# EDGAR Filing Document

**Accession Number:** 0002093856
**File Stem:** 0001062993-25-016605
**Filing Date:** 2025-11
**Character Count:** 1370781
**Document Hash:** b66ed434fa38ffcacc3adc98b2e92605
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-016605.hdr.sgml**: 20251110

**ACCESSION NUMBER**: 0001062993-25-016605

**CONFORMED SUBMISSION TYPE**: 40FR12B

**PUBLIC DOCUMENT COUNT**: 170

**FILED AS OF DATE**: 20251110

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** APEX CRITICAL METALS CORP.
- **CENTRAL INDEX KEY:** 0002093856

**ORGANIZATION NAME:**
- **EIN:** 741775688
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 0731
- **LEGAL ENTITY IDENTIFIER:** 5299002BFQYW25WD9A95

**FILING VALUES:**
- **FORM TYPE:** 40FR12B
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42949
- **FILM NUMBER:** 251467362

**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**

_____________________

**☒ 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>

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| | | |
|:---|:---|:---|
| <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 604-681-1568**</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>

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

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| | | |
|:---|:---|:---|
| 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:

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| | |
|:---|:---|
| **☐** 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 99.57, 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 99.56 and 99.57, 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 99.10, 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 November 7, 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$1.4063.

**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 April 30, 2025, information with respect to the Registrant's known contractual obligations (in Canadian dollars):

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| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **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** |
| Administrative, Advertising, and Promotion Contracts | $386406 | $386406 |  |  |  |
| **Total** | $386406 | $386406 | $- | - | - |

---

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**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**

Concurrently with the filing of this Registration Statement, the Registrant will file 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.

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

---

------

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| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.49](exhibit99-49.htm) | [News Release dated October 8, 2025](exhibit99-49.htm) |
| [99.50](exhibit99-50.htm) | [News Release dated October 14, 2025](exhibit99-50.htm) |
| [99.51](exhibit99-51.htm) | [News Release dated October 22, 2025](exhibit99-51.htm) |
| [99.52](exhibit99-52.htm) | [Annual Information Form for the year ended July 31, 2024 dated October 20, 2025](exhibit99-52.htm) |
| [99.53](exhibit99-53.htm) | [News Release dated October 30, 2025](exhibit99-53.htm) |
| [99.54](exhibit99-54.htm) | [Material Change Report dated October 30, 2025](exhibit99-54.htm) |
| [99.55](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.](exhibit99-55.htm) |
| [99.56](exhibit99-56.htm) | [Consent of Alex Knox, M.SC., P. Geo of AWK Geological Consulting Ltd.](exhibit99-56.htm) |
| [99.57](exhibit99-57.htm) | [Consent of DeVisser Gray LLP](exhibit99-57.htm) |

---

------

**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.

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

---

Date: November 10, 2025

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## Exhibit 99.1

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| | |
|:---|:---|
| ![](exhibit99-1x1x1.jpg) | Apex Critical Metals (CSE: APXC)<br>1450-West Pender Street <br>Vancouver, B.C. V6C 1H2<br><u>www.apexcriticalmetals.com</u> |

---

**NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR**

**DISSEMINATION IN THE UNITED STATES**

**Apex Critical Metals Corp. Completes Final Tranche of Private Placement**

**for Proceeds of $1,000,000**

**News Release - Vancouver, BC, - August 19, 2024: Apex Critical Metals Corp.** (CSE: APXC) (OTCQB:APXCF) ("Apex" or the "Company"), is pleased to announce that it has completed the final tranche of a non-brokered private placement (see news releases dated June 12, 2024 and July 5, 2024), issuing a total of 2,500,000 units (each, a "**Unit**") at a price of $0.40 per Unit, raising aggregate proceeds of $1,000,000 (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 $0.60 per Share for a period of one (1) year from closing of the Offering (the "**Closing**"). The proceeds of the Offering will be used for property exploration and general working capital.

All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months and a day from the Closing.

An insider of the Company subscribed for a total of 62,500 Units under the Offering, which is a "related party transaction" within the meaning of Multilateral Instrument 61-101 - *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"). The issuance to the insider is exempt from the valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(a) as the Units purchased do not exceed more than 25% of the market capitalization of the Company and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(b) of MI 61-101 in that the fair market value of the securities distributed in the final tranche is not more than $2,500,000.

None of the securities sold in connection with the final tranche are registered under the United States *Securities Act of 1933*, as amended, and no such securities were offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. is a Canadian exploration company specializing in the acquisition and development of high potential rare earth elements (REE's) and niobium properties. Apex Critical Metals is publicly listed on the CSE, and its common shares currently trade under the symbol "APXC".

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: info@apexcriticalmetals.com

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---

| | |
|:---|:---|
| ![](exhibit99-1x1x1.jpg) | Apex Critical Metals (CSE: APXC)<br>1450-West Pender Street <br>Vancouver, B.C. V6C 1H2<br><u>www.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 statements with respect to the Offering including, the closing date of the Offering, the potential participation of insiders in the Offering and the anticipated use of proceeds of the Offering. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the receipt of regulatory approval for the Offering, if required. 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 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 99.2

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1: Name and Address of Company**

Apex Critical Metals Corp. ("**Apex**" or the "**Company**")

Suite 1450, 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2: Date of Material Change**

August 19, 2024

**Item 3: News Release**

News release dated August 19, 2023 was disseminated and subsequently filed on SEDAR.

**Item 4: Summary of Material Change**

On August 19, 2024, the Company issued a news release announcing it had closed the final tranche its previously disclosed non-brokered private placement (the "**Offering**"). The Offering consisted of 5,000,000 units of the Company (the "**Units**") at $0.40 per Unit for aggregate gross proceeds of $2,000,000. The first tranche closed issuing 2,500,000 Units for aggregate gross proceeds of $1,000,000. The final tranche closed issuing 2,500,000 Units for aggregate gross proceeds of $1,000,000.

**Item 5 Full Description of Material Change**

On August 19, 2024, the Company issued a news release announcing it had closed the final tranche of its previously disclosed non-brokered private placement. The Offering consisted of 5,000,000 Units of the Company at $0.40 per Unit for aggregate gross proceeds of $2,000,000. The first tranche of the Offering closed with the Company issuing 2,500,000 Units for aggregate gross proceeds of $1,000,000. The final tranche closed with the Company issuing 2,500,000 Units for aggregate 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 entitles the holder thereof to acquire one additional share (each, a "**Warrant Share**"), at an exercise price of $0.60 per Warrant Share until August 16, 2025.

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.

An insider of the Company subscribed for a total of 62,500 Units under the Offering, which is a "related party transaction" within the meaning of Multilateral Instrument 61-101 - *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"). The issuance to the insider is exempt from the valuation requirement of MI 61- 101 by virtue of the exemption contained in section 5.5(a) as the Units purchased do not exceed more than 25% of the market capitalization of the Company and from the minority shareholder approval requirements of MI 61-101 by virtue of the exemption contained in section 5.7(b) of MI 61-101 in that the fair market value of the securities distributed in the final tranche is not more than $2,500,000.

None of the securities sold in connection with the final tranche are registered under the United States *Securities Act of 1933*, as amended, and no such securities were offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

------

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102**

N/A

**Item 7: Omitted Information**

N/A

**Item 8: Executive Officer**

Sean Charland, CEO and a Director<br>604.681.1568<br>info@apexcriticalmetals.com

**Item 9: Date of Report**

August 19, 2024

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## Exhibit 99.3

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---

| | |
|:---|:---|
| ![](exhibit99-3x1x1.jpg) | Apex Critical Metals (CSE: APXC)<br>1450-West Pender Street <br>Vancouver, B.C. V6C 1H2<br><u>www.apexcriticalmetals.com</u> |

---

**NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR**

**DISSEMINATION IN THE UNITED STATES**

**Apex Critical Metals Corp. Completes Private Placement**

**of Flow-Though Units for Proceeds of $392,749.50**

**News Release - Vancouver, BC, - September 24, 2024: Apex Critical Metals Corp.** (CSE: APXC) (OTCQB:APXCF) ("Apex" or the "Company"), is pleased to announce that it has completed a non-brokered private placement (see the Company's news release dated July 5, 2024), by issuing a total of 604,230 flow- through units (each, a "FT Unit") at a price of $0.65 per FT Unit for aggregate gross proceeds of $392,749.50 (the "Offering"). 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 $1.00 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.

None of the securities sold in connection with the Offering have been or will be registered under the United States *Securities Act of 1933*, as amended, and no such securities were offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. is a Canadian exploration company specializing in the acquisition and development of high potential rare earth elements (REE's) and niobium properties. Apex Critical Metals is publicly listed on the CSE, and its common shares currently trade under the symbol "APXC".

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: info@apexcriticalmetals.com

------

---

| | |
|:---|:---|
| ![](exhibit99-3x1x1.jpg) | Apex Critical Metals (CSE: APXC)<br>1450-West Pender Street <br>Vancouver, B.C. V6C 1H2<br><u>www.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.*

**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 statements with respect to the Offering including the anticipated use of proceeds of the Offering, the renouncement of the Qualifying Expenditures and the expiry of hold periods for securities distributed pursuant to the Offering. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the proceeds of the Offering may not be used as stated in this news release and those additional risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.com. 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 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 99.4

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1: Name and Address of Company**

Apex Critical Metals Corp. ("**Apex**" or the "**Company**")

Suite 1450, 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2: Date of Material Change**

September 24, 2024

**Item 3: News Release**

News release dated September 24, 2024 was disseminated through ACCESSWIRE and subsequently filed on SEDAR+.

**Item 4: Summary of Material Change**

On September 24, 2024, the Company closed its previously disclosed non-brokered private placement (the "**Offering**"). The Offering consisted of the issuance of 604,230 flow-through units (each, a "**FT Unit**") at a price of $0.65 per FT Unit for aggregate gross proceeds of $392,749.50.

**Item 5 Full Description of Material Change**

On September 24, 2024, the Company closed its previously disclosed non-brokered private placement. The Offering consisted of 604,230 FT Units at a price of $0.65 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 $1.00 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 date of issuance.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102**

N/A

**Item 7: Omitted Information**

N/A

------

**Item 8: Executive Officer**

Sean Charland, CEO and a Director<br>604.681.1568<br>info@apexcriticalmetals.com

**Item 9: Date of Report**

September 24, 2024

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## Exhibit 99.5

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---

| | |
|:---|:---|
| ![](exhibit99-5x1x1.jpg) | Apex Critical Metals (CSE: APXC)<br>1450-West Pender Street <br>Vancouver, B.C. V6C 1H2<br><u>www.apexcriticalmetals.com</u> |

---

**Apex Critical Metals Corp. Announces Forward Share Split**

**News Release - Vancouver, BC, - October 31, 2024: Apex Critical Metals Corp.** (CSE: APXC) (OTCQB:APXCF) ("**Apex**" or the "**Company**"), is pleased to announce that it is undertaking 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 (.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.

As per Canadian Securities Exchange ("**CSE**") policy, the Forward Split will be conducted on a "push-out" basis and therefore the CUSIP number for the Common Shares will remain unchanged. DRS statements for the additional one half of one Common Share resulting from the Forward Split will be mailed to the shareholders as of the Record Date by the Company's Transfer Agent, Odyssey Trust Company. Shareholders of the Company do not need to take any action with respect to the Forward Split. The Forward Split will not materially affect the percentage ownership in the Company of shareholders even though such ownership will be represented by a larger number of 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. The Forward Split remains subject to the approval of the CSE.

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.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. is a Canadian exploration company specializing in the acquisition and development of high potential rare earth elements (REE's) and niobium properties. Apex Critical Metals is publicly listed on the CSE, and its Common Shares currently trade under the symbol "APXC".

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: info@apexcriticalmetals.com

------

---

| | |
|:---|:---|
| ![](exhibit99-5x1x1.jpg) | Apex Critical Metals (CSE: APXC)<br>1450-West Pender Street <br>Vancouver, B.C. V6C 1H2<br><u>www.apexcriticalmetals.com</u> |

---

**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 statements with respect to the receipt of final approval from the CSE for the Forward Split and the expected timing of commencement of trading. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the Forward Split may not be completed as expected or at all and those additional risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.com. 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 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.*

*Neither the CSE 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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## Exhibit 99.6

------

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1: Name and Address of Company**

Apex Critical Metals Corp. ("**Apex**" or the "**Company**")

Suite 1450, 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2: Date of Material Change**

October 31, 2024

**Item 3: News Release**

News release dated October 31, 2024 was disseminated through Accesswire and subsequently filed on SEDAR+.

**Item 4: Summary of Material Change**

On October 31, 2024, the Company announced that it is undertaking 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 Share for one (1) old Common Share (1.5:1) (the "Forward Split"). All shareholders of record on November 7, 2024 (the "Record Date") will be entitled to receive one half of one (.5) additional Common Share pursuant to the Forward Split. The Company proposed the Forward Split to increase the liquidity and marketability of the Common Shares.

**Item 5 Full Description of Material Change**

See attached news release dated October 31, 2024.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102**

N/A

**Item 7: Omitted Information**

N/A

**Item 8: Executive Officer**

Sean Charland, CEO and a Director<br>604.681.1568<br>info@apexcriticalmetals.com

**Item 9: Date of Report**

November 1, 2024

------

**Apex Critical Metals Corp. Announces Forward Share Split**

**News Release - Vancouver, BC, - October 31, 2024: Apex Critical Metals Corp.** (CSE: APXC) (OTCQB:APXCF) ("**Apex**" or the "**Company**"), is pleased to announce that it is undertaking 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 (.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.

As per Canadian Securities Exchange ("**CSE**") policy, the Forward Split will be conducted on a "push-out" basis and therefore the CUSIP number for the Common Shares will remain unchanged. DRS statements for the additional one half of one Common Share resulting from the Forward Split will be mailed to the shareholders as of the Record Date by the Company's Transfer Agent, Odyssey Trust Company. Shareholders of the Company do not need to take any action with respect to the Forward Split. The Forward Split will not materially affect the percentage ownership in the Company of shareholders even though such ownership will be represented by a larger number of 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. The Forward Split remains subject to the approval of the CSE.

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.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. is a Canadian exploration company specializing in the acquisition and development of high potential rare earth elements (REE's) and niobium properties. Apex Critical Metals is publicly listed on the CSE, and its Common Shares currently trade under the symbol "APXC".

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: info@apexcriticalmetals.com

------

**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 statements with respect to the receipt of final approval from the CSE for the Forward Split and the expected timing of commencement of trading. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the Forward Split may not be completed as expected or at all and those additional risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.com. 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 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.*

*Neither the CSE 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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## Exhibit 99.7

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**APEX CRITICAL METALS CORP.**

November 4, 2024

BC Securities Commission

Ontario Securities Commission

The Canadian Depository for Securities

Canadian Securities Exchange

Dear Sirs/Mesdames:

---

| | |
|:---|:---|
| **Re:** | **Apex Critical Metals Corp. (the "Company")** |
|  | **Proposed Forward Share Split** |
|  | **Confirmation of Record Date - November 7, 2024** |

---

The Company has its common shares listed and trading on the Canadian Securities Exchange ("**CSE**"). The Company's ISIN number is **CA03753D1042** and its CUSIP number is **03753D104**.

Pursuant to CSE Policy 9, please be advised that on November 7, 2024, the record date, the Company will subdivide its common shares on the basis of 1.5 post-subdivision common shares for every one (1) pre- subdivision common share held (the "**Subdivision**"). The Company will push out the securities required to effect the Subdivision and no new CUSIP will be assigned to the Company's common shares.

We trust you will find the foregoing to be in order, however if you have any questions, please feel free to contact the undersigned.

**APEX CRITICAL METALS CORP.**

Per: (signed) "Sean Charland"

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## Exhibit 99.8

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**Apex Critical Metals Identifies 1.8km Trend of Anomalous Niobium**

**Mineralization, CAP Project**

**-- Highest outcrop assay recorded to-date assayed 3.33% Nb<sub>2</sub>O<sub>5</sub>**

**Vancouver, BC / November 12, 2024 /** Apex Critical Metals Corp. (CSE: APXC) (OTCQB: APXCF) (FWB: KL9) ("Apex" or the "Company"), an exploration company focused on developing high potential resource sector projects, is pleased to announce results of its 2024 field exploration program at the Cap Project located north-west of Prince George, British Columbia. The project is within a region informally known as the "Rocky Mountain Rare Metal Belt." The Cap Project covers a large carbonatite complex, which is considered highly prospective for both niobium and are earth element (REE) mineralization.

**Highlights include:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **3.33% Nb<sub>2</sub>O<sub>5 </sub>**in outcrop with four (4) additional outcrop samples assaying between 0.16% to 0.50% Nb<sub>2</sub>O<sub>5</sub>. Two mineralized carbonatite outcrops discovered are separated by approximately 250 meters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **1.79% and 1.45% Nb<sub>2</sub>O<sub>5 </sub>**returned from carbonatite boulders

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• **Distinct niobium anomaly** discovered from soil sampling, situated along an interpreted trend of known mineralized carbonatite outcrops and coincident radiometric anomaly.

o Elevated rare earth oxide ("REO") values also identified with one soil sample assaying **1.21% REO** and three (3) additional samples assaying between 0.33% and 0.34% REO.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Stream concentrate sampling proved an effective exploration tool with four (4) samples returning > 275 ppm to 360 ppm Niobium, coincident with anomalous soil zones and mineralized rock samples.

The 2024 summer 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, which intersected 0.51% Nb<sub>2</sub>O<sub>5</sub> over 4.01 meters (CAP17-004).

All assay results from the 2024 program have been 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. Additional details can be found at <u>https://apexcriticalmetals.com/projects/cap-project</u>.

Sean Charland, CEO of Apex Critical Metals comments, "*We are extremely encouraged with the results of our 2024 exploration program. With one rock sample in particular delivering the highest outcrop assay recorded to-date on the Property at 3.33% Nb<sub>2</sub>O<sub>5</sub>, our overall findings underscore the Project's potential. The discovery of a significant niobium soil anomaly alongside the successful mapping and sampling of additional carbonatite outcrops has notably expanded our understanding of the Cap Project. As we look ahead to planning our 2025 drill program, we are optimistic about unlocking the future potential of the Niobium mineralization at the Cap Project*."

A total of seven (7) of the fourteen (14) carbonatite grab samples collected from the Cap Property during the 2024 exploration program returned niobium values exceeding 0.1% Nb<sub>2</sub>O<sub>5</sub>, with two (2) boulder samples assaying 1.45% and 1.79% Nb<sub>2</sub>O<sub>5</sub> and one (1) outcrop sample assaying 3.33% Nb<sub>2</sub>O<sub>5</sub>. The mineralized outcrops that were mapped and sampled represent a potential strike length of up 250 m, with the largest outcrop exposed at surface over a 75 m x 5 m area, and mineralization remaining open in multiple directions (Figure 1). These rock samples also yielded elevated phosphate (P<sub>2</sub>O<sub>5</sub>), and rare earth oxides (REO) (Table 1).

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*Table 1. Select Mineralized Rock Sample Results from 2024 Exploration at the Cap Property*

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| | | | | |
|:---|:---|:---|:---|:---|
| **Sample ID** | **Type** | **Nb<sub>2</sub>O<sub>5</sub> %** | **P<sub>2</sub>O<sub>5</sub> %** | **REO % <sup>(1)</sup>** |
| **80130** | Outcrop | **3.33** | 0.92 | 0.16 |
| **80130** | Boulder | **1.79** | 0.68 | 0.13 |
| **80146** | Float | **1.45** | 0.35 | 0.09 |
| **80102** | Outcrop | 0.5 | 9.34 | 0.15 |
| **80136** | Outcrop | 0.38 | 3.2 | 0.16 |
| **80143** | Outcrop | 0.2 | 1.39 | 0.06 |
| **80139** | Outcrop | 0.16 | 0.59 | 0.08 |

---

&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

*Figure 1. 2024 Surface Rock Sampling Summary at the Cap Project.*

Soil sampling at the Cap Property outlined a distinct anomalous niobium trend, extending nearly 1.8 km northwest of the known mineralization (Figure 2). The anomaly directly coincides with a radiometric anomaly historically identified from airborne geophysics. The anomaly is interpreted to be the potential extension of the newly discovered carbonatite outcrop that returned 3.33% Nb<sub>2</sub>O<sub>5</sub>. The soil sampling grid also identified highly elevated REO results with one (1) sample returning 1.21% REO and three (3) additional samples returning between 0.33% and 0.34% TREO.

------

In addition to the soil and rock sampling, results from stream concentrate sampling displayed elevated niobium results with four (4) samples returning values greater than 275 ppm Nb up to a maximum of 360 ppm. These anomalous samples correlate with the known mineralized outcrop and downstream of the niobium soil anomaly (Figure 2). Despite much of the Cap Project area being covered by thick soil profiles and glacial till, stream concentrate and soil sampling has proven to be an effective method for identifying mineralization in areas with limited outcrop exposure.

*Figure 2. 2024 Soil Sampling Summary at the Cap Project highlighting distinct niobium trend*

**Quality Assurance / Quality Control**

All rock samples were collected in the field using a hammer and chisel. Soil samples were collected from the presumed B horizon using a hand auger and/or geotool. Stream concentrate samples were collected by fill approximately ¾ of a 12x20 cm sample bag with stream sediment. The material was first passed through a 1/8-inch sieve yielding a fine fraction that was then processed using both 14" LeTrap plastic pans to concentrate the heavy fraction, resulting in approximately tens of grams per sample. The concentrate was then carefully transferred to a pre-labeled zip-lock sample bag with a corresponding sample book tag and sample number Locations for all sample types 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 Manitoulin Transport to Actlabs Laboratory in Kamloops BC. 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 Nb<sub>2</sub>O<sub>5</sub>, ZrO2 and Ta2O5 (0.003%), Code 8 - REE Assay, and 1A2 Au Fire Assay - AA, 30g weight, 5-5,000 ppb. Soil and stream concentrate samples were prepped using code S1-230, which requires drying (60ºC) and sieving (-63 µm). Analysis consisted of packages 4B2-STD, Lithium Borate Fusion / ICP-MS Trace Element package, and 1A2 Au Fire Assay - AA, 30g weight, 5-5,000 ppb

A Quality Assurance/Quality Control protocol was incorporated into the rock sampling program and included the insertion of two certified reference material ("CRM's) and one quartz blank representing approximately 9% of submitted samples. For the soil sampling and stream concentrate sampling, a total of five CRMs were inserted into the sample stream representing approximately 1% of the submitted samples, with the Company also relying on the internal QA/QC procedures of Actlabs.

Management cautions that prospecting surface rock samples, soil samples, stream concentrate 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 Nathan Schmidt, P. Geo., Senior Geologist for Dahrouge Geological Consulting Ltd., and a Qualified Person under NI 43-101 on standards of disclosure for mineral projects, who has prepared and reviewed the content of this press release.

Mr. Schmidt has verified all scientific and technical data disclosed in this news release including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. Mr. Schmidt noted no errors or omissions during the data verification process. The Company and Mr. Schmidt do not recognize any factors of sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed in this news release.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. is a Canadian exploration company specializing in the acquisition, exploration and development of high potential rare earth elements (REE's) and niobium properties. Apex Critical Metals is publicly listed in Canada on the CSE, under the symbol "APXC," in t he USA on the OTCQB market under the symbol "APXCF," and in Germany on the Börse Frankfurt under the symbol "KL9" or WKN: A40CCQ. You are invited to find out more at <u>www.apexcriticalmetals.com</u> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</u> or <u>LinkedIn</u>.

On Behalf of the Board of Directors

Sean Charland

Chief Executive Officer

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**APEX CRITICAL METALS CORP.**

Tel: 604.681.1568

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

Web: <u>https://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.*

**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 statements regarding the Company's plan to undertake a 2025 drill program. 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, including risks related to factors beyond the control of the Company, including, but not limited to, a risk that the Company may not proceed with a drill program in 2025 due to the prevailing state of the capital and labour markets, geopolitical events and the market prices for minerals. 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 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 99.9

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![](exhibit99-9x001.jpg)

**Management Discussion & Analysis for the Year Ended July 31, 2024**

The following discussion and analysis of the financial position and results of operations for Apex Critical Metals Corp. (formerly Eagle Bay Resources Corp.) should be read in conjunction with the audited financial statements for the **year ended July 31, 2024,** which are prepared using accounting policies consistent with IFRS Accounting Standards ("IFRS").

The effective date of this report is November 22, 2024.

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 OTCQB Venture Market ("OTCQB"). 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, 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 6, 2023, the Company announced that the Annual General Special Meeting will take place on December 13, 2023.

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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 1, 2023, the Management Services Agreement ("MSA") with Zimtu Capital Corp. ("Zimtu") was extended another 12 months at a rate of $15,000 per months.

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

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 for gross proceeds of $749,993. Each Unit consists of one common 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.

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.

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

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

On May 1, 2024, the Company renewed the consulting agreement with Zimtu for ZimtuADVANTAGE program for an additional twelve months.

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 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").

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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 June 12, 2024, the Company announced a non-brokered private placement offering of up to 7,500,000 units (each, a "Unit") at a price of $0.267 per Unit to raise aggregate gross proceeds of up to $2,000,000 (the "Offering"). Each Unit will consist 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, it is expected that the Company will enter into an agreement with certain subscribers whereby the Shares issued to such subscribers, 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. The Company anticipates that a majority of the net proceeds of the Offering will be used for property exploration and any remaining funds will be allocated to general working capital.

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.

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.

On July 17, 2024, the Company announced it commenced a field exploration program at its Cap Project (the "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 testing (see Cap Property section for further updates).

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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 906,345 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 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 October 31, 2024, the Company announced it is undertaking 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 (.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 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

On November 12, 2024, the Company announced results from its July 2024 exploration program at the Cap Project (the "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>.

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**Updates for the year ended July 31, 2023:**

On October 13, 2022, Mr. Michael Schuss and Mr. Jason Birmingham were appointed as a director of the Company.

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.

On December 5, 2022, the Company issued 90,000 units at a price of $0.667 for gross proceeds of $60,000. Each unit was 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.

On February 28, 2023, the Company filed its final long form prospectus and received its final receipt from the British Columbia Securities Commission ("BCSC") on March 1, 2023.

On March 15, 2023, the Company's shares were listed on the CSE under the trading symbol "EBR".

On May 1, 2023, the Company signed a twelve-month consulting agreement with Zimtu, whereas Zimtu will 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 June 28, 2023, the Company announced it had completed a compilation of the extensive historical exploration database of the Company's projects.

<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 financial statements of the Company:

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| | | | |
|:---|:---|:---|:---|
|  | **For the year** <br>**ended July** <br>**31, 2024** | **For the year <br>ended July <br>31, 2023** | **For the year <br>ended July <br>31, 2022** |
|  | $| $| $|
| Total Revenues | Nil | Nil | Nil |
| Loss from continuing operations | 665630 | 414813 | 121207 |
| Net loss | 500185 | 564813 | 121207 |
| Net loss per share - basic and diluted | 0.02 | 0.07 | 0.02 |
| Net and comprehensive loss | 500185 | 564813 | 121207 |
| Total assets | 3121433 | 1170821 | 1466727 |
| Total long-term financial liabilities | Nil | Nil | Nil |
| 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.

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**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 principal property, being the Cap Property, which is in the exploration stage.

To date, the Company has raised $5,239,032 through the sale of common shares.

**Mineral Properties**

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.

Cap Property

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 seven months ended July 31, 2022, the Company staked 3 claims contiguous to the CAP Claims. The Cap Property is subject to a 2% net smelter return ("NSR") royalty in favor of the original vendors.

As of July 31, 2024, the Cap Property consists of 6 claims of 2,824.34 hectares. (July 31, 2023 - 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.

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Carbo 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 2,048.06 hectares as of July 31, 2024 and July 31, 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 located approximately 85 km northeast of Prince George British Columbia 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, a related party (see Note 8), 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 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 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 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 (received). At July 31, 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).

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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.

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

<u>*Financings*</u>

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.

&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.

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During the year ended July 31, 2023:

&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 was 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.

For additional details regarding the Company's recent financings, please refer to Note 7 of the Company's audited financial statements for the year ended July 31, 2024.

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

Net loss for the year ended July 31, 2024 was $500,185, compared to net loss of $564,813 for the year ended July 31, 2023. The significant expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Accounting and audit fees (2024: $19,000, 2023: $28,000);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative fees (2024: $170,000, 2023: $150,000) were incurred due to the management agreement with Zimtu;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advertising expenses (2024: $203,722, 2023: $62,020) were higher in the current year as the Company entered into a marketing agreement with Zimtu and started promoting the Company's projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consulting fees (2024: $14,567, 2023: $3,900) were incurred for services provided by a former director;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Filing, regulatory and transfer agent fees (2024: $85,644, 2023: $30,503) increased due to the Company's consolidation of capital and listing on the OTCQX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal fees (2024: $53,877, 2023: $138,422) were higher in the prior year due to the completion of the Company's long form prospectus;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based payments (2024: $112,411, 2023: $Nil) were incurred for stock options granted and vested during the year;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Gain on sale of exploration and evaluation assets (2024: $137,501, 2023: $nil) for the sale of an interest in the West James Bay Properties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Impairment (2024: $nil, 2023: $150,000) of the Gambier property in the prior year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unrealized gain on marketable securities (2024: $25,000, 2023: $nil) for the increased market value of shares received for a property transaction during the year.

<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> **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 | 0.01 | 0.02 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **July 31,**<br>**2023** | **April 30,<br>2023** | **January 31,<br>2023** | **October 31,**<br>**2022** |
|  | $| $| $| $|
| &nbsp;&nbsp;Revenues | Nil | Nil | Nil | Nil |
| &nbsp;&nbsp;Net loss from continuing operations | 115128 | 102547 | 108911 | 88227 |
| &nbsp;&nbsp;Net and comprehensive loss | 265128 | 102547 | 108911 | 88227 |
| &nbsp;&nbsp;Loss per share - basic and diluted | 0.05 | 0.02 | 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 $5,239,032 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.

As at July 31, 2024, the Company had total assets of $3,121,433 (2023: $1,170,821). The primary assets of the Company were cash of $1,675,222 (2023: $264,674) and exploration and evaluation assets of $1,103,700 (2023: $895,953). The Company had no long-term liabilities and had working capital of $1,854,310 as at July 31, 2024 (2023: $82,162 deficiency).

*Cash Used in Operating Activities:* Cash used in operating activities during the year ended July 31, 2024 was $813,505, compared with $264,210 used in operating activities for the year ended July 31, 2023. Cash was mostly spent on filing, regulatory and transfer agent fees, legal fees and amounts due to related parties.

*Cash Provided from Financing Activities:* Total cash from financing activities during the year ended July 31, 2024 was $2,564,993 (2023: $55,425), including $2,504,993 (2023: $55,425) from the issuance of common shares less share issuance costs and $60,000 (2023: $nil) from share subscriptions received.

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*Cash Used in Investing Activities:* Total cash used in investing activities during the year ended July 31, 2024 was $340,940 (2023: $20,120), including $307,940 (2023: $55,478) used in exploration and development of its mineral properties, $nil (2023: $26,649) from the proceeds from sale of claims, $nil (2023: $8,709) from mining tax credits, and $33,000 (2023: $nil) 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, 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, whereas Zimtu will 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.

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.

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

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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:

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| | | |
|:---|:---|:---|
| **Period ended** | **July 31,**<br> **2024** | **July 31,** <br>**2023** |
| **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 |

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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 The following amounts are due to related parties:

---

| | | |
|:---|:---|:---|
| **Year ended** | **July 31,** <br>**2024** | **July 31,** <br>**2023** |
| **Due to related parties** | **$** | **$** |
| &nbsp;&nbsp;Dahrouge | 91498 | 61692 |
| &nbsp;&nbsp;Michael Schuss |  | 5000 |
| &nbsp;&nbsp;Zimtu | 31152 | 254637 |
| &nbsp;&nbsp;Total | 122650 | 321329 |

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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 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, 2024** | <br>**Year Ended** <br>**July 31, 2023** | <br>**Year Ended** <br>**July 31, 2022** |
| &nbsp;&nbsp;Capitalized Exploration and Evaluation Costs | $1103700 | $895953 | $968454 |
| &nbsp;&nbsp;General and Administration Expenses | $665630 | $414813 | $121207 |

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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 22, 2024** | **July 31, 2024** | **July 31, 2023** |
| &nbsp;&nbsp;Common Shares | 42659399 | 38003053 | 7928188 |
| &nbsp;&nbsp;Warrants | 34731210 | 30074865 | 90000 |
| &nbsp;&nbsp;Stock Options | 2250000 | 2250000 |  |
| &nbsp;&nbsp;Fully Diluted Shares | 79640609 | 70327918 | 8018188 |

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For additional details of outstanding share capital, refer to Note 7 of the audited financial statements for the year ended July 31, 2024.

<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 CAP Property.

**Limited Operating History**

The Company is an early-stage company and the CAP Property is an exploration stage property. 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 CAP Property 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.

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.

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**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 CAP Property 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.

**Additional Funding Requirements**

The exploration and development of the CAP Property 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 CAP Property, 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 CAP Property 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 CAP Property.

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**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 CAP Property 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.

**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 CAP Property. 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 CAP Property. 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.

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**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 CAP Property 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 CAP Property 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 CAP Property.

While the CAP Property is 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 CAP Property is 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.

**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.

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**First Nations Land Claims**

The CAP Property 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 CAP Property and/or potential ownership interest in the CAP Property 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 CAP Property is 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 CAP Property, 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 CAP Property.

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 Property 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 Property 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 CAP Property 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 CAP Property 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.

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.

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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 CAP Property is 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 CAP Property, 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 CAP Property. If adequate infrastructure is not available in a timely manner, there can be no assurance that the exploration or development of the CAP Property 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.

**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.

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**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.

**Force Majeure**

The CAP Property 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.

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**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 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.

**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.

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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 CAP Property, 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.

<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.

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*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.

<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 99.10

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![](exhibit99-10x001.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, 2024**<br>**(unless otherwise noted)**

**DATED AS OF OCTOBER 20, 2025**

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**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_17) | [14](#page_17) |
| [**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_21) | [**18**](#page_21) |
| [**DESCRIPTION OF CAPITAL STRUCTURE**](#page_32) | [**29**](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Common Shares](#page_32) | [29](#page_32) |
| &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_34) | [**31**](#page_34) |
| [**ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER**](#page_34) | [**31**](#page_34) |

---

------

---

| | |
|:---|:---|
| [**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_37) | [**34**](#page_37) |
| [**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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**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, 2024.

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, 2024 and July 31, 2023 (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.

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.

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**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;

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

* our inability to pay dividends;

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* 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 nine months ended April 30, 2025 and SEDAR+ filed on June 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<br>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.

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.

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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, 2024, the Company had no subsidiaries.

**GENERAL DEVELOPMENT OF THE BUSINESS**

**Three Year History**

***During the Year Ended July 31, 2022***

* On December 13, 2021, the Company completed a private placement consisting of the issuance of 912,590 units of the Company ("**Units**") at a price of $0.50 per Unit to raise aggregate gross proceeds of $456,295 (the "**December 2021 Placement**"), with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share for a period of one year from the date of issuance at a price of $0.67 per Common Share in the first six months and $1.00 per Common Share in the last six months. In connection with the December 2021 Placement, the Company paid Ventum Financial Corp. (previously known as PI Financial Corp.) ("**Ventum**") a cash commission of $4,883 and issued 9,765 finder's Warrants (the "**Finder's Warrants**"). The terms and conditions of the Finder's Warrants issued to Ventum were identical to those of the Warrants issued to subscribers under the December 2021 Placement.

* On January 10, 2022, the Company issued 75,000 Common Shares at an issue price of $0.50 per Common Share for an aggregate fair value of $37,500 to acquire a 100% interest in and to 13 mineral claims, known as the Prince Property, located immediately north of the Company's CAP Project and adjacent to the Wicheeda Property. The acquisition of the Prince Property was made pursuant to an agreement dated October 13, 2021 between the Company and Valerie Heyman and Clive Brookes. In addition to the Common Shares issued, the Company paid $20,000 in cash for the acquisition.

* On July 22, 2022, the Company completed a private placement consisting of the issuance of 27,900 Units at a price of $0.50 per Unit to raise aggregate gross proceeds of $13,950 (the "**First July 2022 Placement**"), with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share for a period of one year from the date of issuance at a price of $0.67 per Common Share in the first six months and $1.00 per Common Share in the last six months. In connection with the First July 2022 Placement, the Company paid Vested Technology Corp. a cash commission of $697.50 and issued 30,000 compensation Units (the "**VTC Units**"). Each VTC Unit was comprised of one Common Share and one Warrant (each, a "**VTC Warrant**"). The terms and conditions of the VTC Warrants were identical to those of the Warrants issued to subscribers under the First July 2022 Placement.

* On July 27, 2022, the Company completed a private placement (the "**Second July 2022 Placement**") consisting of the issuance of 327,689 Units at a price of $0.50 per Unit to raise aggregate gross proceeds of $163,845, with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share for a period of one year from the date of issuance at a price of $0.67 per Common Share in the first six months and $1.00 per Common Share in the last six months. In connection with the Second July 2022 Placement, the Company paid Ventum a finder's fee comprised of a cash commission of $3,675 and 7,350 Finder's Warrants, and paid Canaccord Genuity Corp. ("**Canaccord**") a finder's fee comprised of a cash commission of $1,050 and 2,100 Finder's Warrants. The terms and conditions of the Finder's Warrants issued to Ventum and Canaccord were identical to those of the Warrants issued to subscribers under the Second July 2022 Placement.

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* On July 29, 2022, the Company entered into an agreement with Zimtu Capital Corp. (TSXV: ZC) ("**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. In consideration, the Company issued 120,000 Common Shares with a fair value of $60,000. Zimtu is a company that shares common directors and management with Apex (Mr. Sean Charland and Ms. Jody Bellefleur).

***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, as amended by an amendment dated January 21, 2023, pursuant to which the Company retained Zimtu to provide administrative and management services.

* 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.

* 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 (the "**Voluntary Escrow Agreement**", and together with the Escrow Agreement, the "**Escrow Agreements**") 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.

* 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.

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***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 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 $.073 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.

* 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.

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* 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".

* 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.

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* 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 Lithium Inc. ("**Discovery Lithium**") 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 Discovery Lithium 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, Discovery Lithium agreed to issue 5,000,000 common shares of Discovery Lithium 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 $.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.

* 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.

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* 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.

***Subsequent to the Year Ended July 31, 2024***

* On August 19, 2024, the Company announced that it has 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% net 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.

* 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.

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* 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.

* 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.

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* 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**.**

* 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.

* 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 a local agent, 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%.

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* 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.

* 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 t o $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.

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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, 2024*" above.

**Significant Acquisitions**

The Company did not complete any "significant acquisitions" during the year ended July 31, 2024 for which disclosure is required under Part 8 of National Instrument 51-102 - *Continuous Disclosure Obligations*.

**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, 2024, 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, 2024, the Company had no employees and one contractor, being DGC (Edmonton, Alberta), the Company's long-term technical partner. As of the date of this AIF, the Company had one part-time employee, being Sean Charland (Vancouver, BC), who commenced as a part-time employee effective January 1, 2025.

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. As of the date of this AIF, the Company has no full-time or part-time employees and has a small management team. 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, 2024, 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 Discovery Lithium, pursuant to which Discovery Lithium 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.

**Mineral Project Interests Acquired Subsequent to the Year Ended July 31, 2024**

***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.

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**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.

***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.

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***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.

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.

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***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.

***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.

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***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.

***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.

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***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.

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.

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***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.

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.

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***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.

***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.

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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.

***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.

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***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.

***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.

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***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.

***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.**

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**DESCRIPTION OF CAPITAL STRUCTURE** 

The Company's authorized capital consists of an unlimited number of Common Shares without par value, of which 57,444,509 Common Shares are issued and outstanding as fully paid and non-assessable as of the date of this AIF. As at the financial year ended July 31, 2024 there were 38,003,053 Common Shares issued and outstanding.

**Common Shares**

The following is a summary of the material provisions that are attached to the Common Shares:

(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;**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;4925500 | &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;**TOTAL:** | &nbsp;&nbsp;**8935500** | &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;**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;**TOTAL:** | &nbsp;&nbsp;**1660000** | &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;**Expiry Date** |
| &nbsp;&nbsp;December 13, 2023 | &nbsp;&nbsp;14619866 | &nbsp;&nbsp;$0.067 | &nbsp;&nbsp;December 13, 2025 |
| &nbsp;&nbsp;April 12, 2024 | &nbsp;&nbsp;11250000 | &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;3275001 | &nbsp;&nbsp;$0.75 | &nbsp;&nbsp;December 30, 2026 |
| &nbsp;&nbsp;**TOTAL:** | &nbsp;&nbsp;**30051213** | &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".

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, 2024: <br>

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Month** | &nbsp;&nbsp;**High ($)** | &nbsp;&nbsp;**Low ($)** | &nbsp;&nbsp;**Volume** |
| &nbsp;&nbsp;July 2024 | &nbsp;&nbsp;0.380 | &nbsp;&nbsp;0.313 | &nbsp;&nbsp;103875 |
| &nbsp;&nbsp;June 2024 | &nbsp;&nbsp;0.433 | &nbsp;&nbsp;0.220 | &nbsp;&nbsp;1050757 |
| &nbsp;&nbsp;May 2024 | &nbsp;&nbsp;0.263 | &nbsp;&nbsp;0.167 | &nbsp;&nbsp;144000 |
| &nbsp;&nbsp;April 2024 | &nbsp;&nbsp;0.233 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;136050 |
| &nbsp;&nbsp;March 2024 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;0.073 | &nbsp;&nbsp;51000 |
| &nbsp;&nbsp;February 2024 | &nbsp;&nbsp;0.110 | &nbsp;&nbsp;0.073 | &nbsp;&nbsp;41250 |
| &nbsp;&nbsp;January 2024 | &nbsp;&nbsp;0.110 | &nbsp;&nbsp;0.110 | &nbsp;&nbsp;36000 |
| &nbsp;&nbsp;December 2023 | &nbsp;&nbsp;0.147 | &nbsp;&nbsp;0.087 | &nbsp;&nbsp;93600 |
| &nbsp;&nbsp;November 2023 | &nbsp;&nbsp;0.133 | &nbsp;&nbsp;0.077 | &nbsp;&nbsp;24751 |
| &nbsp;&nbsp;October 2023 | &nbsp;&nbsp;0.200 | &nbsp;&nbsp;0.067 | &nbsp;&nbsp;193060 |
| &nbsp;&nbsp;September 2023 | &nbsp;&nbsp;0.233 | &nbsp;&nbsp;0.100 | &nbsp;&nbsp;31500 |
| &nbsp;&nbsp;August 2023 | &nbsp;&nbsp;0.300 | &nbsp;&nbsp;0.167 | &nbsp;&nbsp;34601 |

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**Prior Sales**

During the financial year ended July 31, 2024, 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;April 26, 2024 | &nbsp;&nbsp;1950000 | &nbsp;&nbsp;$0.1333 |
| &nbsp;&nbsp;May 8, 2024 | &nbsp;&nbsp;300000 | &nbsp;&nbsp;$0.167 |
| &nbsp;&nbsp;**Warrants** | &nbsp;&nbsp;**Warrants** | &nbsp;&nbsp;**Warrants** |
| &nbsp;&nbsp;December 13, 2023 | &nbsp;&nbsp;14999865 | &nbsp;&nbsp;$0.067 |
| &nbsp;&nbsp;April 12, 2024 | &nbsp;&nbsp;11325000 | &nbsp;&nbsp;$0.10 |
| &nbsp;&nbsp;July 5, 2024 | &nbsp;&nbsp;3750000 | &nbsp;&nbsp;$0.40 |

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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<br>TRANSFER**

As of the financial year ended July 31, 2024, the Company had 2,659,500 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;Common Shares&nbsp;&nbsp;2659500<sup>(</sup><sup>1</sup><sup>)</sup>&nbsp;&nbsp;7%<sup>(2)</sup> |

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**Notes:**

(1) Reflects the number of Common Shares subject to escrow post-Capital Adjustments. As at the financial year ended July 31, 2024, a total of 2,659,500 Common Shares were deposited with Odyssey and remained subject to escrow pursuant to the terms and conditions of the Escrow Agreement. Subsequent to the financial year ended July 31, 2024, a total of 664,875 Common Shares were released on or about September 15, 2024, March 15, 2025, and September 15, 2025. The remaining balance of 664,875 Common Shares will be released from escrow on or about March 15, 2026.

(2) Reflects the percentage of issued and outstanding Common Shares on a non-diluted basis as of the financial year ended July 31, 2024. As at the financial year ended July 31, 2024 there were 38,003,053 Common Shares issued and outstanding.

**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 5,216,508 Common Shares, representing approximately 9% 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>** |
| **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;1966875 | &nbsp;&nbsp;3.42% |

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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>** |
| **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;288556 | &nbsp;&nbsp;0.50% |
| **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 | &nbsp;&nbsp;1531689<sup>(</sup><sup>4</sup><sup>)</sup> | 2.67% |
| **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 | &nbsp;&nbsp;916888<sup>(</sup><sup>5</sup><sup>)</sup> | &nbsp;&nbsp;1.60% |
| **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 | &nbsp;&nbsp;512500<sup>(</sup><sup>6</sup><sup>)</sup> | &nbsp;&nbsp;0.89% |

---

**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.

(2) Based on 57,444,509 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.

**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, 2024, or before the financial year ended July 31, 2024 but that are still in effect, except for contracts entered into in the ordinary course of business, are the Escrow Agreements 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.

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.

- A2 -

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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.

- A3 -

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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.

- A4 -

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## Exhibit 99.11

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![](exhibit99-11x1x1.jpg)

**Apex Critical Metals Acquires Underexplored 9,200-acre**

**Bianco Carbonatite Project, Northern Ontario**

*3,735-hectare property covers large carbonatite complex within an area known for significant niobium mineralization*

Vancouver, BC / ACCESSWIRE / November 26, 2024: Apex Critical Metals Corp. (CSE: APXC) (OTCQB: APXCF) (FWB: KL9) ("Apex" or the "Company"), an exploration company focused on acquiring, exploring and developing properties potentially rich in carbonatite rocks hosting economic concentrations of rare earth elements (REEs) including niobium, is pleased to announce the acquisition of 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.

**Highlights include:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The complex was identified and mapped by the Ontario Geological Survey in the 1970's.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Located approximately midway between the Schryburt Lake and Big Beaver House Carbonatite projects, both with known niobium (Nb) and rare earth (REE) mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Winter road passes within approximately 18km of the Project.

The Bianco Carbonatite Project 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 (Figure 1).

"Carbonatites are among the most productive sources of niobium, rare earths, and phosphate worldwide," said Sean Charland, CEO of Apex Critical Metals. "By adding Bianco to our portfolio, we're expanding our focus on these valuable systems, which are critical for industries ranging from clean energy to advanced critical technologies."

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![](exhibit99-11x2x1.jpg)

*Figure 1. Residual magnetic field geophysical data showcasing distinct magnetic signature on*

*the Bianco property and on surrounding carbonatites -- Apex Critical Metals*

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% Nb<sub>2</sub>O<sub>5</sub> over 1.6 meters and 1.05% Nb<sub>2</sub>O<sub>5</sub> over 2 meters at the Big Beaver House property, as well as sampling results of 1.82% Nb<sub>2</sub>O<sub>5</sub> from a grab sample and 0.40% Nb<sub>2</sub>O<sub>5</sub> over 2.43 meters at the Schryburt Lake Carbonatite property.<sup>1</sup> (Figure 2).

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![](exhibit99-11x3x1.jpg)

*Figure 2. Geology map detailing carbonatite complexes mapped by the OGS in the 1970s, as*

*well as surrounding rock types -- Apex Critical Metals*

Notably, no prior exploration activities have been conducted at Bianco, highlighting its potential as a promising target for future mineral discovery.

Mineralization at nearby or adjacent projects is not necessarily indicative of mineralization hosted on the Company's projects.

**Qualified Person**

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

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The results discussed in this document are historical. An Apex Qualified Person has not performed sufficient work or data verification to validate these results in accordance with National Instrument 43-101.

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

Apex Critical Metals Corp.'s primary focus is the exploration of carbonatites and alkaline rocks, with potential to host economic concentrations of rare earth elements (REEs) and/or niobium. Apex's CAP Property located 85 kilometers northeast of Prince George, British Columbia, spans 25 square kilometers and hosts a recently identified promising 1.8-kilometer niobium trend. The company's Bianco Carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in Northwestern Ontario.

Carbonatites are extremely rare rock types, with less than 600 known worldwide. They are host to REE minerals, niobium, tantalum, phosphate as well as uranium, copper, and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxá and Catalão in Brazil and Niobec in Quebec. In addition, they are the primary source of REE's, including Mountain Pass in California, Mount Weld in Australia, Bayan Obo in Inner Mongolia. They are also important sources of phosphate (apatite), including Cargill, Ontario. While Palabora Mine in South Africa has produced Copper, Nickel, Gold, Magnetite and Vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical Metals is publicly listed in Canada on the CSE, under the symbol "APXC," in the USA on the OTCQB market under the symbol "APXCF," and in Germany on the Börse Frankfurt under the symbol "KL9" or WKN: A40CCQ. You are invited to find out more at <u>www.apexcriticalmetals.com</u> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</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 statements that carbonatites and alkaline rocks have the potential to host economic concentrations of rare earth elements and/ or niobium and that the Company intends to investigate potential high value opportunities to meet the growing global demand for specialty metals. 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, including risks related to factors beyond the control of the Company, including, but not limited to, that any future exploration activity on the property may not result in concentrations of rare earth elements, or any; and economic, geopolitical and other conditions and developments which may adversely affect demand for specialty metals. 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 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 99.12

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![](exhibit99-12x1x1.jpg)

**Apex Critical Metals Acquires Underexplored 9,200-acre**

**Bianco Carbonatite Project, Northern Ontario**

*3,735-hectare property covers large carbonatite complex within an area known for significant niobium mineralization*

Vancouver, BC / ACCESSWIRE / November 26, 2024: Apex Critical Metals Corp. (CSE: APXC) (OTCQB: APXCF) (FWB: KL9) ("Apex" or the "Company"), an exploration company focused on acquiring, exploring and developing properties potentially rich in carbonatite rocks hosting economic concentrations of rare earth elements (REEs) including niobium, is pleased to announce the acquisition of 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.

**Highlights include:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The complex was identified and mapped by the Ontario Geological Survey in the 1970's.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Located approximately midway between the Schryburt Lake and Big Beaver House Carbonatite projects, both with known niobium (Nb) and rare earth (REE) mineralization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Winter road passes within approximately 18km of the Project.

The Bianco Carbonatite Project 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 (Figure 1).

"Carbonatites are among the most productive sources of niobium, rare earths, and phosphate worldwide," said Sean Charland, CEO of Apex Critical Metals. "By adding Bianco to our portfolio, we're expanding our focus on these valuable systems, which are critical for industries ranging from clean energy to advanced critical technologies."

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![](exhibit99-12x2x1.jpg)

*Figure 1. Residual magnetic field geophysical data showcasing distinct magnetic signature on*

*the Bianco property and on surrounding carbonatites -- Apex Critical Metals*

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% Nb<sub>2</sub>O<sub>5</sub> over 1.6 meters and 1.05% Nb<sub>2</sub>O<sub>5</sub> over 2 meters at the Big Beaver House property, as well as sampling results of 1.82% Nb<sub>2</sub>O<sub>5</sub> from a grab sample and 0.40% Nb<sub>2</sub>O<sub>5</sub> over 2.43 meters at the Schryburt Lake Carbonatite property.<sup>1</sup> (Figure 2).

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![](exhibit99-12x3x1.jpg)

*Figure 2. Geology map detailing carbonatite complexes mapped by the OGS in the 1970s, as*

*well as surrounding rock types -- Apex Critical Metals*

Notably, no prior exploration activities have been conducted at Bianco, highlighting its potential as a promising target for future mineral discovery.

Mineralization at nearby or adjacent projects is not necessarily indicative of mineralization hosted on the Company's projects.

**Terms of the Acquisition**

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.

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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. 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, as the fair market value of the acquisition is not more than 25% of the market capitalization of the Company.

**Qualified Person**

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

The results discussed in this document are historical. An Apex Qualified Person has not performed sufficient work or data verification to validate these results in accordance with National Instrument 43-101.

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

Apex Critical Metals Corp.'s primary focus is the exploration of carbonatites and alkaline rocks, with potential to host economic concentrations of rare earth elements (REEs) and/or niobium. Apex's CAP Property located 85 kilometers northeast of Prince George, British Columbia, spans 25 square kilometers and hosts a recently identified promising 1.8-kilometer niobium trend. The company's Bianco Carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in Northwestern Ontario.

