# EDGAR Filing Document

**Accession Number:** 0001570843
**File Stem:** 0001062993-25-015646
**Filing Date:** 2025-9
**Character Count:** 184367
**Document Hash:** 0fe7a4478120488bcc69be1f5b2a44be
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-25-015646.hdr.sgml**: 20250916

**ACCESSION NUMBER**: 0001062993-25-015646

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 7

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250916

**DATE AS OF CHANGE**: 20250916

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Greenbriar Sustainable Living Inc.
- **CENTRAL INDEX KEY:** 0001570843
- **STANDARD INDUSTRIAL CLASSIFICATION:** REAL ESTATE [6500]
- **ORGANIZATION NAME:** 05 Real Estate & Construction
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A1
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 000-56391
- **FILM NUMBER:** 251315844

**BUSINESS ADDRESS:**
- **STREET 1:** 632 FOSTER AVENUE
- **CITY:** COQUITLAM
- **STATE:** A1
- **ZIP:** V3J 2L7
- **BUSINESS PHONE:** 949-903-5906

**MAIL ADDRESS:**
- **STREET 1:** 632 FOSTER AVENUE
- **CITY:** COQUITLAM
- **STATE:** A1
- **ZIP:** V3J 2L7

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Greenbriar Capital Corp.
- **DATE OF NAME CHANGE:** 20130228

------

**UNITED STATES**<br>**SECURITIES AND EXCHANGE COMMISSION**<br>Washington, D.C. 20549

**FORM 6-K**

**REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16<br>UNDER THE SECURITIES EXCHANGE ACT OF 1934**

For the month of <u>**September 2025**</u>

Commission File No. <u>**000-56391**</u>

<u>**Greenbriar Sustainable Living Inc.**</u> <br>(Translation of registrant's name into English)

**632 Foster Avenue**<br><u>**Coquitlam, British Columbia, Canada V3J 2L7**</u>

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F

Form 20-F ☑ Form 40-F ☐

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**SUBMITTED HEREWITH**

<u>Exhibits</u>

---

| | |
|:---|:---|
| **Exhibit** | **Description** |
| [99.1](exhibit99-1.htm) | [Condensed Consolidated Interim Financial Statements for the period ended June 30, 2025](exhibit99-1.htm) |
| [99.2](exhibit99-2.htm) | [Management's Discussion and Analysis for the period ended June 30, 2025](exhibit99-2.htm) |
| [99.3](exhibit99-3.htm) | [Form 52-109FV2 Certification of Interim Filings Venture Issuer Basic Certificate - CEO](exhibit99-3.htm) |
| [99.4](exhibit99-4.htm) | [Form 52-109FV2 Certification of Interim Filings Venture Issuer Basic Certificate - CFO](exhibit99-4.htm) |

---

------

**SIGNATURE**

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 **Greenbriar Sustainable Living Inc.** 

*/s/ Jeff Ciachurski* <br>______________________________________<br>Jeff Ciachurski<br>Chief Executive Officer

Date: September 15, 2025

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## Exhibit 99.1

------

<u>**NOTICE**</u>

**RE: CONDENSED CONSOLIDATED INTERIM FINANCIALS STATEMENTS FOR** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**THE THREE AND SIX MONTHS ENDED JUNE 30, 2025 AND 2024**

The second quarter financial statements for the three and six months ended June 30, 2025 and 2024 have not been reviewed by the auditors of Greenbriar Sustainable Living Inc.

**GREENBRIAR SUSTAINABLE LIVING INC.**

<u>*"Anthony Balic"*</u> 

**Anthony Balic** 

Chief Financial Officer

------

**Greenbriar Sustainable Living Inc.** 

Condensed Consolidated Interim Financial Statements

For Three and Six Months Ended June 30, 2025 and 2024

(Unaudited - amounts expressed in Canadian dollars, except where indicated)

------

**Greenbriar Sustainable Living Inc.**<br>Condensed Consolidated Interim Statements of Financial Position<br>As at June 30, 2025 and December 31, 2024 <br>(amounts expressed in Canadian dollars, except where indicated)

---

| | | | |
|:---|:---|:---|:---|
|  | **Note** | **As at**<br>**June 30, 2025** | **As at**<br>**December 31, 2024** |
| &nbsp;&nbsp;**Assets** |  |  |  |
| &nbsp;&nbsp;**Current assets** |  |  |  |
| &nbsp;&nbsp;Cash |  | $2885 | $- |
| &nbsp;&nbsp;Deposits and prepaid expenses - short term |  | 32088 | 30936 |
| &nbsp;&nbsp;Other receivables |  | 6362 | 7747 |
| &nbsp;&nbsp;Marketable securities | 7 | 1755000 | 1755000 |
|  |  | 1796335 | 1793683 |
| &nbsp;&nbsp;**Non-current assets** |  |  |  |
| &nbsp;&nbsp;Deposits and prepaid expenses - long term |  | 78447 | 82737 |
| &nbsp;&nbsp;Sage Ranch | 6 | 9794510 | 10162415 |
| &nbsp;&nbsp;Cordero Ranch | 5 | 24803 |  |
| &nbsp;&nbsp;Power project acquisition and development costs | 8 | 7950812 | 8225009 |
| &nbsp;&nbsp;Total assets |  | $19644907 | $20263844 |
| &nbsp;&nbsp;**Liabilities** |  |  |  |
| &nbsp;&nbsp;**Current liabilities** |  |  |  |
| &nbsp;&nbsp;Overdraft |  |  | 54227 |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | 9 | 4890339 | 4986099 |
| &nbsp;&nbsp;Loans payable and promissory note | 10 | 4132047 | 2563145 |
| &nbsp;&nbsp;Joint venture settlement obligation | 12 | 1201847 | 669449 |
| &nbsp;&nbsp;Convertible debenture | 11 | 4244945 | 3338552 |
| &nbsp;&nbsp;Convertible debenture derivative | 11 | 1031352 | 1025803 |
|  |  | 15500530 | 12637275 |
| &nbsp;&nbsp;**Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;Joint venture settlement obligation | 12 | 2228783 | 2699291 |
| &nbsp;&nbsp;Convertible debenture | 11 |  | 839132 |
| &nbsp;&nbsp;Total liabilities |  | 17729313 | 16175698 |
| &nbsp;&nbsp;**Shareholders' equity** |  |  |  |
| &nbsp;&nbsp;Share capital | 13 | 29421235 | 29372058 |
| &nbsp;&nbsp;Reserves | 13 | 9358437 | 9228019 |
| &nbsp;&nbsp;Accumulated other comprehensive income |  | 1093969 | 2091508 |
| &nbsp;&nbsp;Deficit |  | (37958047) | (36603439) |
| &nbsp;&nbsp;Total shareholders' equity |  | 1915594 | 4088146 |
| &nbsp;&nbsp;Total liabilities and shareholders' equity |  | $19644907 | $20263844 |

---

*Nature of operations and going concern (note 1)*

*Commitments and contingencies (note 18)*

*Subsequent events (note 19)*

---

| | | | |
|:---|:---|:---|:---|
| **Approved by the Board of Directors** |  |  |  |
| "Jeff Ciachurski" | Director | "Cliff Webb" | Director |

---

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

------

**Greenbriar Sustainable Living Inc.**<br>Condensed Consolidated Interim Statement of Loss and Comprehensive Loss<br>For the three and six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Notes** | **Three months ended** <br> **June 30,** | **Three months ended** <br> **June 30,** | **Six months ended** <br> **June 30,** | **Six months ended** <br> **June 30,** |
| | **Notes** | **2025** | **2024** | **2025** | **2024** |
| **General and administration expenses** |  |  |  |  |  |
| Consulting and management fees | 17 | $(165519) | $(209655) | $(506189) | $(475245) |
| General and administrative |  | (29975) | (150501) | (81132) | (313546) |
| Marketing and donations |  |  | (356) |  | (14883) |
| Share-based payment expense | 13 | (130418) | (129196) | (130418) | (129196) |
| Professional fees |  | (119508) | (98670) | (183069) | (210954) |
|  |  | (445420) | (588378) | (900808) | (1143824) |
| **Other (expenses) income, net** |  |  |  |  |  |
| Foreign exchange gain (loss) |  | 471055 | (86688) | 524843 | (171019) |
| Accretion expense on convertible debt | 11 | (125474) | (106867) | (249248) | (210115) |
| Accretion on joint venture settlement obligation | 12 | (113181) |  | (228390) |  |
| Interest expense and bank chares |  | (250074) | (37319) | (437552) | (73501) |
| Gain (loss) on settlement of accounts payable and accrued liabilities |  |  |  |  | (8634) |
| Fair value adjustment on derivative liability | 11 | 91218 | 48504 | (63453) | 107736 |
| **Loss** |  | (371876) | (770748) | (1354608) | (1499357) |
| **Other comprehensive income (loss)** |  |  |  |  |  |
| Cumulative translation adjustment |  | (943799) | 209797 | (997539) | 689963 |
| &nbsp;&nbsp;**Total comprehensive loss** |  | $(1315675) | $(560951) | $(2352147) | $(809394) |
| &nbsp;&nbsp;**Loss per share-basic and diluted** |  | $(0.01) | $(0.02) | $(0.04) | $(0.04) |
| **Weighted average shares outstanding-basic and diluted** |  | 34617112 | 35038421 | 37415042 | 34420867 |

