completed a forward split of all of its issued and outstanding common shares on the basis of one and one-half (1.5) new common shares for one (1) old common share (1.5:1) (the "Forward Split"). All shareholders of record on November 7, 2024 received one half of one (0.5) additional Common Share pursuant to the Forward Split (the "Record Date"). The Common Shares began trading on a post-Forward Split basis under the existing stock trading symbol "APXC" effective at the opening of markets on November 6, 2024. Outstanding stock options and share purchase warrants were also adjusted by the Forward Split ratio and the respective exercise prices of outstanding stock options and share purchase warrants were be adjusted accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Issued and outstanding: The total issued and outstanding shares of the Company total 52,446,261 as of July 31, 2025 (2024 - 38,003,053). As of July 31, 2025, the Company has 1,329,750 (2024 - 2,659,500) of the issued common shares held in escrow. The shares will be released every six months, over a three-year period, ending March 15, 2026.

**During the year ended July 31, 2025:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On August 16, 2024, the Company completed the second and final tranche of a non-brokered private placement consisting of 3,750,000 units (each, a "Unit") at a price of $0.267 per Unit to raise gross proceeds of $1,000,000. Each Unit consists of one common share in the capital of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to purchase one Share at a price of $0.40 per Share for a period of one (1) year from closing of the Offering (the "Closing").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. On September 24, 2024, the Company completed a non-brokered private placement issuing 906,346 flow-through units (each, a "FT Unit") at a price of $0.43 per FT Unit for aggregate gross proceeds of $392,750. Each FT Unit is comprised of one common share in the capital of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) and one common share purchase warrant (each, a "Warrant") issued on a non-flow-through basis. Each Warrant entitles the holder to receive one non-flow-through common share in the capital of the Company (each, a "Warrant Share") at a price of $0.67 per Warrant Share at any time before the date that is two (2) years following the date of issuance. The gross proceeds from the sale of the FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that will qualify as "flow-through mining expenditures" as such terms are defined in the Income Tax Act (Canada). All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. On December 30, 2024, the Company completed a non-brokered private placement issuing a total of 4,200,000 units (each, a "Unit") at a price of $0.60 per Unit, raising aggregate proceeds of $2,520,000 (the "Offering"). Each Unit consisted of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.75 per Share for a period of two (2) years from closing of the Offering (the "Closing").

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**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**7. SHARE CAPITAL** - continued

**During the year ended July 31, 2025: (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. On February 12, 2025, the Company issued 100,000 shares at a fair value of $87,000 in connection with the Lac Le Moyne Property agreement (see Note 6).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v. On February 21, 2025, the Company completed a non-brokered private placement issuing a total of 1,530,612 flow-through common shares (each, an "FT Share") at a price of $0.98 per FT Share for gross proceeds of $1,500,000 (the "Offering"). The FT Shares were issued as "flow-through shares" (within the meaning of subsection 66(15) of the Income Tax Act (Canada) and section 359.1 of the Taxation Act (Québec). The proceeds from the issuance of the FT Shares will be used to incur eligible resource exploration expenses which will qualify as "Canadian exploration expenses"(as defined in the Income Tax Act (Canada)). In addition, subscribers residing in the province of Québec are also eligible for i) an additional deduction for CEE that qualifies as "exploration base relating to certain Québec exploration expenses" incurred in Québec, within the meaning of section 726.4.10 of the Taxation Act (Québec), and ii) for an additional deduction for certain surface mining CEE incurred in Québec that qualifies as "exploration base relating to certain Québec surface mining exploration expenses" within the meaning of section 726.4.17.2 of the Taxation Act (Québec). In connection with the Offering, the Company paid cash fees of $90,000 to one qualified finder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vi. During the year ended July 31, 2025, 3,956,250 share purchase warrants priced at $0.40 were exercised for gross proceeds of $1,582,500.

**During the year ended July 31, 2024:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. On December 13, 2023, the Company completed a non-brokered private placement consisting of 14,999,865 units (each, a "Unit") at a price of $0.05 per Unit raising gross proceeds of $749,993 (the "Offering"). Each Unit consists of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.067 per Share for a period of two (2) years from closing of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. On April 12, 2024, the Company completed a non-brokered private placement consisting of 11,325,000 units (each, a "Unit") at a price of $0.067 per Unit raising gross proceeds of $755,000 (the "Offering"). Each Unit consists of one common share of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"), with each Warrant entitling the holder to purchase one Share at a price of $0.10 per Share for a period of two (2) years from closing of the Offering.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. On July 5, 2024, the Company completed the first tranche of a non-brokered private placement consisting of 3,750,000 units (each, a "Unit") at a price of $0.267 per Unit to raise gross proceeds of $1,000,000. Each Unit consists of one common share in the capital of the Company (each, a "Share") and one common share purchase warrant (each, a "Warrant"). Each Warrant shall entitle the holder to purchase one Share at a price of $0.40 per Share for a period of one (1) year from closing of the Offering (the "Closing"). All securities issued pursuant to the Offering will be subject to a statutory hold period of four (4) months and a day from the Closing. In addition, the Company entered into an agreement with the subscribers whereby the Shares issued, and any Warrant Shares that may be issuable upon the exercise of the Warrants, will be subject to a voluntary hold period of six (6) months from the date of issuance of the Units.

------

**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**7. SHARE CAPITAL** - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Share purchase warrants / finders' warrants

The following is a summary of warrant transactions for the years ended July 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  |  | Weighted Average |  | Weighted average |
|  | Number of | Exercise | Number of | Exercise |
|  | Warrants | Price | Warrants | Price |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of year | 30074865 | $0.12 | 90000 | $1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Exercised | (3956250) | 0.40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Expired |  |  | (90000) | 1.33 |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 8856346 | 0.59 | 30074865 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of year | 34974961 | $0.21 | 30074865 | $0.12 |

---

The following warrants were outstanding and exercisable as of July 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  |  | Number of Warrants | Weighted Average |
|  | Exercise | Outstanding and | Remaining Contractual |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiry Date | Price | Exercisable | Life (Years) |
| &nbsp;&nbsp;&nbsp;&nbsp;August 16, 2025\* | $0.40 | 3543750 | 0.04 |
| &nbsp;&nbsp;&nbsp;&nbsp;December 13, 2025 | $0.067 | 14999865 | 0.37 |
| &nbsp;&nbsp;&nbsp;&nbsp;April 12, 2026 | $0.10 | 11325000 | 0.70 |
| &nbsp;&nbsp;&nbsp;&nbsp;September 24, 2026 | $0.67 | 906346 | 1.15 |
| &nbsp;&nbsp;&nbsp;&nbsp;December 30, 2026 | $0.75 | 4200000 | 1.42 |
| Total | Total | 34974961 | 0.59 |

---

**\***Subsequent to the year end, these warrants were exercised prior to their expiry date (Note 14).

**8. SHARE-BASED PAYMENTS**

The Company has a 20% rolling stock option plan for officers, directors, employees and consultants. Options are granted with an exercise price determined by the Board of Directors, which may not be less than 25% of the Company's stock price on the date of the grant. Options granted to directors, employees and consultants other than consultants engaged in investor relations activities will vest immediately. However, for options granted to employees and consultants engaged in investor relations activities will vest in stages over a minimum period of 12 months with no more than one-quarter of the options vesting in any three-month period.

The following is a summary of option transactions under the Company's stock option plan for the years ended July 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2024** | **2024** |
|  |  | Weighted Average |  | Weighted average |
|  | Number of | Exercise | Number of | Exercise |
|  | Options | Price | .Options | Price |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of year | 2250000 | $0.138 |  | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;Granted | 5000000 | 0.85 | 2250000 | 0.138 |
| &nbsp;&nbsp;&nbsp;&nbsp;Balance, end of year | 7250000 | $0.629 | 2250000 | $0.138 |

---

------

**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**8. SHARE-BASED PAYMENTS** - continued

The following stock options were outstanding and exercisable as at July 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Number of | Number of | Weighted Average |
|  | Exercise | Options | Options | Remaining Contractual |
| &nbsp;&nbsp;&nbsp;&nbsp;Expiry Date | Price | Exercisable | Outstanding | Life (Years) |
| &nbsp;&nbsp;&nbsp;&nbsp;April 26, 2029 | $0.133 | 1287000 | 1950000 | 3.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;May 8, 2029 | $0.167 | 198000 | 300000 | 3.77 |
| &nbsp;&nbsp;&nbsp;&nbsp;March 14, 2030 | &nbsp;&nbsp;&nbsp;&nbsp;$0.85 | 1650000 | 5000000 | 4.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $0.629 | 3135000 | 7250000 | 4.35 |

---

On April 26, 2024, the Company announced the issuance of 1,950,000 stock options to the directors and officers of the Company, priced at $0.133 and exercisable for a period of 5 years. The options will vest as to 33% on the date that is three months from the grant, 33% on the date that is twelve months from the grant and the final 34% on the date that is twenty-four months from the date of the grant.

On May 15, 2024, the Company announced the appointment of Mr. Joness Lang to the board of directors. The Company granted Mr. Lang 300,000 stock options priced at $0.167 and exercisable for a period of 5 years. The options will vest as to 33% on the date that is three months from the grant, 33% on the date that is twelve months from the grant and the final 34% on the date that is twenty-four months from the date of the grant.

On March 14, 2025, the Company granted an aggregate of 5,000,000 incentive stock options to purchase up to 5,000,000 common shares of the Company to certain directors, officers and consultants under its Equity Incentive Plan. The Options are exercisable for a period of 5 years from the date of grant, expiring on March 14, 2030, at a price of $0.85 per Share. The Options will vest as to 33% on the date that is four (4) months from the grant, 33% on the date that is eight (8) months from the date of the grant and the final 34% on the date that is twelve (12) months from the date of the grant.

During the year ended July 31, 2025, $2,591,294 (2024 - $112,411) was expensed as share-based payments. The following assumptions were used for the Black-Scholes pricing model calculations:

---

| | | | |
|:---|:---|:---|:---|
|  | &nbsp;&nbsp; **March 14, 2025** | &nbsp;&nbsp; **May 8, 2024** | &nbsp;&nbsp; **April 26, 2024** |
| &nbsp;&nbsp; Risk-free interest rate | &nbsp;&nbsp; 2.72% | &nbsp;&nbsp; 3.86% | &nbsp;&nbsp; 3.86% |
| &nbsp;&nbsp; Expected stock price volatility | &nbsp;&nbsp; 183.50% | &nbsp;&nbsp; 230.48% | &nbsp;&nbsp; 230.72% |
| &nbsp;&nbsp; Expected option life in years | &nbsp;&nbsp; 5 years | &nbsp;&nbsp; 5 years | &nbsp;&nbsp; 5 years |
| &nbsp;&nbsp; Dividend rate | &nbsp;&nbsp; Nil | &nbsp;&nbsp; Nil | &nbsp;&nbsp; Nil |

---

**9. RELATED PARTY TRANSACTIONS**

Zimtu Capital Corp. ("Zimtu) is a company with a common director and management and holds 13.03% of the Company's issued and outstanding shares. On December 1, 2022, the Company entered into a twelve-month Management Services Agreement ("MSA") with Zimtu. Under the terms of the MSA, Zimtu has provided the Company with administrative and managerial services, including corporate maintenance, continuous disclosure services, rent, and administrative services, at a rate of $12,500 per month for a period of 12 months. On December 1, 2023 and 2024, the MSA agreement was extended another 12 months at a rate of $15,000 per month.

------

**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**9. RELATED PARTY TRANSACTIONS** - continued

On May 1, 2023, the Company signed a twelve-month consulting agreement with Zimtu, whereby Zimtu is to provide advertising and promotion services under the ZimtuADVANTAGE program. Under the term of the agreement, the Company paid a rate of $12,500 per month for a period of 12 months. On May 1, 2024, the agreement was renewed for an additional twelve months and on June 1, 2025 it was renewed for an additional 12 months.

Dahrouge Geological Consulting Ltd. ("Dahrouge") is a company with common directors and management. Dahrouge provides key mineral property management services to the Company.

During the years ended July 31, 2025 and 2024, the Company incurred the following transactions with officers or directors of the Company or companies with common directors:

---

| | | |
|:---|:---|:---|
| **Years ended July 31,** | **2025** | **2024** |
| **Key management compensation\*** | **$** | **$** |
| Dahrouge - Exploration & evaluation asset expenditures | 410149 | 147536 |
| Michael Schuss - Geological and consulting fees |  | 3750 |
| Corporate consulting fees | 16887 |  |
| Property acquisition costs | 30000 |  |
| Wages and benefits | 17500 |  |
| Zimtu - Administrative fees | 180000 | 170000 |
| Zimtu - Advertising and promotion | 150000 | 150000 |
| Share-based payments | 2209382 | 104817 |
| Total | 3013918 | 576103 |

---

\* Key management includes those persons having authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly, including the Company's executive officers and certain members of its Board of Directors.

---

| | | |
|:---|:---|:---|
| **Year ended:** | **July 31,**<br> **2025** | **July 31,**<br> **2024** |
| **Due to related parties** | **$** | **$** |
| Dahrouge | 300596 | 91498 |
| Zimtu | 42965 | 31152 |
| Total | 343561 | 122650 |

---

The terms and conditions of these transactions with key management and their related parties were no more favourable than those available, or which might reasonably be expected to be available, or similar transactions to non-key management related entities on an arm's length basis. These transactions are in the normal course of operations and have been valued in these financial statements at the exchange amount, which is the amount of consideration established and agreed to by the related parties. The amounts due to related parties are unsecured, non-interest bearing, and have no specific terms of repayment.

------

**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**10. FINANCIAL INSTRUMENTS**

The Company's risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to market conditions and the Company's activities. The Company has exposure to credit risk, liquidity risk and market risk as a result of its use of financial instruments. This note presents information about the Company's exposure to each of the above risks and the Company's objectives, policies and processes for measuring and managing these risks. Further quantitative disclosures are included throughout these financial statements.

The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The Board has implemented and monitors compliance with risk management policies as set out herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Credit Risk

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The Company's cash is subject to credit risk for a maximum of the amounts shown on the statements of financial position.

On July 31, 2025, the Company held cash of $5,542,504 (2024: $1,675,222) with Canadian chartered banks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Liquidity Risk

Liquidity risk is the risk that the Company will incur difficulties meeting its financial obligations as they are due. The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when due, under both normal and stressed conditions without incurring unacceptable losses or risking harm to the Company's reputation.

As of July 31, 2025, the Company has total current liabilities of $1,336,460 (2024: $130,423). Management intends to meet these obligations by raising funds through future financings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Market Risk

Market risk consists of currency risk, commodity price risk and interest rate risk. The objective of market risk management is to manage and control market risk exposures within acceptable limits, while maximizing returns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) *Currency Risk*

Foreign currency exchange rate risk is the risk that the fair value or future cash flows will fluctuate as a result of changes in foreign exchange rates. Although the Company is in the exploration stage and has not yet developed commercial mineral interests, the underlying commodity price for minerals is impacted by changes in the exchange rate between the Canadian and United States dollar. As all of the Company's transactions are denominated in Canadian dollars, the Company is not significantly exposed to foreign currency exchange risk at this time.

ii) *Commodity Price Risk*

Commodity price risk is the risk that the fair value of future cash flows will fluctuate as a result of changes in commodity prices. Commodity prices for minerals are impacted by world economic events that dictate the levels of supply and demand as well as the relationship between the Canadian and United States dollar, as outlined above. As the Company has not yet developed commercial mineral interests, it is not exposed to commodity price risk at this time.

iii) *Interest Rate Risk*

Interest rate risk is the risk that future cash flows will fluctuate as a result of changes in market interest rates.

------

**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**10. FINANCIAL INSTRUMENTS** - continued

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Fair Value

Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The three levels of the fair value hierarchy are:

* Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities;

* Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

* Level 3 - Inputs that are not based on observable market data.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) Capital Management

Capital is comprised of the Company's shareholders' equity and any debt it may issue. As at July 31, 2025, the Company's shareholders' equity was $8,260,601 (2024: $2,991,010). The Company's objectives when managing capital are to safeguard the Company's ability to continue as a going concern and to maintain a flexible capital structure which will allow it to pursue the exploration of its mineral properties. Therefore, the Company monitors the level of risk incurred in its mineral property expenditures relative to its capital structure which is comprised of working capital and shareholders' equity. The Company monitors its capital structure and makes adjustments in light of changes in economic conditions and the risk characteristics of the underlying assets. In order to facilitate the management of capital and the exploration of its mineral properties, the Company prepares annual expenditure budgets which are updated as necessary and are reviewed and periodically approved by the Company's Board of Directors. To maintain or adjust the capital structure, the Company may issue new equity if available on favourable terms, option its mineral properties for cash and/or expenditure commitments from optionees, enter into joint venture arrangements, or dispose of mineral properties. The Company is not subject to any externally imposed capital requirements and there were no changes in the Company's approach to capital management during the year.

**11. LIABILITY AND INCOME TAX EFFECT ON FLOW-THROUGH SHARES**

Funds raised through the issuance of flow-through shares are required to be expended on qualified Canadian mineral exploration expenditures, as defined pursuant to Canadian income tax legislation. The flow-through gross proceeds, less the qualified expenditures made to date, represent the funds received from flow-through share issuances that have not been spent.

On September 24, 2024, the Company issued 906,346 common shares on a "flow-through" basis at a price of $0.433 per Share for gross proceeds of $392,750. The flow-through proceeds are to be renounced on December 31, 2024. At July 31, 2025, the Company had incurred the $392,750 in qualified expenditures.

On February 21, 2025, the Company issued 1,530,612 common shares on a "flow-through" basis at a price of $0.98 per Share for gross proceeds of $1,500,000. The flow-through proceeds will be renounced on December 31, 2025. At July 31, 2025, the Company had incurred the $1,198,560 in qualified expenditures.

---

| | | | |
|:---|:---|:---|:---|
|  | **Issued on<br>September 24,<br>2024** | **Issued on<br>February 21,<br>2025** | <br>**Total** |
| &nbsp;&nbsp;**Balance, July 31, 2024** | $- | $- | $- |
| &nbsp;&nbsp;Liability incurred on flow-through shares issued | 96646 | 61224 | 157870 |
| &nbsp;&nbsp;Settlement of flow-through share liability on incurred expenses | (96646) | (48921) | (145567) |
| &nbsp;&nbsp;**Balance, July 31, 2025** | $- | $12303 | $12303 |

---

------

**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**12. COMMITMENTS**

On July 8, 2024, the Company announced it entered into an investor relations agreement with Rumble Strip Media Inc. ("Rumble") to enhance its investor awareness. The Company paid an upfront payment on August 1, 2024 of $300,000 for a 3-month contract ending October 31, 2024. On December 18, 2024, the Company announced it had extended its investor relations agreement with Rumble. Pursuant to the agreement, the Company will make an upfront payment of $300,000 for a three-month extension that commences December 11, 2024 and ends March 11, 2025. On February 21, 2025, the Company announced it had further extended its investor relations agreement with Rumble Strip Media. Pursuant to the agreement, the Company will make an upfront payment of $250,000, and a subsequent payment of $250,000, for a three-month extension that commences March 11, 2025 and ends June 11, 2025.

On August 21, 2025, the Company announced an extension to its investor relations agreement with Rumble Strip Media Inc., whereby the Company will pay Rumble $1,000,000 (with $250,000 upfront). The extension commences August 20, 2025 for a three-month term ending November 20, 2025.

**13. CORPORATE INCOME TAXES**

The Company is subject to income taxes in Canada. The reconciliation of the income tax provision computed at the statutory rate is as follows:

---

| |
|:---|
| &nbsp;&nbsp;(Rounded to nearest thousand) |
| &nbsp;&nbsp;Net loss before tax |
| &nbsp;&nbsp;Statutory tax rate |
| &nbsp;&nbsp;Expected income tax recovery |
| &nbsp;&nbsp;Net adjustments for deductible and non-deductible amounts |
| &nbsp;&nbsp;Flow through expenses renounced |
| &nbsp;&nbsp;True-up for prior year balance |
| &nbsp;&nbsp;Change in valuation allowance |
| &nbsp;&nbsp;Deferred income tax recovery per financial statements |

---

There are no deferred tax assets/(liabilities) presented in the statement of financial position.

Deductible temporary differences, unused tax losses and unused tax credits for which no deferred tax assets/ (liabilities) have been recognized are attributable to the following:

---

| | |
|:---|:---|
| &nbsp;&nbsp;(Rounded to nearest thousand) | **2024** |
|  | **$** |
| &nbsp;&nbsp;Non-capital loss carry forward | 1745000 |
| &nbsp;&nbsp;Exploration and evaluation assets | 92000 |
| &nbsp;&nbsp;Marketable securities |  |
| &nbsp;&nbsp;Share issue costs | 10000 |
|  | 1847000 |

---

------

**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**13. CORPORATE INCOME TAXES** - continued

The Company has non-capital losses available for Canadian income tax purposes which may be carried forward to reduce taxable income in future years. If not utilized, the non-capital losses of approximately $3,303,000 expire as follows:

---

| | |
|:---|:---|
| Expiry | **$** |
| &nbsp;&nbsp;2039 | 133000 |
| &nbsp;&nbsp;2040 | 29000 |
| &nbsp;&nbsp;2041 | 373000 |
| &nbsp;&nbsp;2042 | 125000 |
| &nbsp;&nbsp;2043 | 418000 |
| &nbsp;&nbsp;2044 | 554000 |
| &nbsp;&nbsp;2045 | 1671000 |
| &nbsp;&nbsp;Total | 3303000 |

---

The Company has unclaimed resource deductions of approximately $1,195,000 (2023 - $987,000), which do not expire and may be deducted against future taxable income on a discretionary basis.

**14. SUBSEQUENT EVENTS**

Subsequent to July 31, 2025, 13,343,745 share purchase warrants were exercised for gross proceeds of $2,757,820 and 99,500 options were exercised for gross proceeds of $84,575.