Carbonatites are extremely rare rock types, with less than 600 known worldwide. They are host to REE minerals, niobium, tantalum, phosphate as well as uranium, copper, and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxá and Catalão in Brazil and Niobec in Quebec. In addition, they are the primary source of REE's, including Mountain Pass in California, Mount Weld in Australia, Bayan Obo in Inner Mongolia. They are also important sources of phosphate (apatite), including Cargill, Ontario. While Palabora Mine in South Africa has produced Copper, Nickel, Gold, Magnetite and Vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical Metals is publicly listed in Canada on the CSE, under the symbol "APXC," in the USA on the OTCQB market under the symbol "APXCF," and in Germany on the Börse Frankfurt under the symbol "KL9" or WKN: A40CCQ. You are invited to find out more at <u>www.apexcriticalmetals.com</u> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</u> or <u>LinkedIn</u>.

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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.*

**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 statements that carbonatites and alkaline rocks have the potential to host economic concentrations of rare earth elements and/ or niobium and that the Company intends to investigate potential high value opportunities to meet the growing global demand for specialty metals. 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, including risks related to factors beyond the control of the Company, including, but not limited to, that any future exploration activity on the property may not result in concentrations of rare earth elements, or any; and economic, geopolitical and other conditions and developments which may adversely affect demand for specialty metals. 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 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 99.13

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![](exhibit99-13x001.jpg)

**Management Discussion & Analysis for the Three Months Ended October 31, 2024**

The following discussion and analysis of the financial position and results of operations for Apex Critical Metals Corp. (formerly Eagle Bay Resources Corp.) should be read in conjunction with the condensed interim financial statements for the **three months ended October 31, 2024,** which are prepared using accounting policies consistent with IFRS Accounting Standards ("IFRS").

The effective date of this report is December 13, 2024.

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 OTCQB Venture Market ("OTCQB"). 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 three months ended October 31, 2024 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"). 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.

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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 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 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 (.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 (the "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.

**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.

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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.

On July 17, 2024, the Company announced it commenced a field exploration program at its Cap Project (the "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 testing (see Cap Property section for further updates).

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<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 financial statements of the Company:

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| | | | |
|:---|:---|:---|:---|
|  | **For the year** <br>**ended July** <br>**31, 2024** | **For the year<br>ended July 31,<br>2023** | **For the year<br>ended July 31,<br>2022** |
|  | $| $| $|
| &nbsp;&nbsp;Total Revenues | Nil | Nil | Nil |
| &nbsp;&nbsp;Loss from continuing operations | 665630 | 414813 | 121207 |
| &nbsp;&nbsp;Net loss | 500185 | 564813 | 121207 |
| &nbsp;&nbsp;Net loss per share - basic and diluted | 0.02 | 0.07 | 0.02 |
| &nbsp;&nbsp;Net and comprehensive loss | 500185 | 564813 | 121207 |
| &nbsp;&nbsp;Total assets | 3121433 | 1170821 | 1466727 |
| &nbsp;&nbsp;Total long-term financial liabilities | Nil | Nil | Nil |
| &nbsp;&nbsp;Cash dividend declared per share | Nil | Nil | Nil |

---

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 principal property, being the Cap Property, which is in the exploration stage.

To date, the Company has raised $5,239,032 through the sale of common shares.

**Mineral Properties**

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 Property

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 seven months ended July 31, 2022, the Company staked 3 claims contiguous to the CAP Claims. The Cap Property is subject to a 2% net smelter return ("NSR") royalty in favor of the original vendors.

As of July 31, 2024, the Cap Property consists of 6 claims of 2,824.34 hectares. (July 31, 2023 - 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.

Carbo 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 2,048.06 hectares as of July 31, 2024 and July 31, 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 located approximately 85 km northeast of Prince George British Columbia 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, a related party (see Note 8), 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 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 seven months ended July 31, 2022, the Company staked an additional claim contiguous to the Wicheeda Property.

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*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 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 (received). At July 31, 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).

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.

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

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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.

Notably, no prior exploration activities have been conducted at Bianco, highlighting its potential as a promising target for future mineral discovery. Mineralization at nearby or adjacent projects is not necessarily indicative of mineralization hosted on the Company's projects.

The Company acquired a 100% interest in the Claims for consideration of CDN$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.

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

<u>*Financings*</u>

During the three months ended October 31, 2024:

&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"). 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 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 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.

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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.

&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 condensed interim financial statements for the three months ended October 31, 2024.

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

Net loss for the three months ended October 31, 2024 was $406,000, compared to net loss of $95,570 for the three months ended October 31, 2023. The significant expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative fees (2024: $45,000, 2023: $37,500) were incurred due to the management agreement with Zimtu;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advertising expenses (2024: $338,351, 2023: $37,500) were higher in the current period due to a strategic marketing campaign for August through October;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Consulting fees (2024: $1,887, 2023: $3,750) were incurred for corporate services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Filing, regulatory and transfer agent fees (2024: $8,799, 2023: $11,648) for regulatory filing fees and listing on the OTCQX;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Legal fees (2024: $6,572, 2023: $5,153) related to the Company's general business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based payments (2024: $31,825, 2023: $Nil) for stock options vested during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income (2024: $14,852, 2023: $nil) for interest generated from the Company's cash on hand;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flow-through premium recovery (2024: $75,082, 2023: $nil) for the premium on the issuance of flow-through shares issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unrealized loss on marketable securities (2024: $50,000, 2023: $nil) for the decreased market value of shares received for a property transaction during the period.

<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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| | | | | |
|:---|:---|:---|:---|:---|
|  | **October 31,**<br> **2024** | **July 31,**<br> **2024** | **April 30, <br>2024** | **January 31,**<br> **2024** |
|  | $| $| $| $|
| &nbsp;&nbsp;Revenues | Nil | Nil | Nil | Nil |
| &nbsp;&nbsp;Net loss from continuing operations | 445934 | 83539 | 191431 | 129645 |
| &nbsp;&nbsp;Net and comprehensive loss | 406000 | 83539 | 191431 | 129645 |
| &nbsp;&nbsp;Loss per share - basic and diluted | 0.00 | 0.00 | 0.01 | 0.01 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **October 31,** <br>**2023** | **July 31,**<br>**2023** | **April 30, <br>2023** | **January 31,<br>2023** |
|  | $| $| $| $|
| &nbsp;&nbsp;Revenues | Nil | Nil | Nil | Nil |
| &nbsp;&nbsp;Net loss from continuing operations | 95570 | 115128 | 102547 | 108911 |
| &nbsp;&nbsp;Net and comprehensive loss | 95570 | 265128 | 102547 | 108911 |
| &nbsp;&nbsp;Loss per share - basic and diluted | 0.02 | 0.05 | 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 $5,239,032 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 October 31, 2024, the Company had total assets of $3,893,513 (July 31, 2024: $3,121,433). The primary assets of the Company were cash of $2,211,730 (July 31, 2024: $1,675,222), marketable securities of $237,500 (July 31, 2024: $287,500), and exploration and evaluation assets of $1,302,533 (July 31, 2024: $1,103,700). The Company had no long-term liabilities and had working capital of $2,513,329 as at October 31, 2024 (2023: $1,854,310).

*Cash Used in Operating Activities:* Cash used in operating activities during the three months ended October 31, 2024 was $513,722, compared with $110,133 used in operating activities for the three months ended October 31, 2023. Cash was mostly spent on filing, regulatory and transfer agent fees, legal fees and amounts due to related parties.

*Cash Provided from Financing Activities:* Total cash from financing activities during the three months ended October 31, 2024 was $1,328,673 (October 31, 2023: $nil), including $1,392,750 (October 31, 2023: $nil) from the issuance of common shares less share issuance costs of $4,077 (October 31, 2023: $nil), and $60,000 (October 31, 2023: $nil) from share subscriptions received.

*Cash Used in Investing Activities:* Total cash used in investing activities during the three months ended October 31, 2024 was $278,443 (October 31, 2023: $61,798) used in exploration and development of its mineral properties.

<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, whereas Zimtu will 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.

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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.

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

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

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Period ended** | **October 31,**<br> **2024** | **October 31,** <br>**2023** |
| &nbsp;&nbsp;**Key management compensation\*** | **$** | **$** |
| &nbsp;&nbsp;Dahrouge - Exploration & evaluation asset expenditures | 16061 | 6219 |
| &nbsp;&nbsp;Dahrouge - Corporate consulting fees | 1887 |  |
| &nbsp;&nbsp;Michael Schuss - Geological and consulting fees |  | 3750 |
| &nbsp;&nbsp;Zimtu - Administrative fees | 45000 | 37500 |
| &nbsp;&nbsp;Zimtu - Advertising and promotion | 37500 | 37500 |
| &nbsp;&nbsp;Share-based payments | 29766 |  |
| &nbsp;&nbsp;Total | 130214 | 84969 |

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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 The following amounts are due to related parties:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Period ended** | **July 31,** <br>**2024** |
| &nbsp;&nbsp;**Due to (from) related parties** | **$** |
| &nbsp;&nbsp;Dahrouge | 91498 |
| &nbsp;&nbsp;Zimtu | 31152 |
| &nbsp;&nbsp;Total | 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 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.

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<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, 2024** | <br>**Year Ended** <br>**July 31, 2023** | <br>**Year Ended** <br>**July 31, 2022** |
| &nbsp;&nbsp;Capitalized Exploration and Evaluation Costs | $1103700 | $895953 | $968454 |
| &nbsp;&nbsp;General and Administration Expenses | $665630 | $414813 | $121207 |

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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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| | | | |
|:---|:---|:---|:---|
|  | **December 13, 2024** | **October 31, 2024** | **July 31, 2024** |
| &nbsp;&nbsp;Common Shares | 42659399 | 42659399 | 38003053 |
| &nbsp;&nbsp;Warrants | 34731211 | 34731211 | 30074865 |
| &nbsp;&nbsp;Stock Options | 2250000 | 2250000 | 2250000 |
| &nbsp;&nbsp;Fully Diluted Shares | 79640610 | 79640610 | 70327918 |

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For additional details of outstanding share capital, refer to Note 7 of the condensed interim financial statements for the three months ended October 31, 2024.

<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 CAP Property.

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**Limited Operating History**

The Company is an early-stage company and the CAP Property is an exploration stage property. 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 CAP Property 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.

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 CAP Property 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.

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**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.

**Additional Funding Requirements**

The exploration and development of the CAP Property 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 CAP Property, 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 CAP Property 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 CAP Property.

**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 CAP Property 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.

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**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.

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.

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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.

**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 CAP Property. 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 CAP Property. 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 CAP Property 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 CAP Property 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 CAP Property.

While the CAP Property is 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 CAP Property is 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 CAP Property 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 CAP Property and/or potential ownership interest in the CAP Property 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 CAP Property is 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 CAP Property, 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 CAP Property.

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 Property 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 Property 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 CAP Property 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 CAP Property 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 CAP Property is 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 CAP Property, 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 CAP Property. If adequate infrastructure is not available in a timely manner, there can be no assurance that the exploration or development of the CAP Property 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.

**Force Majeure**

The CAP Property 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 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 CAP Property, and punitive awards in connection with those claims and other liabilities.

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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.

<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.

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

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

<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 99.14

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![](exhibit99-14x001.jpg)

(formerly Eagle Bay Resources Corp.)

Condensed Interim Financial Statements

For the three months ended October 31, 2024

(Unaudited - Expressed in Canadian Dollars)

------

The accompanying unaudited condensed interim financial statements of Apex Critical Metals Corp. for the three months ended October 31, 2024, have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company. These condensed interim financial statements have not been reviewed by the Company's external auditors.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Condensed Interim Statements of Financial Position<br>As expressed in Canadian dollars<br>(Unaudited - prepared by management)

---

| | | |
|:---|:---|:---|
|  | **October 31, <br>2024** | July 31,<br>2024 |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Current** |  |  |
| &nbsp;&nbsp; Cash | $**2211730** | $1675222 |
| &nbsp;&nbsp; GST | **41040** | 15775 |
| &nbsp;&nbsp; Marketable securities (Note 5) | **237500** | 287500 |
| &nbsp;&nbsp; Prepaid expenses | **45475** | 6236 |
| &nbsp;&nbsp; Due from related party | **22235** |  |
|  | **2557980** | 1984733 |
| &nbsp;&nbsp;Exploration and evaluation assets (Note 6) | **1302533** | 1103700 |
| &nbsp;&nbsp;Reclamation bond | **33000** | 33000 |
|  | $**3893513** | $3121433 |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Current** |  |  |
| &nbsp;&nbsp; Accounts payable and accrued liabilities | $**11199** | $7773 |
| &nbsp;&nbsp; Due to related parties (Note 9) | **11888** | 122650 |
| &nbsp;&nbsp; Liability for flow-through shares (Note 11) | **21564** |  |
|  | **44651** | 130423 |
| &nbsp;&nbsp;**Shareholders' Equity** |  |  |
| &nbsp;&nbsp;Share capital (Note 7) | **5833771** | 4541744 |
| &nbsp;&nbsp;Share subscriptions received | **-** | 60000 |
| &nbsp;&nbsp;Reserves (Note 8) | **147080** | 115255 |
| &nbsp;&nbsp;Deficit | **(2131989)** | (1725989) |
|  | **3848862** | 2991010 |
|  | $**3893513** | $3121433 |

---

Nature and continuation of operations (Note 1)

Subsequent events (Note 13)

These financial statements were authorized for issue by the Audit Committee and Board of Directors on December 13, 2024.

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

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

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

As expressed in Canadian dollars

(Unaudited - prepared by management)

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
| &nbsp;&nbsp;**Expenses** |  |  |
| &nbsp;&nbsp;Administrative fees (Note 9) | $**45000** | $37500 |
| &nbsp;&nbsp;Advertising and website (Note 9) | **338351** | 37500 |
| &nbsp;&nbsp;Consulting fees | **1887** | 3750 |
| &nbsp;&nbsp;Filing and transfer agent fees | **8799** | 11648 |
| &nbsp;&nbsp;Legal fees | **6572** | 5153 |
| &nbsp;&nbsp;Office, telephone and miscellaneous | **1746** | 19 |
| &nbsp;&nbsp;Share-based payments (Note 8) | **31825** |  |
| &nbsp;&nbsp;Travel and meals | **11754** |  |
| &nbsp;&nbsp;Loss before other items | **445934** | 95570 |
| &nbsp;&nbsp;Interest income | **14852** |  |
| &nbsp;&nbsp;Flow-through premium recovery (Note 11) | **75082** |  |
| &nbsp;&nbsp;Unrealized loss on marketable securities (Note 5) | **(50000)** |  |
| &nbsp;&nbsp;**Net and comprehensive loss for the period** | $**406000** | $95570 |
| &nbsp;&nbsp;**Basic and diluted loss per share** | $**0.01** | $0.01 |
| &nbsp;&nbsp;**Weighted average number of common shares\* outstanding** - basic and diluted | **38875751** | 7928188 |

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\*All shares are shown on a post-split basis.

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

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

For the three months ended October 31, 2024 and 2023

As expressed in Canadian dollars

(Unaudited - prepared by management)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **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;&nbsp;Net loss for the period |  |  |  |  | (95570) | (95570) |
| &nbsp;&nbsp;**Balance, October 31, 2023** | **7928188** | $**2036751** | $**-** | $**2844** | $**(1321374)** | $**718221** |
|  | **Number of<br>Shares\*** | **Share<br>Capital** | **Share<br>Subscriptions** | **Reserves** | **Deficit** | **Total** |
| &nbsp;&nbsp;**Balance, July 31, 2024** | **38003053** | $**4541744** | $**60000** | $**115255** | $**(1725989)** | $**2991010** |
| &nbsp;&nbsp;&nbsp;Private placement (Note 7) | 3750000 | 1000000 |  |  |  | 1000000 |
| &nbsp;&nbsp;&nbsp;Flow-through private placement (Note 7) | 906346 | 296104 | (60000) |  |  | 236104 |
| &nbsp;&nbsp;&nbsp;Share issuance costs |  | (4077) |  |  |  | (4077) |
| &nbsp;&nbsp;&nbsp;Share-based payments (Note 8) |  |  |  | 31825 |  | 31825 |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  |  |  |  | (406000) | (406000) |
| &nbsp;&nbsp;**Balance, October 31, 2024** | **42659399** | $**5833771** | $**-** | $**147080** | $**(2131989)** | $**3848862** |

---

\*All shares are shown on a post-split basis.

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

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Condensed Interim Statements of Cash Flows<br>For the three months ended October 31, 2024 and 2023<br>As expressed in Canadian dollars<br>(Unaudited - prepared by management)

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
| &nbsp;&nbsp;**CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss for the period: | $**(406000)** | $(95570) |
| &nbsp;&nbsp;&nbsp;&nbsp;Add items not affecting cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | **31825** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on marketable securities | **50000** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flow-through premium recovery | **(75082)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Changes in non-cash working capital items related to operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GST | **(25265)** | (3261) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **(39239)** | (4950) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **3426** | (13147) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | **(53387)** | 6795 |
| &nbsp;&nbsp;**Net cash flows used in operating activities** | **(513722)** | (110133) |
| &nbsp;&nbsp;**CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Issue of common shares, net of share issuance costs | **1392750** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share issuance costs | **(4077)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Share subscriptions received | **(60000)** |  |
| &nbsp;&nbsp;**Net cash flows from financing activities** | **1328673** |  |
| &nbsp;&nbsp;**CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Exploration and evaluation expenditures | **(278443)** | (61798) |
| &nbsp;&nbsp;**Net cash used in investing activities** | **(278443)** | (61798) |
| &nbsp;&nbsp;**Increase (decrease) in cash** | **536508** | (171931) |
| &nbsp;&nbsp;**Cash, beginning of period** | **1675222** | 264674 |
| &nbsp;&nbsp;**Cash, end of period** | $**2211730** | $92743 |

---

**SUPPLEMENTARY DISCLOSURE**

As at October 31, 2024, the Company had $11,888 (October 31, 2023 - $4,631) in exploration and evaluation expenditures due to related parties.

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

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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 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 OTCQB Venture Market ("OTCQB").

The Company has no source of operating cash flows, has not yet achieved profitable operations, has a working capital of $2,513,329 as at October 31, 2024 (July 31, 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 statements are prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), applicable to the presentation of interim financial statements, including IAS 34, Interim Financial Reporting ("IAS 34").

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**4. MATERIAL ACCOUNTING POLICY INFORMATION**

The policies applied in these condensed interim financial statements are consistent with policies disclosed in Note 4 of the audited financial statements for the year ended July 31, 2024. Therefore, these condensed interim financial statements should be read in conjunction with the Company's audited financial statements for the year ended July 31, 2024.

**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 October 31, 2024, the Company holds 2,500,000 shares (July 31, 2024 - 2,500,000) with a fair market value of $237,500, or $0.095 per share. During the three months ended October 31, 2024, the Company recorded an unrealized loss on the shares of $50,000 (October 31, 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 October 31, 2024, the Cap property consists of 6 claims totalling 2,824 hectares. (July 31, 2024 - 6 claims).

**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.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

*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 Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | CAP<br>Claims | Prince <br>Property | Wicheeda<br>Property | West James <br>Bay Properties | Total property <br>costs |
| &nbsp;&nbsp;Balance, July 31, 2023 | $756975 | $72868 | $66110 | $- | $895953 |
| &nbsp;&nbsp;Acquisition costs |  |  |  | 125000 | 125000 |
| &nbsp;&nbsp;Geological expense | 147535 |  |  |  | 147535 |
| &nbsp;&nbsp;Travel and transportation | 60211 |  |  |  | 60211 |
| &nbsp;&nbsp;Proceeds received |  |  |  | (124999) | (124999) |
| &nbsp;&nbsp;Balance, July 31, 2024 | $964721 | $72868 | $66110 | $1 | $1103700 |
| &nbsp;&nbsp;Assays | 34575 |  |  |  | 34575 |
| &nbsp;&nbsp;Geological expense | 16061 |  |  |  | 16061 |
| &nbsp;&nbsp;Reports and other | 8400 |  |  |  | 8400 |
| &nbsp;&nbsp;Travel and transportation | 139797 |  |  |  | 139797 |
| &nbsp;&nbsp;Balance, October 31, 2024 | $1163554 | $72868 | $66110 | $1 | $1302533 |

---

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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 (.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 42,659,399 as of October 31, 2024 (July 31, 2024 - 38,003,053).

As of October 31, 2024, the Company has 1,994,625 (July 31, 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.

**During the three months ended October 31, 2024:**

&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"). 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..

&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 $392,749.50. 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.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**7. SHARE CAPITAL** - continued

**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.

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

The following is a summary of warrant transactions for the three months ended October 31, 2024 and the year ended July 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **October 31, 2024** | **October 31, 2024** | **July 31, 2024** | **July 31, 2024** |
|  |  | Weighted Average |  | Weighted average |
|  | Number of | Exercise | Number of | Exercise |
|  | Warrants | Price | Warrants | Price |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | 30074865 | $0.12 | 90000 | $1.333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired |  |  | (90000) | 1.333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 4656346 | 0.45 | 30074865 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | 34731211 | $0.17 | 30074865 | $0.12 |

---

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**7. SHARE CAPITAL** - continued

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

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | Number of Warrants | Weighted Average |
|  | Exercise | Outstanding and | Remaining Contractual |
| Expiry Date | Price | Exercisable | Life (Years) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 13, 2025 | $0.067 | 14999865 | 1.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 12, 2026 | $0.10 | 11325000 | 1.45 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 5, 2025 | $0.40 | 3750000 | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;August 16, 2025 | $0.40 | 3750000 | 0.79 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 24, 2026 | $0.67 | 906346 | 1.90 |
| Total | Total | 34731211 | 1.16 |

---

**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 October 31, 2024, the Company has 2,250,000 stock options outstanding (July 31, 2024 - 2,250,000).

The following is a summary of option transactions under the Company's stock option plan for the three months ended October 31, 2024 and the year ended July 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **October 31, 2024** | **October 31, 2024** | **July 31, 2024** | **July 31, 2024** |
|  |  | Weighted Average |  | Weighted average |
|  | Number of | Exercise | Number of | Exercise |
|  | Options | Price | Options | Price |
| &nbsp;&nbsp; Balance, beginning of period | 2250000 | $0.138 |  | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  | 2250000 | 0.138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | 2250000 | $0.138 | 2250000 | $0.138 |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Number of | Number of | Weighted Average |
|  | Exercise | Options | Options | Remaining Contractual |
| Expiry Date | Price | Exercisable | Outstanding | Life (Years) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;April 26, 2029 | $0.133 | 650000 | 1950000 | 4.49 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;May 8, 2029 | $0.167 | 100000 | 300000 | 4.52 |
| Total | $0.138 | 750000 | 2250000 | 4.49 |

---

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

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 three months ended October 31, 2024, $31,825 (October 31, 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 14.66% 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 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 Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**9. RELATED PARTY TRANSACTIONS** - continued

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

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Three months ended October 31,** | **2024** | **2023** |
| &nbsp;&nbsp;**Key management compensation\*** | **$** | **$** |
| &nbsp;&nbsp;Dahrouge - Exploration & evaluation asset expenditures | 16061 | 6219 |
| &nbsp;&nbsp;Dahrouge - corporate consulting fees | 1887 |  |
| &nbsp;&nbsp;Michael Schuss - Geological and consulting fees |  | 3750 |
| &nbsp;&nbsp;Zimtu - Administrative fees | 45000 | 37500 |
| &nbsp;&nbsp;Zimtu - Advertising and promotion | 37500 | 37500 |
| &nbsp;&nbsp;Share-based payments | 29766 |  |
| &nbsp;&nbsp;Total | 130214 | 84969 |

---

\* 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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;**Period ended:** | **July 31,**<br> **2024** |
| &nbsp;&nbsp;**Due to (from) related parties** | **$** |
| &nbsp;&nbsp;Dahrouge | 91498 |
| &nbsp;&nbsp;Zimtu | 31152 |
| &nbsp;&nbsp;Total | 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.

**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:

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**10. FINANCIAL INSTRUMENTS** - continued

&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 October 31, 2024, the Company held cash of $2,211,730 (July 31, 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 October 31, 2024, the Company has total current liabilities of $44,651 (July 31, 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;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 Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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 October 31, 2024, the Company's shareholders' equity was $3,848,862 (July 31, 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 October 31, 2024, the Company had incurred the $305,117 in qualified expenditures.

---

| | |
|:---|:---|
|  | **Issued on<br>September<br>24, 2024** |
| **Balance, July 31, 2024** | $- |
| Liability incurred on flow-through shares issued | 96646 |
| Settlement of flow-through share liability on incurred expenses | (75082) |
| **Balance, October 31, 2024** | $21564 |

---

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the three months ended October 31, 2024<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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.

**13. SUBSEQUENT EVENTS**

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.

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## Exhibit 99.15

------

![](exhibit99-15x1x1.jpg)

**Apex Critical Metals Announces Extension to Agreement**

**with Rumble Strip Media Inc.**

Vancouver, BC / ACCESSWIRE / December 18, 2024: Apex Critical Metals Corp. (CSE: APXC) (OTCQB: APXCF) (FWB: KL9) ("Apex" or the "Company"), an exploration company focused on developing high potential resource sector projects, is pleased to announce that 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 for an upfront payment of CAD$300,000 to Rumble. The extension commences December 11<sup>th</sup>, 2024 for a three month term ending March 11<sup>th</sup>, 2025. The services to be provided by Rumble may include 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.

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

Apex Critical Metals Corp. is focused on acquiring, exploring and developing properties potentially rich in carbonatite rocks hosting economic concentrations of rare earth elements (REEs) including niobium. Apex's CAP Property located 85 kilometers northea st of Prince George, British Columbia, spans 25 square kilometers and hosts a recently identified promising 1.8-kilometer niobium trend. The company's Bianco Carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in Northwestern Ontario. These extremely rare carbonatite formations, with less than 600 known deposits worldwide, host many high-demand REE minerals as well as uranium, copper, and gold. Carbonatites contain some of the largest and most productive niobium deposits, including Araxá and Catalão in Brazil and Niobec in Quebec, as well as major rare earth and phosphate sources such as Mountain Pass in California and Palabora in South Africa. By acquiring more carbonatite-hosted projects, Apex intends to investigate these potentially high value systems to meet the growing global demand across various industries. Apex Critical Metals is publicly listed in Canada on the CSE, under the symbol "APXC," in the USA on the OTCQB market under the symbol "APXCF," and in Germany on the Börse Frankfurt under the symbol "KL9" or WKN: A40CCQ. You are invited to find out more at <u>www.apexcriticalmetals.com</u> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</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<br>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.*

**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 statements with respect to the services that Rumble Media will provide to the Company under the investor relations agreement and statements regarding the Company's intention to investigate the high-value systems within carbonatite-hosted projects . 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, including risks related to factors beyond the control of the Company. 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 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 99.16

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![](exhibit99-16x1x1.jpg)

**Apex Critical Metals Corp. Announces Private Placement of**

**Units to Raise Gross Proceeds of up to $2,520,000**

Vancouver, BC / ACCESSWIRE / December 19, 2024: Apex Critical Metals Corp. (CSE: APXC) (OTCQB: APXCF) (FWB: KL9) ("Apex" or the "Company"), an exploration company focused on developing high potential resource sector projects, is pleased to announce a non-brokered private placement offering of up to 4,200,000 units (each, a "Unit") at a price of $0.60 per Unit, for aggregate proceeds of up to $2,520,000 (the "Offering"). Each Unit will consist 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"). The proceeds of the Offering will be used for property exploration and general working capital.

All securities issued with respect to the Offering will be subject to a hold period of four months and one day in accordance with applicable securities laws.

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

Apex Critical Metals Corp. is focused on acquiring, exploring and developing properties potentially rich in carbonatite rocks hosting economic concentrations of rare earth elements (REEs) including niobium. Apex's CAP Property located 85 kilometers northeast of Prince George, British Columbia, spans 25 square kilometers and hosts a recently identified promising 1.8-kilometer niobium trend. The company's Bianco Carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in Northwestern Ontario. These extremely rare carbonatite formations, with less than 600 known deposits worldwide, host many high-demand REE minerals as well as uranium, copper, and gold. Carbonatites contain some of the largest and most productive niobium deposits, including Araxá and Catalão in Brazil and Niobec in Quebec, as well as major rare earth and phosphate sources such as Mountain Pass in California and Palabora in South Africa. By acquiring more carbonatite-hosted projects, Apex intends to investigate these potentially high value systems to meet the growing global demand across various industries. Apex Critical Metals is publicly listed in Canada on the CSE, under the symbol "APXC," in the USA on the OTCQB market under the symbol "APXCF," and in Germany on the Börse Frankfurt under the symbol "KL9" or WKN: A40CCQ. You are invited to find out more at <u>www.apexcriticalmetals.com</u> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</u> or <u>LinkedIn</u>.

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer<br>Tel: 604.681.1568<br>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.*

**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 statements with respect to the Offering including the anticipated use of proceeds of the Offering and the expiry of hold periods for securities distributed pursuant to the Offering. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the proceeds of the Offering may not be used as stated in this news release and those additional risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.com. 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 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 99.17

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![](exhibit99-17x1x1.jpg)

**NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR**

**DISSEMINATION IN THE UNITED STATES**

**Apex Critical Metals Corp. Completes Private Placement for**

**Proceeds of $2,520,000**

News Release - Vancouver, BC, - December 30, 2024: Apex Critical Metals Corp. (CSE: APXC) (OTCQB:APXCF) ("Apex" or the "Company"), is pleased to announce that it has completed a non-brokered private placement (see news release dated December 19, 2024), 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"). The proceeds of the Offering will be used for property exploration and general working capital.

All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months and a day from the Closing.

Certain insiders of the Company subscribed for a total of 303,336 Units under the Offering, which are "related party transactions" within the meaning of Multilateral Instrument 61-101 - Protection of Minority Security Holders in Special Transactions ("MI 61-101"). The issuance to the insiders are exempt from the formal valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(a) as the Units purchased by the insiders do not exceed more than 25% of the market capitalization of the Company and from the minority shareholder approval requirement of MI 61-101 by virtue of the exemption contained in section 5.7(1)(b) of MI 61-101 in that the fair market value of the securities distributed to the insiders in the Offering is not more than $2,500,000.

None of the securities sold in connection with the Offering are registered under the United States Securities Act of 1933, as amended, and no such securities were offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. is focused on acquiring, exploring and developing properties potentially rich in carbonatite rocks hosting economic concentrations of rare earth elements (REEs) including niobium. Apex's CAP Property located 85 kilometers northeast of Prince George, British Columbia, spans 25 square kilometers and hosts a recently identified promising 1.8-kilometer niobium trend. The company's Bianco Carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in Northwestern Ontario. These extremely rare carbonatite formations, with less than 600 known deposits worldwide, host many high-demand REE minerals as well as uranium, copper, and gold. Carbonatites contain some of the largest and most productive niobium deposits, including Araxá and Catalão in Brazil and Niobec in Quebec, as well as major rare earth and phosphate sources such as Mountain Pass in California and Palabora in South Africa. By acquiring more carbonatite-hosted projects, Apex intends to investigate these potentially high value systems to meet the growing global demand across various industries. Apex Critical Metals is publicly listed in Canada on the CSE, under the symbol "APXC," in the USA on the OTCQB market under the symbol "APXCF," and in Germany on the Börse Frankfurt under the symbol "KL9" or WKN: A40CCQ. You are invited to find out more at www.apexcriticalmetals.com where you can subscribe for News Alerts, watch our Video, or follow us on Facebook, X.com or LinkedIn.

------

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: info@apexcriticalmetals.com

*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 statements with respect to the Offering including, the closing date of the Offering, the potential participation of insiders in the Offering and the anticipated use of proceeds of the Offering. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the receipt of regulatory approval for the Offering, if required. 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 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 99.18

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1: Name and Address of Company**

Apex Critical Metals Corp. ("**Apex**" or the "**Company**")

Suite 1450, 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2: Date of Material Change**

December 30, 2024

**Item 3: News Release**

News release dated December 30, 2024 was disseminated and subsequently filed on SEDAR+.

**Item 4: Summary of Material Change**

On December 30, 2024, the Company issued a news release announcing it had closed its previously disclosed non- brokered private placement (the "**Offering**"). The Offering consisted of 4,200,000 units of the Company (the "**Units**") at $0.60 per Unit for aggregate gross proceeds of $2,520,000.

**Item 5 Full Description of Material Change**

On December 30, 2024, the Company issued a news release announcing it had closed its previously disclosed non- brokered private placement (the "**Offering**"). The Offering consisted of 4,200,000 units of the Company (the "**Units**") at $0.60 per Unit for aggregate gross proceeds of $2,520,000.

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 entitles the holder thereof to acquire one additional share (each, a "**Warrant Share**"), at an exercise price of $0.75 per Warrant Share until December 30, 2026.

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.

Certain insiders of the Company subscribed for a total of 303,336 Units under the Offering, which are "related party transactions" within the meaning of Multilateral Instrument 61-101 - *Protection of Minority Security Holders in Special Transactions* ("**MI 61-101**"). The issuance to the insiders are exempt from the formal valuation requirement of MI 61-101 by virtue of the exemption contained in section 5.5(a) as the Units purchased by the insiders do not exceed more than 25% of the market capitalization of the Company and from the minority shareholder approval requirement of MI 61-101 by virtue of the exemption contained in section 5.7(1)(b) of MI 61-101 in that the fair market value of the securities distributed to the insiders in the Offering is not more than $2,500,000.

None of the securities sold in connection with the Offering are registered under the United States *Securities Act of 1933*, as amended, and no such securities were offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

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**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102**

N/A

**Item 7: Omitted Information**

N/A

**Item 8: Executive Officer**

Jody Bellefleur, CFO and a Director<br>604.681.1568<br>info@apexcriticalmetals.com

**Item 9: Date of Report**

December 30, 2024

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## Exhibit 99.19

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![](exhibit99-19x1x1.jpg)

**Apex Critical Metals Acquires Underexplored Lac Le**

**Moyne Carbonatite Property, Northeast Quebec**

*Company targets development of high value critical mineralization*

*portfolio to help address domestic industrial supply demands.*

**Vancouver, BC - February 5, 2025: Apex Critical Metals Corp.** (CSE: APXC) (OTCQB: APXCF) (FWB: KL9) ("Apex" or the "Company") is pleased to announce the acquisition of the Lac Le Moyne Carbonatite Project (the "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 Quebec near the community of Kuujjuaq, the Project consists of 86 map staked claims totalling approximately 4,025 ha (9,946 acres), situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex.

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits; the Lac Le Moyne Project was acquired for its potential to host carbonatite-related mineralization.

**Highlights include:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Government mapping identified several exposures of carbonatite

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Regional radiometric surveys show coincident anomalism with carbonatite exposures

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Situated within 10 km to the northwest of the Eldor Carbonatite, which is host to significant Nb-REE mineralization

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Located approximately 110 km due south of the community of Kuujjuaq, Quebec

The Lac Le Moyne Project has little documented historical exploration and no known exploration specifically for carbonatite-related mineralization. Multiple carbonatite outcrops were previously identified by government geologists conducting regional mapping programs throughout the Labrador Trough.

*"Carbonatites are among the most productive sources of niobium, rare earths and phosphate worldwide,"* notes Sean Charland, Chief Executive Officer of Apex Critical Metals. *"By adding Lac Le Moyne to our portfolio, we're expanding our focus on these valuable systems, which are critical for industries ranging from clean energy to advanced critical technologies."*

------

![](exhibit99-19x2x1.jpg)

The Lac Le Moyne carbonatite outcrops, which are inclusive to the Property, were originally mapped during the late 1970's. Carbonatite is a relatively rare rock type; however, is also the primary host to rare earth element ("REE") and niobium production globally. Just to the south of the Project is 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% CaF2 indicated, and 131.1 Mt at 1.91% REO and 4.0% CaF2 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% Nb2O5 (<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).

**Terms of the acquisition:**

Pursuant to a sale agreement dated January 24, 2025, among the Company and the vendors, the Company has agreed to acquire a 100-per-cent interest in the claims for total consideration payable over a 3-year period of $100,000 in cash and issue to the vendors a total of 200,000 shares. 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 2.0-per-cent net smelter return royalty interest in the future minerals produced from the claims upon achieving commercial production.

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![](exhibit99-19x2x1.jpg)

![](exhibit99-19xu001.jpg)

*Figure 1. Lac Le Moyne Carbonatite Project, Quebec*

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![](exhibit99-19x2x1.jpg)

![](exhibit99-19xu002.jpg)

*Figure 2. Lac Le Moyne Carbonatite Project, Quebec - Total Field Magnetics.*

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![](exhibit99-19x5x1.jpg)

**Qualified Person**

The information in this news release that relates to exploration results for the Lac Le Moyne Property is based on, and fairly represents, information reviewed by Mr. Darren L. Smith, M.Sc., P.Geo., Director of the Company, who is a Qualified Person as defined by *National Instrument 43-101 - Standards of Disclosure for Mineral Projects*, and member in good standing with the *Ordre des Géologues du Québec* (Geologist Permit number 01968), and with the Association of Professional Engineers and Geoscientists of Alberta (member number 87868). Mr. Smith has reviewed and approved the technical information in this news release.

Mr. Smith is a Director of Apex Critical Metals Corp. and holds common shares and options in the Company.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium trend. The Company's Bianco carbonatite project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario.

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex Critical intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, in the United States on the OTCQB market 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> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</u> or <u>LinkedIn</u>.

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

------

![](exhibit99-19x6x1.jpg)

*--Sean Charland--*

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.*

**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 statements that carbonatites and alkaline rocks have the potential to host economic concentrations of rare earth elements and/ or niobium and that the Company intends to investigate potential high value opportunities to meet the growing global demand for specialty metals. 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, including risks related to factors beyond the control of the Company, including, but not limited to, that any future exploration activity on the property may not result in concentrations of rare earth elements, or any; and economic, geopolitical and other conditions and developments which may adversely affect demand for specialty metals. 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 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 99.20

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**APEX CRITICAL METALS CORP.**

1450 - 789 West Pender Street

Vancouver, British Columbia, V6C 1H2

**INFORMATION CIRCULAR**

**January 27, 2025**

(This document contains information as at January 27, 2025 and all amounts are in Canadian dollars, unless otherwise indicated.)

**GENERAL PROXY INFORMATION**

This information circular (the "**Information Circular**") is furnished to the shareholders (each, a "**Shareholder**") of Apex Critical Metals Corp. (the "**Company**") by the board of directors of the Company (the "**Board**") in connection with the solicitation by the Company's Board of proxies to be voted at the Annual General Meeting (the "**Meeting**") of the Shareholders to be held on Wednesday, February 26, 2025 at 11:00 a.m. (Vancouver time) at 1450 - 789 West Pender Street, Vancouver, British Columbia or at any adjournment or postponement thereof.

**PROXIES AND VOTING RIGHTS**

**Management Solicitation**

The solicitation of proxies will be conducted by mail and may be supplemented by telephone or other personal contact to be made without special compensation by the directors, regular officers and employees of the Company. The Company does not reimburse Shareholders, nominees or agents for any cost incurred in obtaining from their principals authorization to execute forms of proxy, except that the Company has requested brokers and nominees who hold stock in their respective names to furnish this proxy material to their customers, and the Company will reimburse such brokers and nominees for their related out of pocket expenses. No solicitation will be made by specifically engaged employees or soliciting agents. The cost of solicitation will be borne by the Company.

No person has been authorized to give any information or to make any representation other than as contained in this Information Circular in connection with the solicitation of proxies. If given or made, such information or representations must not be relied upon as having been authorized by the Company. The delivery of this Information Circular shall not create, under any circumstances, any implication that there has been no change in the information set forth herein since the date of this Information Circular. This Information Circular does not constitute the solicitation of a proxy by anyone in any jurisdiction in which such solicitation is not authorized, or in which the person making such solicitation is not qualified to do so, or to anyone to whom it is unlawful to make such an offer of solicitation.

**Appointment and Revocation of Proxy**

*Registered Shareholders*

Registered Shareholders ("**Registered Shareholders**") are entitled to vote at the Meeting. A Registered Shareholder is entitled to one vote for each common share in the capital of the Company (each, a "**Share**") that such Registered Shareholder holds on January 27, 2025 (the "**Record Date**") on the resolutions to be acted upon at the Meeting and any other matter to come before the Meeting.

------

All references to Shareholders in this Information Circular and the accompanying instrument of proxy and notice of meeting are to Registered Shareholders unless specifically stated otherwise.

The persons named as proxy holders (the "**Designated Persons**") in the enclosed form of proxy are directors and/or officers of the Company.

**In order to be voted, the completed form of proxy must be received by the Company's registrar and transfer agent, Odyssey Trust Company, at their offices located at 323 - 409 Granville Street, Vancouver, British Columbia V6C 1T2 (Tel: 778-819-1184), at least 48 hours (excluding Saturdays, Sundays and holidays recognized in the Province of British Columbia) prior to the scheduled commencement of the Meeting or an adjournment or postponement of the Meeting.**

A proxy may not be valid unless it is dated and signed by the Shareholder who is giving it or by that Shareholder's attorney-in-fact duly authorized by that Shareholder in writing or, in the case of a corporation, dated and executed by a duly authorized officer, or attorney-in-fact for, the corporation. If a form of proxy is executed by an attorney- in-fact for an individual Shareholder or joint Shareholders or by an officer or attorney-in-fact for a corporate Shareholder, the instrument so empowering the officer or attorney-in-fact, as the case may be, or a notarial copy thereof, should accompany the form of proxy.

A Shareholder who has given a proxy may revoke it at any time, before it is exercised, by an instrument in writing: (a) executed by that Shareholder or by that Shareholder's attorney-in-fact authorized in writing or, where that Shareholder is a corporation, by a duly authorized officer of, or attorney-in-fact for, the corporation and (b) delivered either: (i) to the Company at 1450 - 789 West Pender Street, Vancouver, BC V6C 1H2 (Attention: Jody Bellefleur) at any time up to and including the last business day preceding the day of the Meeting or, if adjourned or postponed, any reconvening thereof; (ii) to the Chairman of the Meeting prior to the vote on matters covered by the proxy on the day of the Meeting or, if adjourned or postponed, any reconvening thereof; or (iii) in any other manner provided by law. Also, a proxy will automatically be revoked by either: (a) attendance at the Meeting and participation in a poll (ballot) by a Shareholder or (b) submission of a subsequent proxy in accordance with the foregoing procedures. A revocation of a proxy does not affect any matter on which a vote has been taken prior to the revocation.

The enclosed form of proxy confers discretionary authority upon the persons named therein with respect to other matters which may properly come before the Meeting, including any amendments or variations to any matters identified in the notice of meeting and with respect to other matters which may properly come before the Meeting. At the date of this Information Circular, management of the Company knows of no such amendments, variations, or other matters to come before the Meeting. **The Shares represented by a Shareholder's proxy will be voted or withheld from voting in accordance with the instructions of the Shareholder on any ballot that may be called for. If the Shareholder specifies a choice with respect to any matter to be voted upon, the Shares represented by that Shareholder's proxy will be voted accordingly.**

In the case of abstentions from or withholding of the voting of Shares on any matter, the Shares which are the subject of the abstention or withholding will be counted for determination of a quorum, but will not be counted as affirmative or negative on the matter to be voted upon.

**A SHAREHOLDER HAS THE RIGHT TO APPOINT A PERSON OR COMPANY (WHO NEED NOT BE A SHAREHOLDER) TO ATTEND AND ACT FOR THEM ON THEIR BEHALF AT THE MEETING OTHER THAN THE PERSONS NAMED IN THE ENCLOSED INSTRUMENT OF PROXY. TO EXERCISE THIS RIGHT, THE SHAREHOLDER MUST STRIKE OUT THE NAMES OF THE PERSONS NAMED IN THE INSTRUMENT OF PROXY AND INSERT THE NAME OF HIS OR HER NOMINEE IN THE BLANK SPACE PROVIDED, OR COMPLETE ANOTHER INSTRUMENT OF PROXY. SUCH SHAREHOLDER SHOULD NOTIFY THE NOMINEE OF THE APPOINTMENT, OBTAIN THE NOMINEE'S CONSENT TO ACT AS PROXY AND SHOULD PROVIDE INSTRUCTION TO THE NOMINEE ON HOW THE SHAREHOLDER'S SHARES SHOULD BE VOTED. THE NOMINEE SHOULD BRING PERSONAL IDENTIFICATION TO THE MEETING.**

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**IF NO CHOICE IS SPECIFIED IN THE PROXY WITH RESPECT TO A MATTER TO BE ACTED UPON, THE PROXY CONFERS DISCRETIONARY AUTHORITY WITH RESPECT TO THAT MATTER UPON THE DESIGNATED PERSONS NAMED IN THE FORM OF PROXY. IT IS INTENDED THAT THE DESIGNATED PERSONS WILL VOTE THE SHARES REPRESENTED BY THE PROXY IN FAVOUR OF EACH MATTER IDENTIFIED IN THE PROXY AND FOR THE NOMINEES OF THE COMPANY'S BOARD OF DIRECTORS FOR DIRECTORS AND AUDITOR.**

*Non-Registered Shareholders*

The information set out in this section is of significant importance to those Shareholders who do not hold Shares in their own name. Shareholders who do not hold their Shares in their own name (referred to in this Information Circular as "**Beneficial Shareholders**") should note that only proxies deposited by Shareholders whose names appear on the records of the Company as the registered holders of Shares can be recognized and acted upon at the Meeting. If Shares are listed in an account statement provided to a Shareholder by a broker, then in almost all cases those Shares will not be registered in the Shareholder's name on the records of the Company. Such Shares will more likely be registered under the names of the Shareholder's broker or an agent of that broker. In the United States, the vast majority of such Shares are registered under the name of Cede & Co. as nominee for The Depository Trust Company (which acts as depositary for many U.S. brokerage firms and custodian banks), and in Canada, under the name of CDS & Co. (the registration name for The Canadian Depository for Securities Limited, which acts as nominee for many Canadian brokerage firms). **Beneficial Shareholders should ensure that instructions respecting the voting of their Shares are communicated to the appropriate person well in advance of the Meeting.**

Regulatory policies require intermediaries to seek voting instructions from Beneficial Shareholders in advance of a shareholders' meeting. Beneficial Shareholders have the option of either not objecting to their intermediary disclosing certain ownership information about themselves to the Company (such Beneficial Shareholder are designated as non-objecting beneficial owners, or "**NOBOs**") or objecting to their intermediary disclosing ownership information about themselves to the Company (such Beneficial Shareholders are designated as objecting beneficial owners, or "**OBOs**").

In accordance with the requirements of National Instrument 54-101 *Communication with Beneficial Owners of Securities of a Reporting Issuer,* the Company has elected to send the notice of meeting, this Information Circular and a request for voting instructions (a "**VIF**") instead of a proxy (the notice of meeting, Information Circular and VIF or proxy are collectively referred to as the "**Meeting Materials**"), directly to the NOBOs and indirectly through intermediaries to the OBOs. The intermediaries (or their service companies) are responsible for forwarding the Meeting Materials to the OBOs. The Company will not pay for the delivery of proxy-related materials to OBOs. The OBOs will not receive the Meeting Materials unless their intermediary assumes the costs of delivery.

Meeting Materials sent to Beneficial Shareholders are accompanied by a VIF, instead of a proxy. By returning the VIF in accordance with the instructions noted on it, the Beneficial Shareholder is able to instruct the intermediary (or other Registered Shareholder) how to vote the Beneficial Shareholder's Shares on the Beneficial Shareholder's behalf. For this to occur, it is important that the VIF be completed and returned in accordance with the specific instructions noted on the VIF.

The majority of intermediaries now delegate responsibility for obtaining instructions from Beneficial Shareholders to Broadridge Investor Communication Solutions, Inc. ("**Broadridge**") in Canada. Broadridge typically prepares a machine-readable VIF, mails these VIFs to Beneficial Shareholders and asks Beneficial Shareholders to return the VIFs to Broadridge, usually by way of mail, the internet or telephone. Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of Shares to be represented at the Meeting by proxies for which Broadridge has solicited voting instructions. If you have any questions respecting the voting of Shares held through an intermediary, please contact that intermediary for assistance.

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In either case, the purpose of this procedure is to permit Beneficial Shareholders to direct the voting of the Shares which they beneficially own. **A Beneficial Shareholder receiving a VIF, through Broadridge or another intermediary, cannot use that form to vote Shares directly at the Meeting. Beneficial Shareholders should carefully follow the instructions set out in the VIF including those regarding when and where the VIF is to be delivered.** Should a Beneficial Shareholder who receives a VIF wish to attend the Meeting or have someone else attend on their behalf, the Beneficial Shareholder may request a legal proxy as set forth in the VIF, which will grant the Beneficial Shareholder or their nominee the right to attend and vote at the Meeting.

Only Registered Shareholders have the right to revoke a proxy. A Beneficial Shareholder who wishes to change its vote must, at least seven (7) days before the Meeting, arrange for its intermediary to revoke its VIF on its behalf.

The Meeting Materials are being sent to both registered and non-registered owners of the Company's Shares. If you are a Beneficial Shareholder and the Company or its agent has sent the Meeting Materials directly to you, your name and address and information about your holdings of the Company's securities have been obtained in accordance with applicable securities regulatory requirements from the intermediary holding on your behalf. By choosing to send the Meeting Materials to you, the Company (and not the intermediary holding on your behalf) has assumed responsibility for (i) delivering the Meeting Materials to you; and (ii) executing your proper voting instructions. Please return your voting instructions as specified in the VIF.

**INTEREST OF CERTAIN PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON**

Except as disclosed elsewhere in this Information Circular, no director or executive officer of the Company who was a director or executive officer since the beginning of the Company's last financial year, no proposed nominee for election as a director of the Company, nor any associate or affiliates of any such directors, officers or nominees, has any material interest, direct or indirect, by way of beneficial ownership of Shares or other securities in the Company or otherwise, in any matter to be acted upon at the Meeting, other than the election of directors.

**VOTING SECURITIES AND PRINCIPAL HOLDERS OF VOTING SECURITIES**

The Company is authorized to issue an unlimited number of Shares without par value. As of the close of business on the Record Date, a total of 46,859,391 Shares were issued and outstanding. Each Share carries the right to one vote at the Meeting.

Only Registered Shareholders as of the Record Date are entitled to receive notice of, and to attend and vote at, the Meeting or any adjournment or postponement of the Meeting.

To the knowledge of the Company's directors and officers, the only persons who own or control, directly or indirectly, or exercise control or direction over, more than 10% of the Shares are as provided in the table below.

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| | | | |
|:---|:---|:---|:---|
| **Name** | **Ownership** | **Number of Shares** | **Percentage of Class**<br>**(fully diluted)** |
| Zimtu Capital Corp.<sup>(1)</sup> | Registered and beneficial | 4951226 | 10.57% |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Zimtu Capital Corp. ("**Zimtu**") is a reporting issuer with its common shares listed for trading on the TSX Venture Exchange. No person owns 10% or more of Zimtu's voting securities.

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**FINANCIAL STATEMENTS**

The audited financial statements of the Company for the financial year ended July 31, 2024, together with the auditor's report thereon, will be submitted to the Meeting. Receipt at the Meeting of the financial statements and auditor's report will not constitute approval or disapproval of any matters referred to therein. The Company's financial statements and Management's Discussion and Analysis ("**MD&A**") are available on SEDAR+ at www.sedarplus.ca.

**NUMBER OF DIRECTORS**

At the Meeting, Shareholders will be asked to pass an ordinary resolution to set the number of directors of the Company at five (5). An ordinary resolution needs to be passed by a simple majority of the votes cast by the Shareholders present in person or represented by proxy and entitled to vote at the Meeting.

**Management of the Company recommends the approval of setting the number of directors of the Company at five (5).**

**ELECTION OF DIRECTORS**

The directors of the Company are elected at each annual general meeting of the Company and hold office until the next annual general meeting or until their successors are elected or appointed, unless the director's office is earlier vacated in accordance with the Company's Articles or applicable corporate statute.