---

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

------

**Greenbriar Sustainable Living Inc.**<br>Consolidated Statements of Changes in Shareholders' Equity<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Shares** | **Share <br>capital** | **Option** <br> **reserves** | **Warrants <br>reserves** | **Convertible <br>debenture <br>reserves** | **Accumulated <br>other <br>comprehensive <br>income** | **Deficit** | **Total <br>Shareholders<br>' Equity** |
| **Balance at December 31, 2024** |  | 37370157 | $29372058 | $4917310 | $4273490 | $37219 | $2091508 | $(36603439) | $4088146 |
| &nbsp;&nbsp;Loss for the period |  |  |  |  |  |  |  | (1354608) | (1354608) |
| &nbsp;&nbsp;Cumulative translation adjustment |  |  |  |  |  |  | (997539) |  | (997539) |
| &nbsp;&nbsp;Share-based payment expense | 13 |  |  | 130418 |  |  |  |  | 130418 |
| &nbsp;&nbsp;Shares for debt settlement | 13 | 93381 | 49177 |  |  |  |  |  | 49177 |
| **Balance at June 30, 2025** |  | 37463538 | $29421235 | $5047728 | $4273490 | $37219 | $1093969 | $(37958047) | $1915594 |
| **Balance at December 31, 2023** |  | 34078355 | $26410615 | $4911526 | $4456372 | $37219 | $653192 | $(31467863) | $5001061 |
| &nbsp;&nbsp;Loss for the period |  |  |  |  |  |  |  | (1499357) | (1499357) |
| &nbsp;&nbsp;Options exercised | 13 | 463000 | 813050 | (328750) |  |  |  |  | 484300 |
| &nbsp;&nbsp;Warrants exercised | 13 | 631000 | 609932 |  | (182882) |  |  |  | 427050 |
| &nbsp;&nbsp;Share-based payment expense |  |  |  | 129196 |  |  |  |  | 129196 |
| &nbsp;&nbsp; Cumulative translation adjustment |  |  |  |  |  |  | 689963 |  | 689963 |
| **Balance at June 30, 2024** |  | 35172355 | $27833597 | $4711972 | $4273490 | $37219 | $1343155 | $(32967220) | $5232213 |

---

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

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**Greenbriar Sustainable Living Inc.**<br>Consolidated Statements of Cash Flows<br>For the three and six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | <br>**Note** | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
| | <br>**Note** | **2025** | **2024** | **2025** | **2024** |
| **Cash used from operating activities** |  |  |  |  |  |
| Loss for the period |  | $(371876) | $(770748) | $(1354608) | $(1499357) |
| **Items not affecting cash** |  |  |  |  |  |
| &nbsp;&nbsp;Unrealized foreign exchange gain (loss) |  | (471055) | 86688 | (526682) | 171019 |
| &nbsp;&nbsp;Gain (loss) on settlement of account payable and accrued liabilities |  |  |  |  | 8634 |
| Share-based payment expense |  | 130418 | 129196 | 130418 | 129196 |
| &nbsp;&nbsp;Accretion on convertible debenture | 11 | 125474 | 106867 | 249248 | 210115 |
| &nbsp;&nbsp;Accretion on joint venture settlement obligation | 12 | 111343 |  | 228390 |  |
| &nbsp;&nbsp;Fair value of derivative liability | 11 | (91218) | (48504) | 63453 | (107736) |
|  |  | (566914) | (496501) | (1209781) | (1088129) |
| **Change in non-cash operating working capital** |  |  |  |  |  |
| Decrease (increase) in receivables and prepaid expenses |  | 7379 | (14687) | 166732 | 332741 |
| Increase (decrease) in accounts payable and accrued liabilities |  | (99143) | (333187) | (209131) | (495954) |
|  |  | (658678) | (844375) | (1252180) | (1251342) |
| **Cash flows used in investing activities** |  |  |  |  |  |
| Sage ranch | 6 | (3255) |  | (66434) | (92868) |
| Cordero ranch | 5 | (10283) |  | (24803) |  |
| Power project development and construction costs | 8 | (60649) | (6963) | (116356) | (115303) |
|  |  | (74187) | (6963) | (207593) | (208171) |
| **Cash flows used in financing activities** |  |  |  |  |  |
| Cash repaid on executive loans and interest | 10 | (78415) |  | (145915) | (44000) |
| Cash received on executive loan | 10 | 262400 |  | 302400 |  |
| Cash received from shareholder and director loans | 10 | 30000 |  | 30000 | 550000 |
| Option exercises |  |  | 319300 |  | 484300 |
| Warrant exercises |  |  | 421000 |  | 427050 |
| Cash received on loans payable and promissory notes | 10 | 477000 | 95857 | 1496900 | 95857 |
| Repayment of joint venture settlement obligation | 12 | (6500) | (15000) | (166500) | (171000) |
|  |  | 684485 | 821157 | 1516885 | 1342207 |
| **Increase (decrease) in cash** |  | $(48380) | $(30181) | $57112 | $(117306) |
| **Cash - beginning of period** |  | 51265 | (40027) | (54227) | 47098 |
| **Cash (overdraft) - end of period** |  | $2885 | $(70208) | $2885 | $(70208) |

---

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

---

| | | |
|:---|:---|:---|
| **Supplemental cash flow information** | **2025** | **2024** |
|  | **$** | **$** |
| Accrued investment property through accounts payable | 183771 | 949985 |
| Accrued power project development costs through accounts payable | 109146 | 184661 |
| Reclass of loan receivable to joint venture settlement obligation | 166500 | 377947 |
| AP paid by Executive and classified as loan payable | 11841 | 79262 |
| Cash interest paid | 213179 |  |
| Taxes paid |  |  |

---

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**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

**1 Nature of operations and going concern** 

Greenbriar Sustainable Living Inc. ("Greenbriar" or the "Company") is a developer of entry-level housing, renewable energy, green technology and sustainable investment projects. Greenbriar was incorporated under the British Columbia Business Corporations Act on April 2, 2009 and is a real estate issuer on the TSX Venture Exchange. The Company's registered records office is located at Suite 1500 - 1055 West Georgia Street, Vancouver, BC, V6E 4N7. The Company is listed as a Tier 2 real estate issuer. The Company's shares trade on the exchange under the symbol "GRB". The Company changed its name from Greenbriar Capital Corp. to Greenbriar Sustainable Living Inc. effective November 15, 2023.

These consolidated financial statements have been prepared on the basis that the Company is a going concern, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The nature of the Company's primary business is the acquisition, management, development, and possible sale of real estate and renewable energy projects. The Company had a loss of $1,354,608 for the six months ended June 30, 2025. As at June 30, 2025, the Company had an accumulated deficit of $37,958,047 and a working capital deficiency of $13,704,195. To date, the Company has no history of earning revenues. If the Company is unable to raise any additional funds to undertake planned development, it could have a material adverse effect on its financial condition. These events and conditions indicate that a material uncertainty exists that raises substantial doubt on the Company's ability to continue as a going concern. If the going concern basis were not appropriate for these consolidated financial statements, then significant adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses, and the classifications used in the statement of financial position. These adjustments may be material.

Recent global issues, including the ongoing political conflict in other regions have adversely affected workplaces, economies, supply chains, and financial markets globally. It is not possible for the Company to predict the duration or magnitude of the adverse results of these issues and their effects on the Company's business or results of operations this time.

**2 Basis of presentation** 

These unaudited condensed consolidated interim financial statements have been prepared in accordance with IAS 34 - Interim Financial Reporting as issued by the International Accounting Standards Board ("IASB"). Accordingly, certain disclosures included in annual financial statements prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the IASB have been condensed or omitted and these unaudited condensed interim consolidated financial statements should be read in conjunction with the Company's audited consolidated financial statements for the year ended December 31, 2024.

The Company's management makes judgments in its process of applying the Company's accounting policies in the preparation of its unaudited interim condensed consolidated financial statements. In addition, the preparation of the financial data requires that the Company's management make assumptions and estimates of the effects of uncertain future events on the carrying amounts of the Company's assets and liabilities at the end of the reporting period and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates as the estimation process is inherently uncertain. Estimates are reviewed on an ongoing basis based on historical experience and other factors that are considered to be relevant under the circumstances. Revisions to estimates and the resulting effects on the carrying amounts of the Company's assets and liabilities are accounted for prospectively. The critical judgments and estimates applied in the preparation of the Company's unaudited condensed interim consolidated financial statements are consistent with those applied and disclosed in the Company's consolidated financial statements for the year ended December 31, 2024. In addition, other than noted below, the accounting policies applied in these unaudited condensed interim consolidated financial statements are consistent with those applied and disclosed in the Company's audited financial statements for the year ended December 31, 2024. The Company's interim results are not necessarily indicative of its results for a full year.