On September 8, 2025, the Company granted (the "Grant") an aggregate of 1,760,000 incentive stock options (each, an "Option") to purchase up to 1,760,000 common shares of the Company (each, a "Share") to certain directors, officers and consultants under its Equity Incentive Plan. The Options are exercisable for a period of 5 years from the date of Grant, expiring on September 8, 2030, at a price of $1.97 per Share. The Options will vest as to 33% on the date that is four (4) months from the Grant, 33% on the date that is eight (8) months from the date of the Grant and the final 34% on the date that is twelve (12) months from the date of the Grant. All Options and the Shares underlying such Options are subject to a hold period of four months and one day from the date of issuance. Additionally, the Company granted an aggregate of 1,660,000 restricted share units (each, a "RSU") which will vest on the date that is four (4) months from the date of grant, provided that the holder may, upon written notice to the Company on or before the vesting date, elect to defer vesting of certain of the RSUs such that the RSUs shall vest as to one quarter (1/4) every four (4) months with the initial vesting date being the date that is four (4) months from the date of grant. Each RSU represents the right to receive, once vested, one common share in the capital of the Company.

On October 22, 2025, the Company closed a non-brokered flow-through private placement (the "Offering"), raising aggregate gross proceeds of $1,600,000. Under the Offering, the Company issued 800,000 flow-through units (each, an "FT Unit") at a price of $2.00 per FT Unit. Each FT Unit consists of one common share in the capital of the Company issued as a "flow-through share" within the meaning of the Income Tax Act (Canada) (each, an "FT Share") and one common share purchase warrant (each whole warrant, an "FT Warrant") issued on a non-flow-through basis. Each FT Warrant entitles the holder to purchase one non-flow-through common share in the capital of the Company (each, a "Warrant Share") at a price of $2.50 per Warrant Share for a period of two (2) years from the date of issuance.

------

**Apex Critical Metals Corp.** <br>Notes to the Consolidated Financial Statements<br>For the years ended July 31, 2025<br>Expressed in Canadian dollars

**14. SUBSEQUENT EVENTS** - continued

On October 22, 2025, the Company granted (the "Grant") an aggregate of 50,000 incentive stock options (each, an "Option") to purchase up to 50,000 common shares of the Company (each, a "Share") to a consultant under its Equity Incentive Plan. The Options are exercisable for a period of two years from the date of Grant, expiring on October 22, 2027, at a price of $3.82 per Share. Additionally, the Company announces that is has granted an aggregate of 50,000 restricted share units (each, a "RSU"). The Options and RSU's will vest upon the successful listing by the Company on EuroNext. All Options and the Shares underlying such Options are subject to a hold period of four months and one day from the date of issuance.

On October 30, 2025, the Company completed a non-brokered private placement issuing a total of 4,000,000 units of the Company ("Units") at a price of $2.50 per Unit for gross proceeds of $10,000,000 (the "Offering"). Each Unit consists of one common share of the Company and one common share purchase warrant, with each warrant exercisable to acquire one common share of the Company at a price of $3.00 per share for a period of two years from the date of issuance. The proceeds of the Offering will be used for general working capital purposes and exploration expenses. In connection with the Offering, the Company paid an aggregate of $255,500 in cash and issued an aggregate of 102,200 non-transferable finder's warrants (each, a "Finder's Warrant") to certain finders. Each Finder's Warrant entitles the holder thereof to purchase one Common Share at a price of $3.00 per Common Share for a period of two years. All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months and a day from issuance.

------

## Exhibit 99.59

------

![](exhibit99-59x001.jpg)

**APEX CRITICAL METALS CORP.**<br>**1450-789 West Pender Street,**<br>**Vancouver, British Columbia,**<br>**V6C 1H2**

**ANNUAL INFORMATION FORM**

**FOR THE FINANCIAL YEAR ENDED JULY 31, 2025**<br>**(unless otherwise noted)**

**DATED AS OF NOVEMBER 27, 2025**

------

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [**PRELIMINARY NOTES**](#page_4) | [**1**](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Financial Statements and Management Discussion and Analysis](#page_4) | [1](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Currency](#page_4) | [1](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Documents Incorporated by Reference](#page_4) | [1](#page_4) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Scientific and Technical Information](#page_4) | [1](#page_4) |
| [**CAUTIONARY NOTES REGARDING FORWARD-LOOKING INFORMATION**](#page_5) | [**2**](#page_5) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Material Risks and Assumptions](#page_5) | [2](#page_5) |
| [**CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING CLASSIFICATION OF MINERAL RESOURCE ESTIMATES**](#page_7) | [**4**](#page_7) |
| [**CORPORATE STRUCTURE**](#page_7) | [**4**](#page_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Name, Address and Incorporation](#page_7) | [4](#page_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Inter-Corporate Relationships](#page_8) | [5](#page_8) |
| [**GENERAL DEVELOPMENT OF THE BUSINESS**](#page_8) | [**5**](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Three Year History](#page_8) | [5](#page_8) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Significant Acquisitions](#page_16) | [13](#page_16) |
| [**BUSINESS DESCRIPTION**](#page_17) | [**14**](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[General](#page_17) | [14](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Specialized Skill and Knowledge](#page_17) | [14](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Competitive Conditions](#page_17) | [14](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Components](#page_17) | [14](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Cycles](#page_18) | [15](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Intangible Properties](#page_18) | [15](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Economic Dependence](#page_18) | [15](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Changes to Contracts](#page_18) | [15](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Environmental Protection](#page_18) | [15](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Employees and Contractors](#page_19) | [16](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Bankruptcy and Similar Procedures](#page_19) | [16](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Social or Environmental Policies](#page_19) | [16](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Material Mineral Projects](#page_19) | [16](#page_19) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Non-Material Mineral Projects](#page_20) | [17](#page_20) |
| [**RISK FACTORS**](#page_20) | [**17**](#page_20) |
| [**DESCRIPTION OF CAPITAL STRUCTURE**](#page_31) | [**28**](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Common Shares](#page_31) | [28](#page_31) |
| &nbsp;&nbsp;&nbsp;&nbsp;[The Equity Incentive Plan](#page_32) | [29](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Options](#page_32) | [29](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[RSUs](#page_33) | [30](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[DSUs](#page_33) | [30](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Warrants](#page_33) | [30](#page_33) |
| [**MARKET FOR SECURITIES**](#page_33) | [**30**](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Trading Price and Volume](#page_33) | [30](#page_33) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Prior Sales](#page_34) | [31](#page_34) |
| [**DIVIDENDS AND DISTRIBUTIONS**](#page_35) | [**32**](#page_35) |
| [**ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER**](#page_35) | [**32**](#page_35) |

---

i

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| | |
|:---|:---|
| [**DIRECTORS AND EXECUTIVE OFFICERS**](#page_35) | [**32**](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Name, Occupation and Security Holdings](#page_35) | [32](#page_35) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Cease Trade Orders, Bankruptcies, Penalties or Sanctions](#page_37) | [34](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Penalties or Sanctions](#page_37) | [34](#page_37) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Conflicts of Interest](#page_37) | [34](#page_37) |
| [**PROMOTERS**](#page_37) | [**34**](#page_37) |
| [**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**](#page_38) | [**35**](#page_38) |
| [**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**](#page_38) | [**35**](#page_38) |
| [**AUDITOR, TRANSFER AGENT AND REGISTRAR**](#page_38) | [**35**](#page_38) |
| [**MATERIAL CONTRACTS**](#page_38) | [**35**](#page_38) |
| [**INTERESTS OF EXPERTS**](#page_38) | [**35**](#page_38) |
| [**AUDIT COMMITTEE INFORMATION**](#page_39) | [**36**](#page_39) |
| [**ADDITIONAL INFORMATION**](#page_39) | [**36**](#page_39) |
| [**APPENDIX "A"**](#page_40) | [**A-1**](#page_40) |

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ii

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**PRELIMINARY NOTES**

In this Annual Information Form ("**AIF**"), references to the "**Company**", "**Apex**", "**APXC**", "**its**", "**we**", "**us**", "**our**", or related terms in this AIF refer to Apex Critical Metals Corp. As at the date of this AIF, the Company has no subsidiaries.

Unless otherwise stated or indicated, all information in this AIF is as at July 31, 2025.

Common shares without par value in the authorized capital of the Company are referred to as the "**Common Shares**", Common Share purchase warrants are referred to as "**Warrants**", and incentive stock options exercisable to acquire Common Shares are referred to as "**Options**". The numbers of Common Shares, Warrants, Options and Units (as defined herein) set forth in this AIF have been adjusted to reflect the Capital Adjustments (as defined herein).

**Financial Statements and Management Discussion and Analysis**

This AIF should be read in conjunction with the Company's audited consolidated annual financial statements for the financial years ended July 31, 2025 and July 31, 2024 (the "**Financial Statements**"), as well as the accompanying management's discussion and analysis ("**MD&A**") for such periods. The Financial Statements and MD&A are accessible online under the Company's profile on the System for Electronic Data Analysis and Retrieval Plus ("**SEDAR+**") at *www.sedarplus.ca*.

**Currency**

Unless otherwise stated or indicated, references to "**$**" or "**dollars**" in this AIF are to Canadian dollars.

**Documents Incorporated by Reference**

Incorporated by reference into this AIF are the following documents of the Company:

1. the technical report entitled "*Technical Report on the CAP Property, Northeast of Prince George, British Columbia, Canada*" with an effective date of December 8, 2022, prepared by Alex Knox, M.Sc., P.Geo., of AWK Geological Consulting Ltd., filed by the Company on SEDAR+ on December 12, 2022 (the "**CAP Technical Report**");

2. the information contained on pages 21-24 under the heading "*Particulars of Matters To Be Acted Upon - Approval of the Equity Incentive Plan*" in the Company's management information circular dated November 9, 2023 and filed by the Company on SEDAR+ on November 23, 2023 (the "**2023 Circular**");

3. the information contained on pages 16-18 under the heading "*Audit Committee Disclosure*" in the Company's management information circular dated January 27, 2025 and filed by the Company on SEDAR+ on February 5, 2025 (the "**2025 Circular**"); and

4. the Company's Audit Committee Charter attached as Schedule "A" to the 2025 Circular.

Copies of the above documents and excerpts thereof, as applicable, has been filed by the Company with the applicable Canadian securities regulatory authorities and may be obtained online under the Company's profile on SEDAR+ at *www.sedarplus.ca*.

**Scientific and Technical Information**

As at the date of this AIF, the Company holds interests in several mineral properties. The Company's mineral property which is the subject of the CAP Technical Report, being the CAP property and adjacent Carbo property, is collectively a prospective REE property comprising roughly 25km<sup>2</sup> located approximately 85km northeast of the community of Prince George (the "**CAP Project**"). See "*Material Mineral Project*" below.

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The scientific and technical information contained in this AIF has been reviewed and approved by Nathan Schmidt, P.Geo., Senior Geologist for Dahrouge Geological Consulting Ltd. ("**DGC**") and a "qualified person" as such term is defined under National Instrument 43-101 - *Standards of Disclosure for Mineral Projects* ("**NI 43-101**"). Certain scientific and technical information with respect to the CAP Project contained in this AIF has been derived from or is based on the CAP Technical Report prepared by Alex Knox, M.Sc., P.Geo., of AWK Geological Consulting Ltd., in accordance with the requirements of NI 43-101, a copy of which has been filed by the Company with the applicable Canadian securities regulatory authorities and is available for review on the Company's SEDAR+ profile at *www.sedarplus.ca*. Mr. Knox is a "qualified person" for the purposes of NI 43-101.

**CAUTIONARY NOTES REGARDING FORWARD-LOOKING INFORMATION**

The Company cautions readers regarding forward-looking information or statements found in this document, including information incorporated by reference (see "*Documents Incorporated by Reference*" above) and in any other statement made by, or on behalf of the Company. Such information or statements may constitute "forward-looking information" within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical facts, constitute forward-looking information. Forward-looking information involves statements that are not based on historical information but rather relate to future operations, strategies, financial results or other developments. Forward-looking information is necessarily based upon estimates and assumptions, which are inherently subject to significant business, economic and competitive uncertainties and contingencies, many of which are beyond the Company's or management's control and many of which, regarding future business decisions, are subject to change. These uncertainties and contingencies can affect actual results and could cause actual results to differ materially from those expressed in any forward-looking statements made by or on the Company's behalf by management. Although the Company and its management have attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking information, there may be other factors that cause actions, events or results to differ from those anticipated, estimated or intended. All factors should be considered carefully and readers should not place undue reliance on the Company's forward-looking information. Examples of such forward-looking information within this AIF include statements relating to: tariffs, government regulation of mining operations, building a robust portfolio of high quality projects, that environmental laws and regulations will not have a material adverse effect upon the Company's current operations, capital expenditures, earnings or competitive position, that the Company will be successful in attracting and retaining qualified personnel, the future price of critical minerals, future capital expenditures, and anticipated success of exploration and development activities. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "expects", "estimates", "anticipates", or variations of such words and phrases (including negative and grammatical variations) or statements that certain actions, events or results "may", "could", "might" or "occur".

**Material Risks and Assumptions**

The forward-looking information in this AIF reflects management's current views with respect to future events and is necessarily based upon a number of assumptions and estimates that, while considered reasonable by management, are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Assumptions underlying the Company's expectations regarding forward-looking information contained in this AIF include, among others: that no significant event will occur outside the ordinary course of business of the Company legislative and regulatory environment; the impact of increasing competition will not be outside that expected by management; current technological trends and advancements will continue; the price of critical minerals, including niobium and other REEs, will not fluctuate outside of levels anticipated by management; the costs of development and advancement will not exceed those expected by management; the anticipated results of exploration and development activities will be within those anticipated by management; the Company will continue to have the ability to, amongst other things, operate in a safe and effective manner, complete its existing contractual obligations, comply with applicable governmental regulations and standards, comply with applicable securities exchange policies (e.g., the CSE and the OTCQX), obtain and maintain regulatory and third party approvals (including with respect to the receipt of required licenses, MYAB permits and third party consents, if any), successfully implement its strategies, achieve the Company's business objectives, and raise sufficient funds from financings in the future to support its operations on terms favourable to the Company; and, general business and global economic conditions (including the market price and demand for critical minerals, such as niobium (Nb) and rare earth elements (REEs)) will not deviate significantly from those anticipated by management. The foregoing list of assumptions is not exhaustive. Many factors, both known and unknown, could cause actual results, performance or achievements to differ, perhaps materially, from the results, performance or achievements that are or may be expressed or implied by such forward-looking information contained in this AIF and documents incorporated by reference, and we have made assumptions based on or related to many of these factors. Such factors include, without limitation:

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* fluctuations in spot and forward markets for critical minerals, including niobium and REEs, and other base or precious metals and certain other commodities (such as natural gas, fuel oil and electricity);

* our ability to successfully explore mineral properties to achieve profitable commercial mining operations;

* risks and hazards associated with the business of mineral exploration, development and mining (including environmental hazards, potential unintended releases of contaminants, industrial accidents, unusual or unexpected geological or structural formations, pressures, cave-ins and flooding);

* the uncertainty attributable to the calculation and estimates of mineral reserves and mineral resources and metal grades;

* our ability to secure the additional financing necessary to continue exploration activities;

* our ability to meet the specialized skill and knowledge requirements that the Company's business demands;

* increased competition in the mining industry for properties, personnel and equipment;

* our ability to meet various property commitments related to land payments, royalties and/or work commitments;

* environmental regulations and legislation;

* the effects of climate change, extreme weather events, water scarcity, and seismic events, and the effectiveness of strategies to deal with these issues;

* restrictions on mining in the jurisdictions in which we operate;

* laws and regulations governing our operation, exploration and development activities;

* our ability to obtain or renew regulatory approval and the licenses and permits necessary for the operation and expansion of our existing operations and for the development, construction and commencement of new operations;

* disputes as to the validity of mining or exploration titles or claims or rights, which constitute most of our property holdings;

* risks related to the Company's mineral properties being subject to prior unregistered agreements, transfers or claims and other defects in title;

* our ability to recruit and retain qualified personnel;

* employee relations;

* claims and legal proceedings arising in the ordinary course of business activities;

* the availability of insurance to cover the risks to which the Company's activities are subject;

* the limited business history and absence of history of earnings of the Company, including risks related to the Company's history of losses, which may continue in the future;

* the difficulties for investors located in the United States of America (the "**US**" or "**United States**") or outside of Canada to bring an action against directors, officers or experts who are not resident in the US;

* the speculative nature of mineral exploration and development;

* the impact of fluctuations in currency markets (such as the US dollar versus the Canadian dollar);

* volatility of the price and volume of the securities markets in the US and Canada;

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* volatility of the metals markets, and their potential to impact our ability to meet our financial obligations;

* our inability to pay dividends;

* inherent risks associated with tailings facilities and heap leach operations, including failure or leakages;

* the inability to determine, with certainty, production and cost estimates;

* relations with and claims by local communities and non-governmental organizations;

* relations with and claims by indigenous populations;

* inadequate or unreliable infrastructure (such as roads, bridges, power sources and water supplies);

* our ability to complete and successfully integrate acquisitions and to obtain shareholder and regulatory approvals, to the extent required, of such acquisitions;

* access restrictions, limited supply of materials, and lack of infrastructure on the Company's mineral properties or those it has an interest in;

* the effectiveness of our internal control over financial reporting; and

* those factors identified under the caption "*Risks Factors*" in this AIF.

Other risks and uncertainties related to prospects, properties and business strategy of the Company are identified in the "*Risk Factors*" section of the Company's MD&A for the financial year ended July 31, 2025 and SEDAR+ filed on November 27, 2025 (available at *www.sedarplus.ca*). Although the Company has attempted to identify important factors and risks that could affect the Company and might cause actual actions, events or results to differ, perhaps materially, from those described in forward-looking information or statements, there may be other factors and risks not identified herein that cause actions, events or results not to occur as projected, estimated or intended. Forward-looking information is made based on management's reasonable beliefs, estimates and opinions and is given only as of the date they are made. There can be no assurance that forward-looking information or statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information or statements. The Company does not undertake any obligation to release publicly any revisions to forward-looking information or statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events, except as required by applicable securities laws.

**CAUTIONARY NOTE TO UNITED STATES INVESTORS REGARDING CLASSIFICATION OF MINERAL RESOURCE ESTIMATES** 

This AIF was prepared in accordance with Canadian standards for disclosure regarding the Company's mineral properties, which differ from US standards. In particular, and without limiting the generality of the foregoing, the technical and scientific information contained and incorporated by reference in this AIF (see "*Documents Incorporated by Reference*" above) was prepared in accordance with NI 43-101 under the guidelines set out in the Canadian Institute of Mining, Metallurgy and Petroleum Standards for Mineral Resources and Mineral Reserves, Definitions and Guidelines, which differs from the standards adopted by the US Securities and Exchange Commission (the "**SEC**") under the US *Securities Exchange Act of 1934*, as amended (the "**Exchange Act**"). Accordingly, any estimates of the Company's mineral resources, and any other technical and scientific information included or incorporated by reference in this AIF, may differ materially from the information that would be disclosed by a US company subject to the SEC standards under the Exchange Act.

**CORPORATE STRUCTURE**

**Name, Address and Incorporation**

The Company was incorporated on August 2, 2018 pursuant to the provisions of the *Business Corporations Act* (British Columbia) ("**BCBCA**") under the name "Eagle Bay Resources Corp.". The Company changed its name from "Eagle Bay Resources Corp." to "Apex Critical Metals Corp." on May 1, 2024.

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The head office and principal business address of the Company is located at Suite 1450 - 789 West Pender Street, Vancouver, BC V6C 1H2, and its registered and records office is located at Suite 800 - 885 West Georgia Street, Vancouver, British Columbia, Canada, V6C 3H1. The Company is a reporting issuer in the provinces of British Columbia and Ontario.

Effective March 15, 2022, the Common Shares commenced trading on the Canadian Securities Exchange (the "**CSE**") under the trading symbol "EBR". The Company changed its trading symbol to "APXC" on May 1, 2024 following its name change to "Apex Critical Metals Corp." The Company also trades on the OTCQX Best Market (the "**OTCQX**") under the trading symbol "APXCF" and the Frankfurt Stock Exchange ("**FSE**") under the trading symbol "KL9".

**Inter-Corporate Relationships**

As at the date of this AIF and the financial year ended July 31, 2025, the Company had no subsidiaries.

**GENERAL DEVELOPMENT OF THE BUSINESS**

**Three Year History**

***During the Year Ended July 31, 2023***

* On December 1, 2022, the Company entered into a management services agreement dated December 1, 2022 between the Company and Zimtu Capital Corp. (TSX-V:ZC) ("**Zimtu**"), as amended by an amendment dated January 21, 2023, pursuant to which the Company retained Zimtu to provide administrative and management services. Zimtu shares common directors and officers with the Company, being Sean Charland and Jody Bellefleur.

* On December 2, 2022, the Company entered into a property purchase agreement with Marvel Discovery Corp. ("**Marvel**"), whereby the Company agreed to sell four claims comprising the Prince Property to Marvel for cash consideration of $26,649.

* On December 5, 2022, the Company completed a non-brokered private placement raising aggregate gross proceeds of $60,000, which consisted of 90,000 "flow-through" units of the Company ("**FT Units**") priced at $0.667 per FT Unit. Each FT Unit consisted of one Common Share, issued as a "flow-through share" within the meaning of the *Income Tax Act* (Canada) (each, a "**FT Share**"), and one non-transferable Warrant, with each Warrant entitling the holder to acquire one Common Share for a period of one year from the date of issuance at a price of $1.00 per Common Share in the first six months and $1.333 per Common Share in the last six months.

* On December 13, 2022, the Company filed a preliminary long form prospectus dated December 12, 2022 (the "**Preliminary Prospectus**") with the British Columbia Securities Commission ("**BCSC**"), as principal regulator, and the Ontario Securities Commission ("**OSC**").

* On February 28, 2023, the Company filed the final long form prospectus (non-offering) (the "**Final Prospectus**") with the BCSC, as principal regulator, and the OSC, as receipted by the BCSC on March 1, 2023. In connection with the Final Prospectus the Company entered into: (i) an escrow agreement dated February 28, 2023 (the "**Escrow Agreement**") among the Company, Odyssey Trust Company ("**Odyssey**"), as escrow agent, and each of the securityholders of the Company party thereto pursuant to National Policy 46-201 - *Escrow for Initial Public Offerings* for the escrow of certain Common Shares held by such securityholders; and (ii) a voluntary escrow agreement dated February 28, 2023 among the Company, Odyssey, as escrow agent, and Arctic Star Exploration Corp. ("**Arctic Star**") for the escrow of certain Common Shares held by Arctic Star.