Management of the Company proposes to nominate each of the following directors of the Company, as set out in the table below, for election by the Shareholders as directors of the Company. Information concerning such persons, as furnished by the individual nominees, is as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name,**<br>**Place of Residence and**<br>**Position(s)**<br>**with the Company** | **Principal Occupation,**<br>**Business or Employment**<br>**for Last Five Years<sup>(1)</sup>** | **Director Since** | **Number of**<br>**Shares**<br>**Owned<sup>(1)</sup>** |
| Sean Charland<br>British Columbia, Canada<br>*Chief Executive Officer,*<br>*President and Director* | 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 mineral exploration and mining. His of contacts within the financial community extends across North America and Europe. Mr. Charland is President and Chief Executive Officer of Zimtu Capital Corp., a publicly held investment issuer and company builder focused on private and small-cap resource companies, of which he has been a director since January 2012. He is also the Chief Executive Officer and a director of Rainy Mountain Royalty Corp., a director of Core Assets Corp., a director of Alpha Copper Corp, a director of Binovi Technologies Corp., and Chairman and a director of Maple Gold Mines Ltd. | August 24, 2023 | 1955625 |

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| | | | |
|:---|:---|:---|:---|
| **Name,**<br>**Place of Residence and**<br>**Position(s)**<br>**with the Company** | **Principal Occupation,**<br>**Business or Employment**<br>**for Last Five Years<sup>(1)</sup>** | **Director Since** | **Number of**<br>**Shares**<br>**Owned<sup>(1)</sup>** |
| Jody Bellefleur<sup>(2)</sup><br>British Columbia, Canada<br>*Chief Financial Officer,*<br>*Corporate Secretary and*<br>*Director* | Ms. Bellefleur is a CPA, CGA with over 25 years' experience as a corporate accountant, providing services to both public and private companies in the junior mining sector for over 15 years. Ms. Bellefleur is for all aspects of regulatory financial reporting, including the preparation and filing of financial<br>statements, the coordination of annual audits, and government tax and regulatory reporting. She has been in the process of listing multiple private companies, as well as contributing her skills to advance a number of established exploration companies. Ms. Bellefleur is a director of Q2 Metals Corp. and Sceptre Ventures Inc. Additionally, Ms. Bellefleur currently holds roles of Chief Financial Officer and Corporate Secretary for a number of public companies. | March 1, 2021 | 438188 |
| Jody Dahrouge<sup>(2)</sup><br>Alberta, Canada<br>*Director* | 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. | August 2, 2018 | 1517063<sup>(3)</sup> |
| Darren Smith<sup>(2)</sup><br>Quebec, Canada<br>*Director* | 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 VP Exploration of Patriot Battery Metals Inc., Director of Ophir Metals Corp., and works as Mentor and Senior Technical Advisor REEs and Nb at Dahrouge Geological Consulting Ltd. | October 20,<br>2021 | 672075 |
| Joness Lang<br>British Columbia, Canada<br>*Director* | Mr. Lang is an experienced executive leader with 15 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 USA. He also serves as President for American Pacific Mining Corp, and prior to that was the Executive Vice President of Maple Gold Mines Ltd. | May 15, 2024 | 418750<sup>(4)</sup> |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Information has been furnished by the respective nominees individually.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Member of the Company's audit committee.

&nbsp;&nbsp;&nbsp;&nbsp;(3) 17,063 Shares are held in a joint broker account with his Mr. Dahrouge's wife, Deborah Dahrouge. 1,500,000 Shares are held through DG Resource Management, a private company controlled by Mr. Dahrouge.

&nbsp;&nbsp;&nbsp;&nbsp;(4) These Shares are held through EBC Consulting Group Ltd., a private company controlled by Mr. Lang.

Management does not contemplate that any of its nominees will be unable to serve as directors. If any vacancies occur in the slate of nominees listed above before the Meeting, then the Designated Persons intend to exercise discretionary authority to vote the Shares represented by proxies for the election of any other persons as directors.

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**Management of the Company recommends that Shareholders vote for the election of each of the nominees listed above as a director of the Company.**

**CORPORATE CEASE TRADE ORDERS OR BANKRUPTCIES**

**Orders**

To the best of management's knowledge, no proposed director of the Company is, or within the ten (10) years before the date of this Information Circular has been, a director, chief executive officer or chief financial officer of any company that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was subject to a cease trade order, an order similar to a cease trade order, or 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 that was issued while the proposed director was acting in the capacity as director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was subject to a cease trade order, an order similar to a cease trade order, or 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 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.

**Bankruptcies**

To the best of management's knowledge, no proposed director of the Company is, or within ten (10) years before the date of this Information Circular has become, bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the proposed director.

To the best of management's knowledge, no proposed director of the Company is, or within ten (10) years before the date of this Information Circular has been, a director or an executive officer of any company that, while the person was acting in that capacity, or within a year of that person ceasing to act in the capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or was subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold its assets or made a proposal under any legislation relating to bankruptcies or insolvency.

**Penalties or Sanctions**

To the best of management's knowledge, no proposed director of the Company has been subject to: (a) 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 (b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a proposed director.

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**STATEMENT OF EXECUTIVE COMPENSATION**

**General**

For the purpose of this statement of executive compensation ("**Statement of Executive Compensation**"):

"**compensation securities**" includes stock options, convertible securities, exchangeable securities and similar instruments including stock appreciation rights, deferred share units and restricted stock units granted or issued by the Company or one of its subsidiaries for services provided or to be provided, directly or indirectly, to the Company or any of its subsidiaries;

"**named executive officer**" or "**NEO**" means each of the following individuals:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) each individual who, in respect of the Company, during any part of the most recently completed financial year, served as chief executive officer ("**CEO**"), including an individual performing functions similar to a

CEO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) each individual who, in respect of the Company, during any part of the most recently completed financial year, served as chief financial officer ("**CFO**"), including an individual performing functions similar to a

CFO;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) in respect of the Company and its subsidiaries, the most highly compensated executive officer other than the individuals identified in paragraphs (a) and (b) at the end of the most recently completed financial year whose total compensation was more than $150,000 for that financial year; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) each individual who would be a NEO under paragraph (c) but for the fact that the individual was not an executive officer of the Company, and was not acting in a similar capacity, at the end of that financial year;

"**plan**" includes any plan, contract, authorization or arrangement, whether or not set out in any formal document, where cash, compensation securities or any other property may be received, whether for one or more persons; and

"**underlying securities**" means any securities issuable on conversion, exchange or exercise of compensation securities.

**Director and NEO Compensation, Excluding Compensation Securities**

The following table sets forth all compensation paid, payable, awarded, granted, given or otherwise provided, directly or indirectly, by the Company or any subsidiary thereof to each NEO and each director of the Company, in any capacity, including, for greater certainty, all plan and non-plan compensation, direct and indirect pay, remuneration, economic or financial award, reward, benefit, gift or perquisite paid, payable, awarded, granted, given or otherwise provided to the NEO or director for services provided and for services to be provided, directly or indirectly, to the Company or any subsidiary thereof for each of the two most recently completed financial years, other than stock options and other compensation securities:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Table of Compensation Excluding Compensation Securities** | &nbsp;&nbsp;**Table of Compensation Excluding Compensation Securities** | &nbsp;&nbsp;**Table of Compensation Excluding Compensation Securities** | &nbsp;&nbsp;**Table of Compensation Excluding Compensation Securities** | &nbsp;&nbsp;**Table of Compensation Excluding Compensation Securities** | &nbsp;&nbsp;**Table of Compensation Excluding Compensation Securities** | &nbsp;&nbsp;**Table of Compensation Excluding Compensation Securities** | &nbsp;&nbsp;**Table of Compensation Excluding Compensation Securities** |
| &nbsp;&nbsp;**Name and**<br>**Position** | &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**Salary,**<br>**Consulting**<br>**Fee, Retainer**<br>**or**<br>**Commission**<br>**($)** | &nbsp;&nbsp;**Bonus**<br>**($)** | &nbsp;&nbsp;**Committee**<br>**or Meeting**<br>**Fees**<br>**($)** | &nbsp;&nbsp;**Value of**<br>**Perquisites<sup>(1)</sup>**<br>**($)** | &nbsp;&nbsp;**Value of all**<br>**other**<br>**Compensation**<br>**($)** | &nbsp;&nbsp;**Total**<br>**Compensation**<br>**($)** |
| &nbsp;&nbsp;Sean Charland<sup>(2)</sup><br>*CEO, President*<br>*and Director* | &nbsp;&nbsp;2024 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Sean Charland<sup>(2)</sup><br>*CEO, President*<br>*and Director* | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Jody Bellefleur<sup>(3)</sup><br>*CFO, Corporate*<br>*Secretary and*<br>*Director* | &nbsp;&nbsp;2024 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Jody Bellefleur<sup>(3)</sup><br>*CFO, Corporate*<br>*Secretary and*<br>*Director* | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Jody<br>Dahrouge<sup>(4)</sup><br>*Director* | &nbsp;&nbsp;2024 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Jody<br>Dahrouge<sup>(4)</sup><br>*Director* | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Darren Smith<sup>(5)</sup><br>*Director* | &nbsp;&nbsp;2024 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Darren Smith<sup>(5)</sup><br>*Director* | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Joness Lang<sup>(6)</sup><br>*Director* | &nbsp;&nbsp;2024 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Joness Lang<sup>(6)</sup><br>*Director* | &nbsp;&nbsp;2023 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Jason<br>Birmingham<sup>(7)</sup><br>*Former Director* | &nbsp;&nbsp;2024 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Jason<br>Birmingham<sup>(7)</sup><br>*Former Director* | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;David Hodge<sup>(8)</sup><br>*Former CEO,*<br>*President and*<br>*Director* | &nbsp;&nbsp;2024 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;David Hodge<sup>(8)</sup><br>*Former CEO,*<br>*President and*<br>*Director* | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Steve Mynott<sup>(9)</sup><br>*Former CEO and*<br>*Director* | &nbsp;&nbsp;2024 | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Steve Mynott<sup>(9)</sup><br>*Former CEO and*<br>*Director* | &nbsp;&nbsp;2023 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Michael<br>Schuss<sup>(10)</sup><br>*Former Director* | &nbsp;&nbsp;2024 | &nbsp;&nbsp;3750 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;Michael<br>Schuss<sup>(10)</sup><br>*Former Director* | &nbsp;&nbsp;2023 | &nbsp;&nbsp;18000 | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;Nil | &nbsp;&nbsp;3750<br>18000 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) "Perquisites" include perquisites provided to an NEO or director that are not generally available to all employees and that, in aggregate, are: (a) $15,000, if the NEO or director's total salary for the financial year is $150,000 or less, (b) 10% of the NEO or director's salary for the financial year if the NEO or director's total salary for the financial year is greater than $150,000 but less than $500,000, or (c) $50,000 if the NEO or director's total salary for the financial year is $500,000 or greater.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Sean Charland was appointed CEO, President and a director of the Company on August 24, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Jody Bellefleur was appointed as CFO and a director of the Company on March 1, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(4) Jody Dahrouge was appointed as a director of the Company on August 2, 2018.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Darren Smith was appointed as a director of the Company on October 20, 2021.

&nbsp;&nbsp;&nbsp;&nbsp;(6) Joness Lang was appointed as a director of the Company on May 15, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(7) Jason Birmingham was appointed as a director of the Company on November 17, 2022. Mr. Birmingham resigned as a director of the Company on April 24, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;(8) David Hodge was appointed as a director of the Company on March 1, 2021 and CEO and President of the Company on September 23, 2022. Mr. Hodge resigned from all positions with the Company on August 24, 2023.

&nbsp;&nbsp;&nbsp;&nbsp;(9) Steve Mynott was appointed as CEO and a director of the Company on March 1, 2021. Mr. Mynott resigned as a director of the Company on November 17, 2022 and as CEO of the Company on September 23, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;(10) Michael Schuss was appointed as a director of the Company on November 17, 2022. Mr. Schuss resigned as a director of the Company on August 24, 2023.

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**External Management Companies**

Except as set out herein, the Company has not engaged the services of an external management company to provide executive management services to the Company, directly or indirectly.

**Stock Options and Other Compensation Securities**

The following table sets out all compensation securities granted or issued to each director and NEO by the Company or any subsidiary thereof in the year ended July 31, 2024 for services provided, or to be provided, directly or indirectly, to the Company or any subsidiary thereof:

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and Position** | **Type of**<br>**Compensation**<br>**Security** | **Number of**<br>**Compensation**<br>**Securities,**<br>**Number of**<br>**Underlying**<br>**Securities and**<br>**Percentage of**<br>**Class** | **Date of Issue**<br>**or Grant** | **Issue,**<br>**Conversion**<br>**or Exercise**<br>**Price**<br>**($)** | **Closing Price**<br>**of Security or**<br>**Underlying**<br>**Security on**<br>**Date of Grant** | **Closing Price of**<br>**Security or**<br>**Underlying**<br>**Security at**<br>**Year End** | **Expiry Date** |
| Sean Charland<sup>(1)</sup><br>*CEO, President and*<br>*Director* | Stock Options | 900000 | April 26, 2024 | $0.133 | $0.167 | $0.33 | April 26, 2029 |
| Jody Bellefleur<sup>(2)</sup><br>*CFO, Corporate*<br>*Secretary and*<br>*Director* | Stock Options | 300000 | April 26, 2024 | $0.133 | $0.167 | $0.33 | April 26, 2029 |
| Jody Dahrouge<sup>(3)</sup><br>*Director* | Stock Options | 300000 | April 26, 2024 | $0.133 | $0.167 | $0.33 | April 26, 2029 |
| Darren Smith<sup>(4)</sup><br>*Director* | Stock Options | 300000 | April 26, 2024 | $0.133 | $0.167 | $0.33 | April 26, 2029 |
| Joness Lang<sup>(5)</sup><br>*Director* | Stock Options | 300000 | May 8, 2024 | $0.167 | $0.167 | $0.33 | May 8, 2029 |
| Jason Birmingham<sup>(6)</sup><br>*Former Director* | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| David Hodge<sup>(7)</sup><br>*Former CEO,*<br>*President and*<br>*Director* | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Steve Mynott<sup>(8)</sup><br>*Former CEO and*<br>*Director* | N/A | Nil | N/A | N/A | N/A | N/A | N/A |
| Michael Schuss<sup>(9)</sup><br>*Former Director* | N/A | Nil | N/A | N/A | N/A | N/A | N/A |

---

(1) Sean Charland was appointed CEO, President and a director of the Company on August 24, 2023.

(2) Jody Bellefleur was appointed as CFO and a director of the Company on March 1, 2021.

(3) Jody Dahrouge was appointed as a director of the Company on August 2, 2018.

(4) Darren Smith was appointed as a director of the Company on October 20, 2021.

(5) Joness Lang was appointed as a director of the Company on May 15, 2024.

(6) Jason Birmingham was appointed as a director of the Company on November 17, 2022. Mr. Birmingham resigned as a director of the Company on April 24, 2024.

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(7) David Hodge was appointed as a director of the Company on March 1, 2021 and CEO and President of the Company on September 23, 2022. Mr. Hodge resigned from all positions with the Company on August 24, 2023.

(8) Steve Mynott was appointed as CEO and a director of the Company on March 1, 2021. Mr. Mynott resigned as a director of the Company on November 17, 2022 and as CEO of the Company on September 23, 2022.

(9) Michael Schuss was appointed as a director of the Company on November 17, 2022. Mr. Schuss resigned as a director of the Company on August 24, 2023.

As at July 31, 2024, the NEOs and directors owned an aggregate 2,100,000 stock options. No NEO or director owned any RSUs, PSUs or DSUs.

**Exercise of Compensation Securities by Directors and NEOs**

No compensation securities were exercised by a NEO or director of the Company during the year ended July 31, 2024.

**Stock Option Plans and Other Incentive Plans**

On December 13, 2023, Shareholders approved the Company's omnibus equity incentive plan (the "**Equity Incentive Plan**"). The Equity Incentive Plan provides flexibility to the Company to grant equity-based incentive awards in the form of options (each, an "**Option**"), restricted share units (each, an "**RSU**"), performance share units (each, a "**PSU**"), and deferred share units (each, a "**DSU**" and together with the Options, RSUs, and PSUs, the "**Awards**"), as described in further detail below. The purpose of the Equity Incentive Plan is to, among other things, provide the Company with a share related mechanism to attract, retain and motivate qualified directors, employees and consultants of the Company and to reward such of those directors, employees and consultants as may be granted Awards under the Equity Incentive Plan by the Board from time to time for their contributions toward the long-term goals and success of the Company and to enable and encourage such directors, employees and consultants to acquire Shares as long-term investments and proprietary interests in the Company.

The Equity Incentive Plan is a rolling plan which, subject to the adjustment provisions provided for therein (including a subdivision or consolidation of Shares), provides that the aggregate maximum number of Shares that may be issued upon the exercise or settlement of Awards granted under the Equity Incentive Plan shall not exceed 20% of the Company's issued and outstanding Shares from time to time. The Equity Incentive Plan is considered an "evergreen" plan, since the Shares covered by Awards that have been exercised, settled or terminated shall be available for subsequent grants under the Equity Incentive Plan and the number of Awards available to grant increases as the number of issued and outstanding Shares increases. As of the date hereof, the Company could grant up to an aggregate of 9,371,878 in Options, RSUs, PSUs and DSUs, being 20% of the issued and outstanding Shares on January 27, 2025.

As of the date hereof, the Company has granted 2,250,000 Options to its directors, officers and consultants. There are currently no RSUs, PSUs or DSUs outstanding.

The policies of the Canadian Securities Exchange (the "**CSE**") require that Shareholders approve the Equity Incentive Plan every three years. Accordingly, Shareholders will be asked to confirm and re-approve the Equity Incentive Plan on or before December 13, 2026.

A copy of the Equity Incentive Plan is attached to the Information Circular dated November 9, 2023, which was filed under the Company's profile on SEDAR+ on November 23, 2023 and is available at www.sedarplus.ca.

**Termination and Change of Control Benefits**

At July 31, 2024, there were no contract, agreement, plan or arrangement between the Company and its NEOs that provides for payments to NEOs at, following, or in connection with any termination (whether voluntary, involuntary or constructive), resignation or retirement, or as a result of a change in control of the Company or a change in a NEO's responsibilities.

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**Employment, Consulting and Management Agreements**

Other than disclosed below, the Company has not entered into written employment or consulting agreements with any of its executive officers.

The Company entered into a management services agreement (the "**Zimtu Agreement**") with Zimtu Capital Corp. ("**Zimtu**") on January 1, 2021, which was renewed on December 1, 2022 and December 1, 2023. The Zimtu Agreement has a term of 12 months (the "**Term**"). Pursuant to the Zimtu Agreement, Zimtu provides the Company with administrative and management services, including, corporate maintenance, continuous disclosure filing services, rent and other administrative services. The Zimtu Agreement may be terminated by either party by providing one months' notice to the other party. As consideration for these services, a monthly fee of $15,000 (plus GST) is paid to Zimtu by the Company.

**Termination and Change of Control Benefits**

At July 31, 2024, except for the terms outlined above, there were no contract, agreement, plan or arrangement between the Company and its NEOs that provides for payments to NEOs at, following, or in connection with any termination (whether voluntary, involuntary or constructive), resignation or retirement, or as a result of a change in control of the Company or a change in a NEO's responsibilities.

**Oversight and Description of Director and NEO Compensation**

The Company's executive compensation program during the most recently completed financial year was administered by the Board. The Board was solely responsible for determining the compensation to be paid to the Company's directors and NEOs and evaluating their performance. The Board has not adopted any specific policies or objectives for determining the amount or extent of compensation for directors or NEOs. Due to the Company being an early stage issuer and having limited financial resources, compensation is not tied to any performance criteria or goals. The Board has not established a compensation committee. The Board reviews annually the total compensation package of each of the Company's executives on an individual basis.

The significant elements of compensation for the NEOs are cash consulting fees, salary and Awards. There is no policy or target regarding allocation between cash and non-cash elements of the Company's compensation program. Cash consulting fees and salary are determined primarily upon, among other things, the responsibility, skills and experience required to carry out the functions of each position held by each NEO and varies with the amount of time spent by each NEO in carrying out his or her functions on behalf of the Company. The grant of Awards, as a key component of the executive compensation package, signals management's commitment to the growth of the Company and enables the Company to attract and retain qualified executives. Awards are based on the total of Awards available under the Equity Incentive Plan, if approved. In granting Awards, the Board reviews the total of Awards available under the Equity Incentive Plan, if approved, and recommends grants to newly retained executive officers at the time of their appointment, and considers recommending further grants to executive officers from time to time thereafter. The amount and terms of outstanding Awards held by an executive are taken into account when determining whether and how new Awards should be made to such executive. The exercise periods of the Awards are to be set at the date of grant. The Awards may contain vesting provisions in accordance to the Equity Incentive Plan, if approved.

The Company is unaware of any significant events that have occurred during the year ended July 31, 2024, that have significantly affected compensation of its management team and directors. The Company did not make any changes to its compensation polices during or after the financial year ended July 31, 2024.

------

**Pension Plan Benefits**

The Company does not have any pension, defined benefit, defined contribution or deferred compensation plans in place.

**SECURITIES AUTHORIZED FOR ISSUANCE UNDER EQUITY COMPENSATION PLANS**

**Equity Compensation Plan Information**

The following table provides information regarding the Company's equity compensation plans which were in effect as at the financial year ended July 31, 2024:

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| | | | |
|:---|:---|:---|:---|
| **Plan Category** | **Number of securities to be**<br>**issued upon exercise of**<br>**outstanding options,**<br>**warrants and rights <sup>(1)</sup>** | **Weighted-average exercise**<br>**price of outstanding**<br>**options, warrants and rights** | **Number of securities**<br>**remaining available for**<br>**future issuance under equity**<br>**compensation plans**<br>**(excluding securities**<br>**reflected in column (a))** |
| Equity compensation plans<br>approved by security holders | 2250000 | $0.138 | 5350610 |
| Equity compensation plans<br>not approved<br>by security holders | Nil | N/A | Nil |
| **Total** | **2250000** | **N/A** | **5350610** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Equity Incentive Plan is a rolling plan under which the Company can issue such number of Options, RSUs, PSUs and DSUs as is equal to 20% of the Company's issued and outstanding Shares from time to time. As of January 27, 2025, there were 46,859,391 Shares outstanding and the Company could grant up to an aggregate of 9,371,878 in Options, RSUs, PSUs and DSUs to acquire Shares on such date.

**INDEBTEDNESS OF DIRECTORS AND EXECUTIVE OFFICERS**

No current or former director, executive officer, employee, proposed nominee for election to the Board, or associate of such persons is, or at any time since the beginning of the Company's most recently completed financial year has been, indebted to the Company or any of its subsidiaries.

No indebtedness of a current or former director, executive officer, proposed nominee for election to the Board, or associate of such person is, or at any time since the beginning of the most recently completed financial year has been, the subject of a guarantee, support agreement, letter of credit or other similar arrangement or understanding provided by the Company or any of its subsidiaries.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

Except as otherwise disclosed herein, no: (i) director, proposed director or executive officer of the Company; (ii) person or company who beneficially owns, directly or indirectly, Shares or who exercises control or direction of Shares, or a combination of both, carrying more than ten percent of the voting rights attached to the Shares outstanding (each, an "**Insider**"); (iii) director or executive officer of an Insider; or (iv) associate or affiliate of any of the directors, executive officers or Insiders, has had any material interest, direct or indirect, in any transaction since the commencement of the Company's most recently completed financial year or in any proposed transaction which has materially affected or would materially affect the Company, except with an interest arising from the ownership of Shares where such person or company will receive no extra or special benefit or advantage not shared on a pro rata basis by all holders of the same class of Shares.

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**APPOINTMENT AND REMUNERATION OF AUDITOR**

At the Meeting, Shareholders will be asked to pass an ordinary resolution to appoint DeVisser Gray LLP, Chartered Professional Accountants, as auditor of the Company for the financial year ending July 31, 2025, and to authorize the directors of the Company to fix the remuneration to be to be paid to the auditor for the financial year ending July 31, 2025. An ordinary resolution needs to be passed by a simple majority of the votes cast by the Shareholders present in person or represented by proxy and entitled to vote at the Meeting.

DeVisser Gray LLP, Chartered Professional Accountants, was first appointed auditor of the Company on May 30, 2022.

**Management of the Company recommends that Shareholders vote for the appointment of DeVisser Gray LLP, Chartered Professional Accountants, as the Company's auditor for the Company's financial year ending July 31, 2025 and to authorize the directors of the Company to fix the remuneration to be paid to the auditor for the financial year ending July 31, 2025.**

**UNLESS SUCH AUTHORITY IS WITHHELD, PROXIES RECEIVED IN FAVOUR OF MANAGEMENT WILL BE VOTED IN FAVOUR OF THE APPOINTMENT OF DEVISSER GRAY LLP, CHARTERED PROFESSIONAL ACCOUNTANTS, AS AUDITOR OF THE COMPANY TO HOLD OFFICE UNTIL THE NEXT ANNUAL GENERAL MEETING OF THE SHAREHOLDERS AND TO AUTHORIZE THE BOARD OF DIRECTORS TO FIX THEIR REMUNERATION.**

**AUDIT COMMITTEE DISCLOSURE**

Under National Instrument 52-110 *Audit Committees* ("**NI 52-110**"), a reporting issuer is required to provide disclosure annually with respect to its audit committee, including the text of its audit committee charter, information regarding the composition of the audit committee, and information regarding fees paid to its external auditor. The Company provides the following disclosure with respect to its audit committee (the **"Audit Committee"**):

**The Audit Committee Charter**

The full text of the audit committee charter (the "**Audit Committee Charter**") is attached as Schedule "A" to this Information Circular.

**Composition of the Audit Committee**

The Company's Audit Committee is currently comprised of three directors consisting of Jody Bellefleur, Jody Dahrouge and Darren Smith. As defined in NI 52-110, Ms. Bellefleur, the Company's Chief Financial Officer and Corporate Secretary, is not "independent", as she is an executive officer of the Company and Mr. Dahrouge is not independent as he receives, directly or indirectly, a compensatory fee from the Company and is therefore considered to have a material relationship with the Company. Mr. Smith is considered independent. All of the Audit Committee members are "financially literate", as defined in NI 52-110, as all have the industry experience necessary to understand and analyze financial statements of the Company, as well as the understanding of internal controls and procedures necessary for financial reporting.

The Audit Committee is responsible for review of both interim and annual financial statements for the Company. For the purposes of performing their duties, the members of the Audit Committee have the right, at all times, to inspect all the books and financial records of the Company and any subsidiaries and to discuss with management and the external auditor of the Company any accounts, records and matters relating to the financial statements of the Company. The Audit Committee members meet periodically with management and annually with the external auditor.

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**Relevant Education and Experience**

The following sets out the education and experience of each Audit Committee member that is relevant to the performance of his responsibilities as an Audit Committee member and that provides each member with: (i) an understanding of the accounting principles used by the Company to prepare its financial statements; (ii) the ability to assess the general application of such accounting principles in connection with the accounting for estimates, accruals and provisions, (iii) experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Company's financial statements, or experience actively supervising one or more individuals engaged in such activities; and (iv) an understanding of internal controls and procedures for financial reporting:

*Jody Bellefleur*

Jody Bellefleur joined the Company as CFO and Corporate Secretary on March 1, 2021. Ms. Bellefleur has been the CFO for numerous public companies listed in Canada, including Zimtu, Commerce Resources Corp., Core Assets Corp., Saville Resources Inc., Sceptre Ventures Inc., Swmbrd Sports Inc. and Q2 Metals Corp. Ms. Bellefleur has extensive experience in financial reporting, accounting, initial public offerings, fund raising and corporate governance. Ms. Bellefleur holds a Bachelor of Commerce from the University of British Columbia and is a member in good standing of the Chartered Professional Accountants of British Columbia.

*Jody Dahrouge*

Mr. Dahrouge has been a director of the Company since its incorporation. Mr. Dahrouge is a graduate of the University of Alberta with a Bachelor's 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. Mr. Dahrouge is financially literate and is able to evaluate and understand the Company's financial statements at the current level of complexity.

*Darren Smith*

Mr. Smith joined the Company as a Director on October 20, 2021. With more than 19 years' experience in the mineral exploration industry, 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's experience includes carbonatite complexes & associated metals (Ta, Nb, Sc, REEs), Li, Co, U, phosphate, fluorspar, as well as base and precious metals. In 2009, Mr. Smith and his team discovered one of the world's largest REE deposits (Ashram), and in 2017 discovered the Corvette lithium pegmatite district, where one of the world's largest lithium pegmatites has been defined through drilling. Mr. Smith obtained a Bachelor of Science in Earth Sciences in 2003 and a Master's of Science in Earth Sciences in 2005 both from Carleton University. Mr. Smith is financially literate and is able to evaluate and understand the Company's financial statements at the current level of complexity.

Mr. Smith holds positions as VP Exploration of Patriot Battery Metals Inc., Director of Ophir Metals Corp., and works as Mentor and Senior Technical Advisor REEs and Nb for Dahrouge Geological Consulting Ltd.

------

**Audit Committee Oversight**

Since the commencement of the Company's most recently completed financial year, the Board has not failed to adopt a recommendation of the Audit Committee to nominate or compensate an external auditor.

**Reliance on Certain Exemptions**

Since the commencement of the Company's most recently completed financial year, the Company has not relied on the exemptions in Sections 2.4, 6.1.1(4), 6.1.1(5), or 6.1.1(6) or Part 8 of NI 52-110. Section 2.4 *(De Minimis Non-Audit Services)* provides an exemption from the requirement that the Audit Committee must pre-approve all non-audit services to be provided by the auditor, where the total amount of fees related to the non-audit services are not expected to exceed 5% of the total fees payable to the auditor in the financial year in which the non-audit services were provided. Sections 6.1.1(4) (*Circumstance Affecting the Business or Operations of the Venture Issuer*), 6.1.1(5) (*Events Outside Control of Member*) and 6.1.1(6) (*Death, Incapacity or Resignation*) provide exemptions from the requirement that a majority of the members of the Company's Audit Committee must not be executive officers, employees or control persons of the Company or of an affiliate of the Company. Part 8 *(Exemptions)* permits a company to apply to a securities regulatory authority or regulator for an exemption from the requirements of NI 52-110 in whole or in part.

**Pre-Approval Policies and Procedures**

Formal policies and procedures for the engagement of non-audit services have yet to be formulated and adopted. Subject to the requirements of NI 52-110, the engagement of non-audit services is considered by the Board and the Audit Committee, on a case-by-case basis, as applicable.

**External Auditor Service Fees**

In the following table, "Audit Fees" are fees billed by the Company's external auditor for services provided in auditing the Company's annual financial statements for the subject year. "Audit-Related Fees" are fees not included in audit fees that are billed by the auditor for assurance and related services that are reasonably related to the performance of the audit review of the Company's financial statements. "Tax Fees" are fees billed by the auditor for professional services rendered for tax compliance, tax advice and tax planning. "All Other Fees" are fees billed by the auditor for products and services not included in the foregoing categories.

The aggregate fees billed by the Company's external auditor in the last two financial years by category, are as follows:

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| | |
|:---|:---|
| **Year Ended** | **Audit Fees** |
| July 31, 2024 | $19000 Nil |
| July 31, 2023 | $28000 Nil |

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**Exemption**

The Company is relying on the exemption provided by section 6.1 of National Instrument 52-110 which provides that the Company, as a venture issuer, is not required to comply with Part 3 (*Composition of the Audit Committee*) and Part 5 (*Reporting Obligations*) of National Instrument 52-110.

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**MANAGEMENT CONTRACTS**

There were no management functions of the Company, which were, to any substantial degree, performed by a person other than the directors or executive officers of the Company, except as otherwise described in this Information Circular.

**CORPORATE GOVERNANCE**

Pursuant to National Instrument 58-101 *Disclosure of Corporate Governance Practices*, the Company is required to disclose its corporate governance practices as follows:

**Board of Directors**

The Board facilitates its exercise of independent supervision over the Company's management through frequent meetings of the Board.

Joness Lang and Darren Smith are "independent" in that they are independent and free from any interest and any business or other relationship which could, or could reasonably be perceived to, materially interfere with their ability to act in the best interests of the Company, other than the interests and relationships arising from being securityholders. Sean Charland and Jody Bellefleur are not considered independent as a result of their positions as the CEO and CFO of the Company, respectively. Jody Dahrouge is not independent as he receives, directly or indirectly, a compensatory fee from the Company and is therefore considered to have a material relationship with the Company.

**Directorships**

Certain directors of the Company are currently also directors of other reporting issuers, as described in the table below:

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| | | |
|:---|:---|:---|
| **Name of Director** | **Names of Other Reporting Issuers** | **Trading Market** |
| Sean Charland | Zimtu Capital Corp. | TSXV |
| Sean Charland | Core Assets Corp. | CSE |
| Sean Charland | Rainy Mountain Royalty Corp. | TSXV |
| Sean Charland | Alpha Copper Corp. | CSE |
| Jody Bellefleur | Sceptre Ventures Inc | NEX Board |
| Jody Bellefleur | Q2 Metals Corp. | TSXV |
| Joness Lang | American Pacific Mining Corp. | CSE |
| Joness Lang | Canter Resources Corp. | CSE |
| Darren Smith | Ophir Metals Corp. | TSXV |

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**Orientation and Continuing Education**

The Board briefs all new directors with respect to the policies of the Board and other relevant corporate and business information. The Board does not provide any continuing education as the Board's practice is to recruit for the Board only persons with extensive experience in identifying and targeting junior businesses for transactions and in public company matters.

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**Ethical Business Conduct**

The Board has not adopted a written ethical business code of conduct for directors, officers and employees. However, the Board has found that the fiduciary duties placed on individual directors by the Company's governing corporate legislation and the common law and the restrictions placed by applicable corporate legislation on an individual director's participation in decisions of the Board in which the director has an interest have been sufficient to ensure that the Board operates independently of management and in the best interests of the Company.

The Board is also responsible for applying governance principles and practices, tracking development in corporate governance, and adapting "best practices" to suit the needs of the Company. Certain of the directors of the Company may also be directors and officers of other companies, and conflicts of interest may arise between their duties. Such conflicts must be disclosed in accordance with, and are subject to such other procedures and remedies as applicable under the *Business Corporations Act* (British Columbia).

**Nomination of Directors**

The Company does not have a stand-alone nomination committee. The full Board has responsibility for identifying potential Board candidates. The Board assesses potential Board candidates to fill perceived needs on the Board for required skills, expertise, independence and other factors. Members of the Board and representatives of the industry are consulted for possible candidates.

**Compensation**

The Board reviews the compensation of its directors and executive officers annually. The directors will determine compensation of directors and executive officers taking into account the Company's business ventures and the Company's financial position.

**Other Board Committees**

The Company has no other committees other than the Audit Committee.

**Assessments**

The Board regularly monitors the adequacy of information given to directors, communications between the Board and management and the strategic direction and processes of the Board and its committees.

**INTEREST OF CERTAIN PERSONS OR COMPANIES IN MATTERS TO BE ACTED UPON**

Except as disclosed elsewhere in this Information Circular, no director or executive officer of the Company who was a director or executive officer since the beginning of the Company's last financial year, no proposed nominee for election as a director of the Company, nor any associate or affiliates of any such directors, officers or nominees, has any material interest, direct or indirect, by way of beneficial ownership of Shares or other securities in the Company or otherwise, in any matter to be acted upon at the Meeting, other than the election of directors.

**OTHER MATTERS**

Other than the above, management of the Company know of no other matters to come before the Meeting other than those referred to in the Notice of Meeting. If any other matters that are not currently known to management should properly come before the Meeting, the accompanying form of proxy confers discretionary authority upon the Designated Persons named therein to vote on such matters in accordance with their best judgment.

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**ADDITIONAL INFORMATION**

Additional information about the Company can be obtained through SEDAR+ at www.sedarplus.ca. Shareholders may contact the Company at its office by mail at 1450 - 789 West Pender Street, Vancouver, BC V6C 1H2, to request copies of the Company's financial statements and related MD&A. Financial information is provided in the Company's comparative annual financial statements and MD&A for the most recently completed financial year and in the financial statements and MD&A for subsequent financial periods, which are available on SEDAR+.

**APPROVAL OF THE BOARD OF DIRECTORS**

The contents of this Information Circular have been approved, and the delivery of it to each Shareholder of the Company entitled thereto and to the appropriate regulatory agencies has been authorized, by the Board.

Dated at Vancouver, British Columbia this 27th day of January, 2025.

**ON BEHALF OF THE BOARD OF DIRECTORS OF**

**APEX CRITICAL METALS CORP.**

<u>*"Jody Bellefleur"*</u> <br> Jody Bellefleur <br> Chief Financial Officer and Director

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**SCHEDULE "A"**

**AUDIT COMMITTEE CHARTER**

*[see attached]*

------

**APEX CRITICAL METALS CORP.**

**(the "Corporation")**

**AUDIT COMMITTEE CHARTER**

**1. MANDATE**

The audit committee will assist the board of directors of the Corporation (the "**Board**") in fulfilling its financial oversight responsibilities. The committee will review and consider, in consultation with the Corporation's external auditors, the financial reporting process, the system of internal control over financial reporting and the audit process. In performing its duties, the audit committee will maintain effective working relationships with the Board, management and the external auditors. To effectively perform his or her role, each committee member must obtain an understanding of the principal responsibilities of committee membership as well as the Corporation's business, operations and risks.

**2. COMPOSITION**

The Board will appoint, from among their membership, an audit committee after each annual meeting of the shareholders of the Corporation. The audit committee will consist of a minimum of three directors.

***2.1 Independence***

A majority of the members of the audit committee must be "independent" (as defined in Sec. 1.4 of National Instrument 52-110 (Audit Committees)) ("**NI 52-110**").

***2.2 Expertise of Committee Members***

A majority of the members of the audit committee must be "financially literate" (as defined in Sec. 1.6 of NI 52-110) or must become financially literate within a reasonable period of time after his or her appointment to the committee. At least one member of the committee must have accounting or related financial management expertise.

**3. MEETINGS**

The audit committee shall meet in accordance with a schedule established each year by the Board, and at other times that the audit committee may determine. The audit committee shall meet at least annually with the Corporation's Chief Financial Officer and external auditors in separate executive sessions.

**4. ROLES AND RESPONSIBILITIES**

The audit committee shall fulfill the following roles and discharge the following responsibilities:

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***4.1 External Audit***

The audit committee shall be directly responsible for overseeing the work of the external auditors in preparing or issuing the auditor's report, or performing other audit, review or attestation services, including the resolution of disagreements between management and the external auditors regarding financial reporting. In carrying out this duty, the audit committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) recommend to the Board that the external auditor to be nominated for the purpose of preparing or issuing an auditor's report or performing other audit, review or attestation services for the Corporation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review (by discussion and enquiry) the external auditors' proposed audit scope and approach;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review the performance of the external auditors and recommend to the Board the appointment or discharge of the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review and recommend to the Board the compensation to be paid to the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) review and confirm the independence of the external auditors by reviewing the non- audit services provided and the external auditors' assertion of their independence in accordance with professional standards; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) review and approve the Corporation's hiring policies regarding partners and employees, and former partners and employees, of the present and former external auditor of the Corporation.

***4.2 Internal Control***

The audit committee shall consider whether adequate controls are in place over annual and interim financial reporting as well as controls over assets, transactions and the creation of obligations, commitments and liabilities of the Corporation. In carrying out this duty, the audit committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluate the adequacy and effectiveness of management's system of internal controls over the accounting and financial reporting system within the Corporation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ensure that the external auditors discuss with the audit committee any event or matter which suggests the possibility of fraud, illegal acts or deficiencies in internal controls.

***4.3 Financial Reporting***

The audit committee shall review the financial statements and financial information of the Corporation prior to their release to the public. In carrying out this duty, the audit committee shall:

*General*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review significant accounting and financial reporting issues, especially complex, unusual and related party transactions;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) review and ensure that the accounting principles selected by management in preparing financial statements are appropriate;

*Annual Financial Statements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review the draft annual financial statements and provide a recommendation to the Board with respect to the approval of the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) meet with management and the external auditors to review the financial statements and the results of the audit, including any difficulties encountered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) review management's discussion & analysis respecting the annual reporting period prior to its release to the public;

*Interim Financial Statements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) review and approve the interim financial statements prior to their release to the public;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) review management's discussion & analysis respecting the interim reporting period prior to its release to the public; and

*Release of Financial Information*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) where reasonably possible, review and approve all public disclosure containing financial information, including news releases, prior to release to the public. An audit committee must be satisfied that adequate procedures are in place for the review of the

Corporation's public disclosure of financial information extracted or derived from the Corporation's financial statements, and must periodically assess the adequacy of those procedures.

***4.4 Non-Audit Services***

All non-audit services (being services other than services rendered for the audit and review of the financial statements or services that are normally provided by the external auditor in connection with statutory and regulatory filings or engagements) which are proposed to be provided by the external auditors to the Corporation or any subsidiary of the Corporation shall be subject to the prior approval of the audit committee.

*Delegation of Authority*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The audit committee may delegate to one or more independent members of the audit committee the authority to approve non-audit services, provided any non-audit services approved in this manner must be presented to the audit committee at its next scheduled meeting.

*De-Minimis Non-Audit Services*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The audit committee may satisfy the requirement for the pre-approval of non-audit services if:

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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;(i) the aggregate amount of all non-audit services that were not pre-approved is reasonably expected to constitute no more than five per cent of the total amount of fees paid by the Corporation and its subsidiaries to the external auditor during the fiscal year in which the services are provided; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the services are brought to the attention of the audit committee and approved, prior to the completion of the audit, by the audit committee or by one or more of its members to whom authority to grant such approvals has been delegated.

*Pre-Approval Policies and Procedures*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The audit committee may also satisfy the requirement for the pre-approval of non-audit services by adopting specific policies and procedures for the engagement of non-audit services, if:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the pre-approval policies and procedures are detailed as to the particular service;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the audit committee is informed of each non-audit service; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the procedures do not include delegation of the audit committee's responsibilities to management.

***4.5 Other Responsibilities***

The audit committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) establish procedures for the receipt, retention and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) establish procedures for the confidential, anonymous submission by employees of the Corporation of concerns regarding questionable accounting or auditing matters;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) ensure that significant findings and recommendations made by management and the external auditor are received and discussed on a timely basis;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review the policies and procedures in effect for considering officers' expenses and perquisites;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) perform other oversight functions as requested by the Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) review and update this Charter and receive approval of changes to this Charter from the Board.

***4.6 Reporting Responsibilities***

The audit committee shall regularly update the Board about committee activities and make appropriate recommendations.

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**5. RESOURCES AND AUTHORITY OF THE AUDIT COMMITTEE**

The audit committee shall have the resources and the authority appropriate to discharge its responsibilities, including the authority to

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) engage independent counsel and other advisors as it determines necessary to carry out its duties;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) set and pay the compensation for any advisors employed by the audit committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) communicate directly with the internal and external auditors.

**6. GUIDANCE - ROLES & RESPONSIBILITIES**

The audit committee should consider undertaking the actions described in the following guidance, which is intended to provide the audit committee members with additional guidance on fulfilment of their roles and responsibilities on the committee:

***6.1 Internal Control***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) evaluate whether management is setting the goal of high standards by communicating the importance of internal control and ensuring that all individuals possess an understanding of their roles and responsibilities,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) focus on the extent to which external auditors review computer systems and applications, the security of such systems and applications, and the contingency plan for processing financial information in the event of an IT systems breakdown, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) gain an understanding of whether internal control recommendations made by external auditors have been implemented by management;

***6.2 Financial Reporting General***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review significant accounting and reporting issues, including recent professional and regulatory pronouncements, and understand their impact on the financial statements,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) ask management and the external auditors about significant risks and exposures and the plans to minimize such risks,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) understand industry best practices and the Corporation's adoption of them;

*Annual Financial Statements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) review the annual financial statements and determine whether they are complete and consistent with the information known to committee members, and assess whether the financial statements reflect appropriate accounting principles in light of the jurisdictions in which the Corporation reports or trades its shares;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) pay attention to complex and/or unusual transactions such as restructuring charges and derivative disclosures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) focus on judgmental areas such as those involving valuation of assets and liabilities, including, for example, the accounting for and disclosure of loan losses; warranty, professional liability; litigation reserves; and other commitments and contingencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) consider management's handling of proposed audit adjustments identified by the external auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) ensure that the external auditors communicate all required matters to the committee;

*Interim Financial Statements*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) be briefed on how management develops and summarizes interim financial information, the extent to which the external auditors review interim financial information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) meet with management and the auditors, either telephonically or in person, to review the interim financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) to gain insight into the fairness of the interim statements and disclosures, obtain explanations from management on whether:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) actual financial results for the quarter or interim period varied significantly from budgeted or projected results;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) changes in financial ratios and relationships of various balance sheet and operating statement figures in the interim financials statements are consistent with changes in the Corporation's operations and financing practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) generally accepted accounting principles have been consistently applied;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) there are any actual or proposed changes in accounting or financial reporting practices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) there are any significant or unusual events or transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the Corporation's financial and operating controls are functioning effectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) the Corporation has complied with the terms of loan agreements, security indentures or other financial position or results dependent agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) the interim financial statements contain adequate and appropriate disclosures;

***6.3 Compliance with Laws and Regulations***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) periodically obtain updates from management regarding compliance with this policy and industry "best practices";

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) be satisfied that all regulatory compliance matters have been considered in the preparation of the financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) review the findings of any examinations by securities regulatory authorities and stock exchanges; and

***6.4 Other Responsibilities***

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) review, with the Corporation's counsel, any legal matters that could have a significant impact on the Corporation's financial statements.

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## Exhibit 99.21

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**APEX CRITICAL METALS CORP.**

1450 - 789 West Pender Street

Vancouver, British Columbia, V6C 1H2

**NOTICE OF ANNUAL GENERAL MEETING**

TO THE SHAREHOLDERS:

NOTICE IS HEREBY GIVEN that the Annual General Meeting (the "**Meeting**") of shareholders of Apex Critical Metals Corp. (the "**Company**") will be held at 1450 - 789 West Pender Street, Vancouver, British Columbia, on Wednesday, February 26, 2025 at 11:00 a.m. (Vancouver time) for the following purposes:

1. to receive the audited financial statements of the Company for the financial year ended July 31, 2024 and the accompanying report of the auditor;

2. to set the number of directors of the Company at five (5);

3. to elect Jody Dahrouge, Jody Bellefleur, Darren Smith, Joness Lang and Sean Charland as directors of the Company;

4. to appoint DeVisser Gray LLP, Chartered Professional Accountants, as the auditor of the Company for the fiscal year ending July 31, 2025

5. to authorize the directors of the Company to fix the remuneration to be paid to the auditor for the financial year ending July 31, 2025;

6. to transact such further or other business as may properly come before the Meeting and any adjournment or postponement thereof.

The accompanying Information Circular provides additional information relating to the matters to be dealt with at the Meeting and is supplemental to, and expressly made a part of, this notice of meeting (the "**Notice of Meeting**").

The Company's board of directors has fixed January 27, 2025 as the record date for the determination of shareholders entitled to notice of and to vote at the Meeting and at any adjournment or postponement thereof. Each registered shareholder at the close of business on that date is entitled to such notice and to vote at the Meeting in the circumstances set out in the accompanying Information Circular.

If you are a registered shareholder of the Company and unable to attend the Meeting in person, please vote by proxy by following the instructions provided in the form of proxy at least 48 hours (excluding Saturdays, Sundays and holidays recognized in the Province of British Columbia) before the time and date of the Meeting or any adjournment or postponement thereof.

If you are a non-registered shareholder of the Company and received this Notice of Meeting and accompanying materials through a broker, a financial institution, a participant, a trustee or administrator of a retirement savings plan, retirement income fund, education savings plan or other similar savings or investment plan registered under the *Income Tax Act* (Canada), or a nominee of any of the foregoing, that holds your securities on your behalf (an "**Intermediary**"), please complete and return the materials in accordance with the instructions provided to you by your Intermediary.

------

Dated at Vancouver, British Columbia, this 27th day of January, 2025.

**ON BEHALF OF THE BOARD OF DIRECTORS OF**

**APEX CRITICAL METALS CORP.**

<u>*"Jody Bellefleur"*</u>

Jody Bellefleur

Chief Financial Officer and Director

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## Exhibit 99.22

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1: Name and Address of Company**

Apex Critical Metals Corp. ("**Apex**" or the "**Company**")

Suite 1450, 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2: Date of Material Change**

February 12, 2025

**Item 3: News Release**

News release dated February 5, 2025 was disseminated and subsequently filed on SEDAR.

**Item 4: Summary of Material Change**

On February 5, 2025, the Company issued a news release announcing the acquisition of the Lac Le Moyne Carbonatite Project (the "Project") located in northeastern Quebec near the community of Kuujjuaq, the Project consists of 86 map staked claims totalling approximately 4,025 ha (9,946 acres).

**Item 5 Full Description of Material Change**

On February 5, 2025, the Company issued a news release announcing the acquisition of the Lac Le Moyne Carbonatite Project (the "Project") located in northeastern Quebec near the community of Kuujjuaq, the Project consists of 86 map staked claims totalling approximately 4,025 ha (9,946 acres).

Pursuant to a sale agreement dated January 28, 2025, among the Company and the vendors, the Company has agreed to acquire a 100-per-cent interest in the claims for total consideration payable over a 3-year period of $100,000 in cash and issue to the vendors a total of 200,000 shares. 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 2.0-per-cent net smelter return royalty interest in the future minerals produced from the claims upon achieving commercial production.

On February 12, 2025, the Company issued to the vendors an aggregate number of 100,000 shares at a deemed price of $0.77 per share pursuant to the consideration terms of the sale agreement. All securities issued pursuant to the sale agreement are subject to a statutory hold period of four (4) months and a day from the date of issuance.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102**

N/A

**Item 7: Omitted Information**

N/A

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**Item 8: Executive Officer**

Jody Bellefleur, CFO and a Director<br>604.681.1568<br>info@apexcriticalmetals.com

**Item 9: Date of Report**

February 13, 2025

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## Exhibit 99.23

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| | |
|:---|:---|
| ![](exhibit99-23x1x1.jpg) | Apex Critical Metals (CSE: APXC)<br>1450-West Pender Street <br>Vancouver, B.C. V6C 1H2<br><u>www.apexcriticalmetals.com</u> |

---

**NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN**

**THE UNITED STATES**

**Apex Critical Announces Private Placement of Flow Through Shares**

**News Release - Vancouver, BC, - February 14, 2025: Apex Critical Metals Corp.** (CSE: APXC) (OTCQB:APXCF) ("**Apex**" or the "**Company**"), is pleased to announce a non-brokered private placement offering of up to 1,530,612 flow-through common shares (each, an "**FT Share**") at a price of $0.98 per FT Share for aggregate gross proceeds of up to $1,500,000 (the "**Offering**").

The FT Shares will qualify 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). An amount equal to the gross 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, with respect to eligible subscribers residing in the province of Québec, they would also be 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).

The FT Shares will be subject to a hold period of four months and one day from the date of issuance. Closing of the Offering will be subject to satisfaction of certain conditions, including, but not limited to, the receipt of all necessary regulatory and other approvals, including approval by the Canadian Securities Exchange (the "**CSE**").

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. is a Canadian exploration company specializing in the acquisition and development of high potential rare earth elements (REE's) and niobium properties. Apex Critical Metals is publicly listed on the CSE, and its Common Shares currently trade under the symbol "APXC".

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: info@apexcriticalmetals.com

------

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| | |
|:---|:---|
| ![](exhibit99-23x1x1.jpg) | Apex Critical Metals (CSE: APXC)<br>1450-West Pender Street <br>Vancouver, B.C. V6C 1H2<br><u>www.apexcriticalmetals.com</u> |

---

**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 statements with respect to non-objection by the CSE with respect to the Offering and the proposed use of proceeds. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the Offering may not be completed as expected or at all and those additional risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.com. 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 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.*

*Neither the CSE 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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## Exhibit 99.24

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---

| | |
|:---|:---|
| ![](exhibit99-24x1x1.jpg) | Apex Critical Metals (CSE: APXC)<br>1450-West Pender Street <br>Vancouver, B.C. V6C 1H2<br><u>www.apexcriticalmetals.com</u> |

---

**NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN**

**THE UNITED STATES**

**Apex Critical Completes Private Placement**

**of Flow Through Shares for Proceeds of $1,499,999.76**

**News Release - Vancouver, BC, - February 21, 2025: Apex Critical Metals Corp.** (CSE: APXC) (OTCQB:APXCF) ("**Apex**" or the "**Company**"), is pleased to announce that it has completed a non-brokered private placement (see the Company's news release dated February 14, 2025) by 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).

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.

In connection with the Offering, the Company paid cash fees of $89,999.99 to one qualified finder, Mine Equities Ltd.

None of the securities sold in connection with the Offering have been or will be registered under the United States *Securities Act of 1933*, as amended, and no such securities were offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. is a Canadian exploration company specializing in the acquisition and development of high potential rare earth elements (REE's) and niobium properties. Apex Critical Metals is publicly listed on the CSE, and its Common Shares currently trade under the symbol "APXC".

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: info@apexcriticalmetals.com

------

---

| | |
|:---|:---|
| ![](exhibit99-24x1x1.jpg) | Apex Critical Metals (CSE: APXC)<br>1450-West Pender Street <br>Vancouver, B.C. V6C 1H2<br><u>www.apexcriticalmetals.com</u> |

---

**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 statements with respect to non-objection by the CSE with respect to the Offering and the proposed use of proceeds. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the Offering may not be completed as expected or at all and those additional risks set out in the Company's public documents filed on SEDAR+ at www.sedarplus.com. 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 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.*

*Neither the CSE 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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## Exhibit 99.25

------

**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1: Name and Address of Company**

Apex Critical Metals Corp. ("**Apex**" or the "**Company**")

Suite 1450, 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2: Date of Material Change**

February 21, 2025

**Item 3: News Release**

News release dated February 21, 2025 was disseminated through Accesswire and subsequently filed on SEDAR+.

**Item 4: Summary of Material Change**

On February 21, 2025, the Company closed its previously disclosed non-brokered private placement (the "**Offering**"). The Offering consisted of the issuance of 1,530,612 flow-through common shares (each, a "**FT Share**") at a price of $0.98 per FT Share for aggregate gross proceeds of $1,499,999.76.