The Company's interim results are not necessarily indicative of its results for a full year.

These unaudited condensed consolidated interim financial statements were approved by the Board of Directors on August 29, 2025.

**3 Material accounting policies**

The preparation of these consolidated financial statements in conformity with IFRS requires management to make judgments and estimates and form assumptions that affect the reporting amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.

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**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, revenue, and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes may differ from these estimates under different assumptions and conditions. Revisions to estimates and the resulting effects on the carrying amounts of the Company's assets and liabilities are accounted for prospectively.

*Key areas of judgment* 

**Functional currency**

The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which each operates. The Company's functional and local currency is the Canadian dollar. The functional currency of the Company's subsidiaries is the US dollar. The determination of functional currency may require certain judgments to determent the primary economic environment. The Company reconsiders the functional currency used when there is a change in events and conditions which determined the primary economic environment.

**Assets' carrying values and impairment charges**

In determining carrying values and impairment charges the Company looks at recoverable amounts, defined as the higher of value in use or fair value less cost to sell in the case of assets, and at objective evidence that identifies significant or prolonged decline of fair value on financial assets indicating impairment. These determinations and their individual assumptions require that management make a decision based on the best available information at each reporting period.

**Going concern of operations**

These consolidated financial statements do not give effect to adjustments, if any, that would be necessary should the Company be unable to continue as a going concern. If the going concern assumption was not used, then the adjustments required to report the Company's assets and liabilities on a liquidation basis could be material to these financial statements.

**Marketable securities**

The determination of the fair value requires significant judgement by the Company, on the date of purchase, and at each reporting date thereafter, consistent with fair value accounting guidance in accordance with IFRS 13, Fair Value Measurement.

**Tax**

Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable earnings will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable earnings together with future tax planning strategies.

*Key sources of estimation uncertainty* 

**Share-based payments**

Amounts recorded for share-based payments are subject to the inputs used in the Black-Scholes option pricing model, including estimates such as volatility, forfeiture, dividend yield and expected option life.

**Convertible debentures**

Convertible debentures are separated into their liability and equity components on the statement of financial position. The liability component is initially recognized at fair value, calculated as the net present value of the liability, using estimated interest rates based upon non-convertible debentures issued by comparable issuers, and accounted for at amortized cost using the effective interest rate method.

**Derivative Liability**

The Company measures the fair value of the derivative by reference to the fair value on the convertible debenture issuance date with an estimated life ending on the convertible debenture maturity date and revalues them at each reporting date. In determining the fair value for the derivative liability, the Company used the Geometric Brownain motion model with the following assumptions: annualized volatility rate; market price of shares at the reporting date; risk-free interest rate; the remaining expected life of the embedded derivatives and an exchange rate at the reporting date. Changes to these estimates could result in the fair value of the derivative liability being less than or greater than the amount recorded.

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**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

**Joint venture settlement obligation** 

The liability is initially recognized at fair value, calculated as the net present value of the liability, using estimated interest rates based upon debt issued by comparable issuers, and accounted for at amortized cost using the effective interest rate method.

**4 Loan Receivable**

---

| | | |
|:---|:---|:---|
|  |  | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance | $– $| 206947 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Funds received, net of advances granted | – |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclassed to offset joint venture settlement obligation (note 12) | – | (206947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending receivable balance | $– $|  |

---

As at June 30, 2025, the Company had a loan receivable of $nil (December 31, 2024 - $nil) from Captiva Verde Wellness Corp. ("Captiva") which represents a non-arm's length transaction as the CEO of the Company, Jeffrey Ciachurski, is also the CEO of Captiva and the CEO of the Company and the CFO of the Company Anthony Balic, is also the CFO of Captiva and Michael Boyd, a director of the Company, is also a director of the Captiva.

On April 20, 2022, the Company entered into a promissory note with Captiva for $775,000 which accrued interest at the rate of 8% per annum for a term of 24 months. The promissory note matured on April 20, 2024. As at June 30, 2025, interest income of $nil (December 31, 2024 - $nil) has been accrued. During the year ended December 31, 2024, the Company and Captiva agreed to net the receivable against the joint venture settlement obligation (note 12).

**5 Cordero Ranch** 

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional | 25624 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation adjustment | (821) |  |
|  | $24803 | $- |

---

On February 4, 2025, the Company announced it has entered into a memorandum of understanding to acquire the 1,361 Acre Cordero Ranch project located in Cedar City, Utah. Mr. Tommy Sullivan, Chairman of the Company's real estate advisory board and appointed board of director member on July 8, 2025, purchased the Cordero Ranch property in 2002 in Cedar City, Utah. The city executed a Master Plan Development Agreement for Cordero Ranch that is still in full force and effect, approving and authorizing the construction of 6,726 homes and with the city providing full water, sewer and ancillary services. The 6,726 homes in the Master Plan comprise 2,034 acres with 4,501 of these fully approved homesites with a 1,361 keystone center parcel.

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**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

**6 Sage Ranch**

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| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance | $10162415 | $8336079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Land appraisal & related fees | 158968 | 1085359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Translation adjustment | (526873) | 740977 |
|  | $9794510 | $10162415 |

---

On September 27, 2011, the Company acquired property in Tehachapi, California (the "Sage Ranch Project" or "Tehachapi Property") with the intent to develop a residential subdivision. The Company applies the cost model for its investment property and has recorded $nil depreciation as the project is still under development.

On November 13, 2023, the Sage Ranch Project received Planning Commission approval for the Sage Ranch Precise Development Plan ("PDP"). On June 18, 2024, a Sacramento court issued a ruling in the case of Tehachapi Cummings County Water District V. City of Tehachapi (the "City"), which has not yet taken effect. The ruling stated that the City's analysis of the Company's Environmental Impact Report ("EIR") was inadequate and upon resolution of the final cause of action, a writ will be issued voiding the certification of the EIR and any related project approvals. The City and the Company have already started work to comply with the mandates of the proposed writ.

During the year ended December 31, 2022, the Company acquired water rights for the Sage Ranch project by way of a debt settlement agreement with an officer and director of the Company. The debt of US$1,000,000 was settled in exchange of 925,926 units of the Company. Each unit consists of one common share plus one whole share purchase warrant. Each warrant is exercisable to acquire one common share at an exercise price of $1.46 for a period of three years.

During the year ended December 31, 2023, the Company entered into an option agreement to purchase up to 115 acre-feet of water rights at USD $29,260 per acre-feet and as part of the agreement paid a $1,376,556 non-refundable deposit. During the year ended December 31, 2024, the agreement was amended pursuant to which the purchase price was increased to an aggregate price of US$3,400,000 (or US$29,565.22 per acre-foot) plus the non-refundable deposit. The option expired unexercised on December 31, 2024.

On April 25, 2025, the Company entered into an agreement with Ronnie Strasser to buy 115 acre-feet of adjudicated and deeded water rights for USD $1,250,000, which expires on April 25, 2027. If the purchase is not made within 120 days, the amount will escalate by $62,500 (late payment fee) and then another $62,500 for each additional 90 days thereafter until the expiry date or the agreement is mutually terminated. If the water is not purchased, the Company would owe any late payment fees accrued.

The fair value of the development project as a whole is not possible to reliably estimate as of yet, given we have not yet received all necessary permits or begun construction.

**7 Marketable securities and investment in associate**

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, 2024**<br>**Fair value** |  | **June 30,**<br>**2025**<br>**Fair value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Matters | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1755000 | – | 1755000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1755000 | $– $| 1755000 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **December 31, <br>2023**<br>**Fair value** | **FX and Fair <br>Value <br>Adjustment** | **December 31,**<br>**2024**<br>**Fair value** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Green Matters | 1785510 | (30510) | 1755000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $1785510 | $(30510) | $1755000 |

---

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

As at June 30, 2025, the Company held 900,000 (December 31, 2024 - 900,000) shares in Green Matters Technologies Inc. ("Green Matters") which is a private Canadian corporation. As at June 30, 2025, the shares were valued at CAD $1.95 (December 31, 2024 - CAD$1.95) based on the price of the most recent financing by Green Matters.

**8 Power project acquisition and development costs**

---

| | | | |
|:---|:---|:---|:---|
|  | **Development Costs** | **Acquisition Costs** | **Total** |
| &nbsp;&nbsp;**December 31, 2023** | $5522330 | $1653250 | $7175580 |
| &nbsp;&nbsp;Additions | 421373 |  | 421373 |
| &nbsp;&nbsp;Translation adjustment | 482681 | 145375 | 628056 |
| &nbsp;&nbsp;**December 31, 2024** | 6426384 | 1798625 | 8225009 |
| &nbsp;&nbsp;Additions | 154336 |  | 154336 |
| &nbsp;&nbsp;Translation adjustment | (335283) | (93250) | (428533) |
| &nbsp;&nbsp;**June 30, 2025** | 6245437 | 1705375 | 7950812 |

---

**Montalva Project** 

In April 2013, the Company entered into a 50/50 arrangement to create AG Solar One LLC ("AG Solar") with Alterra Power Corp. ("Alterra") (the "Arrangement"). The Arrangement was created to develop 100 Megawatts ("MW's") of solar generation capacity in Puerto Rico under a Master Renewable Power Purchasing and Operating Agreement ("PPOA"), dated December 20, 2011, and amended on March 16, 2012 (the "Master Agreement"), with Puerto Rico Electric Power Authority ("PREPA") through its wholly owned subsidiary, PBJL Energy Corporation ("PBJL").