* On March 14, 2023, the Company announced that the Common Shares received approval for listing on the CSE and will commence trading on March 15, 2023 under the trading symbol "EBR". The Company further announces that it had, a total of 7,928,179 Common Shares issued and outstanding and that of the 4,432,500 Common Shares owned by management, directors, and Zimtu, a total of 443,250 Common Shares (10%) will be released from escrow in connection with the commencement of trading on the CSE, while 3,989,250 Common Shares will remain in escrow, with batches of 664,875 Common Shares released every six months over a period of three years in accordance with the Escrow Agreement.

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* On June 28, 2023, the Company announced that it: (i) completed a compilation of the extensive historical exploration database of diamond drilling, geophysics, soil geochemistry, and geological mapping of the Company's CAP property and Carbo property; and (ii) entered into an agreement dated May 1, 2023 (the "**Zimtu Advantage Agreement**") between the Company and Zimtu, pursuant to which Zimtu shall provide the Company services under the Zimtu ADVANTAGE program, a comprehensive marketing service designed for public companies.

***During the Year Ended July 31, 2024***

* On August 24, 2023, the Company announced that, effective August 24, 2023, Mr. Sean Charland was appointed as President, Chief Executive Officer & Director of the Company, Mr. David Hodge resigned from his positions as Chief Executive Officer and a Director of the Company, and Mr. Michael Schuss resigned from his position as a Director of the Company.

* On October 11, 2023, the Company announced that it will be seeking CSE approval to consolidate all of its issued and outstanding Common Shares on the basis of 10:1, with each ten (10) pre-consolidated Common Shares being consolidated into one post-consolidated Common Share (the "**Consolidation**").

* On October 18, 2023, the Company announced that, further to its news release dated October 11, 2023: (i) it set October 25, 2023 as the record date for the Consolidation; and (ii) Odyssey will mail out a Letter of Transmittal to the shareholders of record on October 25, 2023 providing instructions on exchanging pre-Consolidation share certificates for post-Consolidation share certificates.

* On October 24, 2023, the Company announced its intention to undertake a non-brokered private placement consisting of the issuance of up to 1,500,000 units of the Company ("**Units**") at a price of $0.50 per Unit to raise aggregate gross proceeds of up to $750,000 (the "**October 2023 Placement**"), with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share at a price of $0.67 per Common Share for a period of two years from the closing of the October 2023 Placement. The Company further announced that: (i) it anticipated that a majority of the net proceeds of the October 2023 Placement will be used for property exploration and any remaining funds will be allocated to general working capital; and (ii) that any participation by insiders of the Company in the October 2023 Placement will constitute a "related party transaction" under Multilateral Instrument 61-101 - *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**") but any such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

* On November 22, 2023, the Company announced its intention to undertake a non-brokered private placement offering of up to 3,409,091 FT Units at a price of $0.73 per FT Unit to raise aggregate gross proceeds of up to $250,000 (the "**November 2023 FT Placement**"), with each FT Unit consisting of one FT Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share at a price of $0.195 per Common Share for a period of two years from closing of the November 2023 FT Placement. The Company further announced that: (i) it will use the gross proceeds from the sale of the FT Units to incur eligible "Canadian exploration expenses" ("**CEE**") that will qualify as "flow-through mining expenditures" as such terms are defined in the *Income Tax Act* (Canada) related to the Company's CAP Project; and (ii) that any participation by insiders of the Company in the November 2023 FT Placement will constitute a "related party transaction" under MI 61-101 but any such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101. The Company did not complete the November 2023 FT Placement.

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* On December 15, 2023, the Company announced that it has completed the October 2023 Placement and issued a total of 14,999,850 Units at a price of $0.05 per Unit, raising aggregate proceeds of $749,993. The Company further announced that: (i) proceeds of the October 2023 Placement will be used for property exploration and general working capital; (ii) certain directors and officers of the Company and Zimtu participated in the October 2023 Placement and purchased a total of 5,899,950 Units and, accordingly, the October 2023 Placement constituted a "related party transaction" under MI 61-101 but is exempt from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(c) and 5.7(1)(b) of MI 61-101; (iii) the Company did not file a material change report 21 days before closing as the details of the insider participation were not known at that time; (iv) immediately prior to the acquisition of the Units pursuant to the October 2023 Placement, Zimtu beneficially owned 3,171,750 Common Shares representing 40.01% of the issued and outstanding Common Shares of the Company, and that as a result of the October 2023 Placement and the acquisition of the Units thereunder, Zimtu beneficially owned 5,571,750 Common Shares, representing 24.3% of the issued and outstanding shares of the Company; and (v) Zimtu acquired the Units and the underlying securities for investment purposes and in the future, it may discuss with management and/or the board of directors of the Company (the "**Board**") any of the transactions listed in clauses (a) to (k) of Item 5 of Form F1 of National Instrument 62-103 - *The Early Warning System and Related Take-over Bid and Insider Reporting Issues* and it may further purchase, hold, vote, trade, dispose or otherwise deal in the securities of the Company, in such manner as it deems advisable to benefit from changes in market prices of the Company's securities, publicly disclosed changes in the operations of the Company, its business strategy or prospects, or from a material transaction of the Company, and it will also consider the availability of funds, evaluation of alternative investments and other factors.

* On February 28, 2024, the Company announced its intention to undertake a non-brokered private placement consisting of the issuance of 11,250,000 Units at a price of $0.067 per Unit to raise aggregate gross proceeds of $750,000 (the "**February 2024 Placement**"), with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share at a price of $0.10 per Common Share for a period of two years from the closing of the February 2024 Placement. The Company further announced that: (i) it anticipated that a majority of the net proceeds of the February 2024 Placement will be used for property exploration and any remaining funds will be allocated to general working capital; and (ii) that any participation by insiders of the Company in the February 2024 Placement will constitute a "related party transaction" under MI 61-101 but any such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

* On April 15, 2024, the Company announced that it completed the February 2024 Placement and issued a total of 11,325,000 Units at a price of $0.067 per Unit, raising aggregate proceeds of $755,000. The Company further announced that: (i) proceeds of the February 2024 Placement will be used for property exploration and general working capital; (ii) certain directors and officers of the Company and Zimtu participated in the February 2024 Placement and purchased a total of 1,125,000 Units and, accordingly, the February 2024 Placement constituted a "related party transaction" under MI 61-101 but is exempt from the formal valuation and minority shareholder approval requirements pursuant to sections 5.5(c) and 5.7(1)(b) of MI 61-101; and (iii) the Company did not file a material change report 21 days before closing as the details of the insider participation were not known at that time.

* On April 26, 2024, the Company announced that Jason Birmingham, a founding Director of the Company, resigned from the Company's Board to pursue other interests. The Company further announced that: (i) it granted an aggregate of 1,950,000 Options to purchase up to 1,950,000 Common Shares to certain directors, officers and consultants of the Company under its Equity Incentive Plan (as defined herein); (ii) the Options are exercisable for a period of five years from the date of the grant, expiring on April 26, 2029, at a price of $0.13 per Common Share; and (iii) the Options will vest as to 33% on the date that is three months from the date of the grant, 33% on the date that is twelve months from the date of the grant, and the final 34% on the date that is 24 months from the date of the grant.

* On May 1, 2024, the Company changed its name from name to "Apex Critical Metals Corp." from "Eagle Bay Resources Corp." and began trading on the CSE under the new name and stock symbol "APXC".

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* On May 15, 2024, the Company announced it appointed Joness Lang as an independent director of the Company. The Company further announced that: (i) it granted Mr. Lang 300,000 Options to purchase up to 300,000 Common Shares under its Equity Incentive Plan; (ii) the Options are exercisable for a period of five years from the date of the grant, expiring on May 8, 2029, at a price of $0.167 per Common Share; and (iii) the Options will vest as to 33% on the date that is three months from the date of the grant, 33% on the date that is twelve months from the date of the grant, and the final 34% on the date that is 24 months from the date of the grant.

* On May 24, 2024, the Company announced that it has entered into an agreement (the "**James Bay Agreement**") with DG Resource Management Ltd. ("**DG Resource**") to acquire a 50% interest in a group of mineral claims (the "**James Bay Property Portfolio**") located in the James Bay region of Québec, Canada (which includes the Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus and Bruce Lake projects) for consideration of $125,000 in cash, and the acquisition is a "related party transaction" within the meaning of MI 61-101 as Jody Dahrouge, a director of the Company, is also a director and officer of DG Resource, but the transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the exemptions set out in subsections 5.5(a)and 5.7(1)(a) of MI61-101.

* On May 29, 2024, the Company announced that: (i) its Common Shares were approved for trading under the symbol "APXCF" on the OTCQB Venture Market ("**OTCQB**") effective May 29, 2024; and (ii) the Common Shares will also be eligible for electronic clearing and settlement in the US through the Depository Trust Company ("**DTC**"). DTC eligibility is expected to simplify the process of trading and to enhance liquidity of the Common Shares in the US.

* On June 6, 2024, the Company announced that it entered into an earn-in option agreement dated June 6, 2024 (the "**Earn-In Option Agreement**") among the Company, Discovery Energy Metals Corp. (CSE: DEMC) ("**DEMC**") and DG Resource, on the James Bay Property Portfolio, which includes the Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus and Bruce Lake projects located within the James Bay Region, Québec. Upon and subject to the terms of the Earn-In Option Agreement, Apex and DG Resource agreed to grant DEMC the sole and exclusive right and option (the "**DL Option**") to acquire, as to 40% from DG Resource and as to 40% from Apex, an undivided 80% earned interest in the Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus and Bruce Lake projects, free and clear of any encumbrance, subject only to a 2% gross overriding net smelter return (NSR) royalty payable as to 1% to each of DG Resource and the Company. To maintain the DL Option in good standing, DEMC agreed to issue 5,000,000 common shares of DEMC (2,500,000 to Apex and 2,500,000 to DG Resource) within five days of signing the Earn-In Option Agreement and a incur a minimum expenditure of $1,000,000 on or before the date that is six months from the effective date of the Earn-In Option Agreement. The Company further announced it renewed the Zimtu Advantage Agreement for an additional one-year term.

* On June 12, 2024, the Company announced its intention to undertake a non-brokered private placement consisting of the issuance of up to 7,500,000 Units at a price of $0.267 per Unit to raise aggregate gross proceeds of up to $2,000,000 (the "**June 2024 Placement**"), with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share at a price of $0.40 per Common Share for a period of one year from the closing of the June 2024 Placement. The Company further announced that: (i) it anticipated that a majority of the net proceeds of the June 2024 Placement will be used for property exploration and any remaining funds will be allocated to general working capital; and (ii) that any participation by insiders of the Company in the June 2024 Placement will constitute a "related party transaction" under MI 61-101 but any such participation is expected to be exempt from the formal valuation and minority shareholder approval requirements of MI 61-101.

* On July 5, 2024, the Company announced that it has completed the first tranche of the June 2024 Placement and issued a total of 3,750,000 Units at a price of $0.267 per Unit, raising aggregate proceeds under the first tranche of $1,000,000.

* On July 5, 2024, the Company announced its intention to undertake a non-brokered private placement offering of up to 2,307,692 FT Units at a price of $0.43 per FT Unit to raise aggregate gross proceeds of up to $1,000,000 (the "**July 2024 FT Placement**"), with each FT Unit consisting of one FT Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share at a price of $0.67 per Common Share for a period of two years from closing of the July 2024 FT Placement.

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* On July 8 and 9, 2024, the Company announced that it entered into an investor relations agreement dated June 25, 2024 (the "**Rumble IR Agreement**") with Rumble Strip Media Inc. ("**Rumble**") to enhance it's investor awareness. Pursuant to the Rumble IR Agreement, Rumble agreed to provide certain social media, marketing and consulting services to Apex for an initial term of three months, from August 1, 2024 to October 1, 2024.

* On July 17, 2024, the Company announced that (i) it commenced a field exploration program at its CAP Project (the "**2024 Exploration Program**"); (ii) the activities entail prospecting, geological mapping, rock and soil sampling to confirm previously identified niobium mineralization in both historical surface samples and drilling; (iii) the exploration work was anticipated to outline areas prospective for follow-up drill testing; (iv) the field exploration will be completed by DGC of Edmonton, Alberta, a private company controlled by Jody Dahrouge, a director of Apex; (v) exploration activities are anticipated to expand upon a pre-existing soil grid that demonstrated niobium anomalies which correlated with the eastern margin of the known magnetic and radiometric anomaly; (vi) field crews will continue to prospect near the previously identified carbonatite boulders and outcrops; and (vii) previously identified outcrop exposure was limited to drainage systems, with much of the CAP Project area covered by thick soil profiles and/or glacial till.

***During the Year Ended July 31, 2025***

* On August 19, 2024, the Company announced that it completed the second and final tranche of the June 2024 Placement and issued a total of 3,750,000 Units at a price of $0.267 per Unit, raising aggregate proceeds under the second tranche of $1,000,000. The Company further announced that: (i) proceeds of the June 2024 Placement will be used for property exploration and general working capital; and (ii) an insider of the Company subscribed for a total of 93,750 Units under the second tranche, which is a "related party transaction" within the meaning of MI 61-101 but is exempt from the valuation requirement of MI 61-101 by virtue of the exemptions contained in section 5.5(a) and 5.7(1)(b) of MI 61-101.

* On September 24, 2024, the Company announced that it completed the July 2024 FT Placement by issuing 906,346 FT Units at a price of $0.43 per FT Unit to raise aggregate gross proceeds of $392,749.50.

* On October 31, 2024, the Company announced: (i) it is undertaking a forward split of all of its issued and outstanding Common Shares on the basis of one and one-half (1.5) new Common Shares for one (1) old Common Share (1.5:1) (the "**Forward Split**", and together with the Consolidation, the "**Capital Adjustments**"); and (ii) all shareholders of record on November 7, 2024 will be entitled to receive one half of one (.5) additional Common Share pursuant to the Forward Split.

* On November 12, 2024, the Company announced the results of its 2024 Exploration Program at the CAP Project. The 2024 Exploration Program was completed during July 2024, with a total of 32 rock samples, 373 soil samples and 26 stream concentrate samples collected. The objectives were to validate and expand upon previously identified niobium mineralization from historical surface samples and drilling in 2017. All assay results from the 2024 Exploration Program were received and the exploration work proved highly successful, with significant results returned from all sampling approaches. The analytical data will be utilized to generate targets for a planned 2025 drill program.

* On November 26, 2024, the Company announced the acquisition of the Bianco Carbonatite Project (the "**Bianco Project**"), located in northwestern Ontario near the community of Big Beaver House, situated approximately 12½ km southwest of the Kingfisher Lake First Nation and 156 km north of Pickle Lake, Ontario, pursuant to a sale agreement dated November 26, 2024 (the "**Bianco Agreement**"), among the Company and DG Resource. The Bianco Project comprises 85 single cell mining claims, encompassing approximately 9,229.3 acres (~3,735 hectares). The Bianco Project covers a large carbonatite complex which has seen little to no historical exploration. The Company has agreed to acquire a 100% interest in the claims comprising the Bianco Project for cash consideration of $30,000. In addition, the Company will grant to DG Resource a 2% NSR royalty interest in the future minerals produced from the Bianco Project upon achieving commercial production. The acquisition of the Bianco Project is a "related party transaction" within the meaning of MI 61-101 as Jody Dahrouge, a director of the Company, is also a director and officer of DG Resource. The transaction is exempt from the formal valuation and minority shareholder approval requirements of MI 61-101 based on the exemptions set out in subsections 5.5(a) and 5.7(1)(a) of MI 61-101.

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* On December 18, 2024, the Company announced that it extended the term of the Rumble IR Agreement, pursuant to which Rumble will continue to provide certain social media, marketing and consulting services to Apex for a three month term commencing December 11, 2024 and ending March 11, 2025.

* On December 19, 2024, the Company announced its intention to undertake a non-brokered private placement offering of up to 4,200,000 Units at a price of $0.60 per Unit, for aggregate proceeds of up to $2,520,000 (the "**December 2024 Placement**"), with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share at a price of $0.75 per Common Share for a period of two years from the closing of the December 2024 Placement.

* On December 30, 2024, the Company announced that it completed the December 2024 Placement and issued a total of 4,200,000 Units at a price of $0.60 per Unit, for aggregate proceeds of $2,520,000. The Company further announced that: (i) proceeds of the December 2024 Placement will be used for property exploration and general working capital; and (ii) certain insiders of the Company subscribed for a total of 303,336 Units, which constitutes a "related party transaction" within the meaning of MI 61-101, but is exempt from the valuation and minority shareholder approval requirements of MI 61-101 by virtue of the exemptions contained in section 5.5(a) and section 5.7(1)(b) of MI 61-101.

* On February 5, 2025, the Company announced that it acquired the Lac Le Moyne Carbonatite Project (the "**Lac Le Moyne Project**") as part of its strategic goal to investigate potential high-value opportunities to meet the growing demand of strategic metals across a variety of critical domestic industries. Located in northeastern Québec near the community of Kuujjuaq, the Lac Le Moyne Project consists of 86 map staked claims totalling approximately 9,946 acres (~4,025 hectares). The Lac Le Moyne Project was acquired for its potential to host carbonatite-related mineralization. The Lac Le Moyne Project was acquired pursuant to a sale agreement dated January 24, 2025 (the "**Lac Le Moyne Agreement**"), among the Company and SCD Investment Corp. (Simon Dahrouge) and Robin Day (the "**Lac Le Moyne Vendors**"), pursuant to which the Company has agreed to acquire a 100% undivided interest in the claims comprising the Lac Le Moyne Project for total consideration payable over a 3-year period of $100,000 in cash and issue to Lac Le Moyne Vendors a total of 200,000 Common Shares. In the event a material drill intersection of niobium mineralization is identified on the Lac Le Moyne Project, an additional 500,000 "bonus" Common Shares are payable to Lac Le Moyne Vendors by the Company. In addition, the Company granted the Lac Le Moyne Vendors a 2% NSR royalty interest in the future minerals produced from the claims comprising the Lac Le Moyne Project upon achieving commercial production.

* On February 14, 2025 the Company announced its intention to undertake a non-brokered private placement offering of up to 1,530,612 FT Shares at a price of $0.98 per FT Share for aggregate gross proceeds of up to $1,500,000 (the "**February 2025 FT Placement**").

* On February 21, 2025, the Company announced that it has completed the February 2025 FT Placement by issuing a total of 1,530,612 FT Shares at a price of $0.98 per FT Share for gross proceeds of $1,499,999.76.

* On February 21, 2025, the Company announced that it extended the Rumble IR Agreement, pursuant to which Rumble will continue to provide certain social media, marketing and consulting services to Apex for a three month term commencing March 11, 2025 and ending June 11, 2025.

* On March 14, 2025, the Company announced that it granted an aggregate of 5,000,000 Options exercisable to purchase up to 5,000,000 Common Shares to certain directors, officers and consultants of the Company under its Equity Incentive Plan. The Options are exercisable for a period of 5 years from the date of grant, expiring on March 14, 2030, at a price of $0.85 per Common Share. The Options will vest as to 33% on the date that is four months from the grant, 33% on the date that is eight months from the date of the grant and the final 34% on the date that is twelve months from the date of the grant.

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* On June 9, 2025, the Company announced that: (i) the 2025 field exploration programs at the newly acquired Bianco Project and Lac Le Moyne Project will commence; and (ii) Apex engaged DGC to undertake the field work for the two projects. The Company further announced that it renewed the Zimtu Advantage Agreement for an additional one year term. Zimtu is a Non-Arm's Length Party to the Company (as that term is defined in the policies of the TSX Venture Exchange) by virtue of the Company and Zimtu sharing common directors and officers (Mr. Charland and Ms. Bellefleur). The Company's entry into the Zimtu Agreement was approved by the Company's Board, absent Mr. Charland and Ms. Bellefleur, who disclosed their relationship with Zimtu and recused themselves.

* On June 19, 2025, the Company announced it received a five-year Multi-Year Area-Based Exploration Permit ("**MYAB**") and has advanced plans for a 2025 summer diamond drill program at its CAP Project (the "**CAP 2025 Drill Program**"). Apex received a five-year MYAB Exploration Permit (Permit Number MX-11-251, the "**MYAB Permit**"), effective November 6, 2024, which encompasses most of the CAP Project. The MYAB Permit allows for Apex to conduct up to 60 diamond drill holes and perform targeted drilling along the niobium trend to determine its continuity and width.

* On July 10, 2025, the Company announced it finalized a drill contract with Quesnel Bros. Diamond Drilling Ltd. for its fully funded CAP 2025 Drill Program. The planned heli-supported diamond drill program will comprise up to 1,500 metres of NQ core drilling and scheduled to commence mid-July 2025, with crews operating on a 24-hour rotation from a helicopter-supported camp. The CAP 2025 Drill Program will be fully supported by DGC, Apex's long-term technical partner. The CAP 2025 Drill Program will test high-priority niobium and REE targets defined by the Company's 2024 Exploration Program.

* On July 22, 2025, the Company announced the arrival of a Hydracore 2000 heli-portable drill rig, with crews now mobilizing, to the CAP Project in preparation for the CAP 2025 Drill Program.

* On July 30, 2025, the Company announced that it has commenced the CAP 2025 Drill Program, focusing initially on its highest-priority targets from the Company's 2024 Exploration Program**.**

***Subsequent to the Year Ended July 31, 2025***

* On August 1, 2025, the Company announced it had qualified to uplist from the OTCQB to the OTCQX and began trading on OTCQX under the symbol "APXCF."

* On August 12, 2025, the Company provided an update on its CAP 2025 Drill Program and announced that four drill holes (CAP25-005, 006, 007 and 008) were completed, for a total of 1,097 m, near the eastern extremity of the coincident soil geochemical and geophysical anomaly identified in prior exploration. All drill holes intersected various intervals of carbonatite, fenite, and/or syenite that range from a few metres to more than 300 m drilled thickness (i.e., core length).

* On August 21, 2025, the Company announced that it extended the Rumble IR Agreement, pursuant to which Rumble will continue to provide certain social media, marketing and consulting services to Apex for a three month term commencing August 20, 2025 and ending November 20, 2025.