**Item 5 Full Description of Material Change**

On February 21, 2025, the Company closed its previously disclosed non-brokered private placement. The Offering consisted of the issuance of 1,530,612 FT Shares at a price of $0.98 per FT Share for aggregate gross proceeds of $1,499,999.76.

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).

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.

In connection with the Offering, the Company paid cash fees of $89,999.99 to one qualified finder, Mine Equities Ltd.

None of the securities sold in connection with the Offering have been or will be registered under the United States *Securities Act of 1933*, as amended, and no such securities were offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102**

N/A

------

**Item 7: Omitted Information**

N/A

**Item 8: Executive Officer**

Sean Charland, CEO and a Director<br>604.681.1568<br>info@apexcriticalmetals.com

**Item 9: Date of Report**

February 21, 2025

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## Exhibit 99.26

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![](exhibit99-26x1x1.jpg)

**Apex Critical Metals Announces Extension to Agreement**

**with Rumble Strip Media Inc.**

Vancouver, BC / ACCESSWIRE / February 21, 2025: Apex Critical Metals Corp. (CSE: APXC) (OTCQB: APXCF) (FWB: KL9) ("Apex" or the "Company"), an exploration company focused on developing high potential resource sector projects, is pleased to announce that 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$500,000 to Rumble, with CAD$250,000 to be paid upfront. The extension commences March 11, 2025 for a three-month term ending June 11, 2025. The services to be provided by Rumble may include 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.

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium trend. The Company's Bianco carbonatite project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario.

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex Critical intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, in the United States on the OTCQB market 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> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</u> or <u>LinkedIn</u>.

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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.*

**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 statements with respect to the services that Rumble Media will provide to the Company under the investor relations agreement and statements regarding the Company's intention to investigate the high-value systems within carbonatite-hosted projects . 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, including risks related to factors beyond the control of the Company. 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 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 99.27

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![](exhibit99-27x1x1.jpg)

**Apex Critical Metals Corp. Announces Grant of Stock**

**Options**

News Release - Vancouver, BC, - March 14, 2025: Apex Critical Metals Corp. (CSE: APXC) (OTCQB:APXCF) ("Apex" or the "Company"), is pleased to announce that it has granted (the "Grant") an aggregate of 5,000,000 incentive stock options (each, an "Option") to purchase up to 5,000,000 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 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.

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.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium trend. The Company's Bianco carbonatite project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario.

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex Critical intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, in the United States on the OTCQB market 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> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</u> or <u>LinkedIn</u>.

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On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

Email: info@apexcriticalmetals.com

*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 statements with respect to the future vesting dates respecting the Options. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the receipt of regulatory approval for the change of name and trading symbol. 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 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 99.28

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![](exhibit99-28x001.jpg)

**Management Discussion & Analysis for the Six Months Ended January 31, 2025**

The following discussion and analysis of the financial position and results of operations for Apex Critical Metals Corp. (formerly Eagle Bay Resources Corp.) should be read in conjunction with the condensed interim financial statements for the **six months ended January 31, 2025,** which are prepared using accounting policies consistent with IFRS Accounting Standards ("IFRS").

The effective date of this report is March 21, 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 OTCQB Venture Market ("OTCQB"). 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 six months ended January 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"). 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.

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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 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 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 (.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 (the "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.

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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"). All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months and a day from the Closing.

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). 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. 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. 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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**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.

On July 17, 2024, the Company announced it commenced a field exploration program at its Cap Project (the "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 testing (see Cap Property section for further updates).

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<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 financial statements of the Company:

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| | | | |
|:---|:---|:---|:---|
|  | **For the year** <br>**ended July** <br>**31, 2024** | **For the year<br>ended July 31,<br>2023** | **For the year<br>ended July 31,<br>2022** |
|  | $| $| $|
| Total Revenues | Nil | Nil | Nil |
| Loss from continuing operations | 665630 | 414813 | 121207 |
| Net loss | 500185 | 564813 | 121207 |
| Net loss per share - basic and diluted | 0.02 | 0.07 | 0.02 |
| Net and comprehensive loss | 500185 | 564813 | 121207 |
| Total assets | 3121433 | 1170821 | 1466727 |
| Total long-term financial liabilities | Nil | Nil | Nil |
| 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 $9,259,032 through the sale of common shares.

**Mineral Properties**

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 Property

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 seven months ended July 31, 2022, the Company staked 3 claims contiguous to the CAP Claims. The Cap Property is subject to a 2% net smelter return ("NSR") royalty in favor of the original vendors.

As of July 31, 2024, the Cap Property consists of 6 claims of 2,824.34 hectares. (July 31, 2023 - 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.

Carbo 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 2,048.06 hectares as of July 31, 2024 and July 31, 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 located approximately 85 km northeast of Prince George British Columbia 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, a related party (see Note 8), 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 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 seven months ended July 31, 2022, the Company staked an additional claim contiguous to the Wicheeda Property.

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*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 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 (received). At July 31, 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).

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.

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

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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.

Notably, no prior exploration activities have been conducted at Bianco, highlighting its potential as a promising target for future mineral discovery. Mineralization at nearby or adjacent projects is not necessarily indicative of mineralization hosted on the Company's projects.

The Company acquired a 100% interest in the Claims for consideration of CDN$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.

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 and the issuance to the vendors of a total of 200,000 shares. 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

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

<u>*Financings*</u>

During the six months ended January 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"). 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 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 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.

&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"). All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months and a day from the Closing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. 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). 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. In connection with the Offering, the Company paid cash fees of $90,000 to one qualified finder.

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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.

&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 condensed interim financial statements for the six months ended January 31, 2025.

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

Net loss for the six months ended January 31, 2025 was $961,655, compared to net loss of $225,215 for the six months ended January 31, 2024. The significant expenses include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative fees (2025: $90,000, 2024: $80,000) were incurred due to the management agreement with Zimtu;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advertising expenses (2025: $689,875, 2024: $81,151) were higher in the current period due to a strategic marketing campaign for August through January;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based payments (2025: $79,190, 2024: $Nil) for stock options vested during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Travel and meals (2025: $28,159, 2024: $nil) was higher due to increased business and promotional activities;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income (2025: $34,803, 2024: $nil) for interest generated from the Company's cash on hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flow-through premium recovery (2025: $78,040, 2024: $nil) for the premium on the issuance of flow-through shares issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unrealized loss on marketable securities (2025: $137,500, 2024: $nil) for the decreased market value of shares received for a property transaction during the period.

<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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| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 31,**<br> **2025** | **October 31,**<br> **2024** | **July 31,**<br> **2024** | **April 30,<br>2024** |
|  | $| $| $| $|
| Revenues | Nil | Nil | Nil | Nil |
| Net loss from continuing operations | 491064 | 445934 | 83539 | 191431 |
| Net and comprehensive loss | 555655 | 406000 | 83539 | 191431 |
| Loss per share - basic and diluted | 0.01 | 0.00 | 0.00 | 0.01 |

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 31,**<br> **2024** | **October 31,** <br>**2023** | **July 31,**<br>**2023** | **April 30,<br>2023** |
|  | $| $| $| $|
| Revenues | Nil | Nil | Nil | Nil |
| Net loss from continuing operations | 129645 | 95570 | 115128 | 102547 |
| Net and comprehensive loss | 129645 | 95570 | 265128 | 102547 |
| Loss per share - basic and diluted | 0.02 | 0.02 | 0.05 | 0.02 |

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

As of the date of this report, the Company has raised $9,259,032 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.

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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.

As at January 31, 2025, the Company had total assets of $5,919,776 (July 31, 2024: $3,121,433). The primary assets of the Company were cash of $4,353,876 (July 31, 2024: $1,675,222), marketable securities of $150,000 (July 31, 2024: $287,500), prepaid expenses of $14,184 (July 31, 2024: $6,236), GST receivable of $24,161 (July 31, 2024: $15,755), and exploration and evaluation assets of $1,344,555 (July 31, 2024: $1,103,700). The Company had no long-term liabilities and had working capital of $4,481,030 as at January 31, 2025 (2023: $1,854,310).

*Cash Used in Operating Activities:* Cash used in operating activities during the six months ended January 31, 2025 was $870,970, compared with $501,113 used in operating activities for the six months ended January 31, 2024. Cash was mostly spent on filing, regulatory and transfer agent fees, legal fees and amounts due to related parties.

*Cash Provided from Financing Activities:* Total cash from financing activities during the six months ended January 31, 2025 was $3,846,686 (January 31, 2024: $760,003), including $3,912,750 (January 31, 2024: $749,993) from the issuance of common shares less share issuance costs of $6,064 (January 31, 2024: $nil), and $60,000 (January 31, 2024: $10,010 provided from) used in share subscriptions received.

*Cash Used in Investing Activities:* Total cash used in investing activities during the six months ended January 31, 2025 was $297,062 (January 31, 2024: $71,440) used in exploration and development of its mineral properties.

<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, whereas Zimtu will 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.

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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.

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

During the six months ended January 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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| | | |
|:---|:---|:---|
| **Six months ended January 31,** | **2025** | **2024** |
| **Key management compensation\*** | **$** | **$** |
| Dahrouge - Exploration & evaluation asset expenditures | 28083 | 11230 |
| Dahrouge - corporate consulting fees | 1887 |  |
| Property acquisition costs | 30000 |  |
| Michael Schuss - Geological and consulting fees |  | 3750 |
| Zimtu - Administrative fees | 90000 | 80000 |
| Zimtu - Advertising and promotion | 75000 | 75000 |
| Share-based payments | 29766 |  |
| Total | 254736 | 169980 |

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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.

---

| | | |
|:---|:---|:---|
| **Period ended:** | **January 31,<br>2025** | **July 31,**<br> **2024** |
| **Due to (from) related parties** | **$** | **$** |
| Dahrouge | 9449 | 91498 |
| Zimtu | 3603 | 31152 |
| Total | 13052 | 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 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.

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<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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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**July 31, 2024** | **Year Ended** <br>**July 31, 2023** | **Year Ended** <br>**July 31, 2022** |
| Capitalized Exploration and Evaluation Costs | $1103700 | $895953 | $968454 |
| General and Administration Expenses | $665630 | $414813 | $121207 |

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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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| | | | |
|:---|:---|:---|:---|
|  | **March 21, 2025** | **January 31, 2025** | **July 31, 2024** |
| Common Shares | 48463011 | 46859399 | 38003053 |
| Warrants | 38931211 | 38931211 | 30074865 |
| Stock Options | 7250000 | 2250000 | 2250000 |
| Fully Diluted Shares | 94644222 | 88040610 | 70327918 |

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For additional details of outstanding share capital, refer to Note 7 of the condensed interim financial statements for the six months ended January 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.

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**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.

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.

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**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.

**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.

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**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.

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.

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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.

**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 Property 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 Property 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.

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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.

**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.

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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.

<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.

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

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

<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 99.29

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![](exhibit99-29x001.jpg)

(formerly Eagle Bay Resources Corp.)

Condensed Interim Financial Statements

For the six months ended January 31, 2025

(Unaudited - Expressed in Canadian Dollars)

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The accompanying unaudited condensed interim financial statements of Apex Critical Metals Corp. for the six months ended January 31, 2025, have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company. These condensed interim financial statements have not been reviewed by the Company's external auditors.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Condensed Interim Statements of Financial Position<br>As expressed in Canadian dollars<br>(Unaudited - prepared by management)

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| | | |
|:---|:---|:---|
|  | **January 31, <br>2025** | July 31,<br>2024 |
| &nbsp;&nbsp;**Assets** |  |  |
| &nbsp;&nbsp;**Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $**4353876** | $1675222 |
| &nbsp;&nbsp;&nbsp;&nbsp;GST | **24161** | 15775 |
| &nbsp;&nbsp;&nbsp;&nbsp;Marketable securities (Note 5) | **150000** | 287500 |
| &nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **14184** | 6236 |
|  | **4542221** | 1984733 |
| &nbsp;&nbsp;Exploration and evaluation assets (Note 6) | **1344555** | 1103700 |
| &nbsp;&nbsp;Reclamation bond | **33000** | 33000 |
|  | $**5919776** | $3121433 |
| &nbsp;&nbsp;**Liabilities** |  |  |
| &nbsp;&nbsp;**Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $**29529** | $7773 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties (Note 9) | **13056** | 122650 |
| &nbsp;&nbsp;&nbsp;&nbsp;Liability for flow-through shares (Note 11) | **18606** |  |
|  | **61191** | 130423 |
| &nbsp;&nbsp;**Shareholders' Equity** |  |  |
| &nbsp;&nbsp;Share capital (Note 7) | **8351784** | 4541744 |
| &nbsp;&nbsp;Share subscriptions received | **-** | 60000 |
| &nbsp;&nbsp;Reserves (Note 8) | **194445** | 115255 |
| &nbsp;&nbsp;Deficit | **(2687644)** | (1725989) |
|  | **5858585** | 2991010 |
|  | $**5919776** | $3121433 |

---

Nature and continuation of operations (Note 1)

Subsequent events (Note 13)

These financial statements were authorized for issue by the Audit Committee and Board of Directors on March 21, 2025.

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

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

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Condensed Interim Statements of Operations and Comprehensive Loss<br>As expressed in Canadian dollars

(Unaudited - prepared by management)

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**January 31,** | **Three Months Ended**<br>**January 31,** | **Six Months Ended**<br>**January 31,** | **Six Months Ended**<br>**January 31,** |
|  | **2025** | 2024 | **2025** | 2024 |
| **Expenses** |  |  |  |  |
| Accounting and audit fees | $**-** | $17000 | $**-** | $17000 |
| Administrative fees (Note 8) | **45000** | 42500 | **90000** | 80000 |
| Advertising expenses (Note 8) | **351524** | 43651 | **689875** | 81151 |
| Consulting fees and salaries (Note 8) | **1000** |  | **2887** | 3750 |
| Office and miscellaneous | **4797** | 1245 | **6543** | 1264 |
| Legal fees | **13488** | 14964 | **20060** | 20117 |
| Share-based payments | **47365** |  | **79190** |  |
| Transfer agent and filing fees | **11485** | 10285 | **20284** | 21933 |
| Travel and meals | **16405** |  | **28159** |  |
| Loss before other items | **491064** | 129645 | **936998** | 225215 |
| Interest income | **19951** |  | **34803** |  |
| Flow-through premium recovery (Note 11) | **2958** |  | **78040** |  |
| Unrealized loss on marketable securities (Note 5) | **(87500)** |  | **(137500)** |  |
| **Net Loss and Comprehensive Loss for the Period** | **555655** | 129645 | **961655** | 225215 |
| **Basic and Diluted Loss Per Share** | $**0.01** | $0.02 | $**0.02** | $0.02 |
| **Weighted Average Number of Common Shares Outstanding - Basic and Diluted** | **44152732** | 7895179 | **40417624** | 9941864 |

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\*All shares are shown on a post-split basis.

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

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

For the six months ended January 31, 2025 and 2024

As expressed in Canadian dollars

(Unaudited - prepared by management)

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>Shares\*** | **Share<br>Capital** | **Share<br>Subscriptions** | **Reserves** | **Deficit** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance, July 31, 2023** | **7928188** | $**2036751** | $**-** | $**2844** | $**(1225804)** | $**813791** |
| &nbsp;&nbsp; Private placement (Note 7) | 14999865 | 749993 |  |  |  | 749993 |
| &nbsp;&nbsp; Share subscription received |  |  | 10010 |  |  | 10010 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss for the period |  |  |  |  | (225215) | (225215) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance, January 31, 2024** | **22928053** | $**2786744** | $**10010** | $**2844** | $**(1451019)** | $**1348579** |
|  | **Number of<br>Shares\*** | **Share<br>Capital** | **Share<br>Subscriptions** | **Reserves** | **Deficit** | **Total** |
| &nbsp;&nbsp;&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) | 906346 | 296104 | (60000) |  |  | 236104 |
| &nbsp;&nbsp; Share issuance costs |  | (6064) |  |  |  | (6064) |
| &nbsp;&nbsp; Share-based payments (Note 8) |  |  |  | 79190 |  | 79190 |
| &nbsp;&nbsp;&nbsp;&nbsp; Net loss for the period |  |  |  |  | (961655) | (961655) |
| &nbsp;&nbsp;&nbsp;&nbsp;**Balance, January 31, 2025** | **46859399** | $**8351784** | $**-** | $**194445** | $**(2687644)** | $**5858585** |

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\*All shares are shown on a post-split basis.

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

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Condensed Interim Statements of Cash Flows<br>For the six months ended January 31, 2025 and 2024<br>As expressed in Canadian dollars<br>(Unaudited - prepared by management)

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| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period: | $**(961655)** | $(225215) |
| &nbsp;&nbsp;&nbsp;Add items not affecting cash: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based payments | **79190** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized gain on marketable securities | **137500** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Flow-through premium recovery | **(78040)** |  |
| &nbsp;&nbsp;&nbsp;Changes in non-cash working capital items related to operations: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;GST | **(8386)** | 1557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid expenses | **(7948)** | (11712) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **21756** | (25944) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | **(53387)** | (239799) |
| &nbsp;&nbsp;**Net cash flows used in operating activities** | **(870970)** | (501113) |
| **CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Issue of common shares, net of share issuance costs | **3912750** | 749993 |
| &nbsp;&nbsp;&nbsp;Share issuance costs | **(6064)** |  |
| &nbsp;&nbsp;&nbsp;Share subscriptions received | **(60000)** | 10010 |
| &nbsp;&nbsp;**Net cash flows from financing activities** | **3846686** | 760003 |
| **CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:** |  |  |
| &nbsp;&nbsp;&nbsp;Exploration and evaluation expenditures | **(297062)** | (71440) |
| &nbsp;&nbsp;**Net cash used in investing activities** | **(297062)** | (71440) |
| &nbsp;&nbsp;**Increase (decrease) in cash** | **2678654** | 187450 |
| &nbsp;&nbsp;**Cash, beginning of period** | **1675222** | 264674 |
| &nbsp;&nbsp;**Cash, end of period** | $**4353876** | $452124 |

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**SUPPLEMENTARY DISCLOSURE**

As at January 31, 2025, the Company had $9,449 (January 31, 2024 - $71,400) in exploration and evaluation expenditures due to related parties.

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

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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 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 OTCQB Venture Market ("OTCQB").

The Company has no source of operating cash flows, has not yet achieved profitable operations, has a working capital of $4,481,030 as at January 31, 2025 (July 31, 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 statements are prepared in accordance with International Financial Reporting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), applicable to the presentation of interim financial statements, including IAS 34, Interim Financial Reporting ("IAS 34").

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**4. MATERIAL ACCOUNTING POLICY INFORMATION**

The policies applied in these condensed interim financial statements are consistent with policies disclosed in Note 4 of the audited financial statements for the year ended July 31, 2024. Therefore, these condensed interim financial statements should be read in conjunction with the Company's audited financial statements for the year ended July 31, 2024.

**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 January 31, 2025, the Company holds 2,500,000 shares (July 31, 2024 - 2,500,000) with a fair market value of $150,000, or $0.06 per share. During the six months ended January 31, 2025, the Company recorded an unrealized loss on the shares of $137,500 (January 31, 2024 - $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 January 31, 2025, the Cap property consists of 6 claims totalling 2,824 hectares. (July 31, 2024 - 6 claims).

**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.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

*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 January 31, 2025 and 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.

**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 CDN$30,000 cash, 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.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

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| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Bianco<br>Property | CAP<br>Claims | Prince<br>Property | Wicheeda<br>Property | West James<br>Bay Properties | Total property<br>costs |
| 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 |
| Acquisition costs | 30000 |  |  |  |  | 30000 |
| Assays |  | 34575 |  |  |  | 34575 |
| Geological expense |  | 27834 |  |  |  | 27834 |
| Reports and other |  | 8400 |  |  |  | 8400 |
| Supplies |  | 249 |  |  |  | 249 |
| Travel and transportation |  | 139797 |  |  |  | 139797 |
| Balance, January 31, 2025 | $30000 | $1175576 | $72868 | $66110 | $1 | $1344555 |

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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 (.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 46,859,399 as of January 31, 2025 (July 31, 2024 - 38,003,053). As of January 31, 2025, the Company has 1,994,625 (July 31, 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.

**During the six months ended January 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"). 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.

&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 $392,749.50. 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). 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.

&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"). All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months and a day from the Closing.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**7. SHARE CAPITAL** - continued

**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.

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

The following is a summary of warrant transactions for the six months ended January 31, 2025 and the year ended July 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 31, 2025** | **January 31, 2025** | **July 31, 2024** | **July 31, 2024** |
|  |  | Weighted Average |  | Weighted average |
|  | Number of | Exercise | Number of | Exercise |
|  | Warrants | Price | Warrants | Price |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, beginning of period | 30074865 | $0.12 | 90000 | $1.333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired |  |  | (90000) | 1.333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 8856346 | 0.59 | 30074865 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | 38931211 | $0.23 | 30074865 | $0.12 |

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**7. SHARE CAPITAL** - continued

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

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

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| | | | |
|:---|:---|:---|:---|
|  |  | Number of Warrants | Weighted Average |
|  | Exercise | Outstanding and | Remaining Contractual |
| Expiry Date | Price | Exercisable | Life (Years) |
| December 13, 2025 | $0.067 | 14999865 | 0.87 |
| April 12, 2026 | $0.10 | 11325000 | 1.19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;July 5, 2025 | $0.40 | 3750000 | 0.42 |
| August 16, 2025 | $0.40 | 3750000 | 0.54 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;September 24, 2026 | $0.67 | 906346 | 1.65 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December 30, 2026 | $0.75 | 4200000 | 1.91 |
| Total | Total | 38931211 | 1.02 |

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**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 six months ended January 31, 2025 and the year ended July 31, 2024:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **January 31, 2025** | **January 31, 2025** | **July 31, 2024** | **July 31, 2024** |
|  |  | Weighted Average |  | Weighted average |
|  | Number of | Exercise | Number of | Exercise |
|  | Options | Price | Options | Price |
| &nbsp;&nbsp; Balance, beginning of period | 2250000 | $0.138 |  | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  | 2250000 | 0.138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | 2250000 | $0.138 | 2250000 | $0.138 |

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

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| | | | | |
|:---|:---|:---|:---|:---|
|  |  | 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 | 650000 | 1950000 | 4.24 |
| &nbsp;&nbsp;&nbsp;&nbsp;May 8, 2029 | $0.167 | 100000 | 300000 | 4.27 |
| Total | $0.138 | 750000 | 2250000 | 4.24 |

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

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 six months ended January 31, 2025, $79,190 (January 31, 2024 - $nil) was charged to share-based payments. The following assumptions were used for the Black-Scholes pricing model calculations:

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| | | |
|:---|:---|:---|
|  | &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 |

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**9. RELATED PARTY TRANSACTIONS**

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.

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.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**9. RELATED PARTY TRANSACTIONS** - continued

During the six months ended January 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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| | | |
|:---|:---|:---|
| **Six months ended January 31,** | **2025** | **2024** |
| **Key management compensation\*** | **$** | **$** |
| Dahrouge - Exploration & evaluation asset expenditures | 28083 | 11230 |
| Dahrouge - corporate consulting fees | 1887 |  |
| Property acquisition costs | 30000 |  |
| Michael Schuss - Geological and consulting fees |  | 3750 |
| Zimtu - Administrative fees | 90000 | 80000 |
| Zimtu - Advertising and promotion | 75000 | 75000 |
| Share-based payments | 29766 |  |
| Total | 254736 | 169980 |

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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.

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| | | |
|:---|:---|:---|
| **Period ended:** | **January 31, <br>2025** | **July 31,**<br> **2024** |
| **Due to (from) related parties** | **$** | **$** |
| Dahrouge | 9449 | 91498 |
| Zimtu | 3603 | 31152 |
| Total | 13052 | 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.

**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:

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**10. FINANCIAL INSTRUMENTS** - continued

&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 January 31, 2025, the Company held cash of $4,353,876 (July 31, 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 January 31, 2025, the Company has total current liabilities of $61,191 (July 31, 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;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 Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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 January 31, 2025, the Company's shareholders' equity was $5,858,585 (July 31, 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 January 31, 2025, the Company had incurred the $317,139 in qualified expenditures.

---

| | |
|:---|:---|
|  | **Issued on<br>September 24,<br>2024** |
| **Balance, July 31, 2024** | $- |
| Liability incurred on flow-through shares issued | 96646 |
| Settlement of flow-through share liability on incurred expenses | (78040) |
| **Balance, January 31, 2025** | $18606 |

---

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the six months ended January 31, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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. See Note 13.

**13. SUBSEQUENT EVENTS**

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 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). 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. 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. 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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## Exhibit 99.30

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![](exhibit99-30x1x1.jpg)

**Apex Critical Metals Advances Exploration Programs for New**

**Projects in Eastern Canada**

**Vancouver, BC, - June 9, 2025: Apex Critical Metals Corp.** (CSE: APXC) (OTCQB: APXCF) (FWB: KL9) ("Apex" or the "Company") is pleased to announce that the 2025 field exploration programs at the newly acquired Bianco and Lac Le Moyne Projects will commence in June. Apex has engaged Dahrouge Geological Consulting Ltd. ("Dahrouge") to undertake the field work for the two Projects planned for this summer.

Dahrouge is recognized worldwide for their expertise in the exploration and discovery of "critical elements." Both Projects are proximal to known carbonatite complexes that show rare earth element (REE) and niobium-tantalum (Nb-Ta) mineralization. Carbonatites are extremely rare rock types, with just over 600 showings known worldwide. They are host to rare earth element (REE) minerals, niobium, tantalum, phosphate, fluorite and iron, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium and REE deposits.

Sean Charland, CEO of Apex Critical Metals comments, "The Company is laser-focused on commencing this inaugural exploration program on our newly acquired properties, which are considered to have excellent potential for niobium, rare earth, and phosphate mineralization. Critical minerals are at the forefront of clean technology and advanced manufacturing, and by expanding our portfolio into eastern Canada we are positioning the company in the midst of the evolving critical minerals markets."

------

![](exhibit99-30x1x1.jpg)

![](exhibit99-30xu003.jpg)

*Figure 1: Location of Projects in Eastern Canada*

**Bianco Project**

The Bianco Carbonatite Project is located in northwestern Ontario approximately 12.5 km southwest of the Kingfisher Lake First Nation and 156 km north of the town of Pickle Lake. Consisting of 85 single cell mining claims totalling approximately 3,735 ha the property is characterized by a geophysical magnetic anomaly which is situated approximately midway between the Schryburt Lake and Big Beaver House Carbonatite projects, both with known Nb and REE mineralization.

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![](exhibit99-30x1x1.jpg)

![](exhibit99-30xu004.jpg)

*Figure 2: Residual magnetic field geophysical data showcasing distinct magnetic signature of<br>the Bianco Property and surrounding carbonatites.*

A ten-day, surface geological mapping and sampling program is planned for mid-June and will be based out of Pickle Lake, Ontario. Field personnel will traverse the Property while focusing exploration efforts on targets such as the magnetic anomaly and potential outcrop observed through satellite imagery. Additional targets will be refined based on preliminary field observations to ensure full property coverage. Soil sampling grids are planned to cover areas with little to no outcrop exposure in order to develop a comprehensive geochemical dataset across the Project.

No prior exploration activities have been conducted at Bianco, highlighting its potential as a promising target for future mineral discovery.

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![](exhibit99-30x1x1.jpg)

**Lac Le Moyne Project**

The Lac Le Moyne Carbonatite Project is located in northeastern Quebec, near the community of Kuujjuaq, consisting of 86 map staked claims totalling approximately 4,025 ha and situated several kilometers to the northwest of Commerce Resources Corp's (TSXV: CCE \|OTC: CMRZF) Eldor Carbonatite Complex.

*Figure 3: Lac Le Moyne Carbonatite Project, Quebec*

A two-week, surface geological mapping and sampling program is planned to start during the first week of July and will be based out of Kuujjuaq. Field personnel will traverse the Property while focusing on the multiple carbonatite outcrops identified and mapped by government geologists in the 1970's. Additional targets are based on follow-up of historical rock and sediment samples. Outcrop mapping and sampling will be supported by soil sampling to cover areas with little to no outcrop exposure to develop a comprehensive geochemical dataset across the Project. Additional targets will be refined based on preliminary field observations to ensure full property coverage.

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![](exhibit99-30x5x1.jpg)

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

**Marketing Agreement**

Apex Critical Metals is also pleased to announce 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. Zimtu is based in Vancouver, at Suite 1450 - 789 West Pender Street, Vancouver, BC V6C 1H2. Zimtu's compensation does not include securities of the Company. Zimtu currently owns 4,951,226 shares and 5,303,336 common share purchase warrants of the Company, and 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 two companies sharing common directors (Mr. Charland is a Director and Officer of Zimtu and a Director and Officer of the Company) and officers (Ms. Bellefleur is CFO of Zimtu and CFO and a director of the Company). The Company's entry into the Zimtu Agreement was approved by the Company's Board of Directors absent Mr. Charland and Ms. Bellefleur, who disclosed their relationship with Zimtu and recused themselves.

**Qualified Person;**

The technical content of this news release has been reviewed and approved by Mark W. Cooper, P. Geo., Geologist for Dahrouge Geological Consulting Ltd., and a registered permit holder with the Ordre des Géologues du Québec (OGQ) and Professional Geoscientists Ontario (PGO).

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 ha, and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex in Quebec, Canada.

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![](exhibit99-30x6x1.jpg)

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, in the United States on the OTCQB market 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: info@apexcriticalmetals.com

*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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![](exhibit99-30x7x1.jpg)

**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 statements with respect to the excellent potential for niobium, rare earth and phosphate mineralization on our exploration projects; the anticipated commencement and duration of the exploration programs on the Bianco and Lac Le Moyne projects and the activities to be undertaken thereon and the services to be provided by Zimtu under the Zimtu ADVANTAGE program.. 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: that we may not be able to fully finance any additional exploration on the Bianco and Lac Le Moyne projects; that even if we are able 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 any of our projects 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 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 99.31

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![](exhibit99-31x1x1.jpg)

**Apex Critical Metals Receives Multi-Year Permit and Preps**

**Drill Program at CAP Project, British Columbia**

**Vancouver, BC, - June 19, 2025: Apex Critical Metals Corp.** (CSE: APXC) (OTCQB: APXCF) (FWB: KL9) ("Apex" or the "Company") is pleased to announce it has 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 "Project") located in east-central British Columbia. Drilling is expected to commence in mid- July, with approximately 1,000 to 1,500 metres of core drilling anticipated.

The 2025 campaign marks the Company's inaugural drill program at CAP, and the first program on the Project since 2017, when mineralized carbonatite was intersected in drillhole CAP17-004. The 2025 drilling program will target the 1.8 km-long niobium-in-soil anomaly and mineralized carbonatite outcrops identified by the Company in 2024. (see <u>news release</u> dated November 12, 2024, Figure 1). These areas remain untested by previous drilling.

Cap Project highlights from 2024 exploration include (see Figure 1):

* **3.33% Nb<sub>2</sub>O<sub>5 </sub>**returned in outcrop with four (4) additional outcrop samples assaying between 0.16% to 0.50% Nb<sub>2</sub>O<sub>5</sub>. Two mineralized carbonatite outcrops discovered are separated by approximately 250 m

* **1.79% Nb<sub>2</sub>O<sub>5</sub> and 1.45% Nb<sub>2</sub>O<sub>5</sub>** returned in carbonatite boulders

* A single drill hole along the southeast margins of the anomaly from 2017 returned **0.35% Nb<sub>2</sub>O<sub>5</sub> over 10.4 m** (Drill Hole CAP17-004).

* **Distinct niobium anomaly** discovered from soil sampling, situated along interpreted trend of known mineralized carbonatite outcrops and overlying radiometric anomaly
 
Elevated rare earth oxide ("REO") values also identified with one soil sample assaying **1.21% REO** and three (3) additional samples assaying between 0.33% and 0.34% REO

"We are eager to advance the CAP Project to the drill stage," notes Sean Charland, CEO of Apex Critical Metals. "The 2025 program is designed to evaluate the scale and depth potential of the newly discovered carbonatite-hosted niobium and REO mineralization. With a strong foundation from our 2024 work, we're looking forward to testing some of the most compelling targets identified to date."

Apex received a five-year Multi-Year Area-Based Exploration Permit (Permit Number MX-11-251, the "MYAB Permit"), effective November 6, 2024, encompasses most of the CAP Project.

The MYAB Permit allows for Apex to complete the following key exploration activities:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Conduct up to 60 diamond drill holes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Perform targeted drilling along the niobium trend to determine its continuity and width.

26800688.1 ------

![](exhibit99-31x1x1.jpg)

![](exhibit99-31xu001.jpg)

*Figure 1. CAP property highlights*

**Quality Assurance / Quality Control**

All 2024 rock samples were collected in the field using a hammer and chisel. Soil samples were collected from the presumed B horizon using a hand auger and/or geotool. Stream concentrate samples were collected by fill approximately ¾ of a 12x20 cm sample bag with stream sediment. The material was first passed through a 1/8-inch sieve yielding a fine fraction that was then processed using both 14" LeTrap plastic pans to concentrate the heavy fraction, resulting in approximately tens of grams per sample. The concentrate was then carefully transferred to a pre-labeled zip-lock sample bag with a corresponding sample book tag and sample number Locations for all sample types 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.

------

![](exhibit99-31x3x1.jpg)

Samples were shipped using Manitoulin Transport to Actlabs Laboratory in Kamloops BC. 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 Nb₂O₅, ZrO2 and Ta2O5 (0.003%), Code 8 - REE Assay, and 1A2 Au Fire Assay - AA, 30g weight, 5-5,000 ppb. Soil and stream concentrate samples were prepped using code S1-230, which requires drying (60ºC) and sieving (-63 µm). Analysis consisted of packages 4B2-STD, Lithium Borate Fusion / ICP-MS Trace Element package, and 1A2 Au Fire Assay - AA, 30g weight, 5-5,000 ppb

A Quality Assurance/Quality Control protocol was incorporated into the rock sampling program and included the insertion of two certified reference material ("CRM's) and one quartz blank representing approximately 9% of submitted samples. For the soil sampling and stream concentrate sampling, a total of five CRMs were inserted into the sample stream representing approximately 1% of the submitted samples, with the Company also relying on the internal QA/QC procedures of Actlabs.

Management cautions that prospecting surface rock samples, soil samples, stream concentrate 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 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 including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. Mr. Schmidt noted no errors or omissions during the data verification process. The Company and Mr. Schmidt do not recognize any factors of sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed in this news release.

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 ha, and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex located in Quebec, Canada.

------

![](exhibit99-31x4x1.jpg)

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, and quoted on the OTCQB 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.*

------

**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 statements with respect to the start of the Company's anticipated drilling program and the Company's intention to further investigate high-value opportunities on its properties for specialty metals. 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: that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able 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 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 99.32

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![](exhibit99-32x001.jpg)

**Management Discussion & Analysis for the Six Months Ended January 31, 2025**

The following discussion and analysis of the financial position and results of operations for Apex Critical Metals Corp. (formerly Eagle Bay Resources Corp.) should be read in conjunction with the condensed interim financial statements for the **nine months ended April 30, 2025,** which are prepared using accounting policies consistent with IFRS Accounting Standards ("IFRS").

The effective date of this report is June 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 OTCQB Venture Market ("OTCQB"). 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 nine months ended April 30, 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"). 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.

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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 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 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 (.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 (the "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.

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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"). All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months and a day from the Closing.

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). 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. 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. 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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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.

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.

**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.

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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.

On July 17, 2024, the Company announced it commenced a field exploration program at its Cap Project (the "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 testing (see Cap Property section for further updates).

<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 financial statements of the Company:

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| | | | |
|:---|:---|:---|:---|
|  | **For the year** <br>**ended July 31,<br>2024** | **For the year<br>ended July 31,<br>2023** | **For the year<br>ended July 31,<br>2022** |
|  | $| $| $|
| Total Revenues | Nil | Nil | Nil |
| Loss from continuing operations | 665630 | 414813 | 121207 |
| Net loss | 500185 | 564813 | 121207 |
| Net loss per share - basic and diluted | 0.02 | 0.07 | 0.02 |
| Net and comprehensive loss | 500185 | 564813 | 121207 |
| Total assets | 3121433 | 1170821 | 1466727 |
| Total long-term financial liabilities | Nil | Nil | Nil |
| 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 $9,415,032 through the sale of common shares.

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**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.

Cap Property

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 seven months ended July 31, 2022, the Company staked 3 claims contiguous to the CAP Claims. The Cap Property is subject to a 2% net smelter return ("NSR") royalty in favor of the original vendors.

As of July 31, 2024, the Cap Property consists of 6 claims of 2,824.34 hectares. (July 31, 2023 - 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.

Carbo 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 2,048.06 hectares as of July 31, 2024 and July 31, 2023, respectively.

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*Wicheeda Property*

On July 29, 2022, the Company entered into an agreement with Zimtu, a related party (see Note 8), 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 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 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 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 (received). At July 31, 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 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.

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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

***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.

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Notably, no prior exploration activities have been conducted at Bianco, highlighting its potential as a promising target for future mineral discovery. Mineralization at nearby or adjacent projects is not necessarily indicative of mineralization hosted on the Company's projects.

The Company acquired a 100% interest in the Claims for consideration of CDN$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.

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

<u>*Financings*</u>

During the nine months ended April 30, 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"). 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. 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 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.

&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"). All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months and a day from the Closing.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. 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). 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. 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;v. 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;vi. During the nine months ended April 30, 2025, 114,000 share purchase warrants priced at $0.40 were exercised for gross proceeds of $45,600.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;vii. Subsequent to the nine months ended April 30, 2025, 276,000 share purchase warrants priced at $0.40 were exercised for gross proceeds of $110,400.

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.

&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 condensed interim financial statements for the nine months ended April 30, 2025.

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

Net loss for the nine months ended April 30, 2025 was $2,242,828, compared to net loss of $416,646 for the nine months ended April 30, 2024. The significant expenses include:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Administrative fees (2025: $135,000, 2024: $125,000) were incurred due to the management agreement with Zimtu;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Advertising expenses (2025: $982,090, 2024: $146,485) were higher in the current period due to a strategic marketing campaign for August through April;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Filing fees (2025: $56,265, 2024: $76,892) are related to the Company's regulatory filings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Share-based payments (2025: $996,400, 2024: $4,276) for stock options vested during the period;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Travel and meals (2025: $52,448, 2024: $1,599) was higher due to increased business activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Interest income (2025: $64,906, 2024: $12) for interest generated from the Company's cash on hand;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Flow-through premium recovery (2025: $89,351, 2024: $nil) for the premium on the issuance of flow-through shares issued; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Unrealized loss on marketable securities (2025: $100,000, 2024: $nil) for the decreased market value of shares received for a property transaction during the period.

<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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| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30,**<br> **2025** | **January 31,**<br> **2025** | **October 31,**<br> **2024** | **July 31,**<br> **2024** |
|  | $| $| $| $|
| Revenues | Nil | Nil | Nil | Nil |
| Net loss from continuing operations | 1281173 | 491064 | 445934 | 83539 |
| Net and comprehensive loss | 1281173 | 555655 | 406000 | 83539 |
| Loss per share - basic and diluted | 0.03 | 0.01 | 0.00 | 0.00 |

---

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30,<br>2024** | **January 31,**<br> **2024** | **October 31,** <br>**2023** | **July 31,**<br>**2023** |
|  | $| $| $| $|
| Revenues | Nil | Nil | Nil | Nil |
| Net loss from continuing operations | 191431 | 129645 | 95570 | 115128 |
| Net and comprehensive loss | 191431 | 129645 | 95570 | 265128 |
| Loss per share - basic and diluted | 0.01 | 0.02 | 0.02 | 0.05 |

---

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

As of the date of this report, the Company has raised $9,415,032 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.

As at April 30, 2025, the Company had total assets of $7,083,521 (July 31, 2024: $3,121,433). The primary assets of the Company were cash of $5,235,080 (July 31, 2024: $1,675,222), marketable securities of $187,500 (July 31, 2024: $287,500), prepaid expenses of $99,572 (July 31, 2024: $6,236), GST receivable of $24,874 (July 31, 2024: $15,755), and exploration and evaluation assets of $1,503,495 (July 31, 2024: $1,103,700). The Company had no long-term liabilities and had working capital of $5,438,601 as at April 30, 2025 (2023: $1,854,310).

*Cash Used in Operating Activities:* Cash used in operating activities during the nine months ended April 30, 2025 was $1,272,323, compared with $740,044 used in operating activities for the nine months ended April 30, 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 nine months ended April 30, 2025 was $5,299,033 (April 30, 2024: $1,504,993), including $5,359,033 (April 30, 2024: $1,504,993) from the issuance of common shares net of share issuance costs, and $60,000 (April 30, 2024: $nil) used in share subscriptions received.

*Cash Used in Investing Activities:* Total cash used in investing activities during the nine months ended April 30, 2025 was $466,852 (April 30, 2024: $76,538) used in exploration and development of its mineral properties.

------

<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, whereas Zimtu will 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.

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

During the nine months ended April 30, 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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| | | |
|:---|:---|:---|
| **Nine months ended April 30,** | **2025** | **2024** |
| **Key management compensation\*** | **$** | **$** |
| Dahrouge - Exploration & evaluation asset expenditures | 75024 | 16327 |
| Dahrouge - corporate consulting fees | 1887 |  |
| Property acquisition costs | 30000 |  |
| Zimtu - Administrative fees | 135000 | 125000 |
| Zimtu - Advertising and promotion | 112500 | 112500 |
| Share-based payments | 798474 | 4276 |
| Total | 1152885 | 258103 |

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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.

------

---

| | | |
|:---|:---|:---|
| **Period ended:** | **April 30,**<br> **2025** | **July 31,**<br> **2024** |
| **Due to (from) related parties** | **$** | **$** |
| Dahrouge | 24441 | 91498 |
| Zimtu | 5101 | 31152 |
| Total | 29542 | 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.

<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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| | | | |
|:---|:---|:---|:---|
|  | **Year Ended** <br>**July 31, 2024** | **Year Ended** <br>**July 31, 2023** | **Year Ended** <br>**July 31, 2022** |
| Capitalized Exploration and Evaluation Costs | $1103700 | $895953 | $968454 |
| General and Administration Expenses | $665630 | $414813 | $121207 |

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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:

---

| | | | |
|:---|:---|:---|:---|
|  | **June 27, 2025** | **April 30, 2025** | **July 31, 2024** |
| Common Shares | 48880011 | 48604011 | 38003053 |
| Warrants | 38541211 | 38817211 | 30074865 |
| Stock Options | 7250000 | 7250000 | 2250000 |
| Fully Diluted Shares | 94671222 | 94671222 | 70327918 |

---

For additional details of outstanding share capital, refer to Note 7 of the condensed interim financial statements for the nine months ended April 30, 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.

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.

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**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.

**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.

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**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.

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.

**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.

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**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.

**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.

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**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 Property 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 Property 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.

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.

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**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.

**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.

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**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.

**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.

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**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.

**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.

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**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.

<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.

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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.

<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 99.33

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![](exhibit99-33x001.jpg)

(formerly Eagle Bay Resources Corp.)

Condensed Interim Financial Statements

For the Nine Months Ended April 30, 2025

(Unaudited - Expressed in Canadian Dollars)

------

The accompanying unaudited condensed interim financial statements of Apex Critical Metals Corp. for the nine months ended April 30, 2025, have been prepared by management and approved by the Audit Committee and the Board of Directors of the Company. These condensed interim financial statements have not been reviewed by the Company's external auditors.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Condensed Interim Statements of Financial Position<br>As expressed in Canadian dollars<br>(Unaudited - prepared by management)

---

| | | |
|:---|:---|:---|
|  | **April 30,**<br> **2025** | July 31,<br>2024 |
| **Assets** |  |  |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $**5235080** | $1675222 |
| &nbsp;&nbsp;&nbsp;GST | **24874** | 15775 |
| &nbsp;&nbsp;&nbsp;Marketable securities (Note 5) | **187500** | 287500 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses | **99572** | 6236 |
|  | **5547026** | 1984733 |
| Exploration and evaluation assets (Note 6) | **1503495** | 1103700 |
| Reclamation bond | **33000** | 33000 |
|  | $**7083521** | $3121433 |
| **Liabilities** |  |  |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | $**10364** | $7773 |
| &nbsp;&nbsp;&nbsp;Due to related parties (Note 9) | **29542** | 122650 |
| &nbsp;&nbsp;&nbsp;Liability for flow-through shares (Note 11) | **68519** |  |
|  | **108425** | 130423 |
| **Shareholders' Equity** |  |  |
| Share capital (Note 7) | **9832258** | 4541744 |
| Share subscriptions received | **-** | 60000 |
| Reserves (Note 8) | **1111655** | 115255 |
| Deficit | **(3968817)** | (1725989) |
|  | **6975096** | 2991010 |
|  | $**7083521** | $3121433 |

---

Nature and continuation of operations (Note 1)

Subsequent events (Note 13)

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

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

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

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Condensed Interim Statements of Operations and Comprehensive Loss<br>As expressed in Canadian dollars

(Unaudited - prepared by management)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three Months Ended**<br>**April 30,** | **Three Months Ended**<br>**April 30,** | **Nine Months Ended**<br>**April 30,** | **Nine Months Ended**<br>**April 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| **Expenses** |  |  |  |  |
| Accounting and audit fees | $**17250** | $- | $**17250** | $17000 |
| Administrative fees (Note 8) | **45000** | 45000 | **135000** | 125000 |
| Advertising expenses (Note 8) | **292215** | 66933 | **982090** | 148084 |
| Consulting fees and salaries (Note 8) | **10001** | 10817 | **12888** | 14567 |
| Office and miscellaneous | **11080** | 1260 | **17623** | 2524 |
| Legal fees | **7061** | 8186 | **27121** | 28303 |
| Share-based payments | **917210** | 4276 | **996400** | 4276 |
| Transfer agent and filing fees | **35981** | 54959 | **56265** | 76892 |
| Travel and meals | **24289** |  | **52448** |  |
| Loss before other items | **1360087** | 191431 | **2297085** | 416646 |
| Interest income | **30103** |  | **64906** |  |
| Flow-through premium recovery (Note 11) | **11311** |  | **89351** |  |
| Unrealized gain(loss) on marketable securities (Note 5) | **37500** |  | **(100000)** |  |
| **Net Loss and Comprehensive Loss for the Period** | **1281173** | 191431 | **2242828** | 299684 |
| **Basic and Diluted Loss Per Share** | $**0.03** | $0.01 | $**0.05** | $0.03 |
| **Weighted Average Number of Common Shares Outstanding - Basic and Diluted** | **48109017** | 25193046 | **42885242** | 14198954 |

---

\*All shares are shown on a post-split basis.

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

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

For the Nine Months Ended April 30, 2025 and 2024

As expressed in Canadian dollars

(Unaudited - prepared by management)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Number of<br>Shares\*** | **Share <br>Capital** | **Share<br>Subscriptions** | **Reserves** | **Deficit** | **Total** |
| **Balance, July 31, 2023** | **7928188** | $**2036751** | $**-** | $**2844** | $**(1225804)** | $**813791** |
| &nbsp;&nbsp;&nbsp;&nbsp;Private placement (Note 7) | 26324865 | 1504993 |  |  |  | 1504993 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments |  |  |  | 4276 |  | 4276 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss for the period |  |  |  |  | (416646) | (416646) |
| **Balance, April 30, 2024** | **34253053** | $**3541744** | $**-** | $**7120** | $**(1642450)** | $**1906414** |
|  | **Number of Shares\*** | **Share Capital** | **Share Subscriptions** | **Reserves** | **Deficit** | **Total** |
| **Balance, July 31, 2024** | **38003053** | $**4541744** | $**60000** | $**115255** | $**(1725989)** | $**2991010** |
| &nbsp;&nbsp;&nbsp;&nbsp;Private placement (Note 7) | 7950000 | 3520000 |  |  |  | 3520000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Flow-through private placement (Note 7) | 2436958 | 1734880 | (60000) |  |  | 1674880 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares issued for property (Note 6) | 100000 | 87000 |  |  |  | 87000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Warrant exercise (Note 7) | 114000 | 45600 |  |  |  | 45600 |
| &nbsp;&nbsp;&nbsp;&nbsp;Share issuance costs |  | (96966) |  |  |  | (96966) |
| &nbsp;&nbsp;&nbsp;&nbsp;Share-based payments (Note 8) |  |  |  | 996400 |  | 996400 |
| &nbsp;&nbsp;&nbsp;&nbsp;Net loss for the period |  |  |  |  | (2242828) | (2242828) |
| **Balance, April 30, 2025** | **48604011** | $**9832258** | $**-** | $**1111655** | $**(3968817)** | $**6975096** |

---

\*All shares are shown on a post-split basis.

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

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Condensed Interim Statements of Cash Flows<br>For the Nine Months Ended April 30, 2025 and 2024<br>As expressed in Canadian dollars<br>(Unaudited - prepared by management)

---

| | | |
|:---|:---|:---|
|  | **2025** | 2024 |
| **CASH FLOWS FROM (USED IN) OPERATING ACTIVITIES:** |  |  |
| Net loss for the period: | $**(2242828)** | $(416646) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Add items not affecting cash: |  |  |
| Share-based payments | **996400** | 4276 |
| Unrealized gain on marketable securities | **100000** |  |
| Changes in non-cash working capital items related to operations: |  |  |
| GST | **(9099)** | 1971 |
| Prepaid expenses | **(93336)** | (10474) |
| Accounts payable and accrued liabilities | **2591** | (30590) |
| Due to related parties | **(26051)** | (288581) |
| **Net cash flows used in operating activities** | **(1272323)** | (740044) |
| **CASH FLOWS FROM (USED IN) FINANCING ACTIVITIES:** |  |  |
| Issue of common shares, net of share issuance costs | **5359033** | 1504993 |
| Share subscriptions received | **(60000)** |  |
| **Net cash flows from financing activities** | **5299033** | 1504993 |
| **CASH FLOWS FROM (USED IN) INVESTING ACTIVITIES:** |  |  |
| Exploration and evaluation expenditures | **(466852)** | (76538) |
| **Net cash used in investing activities** | **(466852)** | (76538) |
| **Increase (decrease) in cash** | **3559858** | 688411 |
| **Cash, beginning of period** | **1675222** | 264674 |
| **Cash, end of period** | $**5235080** | $953085 |

---

**SUPPLEMENTARY DISCLOSURE**

As at April 30, 2025, the Company had $24,441 (April 30, 2024 - $91,498) in exploration and evaluation expenditures due to related parties.

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

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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 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 OTCQB Venture Market ("OTCQB").

The Company has no source of operating cash flows, has not yet achieved profitable operations, has a working capital of $5,438,601 as at April 30, 2025 (July 31, 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 statements are prepared in accordance with IFRS Accounting Standards ("IFRS"), as issued by the International Accounting Standards Board ("IASB"), applicable to the presentation of interim financial statements, including IAS 34, Interim Financial Reporting ("IAS 34").

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**4. MATERIAL ACCOUNTING POLICY INFORMATION**

The policies applied in these condensed interim financial statements are consistent with policies disclosed in Note 4 of the audited financial statements for the year ended July 31, 2024. Therefore, these condensed interim financial statements should be read in conjunction with the Company's audited financial statements for the year ended July 31, 2024.

**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 April 30, 2025, the Company holds 2,500,000 shares (July 31, 2024 - 2,500,000) with a fair market value of $187,500, or $0.075 per share. During the nine months ended April 30, 2025, the Company recorded an unrealized loss on the shares of $100,000 (April 30, 2024 - $nil). 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 seven months ended July 31, 2022, the Company staked 3 claims contiguous to the CAP Claims. As of April 30, 2025, the Cap property consists of 6 claims totalling 2,824 hectares. (July 31, 2024 - 6 claims).

**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.

*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.

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**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

*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 April 30, 2025 and July 31, 2024, the Prince Property consists of 7 claims.

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

**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.

**Lac Le Moyne Carbonatite Project**

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 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.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

<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 CDN$30,000 cash, 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.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | Bianco<br>Property | CAP<br>Claims | Prince<br>Property | Wicheeda<br>Property | Lac Le Moyne<br>Project | West James<br>Bay Properties | Total property<br>costs |
| 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 |
| Acquisition costs |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | 30000 |  |  |  | 25000 |  | 55000 |
| &nbsp;&nbsp;&nbsp;&nbsp;Shares |  |  |  |  | 87000 |  | 87000 |
| Assays |  | 34575 |  |  |  |  | 34575 |
| Geological expense | 3520 | 59816 |  |  | 11438 |  | 74774 |
| Reports and other |  | 8400 |  |  |  |  | 8400 |
| Supplies |  | 249 |  |  |  |  | 249 |
| Travel and transportation |  | 139797 |  |  |  |  | 139797 |
| Balance, April 30, 2025 | $33520 | $1207558 | $72868 | $66110 | $123438 | $1 | $1503495 |

---

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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 (.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 48,604,011 as of April 30, 2025 (July 31, 2024 - 38,003,053). As of April 30, 2025, the Company has 1,329,750 (July 31, 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 nine months ended April 30, 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"). 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.