On July 12, 2013, the Company signed a Membership Interest Purchase and Sale Agreement ("MIPSA") with Magma Energy (U.S.) Corp. ("Magma"), a subsidiary of Alterra, and amended on October 11, 2013, whereby the Company will purchase from Alterra its 50% interest in and to the shares of AG Solar. The consideration was US $1.25 Million. The Company completed the MIPSA on September 12, 2014 (the "Acquisition Date") and the Company now owns 100% of AG Solar.

Under the terms of the Master Agreement, the Company filed its 100 MW AC Montalva Solar Project with PREPA ("Montalva" or the "Montalva Project") on September 5, 2013, requesting an interconnection evaluation and issuance of the project specific PPOA for Montalva included and agreed in the Master Agreement. After numerous delays by PREPA and failed attempts by the Company requesting the interconnection evaluation and issuance of a project specific PPOA for Montalva, the Company filed a Notice of Default under the Master Agreement with PREPA on September 24, 2014. PREPA responded to the Notice of Default on November 3, 2014, taking the position that it had other PPOAs issued that would exceed its system renewable capacity and could not accept any additional renewable projects and further had met its obligations under the Master Agreement. It's the Company's position that the Master Agreement is a specific performance agreement and not an option agreement at PREPA's discretion and that PREPA is liable for damages. The Company is currently negotiating a revised settlement PPOA with PREPA and anticipates moving forward with the development of the Montalva Solar Project as soon as practicable.

**Land Lease Option Agreements** 

Included in the power project development and construction costs balance for AG Solar are costs related to land lease option payments.

The company currently has four separate land lease option agreements covering five parcels for the construction of Montalva. One large parcel is located in the Municipality of Guanica and the other four in the Municipality of Lajas. The parcels are in close proximity to each other. Upon execution of the options, these land leases provide for a term of twenty-five years, and such leases may be extended for up to four additional consecutive periods of five years each, at the Company's option, for the purposes of the Company developing the Montalva Project.

On various dates since execution of the land lease option agreement, the parties have executed separate amendments to extend the expiration date. During the period ended June 30, 2025, the Company entered into additional extension agreements extending the option term on all agreements to December 31, 2025, and agreeing to make future payments totalling US$221,000. During the period ending June 30, 2025, the Company made payment totalling USD$69,000 (December 31, 2024 - USD$177,500), related to payments required by the extension agreements.

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

**9 Accounts payable and accrued liabilities** 

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $2403834 | $2458176 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 1511325 | 1875924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued interest | 975180 | 651999 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total accounts payable and accrued liabilities | $4890339 | $4986099 |

---

During the period ended June 30, 2025, the Company recorded a gain on settlement of accounts payable of $nil (December 31, 2024- $5,172 of gain).

**10 Loans payable**

---

| | | |
|:---|:---|:---|
| **Shareholder loans** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal opening balance | $1043565 | $499631 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Addition |  | 500000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange | (28180) | 43934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal ending balance | $1015385 | $1043565 |

---

In September 2014, the Company received two loans from an independent shareholder that bear interest of 10% per annum, compounded monthly, are non-secured and are due on demand. During the year ended December 31, 2024, the Company received $500,000 in additional loans from shareholders which were unsecured, non-interest bearing loans which are due on demand. Starting January 1, 2025, USD $230,000 and CAD $500,000 of the shareholder loans will be payable on December 31, 2025 and bear interest at 8% per annum. As at June 30, 2025, total accrued interest was $312,658 (December 31, 2024 - $273,015) and was included in account payables and accrued liabilities.

---

| | | |
|:---|:---|:---|
| **Director loans** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal opening balance | $323823 | $251691 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional loans (repayments) | 30000 | 50000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange | (14198) | 22132 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal ending balance | $339625 | $323823 |

---

The loans bearing interest have an interest rate of between 10% and 12% per annum, are non-secured, and are repayable on demand. During the year ended December 31, 2024, the Company received $50,000 in additional loans from director which are unsecured, non-interest bearing loans which are due on demand. During the year ended December 31, 2024, the Company repaid $250,000 in accrued interest. As at June 30, 2025, the Company received $30,000 in additional loans from director which are unsecured, non-interest bearing loans which are due on demand, total interest accrued was $387,446 (December 31, 2024 - $374,285) and was included in account payables and accrued liabilities.

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated) <br>

---

| | | |
|:---|:---|:---|
| **Executive loans** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal opening balance | $218116 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional loan | 314241 | 232505 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net repayments | (145915) | (14389) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange | (2636) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal ending balance | $383806 | $218116 |

---

As at June 30, 2025, the Company had outstanding loans from the CEO and the CEO's spouse of $383,806 (December 31, 2024 - $218,116). During the year ended December 31, 2024, the Company received loans of USD$91,550 ($136,648) that bears interest of 10% per annum, compounded monthly, are non-secured and are due on demand. In addition, the Company also received a $95,857 promissory note from the CEO and the CEO's spouse that is non-interest bearing, non-secured and is due on demand. The Company repaid $14,389 during the year ended December 31, 2024. During current period ended June 30, 2025, the Company received $286,841 that bears interest of 8% per annuum, are non-secured and are due on demand, the Company also received a $27,400 promissory note from the CEO and the CEO's spouse that is non-interest bearing, non-secured and is due on demand, the Company repaid $145,915 during the current period.

As at June 30, 2025, total interest accrued was $5,051 (December 31, 2024 - $4,699) and was included in account payables and accrued liabilities.

---

| | | |
|:---|:---|:---|
| **Promissory note (1)** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal opening balance | $444946 | $30000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions principal | 400000 | 399818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 28609 | 4862 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest repayment | (28609) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange | (26120) | 10266 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal ending balance | $818826 | $444946 |

---

During the year ended December 31, 2023, the Company received a $30,000 promissory note that is non-interest bearing, non-secured and is due on demand.

During the year ended December 31, 2024, the Company received a USD$285,000 (CAD $399,818) promissory that bears interest at 12% per annum, is unsecured and is repayable up to September 30, 2025.

As at June 30, 2025, interest on the promissory note was $28,609, and repaid during current period (December 31, 2024 - $4,862).

During the period ended June 30, 2025, the Company received a $400,000 promissory that bears interest at 12% per annum, is unsecured and is repayable on June 30, 2026. The term can be extended for a period of three months.

---

| | | |
|:---|:---|:---|
| **Promissory note (2)** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance | $532695 | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions principal |  | 476563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest | 59138 | 28332 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest repayment | (59138) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange | (55190) | 27800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal ending balance | $477505 | $532695 |

---

During the year ended December 31, 2024, the Company entered into a loan agreement for USD $350,000 ($476,563). The loan bears interest at 12% per annum, is unsecured and is repayable on or before December 31, 2025. During the period ended June 30, 2025, the ownership of the USD $350,000 loan was transferred to the CEO of the Company through a private transaction. As at June 30, 205, interest on the promissory note was $59,138, and repaid during current period (December 31, 2024 - $28,332).

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

---

| | | |
|:---|:---|:---|
| **Promissory note (3)** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance | $- | $- |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additions | 1096900 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Principal ending balance | $1096900 | $- |

---

During the period ended June 30, 2025, the Company received $1,096,900 in loans and advances that are non-interest bearing, non-secured and are due on demand. Subsequent to period end the Company settled $1,096900 through a shares for debt transaction.

**11 Convertible debenture**

On June 30, 2023, the Company issued a $1,000,000 unsecured convertible debenture. The debenture bears interest at 12% per annum, calculated and paid quarterly commencing on the date of issuance and matures on June 30, 2026. The debenture holder can convert all or any portion of the outstanding principal amount into common shares of the Company, at a price of $1.25 per common share. As part of the terms of the offering, the debenture holder has been issued 460,000 detachable warrants which were valued using a Black Scholes Model. Each warrant entitles the holder to acquire one common share of the Company at an exercise price of $1.30 per common share, subject to adjustment in certain events, and expiring on June 30, 2026.

Based on the discount factor of 13.5% over the debenture's term of three years used to determine the fair value of the debenture, the conversion feature was classified as equity and was assigned a residual value of $37,219. Transaction costs, including the fair value of detachable warrants, were allocated to the liability and equity components in proportion to the allocation of gross proceeds. Accretion for the debenture for the period ended June 30, 2025 was $30,330 (December 31, 2024-$54,003). Interest for the debenture for the period ended June 30, 2025 was $64,116 (December 31, 2024-$122,685).