* On August 27, 2025, the Company provided an update on its CAP 2025 Drill Program and announced that preliminary visual results from drillhole CAP25-006 motivated the Company to request a rush order for the results from the upper 72.5 m from the assay lab. The results confirmed strong niobium mineralization starting at 33.5 m downhole with 36 m at 0.59% Nb₂O₅, including a higher-grade zone of 10 m averaging 1.08% Nb₂O₅. Six drillholes totalling 1,763 m have been completed, with drilling ongoing. The analytical results disclosed correspond to the first 72.5 m of drillhole CAP25-006 only, with assays for the remaining 1,691 m of drilling yet to be reported. Reported downhole intervals are not necessarily indicative of true thickness, as the true thickness of the mineralized zones has not yet been determined.

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* On September 3, 2025, the Company provided an update on a corporate initiative to expand its holdings within the US as part of a broader positioning within the North American critical minerals sector. The Company, via its local agent Key Landmark LLC, acquired rights to explore and options to purchase a ~2,407-acre midwestern US-based property package comprised of certain mineral rights within the Elk Creek Carbonatite Complex located in southeastern Nebraska, US (the "**Rift Project**"), which it considers highly prospective for REE and critical mineral mineralization based on a historic exploration data set available to the Company. The Rift Project covers a large portion of a rare metal complex which has been known for more than 50 years but remains largely underexplored. DGC has been retained to review the historical exploration data and provide recommendations going forward. The Company acquired the rights to explore, as well as an option to purchase mineral interests in respect of the Rift Project, for an aggregate purchase price of $567,472.84. The Company has the option to purchase mineral interests in respect of the Rift Project by paying the sum of US$10,000 per acre. If the option is exercised by the Company, an aggregate 2.5% NSR royalty is payable, with Apex retaining the right to repurchase 0.25% of the NSR royalty for US$500,000, thereby reducing it to 2.25%.

* On September 8, 2025, the Company announced the establishment of its Technical Advisory Board and welcomes the appointment of its inaugural member Alex Knox, M.Sc., P.Geo. The Technical Advisory Board will provide strategic guidance and technical expertise to support the advancement of the Company's growing portfolio of high-potential projects. The Company further announced that: (i) it granted an aggregate of 1,760,000 Options to purchase up to 1,760,000 Common Shares to certain directors, officers and consultants of the Company under its Equity Incentive Plan; (ii) the Options are exercisable for a period of 5 years from the date of grant, expiring on September 8, 2030, at a price of $1.97 per Common Share; and (iii) the Options will vest as to 33% on the date that is four months from the grant, 33% on the date that is eight months from the date of the grant and the final 34% on the date that is twelve months from the date of the grant. Additionally, the Company announced that is granted an aggregate of 1,660,000 RSUs (as defined herein) which will vest on the date that is four months from the date of grant, provided that the holder may, upon written notice to the Company on or before the vesting date, elect to defer vesting of certain of the RSUs such that the RSUs shall vest as to one quarter (1/4) every four months with the initial vesting date being the date that is four months from the date of grant. Each RSU represents the right to receive, once vested, one Common Share. Finally, the Company also announced its intention to undertake a non-brokered private placement offering of up to 800,000 FT Units at a price of $2.00 per FT Unit to raise aggregate gross proceeds of up to $1,600,000 (the "**September 2025 FT Placement**"), with each FT Unit consisting of one FT Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share at a price of $2.50 per Common Share for a period of two years from closing of the September 2025 FT Placement.

* On October 1, 2025, the Company provided an update regarding the acquisition of certain mineral rights with respect to the Rift Project located in the Elk Creek Carbonatite Complex in southeastern Nebraska, US. The Company has secured highly prospective REE mineral rights to key underexplored areas of the Rift Project, comprised of two target areas of known REE mineralization (East Zone and West Zone). Apex's Rift Project area (~2,784 acres) now represents the largest position in the Elk Creek Carbonatite Complex. The State of Nebraska is considered a favourable jurisdiction for development with private land ownership facilitating streamlined permitting path. The Company is continuing to compile historically available data and is actively planning an inaugural Q4-2025 exploration program, including drilling. The Rift Project includes exploration rights and purchase options for approximately 2,784 acres (~1,127 hectares) within the Elk Creek Carbonatite Complex. The Company's property position is considered highly prospective for REE mineralization based on extensive historical exploration data.

* On October 7, 2025, the Company announced its intention to undertake a non-brokered private placement offering of up to 2,000,000 Units at a price of $2.50 per Unit, for aggregate proceeds of up to $5,000,000 (the "**October 2025 Placement**"), with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share at a price of $3.00 per Common Share for a period of two years from the closing of the October 2025 Placement.

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* On October 8, 2025, the Company announced that it upsized the October 2025 Placement due to strong investor demand, from 2,000,000 Units for gross proceeds of up to $5,000,000 to 4,000,000 Units for gross proceeds of $10,000,000. All other terms of the October 2025 Placement remain unchanged.

* On October 14, 2025, the Company announced that it acquired additional REE exploration rights within a high-priority target area at the Rift Project, which post-acquisition includes exploration rights and purchase options for an increased total of approximately 3,024 acres (1,224 hectares), encompassing highly prospective portions of the Elk Creek Carbonatite Complex. The Company further announced it is in the process of modelling all historical information for targeted drilling to expand upon the historical REE findings, with an initial focus on the EC-93 and NEC11-004 area, where high-grades of REE mineralization from historical drilling remain open in all directions.

* On October 22, 2025, the Company announced that: (i) it initiated the permitting process with the Nebraska Department of Environment and Energy (NDEE) to conduct exploration activities at the Company's Rift Project; (ii) it completed the September 2025 FT Placement by issuing a total of 800,000 FT Units at a price of $2.00 per FT Unit for gross proceeds of $1,600,000; (iii) it granted an aggregate of 50,000 Options exercisable to purchase up to 50,000 Common Shares and 50,000 RSUs to a consultant of the Company under its Equity Incentive Plan. The Options are exercisable for a period of two years from the date of grant, expiring on October 22, 2027, at a price of $3.82 per Common Share. The Options and the RSUs will vest upon the successful listing by the Company on EuroNext.

* On October 30, 2025, the Company announced that it completed the October 2025 Placement by issuing a total of 4,000,000 Units at a price of $2.50 per Unit for gross proceeds of $10,000,000. In connection with the October 2025 Placement, the Company paid an aggregate of $255,500 in cash and issued an aggregate of 102,200 non-transferable finder's warrants (each, a "**Finder's Warrant**") to certain finders. Each Finder's Warrant entitles the holder thereof to purchase one Common Share at a price of $3.00 per Common Share for a period of two years.

* On November 12, 2025, the Company announced the completion and results from a high resolution airborne geophysical survey completed at the Company's 100%-owned Cap Project in central British Columbia. Highlights included: (i) strong magnetic high measuring approximately 2.2 km x 1.8 km with northwest offshoot; (ii) magnetic anomaly roughly correlates with the 1.8 km niobium-in-soil trend identified in 2024 and confirmed in 2025 drilling; (iii) helicopter borne magnetic and radiometric survey completed by Precision GeoSurveys Inc; (iv) 781 line-km flown at 40 m spacing; (v) assays remain pending for 2,251m of core, with results expected shortly.

* On November 24, 2025, the Company announced that it has commenced an extensive 2025 re-sampling and re-logging program of historical drill core from the Rift Project. The historical drill programs were completed during the 1970s and 1980s by Molycorp Inc., and a substantial portion of the drill core and sample material have been preserved and are available for modern analysis. The Company has retained DGC to oversee the program.

The Company does not anticipate any changes in its business which would be inconsistent with the development of the business discussed under the heading "*Subsequent to the Year Ended July 31, 2025*" above.

**Significant Acquisitions**

The Company did not complete any "significant acquisitions" during the year ended July 31, 2025 for which disclosure is required under Part 8 of National Instrument 51-102 - *Continuous Disclosure Obligations*.

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**BUSINESS DESCRIPTION**

**General**

Apex is a Canadian exploration company specializing in the acquisition and development of properties prospective for carbonatites and alkaline rocks with potential to host economic concentrations of REEs, niobium, gold and copper mineralization. As at the financial year ended July 31, 2025, the Company's principal asset was the CAP Project located in British Columbia, Canada.

None of the Company's mineral properties are at commercial development or production stage. The Company is committed to building a robust portfolio of high quality projects. A general description of the material and non-material mineral projects of the Company is included below under the headings "*Material Mineral Project*" and "*Non-Material Mineral Projects*".

**Specialized Skill and Knowledge**

Various aspects of the Company's business require specialized skills and knowledge. Such skills and knowledge include the areas of exploration and development, geology, drilling, permitting, metallurgy, logistical planning, and accommodation and implementation of exploration programs, as well as legal compliance, finance and accounting. The Company expects to rely upon consultants and others for exploration and development expertise. The Company does not anticipate any difficulties in locating competent employees and consultants in such fields.

**Competitive Conditions**

The mineral exploration and mining industry is competitive in all phases of exploration, development and production. The Company competes with a number of other entities and individuals in the search for and the acquisition of attractive mineral properties, suitable equipment and service providers, as well as the recruitment and retention of suitably qualified individuals. As a result of this competition, the majority of which is with entities with greater financial resources than the Company, the Company may not be able to acquire attractive properties in the future on terms it considers acceptable, or recruit and retain suitable qualified individuals. Finally, the Company competes for investment capital with other resource companies, many of whom have greater financial resources and/or more advanced properties that are better able to attract equity investment and other capital. The abilities of the Company to acquire attractive mineral properties in the future depends not only on its success in exploring and developing its present properties, but also on its ability to select, acquire and bring to production suitable properties or prospects for exploration, mining and development. Factors beyond the control of the Company may affect the marketability of minerals mined or discovered by the Company. Inability to compete may have a materially adverse affect on the financial position and business operations of the Company. See "*Risk Factors*" below.

**Components**

All of the raw materials the Company requires to carry on its business are available through normal supply or business contracting channels in British Columbia, Ontario, Québec and Nebraska. The Company has secured personnel to conduct its currently contemplated programs. It is possible that delays or increased costs may be experienced in order to proceed with drilling activities during the current period. Such delays could significantly affect the Company if, for example, commodity prices fall significantly, thereby reducing the opportunity the Company may have had to develop a particular project had such tests been completed in a timely manner before the fall of such prices. In addition, assay labs are often significantly backlogged, thus significantly increasing the time that the Company waits for assay results. Such delays can slow down work programs, thus increasing field expenses or other costs (such as property payments which may have to be made before all information to assess the desirability of making such payment is known, or causing the Company to not make such a payment and terminate its interest in a property rather than make a significant property payment before all information is available).

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**Cycles**

The Company's mineral exploration activities may be subject to seasonality due to adverse weather conditions including, without limitation, inclement weather, snow covering the ground, frozen ground and restricted access due to rain, snow, ice or other weather-related factors.

In addition, the mining business is subject to global economic cycles which affect the marketability of products derived from mining.

**Intangible Properties**

The Company's business will not be substantially dependent on the protection of any proprietary rights or technologies.

**Economic Dependence**

The Company's business is not substantially dependent on a contract to sell a major part of its products or services or to purchase a major part of its requirements for goods, services or raw materials, or on any franchise or licence or other agreement to use a patent, formula, trade secret, process or trade name upon which its business depends.

**Changes to Contracts**

It is not expected that the Company's business will be affected in the current financial year by the renegotiation or termination of contracts or sub-contracts.

**Environmental Protection**

Environmental risk is inherent with mining operations. The current or future operations of the Company require permits from various governmental authorities. Such operations are governed by laws and regulations that govern prospecting, mining, development, production, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety, and other matters. There can be no assurance that all permits that the Company requires for future exploration and development of mining facilities will be obtainable on reasonable terms or that such laws and regulations would not have an adverse effect on the financial condition or operations of the Company. Should any of the Company's projects advance to the production stage, then more time and money would be involved in satisfying environmental protection requirements.

The legal framework governing mining operations is constantly developing, therefore the Company is unable to fully ascertain any future liability that may arise from the implementation of any new laws or regulations, although such laws and regulations are typically strict and may impose severe penalties (financial or otherwise). The proposed activities of the Company, as with any exploration, may have an environmental impact which may result in unbudgeted delays, damage, loss and other costs and obligations including, without limitation, rehabilitation and/or compensation. There is also a risk that the operations of the Company and financial position may be adversely affected by the actions of environmental groups or any other group or person opposed in general to the activities of the Company.

To address these challenges, the Company actively assesses environmental risks and fosters strong relationships with land stakeholders, including Indigenous communities. By doing so, the Company aligns with applicable regulatory frameworks established by Canadian federal, provincial and municipal authorities which support responsible resource development. The regular granting of operating licenses in British Columbia, Ontario and Québec reflects a structured and predictable regulatory environment, enabling the Company to progress its projects while upholding its environmental and community commitments.

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**Employees and Contractors**

As of the financial year ended July 31, 2025, the Company had (i) one part-time employee, being Sean Charland (Vancouver, BC), who commenced as a part-time employee effective January 1, 2025; and (ii) one contractor, being DGC (Edmonton, Alberta), the Company's long-term technical partner. As of the date of this AIF, the Company has no full-time employees, one part-time employee, and has a small management team.

The Company utilizes consultants and/or contractors to carry on most of its activities and, in particular, to supervise certain work programs on its mineral properties. As the Company continues to expand its activities, it is probable that it will hire employees or additional consultants. Due to a limited exploration season in its British Columbia, Ontario, Québec and Nebraska operations, the Company anticipates its number of contractors will increase from April to October of each year. In addition, contractors and employees may move between locations from time to time as conditions and business opportunities warrant. The loss of any key individual on the management team could negatively affect the business of the Company. Any inability to secure and/or retain appropriate personnel may have a materially adverse effect on the business and operations of the Company. See "*Risk Factors*" below.

**Bankruptcy and Similar Procedures**

There are no bankruptcies, receivership or similar proceedings against the Company, nor is the Company aware of any such pending or threatened proceedings. There have not been any voluntary bankruptcy, receivership or similar proceedings by the Company since its incorporation.

**Social or Environmental Policies**

The Company has not adopted any specific social or environmental policies that are fundamental to its operations (such as policies regarding its relationship with the environment, with the communities in the vicinity of its mineral exploration projects or human rights policies). However, the Company's management, with the assistance of its contractors and advisors, ensures its ongoing compliance with local environmental laws in the jurisdictions in which it does business.

**Material Mineral Projects**

***CAP Project, British Columbia, Canada***

To satisfy the AIF reporting requirements under Form 51-102F2 with respect to the Company's material mineral project as at the financial year ended July 31, 2025, being the CAP Project which is comprised of the CAP property and the Carbo property, the Company has opted, as allowed by the Form 51-102F2, to reproduce the summary from the CAP Technical Report and to incorporate the detailed disclosure into the AIF by reference. Appendix "A" to this AIF contains a summary description of the CAP Project. The information set forth in Appendix "A" is an extract from the CAP Technical Report, which is incorporated into this AIF by reference, and is qualified in its entirety by the CAP Technical Report. See "*Documents Incorporated by Reference*" above. Defined terms and abbreviations used in Appendix "A" and not otherwise defined have the meanings attributed to them in the CAP Technical Report. The CAP Project is an early-stage exploration project requiring further work to determine the extent and economic viability of the REE and niobium mineralization it hosts.

The Carbo property, which forms part of the CAP Project and is adjacent to the CAP property, consolidates multiple historical claim blocks previously known as the Gambier Gold, Wicheeda, and Prince Properties forming a 17-claim package totaling approximately 2,048 hectares. The Company has reorganized and consolidated its mineral properties for more effective exploration and management.

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**Non-Material Mineral Projects**

***West James Bay Properties, Québec***

Apex holds a 50% interest in the James Bay Property Portfolio pursuant to the James Bay Agreement between the Company and DG Resources. The James Bay Property Portfolio includes Mantle, Cirrus East, Cirrus West, Neptune, Alto, Opus, and Bruce Lake projects located within the James Bay Region, Québec. Pursuant to the Earn-In Option Agreement, the Company and DG Resources granted the DL Option to DEMC, pursuant to which DEMC may acquire an 80% interest in the James Bay Property Portfolio by issuing shares and meeting minimum exploration expenditures. The James Bay Property Portfolio collectively targets lithium and pegmatite-hosted mineralization, with claims variably proximal to recent potential discoveries, active pegmatite explorers, and established geological trends.

***Bianco Project, Ontario, Canada***

Apex acquired 100% of the Bianco Project in November 2024, located in northwestern Ontario around 12.5 km southwest of Kingfisher Lake First Nation and 156 km north of Pickle Lake, pursuant to the Bianco Agreement. The Bianco Project comprises 85 single-cell mining claims totaling approximately 9,229 acres (3,735 hectares) and covers a large carbonatite complex first identified and mapped by the Ontario Geological Survey in the 1970s. The Bianco Project is marked by a prominent magnetic anomaly consistent with other regional carbonatite complexes. No significant exploration or drilling has taken place on the property to date, making it an underexplored target. The Bianco Project is an early-stage exploration project requiring further work to determine the extent and economic viability of the REE and niobium mineralization it hosts.

***Lac Le Moyne Project, Ontario, Canada***

Apex acquired 100% of the Lac Le Moyne Project in February 2025, located in northeastern Québec near Kuujjuaq, pursuant to the Lac Le Moyne Agreement. The Lac Le Moyne Project comprises 86 map-staked claims over approximately 9,946 acres (~4,025 hectares). Regional government mapping and radiometric surveys in the 1970s identified several carbonatite outcrops and coincident radiometric anomalies on the Lac Le Moyne Project. There is no record of historical work specifically targeting carbonatite-related mineralization on the Lac Le Moyne Project. The Lac Le Moyne Project is an early-stage exploration project requiring further work to determine the extent and economic viability of the REE and niobium mineralization it hosts.

***Rift Project, Nebraska, US***

Apex acquired highly prospective REE exploration rights and options to purchase mineral rights within the Elk Creek Carbonatite Complex in southeastern Nebraska, US, in September 2025. The Rift Project includes exploration rights and purchase options for approximately 3,024 acres (1,224 hectares). Planned work includes modeling historical data and preparing for new drilling to confirm and expand known mineralization. The Rift Project is an early-stage exploration project requiring further work to determine the extent and economic viability of the REE and niobium mineralization it hosts.

**RISK FACTORS**

An investment in securities of the Company involves significant risks, which should be carefully considered by prospective investors before purchasing such securities. Management of the Company considers the following risks to be most significant for potential investors in the Company, but such risks do not necessarily comprise all those associated with an investment in the Company. Additional risks and uncertainties not currently known to management of the Company may also have an adverse effect on the Company. If any of these risks actually occur, the Company's business, financial condition, capital resources, results of operations and/or future operations could be materially adversely affected.

In addition to the other information set forth elsewhere in this AIF, the following risk factors should be carefully considered when assessing risks related to the Company's business.

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***Commodity Price Fluctuations and Cycles***

Resource exploration is significantly linked to the outlook for commodities. When the price of commodities being explored declines investor interest subsides and capital markets become very difficult. The price of commodities varies on a daily basis and there is no proven methodology for determining future prices. Price volatility could have dramatic effects on the results of operations and the ability of the Company to execute its business plan. The mining business is subject to mineral price cycles. The marketability of minerals and mineral concentrates is also affected by worldwide economic cycles. Fluctuations in supply and demand in various regions throughout the world are common. In recent years, mineral prices have fluctuated widely. Moreover, it is difficult to predict future mineral prices with any certainty. As the Company's business is in the exploration stage and as the Company does not carry on production activities, its ability to fund ongoing exploration is affected by the availability of financing which is, in turn, affected by the strength of the economy and other general economic factors.

The market price of critical minerals, including niobium and REEs, and other base or precious metals is affected by numerous factors beyond the Company's control. Some factors that affect the price of critical minerals, including niobium and REEs, and other base or precious metals: industrial supply and demand of critical, base or other precious metals; forward or short sales of critical, base or other precious metals by producers and speculators; future levels of production; rapid short-term changes in supply and demand due to speculative or hedging activities by producers, individuals or funds; and central bank lending or purchases or sales of critical, base or other precious metals. The price of critical, base or other precious metals is also affected by macroeconomic factors including: confidence in the global monetary system and global economy; expectations of the future rate of inflation; the availability and attractiveness of alternative investment vehicles; general level of interest rates; the strength of, and confidence in, the US dollar, the currency in which the price of critical, base or other precious metals is generally quoted, and other major currencies; global political or economic events, including but not limited to international and geopolitical conflicts and the economic sanctions imposed in relation thereto; and, costs of production of other critical mineral producing companies. All of the above factors can, through their interaction, affect the price of critical, base or other precious metals by increasing or decreasing the demand for or supply critical, base or other precious metals.

Critical minerals, including niobium and REEs, have a number of different applications, including being used in an array of modern technologies (e.g., electric vehicles, magnets, motors, battery alloys, defense systems, etc.). The projected medium-long term demand for critical minerals, including niobium and REEs, is expected to be driven significantly by amongst other factors, including the current anticipated global energy transition to renewable energy, electrification and the transition to electric vehicles, vessels and aircrafts. Alternative technologies are continually being investigated and developed with a view to reducing production costs or for other reasons, such as minimizing environmental or social impact. If competitive technologies emerge that use other materials in place of critical minerals, including niobium and REEs, demand and price for such critical minerals might fall, which could have a material adverse effect on the Company's business, financial condition, results of operations, cash flows or prospects.

***Current Global Market Conditions***

In recent years, global financial markets have experienced increased volatility, and global financial conditions have been subject to increased instability. Trade wars, import tariffs, public protests, rising consumer debt levels, epidemics, pandemics, or outbreaks of new infectious disease or viruses (including most recently, the COVID-19 pandemic), wars and global conflicts, including but not limited to Russia and Ukraine, Israel and Hamas, and Israel and Iran, and the risk of sovereign debt defaults in many countries have caused and continue to cause significant uncertainties in the markets. These have a profound impact on the global economy. Many industries, including the mining sector, were impacted by these market conditions. Some of the key impacts of financial market turmoil include contraction in credit markets resulting in a widening of credit risk, devaluations and high volatility in global equity, commodity, foreign exchange and critical metal markets and a lack of market liquidity. Access to financing for mining companies continues to be negatively impacted by liquidity constraints. These factors may impact the ability of the Company to obtain equity or debt financing and, if available, to obtain such financing on terms favourable to the Company. If these increased levels of volatility and market turmoil continue, the Company's operations and planned growth could be adversely impacted and the trading price of the securities of the Company may be adversely affected.