&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 $392,749.50. 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). 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.

&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"). All securities issued pursuant to the Offering are subject to a statutory hold period of four (4) months and a day from the Closing.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**7. SHARE CAPITAL** - continued

**During the nine months ended April 30, 2025: (continued)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iv. 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). 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. 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;v. 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;vi. During the nine months ended April 30, 2025, 114,000 share purchase warrants priced at $0.40 were exercised for gross proceeds of $45,600.

**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.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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 nine months ended April 30, 2025 and the year ended July 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2025** | **July 31, 2024** | **July 31, 2024** |
|  |  | Weighted Average |  | Weighted average |
|  | Number of | Exercise | Number of | Exercise |
|  | Warrants | Price | Warrants | Price |
| &nbsp;&nbsp; Balance, beginning of period | 30074865 | $0.12 | 90000 | $1.333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised | (114000) | 0.40 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired |  |  | (90000) | 1.333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 8856346 | 0.59 | 30074865 | 0.12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | 38817211 | $0.23 | 30074865 | $0.12 |

---

The following warrants were outstanding and exercisable as of April 30, 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;December 13, 2025 | $0.067 | 14999865 | 0.62 |
| &nbsp;&nbsp;&nbsp;&nbsp;April 12, 2026 | $0.10 | 11325000 | 0.95 |
| &nbsp;&nbsp;&nbsp;&nbsp;July 5, 2025 | $0.40 | 3636000 | 0.18 |
| &nbsp;&nbsp;&nbsp;&nbsp;August 16, 2025 | $0.40 | 3750000 | 0.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;September 24, 2026 | $0.67 | 906346 | 1.40 |
| &nbsp;&nbsp;&nbsp;&nbsp;December 30, 2026 | $0.75 | 4200000 | 1.67 |
| Total | Total | 38817211 | 0.78 |

---

**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.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

The following is a summary of option transactions under the Company's stock option plan for the nine months ended April 30, 2025 and the year ended July 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **April 30, 2025** | **April 30, 2025** | **July 31, 2024** | **July 31, 2024** |
|  |  | Weighted Average |  | Weighted average |
|  | Number of | Exercise | Number of | Exercise |
|  | Options | Price | Options | Price |
| &nbsp;&nbsp; Balance, beginning of period | 2250000 | $0.138 |  | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 5000000 | 0.80 | 2250000 | 0.138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Balance, end of period | 7250000 | $0.59 | 2250000 | $0.138 |

---

The following stock options were outstanding and exercisable as at April 30, 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 | 650000 | 1950000 | 3.99 |
| &nbsp;&nbsp;&nbsp;&nbsp;May 8, 2029 | $0.167 | 100000 | 300000 | 4.02 |
| &nbsp;&nbsp;&nbsp;&nbsp;March 14, 2030 | $0.80 | 5000000 | 5000000 | 4.87 |
| Total | $0.59 | 7250000 | 7250000 | 4.60 |

---

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. 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.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

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

During the nine months ended April 30, 2025, $997,427 (April 30, 2024 - $4,276) was charged to share-based payments. The following assumptions were used for the Black-Scholes pricing model calculations:

---

| | | | |
|:---|:---|:---|:---|
|  | **March 14, 2025** | **May 8, 2024** | **April 26, 2024** |
| Risk-free interest rate | 2.72% | 3.86% | 3.86% |
| Expected stock price volatility | 183.13% | 230.48% | 230.72% |
| Expected option life in years | 5 years | 5 years | 5 years |
| Dividend rate | Nil | Nil | Nil |

---

**9. RELATED PARTY TRANSACTIONS**

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.

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 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. See Note 13.

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 nine months ended April 30, 2025 and 2024, the Company incurred the following transactions with officers or directors of the Company or companies with common directors:

---

| | | |
|:---|:---|:---|
| **Nine months ended April 30,** | **2025** | **2024** |
| **Key management compensation\*** | **$** | **$** |
| Dahrouge - Exploration & evaluation asset expenditures | 75024 | 16327 |
| Dahrouge - corporate consulting fees | 1887 |  |
| Property acquisition costs | 30000 |  |
| Zimtu - Administrative fees | 135000 | 125000 |
| Zimtu - Advertising and promotion | 112500 | 112500 |
| Share-based payments | 798474 | 4276 |
| Total | 1152885 | 258103 |

---

\* 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.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**9. RELATED PARTY TRANSACTIONS** - continued

---

| | | |
|:---|:---|:---|
| **Period ended:** | **April 30,**<br> **2025** | **July 31,**<br> **2024** |
| **Due to (from) related parties** | **$** | **$** |
| Dahrouge | 24441 | 91498 |
| Zimtu | 5101 | 31152 |
| Total | 29542 | 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.

**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 April 30, 2025, the Company held cash of $5,235,080 (July 31, 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 April 30, 2025, the Company has total current liabilities of $108,425 (July 31, 2024: $130,423). Management intends to meet these obligations by raising funds through future financings.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**10. FINANCIAL INSTRUMENTS** - continued

&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.

&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 April 30, 2025, the Company's shareholders' equity was $6,975,096 (July 31, 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.

------

**Apex Critical Metals Corp.** (formerly Eagle Bay Resources Corp.)<br>Notes to the Condensed Interim Financial Statements<br>For the Nine Months ended April 30, 2025<br>Expressed in Canadian dollars<br>(Unaudited – prepared by management)

**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 April 30, 2025, the Company had incurred the $363,103 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 April 30, 2025, the Company had incurred the $nil in qualified expenditures.

---

| | | | |
|:---|:---|:---|:---|
|  | **Issued on<br>September 24,<br>2024** | **Issued on<br>February 21,<br>2025** | <br>**Total** |
| **Balance, July 31, 2024** | $- | $- | $- |
| Liability incurred on flow-through shares issued | 96646 | 61224 | 157870 |
| Settlement of flow-through share liability on incurred expenses | (89351) |  | (89351) |
| **Balance, April 30, 2025** | $7295 | $61224 | $68519 |

---

**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.

**13. SUBSEQUENT EVENTS**

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. See Note 9.

Subsequent to April 30, 2025, 276,000 share purchase warrants priced at $0.40 were exercised for gross proceeds of $110,400.

------

## Exhibit 99.34

------

![](exhibit99-34x1x1.jpg)

**Apex Critical Metals Prepares for 1,500 Metre Drill**

**Program at Cap Project, British Columbia**

**Vancouver, BC, - July 10, 2025: Apex Critical Metals Corp.** (CSE: APXC) (OTCQB: APXCF) (FWB: KL9) ("Apex" or the "Company") is pleased to announce that it has finalized a drill contract with Quesnel Bros. Diamond Drilling Ltd. for its fully funded summer 2025 drill program at the Cap Project, located approximately 85 kilometres northeast of Prince George, British Columbia.

The planned heli-supported diamond drill program will comprise **up to 1,500 metres** of NQ core drilling and is scheduled to commence **mid-July 2025**. The program will test high-priority niobium and rare earth element (REE) targets defined by the Company's 2024 surface exploration campaign.

This marks the first drill program at the Cap Project since 2017 and is designed to follow up on several compelling results from 2024 surface exploration (See <u>News Release Dated November 12, 2024</u>) including:

* Outcrop grab samples grading **up to 3.33% Nb₂O₅**,

* Niobium and REE in soil anomalies extending over a **1.8 km trend** with peak values of **1.21% total rare earth oxides (TREO)**,

* Boulder samples grading **up to 1.79% Nb₂O₅**.

**Sean Charland, CEO of Apex Critical Metals**, commented: *"We're excited to advance the Cap Project to its next critical phase. The 2024 exploration results revealed a strong geochemical footprint for both niobium and REEs. This drill program will test the depth continuity and geometry of the anomalies, marking a significant step forward in unlocking the potential of this emerging carbonatite system."*

The Company has selected **Quesnel Bros. Diamond Drilling Ltd.**, a highly experienced remote-access drill contractor, to complete the program. Mobilization is set to begin in mid-July, with crews operating on a 24-hour rotation from a helicopter-supported camp. The program will be fully supported by Dahrouge Geological Consulting Ltd., Apex's long-term technical partner.

The drill plan prioritizes multiple targets:

* Confirmation and extension of historical drill intercepts (e.g., 0.35% over 10.4 m and 0.51% Nb₂O₅ over 4.0 metres from drillhole CAP17-004),

* Drill testing the mineralized outcrop identified in 2024 which returned 3.33% Nb₂O₅ grab sample,

* Testing the continuity of mineralization at depth along the 1.8 km-long niobium-REE soil anomaly,

The Company will provide regular updates throughout the program as results become available.

**Qualified Person;**

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.

------

![](exhibit99-34x2x1.jpg)

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 ha, is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex Critical intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, in the United States on the OTCQB market 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.*

------

![](exhibit99-34x3x1.jpg)

**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 statements with respect to the activities to be undertaken in connection with the planned drilling program for 2025 and that the Company intends to investigate potential high-value opportunities to meet the global demand for specialty metals. 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, including risks related to factors beyond the control of the Company. 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 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 99.35

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![](exhibit99-35x2x1.jpg)

**Apex Critical Metals Mobilizes for Fully Funded Drill<br>Program at Cap Project in Central British Columbia**

*- Summer 2025 campaign will test high-priority niobium and rare earth element targets<br>across 1.8 km anomaly*

**Vancouver, British Columbia - July 22, 2025 - Apex Critical Metals Corp.** ("Apex" or the "Company") (CSE: APXC \| OTCQB: APXCF \| FWB: KL9), a Canadian exploration company focused on strategic critical metals, is pleased to announce the arrival of a Hydracore 2000 heli- portable drill rig with crews now mobilizing to the Cap Project in preparation for the Company's fully funded 2025 summer drill campaign.

The Cap Project, located 85 km northeast of Prince George, British Columbia, is host to a rare carbonatite complex with strong niobium and rare earth element (REE) mineralization. The upcoming program will include up to 1,500 metres of helicopter-supported NQ core drilling, targeting a 1.8-kilometre mineralized trend identified during the Company's 2024 exploration campaign.

Drill program preparations commenced earlier this month (see news release dated July 10, 2025), with support crews working on drill pad construction, which is now complete at the first two planned drillhole locations, with drilling expected to commence by the end of July.

![](exhibit99-35xu001.jpg)

*Drill pad construction at the Cap project, British Columbia*

------

![](exhibit99-35x2x1.jpg)

**Highlights from 2024 surface work include (See <u>News Release Dated November 12, 2024</u>):**

* 3.33% Nb₂O₅ returned from carbonatite outcrop sample

* Boulder samples of 1.45% and 1.79% Nb₂O₅

* Niobium and REE in soil anomalies extending over a 1.8 km trend with peak value of 1.21% total rare earth oxides (TREO)

The 2025 campaign is designed to test priority zones of carbonatite-hosted mineralization, including historical drillhole intercepts such as 0.51% Nb₂O₅ over 4.0 metres. The Company has secured all necessary permits under a Multi-Year Area-Based (MYAB) exploration authorization, enabling efficient operations throughout the season.

Drilling services are being provided by Quesnel Bros. Diamond Drilling Ltd., a specialized contractor with extensive remote-access experience. Field operations are supported and managed by Dahrouge Geological Consulting Ltd.

CEO Sean Charland commented: "With mobilization now underway, we're set to begin testing one of the most underexplored niobium and REE carbonatite systems in Canada. The Cap Project is a standout opportunity with scale, grade, and excellent infrastructure, and we're excited to launch this next phase of exploration."

The Company will provide further updates as drilling progresses and initial results become available.

**Qualified Person;**

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.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium trend. The Company's Bianco carbonatite project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario.

------

![](exhibit99-35x3x1.jpg)

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex Critical intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, in the United States on the OTCQB market 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> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</u> or <u>LinkedIn</u>.

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

*--Sean Charland--*

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.*

------

![](exhibit99-35x4x1.jpg)

**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: statements with respect to the planned drill program and targets, and the anticipated commencement thereof; and that the Company intends to investigate potential high-value opportunities to meet the demand for specialty metals. 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, including risks related to factors beyond the control of the Company, including, but not limited to, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. 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 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 99.36

------

![](exhibit99-36x1x1.jpg)

**Apex Critical Metals Commences 2025 Drill Program at Cap**

**Project in Central British Columbia**

*--Niobium and rare earth element targets to be tested in underexplored carbonatite system*

**Vancouver, British Columbia - July 30, 2025 - Apex Critical Metals Corp.** (CSE: APXC \| OTCQB: APXCF \| FWB: KL9) ("Apex" or the "Company"), a Canadian mineral exploration company focused on strategic critical metals, is pleased to announce that the Company has commenced its 2025 diamond drill program at its 100%-owned Cap Project in central British Columbia.

The Cap Project, covering approximately 2,500 hectares, is host to carbonatite-hosted niobium and rare earth element (REE) mineralization, situated 85 km northeast of Prince George. The 2025 campaign will comprise up to 1,500 metres of diamond drilling and is fully funded and permitted under a five-year Multi-Year Area-Based (MYAB) permit.

Sean Charland, CEO of Apex, remarked, "With a strong dataset from last year and a fully prepared drill team, we're eager to begin testing what we believe is one of the most underexplored niobium- REE systems in Canada. The Cap Project has potential scale, grade, and excellent logistics, making it a standout target for critical mineral development."

Drilling will initially focus on the highest-priority targets identified from the 2024 surface exploration program (See <u>News Release Dated November 12, 2024</u>):, which included:

* 3.33% Nb₂O₅ returned from carbonatite outcrop sample

* Boulder samples of 1.45% and 1.79% Nb₂O₅

* Niobium and REE in soil anomalies extending over a 1.8 km trend with peak value of 1.21% total rare earth oxides (TREO)

------

![](exhibit99-36x1x1.jpg)

![](exhibit99-36xu001.jpg)

*Figure 1: Map showing approximate location of CAP25-005, 2024 rock samples, and 1.8 km*

*anomaly trend - Apex Critical Metals 2025.*

**Planned Drill Targets for the 2025 Campaign:**

* **CAP25-005:** Step-out targeting down-dip extension of CAP17-004 historical intercept (0.51% Nb₂O₅ over 4m)

* **CAP25-006:** Testing depth extent of mineralized outcrop that returned 3.33% Nb₂O₅ from grab sample collected in 2024

* Additional targets have been designed to test the mineralized extent of niobium/REE soil and coincident radiometric anomalies (see Figure 1).

------

![](exhibit99-36x1x1.jpg)

![](exhibit99-36xu003.jpg)

*Figure 2: Drill Rig fully mobilized to first drillhole of 2025 program, CAP25-005 - Apex Critical*

*Metals 2025.*

Drilling is being carried out by Quesnel Bros. Diamond Drilling Ltd. The equipment was mobilized to site in mid July, with drilling now officially underway. Crews are operating on a 24- hour, two-shift rotation supported by a remote work camp north of the Property. The program is managed in the field by Dahrouge Geological Consulting Ltd.

**Qualified Person**

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 including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. Mr. Schmidt noted no errors or omissions during the data verification process. The Company and Mr. Schmidt do not recognize any factors of sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed in this news release.

------

![](exhibit99-36x4x1.jpg)

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 hectares and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex located in Quebec, Canada.

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a variety of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC and quoted on the OTCQB 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

------

![](exhibit99-36x5x1.jpg)

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.*

**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 statements with respect to the start of the Company's anticipated drilling program and the Company's intention to further investigate high-value opportunities on its properties for specialty metals. 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: that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able 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 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 99.37

------

![](exhibit99-37x1x1.jpg)

**Apex Critical Metals Graduates to OTCQX® Best Market**

**Vancouver, British Columbia -August 1, 2025 - Apex Critical Metals Corp.** ("Apex" or the "Company") (CSE: APXC \| OTCQX: APXCF \| FWB: KL9) is pleased to announce that OTC Markets Group Inc. (OTCQX: OTCM), operator of regulated markets for trading 12,000 U.S. and international securities, today announced that Apex has qualified to trade on the OTCQX® Best Market. Apex previously traded on the OTCQB® Venture Market.

Apex begins trading today on OTCQX under the symbol "APXCF". U.S. investors can access current financial disclosure and real-time level 2 quotes for the Company at <u>www.otcmarkets.com.</u>

The OTCQX Market is designed for established, investor-focused U.S. and international companies. In order to qualify, companies must meet more stringent qualification requirements than other OTC marketplaces, including higher financial standards, follow best practice corporate governance, and demonstrate compliance with applicable securities laws. Graduating to the OTCQX Market from the OTCQB marks a significant milestone that allows companies to demonstrate their qualifications and enhance visibility within the U.S. investment community.

"Graduating to the OTCQX Market marks another important step forward in our mission to build a leading North American explorer focused on critical metals," stated Sean Charland, CEO of Apex. "This upgrade reflects the financial strength of our company, our commitment to transparent disclosure, and our intention to engage a broader base of U.S. investors as we continue to advance our rare earth and niobium-focused projects."

**About OTC Markets Group Inc.**

<u>OTC Markets Group Inc.</u> (OTCQX: OTCM) operates regulated markets for trading 12,000 U.S. and international securities. Our data-driven disclosure standards form the foundation of our public markets: OTCQX® Best Market, OTCQB® Venture Market, OTCID™ Basic Market and Pink Limited™ Market. Our OTC Link® Alternative Trading Systems (ATSs) provide critical market infrastructure that broker- dealers rely on to facilitate trading. Our innovative model offers companies more efficient access to the U.S. financial markets.

OTC Link ATS, OTC Link ECN, OTC Link NQB, and MOON ATS™ are each SEC regulated ATS, operated by OTC Link LLC, a FINRA and SEC registered broker-dealer, member SIPC. To learn more about how we create better informed and more efficient markets, visit <u>www.otcmarkets.com</u>.

**Media Contact:**

OTC Markets Group Inc.,<br>+1 (212) 896-4428,<br><u>media@otcmarkets.com</u>

------

![](exhibit99-37x2x1.jpg)

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. ("Apex" or the "Company") 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8- kilometre niobium trend. Apex's Bianco carbonatite project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario.

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex is publicly listed in Canada on the Canadian Securities Exchange (the "CSE") under the symbol APXC, in the United States on the OTCQX market 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> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</u> or <u>LinkedIn</u>.

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

*--Sean Charland--*

Sean Charland

Chief Executive Officer

Tel: 604.681.1568

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

------

![](exhibit99-37x3x1.jpg)

*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: statements regarding the Company's intention to engage a broader base of U.S. investors and statements regarding the Company's intention to investigate potential high-value opportunities to meet the demand for specialty metals. 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, including risks related to factors beyond the control of the Company, including, but not limited to, variations in ore grade or recovery rates, changes in project parameters as plans continue to be refined, unsuccessful exploration results, future metal prices, availability of capital and financing on acceptable terms, general economic, market or business conditions, risks associated with regulatory changes, defects in title, availability of personnel, materials and equipment on a timely basis, accidents or equipment breakdowns, uninsured risks, delays in receiving government approvals, unanticipated environmental impacts on operations and costs to remedy same. 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 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.*

------

## Exhibit 99.38

------

![](exhibit99-38x1x1.jpg)

**Apex Critical Metals Updates 2025 Drill Program at Cap**

**Project in Central British Columbia**

*--Niobium and rare earth element targets to be tested in underexplored carbonatite system*

**Vancouver, British Columbia - August 12, 2025 - Apex Critical Metals Corp.** (CSE: APXC \| OTCQX: APXCF \| FWB: KL9) ("Apex" or the "Company"), a Canadian mineral exploration company focused on strategic critical metals, is pleased to provide an update on its 2025 diamond drill program at its 100%-owned Cap Critical Minerals Project in central British Columbia.

The Cap Project, covering approximately 2,500 hectares, is host to carbonatite-hosted niobium and rare earth element (REE) mineralization, situated 85 km northeast of Prince George, BC. The 2025 exploration program will comprise up to 1,500 metres of diamond drilling and is fully funded and permitted under a five-year Multi-Year Area-Based (MYAB) permit.

Sean Charland, CEO of Apex, remarked, *"As drilling continues, we are encouraged with the initial mineral observations by our geological team by what we've now identified within drill core samples, based on visual observations and portable XRF results, as mineralized carbonatite at our Cap project."*

To date, four drill holes (CAP25-005, 006, 007 and 008) have been completed, for a total of 1,097 m, near the eastern extremity of the coincident soil geochemical and geophysical anomaly identified in prior exploration (see Figure 4). 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). The Company has yet to determine the true thickness and orientation of the carbonatite body, though it is now postulated that the carbonatite is near vertical in orientation.

Through geological logging of drill core, and supported by spot portable XRF readings, visible pyrochlore (Nb mineral) (see Figures 1 and 2) and rare earth minerals (see Figure 3) have been noted within various phases of the carbonatite. The Company cautions that the presence of carbonatite and identification of mineralization in drill core is based on visual mineral identification and spot portable XRF readings only and, therefore, until laboratory geochemical assays are received on core samples, there can be no confirmed determination as to the presence of niobium and/or rare earth element bearing minerals.

The first batch of samples from CAP25-005 and CAP25-006 have been processed and shipped to Activation Laboratories Ltd. preparation facility located in Kamloops, British Columbia with the geological team continuing to process the remaining core onsite. Core assays results are expected to be received over the next several weeks and continue into the fall.

------

![](exhibit99-38x1x1.jpg)

![](exhibit99-38xu002.jpg)

*Figure 1. Abundant, nuggety pyrochlore mineralization at 38 m to 41 m depth in CAP25-006 as indicated based on visual identification and portable XRF readings.*

*Figure 2. Coarse grained pyrochlore at ~68 m depth in CAP25-006 as indicated based on visual identification and portable XRF readings.*

------

![](exhibit99-38x1x1.jpg)

![](exhibit99-38xu004.jpg)

*Figure 3. Abundant visible rare earth fluorocarbons with carbonatite/fenite at ~184 m depth in CAP25-007, as indicated based on visual identification and portable XRF readings.*

*Figure 4: Map showing approximate location of drillholes CAP25-005, 006, 007 and 008*

*relative to 2024 surface samples and historical drillholes*

------

![](exhibit99-38x1x1.jpg)

A summary of planned orientations, depths and visually logged lithologies from the completed drillholes is provided in Table 1.

*Table 1: Summary of Completed Drillholes and Logged Lithologies\**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | | | | **Logged Intervals** | **Logged Intervals** | **Logged Intervals** | **Logged Intervals** |
| <br>**Hole ID** | <br>**Planned<br>Azimuth** | <br>**Planned<br>Dip** | <br>**Total<br>Depth (m)** | **From<br>(m)** | **To<br>(m)** | **Core<br>Length (m)** | **Lithologies Intersected** |
| CAP25-005 | 210 | -60 | 350.95 | 269.43 | 350.95 | 81.52 | Carbonatite / Fenite |
| CAP25-006 | 220 | -65 | 240 | 9.88 | 147.9 | **138.02** | Carbonatite / Fenite |
| CAP25-007 | 220 | -89 | 417.13 | 7.04 | 388.21 | **381.17** | Carbonatite / Fenite / Syenite |
| CAP25-008 | 40 | -45 | 89 | 4.94 | 34.08 | 29.14 | Carbonatite / Fenite |

---

*\*Lithologies are based on preliminary geological logging and visual identification only. No laboratory assays have yet been received to confirm the presence of niobium and/or rare earth element bearing minerals in relation to the logged lithologies.*

**Sampling, Analytical Methods and QA/QC Protocols**

All drilling was completed using a helicopter supported diamond drill rig with NQ size core and all drill core samples have been or will be shipped to Activation Laboratories Ltd. preparation facility in Kamloops, British Columbia, for standard sample preparation (code RX1) which includes drying, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm. The samples will be subsequently analyzed using Code 8 by XRF Nb₂O₅, ZrO₂ and Ta₂O₅ (0.003%), Code 8 - REE Assay (lithium metaborate/tetraborate fusion with subsequent analysis by ICP and ICP/MS), and 1A2 Au by Fire Assay. Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box onsite.

A Quality Assurance/Quality Control protocol was incorporated into the program and included the insertion of certified reference material at and silica blanks at a rate of approximately 5 % and 5 %, respectively.

**Qualified Person**

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 including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. Mr. Schmidt noted no errors or omissions during the data verification process. The Company and Mr. Schmidt do not recognize any factors of sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed in this news release.

------

![](exhibit99-38x1x1.jpg)

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 hectares and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex located in Quebec, Canada.

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a variety of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. 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<br>Email: <u>info@apexcriticalmetals.com</u>

------

![](exhibit99-38x6x1.jpg)

*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 statements with respect to the start of the Company's anticipated drilling program and the Company's intention to further investigate high-value opportunities on its properties for specialty metals. 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: that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able 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 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 99.39

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![](exhibit99-39x1x1.jpg)

**Apex Critical Metals Announces Extension to Agreement**

**with Rumble Strip Media Inc.**

**Vancouver, BC / ACCESSWIRE / August 21, 2025: Apex Critical Metals Corp.** (CSE: APXC) (OTCQX: APXCF) (FWB: KL9) ("Apex" or the "Company"), an exploration company focused on strategic critical metals, is pleased to announce that 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 August 20, 2025, for a three-month term ending November 20, 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.

**About Apex Critical Metals Corp.**

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium trend. The Company's Bianco carbonatite project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario.

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex Critical intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. Apex Critical is publicly listed in Canada on the Canadian Securities Exchange (CSE) under the symbol APXC, in the United States on the OTCQX market 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> where you can subscribe for <u>News Alerts</u>, watch our <u>Video</u>, or follow us on <u>Facebook</u>, <u>X.com</u> or <u>LinkedIn</u>.

------

![](exhibit99-39x2x1.jpg)

On Behalf of the Board of Directors

**APEX CRITICAL METALS CORP.,**

*--Sean Charland--*

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.*

**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 statements with respect to the services that Rumble Media will provide to the Company under the investor relations agreement, as extended, and statements regarding the Company's intention to investigate the high-value systems within carbonatite-hosted projects . 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, including risks related to factors beyond the control of the Company. 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 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 99.40

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![](exhibit99-40x1x1.jpg)

**Apex Makes Significant Niobium Discovery with<br>0.59% Nb<sub>2</sub>O<sub>5</sub> over 36 m, including 1.08% Nb<sub>2</sub>O<sub>5<br></sub>over 10 m at The Cap Project**

**Highlights**

* **Significant niobium discovery in drillhole** at the Cap Carbonatite starting from only 33.5 m downhole.

* **Mineralization remains open** in all directions.

* **Assays pending for remaining 1,691 m** drilled to date from six (6) drillholes.

* **Drill Program extended** to test additional targets given the early program successes.

**Vancouver, British Columbia - August 27, 2025 - Apex Critical Metals Corp.** (CSE: APXC \| OTCQX: APXCF \| FWB: KL9) ("Apex" or the "Company"), a Canadian mineral exploration company focused on strategic critical metals, is pleased to announce a major niobium discovery in its second hole from its 2025 diamond drill program at its 100%-owned Cap Critical Minerals Project ("Cap" or the "Cap Project") in central British Columbia.

Sean Charland, CEO of Apex Critical Metals comments, *"The global niobium supply chain has been dominated by Brazil with a limited number of global producers and developers. The need to secure domestic sources in North America has never been more important, and it's with that backdrop that we are incredibly pleased to see such early returns and a new significant niobium discovery emerging at our Cap Project from the recent drilling campaign by Apex. ASX-listed WA1 Resources ($1.39 billion AUD market cap) and Nasdaq-listed Niocorp Developments ($320 million USD market cap) highlight the opportunity to create significant value through the definition of niobium deposits, and these initial results from our 2025 campaign put the Cap Project on the map with the potential to emerge as a meaningful source of critical niobium and associated rare earth elements."*

Preliminary visual results from drillhole CAP25-006 of the 2025 campaign motivated the Company to request a rush order for the results from the upper 72.5 metres ("m") from the assay lab. The results confirm 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% Nb₂O**₅ (see Table 1, Figure 1). These results validate the strong visual estimates of pyrochlore mineralization (Figure 2) reported in the Company's <u>August 12 news release</u> and demonstrate the grade potential over significant thickness at depth, where the heart of the mineralized system remains untested.

------

![](exhibit99-40x1x1.jpg)

The Cap Project, covering approximately 2,500 hectares, hosts carbonatite-associated niobium and rare earth element (REE) mineralization, with road access only 85 km northeast of Prince George, BC. The fully funded 2025 exploration program, originally planned for 1,500 metres ("m") of diamond drilling, has been expanded in response to the strong early results. To date, six (6) drillholes totalling 1,763 m have been completed, with drilling ongoing (Figure 3, Table 2). The analytical results disclosed herein 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.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;*Table 1: Summary of Analytical Results from CAP25-006 (0 to 72.5 m)* | &nbsp;&nbsp;*Table 1: Summary of Analytical Results from CAP25-006 (0 to 72.5 m)* | &nbsp;&nbsp;*Table 1: Summary of Analytical Results from CAP25-006 (0 to 72.5 m)* | &nbsp;&nbsp;*Table 1: Summary of Analytical Results from CAP25-006 (0 to 72.5 m)* | &nbsp;&nbsp;*Table 1: Summary of Analytical Results from CAP25-006 (0 to 72.5 m)* | &nbsp;&nbsp;*Table 1: Summary of Analytical Results from CAP25-006 (0 to 72.5 m)* | &nbsp;&nbsp;*Table 1: Summary of Analytical Results from CAP25-006 (0 to 72.5 m)* | &nbsp;&nbsp;*Table 1: Summary of Analytical Results from CAP25-006 (0 to 72.5 m)* |
| &nbsp;&nbsp;**Hole ID** | &nbsp;&nbsp;**From<br>(m)** | &nbsp;&nbsp;**To<br>(m)** | &nbsp;&nbsp;**Interval<br>(m)<sup>(1)</sup>** | &nbsp;&nbsp;**Nb<sub>2</sub>O<sub>5</sub><br>(%)** | &nbsp;&nbsp;**Ta<sub>2</sub>O<sub>5</sub><br>(ppm)** | &nbsp;&nbsp;**P<sub>2</sub>O<sub>5</sub><br>(%)** | &nbsp;&nbsp;**TREO+Y<br>(%) <sup>(2)</sup>** |
| &nbsp;&nbsp;CAP25-006 | &nbsp;&nbsp;9.9 | &nbsp;&nbsp;72.5 | &nbsp;&nbsp;62.6 | &nbsp;&nbsp;0.39 | &nbsp;&nbsp;22 | &nbsp;&nbsp;2.28 | &nbsp;&nbsp;0.11 |
| &nbsp;&nbsp;*incl* | &nbsp;&nbsp;**33.5** | &nbsp;&nbsp;**69.5** | &nbsp;&nbsp;**36.0** | &nbsp;&nbsp;**0.59** | &nbsp;&nbsp;23 | &nbsp;&nbsp;3.16 | &nbsp;&nbsp;0.14 |
| &nbsp;&nbsp;*or* | &nbsp;&nbsp;**33.5** | &nbsp;&nbsp;**43.5** | &nbsp;&nbsp;**10.0** | &nbsp;&nbsp;**1.08** | &nbsp;&nbsp;28 | &nbsp;&nbsp;3.12 | &nbsp;&nbsp;0.15 |
| &nbsp;&nbsp;(1) All intervals are core length and do not represent true thickness. (2) Rare Earth Oxide (TREO) is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Eu2O3 + Sm2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 (3) All average values presented are length weighted averages | &nbsp;&nbsp;(1) All intervals are core length and do not represent true thickness. (2) Rare Earth Oxide (TREO) is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Eu2O3 + Sm2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 (3) All average values presented are length weighted averages | &nbsp;&nbsp;(1) All intervals are core length and do not represent true thickness. (2) Rare Earth Oxide (TREO) is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Eu2O3 + Sm2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 (3) All average values presented are length weighted averages | &nbsp;&nbsp;(1) All intervals are core length and do not represent true thickness. (2) Rare Earth Oxide (TREO) is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Eu2O3 + Sm2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 (3) All average values presented are length weighted averages | &nbsp;&nbsp;(1) All intervals are core length and do not represent true thickness. (2) Rare Earth Oxide (TREO) is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Eu2O3 + Sm2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 (3) All average values presented are length weighted averages | &nbsp;&nbsp;(1) All intervals are core length and do not represent true thickness. (2) Rare Earth Oxide (TREO) is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Eu2O3 + Sm2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 (3) All average values presented are length weighted averages | &nbsp;&nbsp;(1) All intervals are core length and do not represent true thickness. (2) Rare Earth Oxide (TREO) is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Eu2O3 + Sm2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 (3) All average values presented are length weighted averages | &nbsp;&nbsp;(1) All intervals are core length and do not represent true thickness. (2) Rare Earth Oxide (TREO) is the summation of Ce2O3 + La2O3 + Pr2O3 + Nd2O3 + Eu2O3 + Sm2O3 + Gd2O3 + Tb2O3 + Dy2O3 + Ho2O3 + Er2O3 + Tm2O3 + Yb2O3 + Lu2O3 + Y2O3 (3) All average values presented are length weighted averages |

---

Mineralization encountered in CAP25-006 remains open in all directions, highlighting the potential for expansion with continued drilling. The persistence of mineralized carbonatite and associated fenite observed in core supports the interpretation of a large and well-developed system. Additional assays are pending for the remainder of CAP25-006 as well as for drillholes completed over the duration of the program. The Company eagerly awaits the results to provide further understanding on the continuity, grade distribution, and scale of mineralization across the Cap Project.

Management cautions that comparisons to other companies or projects (i.e., WA1 Resources and Niocorp Developments) are provided for illustrative purposes only and are not necessarily indicative of the mineralization or economic potential of the Cap Project.

------

![](exhibit99-40x1x1.jpg)

![](exhibit99-40xu001.jpg)

*Figure 1. CAP25-006 - Interval from 33.5m to 43.5 m which assayed 1.08% Nb<sub>s</sub>O<sub>5</sub> (red box).*

*Apex Critical Metals 2025.*

*Figure 2. CAP25-006 - CAP25-006 - Abundant pyrochlore observed between 38 and 41 m, a ~3*

*m section within the broader interval that assayed 1.08% Nb₂O₅ over 10 m*

------

![](exhibit99-40x1x1.jpg)

*Figure 3: Map showing approximate location of 2025 drillholes completed to date relative to*

*2024 surface samples and historical drillholes. Apex Critical Metals 2025.*

*Table 2: 2025 Drillhole Locations and Attributes*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| &nbsp;&nbsp;**Hole number** | &nbsp;&nbsp;**Depth<br>(m)** | &nbsp;&nbsp;**Azimuth<br>(°)** | &nbsp;&nbsp;**Dip<br>(°)** | &nbsp;&nbsp;**Easting<sup>(1)</sup>** | &nbsp;&nbsp;**Northing <sup>(1)</sup>** | &nbsp;&nbsp;**Elevation<br>(masl)** |
| &nbsp;&nbsp;CAP25-005 | &nbsp;&nbsp;351.0 | &nbsp;&nbsp;210 | &nbsp;&nbsp;-60 | &nbsp;&nbsp;580690 | &nbsp;&nbsp;6029957 | &nbsp;&nbsp;1301 |
| &nbsp;&nbsp;CAP25-006 | &nbsp;&nbsp;240.0 | &nbsp;&nbsp;220 | &nbsp;&nbsp;-65 | &nbsp;&nbsp;580428 | &nbsp;&nbsp;6029896 | &nbsp;&nbsp;1285 |
| &nbsp;&nbsp;CAP25-007 | &nbsp;&nbsp;417.1 | &nbsp;&nbsp;220 | &nbsp;&nbsp;-89 | &nbsp;&nbsp;580429 | &nbsp;&nbsp;6029897 | &nbsp;&nbsp;1285 |
| &nbsp;&nbsp;CAP25-008 | &nbsp;&nbsp;89.0 | &nbsp;&nbsp;40 | &nbsp;&nbsp;-45 | &nbsp;&nbsp;580431 | &nbsp;&nbsp;6029902 | &nbsp;&nbsp;1285 |
| &nbsp;&nbsp;CAP25-009 | &nbsp;&nbsp;369.8 | &nbsp;&nbsp;180 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;579920 | &nbsp;&nbsp;6030215 | &nbsp;&nbsp;1540 |
| &nbsp;&nbsp;CAP25-010 | &nbsp;&nbsp;296.0 | &nbsp;&nbsp;225 | &nbsp;&nbsp;-50 | &nbsp;&nbsp;579920 | &nbsp;&nbsp;6030215 | &nbsp;&nbsp;1540 |
| &nbsp;&nbsp;(1) Coordinates are presented in NAD83 UTM Z10 (2) Azimuth and dip presented are planned and may vary downhole | &nbsp;&nbsp;(1) Coordinates are presented in NAD83 UTM Z10 (2) Azimuth and dip presented are planned and may vary downhole | &nbsp;&nbsp;(1) Coordinates are presented in NAD83 UTM Z10 (2) Azimuth and dip presented are planned and may vary downhole | &nbsp;&nbsp;(1) Coordinates are presented in NAD83 UTM Z10 (2) Azimuth and dip presented are planned and may vary downhole | &nbsp;&nbsp;(1) Coordinates are presented in NAD83 UTM Z10 (2) Azimuth and dip presented are planned and may vary downhole | &nbsp;&nbsp;(1) Coordinates are presented in NAD83 UTM Z10 (2) Azimuth and dip presented are planned and may vary downhole | &nbsp;&nbsp;(1) Coordinates are presented in NAD83 UTM Z10 (2) Azimuth and dip presented are planned and may vary downhole |

---

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![](exhibit99-40x5x1.jpg)

**Sampling, Analytical Methods and QA/QC Protocols**

All drilling was completed using a helicopter supported diamond drill rig with NQ size core and all drill core samples have been or will be shipped to Activation Laboratories Ltd. preparation facility in Kamloops, British Columbia, for standard sample preparation (code RX1) which includes drying, crush (< 7 kg) up to 80% passing 2 mm, riffle split (250 g) and pulverize (mild steel) to 95% passing 105 µm. The samples were subsequently analyzed using Code 8 by XRF Nb₂O₅, ZrO₂ and Ta₂O₅ (0.003%), Code 8 - REE Assay (lithium metaborate/tetraborate fusion with subsequent analysis by ICP and ICP/MS). Drill core was saw-cut with half-core sent for geochemical analysis and half-core remaining in the box onsite.

In addition to internal laboratory Quality Assurance/Quality Control (QA/QC) protocols, the Company implemented an independent QA/QC program that included the insertion of certified reference materials and silica blanks at a rate of approximately 5% each. To further assess analytical precision, duplicate analyses were performed on both pulp splits and reject splits at a rate of approximately 5%.

**Qualified Person**

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 National Instrument 43-101 - *Standards of Disclosure for Mineral Projects*. Mr. Schmidt has verified all scientific and technical data disclosed in this news release including the sampling and QA/QC results, and certified analytical data underlying the technical information disclosed. Mr. Schmidt noted no errors or omissions during the data verification process. The Company and Mr. Schmidt do not recognize any factors of sampling or recovery that could materially affect the accuracy or reliability of the assay data disclosed in this news release.

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 hectares and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex located in Quebec, Canada.

Carbonatites are extremely rare rock types, with fewer than 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China.

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![](exhibit99-40x5x1.jpg)

They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a variety of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. 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>

*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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![](exhibit99-40x7x1.jpg)

**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 statements with respect to the pending assay results for the remaining 1,691m drilled on the six drillholes, that the Cap Project has the potential to emerge as a meaningful source of critical niobium and associated rare earth elements, and the Company's intention to further investigate high-value opportunities on its properties for specialty metals. 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: include that expectations regarding pending core assays based on preliminary visual observations from diamond drilling results at the Cap Project may be found to be inaccurate; that results may indicate further exploration efforts at the Cap Project as not warranted; that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able 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 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 99.41

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![](exhibit99-41x1x1.jpg)

**Apex Critical Metals Expands Strategic Focus with**

**U.S. Critical Minerals Property Acquisition**

**Vancouver, British Columbia - September 3, 2025** - Apex Critical Metals Corp. ("Apex" or the "Company") (CSE: APXC \| OTCQX: APXCF \| FWB: KL9), a Canadian mineral exploration company focused on strategic metals vital to global supply chains, is pleased to provide an update on a corporate initiative to expand its holdings within the U.S.A. as part of a broader positioning within the North American critical minerals sector.

The Company, via a local agent, has acquired rights to explore and options to purchase a **2,407- acre** midwestern U.S.-based property package it considers highly prospective for rare earth elements (REE) and critical mineral mineralization based on a historic exploration data set available to the Company. The project covers a large portion of a rare metal complex which has been known for more than 50 years but remains largely underexplored. Dahrouge Geological Consulting Ltd. ("Dahrouge") has been retained to review the historical exploration data and provide recommendations going forward.

CEO of Apex Critical Metals, Sean Charland, states: *"I've personally worked with Jody Dahrouge and his team for more than two decades, with several years spent evaluating rare earth element exploration opportunities. Over the past year, in addition to our collaborations in Canada (Cap Project), we've focused our efforts on a particular district in the US that we believe holds significant potential for rare earth and niobium discoveries. The recent shifting of government priorities and industrial demand forecasts aligns well with the highly prospective portfolio we are building at Apex."*

The property package to-date totals 2,407 acres, and the Company acquired the rights to explore, as well as an option to purchase the mineral interest in respect of the properties, or an aggregate purchase price of CAD $567,472.84. The Company shall have the option to purchase the mineral interest in respect of the properties by paying the sum of US$10,000 per acre. If the option is exercised by the Company, an aggregate 2.5% net smelter return ("NSR") royalty is payable, with Apex retaining the right to repurchase 0.25% of the NSR for US$500,000.

**Rare Earth Supply Chain Dynamics**

This acquisition comes at a time of unprecedented investment in U.S. rare earths. On **July 10, 2025**, the U.S. Department of Defense announced a **US$400 million equity stake in MP Materials Corp.**¹, operator of the Mountain Pass mine, in a deal that also included a decade-long guaranteed pricing arrangement for permanent magnets used in defense applications. Just days later, **Apple Inc.** signed a **US$500 million multi-year supply agreement** with MP Materials, marking one of the largest corporate commitments to a U.S.-based rare earth producer in history.

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![](exhibit99-41x2x1.jpg)

The urgency is reinforced by the **U.S. Geological Survey's 2025 Mineral Commodity Summaries**, which note that the U.S. is 100% import-dependent for 12 critical minerals, including rare earths and niobium.<sup>2</sup> In 2024, U.S. consumption of rare earths was approximately 8,800 metric tons REO (Rare Earth Oxides) equivalent, while domestic mine production at Mountain Pass was ~43,000 tons, almost all shipped to China for refining. For niobium, more than 90% of global supply comes from Brazil, with the U.S. having no domestic production.<sup>3</sup> Apex's move into the U.S. market is aligned with government priorities to reduce reliance on foreign sources of these essential inputs.

Governments across the allied world are reshaping policy to meet these challenges. In Canada, Prime Minister Mark Carney has proposed that investments in critical minerals development be counted toward NATO defense commitments - a framework that could channel billions into mining and processing as part of national security obligations.⁴ In the United States, the Department of Defense has already backed MP Materials and Lynas Rare Earths' Texas processing facility, with analysts expecting further Defense Production Act funding to be deployed in the coming months.<sup>5,6</sup> Meanwhile, China has extended its production quota system to imported rare earth concentrates, a move that could create new bottlenecks for global supply.<sup>7</sup> Together, these shifts highlight both the risks of foreign dependence and the opportunity for companies like Apex to play a meaningful role in building secure supply chains across North America.

The Company also notes increased validation from peer activity. Earlier this year, Critical Metals Corp. secured a 10-year offtake agreement with Greenland's Tanbreez project, ensuring future REE feed for allied markets.<sup>8</sup> Energy Fuels Inc. recently produced the first kilogram of 99.9% pure dysprosium oxide ever refined in the U.S., a milestone for heavy rare earth separation outside of Asia.<sup>9</sup>

With assets spanning British Columbia, Ontario, Quebec, and now the United States, Apex is establishing itself as a continental critical minerals company. The Company's portfolio is built around carbonatite systems; the same rock type hosting such world-class deposits as Araxá in Brazil, Bayan Obo in China, Niobec in Canada, and Mountain Pass in the USA. Apex will provide further updates as the Company finalizes its property acquisitions and exploration progresses.

**Cautionary Statement Regarding Project Disclosure:**

The references herein to market trends and resource projects other than those held by the Company are for informational purposes only and based only on publicly available information. The Company urges readers to conduct their own review of any of the third-party information contained herein, including its relevance to the business of the Company, prior to making an investment decision in respect of the Company. Mineral exploration and development are highly speculative and are characterized by a number of significant inherent risks, which may result in the inability to successfully develop projects for commercial, technical, political, regulatory or financial reasons, or if successfully developed, may not remain economically viable for their mine life owing to any of the foregoing reasons. The Company's mineral resource prospects are at an early stage and there is no assurance that the Company will be successful in achieving a return on shareholders' investment and the likelihood of success must be considered in light of the early stage of operations.

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![](exhibit99-41x3x1.jpg)

For a more comprehensive overview of the risks related to the Company's business, please review the Company's continuous disclosure documents, each filed under the Company's profile at <u>www.sedarplus.ca</u>.

**Qualified Person**

The technical content of this news release has been reviewed and approved by Nathan Schmidt, P. Geo. (Engineers and Geoscientists British Columbia Licence #48336), Geologist for Dahrouge Geological Consulting Ltd., and a Qualified Person under NI 43-101 on standards of disclosure for mineral projects.

**References**

<sup>1</sup> MP Materials - MP Materials Announces Transformational Public-Private Partnership with the Department of Defense to Accelerate U.S. Rare-Earth Magnet Independence. Available at https://investors.mpmaterials.com/investor-news/news-details/2025/MP-Materials-Announces- Transformational-Public-Private-Partnership-with-the-Department-of-Defense-to-Accelerate- U-S--Rare-Earth-Magnet-Independence/default.aspx?utm_source=chatgpt.com

<sup>2</sup> U.S. Geological Survey - Mineral Commodity Summaries 2025 (Net Import Reliance, Rare Earths & Niobium). Available at https://doi.org/10.3133/mcs2025.

<sup>3</sup> USGS Niobium (Columbium) Statistics - Mineral Commodity Summaries 2025. Available at https://pubs.usgs.gov/periodicals/mcs2025/mcs2025-niobium.pdf.

<sup>4</sup> Carney says Canada will meet NATO spending target by developing critical minerals - Canadian Press via APTN News (June 24, 2025). https://www.aptnnews.ca/national-news/carney-says-canada- will-meet-new-nato-spending-target-by-developing-critical-minerals/

<sup>*5*</sup> *U.S. Department of Defense - Office of Strategic Capital Announces First Loan Through DoD Agreement With MP Materials to Secure Critical Materials Supply Chain (Aug 10, 2025). https://www.defense.gov/News/Releases/Release/Article/4270722/office-of-strategic-capital- announces-first-loan-through-dod-agreement-with-mp/*

<sup>*5*</sup>*U.S. Department of Defense - DoD Announces Rare Earth Element Award to Strengthen Domestic Industrial Base (Lynas USA heavy rare earths processing, Texas) (Feb 1, 2021).* https://www.defense.gov/News/Releases/Release/Article/2488672/dod-announces-rare-earth- element-award-to-strengthen-domestic-industrial-base/

<sup>6</sup> Developing Rare Earth Processing Hubs: An Analytical Approach - Center for Strategic and International Studies, July 30, 2025. https://www.csis.org/analysis/developing-rare-earth-processing-hubs- analytical-approach

<sup>7</sup> China tightens grip over rare earth supply quotas - Reuters (Aug 22, 2025). https://www.reuters.com/world/china/china-tightens-grip-over-rare-earth-supply-quotas-2025- 08-22/

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![](exhibit99-41x4x1.jpg)

<sup>8</sup> Critical Metals Corp. secures 10-year offtake deal to supply heavy rare earths to U.S. plant - Mining.com (August 27, 2025). https://www.mining.com/critical-metals-ucore-ink-ten-year-offtake-deal-to- supply-heavy-rare-earths-to-us-plant/

<sup>9</sup> Energy Fuels Successfully Produces First Kilogram of 99.9 % Purity Dysprosium Oxide at its White Mesa Mill in Utah: on Track to Commence Terbium Production in Q4 2025 - Energy Fuels Inc. Investor News Release (August 21, 2025). https://investors.energyfuels.com/2025-08-21-Energy-Fuels- Successfully-Produces-First-Kilogram-of-99-9-Purity-Dysprosium-Oxide-at-its-White-Mesa- Mill-in-Utah-on-Track-to-Commence-Terbium-Production-in-Q4-2025

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 ha and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex located in Quebec, Canada.

Carbonatites are extremely rare rock types, with around 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. 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.,**

------

![](exhibit99-41x5x1.jpg)

Sean Charland<br>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.*

**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 interest in US- based prospective assets acquired by the Company (more particularly described above), including the potential for additional acquisitions and the potential for exploration and option exercises, the potential for future political and economic trends to persist or intensify in a manner which is favourable to the Company's prospects, and the Company's intention to further investigate high-value opportunities on its properties for specialty metals. 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 or the exercise of purchase options on the Companies newly leased United States prospects; that even if we are able 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 99.42

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![](exhibit99-42x1x1.jpg)

**Apex Critical Metals Appoints Alex Knox, P.Geo as <br>Foundational Member of its Technical Advisory Board**

**Vancouver, British Columbia - September 8, 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 establishment of its Technical Advisory Board (TAB) and welcomes the appointment of its inaugural member Alex Knox, 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.

Alex Knox, P.Geo., is a Calgary, Alberta-based geologist with over five decades of experience in mineral exploration. He brings unparalleled expertise regarding rare earth elements (REE), niobium, and other critical metals. His distinguished career includes key roles at major organizations such as Unocal Canada Ltd. and Molycorp, where he contributed to significant discoveries and developments in industrial minerals, uranium, and base metals. As an independent consultant through AWK Geological Consulting Ltd., Mr. Knox has been instrumental in advancing REE projects across Canada, the United States, and South America, with a particular focus on carbonatite-hosted systems known for their potential in hosting economically viable REE and niobium deposits.

*"Alex's appointment marks an important milestone for Apex as we build a world-class advisory team to drive our exploration and development efforts, "says Sean Charland, CEO of Apex. "His knowledge of REE exploration, combined with his proven track record in evaluating complex geological settings, will be invaluable as we assess our growing portfolio of carbonatite-hosted REE and niobium projects in North America."*

Given Mr. Knox's specialized background in REE exploration encompassing field programs, mineralogical assessments, and resource evaluation, he will play a pivotal role in the technical evaluation and strategic planning for Apex's carbonatite-hosted projects.

**Stock Option Grant**

Apex is also pleased to announce that it has 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 announces that is has 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.

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 ha and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex located in Quebec, Canada.

Carbonatites are extremely rare rock types, with around 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. 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</u> Twitter), <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.*

**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 statements with respect to the vesting of the Options and RSUs and the Company's intention to further investigate high-value opportunities on its properties for specialty metals. 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: that we may not be able to fully finance any additional exploration on the Company's properties; that even if we are able 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 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 99.43

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![](exhibit99-43x1x1.jpg)

**Apex Critical Metals Corp. Announces Private Placement of Flow-**

**Through Units to Raise Gross Proceeds of up to $1,600,000**

**News Release - Vancouver, BC, - September 8, 2025: Apex Critical Metals Corp.** (CSE: APXC) (OTCQX:APXCF) ("Apex" or the "Company"), is pleased to announce that 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 aggregate gross proceeds of up to $1,600,000 (the "Offering"). 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.

All securities issued in connection with the Offering will be issued pursuant to one or more prospectus exemptions available to the Company and will be subject to a hold period of four months and one day from the date of issuance as required under applicable securities laws. The Offering is expected to close on or about September 30, 2025, or such other earlier or later date as may be determined by the Company. Closing of the Offering will be subject to customary closing conditions including applicable CSE approval.

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, 2026. All Qualifying Expenditures will be renounced in favour of the subscribers effective December 31, 2026.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The company may pay finder's fees in connection with the offering in accordance with the policies of the Canadian Securities Exchange.

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization.

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![](exhibit99-43x1x1.jpg)

Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 ha and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex located in Quebec, Canada.

Carbonatites are extremely rare rock types, with around 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. 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</u> <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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![](exhibit99-43x3x1.jpg)

*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 statements with respect to the Offering including, the closing date of the Offering, the potential participation of insiders in the Offering and the anticipated use of proceeds of the Offering. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the receipt of regulatory approval for the Offering, if required. 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 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 99.44

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1: Name and Address of Company**

Apex Critical Metals Corp. ("**Apex**" or the "**Company**")

Suite 1450, 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2: Date of Material Change**

September 3, 2025 and September 8, 2025

**Item 3: News Release**

News releases were disseminated on September 3, 2025 and September 8, 2025 through Accesswire, and subsequently filed on SEDAR+.

**Item 4: Summary of Material Change**

On September 3, 2025, the Company, via a local agent, acquired rights to explore and options to purchase a 2,407-acre midwestern U.S.-based property package it considers highly prospective for rare earth elements (REE) and critical mineral mineralization based on a historic exploration data set available to the Company.