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance | $839132 | $785129 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion | 30330 | 54003 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance, classified as short-term | $869462 | $839132 |

---

On December 13, 2023, the Company issued a USD$3,000,000 unsecured convertible debenture. As part of the issuance, the Company received USD $2,640,000 in cash and USD $360,000 was retained by the investor as prepaid interest. The debenture bears interest at 12% per annum, calculated and paid quarterly commencing on the date of issuance and will mature 36 months from the date of issuance on January 11, 2027. The debenture holder can convert all or any portion of the outstanding principal amount into common shares of the Company at a price of $1.25 per common share. As part of the terms of the offering, the debenture holder has been issued 900,000 detachable warrants which have been valued using a Black Scholes model. Each warrant entitles the holder to acquire one common share of the Company at an exercise price of $1.30 per common share, subject to adjustment in certain events, for a period expiring on January 11, 2027.

The Company estimated the fair value of the embedded derivative, representing the conversion option, by reference to a Geometric Brownain motion model. Based on the following key weighted average inputs: annualized volatility of 65.13% per annum, risk free rate of 3.57% over the Debenture's term of three years, the USD/CAD annualized volatility of 7.28% per annum, the fair value of the derivative liability was $1,171,660 at recognition and $1,027,427 at December 31, 2023. The debenture was then allocated the residual balance and transaction costs, including the detachable warrants, were allocated to the liability and embedded derivative in proportion to the allocation of gross proceeds. Transactions costs of $87,781 allocated to the embedded derivative were expensed as incurred. As at June 30, 2025, the fair value of the embedded derivative was $1,031,352. The Company estimated the fair value of the embedded derivative, representing the conversion option, by reference to a black-scholes model. Based on the following key weighted average inputs: annualized volatility of 90.5% per annum, risk free rate of 2.58% over the Debenture's remaining term one and half years. Interest for the debenture for the period ended June 30, 2025 was $256,018 (December 31, 2024-$490,593). Accretion for the debenture for the period ended June 30, 2025 was $218,918 (December 31, 2024-$380,338).

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated) <br>

---

| | | |
|:---|:---|:---|
| **Convertible Debenture** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance | $3338, 552 | $2698761 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion | 218918 | 380338 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange | (181987) | 259453 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance, classified as short-term | $3375483 | $3338552 |

---

---

| | | |
|:---|:---|:---|
| **Derivative Liability** | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance | $1025803 | $1027427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange | (57904) | 84377 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair value adjustment | 63453 | (86001) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance, classified as short-term | $1031352 | $1025803 |

---

**12 Joint venture settlement obligation** 

On October 6, 2018, the Company entered into an agreement to sell a 50% undivided interest in the Sage Ranch Project to Captiva, which represents a non-arm's length transaction. The Company received 10,687,500 common shares of Captiva which had a fair value of $1,068,750 and $112,500 in cash for total consideration of $1,181,250 ("Sale Agreement").

On August 10, 2020, the Company entered into an option and joint venture agreement (the "Option and Joint Venture Agreement") with Captiva amending the terms of the Sale Agreement.

Pursuant to the terms of the Option and Joint Venture Agreement, Captiva's 50% interest in the Sage Ranch Project was converted into an option to earn (the "Option") a 50% net profits interest in the Tehachapi Property by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Captiva paying the Company a cash payment of $112,500 (the "Cash Payment") (Captiva satisfied this payment in 2018 under the terms of the Sale Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Captiva issuing the Company common shares (the "Share Payment") (Captiva satisfied this payment in 2018 through the issuance of 10,687,500 common shares under the terms of the Sale Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Captiva funding the applicable permitting and development costs for the Sage Ranch Project (Captiva was in default on such funding obligations).

Captiva had until the earlier of: (i) August 20, 2025 and (ii) the date the Company receives final approval from the City of Tehachapi (and other required regulatory approval) to build houses on the Tehachapi Property, to exercise the Option.

If Captiva made the payments summarized above by the required time, Captiva would have exercised the Option and automatically acquired a 50% net profits interest in and to the Sage Ranch Project. If Captiva exercised the Option, then Captiva and the Company would have immediately entered into a joint venture (the "Joint Venture") pursuant to the terms of the Option and Joint Venture Agreement. Pursuant to the terms of the Joint Venture, the Company and the Captiva were required to evenly split all net profits derived from the Sage Ranch Project.

Captiva was in default of its funding obligations under the Option and Joint Venture Agreement. On June 22, 2023 and amended on August 21, 2023, the Company entered into an agreement with Captiva whereby the Company will repay Captiva the amount funded by Captiva under the Option and Joint Venture Agreement (equal to $5,591,588) in 48 equal monthly installments of $116,491 starting on August 22, 2024, with the last payment on June 1, 2028. Amounts payable to Captiva under the agreement relate to the reimbursement of costs incurred by Captiva under the Option. Subsequent to the amount being repaid, Captiva will no longer have any further net profits interest in and to the Sage Ranch Project. During the year ended December 31, 2023, the present value of $3,811,504 of these future payments was discounted at a rate of 13.43%.

During the period ended June 30, 2025, $228,391 (2024 - $133,840) of accretion was recorded in the statement of loss and comprehensive loss.

During the year ended December 31, 2024, the Company settled $1,000,000 of the settlement obligation in exchange for the issuance of 2,197,802 common shares in the capital of the Company and recorded a loss of $538,461 on settlement and loss on modification of $246,168 in the statement of loss and comprehensive loss. As a result of the settlement there are no payments required on the obligation until Q3 2025.

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated) <br>

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance | $3368740 | $3997091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Joint-venture settlement obligation |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion | 228390 | 552928 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Reclass from loan receivable |  | (206947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Repayment | (166500) | (220500) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settled on issuance of common shares |  | (1000000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on modification |  | 246168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $3430630 | $3368740 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Classified as current | $1201847 | $669449 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Classified at non-current | $2228783 | $2699291 |

---

**13 Share capital and reserves** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Authorized and outstanding

As at June 30, 2025, the Company had unlimited authorized common shares without par value and 37,463,538 common shares issued and outstanding (December 31, 2024 - 37,370,157).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Share issuances

***Fiscal 2025***

On April 4, 2025, the Company completed a shares for debt transaction and settled $51,359 in amounts owing by issuing 93,381 common shares of the Company.

***Fiscal 2024***

- During the year ended December 31, 2024, the Company issued 2,197,802 common shares as part of a settlement for payments required on the joint venture settlement obligation (note 12).

- During the year ended December 31, 2024, the Company issued 631,000 common shares as a result of warrant exercises and received gross proceeds of $427,050.

- During the year ended December 31, 2024, the Company issued 463,000 common shares as a result of option exercises and received gross proceeds of $484,300.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Stock options

The Board of Directors may grant options to purchase shares from time to time, subject to the aggregate number of common shares of the Company issuable under all outstanding stock options of the Company not exceeding 10% of the issued and outstanding common shares of the Company at the time of the grant. The options are exercisable over a period established at the time of issuance to buy shares of the Company for a period not exceeding ten years, at a price not less than the minimum price permitted by the exchange. The vesting schedule for an option, if any, shall be determined by the Board of Directors at the time of issuance.

In addition to the Stock Option Plan, the Company had established a Performance Share Plan dated effective May 6, 2021, in connection with the issue of the Performance Shares under the Sandford Solar Projects Consulting Agreement. Mr. Sandford is the only participant under the Performance Share Plan. It is contemplated that the Company will issue 100,000 Performance Shares on a project achieving a commercial operations date (the date solar power is delivered to a buyer under a power purchase agreement), up to a currently approved maximum of 2,600,000 Performance Shares. During the year ended December 31, 2024, the Company terminated the Performance Share Plan, with no performance shares having been issued.

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

***Fiscal 2025***

- On May 8, 2025, the Company granted an aggregate of 500,000 stock options to a consultant of the Company exercisable at $0.50 per share for a period of 3 years. The fair value of the share options was estimated at $130,418 on the date of grant using the Black-Scholes option pricing model, with the following assumptions: expected option life of 3 years, expected stock price volatility 82.79%, dividend payment during life of option was nil, risk free interest rate 2.61%, weighted average fair value per option $0.26, share price $0.49.

***Fiscal 2024***

- On May 24, 2024, the Company amended the exercise price and expiry date of stock options to purchase a total of 350,000 common shares, the stock options issued to certain consultants of the Company on July 7, 2021. The Company reduced the exercise price of the options from $1.35 to $0.82 and to extend the expiry date of the Options from July 7, 2024, to July 7, 2027. The incremental fair value of $129,196 was recognized as a result of the amendment.

- On August 1, 2024, the Company granted an aggregate of 300,000 stock options to a consultant of the Company exercisable at $0.70 per share for a period of 2 years. The fair value of the share options was estimated at $57,378 on the date of grant using the Black-Scholes option pricing model, with the following assumptions: expected option life of 2 years, expected stock price volatility 65.61%, dividend payment during life of option was nil, risk free interest rate 3.36%, weighted average fair value per option $0.19, share price $0.59.