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***Imposition of US and Import Tariffs***

If high US tariffs are imposed on Canadian products, such as critical minerals (including niobium and REEs), and the Canadian government retaliates with import tariffs on US products, the consequences on the capital markets could adversely impact the Company's ability to raise funds and the cost of the supplies the Company relies on to perform its work programs. The President of the US has repeatedly stated that he intends to impose and/or maintain tariffs on Canadian exports to the US. The eventuality, timing and rates of existing or potential tariffs are difficult to predict at this time. The Company does not currently export products to the US and would not be directly impacted by the imposition of new tariffs on goods imported into the US. However, the economic impact of tariffs on the Canadian economy and the US economy could negatively impact capital markets and the Company's ability to raise funds to undertake its work programs. In addition, the Canadian government has demonstrated its willingness to respond to the imposition of US tariffs by imposing tariffs on US goods imported into Canada. Canadian tariffs on supplies needed for exploration work at the Company's mineral projects that are imported from the US would increase their cost and might impact their availability, which could impair the Company's ability to complete its exploration work at the Company's mineral projects. The indirect effects of tariffs imposed by the US or by both the US and Canada are difficult to assess, but the potential for tariffs represents a risk to the Company's ability to fulfill some of its key objectives.

***Exploration Activities May Not be Successful***

Exploration for, and development of, mineral properties involve significant financial risks, which even a combination of careful evaluation, experience and knowledge may not eliminate. While the discovery of an ore body may result in substantial rewards, few properties that are explored are ultimately developed into producing mines. Major expenditures may be required to establish reserves by drilling, to complete a feasibility study and to construct mining and processing facilities at a site for extracting critical minerals, including niobium and REEs, and other base or precious metals. The Company cannot ensure that its future exploration programs will result in profitable commercial mining operations.

Also, substantial expenses may be incurred on exploration projects that are subsequently abandoned due to poor exploration results or the inability to define reserves that can be mined economically. Development projects have no operating history upon which to base estimates of future cash flow. Estimates of proven and probable reserves and cash operating costs are, to a large extent, based upon detailed geological and engineering analysis. There have been no feasibility studies conducted in order to derive estimates of capital and operating costs including, among others, anticipated tonnage and grades of ore to be mined and processed, the configuration of the ore body, ground and mining conditions, expected recovery rates of critical minerals, including niobium and REEs, and other base or precious metals, and anticipated environmental and regulatory compliance costs.

It is possible that actual costs and economic returns of future mining operations may differ materially from the Company's best estimates. It is not unusual in the mining industry for new mining operations to experience unexpected problems during the start-up phase and to require more capital than anticipated. These additional costs could have an adverse impact on the Company's future cash flows, earnings, results of operations and financial condition.

There is no assurance that, even if commercial quantities of mineral resources are discovered, that these can be sold at a profit. Factors beyond the control of the Company may affect the marketability of any mineral occurrences discovered. The price of critical minerals, including niobium and REEs, and other base or precious metals have experienced volatile and significant price movements over short periods of time, and is affected by numerous factors beyond the control of the Company, including international economic and political trends, expectations of inflation, currency exchange fluctuations (specifically, the US dollar relative to the Canadian dollar and other currencies), interest rates and global or regional consumption patterns (such as the development of consumer and industrial electronics and electric vehicles), speculative activities and increased production due to improved mining and production methods.

***Exploration Stage Operations***

The Company's operations are subject to all of the risks normally incident to the exploration for and the development and operation of mineral properties. The Company has implemented safety and environmental measures designed to comply with or exceed government regulations and ensure safe, reliable and efficient operations in all phases of its operations. The Company maintains liability and property insurance, where reasonably available, in such amounts as it considers prudent. The Company may become subject to liability for hazards against which it cannot insure or which it may elect not to insure against because of high premium costs or other reasons.

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The mineral exploration business is very speculative. All of the Company's properties are at an early stage of exploration. Mineral exploration involves a high degree of risk, which even a combination of experience, knowledge and careful evaluation may not be able to avoid. Few properties that are explored are ultimately developed into producing mines. Unusual or unexpected formations, formation pressures, fires, power outages, labour disruptions, flooding, explosions, cave-ins, landslides and the inability to obtain adequate machinery, equipment and/or labour are some of the risks involved in mineral exploration activities. The Company has relied on and may continue to rely on consultants and others for mineral exploration expertise. Substantial expenditures are required to establish mineral reserves and resources through drilling, to develop metallurgical processes to extract the metal from the material processed and to develop the mining and processing facilities and infrastructure at any site chosen for mining. There can be no assurance that commercial or any quantities of ore will be discovered. There is also no assurance that even if commercial quantities of ore are discovered that the properties will be brought into commercial production or that the funds required to exploit any mineral reserves and resources discovered by the Company will be obtained on a timely basis or at all. The commercial viability of a mineral deposit once discovered is also dependent on a number of factors, some of which are the particular attributes of the deposit, such as size, grade and proximity to infrastructure, as well as prices for critical minerals, including niobium and REEs, and other base or precious metals. Most of the above factors are beyond the control of the Company. There can be no assurance that the Company's mineral exploration activities will be successful. In the event that such commercial viability is never attained, the Company may seek to transfer its property interests or otherwise realize value or may even be required to abandon its business and fail as a "going concern".

***Calculation of Reserves, Resources and Metal Recoveries***

There is a degree of uncertainty attributable to the calculation and estimates of mineral reserves and mineral resources and the corresponding metal grades to be mined and recovered. Until reserves or resources are actually mined and processed, the quantities of mineralization and metal grades must be considered as estimates only. Any material change in the quantity of mineral reserves, mineral resources, grades and recoveries may affect the economic viability of the Company's properties.

***Uncertainty Relating to Mineral Resources***

Mineral resources that are not mineral reserves do not have demonstrated economic viability. Due to the uncertainty which may attach to inferred or indicated mineral resources, there is no assurance that inferred or indicated mineral resources will be upgraded to proven mineral reserves and probable mineral reserves as a result of continued exploration.

No assurance can be given that the anticipated tonnages and grades in respect of any mineral resources established by the Company will be achieved, or that any indicated level of recovery will be realized. There are numerous uncertainties inherent in estimating mineral resources, including many factors beyond the Company's control. Such estimation is a subjective process, and the accuracy of any mineral resource estimate is a function of the quantity and quality of available data and of the assumptions made and judgments used in engineering and geological interpretation. If the Company's actual mineral resources are less than estimates or if the Company fails to develop its mineral resource base through the realization of identified mineralized potential, its results of operations or financial condition may be materially and adversely affected. Evaluation of mineral resources occurs from time to time and they may change depending on further geological interpretation, drilling results and metal prices. The categories of inferred mineral resource and indicated mineral resource should not be relied upon and are subject to a high degree of variability and re-evaluation.

***Additional Funding Requirements***

As the Company's business is in the exploration stage and as the Company does not carry on production activities, it will require additional financing to continue its operations. Its ability to secure additional financing and fund ongoing exploration is affected by the strength of the economy and other general economic factors. There can be no assurance that the Company will be able to obtain adequate financing in the future, or that the terms of such financing will be favourable for further exploration and development of its projects. Failure to obtain such additional financing could result in delay or indefinite postponement of further exploration. Further, revenues, financings and profits, if any, will depend upon various factors, including the success, if any, of exploration programs and general market conditions for natural resources. These conditions indicate the existence of material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern.

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***Specialized Skill and Knowledge***

Various aspects of the Company's business require specialized skills and knowledge. Such skills and knowledge include the areas of permitting, geology, drilling, metallurgy, logistical planning and implementation of exploration programs as well as finance and accounting. The Company's management team and Board provide much of the specialized skill and knowledge. The Company also retains outside consultants as additional specialized skills and knowledge are required. However, it is possible that delays and increased costs may be experienced by the Company in locating and/or retaining skilled and knowledgeable employees and consultants in order to proceed with its planned exploration and development at its mineral properties.

***Competitive Conditions***

The Company competes against other companies to identify suitable exploration properties. Competition in the mineral exploration business is intense, and there is a high degree of competition for desirable mineral leases, suitable prospects for drilling operations and necessary exploration equipment, as well as for access to funds. The Company is competing with many other exploration companies possessing greater financial resources and technical facilities than that currently held by the Company.

***Environmental Protection***

The Company's properties are subject to stringent laws and regulations governing environmental quality. Such laws and regulations can increase the cost of exploring, developing, planning, designing, installing and operating facilities on our properties. However, it is anticipated that, absent the occurrence of an extraordinary event, compliance with existing laws and regulations governing the release of materials in the environment or otherwise relating to the protection of the environment, will not have a material effect upon the Company's current operations, capital expenditures, earnings or competitive position. However, but there can be no assurance that such laws and regulations will not have a material adverse effect on the Company.

***Property Commitments***

The Company's mineral properties and/or interests may be subject to various land payments, royalties and/or work commitments. Failure by the Company to meet its payment obligations or otherwise fulfill its commitments under these agreements could result in the loss of related property interests.

***Environmental Regulatory Risks***

The Company's operations are subject to environmental regulations promulgated by government agencies from time to time, in particular those in British Columbia, where the Company's operations take place. Environmental legislation and regulation provides for restrictions and prohibitions on spills, releases or emissions of various substances produced in association with certain exploration industry operations, such as from tailings disposal areas, which would result in environmental pollution. A breach of such legislation may result in the imposition of fines and penalties. In addition, certain types of operations require the submission and approval of environmental impact assessments. Environmental legislation is evolving in a manner which means stricter standards, and enforcement, fines and penalties for non-compliance are more stringent. Future legislation and regulations could cause additional expenses, capital expenditures, restrictions, liabilities and delays in exploration of any of the Company's properties, the extent of which cannot be predicted. Future legislation and regulations may be dictated by election results or other unpredictable political factors. Environmental assessments of proposed projects carry a heightened degree of responsibility for companies and directors, officers and employees. The cost of compliance with changes in governmental regulations has a potential to reduce the profitability of operations.

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***Climate Change***

Governments are moving to introduce climate change legislation and treaties at the international, national, state/provincial and local levels. Regulations relating to greenhouse gas emission levels (such as carbon taxes) and energy efficiency are becoming more stringent. If the current regulatory trend continues, and the increased transitional risks evolve as society and industry work to reduce its reliance on carbon, the operating costs could increase at its operations. In addition, the physical risks of climate change may also have an adverse effect on the Company's operations. These physical risks include changes in rainfall rates, rising sea levels, reduced water availability, higher temperatures, increased snowpack and extreme weather events. Such events could materially disrupt the Company's operations if they affect the sites of properties, impact local infrastructure or threaten the health and safety of the Company's employees and/or contractors, and there can be no assurances that the Company will be able to predict, respond to, measure, monitor or manage the physical risks posed as a result of climate change factors. Climate-related risks could also result in shifts in demand for certain commodities, including critical metals. The Company's own operations are exposed to climate-related risks as a result of geographical location. The Company has sought to reduce its environmental footprint and located its operations in appropriate facilities; however, the Company's operations may be adversely affected by climate change factors. Therefore, such an event could result in material economic harm to the Company.

The Company acknowledges international and community concerns around climate change. The Company supports initiatives consistent with international initiatives on climate change. While some of the costs associated with reducing greenhouse gas emissions may be offset by increased energy efficiency and technological innovation, the increased government regulation may result in increased costs at some of the Company's mining operations if the current regulatory trend continues.

The occurrence of any climate change violation or enforcement action may have an adverse impact on the Company's operations, the Company's reputation and could adversely affect the Company's results of operations. Also, environmental hazards caused by third parties may exist on a property in which the owners or operators of the mining projects are not aware at present, and which could impair the commercial success, levels of production and continued feasibility and project development and mining operations on these properties.

***Changes in Government Regulation***

Changes in government regulations or the application thereof and the presence of unknown environmental hazards on any of the Company's mineral properties may result in significant unanticipated compliance and reclamation costs. Government regulations relating to mineral rights tenure, permission to disturb areas and the right to operate can adversely affect the Company.

The Company may not be able to obtain all necessary licenses and permits that may be required to carry out exploration on any of its projects. Obtaining the necessary governmental permits is a complex, time consuming and costly process. The duration and success of efforts to obtain permits are contingent upon many variables not within our control. Obtaining environmental permits may increase costs and cause delays depending on the nature of the activity to be permitted and the interpretation of applicable requirements implemented by the permitting authority. There can be no assurance that all necessary approvals and permits will be obtained and, if obtained, that the costs involved will not exceed those that we previously estimated. It is possible that the costs and delays associated with the compliance with such standards and regulations could become such that we would not proceed with the development or operation.

***Properties May be Subject to Defects in Title***

The Company has investigated its rights to explore and exploit its projects and, to the best of its knowledge, its rights are in good standing. However, no assurance can be given that such rights will not be revoked, or significantly altered, to the Company's detriment. There can also be no assurance that the Company's rights will not be challenged or impugned by third parties.

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Although the Company is not aware of any existing title uncertainties with respect to any of its projects, there is no assurance that such uncertainties will not result in future losses or additional expenditures, which could have an adverse impact on the Company's future cash flows, earnings, results of operations and financial condition.

***Dependence on Key Personnel***

The Company's senior officers are critical to its success. In the event of the departure of a senior officer, the Company believes that it will be successful in attracting and retaining qualified successors but there can be no assurance of such success. Recruiting qualified personnel as the Company grows is critical to its success. The number of persons skilled in the acquisition, exploration of mining properties is limited and competition for such persons is intense. As the Company's business activity grows, it will require additional key financial, administrative, mining and exploration personnel, and potentially additional operations staff. If the Company is not successful in attracting and training qualified personnel, the efficiency of its operations could be affected, which could have an adverse impact on future cash flows, earnings, results of operations and the financial condition of the Company.

The mining industry has been impacted by increased worldwide demand for critical resources including industry consultants, engineering firms and technical experts. These shortages have caused increased costs and delays in planned activities. The Company is also dependent upon a number of key personnel, including the services of certain key employees and consultants/contractors. The Company's ability to manage its activities, and hence its success, will depend in large part on the efforts of these individuals. The Company faces intense competition for qualified personnel, and there can be no assurance that Company will be able to attract and retain such personnel. If the Company is unable to attract or retain qualified personnel as required, it may not be able to adequately manage and implement its business plan.

***Conflicts of Interest***

Some of the directors and officers of the Company are or may be engaged in the search for additional business opportunities on behalf of other entities, and situations may arise where these directors and officers will be in direct competition with the Company. Conflicts, if any, will be dealt with in accordance with the relevant provisions of the BCBCA. Some of the directors and officers of the Company are or may become directors or officers of other companies engaged in business ventures in the mineral acquisition and exploration industry.

***Labour and Employment***

To the extent applicable, relations between the Company and its employees may be affected by changes in the scheme of labour relations that may be introduced by the relevant governmental authorities in whose jurisdictions the Company carries on business. Changes in such legislation or in the relationship between the Company and its employees may have a material adverse effect on the Company's business, results of operations and financial condition. As the Company's business grows, it will require additional key financial, administrative, mining, marketing and public relations personnel as well as additional staff for operations.

***Legal and Litigation Risks***

All industries, including the exploration industry, are subject to legal claims, with and without merit. Defense and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, the resolution of any particular legal proceeding to which the Company may become subject could have a material adverse effect on the Company's business, prospects, financial condition, and operating results. Defense and settlement of costs of legal claims can be substantial.

***Risks Relating to Statutory and Regulatory Compliance***

The Company's current and future operations, from exploration through development activities and commercial production, if any, are and will be governed by applicable laws and regulations governing mineral claims acquisition, prospecting, development, mining, production, exports, taxes, labour standards, occupational health, waste disposal, toxic substances, land use, environmental protection, mine safety and other matters. Companies engaged in exploration activities and in the development and operation of mines and related facilities, generally experience increased costs and delays in production and other schedules as a result of the need to comply with applicable laws, regulations and permits. The Company has received all necessary permits for the exploration work it is presently conducting; however, there can be no assurance that all permits which the Company may require for future exploration, construction of mining facilities and conduct of mining operations, if any, will be obtainable on reasonable terms or on a timely basis or at all, or that such laws and regulations would not have an adverse effect on any project which the Company may undertake.

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Failure to comply with applicable laws, regulations and permits may result in enforcement actions thereunder, including the forfeiture of claims, orders issued by regulatory or judicial authorities requiring operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment or costly remedial actions. The Company may be required to compensate those suffering loss or damage by reason of its mineral exploration activities and may have civil or criminal fines or penalties imposed for violations of such laws, regulations and permits. The Company is not currently covered by any form of environmental liability insurance. See "*Risk Factors - Insurance Risk*" below.

Existing and possible future laws, regulations and permits governing operations and activities of exploration companies, or more stringent implementation thereof, could have a material adverse impact on the Company and cause increases in capital expenditures or require abandonment or delays in exploration.

***Insurance Risk***

The Company is subject to a number of operational risks and may not be adequately insured for certain risks, including: accidents or spills, industrial and transportation accidents, which may involve hazardous materials, labour disputes, catastrophic accidents, fires, blockades or other acts of social activism, changes in the regulatory environment, impact of non-compliance with laws and regulations, natural phenomena such as inclement weather conditions, floods, earthquakes, ground movements, cave-ins, and encountering unusual or unexpected geological conditions and technological failure of exploration methods.

There is no assurance that the foregoing risks and hazards will not result in damage to, or destruction of, the properties of the Company, personal injury or death, environmental damage or, regarding the exploration activities of the Company, increased costs, monetary losses and potential legal liability and adverse governmental action, all of which could have an adverse impact on the Company's future cash flows, earnings, results of operations and financial condition. The payment of any such liabilities would reduce the funds available to the Company. If the Company is unable to fully fund the cost of remedying an environmental problem, it might be required to suspend operations or enter into costly interim compliance measures pending completion of a permanent remedy.

No assurance can be given that insurance to cover the risks to which the Company's activities are subject will be available at all or at commercially reasonable premiums. The Company is not currently covered by any form of environmental liability insurance, since insurance against environmental risks (including liability for pollution) or other hazards resulting from exploration activities is unavailable or prohibitively expensive. This lack of environmental liability insurance coverage could have an adverse impact on the Company's future cash flows, earnings, results of operations and financial condition.

***Limited Operating History and No History of Earnings***

The Company has a limited history operations and has no history of operating earnings. The likelihood of success of the Company must be considered in light of the problems, expenses, difficulties, complications and delays frequently encountered in connection with the establishment of any business. The Company has limited financial resources and there is no assurance that additional funding will be available to it for further operations or to fulfill its obligations under applicable agreements. There is no assurance that the Company will ultimately generate revenues, operate profitably, or provide a return on investment, or that it will successfully implement its plans.

In addition, the Company's activities are focused primarily on opportunities in the Provinces of British Columbia, Ontario and Quebec, Canada, as well as the State of Nebraska, US. In particular, any adverse changes or developments affecting the CAP Project would have a material and adverse effect on the Company's business, financial condition, results of operations and prospects.

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***Tax Risks***

The Company was partly financed by the issuance of "flow-through" Common Shares; however, there is no guarantee that the funds spent by the Company will qualify as "Canadian exploration expenses" or "flow-through mining expenditures" (as such terms are defined in the *Income Tax Act* (Canada)), even if the Company has committed to take all the necessary measures for this purpose. Refusals of certain expenses by tax authorities could have negative tax consequences for investors and, in such an event, the Company may have to indemnify each flow-through Common Share subscriber for any additional taxes. In addition, the Company was partly financed by eligible subscribers residing in the province of Québec; however, there is no guarantee that: (i) funds spent by the Company with respect to any of its mineral properties in Québec will qualify as CEE that qualifies as "exploration base relating to certain Québec exploration expenses" incurred in Québec, within the meaning of section 726.4.10 of the Taxation Act (Québec); and (ii) that certain surface mining CEE incurred in Québec, if any, qualifies as "exploration base relating to certain Québec surface mining exploration expenses" within the meaning of section 726.4.17.2 of the Taxation Act (Québec).

Flow-through financing, combined with provincial tax credits that may be available from time to time, are important sources of capital for financing exploration programs. Any material changes in these programs, or the inability or failure by the Company to utilize these programs, could adversely affect the Company's operations.

***Claims by Investors Outside of Canada***

The Company is incorporated under the laws of British Columbia and its head office is located in Vancouver, British Columbia. All of the Company's directors and officers, and some of the experts named herein, are residents of Canada, and all or a substantial portion of their assets, and a substantial portion of the Company's assets, are located outside of the US. As a result, it may be difficult for investors in the US or outside of Canada to bring an action against directors, officers or experts who are not resident in the US. It may also be difficult for an investor to enforce a judgment obtained in a US court or a court of another jurisdiction of residence predicated upon the civil liability provisions of US federal securities laws or other laws of the US or any state thereof or the equivalent laws of other jurisdictions outside of Canada against those persons or the Company.

***Changes in the Market Price of Common Shares may be Unrelated to the Company's Results of Operations and could have an Adverse Impact on the Company***

The Common Shares are listed on the CSE, the OTCQX and the FSE. The price of the Common Shares is likely to be significantly affected by short-term changes in the price of critical minerals, including niobium and REEs, and other base or precious metals, or in its financial condition or results of operations as reflected in its quarterly financial statements. Other factors unrelated to the Company's performance that may have an effect on the price of the Common Shares and may adversely affect an investors' ability to liquidate an investment and consequently an investor's interest in acquiring a significant stake in the Company include: a reduction in analytical coverage by investment banks with research capabilities; a drop in trading volume and general market interest in the Company's securities; a failure to meet the reporting and other obligations under relevant securities laws or imposed by applicable stock exchanges could result in a delisting of the Common Shares and a substantial decline in the price of the Common Shares that persists for a significant period of time.

As a result of any of these factors, the market price of the Common Shares at any given point in time may not accurately reflect their long-term value. Securities class action litigation often has been brought against companies following periods of volatility in the market price of their securities. The Company may in the future be the target of similar litigation. Securities litigation could result in substantial costs and damages and divert management's attention and resources.