On September 8, 2025, the Company granted (the "**Grant**") an aggregate 1,760,000 incentive stock options (each, an "**Option**") and an aggregate 1,660,000 restricted share units (each, a "**RSU**") to certain directors, officers and consultants under its Equity Incentive Plan.

**Item 5: Full Description of Material Change**

On September 3, 2025, the Company provided an update on a corporate initiative to expand its holdings within the U.S.A. as part of a broader positioning within the North American critical minerals sector. The Company announced that, via a local agent, it has acquired rights to explore and options to purchase a 2,407-acre midwestern U.S.-based property package it considers highly prospective for rare earth elements (REE) and critical mineral mineralization based on a historic exploration data set available to the Company. The project covers a large portion of a rare metal complex which has been known for more than 50 years but remains largely underexplored. Dahrouge Geological Consulting Ltd. ("**Dahrouge**") has been retained to review the historical exploration data and provide recommendations going forward.

The property package to-date totals 2,407 acres, and the Company acquired the rights to explore, as well as an option to purchase the mineral interest in respect of the properties, or an aggregate purchase price of CAD $567,472.84. The Company shall have the option to purchase the mineral interest in respect of the properties by paying the sum of US$10,000 per acre. If the option is exercised by the Company, an aggregate 2.5% net smelter return ("**NSR**") royalty is payable, with Apex retaining the right to repurchase 0.25% of the NSR for US$500,000.

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On September 8, 2025, Apex announced the Grant of an aggregate of 1,760,000 Options 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 announced that is has granted an aggregate of 1,660,000 RSUs 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.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102**

N/A

**Item 7: Omitted Information**

N/A

**Item 8: Executive Officer**

Sean Charland, CEO and a Director<br>604.681.1568<br>info@apexcriticalmetals.com

**Item 9: Date of Report**

September 10, 2025

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## Exhibit 99.45

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1: Name and Address of Company**

Apex Critical Metals Corp. ("**Apex**" or the "**Company**")

Suite 1450, 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2: Date of Material Change**

March 14, 2025

**Item 3: News Release**

The news release was disseminated on March 14, 2025 and subsequently filed on SEDAR+.

**Item 4: Summary of Material Change**

The Company announced that it has granted (the "**Grant**") an aggregate of 5,000,000 incentive stock options (each, an "**Option**") to purchase up to 5,000,000 common shares of the Company (each, a "**Share**") to certain directors, officers and consultants under its Equity Incentive Plan.

**Item 5 Full Description of Material Change**

The Company announced the Grant of an aggregate of 5,000,000 Options to purchase up to 5,000,000 Shares 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.

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.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102**

N/A

**Item 7: Omitted Information**

N/A

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**Item 8: Executive Officer**

Sean Charland, CEO and a Director<br>604.681.1568<br>info@apexcriticalmetals.com

**Item 9: Date of Report**

September 10, 2025

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## Exhibit 99.46

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**Apex Critical Metals Acquires Key REE Rights at Highly<br>Prospective Elk Creek Carbonatite Complex, Nebraska**

***Company grows portfolio with underexplored 50-year-old Rare Earth Elements discovery with***

***historically significant high-grade drill intercepts***

**Highlights**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** The Company has **secured highly prospective rare earth element ("REE") mineral rights to key underexplored areas of the Elk Creek Carbonatite Complex** in Nebraska, USA, (the "Rift Project").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Two target areas of known REE mineralization acquired (East Zone and West Zone).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**•** Project **includes multiple historical drill holes that are well-mineralized in REEs**, highlights include:

**o 155.5 metres ("m") of 2.70% TREO<sup>1</sup>**, Including **54.9 m at 3.30% TREO** (EC- 93).

**o 236.2 m of 2.10% TREO**, including **68.2 m of 3.32% TREO** (NEC11-004).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Apex's Rift Project area (~2,784 acres) now represents the largest position in the Elk Creek Carbonatite Complex** (NioCorp Developments Ltd. holding the other commanding position in the district with ~1,397 acres)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Nebraska, USA is considered a favourable jurisdiction for development with private land ownership facilitating streamlined permitting path.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The Company is continuing to compile historically available data and is actively planning an inaugural Q4-2025 exploration program, including drilling.

**Vancouver, British Columbia** - October 1, 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 provide an update regarding the acquisition of certain mineral rights within the Elk Creek Carbonatite Complex in southeastern Nebraska, U.S.A, (see Figure 1 and <u>news release</u> dated Sept. 3, 2025).

The Rift Project includes exploration rights and purchase options for approximately 2,784 acres (~1,127 ha), flanking NioCorp Developments Ltd. to the east and west within the Elk Creek Carbonatite Complex. The Company's property position is considered highly prospective for rare earth element (REE) mineralization based on extensive historical exploration data.

Sean Charland, CEO of Apex Critical Metals notes, *"This acquisition positions Apex at the forefront of U.S. critical minerals exploration and development, particularly in rare earths, which are vital for advanced technologies, renewable energy, and US National Security. The Elk Creek area has long been recognized for its geological promise, and we're eager to advance exploration on these underexplored extensions to unlock their full REE potential. Coupled with a favourable jurisdiction and the exploration expertise of Dahrouge Geological, which has multiple globally significant critical metals discoveries to their credit, the Company is primed for further discovery."*

*____________________________*

<sup>*1*</sup> *Total rare earth oxide , includes the sum of Ce2O3, La2O3, Pr2O3, Nd2O3, Eu2O3, Sm2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3.*

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![](exhibit99-46x2x1.jpg)

***Figure 1:** Elk Creek Carbonatite Complex location with excellent infrastructure*

The Elk Creek Carbonatite, a rare metal complex identified over 50 years ago, hosts significant potential for REE's alongside other critical minerals including niobium. While the area outside of NioCorp's Developments Ltd. (NASDAQ: NB - Market Capitalization ~US$600M, as of September 25, 2025) Elk Creek Critical Minerals Project have been largely underexplored in recent decades, the acquired Rift Project includes areas with documented high-grade REE intercepts from historical drilling. Project highlights include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Of approximately 106 drill holes completed by Molycorp prior to 1986, at least 19 drill holes were completed within the Company's Rift Project area.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• Highlights (see Figure 2):**

o **155.5 m of 2.70% TREO** (hole EC-93), starting from 149.4 m depth

&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;**▪** Includes a **54.9 m at 3.30% TREO.**

o **236.19 m of 2.10% TREO** (NEC11-004).

&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;**▪** Includes a **68.2 m at 3.32% TREO.**

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![](exhibit99-46x3x1.jpg)

*Figure 2 - Cross sectional view of NEC11-004 and EC-93 showing broader intervals (red) and higher-grade intervals within (purple) in an area that remains wide open for expansion.*

According to Quantum Rare Earth Developments Corp. News, 2011-09-19

*"The drill hole **(NEC11-004)** encountered REE mineralization within strongly altered carbonatite and associated alkaline rocks. The step-out from historical hole EC-93 confirms the potential for a sizable deposit. As well, the potential for the discovery of a high-grade core is also highlighted with 10 individual assays greater than 4.0 per cent TREO (average sample width of 1.37 metres) within the 68.18-metre high-grade REE zone."*

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Historical exploration of the Elk Creek Carbonatite included approximately 106 drill locations totalling approximately 46,797 m by Molycorp from 1973 to 1986 across the entire Elk Creek Carbonatite Complex, with at least 19 completed within the boundary of the current Rift Project. In 2011, Quantum Rare Earth Development Corp. completed an additional five holes, with two holes focused on REE mineralization outside of the core Niobium Deposit currently being developed by NioCorp Developments Ltd.

Key highlights of the acquired claims include historical drill hole EC-93, which intersected a substantial 155.5-meter interval grading 2.70% total rare earth oxides (TREO) starting from 149.4 meters depth. Within this zone, higher-grade sub-intervals were encountered, including 18.3 meters at 3.94 % TREO and a peak of 3.0 meters at 5.37% TREO. Mineralization in EC-93 is hosted in barite beforsite lithology, with REEs occurring primarily as monazite and bastnasite in radial patches, aggregates, and vein-like structures. The surrounding area features similar carbonatite intrusions into Precambrian granitic and metamorphic basement rocks, covered by approximately 190-200 meters of Pennsylvanian sediments, with no surface outcrops. This setting suggests strong potential for extensions of REE mineralization beyond the core areas historically targeted for niobium, offering opportunities for new discoveries through modern geophysical and drilling techniques.

Further details on the geology and REE mineralization at the Rift Project, will be reported in forthcoming news releases.

Management cautions that discoveries on adjacent properties (e.g., NioCorp Developments Ltd.) are not necessarily indicative of the presence of mineralization on the Rift Project. Drillhole EC- 93 was originally completed by Molycorp between 1984-1986 with reanalysis performed by Quantum Rare Earth Development Corp. in 2010. The EC-93 results presented herein are from the 2010 reanalysis.

**Advancing U.S. Rare Earth Independence**

This move aligns with surging U.S. investments in domestic REE production. Recent developments include the Department of Defense's US$400 million equity stake in MP Materials' Mountain Pass mine and Apple's US$500 million multi-year supply agreement with the same producer. According to the U.S. Geological Survey's 2025 Mineral Commodity Summaries, the U.S. remains 100% import-dependent for several critical minerals, including rare earths, with domestic consumption at approximately 8,800 metric tons of rare earth oxides equivalent in 2024. The Company's entry into the Elk Creek area supports efforts to diversify and secure North American REE supplies amid global supply chain vulnerabilities, including China's recent extensions of production quotas on imported concentrates.

The Company is in the process of modelling all historical information for targeted drilling in the coming months to confirm and expand upon the historical REE findings, with a focus on the EC- 93 area and potential extensions. Further updates will be provided as exploration progresses.

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**Qualified Person and Historical Results**

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

The results disclosed in this press release are considered historical. A "Qualified Person", on behalf of Apex Critical Metals Corp., has not performed sufficient work or data verification to validate these results in accordance with NI 43-101. The Company views the historical results as relevant from a targeting perspective with indication of the Rift Project area's potential, however they should not be relied upon for any other purpose until such time that the Company has completed further data verification and its own drilling, which the Company plans to complete in the coming months.

**References**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1. Molycorp, Inc. (1973-1986). Elk Creek Carbonatite Exploration Drill Program Reports. Internal company records, archived at the Nebraska Geological Survey, Lincoln, Nebraska, USA.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2. Honsey, S., P.Geo. (2010). NI 43-101 Technical Report on the Elk Creek Niobium Project, Nebraska, USA. Prepared for Quantum Rare Earth Development Corp., filed on SEDAR+, September 30, 2010.*

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

Apex Critical Metals Corp. 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 rare earth elements (REEs), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 ha and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex located in Quebec, Canada.

Carbonatites are extremely rare rock types, with around 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. 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>.

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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>

*<br>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 interest in US-based prospective assets acquired by the Company (more particularly described above), including the potential for additional acquisitions and the potential for exploration activity on such assets, the REE potential of the US-based assets, the potential for future political and economic trends to persist or intensify in a manner which is favourable to the Company's prospects, and the Company's intention to further investigate high-value opportunities on its properties for specialty metals. 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 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 99.47

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1: Name and Address of Company**

Apex Critical Metals Corp. ("**Apex**" or the "**Company**")

Suite 1450, 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2: Date of Material Change**

October 1, 2025

**Item 3: News Release**

The news release was disseminated on October 1, 2025 through Accesswire, and subsequently filed on SEDAR+.

**Item 4: Summary of Material Change**

The Company acquired key rare earth element (REE) rights at highly prospective Elk Creek Carbonatite Complex, Nebraska (the "**Rift Project**").

**Item 5: Full Description of Material Change**

The Company acquired certain mineral rights within the Elk Creek Carbonatite Complex in southeastern Nebraska, U.S.A.

The Rift Project includes exploration rights and purchase options for approximately 2,784 acres (~1,127 ha), flanking NioCorp Developments Ltd. to the east and west within the Elk Creek Carbonatite Complex. The Company's property position is considered highly prospective for rare earth element (REE) mineralization based on extensive historical exploration data.

The Elk Creek Carbonatite, a rare metal complex identified over 50 years ago, hosts significant potential for REE's alongside other critical minerals including niobium. Historical exploration of the Elk Creek Carbonatite included approximately 106 drill locations totalling approximately 46,797 m by Molycorp from 1973 to 1986 across the entire Elk Creek Carbonatite Complex, with at least 19 completed within the boundary of the current Rift Project.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102**

N/A

**Item 7: Omitted Information**

N/A

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**Item 8: Executive Officer**

Sean Charland, CEO and a Director 604.681.1568 info@apexcriticalmetals.com

**Item 9: Date of Report**

October 3, 2025

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## Exhibit 99.48

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![](exhibit99-48x1x1.jpg)

**Apex Critical Metals Corp. Announces Private Placement of Units** <br> **to Raise Gross Proceeds of up to $5,000,000**

**News Release - Vancouver, BC, - October 7, 2025: Apex Critical Metals Corp.** (CSE: APXC) (OTCQX:APXCF) ("Apex" or the "Company"), is pleased to announce 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.

All securities issued in connection with the Offering will be issued pursuant to one or more prospectus exemptions available to the Company and will be subject to a hold period of four months and one day from the date of issuance as required under applicable securities laws. The Offering is expected to close on or about October 31, 2025, or such other earlier or later date as may be determined by the Company. Closing of the Offering will be subject to customary closing conditions including applicable CSE approval.

The gross proceeds from the sale of the Units will be used by the Company for general working capital and exploration expenses.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The company may pay finder's fees in connection with the offering in accordance with the policies of the Canadian Securities Exchange.

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 ha and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex located in Quebec, Canada.

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![](exhibit99-48xu001.jpg)

Carbonatites are extremely rare rock types, with around 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. 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>

*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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![](exhibit99-48x3x1.jpg)

**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 statements with respect to the Offering including, the closing date of the Offering, the potential participation of insiders in the Offering and the anticipated use of proceeds of the Offering. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the receipt of regulatory approval for the Offering, if required. 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 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 99.49

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![](exhibit99-49x1x1.jpg)

**<br>Apex Critical Metals Corp. Increases Private Placement to $10**

**Million Due to Strong Investor Demand**

**News Release - Vancouver, BC, - October 8, 2025: Apex Critical Metals Corp.** (CSE: APXC) (OTCQX: APXCF) ("Apex" or the "Company") is pleased to announce that, due to strong investor demand, it has increased the size of its previously announced non-brokered private placement (the "Offering") from gross proceeds of up to $5,000,000 to gross proceeds of up to $10,000,000.

The upsized Offering will now consist of up to 4,000,000 units (each, a "Unit") at a price of $2.50 per Unit. Each Unit will be comprised of one common share in the capital of the Company (each, a "Common Share") and one common share purchase warrant (each whole warrant, a "Warrant"). Each Warrant will entitle the holder to acquire one additional Common Share (each, a "Warrant Share") at a price of $3.00 per Warrant Share for a period of two (2) years from the date of issuance.

All other terms of the Offering remain unchanged from those previously disclosed in the Company's news release dated October 7, 2025. The securities issued in connection with the Offering will be subject to a hold period of four months and one day from the date of issuance, in accordance with applicable securities laws.

The gross proceeds from the sale of the Units will be used by the Company for general working capital and exploration expenses.

None of the securities sold in connection with the Offering will be registered under the United States Securities Act of 1933, as amended, and no such securities may be offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

The company may pay finder's fees in connection with the offering in accordance with the policies of the Canadian Securities Exchange.

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

Apex Critical Metals Corp. 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 rare earth elements (REE's), niobium, gold and copper mineralization. Apex's Cap Property located 85 kilometres northeast of Prince George, B.C., spans 25 square kilometres and hosts a recently identified promising 1.8-kilometre niobium in soil trend. The Company's Bianco carbonatite Project encompasses 3,735 hectares covering a large carbonatite complex within an area known for significant niobium mineralization in northwestern Ontario. The Lac Le Moyne Project covers approximately 4,025 ha and is situated several kilometers to the northwest of Commerce Resources Corp.'s Eldor Carbonatite Complex located in Quebec, Canada.

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![](exhibit99-49x1x1.jpg)

<br>Carbonatites are extremely rare rock types, with around 600 known worldwide. They are host to rare earth element ("REE") minerals, niobium, tantalum and phosphate, as well as copper and gold. Carbonatites are host to the world's largest and most productive niobium deposits, including Araxa and Catalão in Brazil, and Niobec in Quebec. In addition, they are the primary source of REEs, including Mountain Pass in California, Mount Weld in Australia, and Bayan Obo in China. They are also important sources of phosphate (apatite), including Cargill, Ontario, while the Palabora mine in South Africa has produced copper, nickel, gold, magnetite, and vermiculite. Other carbonatites are known to have produced gold, iron, zirconium, fluorite, and other industrial minerals.

By acquiring a multitude of carbonatite projects, Apex intends to investigate potential high-value opportunities to meet the growing global demand of specialty metals across various industries. 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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![](exhibit99-49x1x1.jpg)

**<br>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 statements with respect to the Offering including, the anticipated use of proceeds of the Offering. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the receipt of regulatory approval for the Offering, if required. 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 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 99.50

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**Apex Acquires Additional REE Rights and Consolidates <br>Priority Target Area at The Elk Creek Rift Project, <br>Nebraska**

**Vancouver, British Columbia** - October 14, 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 report that the Company has acquired additional rare earth exploration rights within a high-priority target area at the Elk Creek Rift Project in southeastern Nebraska, U.S.A.

The Rift Project includes exploration rights and purchase options for an increased total of approximately 3,024 acres (1,224 ha), encompassing highly prospective portions of the Elk Creek Carbonatite Complex contiguous and adjacent to NioCorp Developments Ltd. (see Figure 1).

![](exhibit99-50x1x1.jpg)

***Figure 1:** Apex's Elk Creek Rift Project in Nebraska, USA, with Primary Target Area for Phase I Drilling (red ellipse)*

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**Sean Charland, CEO of Apex Critical Metals, stated:** *"This acquisition consolidates a key area within our Elk Creek Rift Project, and our team is actively refining our Phase I drill plan and advancing permitting with a view towards commencing our inaugural program before the end of the year."*

The Company 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 (previously reported), where high-grades of rare earth mineralization from historical drilling remain open in all directions. Other areas of the Rift Project recently identified as requiring follow up drilling include (Figure 1):

- EC-43 (1 km south of EC-93)

o 189.0 to 323.1 m - **134.1 m of 1.22%** TREO<sup>1</sup>

&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;▪ including **12.2 m of 3.18**% TREO from 243.8 to 256 m or **27.4 m of 1.83%** from 295.7 to 323.1 m

- EC-04 (West Anomaly)

o 217.1 to 402.3 - 185.2 m of 1.18% LREO<sup>2</sup>

o 429.8 to 445.0 m - 15.2 m of 1.14% TREO

The historical drillhole EC-43 is approximately one (1) kilometre to the southeast of EC-093 represents the nearest drill hole to EC-93/NEC11-004 and is within the south-central parts of a large overall area considered a high priority for REE mineralization, as previously identified by Molycorp (1973-1986). The Company believes this demonstrates the potential scale of REE mineralization within the complex.

For additional information and disclosure regarding the Company's Elk Creek Rift Project please visit the Company's website at apexcriticalmetals.com and refer to Company press releases on <u>September 3</u><sup><u>rd</u></sup> and <u>October 1st, 2025</u>.

*Management cautions that discoveries on adjacent properties (e.g., NioCorp Developments Ltd.) are not necessarily indicative of the presence of mineralization on the Rift Project. Drillholes EC- 43 and EC-04 were originally completed by Molycorp between 1973-1986 with reanalysis performed by Quantum Rare Earth Development Corp. in 2010. The results presented herein, with the exception of the noted interval from EC-04, are from the 2010 reanalysis.*

<sup>*1*</sup>*Total rare earth oxide, includes the sum of Ce2O3, La2O3, Pr2O3, Nd2O3, Eu2O3, Sm2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3*

<sup>*2*</sup>*No 2010 reanalysis data available. Original analytical results from historical drillholes completed by Molycorp were commonly limited to just the four lightest (LREO) of the REE's (Ce, La, Nd, Pm).*

**Advancing U.S. Rare Earth Independence**

This move aligns with surging U.S. investments in domestic REE production. Recent developments include the Department of Defense's US$400 million equity stake in MP Materials' Mountain Pass mine and Apple's US$500 million multi-year supply agreement with the same producer. According to the U.S. Geological Survey's 2025 Mineral Commodity Summaries, the U.S. remains 100% import-dependent for several critical minerals, including rare earths, with domestic consumption at approximately 8,800 metric tons of rare earth oxides equivalent in 2024. The company's entry into the Elk Creek area supports efforts to diversify and secure North American REE supplies amid global supply chain vulnerabilities, including China's recent extensions of production quotas on imported concentrates.

------

**Qualified Person and Historical Results**

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

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 results in accordance with NI 43-101. Although the historical results may not be reliable, the Company nevertheless believes that they provide an indication of the Property's potential and are relevant for any future exploration program.

*1. Molycorp, Inc. (1973-1986). Elk Creek Carbonatite Exploration Drill Program Reports. Internal company records, archived at the Nebraska Geological Survey, Lincoln, Nebraska, USA.*

*2. Quantum Rare Earth Developments Corp. (2011). "Quantum Announces Additional Rare Earth Element Results." News Release, March 23rd, 2011.*

**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>

*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 interest in US-based prospective assets acquired by the Company (more particularly described above), including the potential for additional acquisitions and the potential for exploration and option exercises, the potential for future political and economic trends to persist or intensify in a manner which is favourable to the Company's prospects, and the Company's intention to further investigate high-value opportunities on its properties for specialty metals. 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 or the exercise of purchase options on the Companies newly leased United States prospects; that even if we are able 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 99.51

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**Apex Files Permit Applications to Advance Exploration at**<br> **Rift REE Project, Nebraska**

**Vancouver, British Columbia - October 22, 2025 - Apex Critical Metals Corp. (CSE: APXC)** (OTCQX: APXCF) (FWB: KL9) ("Apex" or the "Company") is pleased to announce that it has initiated the permitting process with the Nebraska Department of Environment and Energy (NDEE) to conduct exploration activities at the Company's Rift Project, located within the Elk Creek Carbonatite Complex in southeastern Nebraska, U.S.A.

The Company's initial permit applications represent an important milestone toward advancing the Rift Project, which hosts significant historical rare earth element (REE) and niobium mineralization documented by previous operators, including Molycorp (1973-1986) and Quantum Rare Earth Developments (2010-2011).

These historical programs outlined broad mineralized intervals within the Elk Creek Carbonatite Complex, including highlights such as:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 155.5 metres of 2.70%** total rare earth oxides (TREO<sup>1</sup>), including **54.9 metres of 3.30%** TREO in drillhole EC-93; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**• 236.2 metres of 2.10% TREO**, including **68.2 metres of 3.32% TREO** in drillhole NEC11-004

*"Apex is pleased to take this next step in advancing the Rift Project," stated Sean Charland, CEO of Apex Critical Metals Corp. "The commencement of permitting marks an important milestone as we continue to build the foundation for future exploration. The historical work in this area highlights the exceptional potential of the Elk Creek system, and we look forward to verifying and expanding upon those results through our upcoming programs."*

Apex's Rift Project encompasses approximately 3,024 acres of prospective ground covering the northern extension of the Elk Creek Carbonatite Complex. The property is considered highly prospective for rare earth elements (REEs) which are designated as critical minerals by the U.S. government due to their importance in clean energy, defense, and advanced manufacturing applications.

The Company will continue to work closely with federal and state regulators throughout the permitting process and will provide additional updates as approvals are received and exploration timelines are finalized.

*Management cautions that discoveries on adjacent properties (e.g., NioCorp Developments Ltd.) are not necessarily indicative of the presence of mineralization on the Rift Project. Drillhole EC- 93 was originally completed by Molycorp between 1984-1986 with reanalysis performed by Quantum Rare Earth Development Corp. in 2010. The EC-93 results presented herein are from the 2010 reanalysis.*

*1 Total rare earth oxide , includes the sum of Ce2O3, La2O3, Pr2O3, Nd2O3, Eu2O3, Sm2O3, Gd2O3, Tb2O3, Dy2O3, Ho2O3, Er2O3, Tm2O3, Yb2O3, Lu2O3, and Y2O3.*

------

**Financing Update**

The Company is also pleased to announce that 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.

The gross proceeds from the sale of the FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) related to the Company's CAP Property located in British Columbia, Canada. All such qualifying expenditures will be renounced in favour of the subscribers effective December 31, 2026.

All securities issued in connection with the Offering are subject to a statutory hold period of four months and one day from the date of issuance.

None of the securities sold in connection with the Offering have been or will be registered under the United States *Securities Act of 1933*, as amended, and no such securities were offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**Stock Options**

The Company wishes to announce that 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. 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.

**Qualified Person**

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

------

**References**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*1. Molycorp, Inc. (1973-1986). Elk Creek Carbonatite Exploration Drill Program Reports. Internal company records, archived at the Nebraska Geological Survey, Lincoln, Nebraska, USA.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*2. Daigle, P., P.Geo. (2012).; NI 43-101 Elk Creek NB Project, Nebraska, US - Resource Estimate Update, Prepared for Quantum Rare Earth Development Corp., by Tetra Tech Wardrop, April 23, 2012.*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*3. Quantum Rare Earth Developments Corp. (2011). "Quantum Announces Significant Rare Earth Results from Elk Creek, Nebraska." News Release, September 20, 2011.*

**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</u> <u>(formerly</u> <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>

------

*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 interest in US-based prospective assets acquired by the Company (more particularly described above), including the potential for additional acquisitions and the potential for exploration and option exercises, the potential for future political and economic trends to persist or intensify in a manner which is favourable to the Company's prospects, and the Company's intention to further investigate high-value opportunities on its properties for specialty metals. 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 or the exercise of purchase options on the Companies newly leased United States prospects; that even if we are able 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 99.52

------

![](exhibit99-52x1x1.jpg)

**APEX CRITICAL METALS CORP.**

**1450-789 West Pender Street, Vancouver, British Columbia, V6C 1H2**

**ANNUAL INFORMATION FORM**

**FOR THE FINANCIAL YEAR ENDED JULY 31, 2024**

**(unless otherwise noted)**

**DATED AS OF OCTOBER 20, 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_17) | [14](#page_17) |
| [**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_21) | [**18**](#page_21) |
| [**DESCRIPTION OF CAPITAL STRUCTURE**](#page_32) | [**29**](#page_32) |
| &nbsp;&nbsp;&nbsp;&nbsp;[Common Shares](#page_32) | [29](#page_32) |
| &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_34) | [**31**](#page_34) |
| [**ESCROWED SECURITIES AND SECURITIES SUBJECT TO CONTRACTUAL RESTRICTION ON TRANSFER**](#page_34) | [**31**](#page_34) |

---

------

---

| | |
|:---|:---|
| [**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_37) | [**34**](#page_37) |
| [**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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**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, 2024.

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, 2024 and July 31, 2023 (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.

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

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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-

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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:

• 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;

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

• our inability to pay dividends;

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• 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 nine months ended April 30, 2025 and SEDAR+ filed on June 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.

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,

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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, 2024, the Company had no subsidiaries.

**GENERAL DEVELOPMENT OF THE BUSINESS**

**Three Year History**

***During the Year Ended July 31, 2022***

• On December 13, 2021, the Company completed a private placement consisting of the issuance of 912,590 units of the Company ("**Units**") at a price of $0.50 per Unit to raise aggregate gross proceeds of $456,295 (the "**December 2021 Placement**"), with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share for a period of one year from the date of issuance at a price of $0.67 per Common Share in the first six months and $1.00 per Common Share in the last six months. In connection with the December 2021 Placement, the Company paid Ventum Financial Corp. (previously known as PI Financial Corp.) ("**Ventum**") a cash commission of $4,883 and issued 9,765 finder's Warrants (the "**Finder's Warrants**"). The terms and conditions of the Finder's Warrants issued to Ventum were identical to those of the Warrants issued to subscribers under the December 2021 Placement.

• On January 10, 2022, the Company issued 75,000 Common Shares at an issue price of $0.50 per Common Share for an aggregate fair value of $37,500 to acquire a 100% interest in and to 13 mineral claims, known as the Prince Property, located immediately north of the Company's CAP Project and adjacent to the Wicheeda Property. The acquisition of the Prince Property was made pursuant to an agreement dated October 13, 2021 between the Company and Valerie Heyman and Clive Brookes. In addition to the Common Shares issued, the Company paid $20,000 in cash for the acquisition.

• On July 22, 2022, the Company completed a private placement consisting of the issuance of 27,900 Units at a price of $0.50 per Unit to raise aggregate gross proceeds of $13,950 (the "**First July 2022 Placement**"), with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share for a period of one year from the date of issuance at a price of $0.67 per Common Share in the first six months and $1.00 per Common Share in the last six months. In connection with the First July 2022 Placement, the Company paid Vested Technology Corp. a cash commission of $697.50 and issued 30,000 compensation Units (the "**VTC Units**"). Each VTC Unit was comprised of one Common Share and one Warrant (each, a "**VTC Warrant**"). The terms and conditions of the VTC Warrants were identical to those of the Warrants issued to subscribers under the First July 2022 Placement.

• On July 27, 2022, the Company completed a private placement (the "**Second July 2022 Placement**") consisting of the issuance of 327,689 Units at a price of $0.50 per Unit to raise aggregate gross proceeds of $163,845, with each Unit consisting of one Common Share and one Warrant, and each Warrant entitling the holder to purchase one Common Share for a period of one year from the date of issuance at a price of $0.67 per Common Share in the first six months and $1.00 per Common Share in the last six months. In connection with the Second July 2022 Placement, the Company paid Ventum a finder's fee comprised of a cash commission of $3,675 and 7,350 Finder's Warrants, and paid Canaccord Genuity Corp. ("**Canaccord**") a finder's fee comprised of a cash commission of $1,050 and 2,100 Finder's Warrants. The terms and conditions of the Finder's Warrants issued to Ventum and Canaccord were identical to those of the Warrants issued to subscribers under the Second July 2022 Placement.

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• On July 29, 2022, the Company entered into an agreement with Zimtu Capital Corp. (TSXV: ZC) ("**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. In consideration, the Company issued 120,000 Common Shares with a fair value of $60,000. Zimtu is a company that shares common directors and management with Apex (Mr. Sean Charland and Ms. Jody Bellefleur).

***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, as amended by an amendment dated January 21, 2023, pursuant to which the Company retained Zimtu to provide administrative and management services.

• 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.

• 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 (the "**Voluntary Escrow Agreement**", and together with the Escrow Agreement, the "**Escrow Agreements**") 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.

• 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.

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***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 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 $.073 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.

• 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.

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• 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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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".

• 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.

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• 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 Lithium Inc. ("**Discovery Lithium**") 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 Discovery Lithium 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, Discovery Lithium agreed to issue 5,000,000 common shares of Discovery Lithium 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 $.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.

• 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.

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• 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.

***Subsequent to the Year Ended July 31, 2024***

• On August 19, 2024, the Company announced that it has 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% net 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.

• 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.

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• 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.

• 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.

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• 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**.**

• 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.

• 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 a local agent, 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%.

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• 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.

• 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 t o $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.

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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, 2024*" above.

**Significant Acquisitions**

The Company did not complete any "significant acquisitions" during the year ended July 31, 2024 for which disclosure is required under Part 8 of National Instrument 51-102 - *Continuous Disclosure Obligations*.

**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, 2024, 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, 2024, the Company had no employees and one contractor, being DGC (Edmonton, Alberta), the Company's long-term technical partner. As of the date of this AIF, the Company had one part-time employee, being Sean Charland (Vancouver, BC), who commenced as a part-time employee effective January 1, 2025.

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. As of the date of this AIF, the Company has no full-time or part-time employees and has a small management team. 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, 2024, 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, co<u>n</u>solidates 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 Discovery Lithium, pursuant to which Discovery Lithium 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.

**Mineral Project Interests Acquired Subsequent to the Year Ended July 31, 2024**

***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.

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**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.

***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.

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***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.

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.

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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.

***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.

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***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.

***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.

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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.

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.

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***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.

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.

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***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.

***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.

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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.

***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.

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***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.

***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.

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***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.

***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.**

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![](exhibit99-52x32x1.jpg)

**DESCRIPTION OF CAPITAL STRUCTURE**

The Company's authorized capital consists of an unlimited number of Common Shares without par value, of which 57,444,509 Common Shares are issued and outstanding as fully paid and non-assessable as of the date of this AIF. As at the financial year ended July 31, 2024 there were 38,003,053 Common Shares issued and outstanding.

**Common Shares**

The following is a summary of the material provisions that are attached to the Common Shares:

(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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| | | | |
|:---|:---|:---|:---|
| **Grant Date** | **Number of Options** | **Exercise Price** | **Expiry Date** |
| April 26, 2024 | 1950000 | $0.133 | June 9, 2027 |
| May 8, 2024 | 300000 | $0.167 | May 8, 2029 |
| March 14, 2025 | 4925500 | $0.85 | March 14, 2030 |
| September 8, 2025 | 1760000 | $1.97 | September 8, 2030 |
| **TOTAL:** | **8935500** | - | - |

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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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| | | | |
|:---|:---|:---|:---|
| **Grant Date** | **Number of RSUs** | **Vesting Date** | **Additional Details** |
| September 8, 2025 | 1660000 | Each RSU vests on the date that is<br>four months from date of grant,<br>provided that the holder may elect<br>(by written notice on or before<br>vesting date) to defer vesting: in<br>such case, RSUs vest as to 1/4<br>every four months, with initial<br>vesting four months from grant. | Each RSU represents the right to<br>receive, once vested, one<br>Common Shares. |
| **TOTAL:** | **1660000** | - | - |

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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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| | | | |
|:---|:---|:---|:---|
| **Issue Date** | **Number of Warrants** | **Exercise Price** | **Expiry Date** |
| December 13, 2023 | 14619866 | $0.067 | December 13, 2025 |
| April 12, 2024 | 11250000 | $0.10 | April 12, 2026 |
| September 24, 2024 | 906346 | $0.67 | September 24, 2026 |
| December 30, 2024 | 3275001 | $0.75 | December 30, 2026 |
| **TOTAL:** | **30051213** | - | - |

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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".

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, 2024:

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| | | | |
|:---|:---|:---|:---|
| **Month** | **High ($)** | **Low ($)** | **Volume** |
| July 2024 | 0.380 | 0.313 | 103875 |

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| | | | |
|:---|:---|:---|:---|
| **Month** | **High ($)** | **Low ($)** | **Volume** |
| June 2024 | 0.433 | 0.220 | 1050757 |
| May 2024 | 0.263 | 0.167 | 144000 |
| April 2024 | 0.233 | 0.100 | 136050 |
| March 2024 | 0.100 | 0.073 | 51000 |
| February 2024 | 0.110 | 0.073 | 41250 |
| January 2024 | 0.110 | 0.110 | 36000 |
| December 2023 | 0.147 | 0.087 | 93600 |
| November 2023 | 0.133 | 0.077 | 24751 |
| October 2023 | 0.200 | 0.067 | 193060 |
| September 2023 | 0.233 | 0.100 | 31500 |
| August 2023 | 0.300 | 0.167 | 34601 |

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**Prior Sales**

During the financial year ended July 31, 2024, the Company issued the following securities that were not listed or quoted on any stock exchange:

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| | | |
|:---|:---|:---|
| **Issue Date** | **Number of Securities Issued** | **Issue/Exercise Price** |
| **Options** | **Options** | **Options** |
| April 26, 2024 | 1950000 | $0.1333 |
| May 8, 2024 | 300000 | $0.167 |
| **Warrants** | **Warrants** | **Warrants** |
| December 13, 2023 | 14999865 | $0.067 |
| April 12, 2024 | 11325000 | $0.10 |
| July 5, 2024 | 3750000 | $0.40 |

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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 <br>TRANSFER**

As of the financial year ended July 31, 2024, the Company had 2,659,500 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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| |
|:---|
| **Designation of Class** |
| Common Shares2659500<sup>(1)</sup><sup>7%</sup>(2) |

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**Notes:**

(1) Reflects the number of Common Shares subject to escrow post-Capital Adjustments. As at the financial year ended July 31, 2024, a total of 2,659,500 Common Shares were deposited with Odyssey and remained subject to escrow pursuant to the terms and conditions of the Escrow Agreement. Subsequent to the financial year ended July 31, 2024, a total of 664,875 Common Shares were released on or about September 15, 2024, March 15, 2025, and September 15, 2025. The remaining balance of 664,875 Common Shares will be released from escrow on or about March 15, 2026.

(2) Reflects the percentage of issued and outstanding Common Shares on a non-diluted basis as of the financial year ended July 31, 2024. As at the financial year ended July 31, 2024 there were 38,003,053 Common Shares issued and outstanding.

**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 5,216,508 Common Shares, representing approximately 9% of the current issued and outstanding Common Shares.

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Name, Position***<br>**and**<br>**Province/State**<br>**and Country of**<br>**Residence** | **Principal Occupation During**<br>**the Past Five Years<sup>(1)</sup>** | **Director/Officer**<br>**Since** | **Number and**<br>**Percentage of**<br>**Common Shares<sup>(2)</sup>** | **Number and**<br>**Percentage of**<br>**Common Shares<sup>(2)</sup>** |
| &nbsp;&nbsp;**Sean Charland**<br>*Chief Executive*<br>*Officer, President*<br>*and Director*<br>British Columbia,<br>Canada | 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. | August 24, 2023 | 1966875 | 3.42% |

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| | | | | |
|:---|:---|:---|:---|:---|
| ***Name, Position***<br>**and**<br>**Province/State**<br>**and Country of**<br>**Residence** | **Principal Occupation During**<br>**the Past Five Years<sup>(1)</sup>** | **Director/Officer**<br>**Since** | **Number and**<br>**Percentage of**<br>**Common Shares<sup>(2)</sup>** | **Number and**<br>**Percentage of**<br>**Common Shares<sup>(2)</sup>** |
| **Jody Bellefleur<sup>(3)</sup>**<br>*CFO, Corporate*<br>*Secretary and*<br>*Director*<br>British Columbia,<br>Canada | 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.. | March 1, 2021 | 288556 | 0.50% |
| **Jody Dahrouge<sup>(3)</sup>**<br>*Director*<br>Alberta, Canada | 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. | August 2, 2018 | 1531689<sup>(4)</sup> | 2.67% |
| **Darren L.**<br>**Smith<sup>(3)</sup>**<br>*Director*<br>Alberta, Canada | 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. | October 20, 2021 | 916888<sup>(5)</sup> | 1.60% |
| **Joness Lang**<br>*Director*<br>British Columbia,<br>Canada | 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. | May 15, 2024 | 512500<sup>(6)</sup> | 0.89% |

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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.

(2) Based on 57,444,509 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.

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(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.

**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.

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**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, 2024, or before the financial year ended July 31, 2024 but that are still in effect, except for contracts entered into in the ordinary course of business, are the Escrow Agreements 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.

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.

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**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;**<u>1.0</u>** **<u>P</u>** **<u>ROPERTY</u>** **<u>D</u>** **<u>ESCRIPTION</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;**<u>1.1</u>** **<u>M</u>** **<u>INERAL</u>** **<u>T</u>** **<u>ENURE</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;**<u>1.2</u>** **<u>G</u>** **<u>EOLOGY AND</u>** **<u>M</u>** **<u>INERALIZATION</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;**<u>1.3</u>** **<u>E</u>** **<u>XPLORATION</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% Nb2O5 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;**<u>1.4</u>** **<u>D</u>** **<u>EVELOPMENT AND</u>** **<u>O</u>** **<u>PERATIONS</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;**<u>1.5</u>** **<u>C</u>** **<u>ONCLUSIONS AND</u>** **<u>R</u>** **<u>ECOMMENDATIONS</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.

- A2 -

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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% Nb2O5,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3.13 m interval with 0.26% Nb2O5, 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% Nb2O5, 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% Nb2O5 and sample 19-KCR-3 with 1804 ppm (0.18%) TREE+Y. Based on the elevated Nb2O5 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% Nb2O5. 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.

- A3 -

------

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.

- A4 -

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## Exhibit 99.53

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![](exhibit99-53x1x1.jpg)

**Apex Completes Non-Brokered Private Placement for Proceeds of $10,000,000**

**Vancouver, British Columbia - October 30, 2025 - Apex Critical Metals Corp. (CSE: APXC)** (OTCQX: APXCF) (FWB: KL9) ("Apex" or the "Company") is pleased to announce that it has completed a non-brokered private placement (see news release dated October 7<sup>th</sup> and 8<sup>th</sup>, 2025), 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 consisted 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.

None of the securities sold in connection with the Offering are registered under the United States Securities Act of 1933, as amended, and no such securities were offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**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.

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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</u> <u>(</u><u>formerly</u> <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>

*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 statements with respect to the Offering including, the closing date of the Offering, the potential participation of insiders in the Offering and the anticipated use of proceeds of the Offering. 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, including risks related to factors beyond the control of the Company, including, but not limited to, the receipt of regulatory approval for the Offering, if required. 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 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 99.54

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**FORM 51-102F3**

**MATERIAL CHANGE REPORT**

**Item 1: Name and Address of Company**

Apex Critical Metals Corp. ("**Apex**" or the "**Company**")

Suite 1450, 789 West Pender Street

Vancouver, BC V6C 1H2

**Item 2: Date of Material Change**

October 22, 2025 and October 30, 2025

**Item 3: News Release**

News releases dated October 22, 2025 and October 30, 2025 were disseminated and subsequently filed on SEDAR+.

**Item 4: Summary of Material Change**

On October 22, 2025, the Company issued a news release announcing it had closed its previously disclosed non- brokered private placement (the "**$2.00 Offering**"). The $2.00 Offering consisted of 800,000 flow-through units of the Company (the "**FT Units**") at $2.00 per FT Unit for aggregate gross proceeds of $1,600,000.

Additionally, the Company granted 50,000 incentive stock options (each, an "**Option**") and 50,000 restricted share units (each, a "RSU") to a consultant of the Company in accordance with the Company's Equity Incentive Plan.

On October 30, 2025, the Company issues a news release announcing it closed its previously disclosed non-brokered private placement (the "**$2.50 Offering**"). The $2.50 Offering consisted of 4,000,000 units of the Company (the "**Units**") at $2.50 per Unit for aggregate gross proceeds of $10,000,000.

**Item 5 Full Description of Material Change**

On October 22, 2024, the Company issued a news release announcing it had closed its previously disclosed non- brokered private placement (the **"$2.00 Offering**"). The $2.00 Offering consisted of 800,000 FT Units at $2.00 per FT Unit for aggregate gross proceeds of $1,600,000. 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.

The gross proceeds from the sale of the FT Units will be used by the Company to incur eligible "Canadian exploration expenses" that qualify as "flow-through mining expenditures" (as such terms are defined in the Income Tax Act (Canada)) related to the Company's CAP Property located in British Columbia, Canada. All such qualifying expenditures will be renounced in favour of the subscribers effective December 31, 2026.

Each Option granted on October 22, 2025 is exercisable into one common share (each, a "**Share**") of the Company at a price of $3.82 per Share, for a period of two years from the date of grant expiring October 22, 2027. The Options and RSUs will vest upon the successful listing by the Company on EuroNext. All Options and the Shares underlying such Options are subject to a holder period of four months and one day from the date of issuance.

On October 30, 2024, the Company issued a news release announcing it had closed its previously disclosed non brokered private placement (the **"$2.50 Offering**"). The $2.50 Offering consisted of 4,000,000 Units at $2.50 per Unit for aggregate gross proceeds of $10,000,000. Each Unit consisted 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 $2.50 Offering will be used for general working capital purposes and exploration expenses.

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In connection with the $2.50 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 Share at a price of $3.00 per Share for a period of two years.

All securities issued pursuant to the $2.00 Offering and the $2.50 Offering are subject to a statutory hold period of four (4) months and a day from the date of issuance.

None of the securities sold in connection with the $2.00 Offering and the $2.50 Offering are registered under the United States *Securities Act of 1933*, as amended, and no such securities were offered or sold in the United States absent registration or an applicable exemption from the registration requirements. This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any jurisdiction in which such offer, solicitation or sale would be unlawful.

**Item 6: Reliance on subsection 7.1(2) of National Instrument 51-102**

N/A

**Item 7: Omitted Information**

N/A

**Item 8: Executive Officer**

Jody Bellefleur, CFO and a Director 604.681.1568 info@apexcriticalmetals.com

**Item 9: Date of Report**

October 30, 2025

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## Exhibit 99.99

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**TECHNICAL REPORT ON THE**

**CAP Property**

**NORTHEAST OF PRINCE GEORGE, BRITISH COLUMBIA, CANADA**

**Prepared for Eagle Bay Resources Corp.**

**Report for NI 43-101**

A**uthor:**

LEX KNOX, MSC, P.GEOL.

**Effective Date: December 08, 2022**

**AWK Geological Consulting Ltd.**

2233 4 AVE NW, CALGARY, ALBERTA, T2N 0N8, CANADA,<br>TEL: +1403283 7597\| CELL: +1 403 860 3019 \| AKNOX@NUCLEUS.COM

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| | |
|:---|:---|
| **CAP Property, British Columbia, Canada** | **Eagle Bay Resources Corp.** |

---

<sup>**T**</sup><sup>**ABLE OF**</sup><sup>**C**</sup><sup>**ONTENTS**</sup>

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| | | | |
|:---|:---|:---|:---|
| 1 | Summary | Summary | 1 |
|  | 1 | Property Description | 1 |
|  | 1.1 | Mineral Tenure | 1 |
|  | 1.2 | Geology and Mineralization | 1 |
|  | 1.3 | Exploration | 2 |
|  | 1.4 | Development and Operations | 2 |
|  | 1.5 | Conclusions and Recommendations | 3 |
| 2 | Introduction | Introduction | 5 |
| 3 | Reliance on Other Experts | Reliance on Other Experts | 6 |
| 4 | Property Description and Location | Property Description and Location | 7 |
|  | 4 | Location | 7 |
|  | 4.1 | Mineral Tenure | 8 |
|  | 4.2 | Environmental Liabilities | 12 |
|  | 4.3 | Required Permits | 12 |
|  | 4.4 | Other Significant Factors and Risks | 12 |
| 5 | Accessibility, Climate, Local Resources, Infrastructure, and Physiography | Accessibility, Climate, Local Resources, Infrastructure, and Physiography | 13 |
|  | 5 | Access, Infrastructure and Local Resources | 13 |
|  | 5.1 | Topography, Elevation, and Vegetation | 13 |
|  | 5.2 | Climate | 13 |
| 6 | History | History | 15 |
|  | 6 | Prior Ownership | 15 |
|  | 6.1 | Previous Exploration and Development | 17 |
|  |  | 6.1.0 Teck Exploration | 17 |
|  |  | 6.1.1 Carbo Claim Group (Commerce/CIM) | 22 |
|  |  | 6.1.2 Bolero Resources | 28 |
|  |  | 6.1.3 CAP Claim Area | 29 |
|  | 6.2 | Historical Mineral Resources | 36 |
|  | 6.3 | Historical Production | 36 |

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**Page ii**

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| | |
|:---|:---|
| **Report for NI 43-101** | **Eagle Bay Resources Corp.** |

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| | | | |
|:---|:---|:---|:---|
| 7 | Geological Setting and Mineralization | Geological Setting and Mineralization | 37 |
|  | 7 | Regional Geology | 37 |
|  | 7.1 | Property Geology | 40 |
|  | 7.2 | Mineralized Zones | 41 |
| 8 | Deposit Types | Deposit Types | 43 |
| 9 | Exploration | Exploration | 45 |
| 10 | Drilling | Drilling | 46 |
| 11 | Sample Preparation, Analyses, and Security | Sample Preparation, Analyses, and Security | 47 |
|  | 11 | Laboratory Sample Preparation and Analysis | 47 |
|  |  | 11.0.0 2006 & 2007Samples - Commerce Resources Corp. | 47 |
|  |  | 11.0.1 2010&2011Field Samples - Canadian International Minerals Inc. | 47 |
|  |  | 11.0.2 2010 & 2011Core Samples - Canadian International Minerals Inc. | 47 |
|  |  | 11.0.3 2010 - Samples - Bolero Resources Corp | 49 |
|  |  | 11.0.4 2010 & 2011Samples - 877384 &Zimtu and Arctic Star | 47 |
|  |  | 11.0.5 2017 - Samples - Arctic Star | 47 |
|  | 11.1 | Quality Assurance and Quality Control (QA/QC) | 50 |
| 12 | Data Verification | Data Verification | 51 |
| 13 | Mineral Processing and Metallurgical Testing | Mineral Processing and Metallurgical Testing | 54 |
| 14 | Mineral Resource Estimates | Mineral Resource Estimates | 55 |
| 15 | to 22 - Not Applicable (Early-Stage Project) | to 22 - Not Applicable (Early-Stage Project) | 56 |
| 23 | Adjacent Properties | Adjacent Properties | 57 |
| 24 | Other Relevant Data and Information | Other Relevant Data and Information | 59 |
| 25 | Interpretation and Conclusions | Interpretation and Conclusions | 60 |
| 26 | Recommendations | Recommendations | 62 |
| 27 | References | References | 66 |
| 28 | Date and Signature Page | Date and Signature Page | 71 |
| 29 | Certificate of Qualified Person | Certificate of Qualified Person | 72 |

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**Page iii**

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| | |
|:---|:---|
| **CAP Property, British Columbia, Canada** | &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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Eagle Bay Resources Corp.** |

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| | | |
|:---|:---|:---|
| **LIST OF FIGURES** | **LIST OF FIGURES** |  |
| Figure 4-1. | Location of the CAP Property | 7.0 |
| Figure 4-2. | CAP Property Tenure Map | 11.0 |
| Figure 5-1. | Property Access Map | 14.0 |
| Figure 6-1. | Teck Historical Exploration | 19.0 |
| Figure 6-2. | Detailed Teck Work Summary, Prince Grid | 20.0 |
| Figure 6-3. | Summary of Commerce and CIM Work 2006-2011 | 22.0 |
| Figure 6-4. | Bolero Resources Work Summary | 28.0 |
| Figure 6-5. | Summary of Airborne Surveys (Total Magnetics) | 31.0 |
| Figure 6-6. | Historical Exploration and Sample Location Map with Total Magnetic Field | 32.0 |
| Figure 6-7. | Historical Sample Results - TREE+Y (ppm)with Total Magnetic Field | 33.0 |
| Figure 6-8. | Historical Sample Results - Nb2O5 (%)with Total Magnetic Field Survey | 34.0 |
| Figure 7-1. | British Columbia Tectonic Belts | 38.0 |
| Figure 7-2. | Regional Geology | 39.0 |
| Figure 12-1. | Author During 2022 Site Visit at Drill Platform CA-11-014 | 52.0 |
| Figure 12-2. | REE distribution: enrichment in heavy REEs from sample 19-KCR-3 | 53.0 |
| Figure 23-1. | Adjacent Properties | 58.0 |
| Figure 26-1. | Recommended Exploration Areas, Carbo Region | 64.0 |
| Figure 26-2. | Recommended Exploration Target Areas, CAP Region | 65.0 |
| Table 4-1. | Mineral Tenure Work Requirements and Cash-In-Lieu Payments in BC | 8.0 |
| **LIST OF TABLES** | **LIST OF TABLES** |  |
| Table 4-2. | Details of the CAP Property Claims | 10.0 |
| Table 6-1. | Summary of Previous Owners | 16.0 |
| Table 6-2. | Summary of Historic Exploration Work on the Property | 17.0 |
| Table 6-3. | 2010 DDH REE Intersections | 25.0 |
| Table 6-4. | 2011 DDH REE Intersections | 27.0 |
| Table 6-5. | Historic Rock Samples with Significant Analytical Results | 30.0 |
| Table 6-6. | Drillhole Summary for the CAP Property | 35.0 |
| Table 6-7. | Drillhole CAP17-004 Carbonatite Intervals and Highlights | 35.0 |
| Table 7-1. | Stratigraphic Units in the Monkman Pass Area | 38.0 |
| Table 26-1. | Phase I Estimated Budget. | 63.0 |

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**LIST OF ABBREVIATIONS**

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|:---|:---|:---|:---|
| **Abbreviation** | **Definition** | **Abbreviation** | **Definition** |
| **m** | micron | **kWh** | kilowatt-hour |
| **°C** | degrees Celsius | **L** | liter |
| **°F** | degree Fahrenheit | **L/s** | litres per second |
| **mg** | microgram | **LREE** | light rare earth elements |
| **A** | ampere | **LREO** | light rare earth oxides |
| **a** | annum | **m** | metre |
| **bbl** | barrels | **M<sup>2</sup>** | mega (million) |
| **Btu** | British thermal units | **m<sup>3</sup>** | square metre |
| **CAD** | Canadian dollars | **m** | cubic metre |
| **cal** | calorie | **Ma** | million years |
| **cfm** | cubic feet per minute | **MASL** | metres above sea level |
| **cm** | centimetre | **min** | minute |
| **cm<sup>2</sup>** | square centimetre | **mm** | millimetre |
| **cps** | counts per second | **mph** | miles per hour |
| **d** | day | **MVA** | megavolt-amperes |
| **dia.** | diameter | **MW** | megawatt |
| **dmt** | dry metric tonne | **MWh** | megawatt-hour |
| **dwt** | dead-weight ton | **Nb** | niobium |
| **ft** | foot | **opt, oz/st** | ounce per short ton |
| **ft/s** | foot per second | **t oz** | Troy ounce (31.1035g) |
| **ft<sup>2</sup>** | square foot | **oz/dmt** | ounce per dry metric tonne |
| **ft<sup>3</sup>** | cubic foot | **pop.** | population |
| **g** | gram | **ppb** | part per billion |
| **G** | giga (billion) | **ppm** | part per million |
| **Gal** | Imperial gallon | **QA** | quality assurance |
| **g/L** | gram per litre | **QC** | quality control |
| **g/t** | gram per tonne | **REE** | rare earth elements |
| **gpm** | Imperial gallons per minute | **RL** | relative elevation |
| **gr/ft<sup>3</sup>** | grain per cubic foot | **s** | second |
| **gr/m<sup>3</sup>** | grain per cubic metre | **st** | short ton |
| **hr** | hour | **stpa** | short ton per year |
| **ha** | hectare | **stpd** | short ton per day |
| **hp** | horsepower | **t** | metric tonne |
| **HREE** | heavy rare earth elements | **Th equiv.** | equivalent: gamma counts of Tl208 |
| **HREO** | heavy rare earth oxides | **tpa** | metric tonne per year |
| **in** | inch | **TREE** | Total rare earth elements |
| **in<sup>2</sup>** | square inch | **TREO** | total rare earth element oxides |
| **J** | joule | **tpa** | metric tonne per year |
| **k** | kilo (thousand) | **tpd** | metric tonne per day |
| **kcal** | kilocalorie | **US$** | United States dollar |
| **kg** | kilogram | **USg** | United States gallon |
| **km** | kilometre | **USgpm** | US gallon per minute |
| **km<sup>2</sup>** | kilometre per hour | **V** | volt |
| **km/h** | square kilometre | **W** | watt |
| **kPa** | kilopascal | **wmt** | wet metric tonne |
| **kVA** | kilovolt-amperes | **yd<sup>3</sup>** | cubic yard |
| **kW** | kilowatt | **yr** | year |

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**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;&nbsp;&nbsp;&nbsp;&nbsp;**1.0 PROPERTY DESCRIPTION**

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;&nbsp;&nbsp;&nbsp;&nbsp;**1.1 MINERAL TENURE**

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;&nbsp;&nbsp;&nbsp;&nbsp;**1.2 GEOLOGY AND MINERALIZATION**

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;&nbsp;&nbsp;&nbsp;&nbsp;**1.3 EXPLORATION**

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% Nb2O5 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 647.50 m. 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;&nbsp;&nbsp;&nbsp;&nbsp;**1.4 DEVELOPMENT AND OPERATIONS**

There is no development or mining on the Property.