- On November 21, 2024, the Company granted an aggregate of 75,000 stock options to a consultant of the Company exercisable at $0.90 per share for a period of 3 years. The fair value of the share options was estimated at $30,046 on the date of grant using the Black-Scholes option pricing model, with the following assumptions: expected option life of 3 years, expected stock price volatility 70.73%, dividend payment during life of option was nil, risk free interest rate 3.35%, weighted average fair value per option $0.40, share price $0.85.

- On December 31, 2024, the Company amended the exercise price and expiry date of stock options to purchase a total of 500,000 common shares, the stock options issued to certain consultants of the Company on January 25, 2022. The Company reduced the exercise price of the options from $1.25 to $1.00 and to extend the expiry date of the Options from January 25, 2025, to January 25, 2027. The incremental fair value of $117,914 was recognized as a result of the amendment.

Total stock options granted during the period ended June 30, 2025, were 500,000 (December 31, 2024 - 375,000). Total share-based payment expense recognized for the fair value of share options granted and vested or amended during the period ended June 30, 2025 was $130,418 (2024 - $nil).

A summary of stock option information as at June 30, 2025 and December 31, 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Number of <br>shares** | **Weighted average <br>exercise price** | **Number of <br>shares** | **Weighted average <br>exercise price** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding - beginning of year | 3237000 | $1.06 | 3391500 | $1.21 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted | 500000 | 0.50 | 375000 | 0.74 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised |  |  | (463000) | 1.05 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired | (100000) | 1.15 | (66500) | 2.00 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding - end of period | 3637000 | $0.98 | 3237000 | $1.06 |

---

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

The following table discloses the number of options and vested options outstanding as at June 30, 2025:

---

| | | |
|:---|:---|:---|
| **Number of <br>options** <br>**outstanding and <br>exercisable** | **Weighted average <br>exercise price** | **Weighted average <br>remaining <br>contractual life <br>(years)** |
| 350000 | $0.82 | 2.02 |
| 500000 | $1.00 | 1.50 |
| 500000 | $1.35 | 0.28 |
| 75000 | $1.50 | 0.61 |
| 1137000 | $1.10 | 3.38 |
| 200000 | $1.10 | 3.42 |
| 300000 | $0.70 | 1.09 |
| 75000 | $0.90 | 2.39 |
| 500000 | $0.50 | 2.86 |
| **3637000** | $**0.98** | **2.23** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Warrants

The following table discloses the number of warrants outstanding as at:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **June 30, 2025** | **June 30, 2025** | **December 31, 2024** | **December 31, 2024** |
|  | **Number of <br>shares** | **Weighted average <br>exercise price** | **Number of <br>shares** | **Weighted average <br>exercise price** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding - beginning of year | 5026926 | $1.38 | 4757926 | $1.31 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Granted |  |  | 900000 | 1.30 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Exercised |  |  | (631000) | 0.68 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Expired |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding - end of period | 5026926 | $1.38 | 5026926 | $1.38 |

---

---

| | | |
|:---|:---|:---|
| **Outstanding warrants** | **Expiry Date** | **Exercise price** |
| 577000 | November 29, 2025 | $1.50 |
| 925926 | December 13, 2025 | $1.46 |
| 355000 | May 10, 2028 | $1.50 |
| 460000 | June 30, 2026 | $1.30 |
| 900000 | January 11, 2027 | $1.30 |
| 1809000 \* | March 28, 2027 | $1.35 |
| 5026926 |  |  |

---

\*During the period ended June 30, 2025 the expiry date of these warrants were extended to March 28, 2027 from March 28, 2025.

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. Convertible equity reserve

---

| | | |
|:---|:---|:---|
|  | **June 30, 2025** | **December 31, 2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Opening balance | $37219 | $37219 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equity reserve related to convertible debenture (note 10) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ending balance | $37, 219 | $37219 |

---

On June 30, 2023, the Company issued an $1,000,000 unsecured convertible debenture. The debenture bears interest at 12% per annum, calculated and paid quarterly commencing on the date of issuance and matures on June 30, 2026. The debenture holder can convert all or any portion of the outstanding principal amount into common shares of the Company, at a price of $1.25 per common share. Based on the discount factor of 13.5% over the debenture's term of three years used to determine the fair value of the debenture, the conversion feature was classified as equity and was assigned a residual value of $37,219.

**14 Financial instruments**

The Company examines the various financial instrument risks to which it is exposed and assesses the impact and likelihood of those risks.

The following tables summarize the valuation of the Company's financial assets and liabilities reported at fair value by the fair value hierarchy levels:

---

| | | | |
|:---|:---|:---|:---|
|  |  | **June 30, 2025** | **December 31, 2024** |
|  | **Fair <br>Value**  | **Fair value**<br> **$** | **Fair value**<br> **$** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Fair value through profit and loss ("FVTPL")* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | Level 1 | 2885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | Level 2 | 1755000 | 1755000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other financial liabilities* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overdraft | Level 1 |  | 54227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture derivative | Level 3 | 1031352 | 1025803 |

---

**Fair value**

Financial instruments measured at fair value are grouped into Level 1 to 3 based on the degree to which fair value is observable:

Level 1 - quoted prices in active markets for identical securities

Level 2 - significant observable inputs other than quoted prices included in Level 1

Level 3 - significant unobservable inputs.

Option liability and convertible debenture derivative are considered to be a Level 3 classification as certain inputs are not based on observable market data. See Note 11 for details on inputs utilized in the valuation.

The Company did not move any instruments between levels of the fair value hierarchy during the period ended June 30, 2025 and December 31, 2024.

The Company's financial instruments include cash, marketable securities, other receivables, related party loan receivable, accounts payable and accrued liabilities, loan payable and promissory notes, joint venture settlement obligation, convertible debentures and convertible debenture derivatives. The carrying values of other receivables, related company loan receivable and accounts payable and accrued liabilities and loan payable and promissory notes approximate their fair values due to their relatively short periods to maturity.

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

The fair value of the marketable securities is based on recent transaction prices.

The fair value of the joint venture settlement obligation and convertible debentures are initially recorded at fair value and are evaluated by the Company based on level 2 inputs such as discounted future interest and principal payments using current market interest rates of instruments using similar terms. These instruments are subsequently measured through amortized cost, with accretion and interest income recognized through the statement of loss and comprehensive loss.

**Interest rate risk**

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rates through the interest earned on cash balances, deposits, convertible debentures and loans; however, management does not believe this exposure is significant as most items are at fixed interest rates.

**Credit risk**

The Company is exposed to credit risk through its cash, which is held in large Canadian financial institutions with high credit ratings, other receivables and the loan receivable. The Company believes the credit risk is insignificant for the cash and other receivables and moderate for the loan receivable with Captiva. The Company's exposure is limited to amounts reported within the statement of financial position.

**Liquidity risk**

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. In order to meet its financial obligations, the Company will need to generate cash flow from the sale or otherwise disposition of property or raise additional funds. The following table summarizes the remaining contractual maturities of the Company's financial liabilities and operating commitments:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than 1 year** | **Between 1 <br>and 2 years** | <br>**Over 2 years** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 4890339 |  |  | 4890339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan payables and promissory notes | 4132047 |  |  | 4132047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joint venture settlement obligation | 1201847 | 1397897 | 830886 | 3430630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture | 869462 | 3375483 |  | 4244945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture derivative |  | 1031352 |  | 1031352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $11093695 | $5804732 | $830886 | $17729313 |

---

**Foreign exchange risk**

The Company operates in Canada and the United States and is exposed to foreign exchange risk arising from transactions denominated in foreign currencies.

The operating results and the financial position of the Company are reported in Canadian dollars. Fluctuations of the operating currencies in relation to the Canadian dollar will have an impact upon the reported results of the Company and may also affect the value of the Company's assets and liabilities.