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***Price Volatility of Publicly Traded Securities***

In recent years, the securities markets have experienced a high level of price and volume volatility, and the market prices of securities of many companies have experienced wide fluctuations in price which have not necessarily been related to the operating performance, underlying asset values or prospects of such companies. There can be no assurance that continuing fluctuations in price will not occur and, consequently, impact our ability to meet our financial obligations.

***Public Company Obligations Create Certain Regulatory Risks for the Company***

The Company is subject to evolving corporate governance and public disclosure regulations that have increased both the Company's compliance costs and the risk of non-compliance, which could adversely impact the Company's Common Share price. The Company is subject to changing rules and regulations promulgated by a number of governmental and self-regulated organizations, including without limitation the Canadian Securities Administrators, the CSE, and the International Accounting Standards Board. These rules and regulations continue to evolve in scope and complexity creating many new requirements.

***Future Sales May Affect the Market Price of the Common Shares***

In order to finance future operations, the Company may raise funds through the issuance of additional Common Shares or the issuance of debt instruments or other securities convertible into Common Shares. The Company cannot predict the size of future issuances of Common Shares or the issuance of debt instruments or other securities convertible into Common Shares or the dilutive effect, if any, that future issuances and sales of the Company's securities will have on the market price of the Common Shares.

***Exercise of Convertible Securities will result in Dilution of Shareholders' Ownership***

As at the date of this AIF, the Company has outstanding Options, RSUs and Warrants. The Company's Equity Incentive Plan permits the Company to issue other convertible securities, such as DSUs and PSUs(as such terms are defined herein). If all these convertible securities are exercised and converted into Common Shares, such issuance will cause ownership dilution to shareholders of the Company. Dilution may result in a decline in the market price of the Common Shares.

***Dividend Policy***

No dividends on the Common Shares have been paid by the Company to date. Payment of any future dividends, if any, will be at the discretion of the Board after taking into account many factors, including the Company's operating results, financial condition, and current and anticipated cash needs.

***Relationships with Local Communities and Indigenous Organizations***

Negative relationships with Indigenous and local communities resident near the Company's mineral properties could result in opposition to the Company's projects. Such opposition could result in material delays in attaining key operating permits or make certain projects inaccessible to the Company's personnel. The Company respects and engages meaningfully with Indigenous and local communities at all of its projects. The Company is committed to working constructively with local communities, government agencies and Indigenous groups to ensure that exploration work is conducted in a culturally and environmentally sensitive manner.

***Difficulties Managing and Integrating Acquisitions***

The Company undertakes evaluations from time to time of opportunities to acquire additional mining assets and businesses. Any such acquisitions may be significant in size, may change the scale of the Company's business, may require additional capital, and/or may expose the Company to new geographic, political, operating, financial and geological risks. The Company's success in its acquisition activities depends on its ability to identify suitable acquisition candidates, acquire them on acceptable terms, and integrate their operations successfully. Any acquisitions would be accompanied by risks such as: (i) a significant decline in the relevant metal price after the Company commits to complete an acquisition on certain terms; (ii) the quality of the mineral deposit acquired proving to be lower than expected; (iii) the difficulty of assimilating the operations and personnel of any acquired companies; (iv) the potential disruption of the Company's ongoing business; (v) the inability of management to realize anticipated synergies and maximize the financial and strategic position of the Company; (vi) the failure to maintain uniform standards, controls, procedures and policies; (vii) the impairment of relationships with employees, customers and contractors as a result of any integration of new management personnel; and (viii) the potential unknown liabilities associated with acquired assets and businesses.

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***Equipment Shortages, Access Restrictions and a Lack of Infrastructure***

The majority of the Company's interests in mineral properties are located in remote and relatively uninhabited areas. Such mineral properties, will require adequate infrastructure, such as roads, bridges and sources of power and water, for future exploration and development activities. The lack of availability of these items on terms acceptable to the Company, or the delay in availability of these items could prevent or delay exploitation or development of the Company's mineral property interests. In addition, unusual weather phenomena, sabotage, government or other interference in the maintenance or provision of such infrastructure could adversely affect the Company's operations and profitability. Natural resource exploration, development, processing and mining activities are dependent on the availability of mining, drilling and related equipment in the particular areas where such activities are conducted. A limited supply of such equipment or access restrictions may affect the availability of such equipment to the Company and may delay exploration, development or extraction activities. Certain equipment may not be immediately available or may require long lead time orders. A delay in obtaining necessary equipment could have a material adverse effect on the Company's operations and financial results.

***Information Technology Systems***

The efficient operation of the Company's businesses is dependent on computer hardware and software systems. Information systems are vulnerable to security breaches by computer hackers and cyber terrorists. The Company relies on industry accepted security measures and technology to securely maintain confidential and proprietary information maintained on its information systems and continue to invest in maintaining and upgrading these systems and applications to ensure risk is controlled. Regardless of the Company's efforts to maintain and upgrade its cyber security systems, there can be no assurance that it will not suffer an intrusion, that unauthorized parties will not gain access to confidential or personal information, or that any such incident will be discovered promptly. The techniques used by criminals to obtain unauthorized access to sensitive data change frequently and often are not recognized until launched against a target, and the Company may be unable to anticipate these techniques or implement adequate preventative measures. The failure to promptly detect, determine the extent of and appropriately respond to a significant data security breach could have a material adverse impact on its business, financial condition and results of operations. In addition, the unavailability of the information systems or failure of these systems to perform as anticipated for any reason, including a major disaster or business interruption resulting in an inability to access data stored in these systems or sustain the data center systems necessary to support functions to meet its needs, and any inability to respond to, or recover from, such an event, could disrupt its business and could result in decreased performance and increased overhead costs, causing its business and results of operations to suffer.

***Internal Controls***

Internal controls over financial reporting are procedures designed to provide reasonable assurance that transactions are properly authorized, assets are safeguarded against unauthorized or improper use, and transactions are properly recorded and reported. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of reporting, including financial reporting and financial statement preparation.

The Company may fail to achieve and maintain the adequacy of its internal controls over financial reporting as such standards are modified, supplemented, or amended from time to time, and the Company may not be able to ensure that it can conclude on an ongoing basis that its internal controls over financial reporting are effective. The Company's failure to maintain effective internal controls over financial reporting could result in the loss of investor confidence in the reliability of its financial statements, which in turn could harm the Company's business and negatively impact the trading price of its Common Shares. No evaluation can provide complete assurance that the Company's internal control over financial reporting will detect or uncover all failures of persons within the Company to disclose material information otherwise required to be reported. The effectiveness of the Company's controls and procedures could also be limited by simple errors or faulty judgment. The challenges involved in implementing appropriate internal controls over financial reporting will likely increase with the Company's plans for ongoing development of its business and this will require that the Company continues to improve its internal controls over financial reporting.

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***Anti-Mining Sentiment***

Recent anti-mining sentiment in communities around the world has resulted in protests at certain mining projects and multiple mining projects being paralyzed due to opposition and legal action. Any growth of anti-mining sentiment in British Columbia could have a material adverse effect on the Company and its operations.

***Social Media and Reputational Risks***

As a result of the increased usage and the speed and global reach of social media and other web-based tools, including artificial intelligence (AI), used to generate, publish and discuss user or AI generated content and to connect with other users, companies today are at much greater risk of losing control over how they are perceived in the marketplace. Damage to the Company's reputation can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity (for example, with respect to the Company's handling of environmental matters or the Company's dealings with community groups), whether true or not. The Company places a great emphasis on protecting its image and reputation, but the Company does not ultimately have direct control over how it is perceived by others. Reputation loss may lead to increased challenges in developing and maintaining community relations, decreased investor confidence and an impediment to the Company's overall ability to advance its projects, thereby having a material adverse impact on financial performance, cash flows and growth prospects of the Company.

***Outbreaks of Contagious Disease and Public Health Crises***

The Company's business, operations and financial condition could be subject to a material adverse effect by the outbreak of epidemics, pandemics or other health crises (e.g., the outbreak of COVID-19 that was designated as a pandemic by the World Health Organization on March 11, 2020). The international response to the spread of COVID-19 led to significant restrictions on travel, temporary business closures, quarantines, global stock market volatility and a general reduction in consumer activity. Such public health crises can result in operating, supply chain and project development delays and disruptions, global stock market and financial market volatility, declining trade and market sentiment, reduced movement of people and labour shortages, and travel and shipping disruption and shutdowns, including as a result of government regulation and prevention measures, or a fear of any of the foregoing, all of which could affect commodity prices, interest rates, credit risk and inflation. Any future emergence and spread of similar pathogens could have an adverse effect on global economic conditions which may have a material adverse effect on the Company, and the operations of suppliers, contractors and service providers, including smelter and refining service providers, and the demand for the Company's production.

**Readers are cautioned that the foregoing list of risks, uncertainties and other factors is not exhaustive.**

**DESCRIPTION OF CAPITAL STRUCTURE** 

The Company's authorized capital consists of an unlimited number of Common Shares without par value, of which there were 52,446,261 Common Shares issued and outstanding as at the financial year ended July 31, 2025. As of the date of this AIF, there were 70,689,506 Common Shares issued and outstanding as fully paid and non-assessable shares of the Company.

**Common Shares**

The following is a summary of the material provisions that are attached to the Common Shares:

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(a) *Voting*. The holders of the Common Shares shall be entitled to receive notice of and to attend all meetings of the shareholders of the Company and shall have one vote for each Common Share held at all meetings of the shareholders of the Company, except meetings at which only holders of another specified class or series of shares of the Company are entitled to vote separately as a class or series.

(b) *Dividends*. Subject to the prior rights of the holders of other shares ranking senior to the Common Shares with respect to priority in payment of dividends, the holders of Common Shares shall be entitled to receive dividends and the Company shall pay dividends thereon, as and when declared by the directors of the Company out of moneys properly applicable to the payment of dividends, in such amount and in such form as the directors of the Company may from time to time determine and all dividends which the directors of the Company may declare on the Common Shares shall be declared and paid in equal amounts per Common Share on all Common Shares at the time outstanding.

(c) *Participation in Liquidation*. In the event of the liquidation, dissolution or winding-up of the Company or any other distribution of assets of the Company among its shareholders for the purpose of winding-up its affairs or upon a reduction of capital, the holders of the Common Shares shall, subject to the prior rights of the holders of other shares ranking senior to the Common Shares in respect of priority in the distribution of assets upon liquidation, dissolution, winding-up or any other distribution of assets for the purpose of winding-up or a reduction of capital, be entitled to share equally, share for share, in the remaining assets and property of the Company.

**The Equity Incentive Plan**

The Company has a 20% "rolling" or "evergreen" equity incentive plan (the "**Equity Incentive Plan**") which was adopted by the Board on December 12, 2022 and approved by shareholders at the Company's annual general and special meeting held on December 13, 2023.

Pursuant to the Equity Incentive Plan, the Company may grant Options, restricted share units ("**RSUs**"), deferred share units ("**DSUs**"), and preferred share units ("**PSUs**") to participants of the Equity Incentive Plan. Additional information about the Equity Incentive Plan can be found on pages 21-24 under the heading "*Particulars of Matters To Be Acted Upon - Approval of the Equity Incentive Plan*" in the 2023 Circular, which is incorporated herein by reference.

**Options**

As at the date of this AIF, the following Options are outstanding under the Equity Incentive Plan:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Grant Date** | &nbsp;&nbsp; **Number of Options** | &nbsp;&nbsp; **Exercise Price** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expiry Date** |
| &nbsp;&nbsp; April 26, 2024 | &nbsp;&nbsp; 1950000 | &nbsp;&nbsp; $0.133 | &nbsp;&nbsp; June 9, 2027 |
| &nbsp;&nbsp; May 8, 2024 | &nbsp;&nbsp; 300000 | &nbsp;&nbsp; $0.167 | &nbsp;&nbsp; May 8, 2029 |
| &nbsp;&nbsp; March 14, 2025 | &nbsp;&nbsp; 4900500 | &nbsp;&nbsp; $0.85 | &nbsp;&nbsp; March 14, 2030 |
| &nbsp;&nbsp; September 8, 2025 | &nbsp;&nbsp; 1760000 | &nbsp;&nbsp; $1.97 | &nbsp;&nbsp; September 8, 2030 |
| &nbsp;&nbsp; October 22, 2025 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; $3.82 | &nbsp;&nbsp; October 22, 2027 |
| &nbsp;&nbsp; **TOTAL:** | &nbsp;&nbsp; **8960500** | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

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**RSUs**

As at the date of this AIF, the following RSUs are outstanding under the Equity Incentive Plan:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Grant Date** | &nbsp;&nbsp; **Number of RSUs** | &nbsp;&nbsp; **Vesting Date** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Additional Details** |
| &nbsp;&nbsp; September 8, 2025 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; Each RSU vests on the date that is four months from date of grant, provided that the holder may elect (by written notice on or before vesting date) to defer vesting: in such case, RSUs vest as to 1/4 every four months, with initial vesting four months from grant. | &nbsp;&nbsp; Each RSU represents the right to receive, once vested, one Common Shares. |
| &nbsp;&nbsp; October 22, 2025 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; Each RSU vests upon the successful listing by the Company on EuroNext | &nbsp;&nbsp; Each RSU represents the right to receive, once vested, one Common Shares. |
| &nbsp;&nbsp; **TOTAL:** | &nbsp;&nbsp; **1710000** | &nbsp;&nbsp; - | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - |

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**PSUs** 

As at the date of this AIF, there are no PSUs outstanding under the Equity Incentive Plan.

**DSUs**

As of the date of this AIF, there are no DSUs outstanding under the Equity Incentive Plan.

**Warrants** 

The Company may issue Warrants from time to time entitling the holder thereof to purchase Common Shares, including Warrants issued to finders and brokers. Each Warrant entitles the holder to purchase one Common Share of the Company. As of the date of this AIF, the following Warrants are outstanding:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Issue Date** | &nbsp;&nbsp; **Number of Warrants** | &nbsp;&nbsp; **Exercise Price** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Expiry Date** |
| &nbsp;&nbsp; December 13, 2023 | &nbsp;&nbsp; 7774869 | &nbsp;&nbsp; $0.067 | &nbsp;&nbsp; December 13, 2025 |
| &nbsp;&nbsp; April 12, 2024 | &nbsp;&nbsp; 9675000 | &nbsp;&nbsp; $0.10 | &nbsp;&nbsp; April 12, 2026 |
| &nbsp;&nbsp; September 24, 2024 | &nbsp;&nbsp; 906346 | &nbsp;&nbsp; $0.67 | &nbsp;&nbsp; September 24, 2026 |
| &nbsp;&nbsp; December 30, 2024 | &nbsp;&nbsp; 3325001 | &nbsp;&nbsp; $0.75 | &nbsp;&nbsp; December 30, 2026 |
| &nbsp;&nbsp; October 22, 2025 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; $2.50 | &nbsp;&nbsp; October 22, 2027 |
| &nbsp;&nbsp; October 30, 2025 | &nbsp;&nbsp; 102200 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; October 30, 2027 |
| &nbsp;&nbsp; October 30, 2025 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; $3.00 | &nbsp;&nbsp; October 30, 2027 |
| &nbsp;&nbsp; **TOTAL:** | &nbsp;&nbsp; **26583416** | &nbsp;&nbsp; - | &nbsp;&nbsp; - |

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**MARKET FOR SECURITIES**

**Trading Price and Volume**

The Common Shares are listed and posted for trading on the CSE under the trading symbol, "APXC", under the OTCQX under the trading symbol "APXCF", and under the Frankfurt Stock Exchange under the trading symbol "KL9".

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The following table sets out the high and low sale prices and the aggregate volume of trading of the Common Shares on the CSE on a monthly basis for the financial year ended July 31, 2025:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Month** | &nbsp;&nbsp; **High ($)** | &nbsp;&nbsp; **Low ($)** | &nbsp;&nbsp; **Volume** |
| &nbsp;&nbsp; July 2025 | &nbsp;&nbsp; 0.94 | &nbsp;&nbsp; 0.74 | &nbsp;&nbsp; 636021 |
| &nbsp;&nbsp; June 2025 | &nbsp;&nbsp; 0.82 | &nbsp;&nbsp; 0.70 | &nbsp;&nbsp; 318386 |
| &nbsp;&nbsp; May 2025 | &nbsp;&nbsp; 0.95 | &nbsp;&nbsp; 0.75 | &nbsp;&nbsp; 362770 |
| &nbsp;&nbsp; April 2025 | &nbsp;&nbsp; 1.03 | &nbsp;&nbsp; 0.80 | &nbsp;&nbsp; 854987 |
| &nbsp;&nbsp; March 2025 | &nbsp;&nbsp; 0.99 | &nbsp;&nbsp; 0.63 | &nbsp;&nbsp; 1086541 |
| &nbsp;&nbsp; February 2025 | &nbsp;&nbsp; 0.96 | &nbsp;&nbsp; 0.70 | &nbsp;&nbsp; 1110549 |
| &nbsp;&nbsp; January 2025 | &nbsp;&nbsp; 0.97 | &nbsp;&nbsp; 0.75 | &nbsp;&nbsp; 838260 |
| &nbsp;&nbsp; December 2024 | &nbsp;&nbsp; 0.98 | &nbsp;&nbsp; 0.66 | &nbsp;&nbsp; 1145115 |
| &nbsp;&nbsp; November 2024 | &nbsp;&nbsp; 1.05 | &nbsp;&nbsp; 0.62 | &nbsp;&nbsp; 4844449 |
| &nbsp;&nbsp; October 2024 | &nbsp;&nbsp; 0.83 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp; 1301851 |
| &nbsp;&nbsp; September 2024 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp; 0.44 | &nbsp;&nbsp; 81333 |
| &nbsp;&nbsp; August 2024 | &nbsp;&nbsp; 0.53 | &nbsp;&nbsp; 0.50 | &nbsp;&nbsp; 25609 |

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**Prior Sales**

During the financial year ended July 31, 2025 and up to the date of this AIF, the Company issued the following securities that were not listed or quoted on any stock exchange:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Issue Date** | &nbsp;&nbsp; **Number of Securities Issued** | &nbsp;&nbsp; **Issue/Exercise Price** |
| &nbsp;&nbsp; **Options** | &nbsp;&nbsp; **Options** | &nbsp;&nbsp; **Options** |
| &nbsp;&nbsp; March 14, 2025 | &nbsp;&nbsp; 5000000 | &nbsp;&nbsp; $0.85 |
| &nbsp;&nbsp; September 8, 2025 | &nbsp;&nbsp; 1760000 | &nbsp;&nbsp; $1.97 |
| &nbsp;&nbsp; October 22, 2025 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; $3.82 |
| &nbsp;&nbsp; **RSUs** | &nbsp;&nbsp; **RSUs** | &nbsp;&nbsp; **RSUs** |
| &nbsp;&nbsp; September 8, 2025 | &nbsp;&nbsp; 1660000 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; October 22, 2025 | &nbsp;&nbsp; 50000 | &nbsp;&nbsp; N/A |
| &nbsp;&nbsp; **Warrants** | &nbsp;&nbsp; **Warrants** | &nbsp;&nbsp; **Warrants** |
| &nbsp;&nbsp; August 16, 2024 | &nbsp;&nbsp; 3750000 | &nbsp;&nbsp; $0.40 |
| &nbsp;&nbsp; September 24, 2024 | &nbsp;&nbsp; 906346 | &nbsp;&nbsp; $0.67 |
| &nbsp;&nbsp; December 30, 2024 | &nbsp;&nbsp; 4200000 | &nbsp;&nbsp; $0.75 |
| &nbsp;&nbsp; October 22, 2025 | &nbsp;&nbsp; 800000 | &nbsp;&nbsp; $2.50 |
| &nbsp;&nbsp; October 30, 2025 | &nbsp;&nbsp; 102200 | &nbsp;&nbsp; $3.00 |
| &nbsp;&nbsp; October 30, 2025 | &nbsp;&nbsp; 4000000 | &nbsp;&nbsp; $3.00 |

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**DIVIDENDS AND DISTRIBUTIONS**

The Company has not paid dividends to its shareholders to date and does not anticipate paying cash dividends on the Common Shares in the foreseeable future. The Company's current policy is to retain cash flows to finance the exploration and development of its mineral properties and to otherwise invest in the Company's business. The future payment of dividends will be dependent upon the financial requirements of the Company to fund further growth, the financial condition of the Company and other factors, which the Board may consider in the circumstances. It is not contemplated that any dividends will be paid in the immediate or foreseeable future if at all.

**ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER**

As of the financial year ended July 31, 2025, the Company had 1,329,750 of the issued Common Shares held in escrow pursuant to the Escrow Agreement, as further set forth in the table below:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Designation of Class** | &nbsp;&nbsp; **Number of securities held in escrow or <br>that are subject to a contractual <br>restriction on transfer** | &nbsp;&nbsp; **Percentage of class** |
| &nbsp;&nbsp; Common Shares<sup>**(1)**</sup> | &nbsp;&nbsp; 1329750 | &nbsp;&nbsp; 2.54% |

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**Notes:**

(1) As at the financial year ended July 31, 2025, a total of 1,329,750 Common Shares were deposited with Odyssey and remained subject to escrow pursuant to the terms and conditions of the Escrow Agreement, representing 2.54% of the 52,446,261 Common Shares then issued and outstanding in the authorized capital of the Company on a non-diluted basis. The escrowed Common Shares will continue to be released every six months, over a three year period ending March 15, 2026, in accordance with the Escrow Agreement.

**DIRECTORS AND EXECUTIVE OFFICERS**

**Name, Occupation and Security Holdings**

The following table sets out the names, province or state and country of residence, positions with or offices held with the Company, and principal occupation for the past five years of each of the Company's directors and executive officers, as well as the period during which each has been a director of the Company. The term of office of each director of the Company expires at the annual general meeting of shareholders each year. The number of Common Shares and percentage interest in the total issued and outstanding Common Shares of the Company held by each director and officer, noted in the table below, is stated as at the date of this AIF. As of the date of this AIF, the directors and officers of the Company, as a group, own or control or exercise direction over 6,716,508 Common Shares, representing approximately 9.50% of the current issued and outstanding Common Shares.