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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;&nbsp;&nbsp;&nbsp;&nbsp;**1.5 CONCLUSIONS AND RECOMMENDATIONS**

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.

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:

10.42 m interval with 0.35% Nb2O5,<br>3.13 m interval with 0.26% Nb2O5<br>and

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 O5, 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 O and sample 19-KCR-3 with 1804 ppm (0.18%) TREE+Y. Based on the elevated Nb O and<sup>2 5</sup> REEs from both rock samples and drill hole CAP17-004, the CAP property has significant<sup>2 5</sup> exploration potential for both Nb and/or REE mineralization.

Rock samples from the Carbo complex area ranged up to O.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 bastnäsite, 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.

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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.

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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**2. INTRODUCTION**

AWK Geological Consulting Ltd. ("AWK") has been retained by Eagle Bay Resources Corp. ("Eagle Bay") to prepare an independent Technical Report on the CAP Property ("the Property"). This report was commissioned by Eagle Bay 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 Property consists of 34 mainly contiguous mineral claims, totalling 11,825.83 ha and is located approximately 85 km northeast of Prince George, British, Canada(Figure 4-1). Eagle Bay holds a 100% interest in the tenures comprising the Property as described in Section 4.

The purpose of this report is review and summarize exploration conducted on the Property and provide recommendations for work.

Information, conclusions, and recommendations contained in this report are based on field observations as well as on published and unpublished data (Section 27: References). Public information used in the preparation of this report includes maps and reports prepared by government geologic surveys, assessment reports by private companies and various academic publications.

The Qualified Person responsible for this report is Alex Knox, P.Geol, of AWK Geological Consulting Ltd. Mr. Knox has 40+ of years' experience in the field of mineral exploration and has worked on numerous carbonatite projects including the Blue River, Eldor, Oka and Elk Creek carbonatites.Mr. Knox's most recent visit to the Property was on May 26th, 2022.

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**3. RELIANCE ON OTHER EXPERTS**

This report has been prepared by Alex Knox of AWK Geological Consulting Ltd. The information, conclusions, opinions, and estimates contained herein are based on field observation as well as published data (Section27: References).

The author has no reason to believe that the information used in the preparation of this report is false or purposefully misleading and has relied on the accuracy and integrity of the data referenced in Section 27of this report.

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**4. PROPERTY DESCRIPTION AND LOCATION**

&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;&nbsp;&nbsp;&nbsp;&nbsp;**4.0 LOCATION**

The CAP Property is centered at 54°23'28" N, 121°43'47" W, approximately 85 km northeast of Prince George in British Columbia, Canada (Figure 4-1). The Property lies within National Topographic System (NTS) map sheets93I and 93 J.

![](exhibit99-55x001.jpg)

**Figure 4-1. Location of the CAP Property.**

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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;&nbsp;&nbsp;&nbsp;&nbsp;**4.1 MINERAL TENURE**

A mineral tenure grants the right to explore the land within the boundaries of the tenure and allows the collection of up to 1,000 tonnes of bulk sample material; the extraction of more than this amount from a tenure requires acquisition of a mineral lease. A mineral tenure does not grant surface rights, a surface lease or grant is required.

Mineral tenures are held under the British Columbia *Mineral Tenure Act* and are acquired through the Government's interactive online mineral *tenure* system, Mineral Titles Online (MTO). A Free Miner Certificate (FMC) is required to acquire and maintain mineral claims; this is available to both individuals and corporations through MTO.

Holders of mineral tenures are entitled to hold the tenures for an unlimited period. To maintain the claims, either a minimum amount per hectare must be spent on exploration and development work on the claim each year; or a cash-in-lieu payment must be submitted. The amount of work required, and cash-in-lieu amounts required per hectare for each anniversary year are summarized in Table 4-1.

**Table 4-1. Mineral Tenure Work Requirements and Cash-In-Lieu Payments in BC**

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| **Anniversary Year** | **Work Requirement** | **Cash-In-Lieu** |
| 1 and 2 | $5/hectare | $10/hectare |
| 3 and 4 | $10/hectare | $20/hectare |
| 5 and 6 | $15/hectare | $30/hectare |
| 7 and subsequent | $20/hectare | $40/hectare |

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The CAP Property consists of 34 mostly 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(Table 4-2; Figure 4-2).

Eagle Bay acquired the claims CAP 1 - 5 and CAP06 from Arctic Star Exploration Corp. in early 2019. Eagle Bay staked the CAP 22, 23, and 24 on January 28, 2022.

Eagle Bay concluded an agreement with Zimtu Capital Corp. on July 29, 2022, to earn 100% of four claims, two peripheral to the CAP Property, and two northwest of Wicheeda Lake. A fifth claim (1092905) was added August 15, 2022.

Eagle Bay has earned 100% of the Carbo1 Carbo2 Carbo3, Carbo West, Carbo Extension and Wichika claims through an agreement with Gambier Gold Corp. dated September 21, 2021. Neither agreement involves a net smelter royalty.

Eagle Bay undertook to purchase 100% of thirteen claims (known as the Prince Property) held by V. Heyman and C. Brookes through an agreement dated October 13, 2021, which includes a cash payment of $20,000 and issuance of 500,000 common shares. No NSR is retained.

Several claims were staked on November 25th, 2022 in order to re-acquire them (WICHEEDA L, L2, L3 and WICHEEDA 5 & 6; and W 1, W2). They were previously claims held under the purchase agreement with Zimtu.

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A small portion of the southwestern end of the Property overlaps with the Arctic Pacific Lakes Provincial Park. The mineral tenures were acquired even though they overlap with the park; the Crown does not grant mineral rights to lands already classified as a Provincial Park. According to sections 11 and 21 of the *Mineral Tenure Act*, unless authorized by the Lieutenant Governor in Council, no one may enter a park for purposes of exploration and development or extraction of minerals.

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 CAP Property claims: CAP 1, CAP 2, CAP 3, CAP 4 and CAP 5.

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**Table 4-2. Details of the CAP Property Claims.**

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| **Tenure ID** | **Claim Name** | **Anniversary Date** | **Hectares** | &nbsp;&nbsp;&nbsp;**Deal/Acquisition** |
| 662403 | CAP 1 | 2025-08-31 | 470.58 | &nbsp;&nbsp;&nbsp;Arctic Star |
| 662423 | CAP 2 | 2025-08-31 | 470.69 | &nbsp;&nbsp;&nbsp;Arctic Star |
| 662424 | CAP 3 | 2025-08-31 | 470.86 | &nbsp;&nbsp;&nbsp;Arctic Star |
| 662425 | CAP 4 | 2025-08-31 | 470.95 | &nbsp;&nbsp;&nbsp;Arctic Star |
| 662443 | CAP 5 | 2025-08-31 | 470.77 | &nbsp;&nbsp;&nbsp;Arctic Star |
| 1048033 | CAP06 | 2025-08-31 | 470.49 | &nbsp;&nbsp;&nbsp;Arctic Star |
| 515430 | CARBO1 | 2023-07-15 | 469.20 | &nbsp;&nbsp;&nbsp;Gambier Gold |
| 515432 | CARBO2 | 2023-07-15 | 469.40 | &nbsp;&nbsp;&nbsp;Gambier Gold |
| 515433 | CARBO3 | 2023-07-15 | 187.83 | &nbsp;&nbsp;&nbsp;Gambier Gold |
| 536347 | CARBO WEST | 2023-07-15 | 338.01 | &nbsp;&nbsp;&nbsp;Gambier Gold |
| 660563 | CARBO EXTENSION | 2026-05-01 | 375.76 | &nbsp;&nbsp;&nbsp;Gambier Gold |
| 834722 | WICHCIKA | 2023-07-15 | 112.68 | &nbsp;&nbsp;&nbsp;Gambier Gold |
| 1070396 | TRUMP 3 | 2023-08-16 | 187.93 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1072521 | Witch 1 | 2023-08-16 | 56.38 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1072522 | Witch 2 | 2023-08-16 | 18.80 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1073717 |  | 2023-01-06 | 74.98 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1079444 | BEAUREGARD REE | 2023-11-06 | 450.95 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1070377 | Trump2 | 2023-08-31 | 37.59 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1070378 | Trump1 | 2023-08-31 | 93.96 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1072301 | RARE EARTHS | 2023-05-31 | 112.76 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1074180 | CORONA | 2023-01-25 | 187.87 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1069826 | RED ROULETTE | 2023-07-23 | 18.75 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1069828 | GREEN ROULETTE | 2023-07-23 | 37.50 | &nbsp;&nbsp;&nbsp;Heyman/Brooks |
| 1074313 | WICHEEDA 4 | 2023-02-01 | 300.11 | &nbsp;&nbsp;&nbsp;Zimtu |
| 1092905 | WICHEEDA | 2023-02-02 | 75.17 | &nbsp;&nbsp;&nbsp;Zimtu |
| 1092911 | WICHEEEDA | 2023-02-02 | 319.36 | &nbsp;&nbsp;&nbsp;Zimtu |
| 1092074 | CAP 22 | 2023-01-28 | 1880.63 | &nbsp;&nbsp;&nbsp;Staking |
| 1092112 | CAP 23 | 2023-01-28 | 1484.74 | &nbsp;&nbsp;&nbsp;Staking |
| 1092113 | CAP 24 | 2023-01-28 | 1128.65 | &nbsp;&nbsp;&nbsp;Staking |
| 1099459 | WICHEEDA L | 2023-11-25 | 37.58 | &nbsp;&nbsp;&nbsp;Staking |
| 1099461 | WICHEEDA L2 | 2023-11-25 | 18.79 | &nbsp;&nbsp;&nbsp;Staking |
| 1099463 | WICHEEDA L3 | 2023-11-25 | 37.58 | &nbsp;&nbsp;&nbsp;Staking |
| 1099458 | WICHEEDA 6 | 2023-11-25 | 225.52 | &nbsp;&nbsp;&nbsp;Staking |
| 1099460 | WICHEEDA 5 | 2023-11-25 | 112.72 | &nbsp;&nbsp;&nbsp;Staking |
| 1099462 | W 1 | 2023-11-25 | 93.94 | &nbsp;&nbsp;&nbsp;Staking |
| 1099464 | W2 | 2023-11-25 | 56.37 | &nbsp;&nbsp;&nbsp;Staking |
|  |  |  | **Total: 11,825.83** |  |

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**Figure 4-2. CAP Property Tenure Map**

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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;&nbsp;&nbsp;&nbsp;&nbsp;**4.2 ENVIRONMENTAL LIABILITIES**

The author is not aware of any environmental liabilities associated with 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;&nbsp;&nbsp;&nbsp;&nbsp;**4.3 REQUIRED PERMITS**

In British Columbia, any exploration activity on a mineral claim that disturbs the ground surface, such as trenching, excavating, blasting, camp construction/demolition, drilling, etc, requires a Notice of Work (NoW) Permit. Permit applications are made online through FrontCounterBC (http://<u>www.frontcounterbc.gov.bc.ca/</u>). NoW Permits specify terms and conditions under which exploration work can proceed.

Additionally, landowners must be given notice before entering private land for any mining or exploration activity. This notice must describe where the work will be conducted, what type of work will be conducted ,when the work will take place, and how many people will be on site.

Phase I of the recommended work in Section 26shouldnot require a NoW Permit. Phase II of the recommended work, if carried out, will require a NoW Permit. As of the effective date of this report, Eagle Bay has not applied for a NoW Permit.

&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;&nbsp;&nbsp;&nbsp;&nbsp;**4.4 OTHER SIGNIFICANT FACTORS AND RISKS**

The Property overlaps the Lheidli T'enneh and McLeod Lake First Nation territories, as well as the West Moberly and Doig River First Nations territories. It will be important for Eagle Bay to establish good relations with these First Nations as the project develops.

The Property lies within the Hart Range Mountain Caribou habitat area. This means that there are some conditions that must be met with respect to exploration work, including, when activities must not be carried out in the area, where new trails and roads may be built, the amount of timber that may be harvested and the distance aircraft must maintain from line-of- site of caribou at all times.

The author is not aware of any additional significant factors or risks that may affect access, title, or the ability to perform work on the CAP Property.

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**5. ACCESSIBILITY, CLIMATE, LOCAL RESOURCES, INFRASTRUCTURE, AND PHYSIOGRAPHY**

&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;&nbsp;&nbsp;&nbsp;&nbsp;**5.0 ACCESS INFRASTRUCTURE AND LOCAL RESOURCES**

The nearest major population centre**,** is Prince George, British Columbia, approximately 85 km southwest of the Property (Figure 5-1). Access to the Property is by helicopter, or by 4x4 truck utilizing a network of maintained and decommissioned logging roads. Prince George has a population of 76,708 (2021 Census) and offers a range of supplies and services for mineral exploration and mining, including accommodation, food, and fuel.

&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;&nbsp;&nbsp;&nbsp;&nbsp;**5.1 TOPOGRAPHY ELEVATION AND VEGETATION**

The physiography of the region consists**,** of small mountains, rolling hills and swampy valleys. Mountains slopes range from moderate to very steep; ridges are typically forested by stands of mature hemlock, spruce and white pine in unlogged areas, and immature pine and alder in logged areas; and lower elevations are covered in thick undergrowth of buck brush, alder, and devil's club. Elevation on the Property ranges from 950 m in the valleys to 1,800 m on the ridges. Outcrop exposures are scarce as most of the region is covered in glacial deposits.

&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;&nbsp;&nbsp;&nbsp;&nbsp;**5.2 CLIMATE**

Climate in the area is typical of central British Columbia; summer is warm and dry, spring and fall are mild and wet, and winters are cold and relatively dry. The temperature in the summer averages around 20°C and can be as high as 35°C. Temperatures in the winter average around -10°Cand are rarely below -20°C. Average precipitation is 615 mm per year, with the most precipitation occurring in June. At high elevations in the regions, partial snow cover can last until mid-June (source: Environment and Natural Resources Canada). <u>https://climate.weather.gc.ca/historical_data/search_historic_data_e.html</u>

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![](exhibit99-55x008.jpg)

**Figure 5-1. Property Access Map**

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**6. HISTORY**

This information in this section of this repost is predominantly derived from the British Columbia Geological Survey MINFILE reports and from British Columbia's Assessment Report Indexing Service (ARIS).The CAP Property has been expanded by Eagle Bay from that described in the 2019 Technical Report through staking and purchase agreements to include the Carbo Property (previously explored by Teck, Commerce Resources and Canadian International Minerals)and claims surrounding the Wicheeda deposit near Wicheeda Lake, as well as some separate claims to the northwest. Some historical work occurred on other adjacent claim blocks and properties as boundaries have changed over time.

&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;&nbsp;&nbsp;&nbsp;&nbsp;**6.0 PRIOR OWNERSHIP**

In 1976 and 1977, Kol Lovang prospected in the area of Wicheeda Lake and staked two claims for base metals (Betmanis, 1987). In 1986, the Prince and George claim groups were staked and then optioned by Teck Corporation (Teck). These claim groups extended from Wicheeda Lake southeast to about the current centre of the CAP Property including what became the Carbo carbonatite mineralized zone.

The Teck claims were later allowed to lapse, and the area was re-staked in March 2001 by Chris Graf. Ownership of the claims was transferred to Spectrum Mining Corp. ("Spectrum") in September 2008 (Raffle and Nicholls, 2020).

The Carbo Property claims (Carbo 1, Carbo 2, Carbo 3, and Carbo West) were staked in 2005, 2006 for Commerce Resources Corp. The Carbo Extension, and Wichcika were added in 2009 and 2010. This property was optioned by Canadian International Minerals Inc. (CIM), later Canadian Energy Materials Corp. (CEM), and now Gambier Gold Corp. (see Section 4) in 2009.

In 2009, Jody Dahrouge staked five claims (CAP 1, CAP 2, CAP 3, CAP 4 and CAP 5) southeast of the Wicheeda South Property, on behalf of, and held in trust for 877384 Alberta Ltd. ("877384") and Zimtu Capital Corp. ("Zimtu").

Between 2009 and 2010, Spectrum acquired two groups of claims near Wicheeda Lake. The southern group was referred to as the Wicheeda South Property; claims Witch 1-2, Trump 1-3, RARE EARTHS, CAP 22 and CAP 23.

In 2010, Arctic Star Exploration Corp. ("Arctic Star") (known as Arctic Star Diamond Corp. until July 2011), entered into an option agreement to acquire 100% interest in the CAP Property (claims CAP 1 to CAP 5), which it subsequently did. In the same year, Bolero Resources Corp. ("Bolero") acquired a significant number of claims in the region, surrounding the CAP Property, and called them the Carbonatite Syndicate Property. Several of Bolero's historic claims overlapped the current CAP claims.

In 2013, Damon Capital Corp. ("Damon") signed an option agreement with Arctic Star to acquire 75% joint venture interest in the CAP Property; however, Damon failed to meet the terms of the agreement.

In 2016, CAP06, was staked by Jody Dahrouge on behalf of Arctic Star and added to the CAP Property to cover the only significant results of the 2010-2011 work by Bolero.

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Additional claims staked between 2010 and 2015, by various individuals, also overlapped with the current CAP Property.

In July 2017, Jody Dahrouge staked an additional 16 claims (CAP 6 to CAP 21) extending northwest of the original CAP Property (CAP 1 to CAP 5)on behalf of Arctic Star.

Various claims staked by individuals between 2018 and 2022 including D. Heyman, C. Brookes, and R. Glazier are now part of the CAP Property, subject to acquisition agreements described in Section 4.

**Table 6-1. Summary of Previous Owners**

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| **Year** | **Owner** | **CAP Claim** |
| 1986 | Teck Corporation | overlapping historic claims |
| 2005-2021 | Commerce Resources Corp.,<br>Canadian International Minerals<br>Inc., Canadian Energy Metals Corp.,<br>Gambier Gold Corp. | Carbo, Wichcika claims |
| 2009-2015 | Spectrum Mining Corp. | overlapping historic claims |
| 2009-2010 | Jody Dahrouge | CAP 1 to CAP 5 |
| 2010-2019 | Arctic Star Exploration Corp. | CAP 1 to CAP 5 |
| 2010-2011 | Andrew Larry Ralph Sostad | overlapping historic claims |
| 2010-2011 | Ken Charles Smith | overlapping historic claims |
| 2010-2016 | Bolero Resources Corp. | overlapping historic claims |
| 2011-2012 | Jevin Werbes | overlapping historic claims |
| 2013-2014 | David Agustin Heyman | overlapping historic claims |
| 2014-2015 | Clifford Lorne Brown | overlapping historic claims |
| 2016-2019 | Arctic Star Exploration Corp. | CAP 6 to CAP 21 |
| 2018-2021 | C. G. Brookes/V. L. Heyman | Trump1, Trump 2 |
| 2019-2021 | C. G. Brookes/V. L. Heyman | Wicheeda Airmag |
| 2019-2021 | C. G. Brookes/V. L. Heyman | Red Roulette, Green Roulette |
| 2019-2021 | Valerie Lynn Heyman | Witch 1, Witch 2 |
| 2019-2021 | C. G. Brookes/V. L. Heyman | Rare Earths |
| 2019-2021 | Reagan Glazier | Wicheeda , Wicheeda 3 |
| 2020-2021 | Valerie Lynn Heyman | 1073717 |
| 2020-2021 | C. G. Brookes/V. L. Heyman | Corona |
| 2020-2021 | Reagan Glazier | Wicheeda 4 |
| 2020-2021 | Valerie Lynn Heyman | Beauregard REE, Drox2021 |
| 2022 | Reagan Glazier / Zimtu | Wicheeda, Wicheeeda |

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**6.1** **PREVIOUS EXPLORATION AND DEVELOPMENT**

**Table 6-2. Summary of Historic Exploration Work on the Property**

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| **Year** | **Company** | **Work Conducted** |
| 1961 | Geological Survey of Canada | • aeromagnetic survey |
| 1976-1977 | Kol Lovang | • prospecting, sampling |
| 1986-1987 | Teck Corporation | • soil sampling, magnetometry, rock sampling |
| 1986-1987 | Teck Corporation | • trenching (7 on Prince Grid-3 on Carbo2) |
| 2006-2007 | Commerce Resources Corp. | • prospecting, rock sampling, soil sampling, |
| 2006-2007 | Commerce Resources Corp. | and magnetometry, focus on Carbo2, Carbo3 |
| 2009 | Spectrum Mining Corp. | • stream bed and rock sampling at the Fluorite |
|  |  | Grid on the Wicheeda South Property |
| 2009-2011 |  | • prospecting, mapping soil and rock sampling |
| 2010 | Canadian International Minerals Inc. | • airborne AeroTEM electromagnetic, magnetic |
| 2010 | Canadian International Minerals Inc. | and radiometric survey |
| 2010, 2011 |  | • diamond drilling (20 holes, 2117 samples) |
| 2010 | Zimtu Capital Corp. & 877384 Alberta<br>Ltd. | • soil, rock, and stream sampling (CAP 1-5) |
|  |  | • airborne radiometric and magnetic survey |
| 2010-2011 | Bolero Resources Corp. | • soil and stream silt sampling, rock sampling |
|  |  | • diamond drilling (8 holes, 1678 metres) |
| 2011 | Arctic Star Exploration Corp. | • airborne radiometric and magnetic survey |
|  |  | • prospecting and rock sampling (28 samples) |
| 2017 | Arctic Star Exploration Corp. | • diamond drilling (4 holes; 163 core samples): |
|  |  | CAP 1, CAP 2, CAP 6 |

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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. A significant magnetic anomaly was identified on what are currently the Carbo claims of the CAP Property (GSC, Geophysics Paper 1546, 1964).

In 1976 and 1977 Kol Lovang prospected the area and staked two claims on minor base metal showings, but no follow-up was reported, and the claims were permitted to lapse. Later assay of Lovang's samples by Teck indicated anomalous niobium values (Betmanis, 1987).

***6.1.0 Teck Exploration***

The Prince and George claims, covering Lovang's showings, were staked and optioned by Teck in 1986. Soil and rock geochemical sampling, geological mapping, trenching and ground magnetic surveying identified a pronounced cerium anomaly and a REE-bearing carbonatite intrusion within the George grid, which is now the Wicheeda REE deposit (Mäder and Greenwood and, 1988).

Teck established five exploration grids during 1986: George Grid, Prince Grid, Lake Grid, "D" Grid and "F" Grid. The George Grid, Prince Grid, "D" Grid and "F" Grid are entirely or partially within the CAP Property, the Lake Grid is within Defense Metals' adjacent Wicheeda property (Figure 6-1).

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In 1987, Mäder and Greenwood conducted an academic field survey which focused on the carbonatites and related rocks. They provided a detailed description and map of the carbonatites in the area which has helped direct subsequent exploration (Mäder and Greenwood and, 1988).

The Teck claims were later allowed to lapse, and the area was re-staked in 2001 by Chris Graf; ownership of these claims was transferred to Spectrum in September 2018 and to Defense Metals Corp. under a 2018 option agreement (McCarthy et al, 2022).

Historic exploration data from Teck Exploration Limited has been compiled and georeferenced in a GIS database by Dahrouge and is summarized below.

![](exhibit99-55x009.jpg)

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**Figure 6-1. Teck Historical Exploration**

**George Grid**

A small portion of the northeast part of the historic George Grid lies within claim Carbo; work included soil sampling, a magnetometer survey and geological mapping. Minimal outcrop is reported from the grid area. Within claim Carbo1, soil samples were collected from lines spaced 100-m apart, at 50-m intervals. They are slightly anomalous in niobium, with peak values of 319 ppm within claim Carbo1 and 883 ppm on the adjacent property; these results suggest the presence of a buried alkaline intrusion(s). Cerium and barium are locally enriched and appear to partly correlate with niobium. Both these elements may be used to help locate the intrusive bodies. A peak value of 2,061 ppm Ce is reported within the claim Carbo1, and 25,905 ppm Ce on the adjacent property. Samples with enrichment in cerium, additionally show considerable enrichment in the other light REE's, La, Pr, Nd, and Sm.

Geological mapping outlined a narrow dioritic to granodioritic dyke in claim Carbo1, and one rock sample was analyzed showing a low concentration of 0.04% Nb. Sampling of the adjacent property on the George Grid revealed elevated REE concentrations in soil and rock samples (Figure 8.6). Soil sample "L72+00W - 0+50S" overlying the syenite outcrop and trench GT-1 returned a value of 4.11% REE. The 1987 sampling of trench GT-2 on the George Grid revealed a composite value of 1.11% REE over a width of 42 meters (samples 10871-10878); and a high value of 1.36% REE over a width of five meters (sample 10873). For the 1987 sampling of the trenches on the George Grid (Lovang and Meyer, 1988), it should be noted that several elements reported were over their detection limits including La, Nd, and Ce. Also, only La, Ce, Nd, Sm, Eu, Tb, Dy and Lu values were reported.

Magnetometer surveys indicate higher than background magnetic readings in the area of the soil anomaly, which may be due to narrow and weakly magnetic dykes (Betmanis, 1987).

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![](exhibit99-55x002.jpg)

**Figure 6-2. Detailed Teck Work Summary, Prince Grid**

**Prince Grid**

A majority of the 1986 exploration was conducted at the Prince Grid, which is mostly covered by<sup>**Prince**</sup>the current<sup>**G id**</sup>CAP Property. This exploration included soil sampling, trenching, rock sampling and a magnetometer survey (Betmanis, 1987). The work was within the current Carbo2, Carbo3, WICHCIKA CORONA and WICHEEDA claims.

Within the Prince Grid, soil samples were collected from lines spaced 100-m apart, at 50-m intervals. Samples anomalous in niobium were collected, with peak values of 4,597 ppm within the Wichcika claim; these values correlate to mapped carbonatite in bedrock (Figure 6-1 and Figure 6-2). Cerium and barium are locally enriched and appear to partly correlate with niobium; both constituents may be used to help locate the intrusive bodies. A peak value of 2,017 ppm Ce is reported within claim Carbo2. Samples elevated in cerium, additionally show considerable enrichment in the other light REE's La, Pr, Nd, and Sm.

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Geological mapping of the Prince Grid outlined a carbonatite dyke at least 2 km long, with a northwest strike (Figure 6-1). Twenty regional rock samples were collected from the Prince Grid and returned up to 0.39% Nb in a float (boulder) sample.

Seven trenches were blasted and cleared on the Prince Grid for a total 79.5 m (Betmanis, 1987).The greatest concentrations of niobium and REE in rock samples at the Prince Grid were collected from trenches PT5, PT6 and PT7 within claim Carbo2, with values up to approximately 0.95 % Nb<sub>2</sub>O<sub>5</sub> (trench PT6) and 0.43% REE (trench PT5) (Figure 6-2).

A magnetic high of at least 100 gammas above background coincides with the carbonatite on the Prince Grid. A distinct change in the background magnetic readings is apparent in the area of the mapped carbonatite outcrop. Northeast of the outcrop, values are between 400 and 450 gammas, whereas gamma values are above 450 gammas to the southwest of the outcrop. This is likely due to differing lithologies on either side of the carbonatite outcrop, with calcareous argillite mapped to the southwest and limestone to the northeast.

**"D" Grid**

A majority of the "D" Grid lies within the Carbo West Claim, on the west flank of Bear Ridge. Within the "D" Grid, soil samples were collected from lines spaced 100-m apart, at 50-m intervals. They are weakly anomalous in niobium, with a peak value of 136 ppm within claim Carbo West. Cerium and barium showed weakly elevated values above background. No rock sampling or other geological/geophysical work was conducted on "D" Grid.

**"F" Grid**<br> A majority of the "F" Grid lies within the Corona Claim, on the west flank of Bear Ridge. Within the "F" Grid, soil samples were collected from lines spaced 150-m apart, at 50-m intervals. All of the results returned background values for niobium, cerium, barium, and strontium. No rock sampling or other geological/geophysical work was conducted on "D" Grid.

**Fluorite Grid**<br> The Fluorite Grid is located on the present RARE EARTHS, TRUMP1, TRUMP3 and CAP23 claims (Figure 6-1).The Spectrum assessment report (31477/ Lane, 2010) for the Wicheeda South Property summarizes the work completed by Teck Exploration in 1987 where they conducted soil sampling and a grid-based scintillometer survey. They identified a small > 100 CPS anomaly that was thought to be an over-burden covered carbonatite. This is supported by anomalous niobium, lanthanum, molybdenum, and arsenic in soils. During this time, the prospect area was not mapped.

Follow-up by Spectrum Mining Corp. in 2009 was conducted, with bedrock sampling and silt sampling in the creeks that overly the historical anomalous soil samples of Teck. The highlight of the work revealed the discovery of an outcrop containing narrow calcite-fluorite veinlets and quartz-carbonate veinlets cutting the limestone host rock. Analysis of a grab sample from the outcrop (WI09-KM02) assayed 7064 ppm Ce, 4461 ppm La and 1387 ppm Nd.

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![](exhibit99-55x003.jpg)

**Figure 6-3. Summary of Commerce and CIM Work 2006-2011**

***6.1.1 Carbo Claim Group (Commerce/CIM)***

The Carbo claim group was staked on behalf of Commerce Resources Corp. (Commerce) in 2005 and 2006.Workfor Commerce on the Carbo group began in the summer of 2006 and 2007. Exploration included a soil geochemical survey (345 samples), magnetometer survey ground scintillometer survey, rock sampling (56 samples) and prospecting. Work was focused on the Carbo2 and Carbo3 claims. Analysis of the soil samples revealed a weak correlation between cerium and niobium. High values exceeded 400 ppm Ce. Analysis of the rock samples showed average niobium concentrations at 537 ppm a maximum value of 1525.6 ppm. REE values ranged from 72.9 to 4672.47 ppm with an average of 1330.84 ppm.

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In 2009, under a joint venture with Commerce, Canadian International Minerals Inc. (CIM) contracted Mackevoy Geosciences (Mackevoy) to conduct reconnaissance exploration on their claim block. Seventeen rock, 45 silt, and 56 soil samples were collected between July 12 and 15, 2009. A total of 22 person-days were spent on the Carbo property during that visit. Promising values were returned from all sample types, with a new thin carbonatite dyke in outcrop being discovered on the SW flank of Wicheeda Ridge and confirmation of the REE ± Nb mineralization of the historical carbonatite on the ridgetop (Turner, 2010).

In 2010 Mackevoy continued exploration on the Carbo claims. Field work was focused on prospecting, soil sampling, examining airborne and ground based radiometric anomalies and investigating areas for a fall diamond drilling program. Four soil sample grids ('406', '425', '708', and '729' grids) were designed for their spatial proximity to known prospective ground, neighbouring claims' prospective ground, and airborne radiometric and magnetic survey highs (Figure 6-3).

Analytical results from soil samples from the northeastern grid (425 grid) returned up to 7,620 ppm cerium (Ce), 2,670 ppm lanthanum (La), and 9,564 ppm total rare earth elements (TREE) + yttrium (Y). Although outcrop proved scarce, prospecting found several interesting gossanous showings. A total of 21 rock samples, two soils, and 10 silts were collected during the prospecting. Rock samples from the southeastern part Wicheeda Ridge (the historic Prince Grid area) returned up to 4,875 ppm TREE+Y. Three potential drill targets were identified. Soil sampling was deemed successful at locating areas mineralized with REEs (Turner et al, 2011).

In July 2010, Aeroquest SurveyLtd. (Aeroquest) conducted a helicopter-borne AeroTEM electromagnetic, magnetic, and radiometric survey over the Carbo claims. The total survey coverage was a block of 566.1 line-km, of which 531.8 line-km fell within the defined project area. The survey was flown at 50 metre line spacing and in 45°/135° flight direction using a Eurocopter SA315B "Lama" helicopter. The survey identified several thorium (Th) radiometric anomalies along the ridge and a continuous magnetic anomaly that extend for approximately 3.7 km along Wicheeda Ridge in the Copley Range (Aeroquest, 2010, Bruland, 2011).

Between October and December 2010, CIM carried out helicopter supported diamond-drilling program with the assistance of Mackevoy geologists. The drill sites were selected based on the REE geochemical soil anomalies and the Th airborne and magnetic anomalies. Nine holes were completed from four drill setups for a total of 1,938.9 m drilled before winter conditions ended the program (Figure 6-3). Drilling intersected bedded non-calcareous and calcareous argillite and siltstone intruded by carbonatite dykes and veins and feldspar-sodalite and felsic intrusion dykes. Contact breccias related to the carbonatite dykes were observed. Significant REE intersections are presented in

In 2011, as part of her data gathering to support her master's thesis at the University of BC, Mallory Dalsin mapped the area between the George and Prince Grids in order to expand the geological understanding of the region (Dalsin, 2013). The work uncovered a previously unknown, 1.5km-long trend of carbonatite and associated rocks that have not been extensively sampled for their REE and niobium content (Figure 6-3).

The drilling intersected REE mineralization in carbonatite dykes and a network of carbonatite/calcite veins that intruded the Upper Cambrian to Lower Ordovician Kechika Group bedded sediments. The bedded argillites and siltstones had a general NW-SE strike with a near-vertical dip while the carbonatite dykes appear to have NW-SE strike, cross-cutting the sedimentary stratigraphy. Breccias with carbonatite matrices are locally found along the contacts of the carbonatite dykes. The dykes were generally narrow with widths of < 10m. Drill core sampling returned values ranging from 4.7% Total Rare Earth Oxide (TREO) over 0.9 m to 1.4% TREO over 37.3 m in carbonatite dykes. REE minerals identified were parasite (of variable composition), bastnaesite, burbankite, monazite, and aeschynite with parasite the most common. Sulphide mineralization (pyrite, pyrrhotite, sphalerite, galena, arsenopyrite, chalcopyrite) encountered appeared unrelated to the REE mineralization as was the Nb (in Nb- rutile). The reliable pathfinder elements appeared to be the light rare earth elements (Bruland, 2011).

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From August to September 2011, CIM conducted a second helicopter-supported diamond drilling program of NQ-2 size core (50.6 mm) core, completing 3,090 m in 11 holes. Core logging identified rock type, alteration, mineralization, and structure. Scintillometer readings were taken systematically for identification of sections that might contain Th which could be associated with LREE mineralization. Core was geotechnically logged for rock quality designation and fracture data. A total of 647 samples were collected from the drill core, 117 from Target 2 (743 m drilled in 3 holes), 432 from Target 3 (801 m drilled in 2 holes) and 98 from Target 4 (1,546 m drilled in 6 holes). All the main LREE mineralization intersections from drilling are listed in Table 6-4 as % TREO+Y which is the industry standard for reporting REE mineralization grades (Bruland, 2012).

In 2011, as part of her data gathering to support her master's thesis at the University of BC, Mallory Dalsin mapped the area between the George and Prince Grids in order to expand the geological understanding of the region (Dalsin, 2013). The work uncovered a previously unknown, 1.5km-long trend of carbonatite and associated rocks that have not been extensively sampled for their REE and niobium content (Figure 6-3).

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**Table 6-3. 2010 DDH REE Intersections**

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| **Hole #** | **From(m)** | **To (m)** | **Interval**<br>**(m)** | **Geology** | **% TREO** |
| CA-10-001 | 37.8 | 43.1 | 5.3 | Carbonatite w/ minor sediments | 2.51 |
| Including | 39.6 | 41.8 | 2.1 | Carbonatite w/ minor sediments | 4.07 |
|  | 44.5 | 46.3 | 1.8 | Carbonatite w/ minor sediments | 1.24 |
| CA-10-002 | 16 | 19.2 | 3.2 | Carbonatite w/ minor sediments | 2.73 |
|  | 54.7 | 56 | 1.3 | Carbonatite w/ minor sediments | 2.25 |
|  | 60.6 | 61.7 | 1.2 | Carbonatite w/ minor sediments | 3.7 |
|  | 123.7 | 124.9 | 1.2 | Carbonatite w/ feldspar-sodalite | 1.33 |
| CA-10-003 | 79.6 | 83.2 | 3.7 | Carbonatite-feldspar-sodalite breccia | 1.44 |
|  | 104.2 | 106.5 | 2.3 | Carbonatite w/ minor sediments | 1.20 |
|  | 175.6 | 176.9 | 1.4 | Carbonatite | 1.53 |
| CA-10-004 | 138.2 | 153.4 | 15.2 | Carbonatite w/ minor sediments | 0.6 |
| Including | 147.8 | 149.1 | 1.3 | Carbonatite w/ minor sediments | 3.35 |
|  | 182.9 | 190.2 | 7.3 | Feldspar-sodalite w/minor sediments | 0.96 |
|  | 184.5 | 188 | 3.5 | Feldspar-sodalite | 1.23 |
| CA-10-005 | 67.9 | 70.7 | 2.8 | Carbonatite & feldspar-sodalite | 1.26 |
|  | 100.4 | 102.7 | 2.2 | Carbonatite-feldspar-sodalite<br>w/sediments | 1.18 |
|  | 146.5 | 148.9 | 2.4 | Feldspar-sodalite w/sediments | 1.54 |
| CA-10-006 | 129.5 | 166.7 | 37.3 | Carbonatite w/feldspar-sodalite &<br>sediments | 1.43 |
| Including | 137 | 164.7 | 27.7 | Carbonatite | 1.72 |
|  | 171 | 172.5 | 1.5 | Carbonatite & feldspar-sodalite | 2.64 |
|  | 200.3 | 206.9 | 6.6 | Carbonatite-feldspar-sodalite<br>w/sediments | 1.77 |
| Including | 201.9 | 206.3 | 4.3 | Carbonatite & feldspar-sodalite | 1.97 |
|  | 214.1 | 215.6 | 1.4 | Carbonatite & feldspar-sodalite | 1.76 |
|  | 240.7 | 242.4 | 1.6 | Carbonatite | 2.24 |
|  | 250.5 | 262.1 | 11.6 | Carbonatite | 1.33 |
| Including | 253.3 | 259.3 | 6 | Carbonatite | 2.07 |
| CA-10-007 | 64 | 66.8 | 2.8 | Sediments w/carbonatite | 2.75 |
| CA-10-008 | 89.3 | 92.3 | 3 | Carbonatite | 3.00 |
|  | 97 | 99.7 | 2.7 | Sediments w/carbonatite | 1.03 |
|  | 116.4 | 117.5 | 1 | Carbonatite w/ minor sediments | 3.71 |
|  | 161.8 | 164.1 | 2.4 | Carbonatite-feldspar-sodalite<br>w/sediments | 1.4 |
|  | 178.4 | 179.5 | 1.1 | Carbonatite w/ minor sediments | 1.39 |
|  | 242.3 | 243.6 | 1.3 | Carbonatite & feldspar-sodalite | 1.48 |
| CA-10-009 | 246.2 | 248.6 | 2.4 | Carbonatite | 2.82 |
|  | 297 | 313.9 | 16.9 | Feldspar-sodalite-carbonatite<br>w/sediments | 0.62 |
| Including | 297.6 | 298.6 | 0.9 | Carbonatite | 4.68 |

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Source: CIM, 2011<br>Note: Intervals may not be true thickness. TREO is defined as the sum of lanthanum through lutetium plus yttrium (expressed as oxides).

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**Table 6-4. 2011 DDH REE Intersections**

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| **Hole #** | **Target** | **From**<br>**(m)** | **To**<br>**(m)** | **Interval**<br>**(m)** | **Geology** | **%**<br>**TREO** |
| CA-11-010 | 2 | 128.4 | 131.3 | 2.9 | Seds w/ 20% carbonatite | 0.34 |
|  |  | 170.6 | 175.7 | 5.2 | Carbonatite; w/seds+ fsp-sodalite | 0.28 |
| *Including* |  | *172.8* | *174.6* | *1.8* | Carbonatite | *0.41* |
|  |  | 177.7 | 179.5 | 1.8 | Carbonatite w/ 10% seds + fsp-sodalite | 0.29 |
| CA-11-011 | 2 | 126 | 186.3 | 60.3 | Carbonatite | 0.33 |
| *Including* |  | *146.7* | *151* | *4.4* | Carbonatite | *0.49* |
| *Including* |  | *163.4* | *166.4* | *3* | Carbonatite | *0.94* |
| CA-11-013 | 3 | 53.7 | 58.9 | 5.2 | Shear, Carbonatite & Seds | 0.23 |
|  |  | 63.4 | 86 | 22.6 | Carbonatite w/ minor fsp-sodalite | 0.21 |
| *Including* |  | *70* | *74.8* | *4.9* | Carbonatite | *0.36* |
|  |  | 130.2 | 133.7 | 3.5 | Carbonatite | 0.29 |
| CA-11-014 | 3 | 93.7 | 99 | 5.3 | Carbonatite | 0.16 |
|  |  | 116.2 | 143.9 | 27.7 | Carbonatite w/lower contact syenite | 0.25 |
| *Including* |  | *116.2* | *129.9* | *13.7* | Carbonatite | *0.3* |
|  |  | 147.2 | 172.6 | 25.3 | Carbonatite | 0.26 |
| *Including* |  | *149.1* | *153* | *3.9* | Carbonatite | *0.32* |
|  |  | 236 | 238.7 | 2.7 | Carbonatite | 0.30 |
| CA-11-015 | 4 | 28.2 | 32.8 | 4.5 | Syenite w/ minor seds | 0.22 |
|  |  | 62.2 | 72.3 | 10.1 | Syenite w/ minor carbonatite | 0.14 |
| CA-11-017 | 4 | 230 | 231 | 1 | Seds w/ carbonate veins | 0.52 |
| CA-11-018 | 4 | 60 | 63.7 | 3.7 | Syenite | 0.18 |
|  |  | 192.2 | 195.5 | 3.3 | Seds w/ minor carbonatite | 0.14 |

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Source: CIM, 2012<br>Note: Intervals may not be true thickness. TREO is defined as the sum of lanthanum through lutetium plus yttrium (expressed as oxides).

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![](exhibit99-55x004.jpg)

**Figure 6-4. Bolero Resources Work Summary**

***6.1.2 Bolero Resources***

In 2010, Bolero commissioned Mackevoy Geosciences Ltd. to conduct exploration work on the Carbonatite Syndicate Property (Turner, 2011). A total of 24 stream silts were collected along the CAP claims and the WICHEEDA 4 claim (Figure 6-4); the silt samples on the CAP claims did not show any notable anomalies. The silt samples on the WICHEEDA 4 claim were all considered anomalous (>150 ppm Ce).

Soil sample grids were established north of the CIM claims, and over the present WICHEEDA 4 and WICHEEDA (1092911) claims. A total of 160 samples were collected on the present claims. The soil samples located on the WICHEEDA 4 claim, northeast of the CIM work and the Wicheeda Carbonatite Deposit are highly anomalous in cerium with 64 samples returning greater than 300ppm Ce and 117 samples returning greater than 150ppm Ce.

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The company drilled 8 holes totaling 1678 metres. None of the holes intersected carbonatite, syenite or related alkaline rocks, nor any REE or niobium mineralization. The conclusion is that the soil anomaly and mineralized boulders are transported by glaciers from the Wicheeda REE Carbonatite Deposit, located approximately 2-kilometres away.

Additionally,in 2010Bolero contracted Aeroquest Survey Ltd. (Aeroquest") to conduct an AeroTEM III-Radiometric-Mag survey of two predefined blocks on the Carbonatite Syndicate Property(Turner, 2011) (Figure 6-5).

In 2011, Bolero contacted Aeroquest to carry out a helicopter-borne magnetic gradiometer and radiometric geophysical survey of three additional blocks with some overlap. The surveys proved to be useful for delineating targets on the Property and as such, Bolero had Aeroquest complete a more extensive airborne geophysical survey to cover more of their claim blocks. The electromagnetic data identified an area of subsurface conductive material running northwest- southeast (Bolero Block "A", Figure 6-5) and the total magnetic intensity results indicated a magnetic high to the east; and the radiometric results identified 6 anomaly areas(Koffyberg and Gilmour, 2012), one of which occurs within the current CAP Property and is coincident with a magnetic high.

***6.1.3 CAP Claim Area***

The earliest documented exploration on the southern part of the Property began in 2009with an airborne gravity and magnetic survey carried out by Geoscience BC and Natural Resources of Canada (Geoscience BC, 2009).

In 2010, Dahrouge Geological Consulting Ltd. ("Dahrouge") was commissioned by Zimtu and 877384 to evaluate the potential of rare earth elements and rare metal mineralization (niobium and tantalum) on the CAP Property (at that time CAP 1 -CAP 5). A total of 6 stream samples, 19 soil samples and 11 rock samples were collected (Hoffman and Kluczny, 2011). The rock samples were collected from outcrops and boulders. Elevated levels of niobium and rare earth elements were noted in alkaline dykes, but no economic concentrations were encountered.

In 2011, Arctic Star commissioned Aeroquest to conduct a 310 line-kilometer, high-resolution magnetic and radiometric survey on CAP Property (claims CAP 1 to CAP 5). The survey improved resolution of the magnetic anomaly identified from the National Resources of Canada's province-wide magnetic grid (Geoscience Data Repository) and identified several radiometric anomalies in the uranium and thorium spectrum (McCallum, 2012a). 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. The radiometric anomalies seem random and were only occasionally associated with the magnetic features.

**Later in 2011, Arctic Star commissioned Dahrouge to prospect and collect rock and soil samples from several areas with identified magnetic highs were collected (McCallum and Sandersen, 2012). Sample locations were obtained with a hand-held Garmin 60 series GPS. A total of 195 soil samples were collected. A total of 9 rock samples were collected from outcrop and boulders, with a focus on collecting rocks of different lithologies and rocks of the same lithology from different locations, to evaluate discrete variation lithology geochemistry. One rock chip sample collected from an outcrop returned** **-** **results of interest: sample 79831 with 0.27% Nb** **2** **O** **5** **and 832.11 ppm (0.08%) TREE+Y (Figure 6 7;** Source in Aeroquest Airborne, 2011

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Figure 6-8).

**Table 6-5. Historic Rock Samples with Significant Analytical Results**

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| **Year** | **Company** | **Sample** | **Source** | **Sample**<br>**Type** | **Rock**<br>**Type** | **P2O5**<br>**(%)** | **Ba**<br>**(ppm)** | **Sr**<br>**(ppm)** | **Zr**<br>**(ppm)** | **Nb2O5**<br>**(%)** | **TREE+Y**<br>**(ppm)** | **TREE+Y**<br>**(%)** |
| 2010 | 877384<br>&Zimtu | 75479 | outcrop | chip | undefined | 0.01 | 994 | 176.3 | 3191 | 0.15 | 547.33 | 0.05 |
| 2011 | Arctic Star | 79831 | outcrop | chip | undefined | 4.01 | 2919 | 3021 | 110 | 0.27 | 832.11 | 0.08 |
| 2017 | Arctic Star | 120952 | boulder | grab | cc-Carb | 2.65 | 0.38 | 7994 | 86 | 0.09 | 768.61 | 0.08 |
| 2017 | Arctic Star | 120953 | boulder | grab | sap | 4.51 | 0.45 | 1191 | 206 | 0.28 | 1166.29 | 0.12 |
| 2017 | Arctic Star | 120954 | boulder | grab | Carb | 5.11 | 0.28 | 2768 | 356 | 0.29 | 1107.80 | 0.11 |
| 2017 | Arctic Star | 120957 | boulder | grab | Carb | 7.37 | 0.61 | 3096 | 619 | 0.77 | 2001.75 | 0.20 |
| 2017 | Arctic Star | 120961 | boulder | chip | Carb | 12.62 | 0.29 | 5452 | 34 | 0.04 | 3303.40 | 0.33 |
| 2017 | Arctic Star | 120963 | boulder | grab | undefined | 0.34 | 0.39 | 4585 | 1706 | 0.74 | 738.17 | 0.07 |
| 2017 | Arctic Star | 120964 | boulder | grab | Carb | 3.53 | 0.65 | 2571 | 4023 | 0.96 | 1751.70 | 0.18 |
|  | \*sap = saprolite | \*sap = saprolite |  |  |  |  |  |  |  |  |  |  |
|  | carb= carbonatite | carb= carbonatite | carb= carbonatite |  |  |  |  |  |  |  |  |  |

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In 2013, Leo Millonig conducted a preliminary investigation to characterize the mineralogy and identify the niobium-bearing phases in the rock sample with 0.27% (79831) Nb<sub>2</sub>O<sub>5</sub>. Results indicated that the niobium-bearing mineral was pyrochlore and that the rock type was a syenite that had been deformed and hydrothermally altered by carbon dioxide and fluorine rich fluids (Millonig, 2013).

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**Figure 6-5. Summary of Airborne Surveys (Total Magnetics)**

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![](exhibit99-55x011.jpg)

Source: Aeroquest Airborne, 2011

**Figure 6-6. Historical Exploration and Sample Location Map with Total Magnetic Field**

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![](exhibit99-55x012.jpg)

Source: (Aeroquest Airborne, 2011)

**Figure 6-7. Historical Sample Results - TREE+Y (ppm)with Total Magnetic Field**

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![](exhibit99-55x013.jpg)

Source: Aeroquest Airborne, 2011

**Figure 6-8. Historical Sample Results - Nb2O5 (%)with Total Magnetic Field Survey**

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In 2017, Arctic Star commissioned Dahrouge to conduct prospecting, rock sampling and drilling on the Property. The purpose of this work was to further investigate results from the 2011 surface sampling and the airborne geophysical surveys, as well as to better define the property geology.

A total of 28 rock samples were collected from various rock types, including carbonatite, fenite, limestone, saprolite, and an unspecified mafic; rock types of several collected samples were not defined. Structural measurements were collected from reliable outcrops with a Brunton Compass. Sample and structure locations were obtained with a hand-held Garmin 64 Series GPS. Several of the rock samples returned values of significance (Table 6-5).

A total of four NQ size core holes were drilled on the Property, totaling 647.50 m (Figure 6-7;Table 6-6). Drillholes CAP17-001 and CAP17-004 targeted an area with elevated airborne magnetics and where sampled boulders reported elevated Nb<sub>2</sub>O<sub>5</sub>. CAP17-004 was the only drillhole that intersected carbonatite and syenite and had visible mineralization. DrillholesCAP17-002 and CAP17-003 targeted a magnetic high but did not intersect carbonatite or syenite. The magnetic anomaly may be related to a mafic intrusive rock as two small (<1 m)mafic dikes were intersected in CAP17-002.Basic geotechnical data and geological information were collected from all the drillholes. A total of 177 samples, including quality control samples, were sent for analysis (Kluczny, 2017).Intersected carbonatite intervals and analytical highlights are summarized in Table 6-7.