The Company's financial assets and liabilities as at June 30, 2025 are denominated in Canadian Dollars and United States Dollars and are set out in the following table:

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated) <br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Canadian Dollars** | **US Dollars** | **Total** |
| &nbsp;&nbsp;**Financial assets** |  |  |  |
| &nbsp;&nbsp;Cash | $2936 | $(51) | $2885 |
| &nbsp;&nbsp;Other receivables | 6362 |  | 6362 |
| &nbsp;&nbsp;Marketable securities | 1755000 |  | 1755000 |
|  | 1764298 | (51) | 1764247 |
| &nbsp;&nbsp;**Financial liabilities** |  |  |  |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | (1098303) | (3792036) | (4890339) |
| &nbsp;&nbsp;Loan payable and promissory notes | (2395157) | (1736890) | (4132047) |
| &nbsp;&nbsp;Joint venture settlement obligation | (3430630) |  | (3430630) |
| &nbsp;&nbsp;Convertible debenture | (869462) | (3375483) | (4244945) |
| &nbsp;&nbsp;Convertible debenture derivative |  | (1031352) | (1031352) |
| &nbsp;&nbsp;Net financial liabilities | $(6029254) | $(9935812) | $(15965066) |

---

The Company's financial assets and liabilities as at December 31, 2024 are denominated in Canadian Dollars and United States Dollars and are set out in the following table:

---

| | | | |
|:---|:---|:---|:---|
|  | **Canadian Dollars** | **US Dollars** | **Total** |
| &nbsp;&nbsp;**Financial assets** |  |  |  |
| &nbsp;&nbsp;Other receivables | $7747 | $- | $7747 |
| &nbsp;&nbsp;Marketable securities |  | 1755000 | 1755000 |
|  | 7747 | 1755000 | 1762747 |
| &nbsp;&nbsp;**Financial liabilities** |  |  |  |
| &nbsp;&nbsp;Overdraft | $1855 | $(56082) | $(54227) |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | (1173407) | (3812692) | (4986099) |
| &nbsp;&nbsp;Loan payable and promissory note | (580000) | (1983145) | (2563145) |
| &nbsp;&nbsp;Joint venture settlement obligation | (3368740) |  | (3368740) |
| &nbsp;&nbsp;Convertible debenture | (839132) | (3338552) | (4177684) |
| &nbsp;&nbsp;Convertible debenture derivative |  | (1025803) | (1025803) |
| &nbsp;&nbsp;Net financial liabilities | $(5951677) | $(8461274) | $(14412951) |

---

The Company's reported results will be affected by changes in the US dollar to Canadian dollar exchange rate. As of June 30, 2025, a 10% appreciation of the Canadian dollar relative to the US dollar would have decreased net financial liabilities by approximately $993,581 (December 31, 2024 - $846,127). A 10% depreciation of the US Dollar relative to the Canadian dollar would have had the equal but opposite effect. The Company has not entered into any agreements or purchased any instruments to hedge possible currency risk.

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

**15 Capital management** 

The Company's objective when managing capital is to safeguard the Company's ability to continue as a going concern such that it can continue to provide returns for shareholders and benefits for other stakeholders. The primary use of capital will be used for the development of its properties and acquisitions.

The Company considers the items included in convertible debentures, short-term loans and shareholders' equity as capital. The Company manages the capital structure and makes adjustments to it in light of changes in economic conditions, business opportunity and the risk characteristics of the underlying assets. In order to maintain or adjust its capital structure, the Company may issue new shares or return capital to its shareholders. The Company is not exposed to externally imposed capital requirements.

Management reviews its capital management approach on an ongoing basis. During the period ended June 30, 2025, there has been no change in the Company's management of capital policies.

**16 Segment disclosures**

The Company operations are conducted in three reportable segments: real estate development in the United States ("Real Estate"), solar energy projects in Puerto Rico ("Solar Energy") and corporate headquarters located in Canada ("Corporate"). The Company reports information about its operating segments based on the manner in which the Company's chief decision maker views and evaluates the Company's business.

As the Company capitalizes all directly attributable costs related to its Real Estate and Solar Energy segments in accordance with the accounting policy for investment properties and intangibles assets, all material items of profit and loss are attributable to the Corporate segment.

---

| |
|:---|
| &nbsp;&nbsp;**Assets** |
| &nbsp;&nbsp;Total assets |
| &nbsp;&nbsp;Net additions to non-current, non-financial assets |
| &nbsp;&nbsp;Total liabilities |
| &nbsp;&nbsp;**Loss** |
| &nbsp;&nbsp;Interest expense |
| &nbsp;&nbsp;Interest income |
| &nbsp;&nbsp;Loss |

---

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

**Entity wide disclosures**

Information about geographical areas:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Canada** | **California** | **Puerto Rico** | **Total** |
| &nbsp;&nbsp;**As at June 30, 2025** |  |  |  |  |
| &nbsp;&nbsp;Non-current assets | 78447 | 9819313 | 7950812 | $17848572 |
| &nbsp;&nbsp;**As at December 31, 2024** |  |  |  |  |
| &nbsp;&nbsp;Non-current assets | $82737 | $10162415 | $8225009 | $18470161 |

---

**17 Related party transactions**

Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include officers, directors or companies with common directors of the Company.

The Company incurred the following expenses with key management personnel during the period ended June 30:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and management fees | $214322 | $150803 | $412869 | $322719 |

---

During the period ended June 30, 2025, the President of the Company charged the Company $124,307 (December 31, 2024 - $181,773) related to services. As at June 30, 2025, included in accounts payable are fees, loan, bonus and expenses due to the President of the Company of $808,615 (December 31, 2024 - $715,216).

During the period ended June 30, 2025, a Company controlled by the CFO of the Company charged the Company $111,000 (2024 - $66,000) related to services.

During the period ended June 30, 2025, the Chief Executive Officer of the Company charged the Company $177,561 (2024 - $169,108) related to services.

During the period ended June 30, 2025, related party loans totaled USD $190,300 (December 31, 2024 - USD $190,300)

On June 22, 2023 and amended on August 21, 2023, the Company entered into an agreement with Captiva whereby the Company will repay Captiva the amount funded by Captiva under the Option and Joint Venture Agreement (equal to $5,591,588) in 48 equal monthly installments of $116,491 starting on August 22, 2024, with the last payment on June 1, 2028. During the year ended December 31, 2024, the Company settled $1,000,000 of the settlement obligation in exchange for the issuance of 2,197,802 common shares of the Company and recorded loss of $538,461 on settlement in the statement of loss and comprehensive loss. Subsequent to the remaining amount owing under the Original Settlement Agreement, as amended by the Settlement Amending Agreements, being repaid, Captiva will no longer have any further net profits interest, or any other interest, in and to the Sage Ranch Project. (Note 12)

During the year ended December 31, 2024, the Company entered into a loan agreement for USD $350,000 ($476,563). The loan bears interest at 12% per annum, is unsecured and is repayable on or before December 31, 2025. During the period ended June 30, 2025, the ownership of the USD $350,000 loan was transferred to the CEO of the Company through a private transaction. As at June 30, 205, interest on the promissory note was $59,138, and repaid during current period (December 31, 2024 - $28,332).

As at June 30, 2025, USD $1,062,797 (December 31, 2024 - USD $1,234,784) remained accrued, and USD $171,988 (December 31, 2024 - USD $254,426) was paid related to accrued bonuses to awarded to executives, directors and former directors of the Company.

As at June 30, 2025, the Company had $1,154,552 (December 31, 2024 - $929,948) in accounts payable to related parties.

------

**Greenbriar Sustainable Living Inc.**<br>Notes to the Condensed Consolidated Interim Financial Statements<br>For the six months ended June 30, 2025 and 2024<br>(amounts expressed in Canadian dollars, except where indicated)

**18 Commitments and contingencies**

As at June 30, 2025, the Company had the following commitments and contingencies outstanding:

---

| | | | |
|:---|:---|:---|:---|
|  | **Within 1 year** |  | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PBJL Share transfer (ii) | $682150 | $– $| 682150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) The Company entered into four separate land lease options agreements with Jose Arturo Acosta, to lease land in the Municipality of Lajas and Guanica of Puerto Rico. The Company made initial payments on the execution date of each option agreement and will thereafter make certain payments over the term of the option periods. Subsequent to year end, the Company entered into additional extension agreements extending the option term on all agreements to December 31, 2025, and agreeing to make future payments totalling US$221,000.

ii) On April 23, 2013, 330 common shares, representing approximately a 33% interest, of PBJL were transferred by Heidi Ciachurski, the spouse of the Company's CEO to AG Solar and the Company. The Company may be required to pay approximately US $500,000 for these shares on terms yet to be negotiated. As at December 31, 2024, no material negotiations have occurred. Any future payments will be subject to available funds and the completion of a significant financing of the Company in the future.

iii) On March 30, 2022, the Company executed the USD $40 million Mandate Agreement with Voya, as amended by agreements dated October 3, 2023, January 8, 2024, April 2, 2024, August 30, 2024 and April 24, 2025 for a senior secured construction loan for the construction of the Company's Sage Ranch Project. In connection with the Mandate Agreement, in the event the Company choses another lender for the Sage Ranch Project or otherwise begins construction on the Sage Ranch Project without obtaining financing from Voya, the Company will issue to Voya 2,000,000 warrants to purchase common shares of the Company for $1.25 per share, plus a USD $1 million cash break-up fee.

iv) Upon the Company closing certain development milestones allowing for an equity raise of at least US $2 Million or the sale of any Company assets or project rights including the Tehachapi land, whichever comes first, the Company will make a one-time payment of US $250,000 to Cliff Webb, the President of the Company. In addition, the President will be paid a US$1.95 Million development completion bonus at the time the Montalva Solar Project completes all key milestones necessary for the Company to obtain project financing for the Montalva Solar Project. These development milestone payments are structured to incentivize the President to reach these milestones and compensate him for the work required to do so and were reviewed and approved by the Company's compensation committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;v) The Company is a party to a lawsuit with a former contractor. Both parties have filed complaints seeking damages and the outcome is uncertain at this time.