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| | | | | |
|:---|:---|:---|:---|:---|
| &nbsp;&nbsp; **Name,** ***Position*** **<br>and <br>Province/State <br>and Country of <br>Residence** | &nbsp;&nbsp; **Principal Occupation During** <br>**the Past Five Years<sup>(1)</sup>** | &nbsp;&nbsp; **Director/Officer**<br>**Since** | &nbsp;&nbsp; **Number and <br>Percentage of <br>Common Shares<sup>(2)</sup>** | &nbsp;&nbsp; **Number and <br>Percentage of <br>Common Shares<sup>(2)</sup>** |
| &nbsp;&nbsp; **Sean Charland**<br> *Chief Executive Officer, President and Director*<br> British Columbia, Canada | &nbsp;&nbsp; Mr. Charland is a seasoned communications professional with experience in raising capital and marketing resource exploration companies. He has helped raise a significant amount of capital for a variety of venture listed and private companies in mineral exploration and mining, technological and health sectors, with the majority of the focus on mineral exploration and mining. His large network of contacts within the financial community extends across North America and Europe. Mr. Charland acts as a director and/or officer for a number of public companies, including CEO, President and Director of Zimtu Capital Corp., Director at Core Silver Corp., CEO, President, and Director at Rainy Mountain Royalty Corp., former Corporate Secretary and Director at Alpha Lithium Corporation (which was recently acquired for over $300 million), former Director at Maple Gold Mines Ltd., and former Director at Abound Energy Inc. | &nbsp;&nbsp; August 24, 2023 | &nbsp;&nbsp; 3466875 | &nbsp;&nbsp; 4.90% |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Jody Bellefleur**<sup>(3)</sup><br> *CFO, Corporate Secretary and Director* <br> British Columbia, Canada | &nbsp;&nbsp; Ms. Bellefleur, CPA, CGA is CFO, Corporate Secretary and director of the Company. Ms. Bellefleur works exclusively with public companies and is responsible for all aspects of regulatory public company financial reporting. Ms. Bellefleur has served as the CFO of Zimtu Capital Corp. since 2013, and also acts as CFO for a number of Zimtu's equity holdings. Ms. Bellefleur is also CFO and director of Q2 Metals Corp.. | &nbsp;&nbsp; March 1, 2021 | &nbsp;&nbsp; 0.41% |
| &nbsp;&nbsp; **Jody Dahrouge**<sup>(3)</sup><br> *Director* <br> Alberta, Canada | &nbsp;&nbsp; Mr. Dahrouge is a graduate of the University of Alberta with a Bachelors Degree in Science (Geology) and with a Special Certificate in Computing Science. Since 1998, he has been the President of Dahrouge Geological Consulting Ltd. His experience, insight and energy combine to provide the Company with a real resource in the management of resource projects. | &nbsp;&nbsp; August 2, 2018<br>&nbsp;&nbsp; 1531689<sup>(4)</sup> | &nbsp;&nbsp; 2.17% |
| &nbsp;&nbsp; **Darren L. Smith**<sup>(3)</sup><br> *Director* <br> Alberta, Canada | &nbsp;&nbsp; Mr. Smith specializes in high-level project management including program design and implementation, technical reporting, land management, community engagement, and corporate technical disclosure. He has provided technical oversight for PEA, PFS, and FS level projects as well as complex metallurgical programs. Mr. Smith holds positions as Executive VP Exploration of PMET Resources Inc., Director of Ophir Metals Corp., and works as Mentor and Senior Technical Advisor REEs and niobium at Dahrouge Geological Consulting Ltd. | &nbsp;&nbsp; October 20, 2021<br>&nbsp;&nbsp; 916888<sup>(5)</sup> | &nbsp;&nbsp; 1.30% |
| &nbsp;&nbsp; **Joness Lang**<br> *Director*<br> British Columbia, Canada | &nbsp;&nbsp; Mr. Lang is an experienced executive leader with 17 years of corporate growth strategy and capital markets experience within the natural resource sector. Mr. Lang is the CEO of Canter Resources Corp., a critical metals exploration company focused on lithium and boron in the western US. He also serves as President for American Pacific Mining Corp, which was nominated for deal of the year twice by S&P Global Platts. Prior to that he was the Executive Vice President of Maple Gold Mines Ltd. where he secured Agnico Eagle Mines Ltd. as a strategic partner. Mr. Lang holds a Bcom degree (honours) from Royal Roads University and Marketing Management Entrepreneurship diploma (honours) from BCIT. | &nbsp;&nbsp; May 15, 2024<br>&nbsp;&nbsp; 512500<sup>(6)</sup> | &nbsp;&nbsp; 0.73% |

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**Notes:**

(1) Information as to principal occupation, not being within the knowledge of the Company, has been furnished by the respective directors and officers individually.

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(2) Based on 70,689,506 Common Shares issued and outstanding, on a non-diluted basis, as of the date of this AIF. Information as to number of Common Shares held, not being within the knowledge of the Company, has been furnished by the respective directors and officers individually.

(3) Member of Audit Committee

(4) 17,063 Common Shares are held in a joint broker account with Mr. Dahrouge's wife, Deborah Dahrouge, and 1,500,000 Shares are held through DG Resource Management, a private company controlled by Mr. Dahrouge.

(5) 499,950 Common Shares are held through Kaiben Geological Inc., a private company controlled by Mr. Smith.

(6) These Common Shares are held through EBC Consulting Group Ltd., a private company controlled by Mr. Lang.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

To the best of management of the Company's knowledge, no director or officer of the Company, as of the date of this AIF, is or has been, within the past 10 years, a director, chief executive officer or chief financial officer of any company that, while the person was acting in that capacity:

(a) was subject to an order that was issued while the proposed director was acting in the capacity as director, chief executive officer or chief financial officer; or

(b) was subject to an order that was issued after the proposed director ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer.

For the purposes of the above, "order" means (a) a cease trade order; (b) an order similar to a cease trade order; or (c) an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days.

**Penalties or Sanctions**

To the best of management of the Company's knowledge, no director or officer of the Company, or our shareholders holding a sufficient number of securities to affect materially the control of our Company, has been subject to: (i) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or (ii) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

**Conflicts of Interest**

Conflicts of interest may arise as a result of the directors and officers of the Company also holding positions as directors or officers of other companies. Some of the individuals who will be directors and officers of the Company have been and will continue to be engaged in the identification and evaluation of assets, businesses and companies on their own behalf and on behalf of other companies, and situations may arise where the directors and officers of the Company will be in direct competition with the Company. Conflicts, if any, will be subject to the procedures and remedies provided under British Columbia corporate law. Directors who are in a position of conflict will abstain from voting on any matters relating to the conflicting company.

**PROMOTERS**

No person has been a "promoter" (as such term is defined in the *Securities Act* (British Columbia)) of the Company within the last two most recently completed financial years or during the current financial year.

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**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

To the best knowledge of the Company's management, there are no legal proceedings involving the Company or its properties as of the date of this AIF and the Company knows of no such proceedings currently contemplated.

No penalties or sanctions have been imposed against the Company by a court relating to securities legislation or by a securities regulatory authority during the Company's financial year, no penalties or sanctions have been imposed by a court or regulatory body against the Company that would likely be considered important to a reasonable investor in making an investment decision and no settlement agreements have been entered into by the Company before a court relating to securities legislation or with a securities regulatory authority during the financial year.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Except as otherwise disclosed herein, to the knowledge of the directors and executive officers of the Company, there were no material interests, direct or indirect, of directors or executive officers of the Company, any shareholder of the Company who beneficially owns, directly or indirectly, or exercised control or direction over Common Shares carrying more than 10% of the voting rights attached to all outstanding Common Shares, or any known associate or affiliate of such persons, in any transaction during the three most recently completed financial year of the Company or during the current financial year that has materially affected or is reasonably expected to materially affect the Company. See "*General Development of the Business*" above.

**AUDITOR, TRANSFER AGENT AND REGISTRAR**

The Company's auditor is DeVisser Gray LLP, of 401-905 West Pender St., Vancouver, British Columbia, V6C 1L6, Canada.

The Company's registrar and transfer agent for its Common Shares is Odyssey Trust Company of 350-409 Granville St., Vancouver, British Columbia, V6C 1T2, Canada.

**MATERIAL CONTRACTS**

The only material contracts that have been entered into by the Company during the financial year ended July 31, 2025 or more recently, or before the financial year ended July 31, 2025 but that are still in effect, except for contracts entered into in the ordinary course of business, are the Escrow Agreement and the Lac Le Moyne Agreement. See "*General Development of the Business*" above.

**INTERESTS OF EXPERTS**

The following persons or companies whose profession or business gives authority to the report, valuation, statement or opinion made by the person or company are named in this AIF as having prepared or certified a report, valuation, statement or opinion in this AIF:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The CAP Technical Report was prepared by Alex Knox, M.Sc., P.Geo., of AWK Geological Consulting Ltd. Mr. Knox is a "qualified person" and, at the time the CAP Technical Report was prepared and filed on SEDAR+, was independent of the Company for the purposes of NI 43-101. On September 8, 2025, Mr. Knox was appointed to the Company's Technical Advisory Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. DeVisser Gray LLP has prepared the Auditor's Report with respect to the Financial Statements. DeVisser Gray is independent of the Company within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulation.

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Other than as disclosed herein, none of the foregoing listed experts have held, received or is to receive any registered or beneficial interests, direct or indirect, in any securities or other property of the Company or of its associates or affiliates when such person prepared the report, valuation, statement or opinion aforementioned or thereafter.

**AUDIT COMMITTEE INFORMATION**

The Company's Audit Committee is responsible for oversight of the financial reporting process on behalf of the Board. This includes oversight responsibility for financial reporting and continuous disclosure, oversight of external audit activities, oversight of financial risk and financial management control, and oversight responsibility for compliance with tax and securities laws and regulations as well as whistle blowing procedures. Additional information about the Audit Committee can be found on pages 16-18 under the heading "*Audit Committee Disclosure*" in the Company's 2025 Circular and in the Company's Audit Committee Charter attached as Schedule "A" to the 2025 Circular. See "*Documents Incorporated by Reference*" above.

**ADDITIONAL INFORMATION**

Additional information relating to the Company, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities, and securities authorized for issuance under equity compensation plans, is contained in the 2025 Circular and is available under the Company's profile on SEDAR+ at *www.sedarplus.ca*. Additional financial information about the Company is provided in the Financial Statements as well as the accompanying MD&A for such periods.

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**APPENDIX "A"**

<u>**Summary of CAP Technical Report**</u>

The summary of the CAP Technical Report is reproduced below. For reference, the Company changed its name from "Eagle Bay Resources Corp." to "Apex Critical Metals Corp." on May 1, 2024.

**1** **SUMMARY**

Eagle Bay Resources Corp. ("Eagle Bay") has retained Alex Knox, P. Geol. to prepare an updated independent Technical Report on the CAP Property ("the Property"), located in British Columbia, Canada, to comply with regulatory disclosure and reporting requirements outlined in Canadian National Instrument 43-101 ("NI 43-101"), companion policy NI 43-101CP and Form 43-101F. The purpose of this report is to review and summarize the previous exploration on the Property, which has been expanded since a previous Technical Report by the author dated July 23, 2019, and to provide recommendations for future work, if warranted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.0** <u>**Property**</u> <u>**Description**</u>

The CAP Property is located approximately 85 km northeast of Prince George, British Columbia (Figure 4-1). The geographic centre of the Property is 54°23'28" N, 121°43'47" W. Access is by helicopter, or by 4x4 truck utilizing a network of maintained and decommissioned logging roads.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.1** <u>**Mineral**</u> <u>**Tenure**</u>

The Property consists of 34 mainly contiguous mineral claims covering an area of 11,825.83 Ha. The tenures are all in good standing and are 100% owned by Eagle Bay, as described in Section 4.

A small portion of the southeastern end of the Property (part of tenure 662403) overlaps with the Arctic Pacific Lakes Provincial Park. Under sections 11 and 21 of the *Mineral Tenure Act*, the overlapping areas may only be entered for the purposes of exploration and development or extraction of minerals with authorization from the Lieutenant Governor in Council.

As part of the original purchase agreement between 877384 Alberta Ltd. ("877384") and Zimtu Capital Corp. ("Zimtu") with Arctic Star, the vendors (877384 and Zimtu) will retain a 2% net smelter royalty ("NSR"); the NSR only applies to the five original claims, CAP 1 through CAP 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.2** <u>**Geology**</u> <u>**and**</u> <u>**Mineralization**</u>

The Property is located in the Foreland Belt, a tectonic assemblage of imbricated rocks that form the eastern-most ranges of the Canadian Cordillera. The region is dominated by upper Proterozoic and Paleozoic sedimentary and metamorphic rocks displaced by southeast trending fault zones. Devonian to Mississippian aged carbonatite complexes intrude the Ordovician or older rocks in the region; the carbonatite complexes tend to be sub-circular to elliptical bodies with extensive metasomatic alteration halos, foliated and deformed sill-like bodies, or linear zones of small plugs, dikes, and sills, such as the Wicheeda Lake Carbonatite Complex.

Carbonatite and syenite have been observed in outcrop on the Property, and recent drilling has identified thick sequences of carbonatite, alkaline intrusive rocks and fenite. The ages of the carbonatite, fenite and other intrusive units encountered on the Property remain unknown, although they are clearly younger than the sedimentary units in the area.

The carbonatite bodies are often brecciated and locally surrounded by fenitized (altered) wall rocks. Observed minerals include calcite, quartz, feldspar, biotite, fluorite, richterite, olivine (serpentinized), pyrrhotite, pyrite, galena, and fluorite. Pyrochlore is believed to be the primary mineral which contains the niobium present. The REE mineralogy is complex and consists of Ca-REE-fluorocarbonates, Ba-REE-fluorocarbonates, ancylite-(Ce), monazite-(Ce), euxenite- (Y), and allanite-(Ce) (Dalsin, 2013).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.3** <u>**Exploration**</u>

As of the date of this report, Eagle Bay has not conducted work on the CAP Property. All exploration has been done by other operators.

Historic exploration in the region east of Prince George began in the 1960s. The Geological Survey of Canada (GSC) published results of an airborne magnetic survey of the area in 1961. In 1976 and 1977 Kol Lovang prospected the area and staked two claims on minor base metal showings, but no follow-up work was reported. Teck Corporation (Teck)conducted exploration in 1986 and 1987 which overlapped the northern area of the Property.

Exploration on the Property started in earnest in 2006 on the Carbo claims. Field work included, prospecting, magnetometer surveys, rock, and soil grid sampling, airborne magnetometry and diamond drilling. Rare earth mineralization was encountered in carbonatite dykes. The dykes were generally narrow with width of < 10m. Drilling returned values ranging from 4.7% Total Rare Earth Oxide (TREO) over 0.9 m to 1.4% TREO over 37.3 m. (See Section 6 for details).

Exploration by Bolero Resources Corp.(Bolero)began in 2010 on overlapping historical claims (now covered by CAP 1 to CAP 5 and WICHEEDA and WICHEEDA 4).Stream silt and soil grid samples were collected. Bolero drilled 8 holes totaling 1678 metres. None of the holes intersected carbonatite, syenite or related alkaline rocks, nor any REE or niobium mineralization. Additionally, in 2010 and 2011, Bolero contracted Aeroquest Survey Ltd. (Aeroquest") to conduct an AeroTEM III-Radiometric-Mag survey of part of their property, Radiometric results identified 6 anomalous areas (Koffyberg and Gilmour, 2012), one of which occurs within the current CAP Property and is coincident with a magnetic high.

The earliest documented exploration on the southern part of the Property began in 2009 with an airborne gravity and magnetic survey carried out by Geoscience BC and Natural Resources of Canada. In 2010 a modest program of stream sediment and rock sampling was conducted. Elevated levels of niobium and rare earth elements were noted in alkaline rock dykes, but no economic concentrations were encountered. In 2011, Arctic Star Exploration Corp. (Arctic Star) commissioned Aeroquest to conduct a 310 line-kilometer, high-resolution magnetic and radiometric survey on claims CAP 1 to CAP 5.The magnetic data indicated a very strong anomaly in the centre of the property, as well as other magnetic features to the northwest of the central high. Follow-up soil and rock sampling in 2011 included one rock chip sample collected from an outcrop which returned 0.27% Nb<sub>2</sub>O<sub>5</sub> and 832.11 ppm (0.08%) TREE+Y.

In 2017, Arctic Star commissioned Dahrouge to conduct prospecting, rock sampling and drilling on the Property. A total of four NQ size core holes were drilled on the Property, totaling 647.50m. Drillhole CAP17-004 intersected a 32.44m interval which included a 10.42 m interval with 0.35% Nb2O5 and 0.11% TREE+Y, a 5.93 m interval with 0.19% Nb2O5 and 0.17% TREE+Y, and a 3.13 m interval with 0.26% Nb2O5 and 0.14% TREE+Y (see Section 6 for more detail).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.4** <u>**Development**</u> <u>**and**</u> <u>**Operations**</u>

There is no development or mining on the Property.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.5** <u>**Conclusions**</u> <u>**and**</u> <u>**Recommendations**</u>

The CAP Property extends for about 50 km from southeast to northwest and surrounds the Wicheeda Lake Carbonatite Complex. The Property includes the Cap Carbonatite Complex and the Carbo Carbonatite Complex; both of which are known to contain interesting concentrations of REE and niobium. All three carbonatite intrusions occur within an apparent northwest to southeast structural corridor and are hosted by the Ordovician Skoki Formation or Cambrian- Ordovician Kechika Group. At the CAP Complex elevated concentrations of REEs and Nb have been identified both in outcrop and one drill hole. At the Carbo Complex, 18 of 20 holes drilled in 2010 and 2011 intersected carbonatite with REE concentrations.

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The Property is considered an early-stage exploration project and has had minimal exploration work except in those areas and has no resource estimate to date. Drill results from the drill hole (CAP17-004) that intersected carbonatite, confirm that it is host to Nb-bearing minerals. Several drillhole intersections displayed elevated results including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10.42 m interval with 0.35% Nb<sub>2</sub>O<sub>5</sub>,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 m interval with 0.26% Nb<sub>2</sub>O<sub>5</sub>, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2.4 m interval with 0.69%

TREE+YDrilling at the Carbo Complex discovered mineralized intersections in several holes (see Table 6-3, 6-4):

CA-10-001: 5.3 m interval with 2.51% TREE including 2.1 m interval with 4.07 % TREE

CA-10-002: 3.2 m interval with 2.74% TREE and 1.3 m interval with 2.25% TREE

CA-10-005: 37.4 m interval with 1.43% TREE

CA-10-007: 2.8 m interval with 2.75% TREE

CA-10-008: 3.0 m interval with 3.00% TREE

CA-10-009: 2.4 m interval with 2.82% TREE

CA-11-011: 60.3 m interval with 0.33% TREE

Rock samples collected from outcrops and boulders in the CAP carbonatite area have also displayed elevated analytical results, including, sample 120964 with 0.96% Nb2O5, sample 120963 with 0.74% Nb<sub>2</sub>O<sub>5</sub>, sample 120961 with 3303 ppm (0.33%) TREE+Y, sample 120957 with 2001 ppm (0.20%) TREE+Y, sample 19-KCR-2 with 3.38% Nb<sub>2</sub>O<sub>5</sub> and sample 19-KCR-3 with 1804 ppm (0.18%) TREE+Y. Based on the elevated Nb<sub>2</sub>O<sub>5</sub> and REEs from both rock samples and drill hole CAP17-004, the CAP property has significant exploration potential for both Nb and/or REE mineralization.

Rock samples from the Carbo complex area ranged up to 0.26% LREE (425 grid area) and samples from the P trenches PT-5 to PT-7returning up to 0.47% LREE (Bruland, 2012).

To date, pyrochlore is the only mineral identified as REE and Nb-bearing on the southern part of the Property. Dalsin's study of both the Wicheeda Complex and the related sill systems on the Carbo claims identified bastnasite, parisite, synchysite, monazite, burbankite, ancylite and aeschynite with the fluorocarbonates appearing to be the dominant REE phase (Dalsin, 2013) Additional mineralogical work is needed to determine if there are other REE- and/or Nb- bearing minerals and what their distribution is. Further exploration work is required to evaluate the geometry (extent, width, and dip) of the carbonatite complex as well as evaluate the potential Nb and REE mineralization on the additional ground recently added to the Property.

During the author's 2019 site visit, sample 19-KCR-2 was collected from a pyrochlore-bearing, boulder of carbonatite that returned 3.38% Nb<sub>2</sub>O<sub>5</sub>. This sample was collected from the northeast flank of a small oval (< 1km diameter) magnetic anomaly coincident with the area identified as having a radiometric anomaly by Aeroquest (2011). This discovery confirms the exploration potential along the strike length of the CAP Carbonatite complex to the north-west.

A two-phase exploration program is being recommended, where Phase II will be contingent on a positive outcome of the Phase I exploration; a budget for Phase II can only be provided upon the execution and evaluation of the results from Phase I.

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Phase I consists of additional prospecting with a scintillometer, surface mapping, prospecting and rock and soil sampling(20 days). The total estimated budget for Phase I, including field work and reporting is $106,500 (Table 26-1).

Phase II would likely consist of a larger follow up ground exploration program, followed up by drill testing the most promising prospects.

It is the opinion of the author that the most effective exploration work on the Property at this stage will be detailed surface radiometric prospecting along watercourses, where overburden has been removed and abundant boulders have been exposed. A few of these exposed boulders have shown to be significantly mineralized. The source of mineralized boulders may potentially be located by following "trains" of mineralized boulders uphill, along the watercourses to their termination point. Soil sampling on the Property may also be helpful for targeting the bedrock source of the mineralized boulders. Based on previous work, soil sampling is more useful for detailed mapping rather than reconnaissance work. As such, detailed radiometric prospecting should be conducted first to identify target areas, with soil sampling completed in the target areas to help identify the bedrock source.

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## Exhibit 99.60

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**Apex Completes 2025 Re-Logging and Re-Sampling Program of <br>Preserved Historical Drill Core at The Rift Rare Earth Project, Elk <br>Creek, Nebraska**

**Modern analytical data to support upcoming interpretation, drill targeting**

**and updated geological modelling**

**Vancouver, B.C - December 8, 2025 - Apex Critical Metals Corp. (CSE: APXC, FSE: KL9,** OTCQB: APXCF) ("Apex" or the "Company"), a Canadian mineral exploration company focused on the identification and development of critical and strategic metals, is pleased to announce that it has completed its 2025 re-logging and re-sampling program of preserved historical drill core from the Rift Rare Earth Project, located near Elk Creek, Nebraska, USA.