**Table 6-6. Drillhole Summary for the CAP Property**

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|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Drillhole** | **Easting<br>(m)**  | **Northing<br>(m)**  | **Elevation<br>(m)**  | **Azimuth<br>(°)**  | **Dip<br>(°)**  | **EOH<br>(m)**  | **Collar<br>Survey<br>Type**  | **Downhole<br>Deviation<br>**  |
| CAP17-001 | 580807 | 6029627 | 1328 | 107.0 | -65 | 137.50 | GPS Average | Reflex EZ Shot |
| CAP17-002 | 582219 | 6028498 | 1312 | 73.4 | -80 | 246.00 | GPS Average | Reflex EZ Shot |
| CAP17-003 | 582219 | 6028498 | 1312 | 67.0 | -45 | 45.00 | GPS Average | Reflex EZ Shot |
| CAP17-004 | 580593 | 6029878 | 1295 | 155.3 | -55 | 219.00 | GPS Average | Reflex EZ Shot |

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**Table 6-7. Drillhole CAP17-004 Carbonatite Intervals and Highlights** <br>

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| **Drillhole** | **Depth**<br>**From (m)** | **Depth**<br>**To (m)** | **Length**<br>**(m)** | **Rock**<br>**Type** | **Highlights** |
| CAP17-004 | 53.20 | 75.07 | 21.87 | Carb |  |
| CAP17-004 | 85.24 | 119.46 | 34.22 | Carb | • 10.42 m interval with 0.35% Nb2O5 and 0.11% TREE+Y<br>• 5.93 m interval with 0.19% Nb2O5 and 0.17% TREE+Y<br>• 3.13 m interval with 0.26% Nb2O5 and 0.14% TREE+Y |
| CAP17-004 | 120.91 | 138.50 | 17.59 | Carb | • 2.4 m interval with 0.2% Nb2O5 and 0.69% TREE+Y |

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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;&nbsp;&nbsp;&nbsp;&nbsp;**6.2 HISTORICAL MINERAL RESOURCES**

There is no historical mineral resource or reserve estimates for 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;&nbsp;&nbsp;&nbsp;&nbsp;**6.3 HISTORICAL PRODUCTION**

There is no historical production from the Property.

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**7. GEOLOGICAL SETTING AND MINERALIZATION**

&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;&nbsp;&nbsp;&nbsp;&nbsp;**7.0 REGIONAL GEOLOGY**

The CAP Property is located in the Foreland Belt, near the eastern edge of the Omineca Belt, withinthe Canadian Cordillera, (Wheeler et al., 1991).The Foreland Belt, made up mainly of Proterozoic rocks, was the last of orogenic belts to form in British Columbia; spanning the late Jurassic to Paleocene (Price, 1981). The Foreland Belt consists of a geotectonic assemblage of imbricated and miogeoclinal rocks that form the eastern-most ranges of the Cordillera (Gabrielse et al., 1991).

![](exhibit99-55x014.jpg)

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Figure 7-1.British Columbia Tectonic Belts Topography and structural geology of the area is dominated by the Rocky Mountain Trench ("RMT"), a northwest-trending structural feature that can be traced from the northern edge of British Columbia to the southeastern corner (Figure 7-1). Taylor and Stott (1979) indicate there are two fault trends in the Monkman Pass region. One trend follows the McLeod Lake Fault Zone at approximately 160°, with movement interpreted as mid-Tertiary. The other set includes the older northern Rocky Mountain Trench fault system, which trends approximately 140°.

Most of the area around Prince George is covered in glacial deposits of various types, locally exceeding100 m thick and this results in sparse outcrop exposure. Details on the bedrock geology in NTS map sheet 93I (Monkman Pass) northeast of Prince George is limited to work by G.C. Taylor and D.F. Stott from the 1970's; the most recent detailed geologic map of the area was completed by Taylor and Stott in 1979.

The region is dominated by upper Proterozoic and Paleozoic sedimentary and metamorphic rocks (Table 7-1),separated by southeast-trending fault zones (Figure 7-2). The oldest rocks in the area belong to the Proterozoic Miette Group, which Taylor (1971) subdivides into three units: a lowermost recrystallized dolomite and limestone, a middle, substantially thick package of quartzose conglomerates, and an uppermost, relatively thin unit of black argillites.

The Miette Group is overlain by the upper Proterozoic to lower Cambrian Gog Group. The Gog Group is subdivided into three formations: the basal McNaughton Formation, a quartzite with interbedded shale unit; the middle Mural Formation, a limestone, dolomite, and shale unit; and the upper Mahto Formation, aquartzose sandstone unit. The metamorphosed equivalents of the Miette and Gog groups were classified as the Misinchinka Group by Stott and Taylor (1979), which generally consists of quartzite, slate, schist and phyllite metamorphosed to greenschist grade.

**Table 7-1. Stratigraphic Units in the Monkman Pass Area**

![](exhibit99-55x015.jpg)

The Gog Group and/or Misinchinka Group rocks are overlain by the Ordovician Skoki and Chushina formations. The Chushina Formation, also referred to as the Kechika Group, McKay Group, and Mount April Formation in other parts of British Columbia (Thompson, 1989), is comprised of a succession of lower Ordovician limestone, slate, argillite, and siltstone. The Skoki Formation consists of oncolitic dolomite and minor sandstone (Bellefontaine et al., 1995).

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Several carbonatite complexes have been identified in British Columbia. Those that have been identified often occur on either side of, and parallel to, the RMT (Pell, 1994). They are generally believed to be Devonian to Mississippian in age, based on limited age dating, and they appear to intrude Ordovician or older rocks.

Carbonatite complexes generally consist of sub-circular to elliptical bodies with extensive surrounding metasomatic alteration, foliated and deformed sill-like bodies, or linear zones of small plugs, dikes, and sills, such as in the Wicheeda Lake Carbonatite Complex.

The Property is located within the McGregor Plateau, which is defined by two dominant faults. The first is the McLeod Lake Fault, to the west and to the east is the northwest trending Rocky Mountain Trench (Armstrong et al., 1969). The latter likely follows the Parsnip River valley, dominates the structural and geographical setting of the region, and occurs to the west of the complex. A number of other major northwest-trending faults occur in the area (Dalsin, 2013).

![](exhibit99-55x016.jpg)

**Figure 7-2. Regional Geology**

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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;&nbsp;&nbsp;&nbsp;&nbsp;**7.1 PROPERTY GEOLOGY**

Detailed geology of the property remains largely unknown, due to poor outcrop exposure and limited geological mapping. Most of the outcrops observed on the southern part of the Property are believed to be part of the Skoki and/or Chushina formations. They are described as variably dolomitic and locally argillaceous limestones with thin shale interbeds. Massive outcrops of brecciated limestone found in the southern part of the Property may belong to a carbonate unit within the Gog Group; however, further study is required. Identified outcrops of weakly- to moderately phyllitic shale or mudstone may belong to the Misinchinka Group.

Small outcrops of altered syenite have been observed on the southern part of the Property. Surface work and drilling in 2017 confirmed the presence of carbonatite in the southern part of the Property (Figure 6-8). Drilling results from the one hole that intersected carbonatite, CAP17-004, identified thick sequences of carbonatite and fenite, which is now referred to as the "CAP Carbonatite complex".

The carbonatite consists of primarily white to grey, fine to medium grained, banded calciocarbonatite, which is often intermixed with, or intersected by, other phases of carbonatite, fenite, syenite, and potentially serpentinite. Additionally, the carbonatite is often brecciated and locally fenitized in the surrounding wall rock. A number of minerals have been identified in the various rock types, including calcite, felspar, biotite, fluorite, richterite, olivine (serpentinized), pyrrhotite, pyrite and galena. It is believed that pyrochlore is the primarily ore mineral hosting Nb and REE's, but further work will be required to fully understand the mineralogy (Kluczny, 2018).

The age relationships 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. U-Pb and Th-Pb age determinations conducted on samples from various localities within the province suggest that the alkaline suite formed during three episodes of magmatism (e.g., Pell, 1994; Millonig et al., 2012). The earliest episode (800-700 Ma) coincided with the breakup of Rodinia, and the other two (~500 Ma, 360-340 Ma) with subsequent periods of extension (Trofanenko et al, 2016).

The Carbo claims at the north end of the property are underlain by Kechika group sedimentary rocks, consisting mainly of interbedded limestone with calcareous argillite and phyllite. Mapped faults are primarily parallel to Wichika Creek (040°/050°NW), with the exception of one fault that strikes northeast (Guo, 2009). Outcrops are limited to the ridge tops and occasional rock bluffs (Pell, 1994) and surficial cover is locally thick.

Carbonatites and associated alkaline intrusive rocks are the host rocks for the REE and Nb mineral occurrences. The carbonatites and associated alkaline rocks are dike or sill-like, sub- parallel to the sedimentary host rocks, and trend at about 140°,extending about 7 km from the Wicheeda Complex southwest along Wicheeda Ridge across the Carbo claims(Dalsin, 2013) (Figure 6-3).

The sills are carbonatitic or syenitic, ranging in colour from white to black, and are usually rich in pyroxene (Betmanis, 1987). The sills show distinct changes from the northwest to the southeast with more silicic units concentrated in the southeast (Mäder and Greenwood, 1988).

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The carbonatites are variably coarse- to fine-grained, dominated by carbonate minerals with accessory feldspar, pyroxene, and mica (Betmanis, 1987; Mäder and Greenwood, 1988; Graf et al., 2009; Dalsin and Groat, 2012). The carbonatites range from relatively unaltered calico- to ferro-carbonatite to fenite-altered with pyroxene, chlorite, and biotite.

Several types of syenite have been identified, ranging from very fine-grained to coarse-grained (Mäder and Greenwood, 1988; Dalsin and Groat, 2012). The very fine-grained syenite hosts syenitic xenoliths and sodalite phenocrysts and veinlets (Dalsin, 2013).

&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;&nbsp;&nbsp;&nbsp;&nbsp;**7.2 MINERALIZED ZONES**

Through visual examination, short wave filtered and unfiltered ultraviolet light and Niton XRF analysis several mineral phases have been identified in core from the Carbo sills.

Significantly elevated REE concentrations have been confirmed in select carbonatite samples when analyzed with a Niton handheld XRF. Light rare earth elements (La, Ce, Pr and Nd), Ti, Nb, and Zn have been found to be elevated in some samples implying the presence of associated mineral assemblages. Light-pink and peach-coloured REE-bearing minerals have been observed in hand samples from outcrop and in drill core. These minerals generally occur disseminated in the carbonatite or as cumulates. Other minerals identified visually are fluorite, ilmenite, sphalerite, pyrrhotite, chalcopyrite, magnetite, and sodalite.

Mineralogical study of both the Wicheeda Complex and the related sill systems on the Carbo claims was carried out by Mallory Dalsin as part of her MSc thesis research. Rare earth minerals identified in the system includes bastnäsite, parisite, synchysite, monazite, burbankite, ancylite and aeschynite with the first three (fluorocarbonates) appearing to be the dominant REE phases.

Mineralized breccias units with a carbonatite matrix have been identified on both properties. The clasts of the breccias have been described as syenitic (Graf, 2010) and as altered phyllite in origin. The clasts can range in size up to 30 cm and are in a calcite to dolomite matrix. They can contain bastnäsite, synchysite, parisite rare earth minerals along with molybdenite and accessory plagioclase and biotite (Dalsin 2012, 2013).

Highly magnetic anomalies do not appear to correlate strongly with high radiometric anomalies on the Carbo claims, however, the carbonatite bodies do provide significant magnetic differences from their adjacent host rocks. Magnetic anomalies do not seem to be unambiguously correlated with elemental enrichments of ore minerals or pathfinders. Ground and airborne magnetic surveys are useful for delineating possible intrusive rocks that may or may not be mineralized. (Dalsin 2012).

Based on limited information available from one drillhole (CAP17-004), the southern CAP Carbonatite consists of white to grey, fine- to medium-grained, banded calcio-carbonatite, commonly intermixed with, or intersected by other phases of carbonatite, fenite, syenite and potentially serpentinite.

A detailed mineralogical study of one surface syenitic rock sample indicated that the sample was originally composed of potassium feldspar, biotite, apatite, minor analcime, accessory aegirine and type-I pyrochlore. Subsequently the rock was deformed and altered by carbon dioxide and fluorine rich fluids, which introduced abundant calcite and subordinate amounts of fluorite into the rock; this fluid was presumably also responsible for the crystallization of type-II pyrochlore (Millonig, 2013). Pyrochlore phases were determined based on morphology and zoning characteristics: type-I pyrochlore is large (>100 µm) and fragmented, whereas type- II pyrochlore are on average smaller (<20 µm), euhedral to anhedral, less fragmented and are either in contact to type-I pyrochlore or dispersed throughout the matrix.

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The carbonatite is commonly brecciated and has fenite at its contacts. Observed minerals in the various rock types include calcite, quartz, feldspar, biotite, fluorite, richterite, olivine (serpentinized), pyrrhotite, pyrite, galena(Kluczny, 2018, and Knox, 2019). The only mineral that has been identified to host the Nb and REEs on the Property is pyrochlore (Millonig, 2013). Additional mineralogical work needs to be carried out on the mineralized intersections in CAP 17-004 to evaluate if there are any additional Nb or REE hosting minerals in the CAP Carbonatite Complex.

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**8. DEPOSIT TYPES**

The target host rocks on the CAP Property are carbonatites and carbonatite-associated rock units, similar to those observed at the Wicheeda Lake Carbonatite Complex near Wicheeda Lake, British Columbia.

Carbonatites represent a diverse group of carbonate-bearing, igneous rocks commonly designated as magmatic segregation deposits. The IUGS defines carbonatites as rocks composed of greater than 50 modal percent primary carbonate and less than 20 weight percent silica (SiO2).Alternative nomenclature expands this definition to include all rocks that exceed 30 modal percent primary carbonate, in order to unify genetically related units (Mitchell, 2005).Generic classifications are used to account for wide variations in modal percentages of constituent minerals over small scales. These variations result during mineral differentiation of carbonatite-forming magmas and are best identified by the dominant carbonate mineral.

Carbonatite-related deposits are classified as primary (magmatic) or metasomatic (carbothermal residual) types (Richardson and Birkett, 1996; Mitchell, 2005), and their supergene equivalents (Mariano, 1989).They are comprised of significant and variable amounts of calcite, dolomite, and/or siderite of igneous origin. Carbonatites commonly exert a metasomatic influence on their host rocks.

The susceptibility of carbonatites to chemical dissolution at the surface has resulted in poor historic exposure; however, it has also led to the development of carbonatite-derived saprolite deposits. Carbonatites can contain economic or anomalous concentrations of incompatible elements such as: rare earth elements (including yttrium), niobium-tantalum, zirconium- hafnium, iron-titanium-vanadium, uranium-thorium; and industrial minerals such as apatite, fluorite, vermiculite, and barite. Some deposits also contain economic concentrations of copper, gold, silver, and platinum-group elements.

Deposits of niobium and/or tantalum within carbonatites are generally formed during primary magmatic concentration. According to Mariano (1989), carbonatite associated REE deposits occur as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) primary, from carbonatite melts (ex. Mountain Pass, USA);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) hydrothermal (ex. Bayan Obo, China); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) supergene, developed in carbonatite-derived saprolite (ex. Araxa and Catalao I, Brazil; Mt. Weld, Australia).

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Within British Columbia, carbonatites typically occur within zoned alkalic complexes with other under-saturated alkaline rocks (feldspathoidal syenites and rocks of the ijolite suite), and can form intrusive plugs, dykes, or sills. Most carbonatites are located within stable, intra-plate areas; however, some are spatially related to plate margins. Carbonatites tend to occur in groups or provinces; over 527 examples are known (Woolley and Kjarsgaard, 2008).Additional examples of carbonatite-associated mineral deposits include: Cargill, Ontario (phosphate); Niobec and Oka, Quebec (niobium); Mountain Pass, California (rare earth elements, barium); Araxa and Catalao, Brazil (niobium, phosphate, rare earth element); and Palabora, South Africa (copper, phosphate, rare earth elements, gold, silver, platinum group elements). Along the Rocky Mountain Trench in British Columbia, known carbonatite systems include Mt Grace, Ice River, Blue River, Cap-Carbo, Wicheeda, Aley, Vergil, Lonnie and Kechika (Millonig et al, 2012).

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**9. EXPLORATION**

As of the date of this report, Eagle Bay has not conducted exploration on the Property.

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**10. DRILLING**

As of the date of this report, Eagle Bay has not conducted drilling on the Property.

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**11. SAMPLE PREPARATION, ANALYSES, AND SECURITY**

&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;**11.0 LABORATORY SAMPLE PREPARATION AND ANALYSIS**

***11.0.0 2006 & 2007Samples Commerce Resources Corp***

Soils and<sup>****</sup>rock samples were sent to Acme Laboratories, Vancouver ****BC and analyzed using their group 4B (Full Suite) method: rare earth and refractory elements are determined by ICP mass spectrometer following a lithium metaborate/ tetraborate fusion and nitric acid digestion of a 0.2 g sample. In addition, a separate 0.5 g split is digested in aqua regia and analysed by ICP- mass spectrometer to report precious and base metals. Repeat analyses were completed for random samples as well as the periodic analyses of a standard (Guo and Dahrouge, 2006). In 2007, intrusive rock samples were analyzed using Acme's Group A method: 0.2 g sample analysed by ICP-emission spectrometry following a lithium metaborate/ tetraborate fusion and dilute nitric digestion (Guo and Dahrouge, 2007).

***11.0.1 2010 & 2011 Field Samples- Canadian International Minerals Inc.***

Field exploration samples were taken by the field crew to Prince George and shipped directly to ALS Global Laboratories in Vancouver. Rock samples were analyzed using their MEMS-81 method (ICP-MS)A 0.2 g powdered sample was heated with 2.6 g of sodium peroxide flux at 670 C, until fully molten. Upon cooling the sample was dissolved in 30 % HCl, with the resulting solution analyzed using an Agilent 700 Series ICP-AES. Soils were analyzed using ICP-MS through their ME-MS81 package for rare earth and trace elements with lithium borate fusion. Stream sediment samples were taken from the banks of active streams and consisted of recently deposited silt and fine sediment. Low amounts of organic material and phyllitic fragments were present in the samples. The streams were sampled during late June from drainages that flowed year-round. Samples were collected by hand and placed in kraft paper bags, labelled with permanent marker, and secured closed with flagging tape. Care was taken to prevent contamination during collection by removing hand jewellery and watches during sampling. All samples were taken up stream of known culverts and cut block road crossings and GPS locations recorded. The samples were sent from Prince George to ALS Global Laboratories in Vancouver for analysis via ICP-MS through their ME-MS81 package to include rare earth and trace elements with lithium borate fusion to ensure dissolution of refractory phases (Turner 2010, Turner et al, 2011). In August 2011, a soil grid covering approximately 0.8 km2 <sup>was</sup> evaluated using a Niton handheld XRF unit, but samples were not sent for laboratory analysis (Dalsin, 2011).

***11.0.2 2010 & 2011Core Samples - Canadian International Minerals Inc.***

A total of 1275 half core samples were collected du 2010 drill program and 649 half- core samples during the 2011 drill program (Bruland 2011, 2012). A laboratory tag with a unique identifier number (one letter and six digits) was stabled to the core box. Quarter-core sample duplicates were taken every 20 samples. A total of 76 duplicate quarter pair core samples were collected for a total of 152 quarter core samples in 2010; 20 quarter core duplicates in 2011. Core logging and sawing was done in the company's Prince George warehouse. The 1,275 half-core, 152 quarter core (76 duplicate pairs) and 76 blank samples were shipped by DHL to the ALS Chemex Ltd. laboratory in North Vancouver in 2010. Samples were weighed and fine-crushed to more than 70% passing a 2 mm (9 mesh) screen. A split of 250 g was pulverized to more than 85% passing a 75µm (200 mesh) screen.

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All samples were analyzed for gold by fusing a prepared sample with a mixture of lead oxide, sodium carbonate, borax, silica and other reagents as required, inquarted with 6 mg of gold- free silver and then cupelled to yield a precious metal bead. The bead is digested in 0.5 mL dilute nitric acid in the microwave oven, 0.5 mL concentrated hydrochloric acid is then added, and the bead is further digested in the microwave at a lower power setting. The digested solution was cooled, diluted to a total volume of 4 mL with de-mineralized water, and analyzed by inductively coupled plasma-atomic emission spectrometry. The analytical results are corrected for inter-element spectral interferences.

The samples were also analyzed for REE elements by fusion/ICPMS (ME-MS81d). A prepared sample (0.100 g) was added to a lithium metaborate flux (0.90 g), mixed well and fused in a furnace at 1,000°C. The resulting melt was then cooled and dissolved in 250 mL of 4% nitric acid. This solution is then analyzed by inductively coupled plasma - mass spectrometry.

For Pb and Zn above the detection limit (DL) for ME-MS81d (10,000 ppm) and for samples returning above DL results a prepared sample (0.4) g is digested with concentrated nitric acid for one half hour. After cooling, hydrochloric acid was added to produce aqua regia and the mixture is then digested for an additional hour and a half. The resulting solution was diluted to volume (100 or 250) mL with de-mineralized water, mixed and then analyzed by inductively coupled plasma-atomic emission spectrometry. The analytical results are corrected for inter- element spectral interferences.

A total of 672 samples were analyzed at ALS Chemex Ltd. before a decision was made to change laboratory due to sample switches and unexplained discrepancies (Bruland, 2011). Following the Actlabs recommendation, the coarse reject was re-crushed with mild steel (100 g) for low sample contamination to 90% passing 2 mm (10 mesh screen. A new sub-sample split of 250 g was collected from the re-crushed samples with sufficient coarse rejects. There were 1,469 samples with sufficient coarse rejects following the re-crushing. In addition, one sample pulp was analyzed by Actlabs. The 250 g samples where pulverized to more than 95% passing a 75 µm (200 mesh) screen. The pulverized samples were analyzed by REE Assay Package with lithium metaborate/tetraborate fusion to ensure complete fusion of the resistate minerals followed by analysis by ICP and ICP/MS. For higher grades of Nb, 22 samples were analyzed for Nb<sub>2</sub>O<sub>5</sub> by fusion and XRF analysis.

In 2011, CIM continued using Actlabs. The 669 core (half & quarter) and 11 blank samples were weighted and crushed with mild steel (100 g) for low sample contamination to 90% passing 2 mm (10 mesh) screen. A sub-sample split of 250 g was collected from the crushed samples and pulverized to more than 95% passing a 75 µm (200 mesh) screen. The pulverized samples were analyzed by REE Assay Package with lithium metaborate/tetraborate fusion to ensure complete fusion of the resistate minerals followed by analysis by ICP and ICP/MS. A total of 74 samples were also analyzed for Nb<sub>2</sub>O<sub>5</sub> by fusion and XRF analysis when higher Nb grades were anticipated from the core logging (Bruland 2012).

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***11.0.3 2010 - Samples - Bolero Resources Corp.***

Bolero sent all samples to ALS Minerals (ALS) in North Vancouver, British Columbia for sample preparation and analysis. ALS is a commercial laboratory and completely independent of Eagle Bay. ALS North Vancouver is ISO/IEC 17025 accredited. The silt samples were analyzed for 38 elements using lithium borate fusion with an ICP-MS finish, package ME-MS81, and fire assay package Au-ICP21. No record of sample preparation or security procedures was available for review.

***11.0.4 2010 & 2011 Samples - 877384 & Zimtu and Arctic Star***

In 2010 and 2011 all soil, stream and rock samples were sent to Acme Analytical Labs Ltd. (Acme) in Vancouver, British Columbia for analysis. Samples were bagged in the field, in pre- labelled poly ore sample bags with the corresponding sample book tag (McCallum, 2012b). Sample numbers were also written on flagging tape that was inserted into the sample bag. The bags were sealed with zip ties or flagging tape and catalogued before being packaged in pails shipped via a commercial carrier to Acme in Vancouver.

Soil and sediment samples were dried at 60°C, then pulverized and sieved to -80 mesh. Samples were analyzed using package Group 4B02, lithium metaborate/tetraborate fusion followed by ICP-MS analysis; and 1DX, aqua regia digestion followed by ICP-MS analysis.

Rock samples were dried and crushed to 70% passing 10 mesh, and then a 250g riffle split was pulverized to 95% passing 150 mesh. Rock samples were analyzed using package Group 4A, lithium metaborate/tetraborate fusion followed by ICP-ES analysis; Group 4B, lithium metaborate/tetraborate fusion followed by ICP-MS analysis; 1DX, aqua regia digestion followed by ICP-MS analysis; and Group 8X, tetraborate fusion in platinum crucibles followed by XRF analysis.

Acme is a commercial laboratory and is completely independent of Eagle Bay. The Acme laboratory in Vancouver implements a quality system compliant with the ISO 9001 Model for Quality Assurance and is ISO/IEC 17025:2005 accredited. Acme completed internal QA/QC on sample analysis, including the use of standards and blanks in each sample batch.

***11.0.5 2017*** *- **Samples - Arctic Star***

In 2017, ****Arctic ****Star***-***sent ****all rock <sup>****</sup>and ****drill ****core samples to Activation Laboratories Ltd. (ActLabs) in Kamloops, British Columbia for crushing. The -10-mesh split was then shipped to Ancaster, Ontario for pulverization and analysis. A total of 29 rocks samples, including 1 quartz blank; and 177 core samples, including 7 quarter core duplicates and 7 quartz blanks were sent. Core samples were split tile saw and bagged in the field, in pre-labelled polyethylene sample bags with the corresponding sample book tag. Rock samples were bagged in the same way with the addition of a piece of flagging tape written with the corresponding sample number. All bags were sealed with zip ties or flagging tape and catalogued before being packaged in pails and shipped via Purolator to ActLabs.

Samples were ground to 95% passing -200 mesh and then analyzed using ActLabs packages: Code 8-REE, lithium metaborate/tetraborate fusion, acid dissolution and subsequent analysis by ICP-OES and ICP/MS; Code 8-XRF, fusion with metaborate/tetraborate in platinum crucibles and subsequent analysis by XRF, and Code 1A2 Au, fire assay flux fusion in fire clay crucible, followed by aqua regia dissolution and Au determination by AA.

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Actlabs is a commercial laboratory and is completely independent of Eagle Bay. The ActLabs Ancaster facility is ISO/IEC 17025 accredited. Actlabs completed internal QA/QC on sample analysis, including the use of standards and blanks in each sample batch.

&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;&nbsp;&nbsp;&nbsp;&nbsp;**11.1 QUALITY ASSURANCE AND QUALITY CONTROL (QA/QC)**

No commercial REE standards were found to insert in the 2010 drilling sample stream from the Carbo claims, but blanks(limestone) and quarter core duplicates were used for initial QA/QC purposes. Following the program, the company submitted mineralized samples to CDN Resource Laboratories Ltd. in Langley for preparation of three project standards (low, medium, and high grades). The samples were mixed and blended at CDN Resource Laboratories Ltd. prior to submitting of 10 Round-Robin (RR) samples to four laboratories for analysis for Ce, La, Nb, Nd, Pr and Th. The RR analytical results were certified by Barry W. Smee and formed part of the company's subsequent drilling of the property (Bruland, 2011).

For the 2011 Carbo claims drilling, the QA/QC program used inserted control samples in the sample sequence every 20 samples. The insertion was done with an irregular mix of one of the three LREE standards, coarse limestone (blank) and quarter core duplicate samples. The inserted LREE standards were 5 - CIM-A, 5 - CIM-B and 4 - CIM-C (Bruland, 2012).

It is the author's opinion that the adequacy of sample preparation, security and analytical procedures are sufficient for the stage of evaluation of the CAP Property, as the exploration and drilling was preliminary and not intended for resource estimation. Future programs should include the use of certified reference material, core, and pulp duplicates, and use of a secondary laboratory for check analysis

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**12. DATA VERIFICATION**

The author of this report, Mr. Knox, visited the Property on May 26, 2022 (Figure 12-1), in order to make the property visit of the author current, in consideration of the additional claim acquisitions by the current issuer. The extended snow cover in the spring prevented any meaningful inspection of outcrop sampling. The drill pad location (CA-11-014) was verified to be as stated in the Canadian International Minerals reports, and the author is of the opinion that the work conducted by Commerce Resources and Canadian International is of high-quality. No drill core from the 2010 and 2011 drilling remains, as it was disposed of, so the core could not to be viewed or re-sampled.

During the author's June 26, 2019, site visit he reviewed sample sites where previous exploration had obtained high values of Nb<sub>2</sub>O<sub>5</sub>. During this visit three rock samples were collected from radioactive boulders, two from previously sampled areas and one discovered by the author by radiometric prospecting. The samples were named 19-KCR-1, 19-KCR-2 and 19- KCR-3. The author also examined all significantly mineralized sections of the core from drillhole CAP17-004, noting the habit and grain size of visible potentially Nb-bearing minerals.

The author is satisfied that the sections of the drill core reported as having high values of Nb<sub>2</sub>O<sub>5</sub> are in fact mineralized, as Nb-bearing minerals were identified in significant quantities in these mineralized sections and were absent from reportedly unmineralized sections of core.

The mineralized surface sample locations could not be verified in the field as the sample locations were unmarked (P. Schmidt, personal communication) due to environmental restrictions and because entire boulders had been sampled, leaving no material for a check. However, the author did find radioactive boulders very near two of the three old sample locations which returned significant Nb<sub>2</sub>O<sub>5</sub> values.

Sample 19-KCR-1 was collected at the GPS coordinates of Arctic Star Sample 120957. A few weakly radioactive boulders were found in the bed of a small, fast-flowing stream. This sample was taken from a boulder composed of carbonatite with a significant amount of fine-grained biotite, probably formed by wall rock alteration (fenitization). Pyrochlore was identified in the sample and analytical results returned 0.214% Nb<sub>2</sub>O<sub>5</sub>.

Sample 19-KCR-2 was collected from a boulder discovered by radiometric prospecting between Arctic Star sample sites 120963 and 120964. The boulder was in a small, abandoned stream bed, was 30+cm long and could not be completely excavated. The boulder was composed of fine-grained carbonatite, mixed with fine-grained, alteration-related biotite, and had >5% visible brown pyrochlore. Analytical results confirmed the presence of a significant amount of niobium, returning 3.38% Nb<sub>2</sub>O<sub>5</sub>.

Sample 19-KCR-3 was collected from a weakly radioactive boulder found near the site of Arctic Star sample 120964. The boulder was located on the edge of a fast-flowing, 4 m wide stream that could not be crossed. This boulder, like the other two, was also composed of mixed carbonatite and altered wall rock. No pyrochlore could be identified in the boulder. Analytical results indicate that this sample did not have any significant niobium, but was enriched in rare earth elements (1805 ppm REE). The most interesting aspect of this sample is the relative enrichment in the valuable heavy REEs, this is unusual for carbonatite samples. (Figure 12-2).

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![](exhibit99-55x017.jpg)

**Figure 12-1. Author During 2022 Site Visit at Drill Platform CA-11-014**

Source: ActLabs

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**Figure 12-2. REE distribution: enrichment in heavy REEs from sample 19-KCR-3**

As mentioned above, these samples were not taken from the material sampled by Artic Star in 2017, as their samples were taken from boulders and no material was left for resampling. However, the fact that additional mineralized boulders were found near the old sample sites, confirms that the 2017 samples were not isolated occurrences, but part of a cluster or train of niobium-mineralized boulders, presumably sourced from bedrock upstream. The presence of the sample 19-KCR-2 with significant Nb<sub>2</sub>O<sub>5</sub> results, suggests that the mineralizing system was capable of forming very high concentrations of niobium, at least locally. Also, the HREE enrichment in sample 19-KCR-3 suggests the possibility of significant REE mineralization on the property.

It is noted that the overall mineral assemblage and texture of the highly mineralized 19-KCR-2 sample is the same as the niobium mineralized intersection in DDH Cap 1-004.

The three rock samples collected by the author were bagged in poly ore sample bags, that were labelled and sealed with a zip tie. All samples remained in the possession of the author until they were shipped via courier to ActLabs in Ancaster, Ontario, the same lab used by Arctic Star in 2017.

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**13. MINERAL PROCESSING AND METALLURGICAL TESTING**

No mineral processing or metallurgical testing has been completed on the Property.

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**14. MINERAL RESOURCE ESTIMATES**

No mineral resource estimation has been completed on the Property.

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**15. TO 22 - NOT APPLICABLE (EARLY -STAGE PROJECT)**

The CAP Property is an early-stage exploration project. Sections 15 through 22, as defined by NI 43-101 are not relevant to this report and have been omitted.

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**23. ADJACENT PROPERTIES**

The only significant project to mention in the area of the CAP Property is the Wicheeda Project of Defense Metals Corp. Power One Metals and Marvel Discovery own mineral claims located to the north-west (Figure 23-1), but little work appears to have been conducted on those properties.

Airborne geophysics flown for Bolero Resources Corp. in 2011 (radiometric and magnetic gradiometer -see Section 6.1.2) covered part of the Wicheeda Property. This survey outlined a potentially significant 500m long by 200m wide radiometric (Th) anomaly inside the southeastern corner of the claims, as well as a 600 m long by 200 m wide magnetic high which was interpreted as a magnetite-bearing syenite intrusion (Bird et al., 2019). A helicopter-borne AeroTEM electromagnetic, magnetic, and radiometric survey over the Carbo claims identified several thorium (Th) radiometric anomalies along the ridge and a continuous magnetic anomaly that extends for approximately 3.7 km along Wicheeda Ridge in the Copley Range (Aeroquest, 2010, Bruland, 2011).

The Wicheeda Project is 11 km northwest of the CAP Property and hosts a carbonatite-syenite intrusive complex with significant quantities of disseminated bastnaesite-parasite and monazite, REE-bearing minerals. Defense Metals Corp. ("Defense Metals", previously called First Legacy Mining Corp.) currently has an option agreement with Spectrum Mining Corp. to acquire 100% interest in the Wicheeda Property. In October 2009, Spectrum reported several significant drill intercepts from their Wicheeda Project, including a 48.64 m interval of 3.55% TREE, a 72 m interval of 2.92% TREE, and a 144 m interval of 2.20% TREE in three widely- spaced drill holes (Graf et al., 2009). Recently, Defense Metals announced results (April 21, 2022) which include 3.81% TREO over 116.8 metres, including two separate higher-grade intervals averaging 4.33% TREO over 38.8 metres, and 4.87% TREO over 37.5 metres.

The current (Nov-24-2021) Wicheeda Mineral Resource Estimate (MRE) comprises a 5.0- million-tonne Indicated Mineral Resource, averaging 2.95% TREO, and a 29.5-million-tonne Inferred Mineral Resource, averaging 1.83% TREO, reported at a cut-off grade of 0.5% TREO within a conceptual Lerchs-Grossman (LG) pit shell (SRK Consulting, 2022).

The author cautions that these results and conclusions have not been directly verified; the information is not necessarily indicative of the mineralization on the CAP Property.

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![](exhibit99-55x019.jpg)

**Figure 23-1. Adjacent Properties**

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**24. OTHER RELEVANT DATA AND INFORMATION**

Companies and active members of partnerships conducting mineral exploration activities in British Columbia may be eligible for a mining exploration tax credit (METC). Activities include prospecting, geological surveys, drilling, trenching, digging test pits, preliminary sampling., environmental studies and community consultations to obtain a right, license, or privilege to determine the existence, location or quality of a mineral resource. Areas affected by Mountain Pine Beetle, including the region northeast of Prince George, are eligible for a credit of 30% of qualified exploration expenditures. The credit must be claimed within 18 months of the end of the tax year.

The author is unaware of any other relevant data.

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**25. INTERPRETATION AND CONCLUSIONS**

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 appreciable concentrations of REE and niobium (Figure 23-1). 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.

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:<br>10.42 m interval with 0.35% Nb<sub>2</sub>O<sub>5</sub>,<br>3.13 m interval with 0.26% Nb<sub>2</sub>O<sub>5</sub>and <br>2.4 m interval with 0.69% TREE+Y .

Drilling at the Carbo Complex includes intersections in several holes (see Table 6-3, 6-4): <br>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<br> 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% Nb O , 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 O 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 O.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 bastnäsite, 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.

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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.

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**26. RECOMMENDATIONS**

A two-phase exploration program is 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. Phase I consists of a 20-day program of additional prospecting with a scintillometer, surface mapping and rock and soil sampling. The total estimated budget for Phase I, including field work and reporting is$106,500 (Table 26-1).

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 been 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.

Three targets are identified for this detailed radiometric prospecting and mapping.

The Fluorite Grid area, where a few samples returned elevated Ce, La and Nd was recovered from a few samples in 2009 by Spectrum, but the area has not yet been followed up (Figure 26-1).

The area mapped by Mallory Dalsin in 2011, closer to the Wicheeda Carbonatite Complex should be sampled and evaluated, as it has not yet been followed up since her program (Figure 26-1).

The area below (south-southwest) of drillhole CAP17-004. The combination of abundant streams, known mineralized boulders, proximity to an airborne radiometric anomaly and niobium mineralization intersected in drillhole CAP17-004, make this area a high priority for this exploration. This radiometric prospecting technique can be used in other areas of the Property to follow-up the airborne geophysical anomalies, including the airborne radiometric anomaly outlined at the northwest end of the Property (Figure 26-2).

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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**Table 26-1. Phase I Estimated Budget.**

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| **Item** |  | **Estimated Cost (CAD)** |
| Planning & Logistics |  | $3000 |
| Helicopter Support (3 hours/day @ $1300/hr- includes fuel) |  | $27300 |
| Personnel (2 senior geologists @ $950/day + 2 field assistants @ $600/day for 8 days) |  | $24800 |
| Accommodation & Meals ($250/person per day for 8 days) |  | $8000 |
| Transportation (truck rental + fuel) |  | $2000 |
| Equipment & Supplies (scintillometers, GPS, radios, InReach) |  | $1500 |
| Analytical (~400 soils @ $55/sample + 50rock samples @ $75/sample + 5 Thin sections @ $700/sample + shipping) |  | $29900 |
| Data compilation and Assessment Reporting |  | $10000 |
|  | **TOTAL:** | **106500** |

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![](exhibit99-55x020.jpg)

**Figure 26-1. Recommended Exploration Areas, Carbo Region**

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![](exhibit99-55x021.jpg)

**Figure 26-2. Recommended Exploration Target Areas, CAP Region**

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**27. REFERENCES**

Aeroquest Airborne, (2010). Report on Helicopter-Borne AeroTEM System, Electromagnetic and Radiometrics Survey, Aeroquest Job #10043; prepared for Canadian International Minerals Inc.

Aeroquest Airborne, (2011). Report on Helicopter-Borne Magnetic Gradiometer and Radiometric Survey, Aeroquest Job #11038; prepared for Bolero Resources Corp.

Armstrong, J.D., Tipper, H.W., Hoadley, J.W. (1969). Geology of McLeod Lake, British Columbia. Geological Survey of Canada, Map 1204A.

Bellefontaine, K., Legun, A., Massey, N.W.D. and Desjardins, P.J. (1995). Mineral Potential Project, Digital Geological Compilation NEBC South half, (83D, E; 93F, G, H, I, J, K, N, O, P), British Columbia Ministry of Energy, Mines and Petroleum Resources, Open File 1995-24.

Betmanis, A.I. (1987). Report on Geological, Geochemical and Magnetometer surveys on the Prince and George Groups, Cariboo Mining Division, BC; British Columbia Ministry of Energy, Mines and Petroleum Resources, Assessment Report AR15944.

Betmanis, A.I. (1988). Geochemical Soil and Spectrometer Surveys on the Fluorite Grid and Ole 4 Claim, P.G. Niobium Property, Cariboo Mining Division, BC; unpublished company report, Teck Explorations Limited.

Bird, S., Giroux, G., and Meintjes, T. (2019).Wicheeda Rare Earth Element Project, British Columbia, Canada: NI 43-101 Technical Report; SEDAR, 102p.

Birkett, T.C. and Simandl, G.J. (1999). Carbonatite Associated Deposits: Magmatic, Replacement and Residual; in Selected British Columbia Mineral Deposit Profiles, Volume 3, Industrial Minerals, G.J. Simandl, Z.D. Hora and D.V. Lefebure, Editors, British Columbia Ministry of Energy and Mines.

Bruland, T. (2011). 2010 Diamond Drilling on Carbo Rare Earth Element Property; B.C. Min. Energy, Mines, Petr. Res. assessment report 32497, 250p.

Bruland, T (2012). 2011 Diamond Drilling on Carbo Rare Earth Element Property; B.C. Min. Energy, Mines, Petr. Res. assessment report _______ , 62p plus appendices

Canadian International Minerals Inc. (2011) Canadian International Minerals Inc. andCommerce Resources Corp. drill 37.4 metres of 1.43% TREO from Carbo Project; newsrelease dated February 17, 2011.

Cui, Y., Miller, D., Schiarizza, P., and Diakow, L.J. (2017). British Columbia digital geology. British Columbia Ministry of Energy, Mines and Petroleum Resources, British Columbia Geological Survey Open File 2017-8, 9p, Data version 2018-04-05.

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Dalsin, M. L. (2011). Report on Geochemical Sampling on the TREO Claim Block of the Carbo Property; B.C. Min. Energy, Mines, Petr. Res. assessment report 33231, 44p.

Dalsin, M.L. (2012). Wicheeda Carbonatite and Syenite Complex: Mineralogical Summary Report; Internal report for Canadian International Minerals Ltd., 18p.

Dalsin, M.L. (2013). The Mineralogy, Geochemistry and Geochronology of the Wicheeda Carbonatite Complex, British Columbia; thesis submitted in partial fulfillment of MSc degree; University Of British Columbia, 118 p, 4 appendices.

Dalsin, M.L., Groat, L.A. (2012). The Geology and Mineralogy of the Carbo Property,Wicheeda Carbonatite Complex, BC. Exploration Roundup 2012, poster presentation.

Gabrielse, H., Monger, J.W.H., Wheeler, J.O. and Yorath, C.J. (1991). Part A - Morphogeological Belts, Tectonic Assemblages and Terranes; in Chapter 2 of Geology of the Cordilleran Orogen in Canada, H. Gabrielse and C.J. Yorath (ed.); Geological Survey of Canada, Geology of Canada, No. 4, pp.15-28.

Geoscience BC (2009). QUEST project compilation maps; Geoscience BC, Report 2009-4.

Graf, C., Lane, B. and Morrison, M. (2009). The Wicheeda Carbonatite-Syenite Breccia Intrusive Complex Hosted Rare Earth Deposit. In 5th Annual Minerals South Conference and Trade Show Abstract Volume, Cranbrook, BC, October 2009.

GSC, (1964). Geophysics paper 1546. Aeromagnetic Series, Hominka River, B.C.

GSC, (1969). Map 1204A, McLeod Lake, British Columbia

Guo, M and Dahrouge J. (2006) 2006 Exploration at the Carbo Property; B.C. Min. Energy, Mines, Petr. Res. assessment report 28528, 7 p., 14 fig., 5 appendices.

Guo, M. (2007) 2007 exploration at the Carbo Property; B.C. Min. Energy, Mines, Petr. Res. assessment report 29280, 8 p., 16 fig., 5 appendices.

Guo, M. (2009) Technical report on the Carbo Property, east-central British Columbia; technical report for Canadian International Minerals Inc. by Dahrouge Geological Consulting Ltd., 23 p., 9 fig., 3 appendices.

Hoffman, A. and Kluczny, P.J. (2010). 2010 Exploration and Fieldwork on the Cap Claims; British Columbia Ministry of Energy, Mines and Petroleum Resources, Assessment Report 31974, 12 p., 5 fig., 4 appendices.

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Kluczny, P., and McCallum, N. (2012). Technical Report on the Cap Property; Technical Report prepared for Arctic Star Exploration Corp

Kluczny, P. (2018). 2017 Drill Program on the CAP Property northeast of Prince George, British Columbia; British Columbia Ministry of Energy, Mines and Petroleum Resources, Assessment Report 37480.

Koffyberg, A. and Gilmour, W.R. (2012). Helicopter-borne magnetic gradiometer and radiometric survey, Carbonatite Syndicate Property; British Columbia Ministry of Energy, Mines and Petroleum Resources, Assessment Report 32982, 1 appendix.

Lane, B. (2010). Geochemical Report on the Wicheeda South Property, Cariboo Mining Division, British Columbia; British Columbia Ministry of Energy, Mines and Petroleum Resources, Assessment Report AR31477.

Lane, B., Giroux, G. and Meintjes, T. (2018). Wicheeda Rare Earth Element Project, British Columbia, Canada; Technical Report prepared for First Legacy Mining Corp., 14 p.

Lickorish, W.H. and Simony, P.S. (1995). Evidence for late rifting of the Cordilleran margin outlined by stratigraphic division of the Lower Cambrian Gog Group, Rocky Mountain Main Ranges, British Columbia and Alberta; Canadian Journal of Earth Sciences, vol. 32, pp. 860- 874.

Lovang, G. and Meyer, W. (1988). Report on Trenching, Stream Silt Concentrate and Soil Sampling on the George Group, Cariboo Mining Division, B.C.; Min. Energy, Mines Petr. Res. Ass. Rept. 16264.

Mäder U.K. and Greenwood H.(1988) Carbonatites and Related Rocks of the Prince andGeorge Claims, Northern Rocky Mountains. B.C. Ministry of Energy, Mines and PetroleumResources, Geological Fieldwork 1987, Paper 1988-1, Pages 375-3

Mariano A.N.(1989). Nature of economic mineralization in carbonatites and related rocks; in Carbonatites, Genesis and Evolution, Keith Bell (ed.), London, Unwin Hyman Ltd., pp.149- 176.

McCallum, N.(2012a).2011 Exploration and Fieldwork on the Cap Property; British Columbia Ministry of Energy, Mines and Petroleum Resources, Assessment Report 33857, 16 p., 6 fig., 6 appendices.

McCallum, N. (2012b). Technical Report on the Cap Property; Technical Report prepared for Arctic Star Exploration Corp.

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McCarthy, R.J, Liskowich, M.W., Barnes, S., Deiss, A.M., Olin, A.J., Goode, J.R., Ebrahimi, A., Thomas, A., Winkelmann, N.M., Crystal, C., and Ketchum, K. (2022). Independent Preliminary Economic Assessment for the Wicheeda Rare Earth Element Project, British Columbia, Canada: produced by SRK Consulting, Canada for Defense metals Corp., SEDAR, 270p.

Mitchell, R.H. (2005). Carbonatites and carbonatites and carbonatites; The Canadian Mineralogist, vol. 43, p. 2049-2068.

Millonig, L.J., Gerdes, A., and Groat, L.A., (2012). U-Th-Pb geochronology of meta-carbonatites and meta-alkaline rocks in the southern Canadian Cordillera: A geodynamic perspective: Lithos, v.152, pp. 202-217.

Millonig, L. (2013). Mineralogical Report on Sample #79831; Unpublished internal report.

Pell, J. (1994). Carbonatites, nepheline syenites, kimberlites and related rocks in British Columbia; British Columbia Ministry of Energy, Mines and Petroleum Resources, Bulletin 88, 133 p.

Price, R. (1981). The Cordilleran foreland thrust and fold belt in the southern Canadian Rocky Mountains; Geological Society, London, Special Publications Vol. 9, No. 1, pp 427-448.

Raffle, K.J., and Nicholls, S.J. (2020). Technical Report on the Wicheeda Property, British Columbia, Canada: SEDAR, 133 p.

Richardson, D.G. and Birkett, T.C. (1996). Carbonatite-associated deposits; in Geology of Canadian Mineral Deposit Types, (ed.) O.R. Eckstrand, W.D. Sinclair and R.I. Thorpe; Geological Survey of Canada, Geology of Canada, no. 8, pp. 541-558.

Sánchez, M.G., Bissig, T. and Kowalcyzk, P. (2015): Toward an improved basis for beneath-cover mineral exploration in the QUEST area, central British Columbia: new structural interpretation of geophysical and geological datasets (NTS 093A, B,G, H, J, K, N); Geoscience BC, Report 2015-15.

Taylor, G.C. and Stott, D.F. (1979). Geology of Monkman Pass map-area, northeastern British Columbia; Geological Survey of Canada, Open File 630.

Taylor, G.C. (1971). Devonian and earlier stratigraphy, and structure of Monkman Pass and Wapiti map-areas, British Columbia and Alberta; Geological Survey of Canada, Paper 71- 01A, pp.234-235.

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Thompson, R.I. (1989). Stratigraphy, tectonic evolution and structural analysis of the Halfway River Map Area (94 B), Northern Rocky Mountains, British Columbia; Geological Survey of Canada, Memoir 425, 24 p.

Trofanenko ,J., Williams-Jones, A.E., Simandl,G.J., and Migdisov, A.A (2016). The Nature and Origin of the REE Mineralization in the Wicheeda Carbonatite, British Columbia, Canada; Economic Geology, v. 111, pp. 199-223.

Turner, D. (2010). Geological Report on the Carbo South-West Property (TREO Claim Block) Cariboo Mining Division, B.C.; British Columbia Ministry of Energy, Mines and Petroleum Resources, Assessment Report 32210, 126p.

Turner, D., Brand, A., and Quist, B. (2011). Report on Geochemical Sampling and Prospecting on the Carbo Property: British Columbia Ministry of Energy, Mines and Petroleum Resources, Assessment Report 32252, 138p.

Turner, D. (2011). Report on Geochemical Sampling and Prospecting on the Carbonatite Syndicate Claim Groups; British Columbia Ministry of Energy, Mines and Petroleum Resources, Assessment Report 32107, appendix 1.

Wheeler, J.O., Brookfield, A.J., Gabrielse, H., Monger, J.W.H., Tipper, H.W., and Woodsworth, G.J. (1991). Terrane map of the Canadian Cordillera; Geological Survey of Canada, Map 1713A.

Marksman Geological Ltd. (2010). [News Release) 22 March; available at <u>https://www.marksmangeological.com/index.php?page=newsdetail&newsfile=marksma n_20100322.htm</u>

Zimtu Capital Corp.(2010). *Zimtu Capital Corp. Options Carbo Rare Earth Properties to Arctic Star [News Release] 17 November; Available at:* <u>http://www.zimtu.com/s/NewsReleases.asp</u>

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**28. DATE AND SIGNATURE PAGE**

This report, entitled "**NI 43-101 Technical Report on the Cap Property, British Columbia, Canada"** and with an effective date of December 8, 2022, was prepared on behalf of Eagle Bay Resources Corp.. and is signed by the Author.

Signed and dated this 11th day of December 2022 at Calgary, AB, Canada

"Original document signed and stamped by Alex Knox, P.Geo."

"Alex Knox"

Alex Knox., M.Sc., P.Geol.

Principal

AWK Geological Consulting Ltd.

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**29. CERTIFICATE OF QUALIFIED PERSON**

I, Alex Knox, do hereby certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I am a Professional Geologist with a business address at 2233 4 Av. N.W. Calgary, AB, T2N 0N8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. I am the Arthor of the technical report entitled "NI 43-101 Technical Report on the Cap Property, British Columbia, Canada", prepared on behalf of Eagle Bay Resources Corp. and with an effective date of December 8, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. I graduated with an M.Sc. degree in Geology from the {University of Calgary} in 1980.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. I am a Registered Professional Geologist {P.Geol.} with the Association of Professional Engineers and Geoscientists of Alberta (License No: 51311).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. I have been employed as a Professional Geologist continuously for the past 43 years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. I am a Qualified Person for purposes of National Instrument NI 43-101.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Inspected the Eagle Bay Property on May 22, 2022 during a site visit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. I am responsible for the preparation and take responsibility for all sections of the report entitled "NI 43-101 Technical Report on the Cap Property, British Columbia, Canada", prepared on behalf of Eagle Bay Resources Corp., dated December 8, 2022, and with an effective date of December 8, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. I am independent of the issuer of this report.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. I have read National Instrument 43-101 and the report entitled "NI 43-101 Technical Report on the Corvette Property, Quebec, Canada" has been prepared in compliance with this Instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. On the effective date of the report, December 8, 2022, to the best of my knowledge, information and belief, this technical information that is required to be disclosed to make the technical report not misleading.

Signed and dated this 11th day of December 2022 at Calgary, AB Canada

"Original document signed and stamped by Alex Knox, P.Geo."\

"Alex Knox"

Alex Knox., M.Sc., P.Geol.

Principal

AWK Geological Consulting Ltd.

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## Exhibit 99.56

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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: November 6, 2025

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| /s/ Alex Knox |
| Alex Knox, M.Sc., P.Geo. |

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## Exhibit 99.57

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![](exhibit99-57xu001.jpg)

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the use of our report dated November 22, 2024 relating to the financial statements of Apex Critical Metals Corp. (the "**Company**") for the years ended July 31, 2024 and 2023 and the related notes to the financial statements, which is 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.

![](exhibit99-57x002.jpg)

Chartered Professional Accountants

Vancouver, Canada

November 10, 2025

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