The program was designed to establish a modern analytical baseline for the Rift carbonatite system by applying today's advanced geochemical and geological methods to drill core originally drilled by Molycorp Inc. during the 1970s and 1980s. A substantial portion of this core was preserved through the Conservation and Survey Division, School of Natural Resources at the University of Nebraska-Lincoln, enabling a rare opportunity for modern re-evaluation (see Image 1 below).

![](exhibit99-60x001.jpg)

**Image 1:** Apex's geological team evaluating historical drill core (left) and preserved core from EC-93 pictured (right).

The 2025 program included:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Re-logging of prioritized Molycorp drillholes within Apex's Rift land position**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Modern geological descriptions** to verify lithologies, alteration, and mineralized intervals

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Photography of drill core for future referencing**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Selection and collection of samples for multi-element analysis**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Submission of samples to Actlabs** for Fusion ICP-MS, ICP-OES, and XRF analysis

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Initial data review and modelling now underway, with assay results expected to be compiled and interpreted during Q1-2026**

Apex CEO, Sean Charland, stated: "Completing this program is an important milestone for Apex. Having access to the preserved Molycorp drill core is a unique advantage, and our 2025 re-logging and re-sampling initiative provides the first modern analytical foundation for understanding the scale and grade potential at Rift. This work allows us to accelerate our geological modelling, refine drill targeting, and build toward a more comprehensive evaluation of this significant rare earth and niobium system."

The Rift Project covers a series of carbonatite and related intrusive rocks forming part of the broader Elk Creek Carbonatite Complex, one of North America's most prospective districts for rare earth elements ("REE") and niobium. Historical drilling by Molycorp identified multiple zones of REE- and niobium-bearing carbonatite within Apex's holdings; however, these historical results pre-date NI 43-101, are non-compliant, and are not being treated as current resources. Modern re-logging and assay data will allow Apex to improve geological and structural interpretations, validate and refine historical intervals, support 2026 drill targeting, and progress toward potential future resource modelling after the Company has completed its planned phased drilling during 2026.

With the 2025 program now complete, the Company is compiling and interpreting newly generated analytical data, updating the geological model for the Rift carbonatite system, defining additional priority drill targets for the next phase of exploration, and continuing permitting and operational planning for drilling anticipated to commence in early 2026. A further update will be provided upon completion of data interpretation and integration into the Rift geological framework.

**Marketing Update**

The Company is also pleased to announce it has extended its investor relations agreement with Rumble Strip Media Inc. ("Rumble") to enhance its investor awareness. Pursuant to the agreement, Rumble will provide certain social media, marketing and consulting services to Apex. In consideration, Apex will pay CAD$1,000,000 to Rumble, with CAD$250,000 to be paid upfront. The extension commences December 5, 2025, for a three-month term ending March 5, 2025. The services to be provided by Rumble constitutes investor relations activities within the meaning of applicable securities laws and the policies of the Canadian Securities Exchange. Rumble and its principals are arm's length to the Company and, to the knowledge of the Company, Rumble does not own, control, or direct any securities of the Company.

**Stock Options**

The Company wishes to announce that it has granted (the "Grant") an aggregate of 75,000 incentive stock options (each, an "Option") to purchase up to 75,000 common shares of the Company (each, a "Share") to a consultant under its Equity Incentive Plan. The Options are exercisable for a period of four (4) years from the date of Grant, expiring on December 5, 2027, at a price of $2.50 per Share. Additionally, the Company announces that is has granted an aggregate of 25,000 restricted share units (each, a "RSU"). The Options and RSU's will vest six (6) months from the date of grant. All Options and the Shares underlying such Options are subject to a hold period of four months and one day from the date of issuance.

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**Qualified Person**

The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo., Geologist for Dahrouge Geological Consulting Ltd. and a Qualified Person under NI 43-101 on standards of disclosure for mineral projects.

The results discussed in this document are considered historical. An Apex Critical Metals Corp. qualified person has not performed sufficient work or data verification to validate these historical results in accordance with NI 43-101, and therefore results should not be relied upon until such time that the Company has carried out its own sampling, drilling and modern analysis.

**About Apex Critical Metals Corp.** (CSE: APXC) (OTCQX: APXCF) (FWB: KL9)

Apex Critical Metals Corp. is a Canadian exploration company focused on advancing rare earth element (REE) and niobium projects that support the growing demand for critical and strategic metals across the United States and Canada. The Company's flagship **Rift Project**, located within the highly prospective **Elk Creek Carbonatite Complex in Nebraska, U.S.A.**, hosts extensive rare earth rights surrounding one of North America's most advanced niobium-REE deposits. Historical drilling across the complex has reported broad intervals of high-grade REE mineralization, including intercepts such as **155.5 m of 2.70% REO** and **68.2 m of 3.32% REO**.

In Canada, Apex continues to advance its 100%-owned **Cap Project**, located 85 kilometres northeast of Prince George, British Columbia. The 2025 drill program confirmed a significant niobium discovery with **0.59% Nb₂O₅ over 36 metres, including 1.08% Nb₂O₅ over 10 metres**, within a 1.8-kilometre-long niobium trend. The Cap Project continues to demonstrate strong potential for niobium mineralization within a large and previously unrecognized carbonatite system.

With a growing portfolio of critical mineral projects in both Canada and the United States, Apex Critical Metals is strategically positioned to help strengthen domestic supply chains for the minerals essential to advanced technologies, clean energy, and national security. Apex is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC and quoted on the OTCQX market in the United States under the symbol APXCF, and in Germany on the Borse Frankfurt under the symbol KL9 and/or WKN: A40CCQ. Find out more at <u>www.apexcriticalmetals.com</u> and to sign up for free news alerts please go to <u>https://apexcriticalmetals.com/news/news-alerts/</u>, or follow us on <u>X (formerly Twitter)</u>, <u>Facebook</u> or <u>LinkedIn</u>.

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: <u>info@apexcriticalmetals.com</u>

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*Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.*

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:**

*This news release may contain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include (without limitation) statements with respect to anticipated assay results from remaining 2025 drillholes, statements regarding the Company's US-based prospective assets (more particularly described above), including the potential for additional acquisitions and the potential for exploration, and statements regarding the potential for future exploration and drilling to confirm the source of magnetic anomalies. Forward-looking statements are subject to various known and unknown risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Risks that could change or prevent these events, activities or developments from coming to fruition include: the Company's properties are at an early stage of development and no current mineral resources or reserves have been identified by the Company thereof, that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able to raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from our properties may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for REE and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements herein are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.*

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## Exhibit 99.61

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**Apex Discovers Mineralized Carbonatite at its Lac Le Moyne Project, Québec**

**Vancouver, British Columbia - December 15, 2025 - Apex Critical Metals Corp. (CSE: APXC** \| OTCQX: APXCF \| FWB: KL9) ("Apex" or the "Company"), a Canadian mineral exploration company focused on the identification and development of critical and strategic metals, is pleased to announce results from a new carbonatite discovery at its 100%-owned Lac Le Moyne Project ("Lac Le Moyne" or "the Project") in Nunavik, Québec.

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discovery of new carbonatite occurrence at the Lac Le Moyne Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 151 rock samples collected during the July 2025 program, marking the first targeted carbonatite exploration at the Project.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Four (4) boulder grab samples returned >0.20% Nb₂O₅, with values up to 0.40% Nb₂O₅.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Thirteen (13) samples returned > 0.25% total rare earth oxides (REO<sup>1</sup>), including a peak of 0.50% REO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• An additional 77 claims have been staked to cover the interpreted up-ice source responsible for the anomalous boulder samples.

Sean Charland, CEO of Apex Critical Metals, commented, *"There are only ~600 known carbonatite systems globally, so confirming the presence of carbonatite with substantially anomalous niobium and rare earth oxide mineralization during our first pass mapping and sampling campaign at Lac Le Moyne is a significant step forward for the Project and exceeded our expectations. The Project's position north of the Eldor Carbonatite Complex, a complex known for its high-grade Ashram Rare Earth and Fluorspar Deposit as well as high-proximal grade niobium, tantalum, and phosphate, highlights the potential for further discoveries in the area. We look forward to advancing follow-up work to refine targets and build on the results from this initial program."*

The summer exploration program was completed in July 2025, with a total of 151 rock samples collected. The exploration program marked the first targeted exploration for carbonatite-hosted niobium (Nb) and rare earth element (REE) mineralization at the Project. The program was a helicopter-supported operation based out of Kuujjuaq, designed to evaluate multiple carbonatite outcrops originally mapped by Québec government geologists in the 1970s.

The elevated samples are dominated by carbonatite and carbonatite-related lithologies, with all four (4) boulder samples exceeding 0.20% Nb₂O₅ to a maximum of 0.40% Nb₂O₅ occurring in calcite-rich carbonatite boulders (Table 1, Figure 1). The strongest REO results (>0.25% REO, including the peak value 0.50%) are hosted within dolomitic carbonatite and carbonatite-altered units (Table 1). Additional elevated samples occur in calcite-carbonatite, fluorine-carbonatite, and metasomatic (fenite-style) rocks, supporting the interpretation of a multi-phase intrusive system with both carbonatite and alteration-related REE enrichment. Several of the carbonatite samples also exhibit high-grade phosphate, with seven (7) samples exceeding 5.0% P₂O₅ with a peak value of 10.36% P₂O₅, alongside notably enriched fluorine, including one sample assaying 4.94% F (Table 1). These signatures are fully consistent with apatite- and fluorite-bearing phases typically associated with REE mineralization in carbonatite systems.

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The strongest niobium and REO results define a north-south-oriented corridor in the northeastern portion of the Lac Le Moyne Property. This trend hosts the majority of samples returning >0.20% Nb₂O₅ and >0.25% REO and represents a newly outlined carbonatite zone within the Project area. The elevated results do not coincide with the historically mapped extent of carbonatite outcrop, indicating the potential for an additional mineralized carbonatite system at Lac Le Moyne. Outcrop exposure across this corridor is limited, and the concentration of mineralized carbonatite and carbonatite-related boulders suggests strong potential for a buried carbonatite source within this newly defined trend.

An additional 77 mineral claims, totalling approximately 3,609 ha, were staked on the eastern margin of the Project to cover geophysical anomalies and the interpreted up-ice area, to the south/southeast, of the niobium-enriched boulders identified during the 2025 sampling program. This expanded land position now covers the most prospective target corridor and provides the opportunity for follow-up exploration for the 2026 field season.

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![](exhibit99-61x3x1.jpg)

*Figure 1. 2025 Surface Grab Samples (REO, %) - Lac Le Moyne Property*

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*Table 1 2025 Surface Grab Samples - Select Assay Results*

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Sample** | &nbsp;&nbsp;**Easting** | &nbsp;&nbsp;**Northing** | &nbsp;&nbsp;**Sample**<br>**Source** | &nbsp;&nbsp;**Lithology** | &nbsp;&nbsp;**REO<sup>1</sup>%** | &nbsp;&nbsp;**Nb₂O₅%** | &nbsp;&nbsp;**P₂O₅%** | &nbsp;&nbsp;**F %** |
| &nbsp;&nbsp;2135010 | &nbsp;&nbsp;6326555 | &nbsp;&nbsp;528256 | &nbsp;&nbsp;Outcrop | &nbsp;&nbsp;Dolomitic carbonatite | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;**7.11** | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135012 | &nbsp;&nbsp;6326504 | &nbsp;&nbsp;528462.3 | &nbsp;&nbsp;Outcrop | &nbsp;&nbsp;Dolomitic carbonatite | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;**10.36** | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135018 | &nbsp;&nbsp;6324637 | &nbsp;&nbsp;529763.2 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Metasomatic rocks | &nbsp;&nbsp;0.30 | &nbsp;&nbsp;0.01 | &nbsp;&nbsp;1.18 | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135022 | &nbsp;&nbsp;6325377 | &nbsp;&nbsp;529488.5 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Dolomite-Carbonatite | &nbsp;&nbsp;**0.43** | &nbsp;&nbsp;0.02 | &nbsp;&nbsp;1.03 | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135023 | &nbsp;&nbsp;6325700 | &nbsp;&nbsp;529709.2 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Carbonatite | &nbsp;&nbsp;0.17 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;**6.99** | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135027 | &nbsp;&nbsp;6325947 | &nbsp;&nbsp;529776.7 | &nbsp;&nbsp;Outcrop | &nbsp;&nbsp;Fluorine-Carbonatite | &nbsp;&nbsp;**0.40** | &nbsp;&nbsp;0.04 | &nbsp;&nbsp;2.79 | &nbsp;&nbsp;**4.94** |
| &nbsp;&nbsp;2135029 | &nbsp;&nbsp;6325975 | &nbsp;&nbsp;529564.4 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Calcite-Carbonatite | &nbsp;&nbsp;0.36 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;**5.25** | &nbsp;&nbsp;0.62 |
| &nbsp;&nbsp;2135030 | &nbsp;&nbsp;6326040 | &nbsp;&nbsp;529484.8 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Carbonatite | &nbsp;&nbsp;0.26 | &nbsp;&nbsp;**0.20** | &nbsp;&nbsp;1.73 | &nbsp;&nbsp;0.31 |
| &nbsp;&nbsp;2135032 | &nbsp;&nbsp;6326069 | &nbsp;&nbsp;529409.4 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Dolomitic carbonatite | &nbsp;&nbsp;0.35 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;1.87 | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135033 | &nbsp;&nbsp;6325936 | &nbsp;&nbsp;529410.1 | &nbsp;&nbsp;Outcrop | &nbsp;&nbsp;Dolomitic carbonatite | &nbsp;&nbsp;0.37 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;0.75 | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135034 | &nbsp;&nbsp;6325873 | &nbsp;&nbsp;529596 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Calcite-Carbonatite | &nbsp;&nbsp;0.31 | &nbsp;&nbsp;0.08 | &nbsp;&nbsp;2.99 | &nbsp;&nbsp;0.52 |
| &nbsp;&nbsp;2135037 | &nbsp;&nbsp;6326825 | &nbsp;&nbsp;529546.2 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Calcite-Carbonatite | &nbsp;&nbsp;0.25 | &nbsp;&nbsp;0.03 | &nbsp;&nbsp;3.18 | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135039 | &nbsp;&nbsp;6326605 | &nbsp;&nbsp;529618.5 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Calcite-Carbonatite | &nbsp;&nbsp;0.19 | &nbsp;&nbsp;**0.40** | &nbsp;&nbsp;**5.03** | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135040 | &nbsp;&nbsp;6326444 | &nbsp;&nbsp;529623 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Dolomitic carbonatite | &nbsp;&nbsp;**0.50** | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;**8.60** | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135077 | &nbsp;&nbsp;6322296 | &nbsp;&nbsp;527792.3 | &nbsp;&nbsp;Outcrop | &nbsp;&nbsp;Calcite-Carbonatite | &nbsp;&nbsp;0.28 | &nbsp;&nbsp;0.06 | &nbsp;&nbsp;4.18 | &nbsp;&nbsp;NA |
| &nbsp;&nbsp;2135081 | &nbsp;&nbsp;6326027 | &nbsp;&nbsp;529739.1 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Calcite-Carbonatite | &nbsp;&nbsp;0.24 | &nbsp;&nbsp;**0.35** | &nbsp;&nbsp;**9.17** | &nbsp;&nbsp;0.82 |
| &nbsp;&nbsp;2135082 | &nbsp;&nbsp;6326032 | &nbsp;&nbsp;529736.9 | &nbsp;&nbsp;Boulder | &nbsp;&nbsp;Calcite-Carbonatite | &nbsp;&nbsp;0.16 | &nbsp;&nbsp;**0.20** | &nbsp;&nbsp;3.71 | &nbsp;&nbsp;0.35 |

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Rare Earth Oxide (REO) is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Eu2O3 + Sm2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3

The Company cautions that past results or discoveries on adjacent properties (i.e. Eldor) may not necessarily be indicative to the presence of mineralization on the Company's properties (i.e. Lac Le Moyne.)

**Quality Assurance / Quality Control**

All rock samples were collected in the field using a hammer and chisel. Locations were obtained using a handheld GPS or tablet with samples placed in pre-labelled sample bags. Metal tags with the sample numbers and flagging tape were left at each sample location.

Samples were shipped using via air, then ground from Kuujjuaq to Actlabs Laboratory in Ancaster, Ontario. Rock samples were prepped via RX1, Dry, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm. Analysis consisted of Code 8 by XRF, Code 8 - REE Assay (lithium metaborate/tetraborate fusion with subsequent analysis by ICP and ICP-MS), and 1A2 Au Fire Assay - AA, 30g weight, 5-5,000 ppb. Select samples were analyzed for fluorine with code 4F-F.

A Quality Assurance/Quality Control protocol was incorporated into the rock sampling program and included the insertion of four (4) certified reference material ("CRM) and two (2) quartz blanks. Due to the preliminary nature of the fieldwork, the Company also relied on the internal QA/QC procedures of Actlabs.

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Management cautions that prospecting surface rock samples, and associated assays, as discussed herein, are selective by nature and represent a point location, and therefore may not necessarily be fully representative of the mineralized horizon sampled.

**Qualified Person**

The technical content of this news release has been reviewed and approved by François Gagnon, P. Geo. (OGQ License 1907), geologist for Dahrouge Geological Consulting Ltd. Mr. Gagnon has verified all scientific and technical data disclosed in this news release and certified analytical data underlying the technical information disclosed. Mr. Gagnon noted no errors or omissions during the data verification process.

**About Apex Critical Metals Corp.** (CSE: APXC) (OTCQX: APXCF) (FWB: KL9)

Apex Critical Metals Corp. is a Canadian exploration company focused on advancing rare earth element (REE) and niobium projects that support the growing demand for critical and strategic metals across the United States and Canada. The Company's flagship **Rift Project**, located within the highly prospective **Elk Creek Carbonatite Complex in Nebraska, U.S.A.**, hosts extensive rare earth rights surrounding one of North America's most advanced niobium-REE deposits. Historical drilling across the complex has reported broad intervals of high-grade REE mineralization, including intercepts such as **155.5 m of 2.70% REO** and **68.2 m of 3.32% REO**.

In Canada, Apex continues to advance its 100%-owned **Cap Project**, located 85 kilometres northeast of Prince George, British Columbia. The 2025 drill program confirmed a significant niobium discovery with **0.59% Nb₂O₅ over 36 metres, including 1.08% Nb₂O₅ over 10 metres**, within a 1.8-kilometre-long niobium trend. The Cap Project continues to demonstrate strong potential for niobium mineralization within a large and previously unrecognized carbonatite system.

With a growing portfolio of critical mineral projects in both Canada and the United States, Apex Critical Metals is strategically positioned to help strengthen domestic supply chains for the minerals essential to advanced technologies, clean energy, and national security. Apex is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC and quoted on the OTCQX market in the United States under the symbol APXCF, and in Germany on the Borse Frankfurt under the symbol KL9 and/or WKN: A40CCQ. Find out more at <u>www.apexcriticalmetals.com</u> and to sign up for free news alerts please go to <u>https://apexcriticalmetals.com/news/news-alerts/</u>, or follow us on X (formerly <u>Twitter)</u>, <u>Facebook</u> or <u>LinkedIn</u>.

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: <u>info@apexcriticalmetals.com</u>

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*Neither the Canadian Securities Exchange nor its Regulation Services Provider (as that term is defined in the policies of the CSE) accepts responsibility for the adequacy or accuracy of this release.*

**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION:**

*This news release may contain "forward-looking statements" under applicable Canadian securities legislation. Forward-looking statements consist of statements that are not purely historical, including any statements regarding beliefs, plans, expectations or intentions regarding the future. Forward-looking statements in this news release include (without limitation) statements with respect to the Company's Canadian and US-based prospective assets (more particularly described above), including the potential for additional acquisitions and the potential for exploration on the additional claims that were staked, statements regarding the potential for future discoveries in the area, statements regarding the potential future exploration on the Lac Le Moyne property to refine targets and confirm the source of geophysical anomalies. Forward-looking statements are subject to various known and unknown risks and uncertainties that may cause actual results, performance or developments to differ materially from those contained in the statements. Risks that could change or prevent these events, activities or developments from coming to fruition include: the Company's properties are at an early stage of development and no current mineral resources or reserves have been identified by the Company thereof, that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able to raise capital, costs for exploration activities may increase such that we may not have sufficient funds to pay for such exploration or processing activities; the timing and content of any future work programs; geological interpretations based on drilling that may change with more detailed information; potential process methods and mineral recoveries assumptions based on limited test work and by comparison to what are considered analogous deposits that, with further test work, may not be comparable; testing of our process may not prove successful or samples derived from our properties may not yield positive results, and even if such tests are successful or initial sample results are positive, the economic and other outcomes may not be as expected; the anticipated market demand for REE and other minerals may not be as expected; the availability of labour and equipment to undertake future exploration work and testing activities; geopolitical risks which may result in market and economic instability. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements herein are made as of the date hereof, and the Company disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.*

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## Exhibit 99.63

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**CONSENT OF ALEX KNOX**

The undersigned hereby consents to the use of their report titled "Technical Report on the CAP Property, Northeast of Prince George, British Columbia, Canada" with an effective date of December 8, 2022 (the "**Report**"), and the information derived therefrom, as well as references to their name and references to and information derived from the Report, in each case where used or incorporated by reference into, the registration statement on Form 40-F of Apex Critical Metals Corp. being filed with the United States Securities and Exchange Commission.

Dated: December 15, 2025

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| |
|:---|
| /s/ Alex Knox |
| Alex Knox, M.Sc., P.Geo. |

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## Exhibit 99.64

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![](exhibit99-64x001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use of our report dated November 22, 2024 relating to the consolidated financial statements of Apex Critical Metals Corp. (the "**Company**") for the years ended July 31, 2024 and 2023 and the related notes to the consolidated financial statements, and our report dated November 27, 2025 relating to the consolidated financial statements of the Company for the years ended July 31, 2025 and 2024 and the related notes to the consolidated financial statements, which are included in, or incorporated by reference into, the registration statement on Form 40- F of the Company being filed with the United States Securities and Exchange Commission.

![](exhibit99-64x002.jpg)

Chartered Professional Accountants

Vancouver, Canada

December 15, 2025

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