**19 Subsequent events**

On July 18, 2025, the Company completed a share for debt transactions and settled $1,186,900 in amounts owing by issuing 2,637,556 common shares and 2,537,556 warrants of the Company.

------

## Exhibit 99.2

------

**Greenbriar Sustainable Living Inc. ("Greenbriar" or the "Company")**<br>**Management's Discussion and Analysis** <br>**Six Months Ended - June 30, 2025**<br>(Expressed in Canadian dollars, unless otherwise noted)

August 29, 2025

*For further information on the Company, reference should be made to its public filings on SEDAR at* <u>*www.sedarplus.ca*</u>*. Information is also available on the Company's website at* <u>www.greenbriarliving.c</u><u>om</u> *. This Management's Discussion and Analysis ("MD&A") should be read in conjunction with unaudited condensed consolidated interim financial statements for the six months ended June 30, 2025 and the audited annual consolidated financial statements for the year ended December 31, 2024, and related notes thereto which have been prepared in accordance with International Financial Reporting Standards. The MD&A contains certain Forward Looking Statements which are described at the end of this report.*

**CORPORATE OVERVIEW**

Greenbriar's business focus is the development of entry-level housing, renewable energy, green technology and sustainable investment projects. Greenbriar is listed on the TSX Venture Exchange (the "TSXV") under the symbol "GRB" and GEBRF on the US OTC market. In 2014 and again in 2023, the TSXV has awarded the Company a "TSX Venture 50" award as a clean technology company.

The Company was incorporated under the Business Corporations Act (British Columbia) on April 2, 2009 under the name "Greenbriar Capital Corp." On October 6, 2011, the Company completed its qualifying transaction under the policies of the TSXV and the Company was listed as a Tier 2 real estate issuer. On November 15, 2023, the Company changed its name from "Greenbriar Capital Corp" to "Greenbriar Sustainable Living Inc." to better reflect the Company's business. The Company's registered records office is located at Suite 1500 - 1055 West Georgia, Vancouver, BC, V6E 4N7.

As further described in this MD&A, Company's material projects are currently comprised of the Sage Ranch project, a sustainable development of 995 entry-level homes in Tehachapi Valley in southern California, and the Montalva solar project, a 1,747 acre large utility-scale solar and battery storage farm in Puerto Rico, each of which have the potential to be high impact projects in their respective jurisdictions based on the size of such projects, the anticipated capital investment in connection with their development and the anticipated long-term social and economic impacts to their respective communities Once constructed, such projects are anticipated to drive sustained revenue growth for the Company and contribute to accretive value for the Company's shareholders.

For further information on the Company, reference should be made to its public filings on SEDAR+ at <u>www.sedarplus.ca</u>. Information is also available on the Company's website at <u>www.greenbriarliving.c</u><u>om</u>.

**HIGHLIGHTS - Period Ended June 30, 2025**

* On February 4, 2025, the Company announced it has entered into a memorandum of understanding to acquire the 1,361 Acre Cordero Ranch project located in Cedar City, Utah.

* On March 25, 2025, the Company received approval to extend the expiry term of 1,809,000 warrants exercisable at $1.35, from March 28, 2025 to March 28, 2027.

* On April 4, 2025, the Company completed a shares for debt transaction and settled $51,359 in amounts owing by issuing 93,381 common shares of the Company.

* On April 24, 2025, the Company and Voya further extended the $40 million Loan Mandate Agreement (as defined herein) for Sage Ranch to July 28, 2025.

------

Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

* On April 25, 2025, the Company entered into an agreement with Ronnie Strasser to buy 115 acre-feet of adjudicated and deeded water rights for USD $1,250,000.

&nbsp;&nbsp;&nbsp;&nbsp;**MATERIAL EVENTS SUBSEQUENT TO JUNE 30, 2025**

* On July 8, 2025, the Company appointed Tommy Sullivan Jr. ("**Sullivan Jr.**") to the board of directors. Mr. Sullivan Jr. focuses on infrastructure and real estate project financing. A University of Arizona Alumni, Mr. Sullivan Jr has a multitude of business interests and companies he has operated, founded and invested, coupled with a very strong work ethic, building, operating, managing and building Real Estate Title and Insurance Companies, Mortgage Companies and disruptive Technology Platforms and businesses. As a very active Real Estate Investor and Business Leader, Tommy has helped utilize his business acumen with the following past and present business endeavors.

* On July 18, 2025, the Company completed a shares for debt transaction and settled $1,186,900 in amounts owing, which included $1,096,900 debt and promissory notes, $45,000 loan repayment and $45,000 account payable, by issuing 2,637,556 common shares and 2,537,556 warrants of the Company.

**WORKING CAPITAL NOTES AND GOING CONCERN** 

The Company's consolidated financial statements for the six months ended June 30, 2025 have been prepared on the basis that the Company is a going concern, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business. The nature of the Company's primary business is the acquisition, management, development, and possible sale of real estate and renewable energy projects. The Company had a loss of $1,354,608 for the six months ended June 30, 2025. As at June 30, 2025, the Company had an accumulated deficit of $37,958,047, and a working capital deficiency of $13,704,195. To date, the Company has no history of earning revenues. If the Company is unable to raise any additional funds to undertake planned development, it could have a material adverse effect on its financial condition. These events and conditions indicate that a material uncertainty exists that may cause significant doubt on the Company's ability to continue as a going concern. If the going concern basis were not appropriate for the Company's consolidated financial statements, then significant adjustments would be necessary in the carrying value of assets and liabilities, the reported expenses, and the classifications used in the statement of financial position.

As at June 30, 2025, the Company had a working capital deficiency of $13,704,195, which includes $2.1 million in related party accounts payable and accrued liabilities, $4.1 million in loans payable and $4.2 million in convertible debt from friendly parties who have not and will not demand payment until the Company has started generating revenue and is in the financial position to repay the loans. During the six months ended June 30, 2025, the Company obtained $1.0 million in loans and advances, $0.8 million in loans, and has demonstrated the ability to raise additional funds required to continue operations. See "Liquidity and Capital Resources".

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**CURRENT PROJECTS**

**MONTALVA SOLAR PROJECT**

**Description and Current Status of the Montalva Solar Project**

In April 2013, the Company entered into a 50/50 arrangement to create AG Solar One LLC ("AG Solar") with Alterra Power Corp. ("Alterra") (the "Arrangement"). The Arrangement was created to develop 100 Megawatts ("MW's") of solar generation capacity in Puerto Rico under a Master Renewable Power Purchasing and Operating Agreement ("PPOA"), dated December 20, 2011, and amended on March 16, 2012 (the "Master Agreement"), with Puerto Rico Electric Power Authority ("PREPA") through its wholly owned subsidiary, PBJL Energy Corporation ("PBJL").

On July 12, 2013, the Company signed a Membership Interest Purchase and Sale Agreement ("MIPSA") with Magma Energy (U.S.) Corp. ("Magma"), a subsidiary of Alterra, and amended on October 11, 2013, whereby the Company will purchase from Alterra its 50% interest in and to the shares of AG Solar. The consideration was US $1.25 Million. The Company completed the MIPSA on September 12, 2014 (the "Acquisition Date") and the Company now owns 100% of AG Solar.

Under the terms of the Master Agreement, the Company filed its 100 MW AC Montalva Solar Project with PREPA ("Montalva" or the "Montalva Project")) on September 5, 2013, requesting an interconnection evaluation and issuance of the project specific PPOA for Montalva included and agreed in the Master Agreement. After numerous delays by PREPA and failed attempts by the Company requesting the interconnection evaluation and issuance of a project specific PPOA for Montalva, the Company filed a Notice of Default under the Master Agreement with PREPA on September 24, 2014. PREPA responded to the Notice of Default on November 3, 2014, taking the position that it had other PPOAs issued that would exceed its system renewable capacity and could not accept any additional renewable projects and further had met its obligations under the Master Agreement. It's the Company's position that the Master Agreement is a specific performance agreement and not an option agreement at PREPA's discretion and that PREPA is liable for damages.

On May 15, 2015, the Company, filed a legal action against PREPA in the courts of Puerto Rico in order to protect and enforce its rights under the Master Agreement. On September 9, 2016, the Superior Court of Puerto Rico denied an application by PREPA to have the case for contractual enforcement and damages dismissed. The Company may now proceed to have the court enforce the agreement, or in lieu of enforcement, direct PREPA to pay US $210 Million in monetary damages, or both. In May of 2018 the Company filed a US Federal RICO lawsuit seeking US $951 Million in damages from PREPA.

On February 6, 2019, the Company announced that PREPA wanted to re-open negotiations to move forward the Montalva Project. The Company met with PREPA representatives in 2019 and commenced negotiations. PREPA subsequently agreed to designate Montalva as a Legacy Project with equal rights and privileges as the other executed and surviving PPOAs awaiting final approval by Puerto Rico Energy Bureau ("PREB") and FOMB.

On May 19, 2020, the Company announced that it has reached an agreement with PREPA on a 25-year 80 MW PPOA for the development, construction, and operation of the Montalva Project, as a Legacy Project with preferential rights. On May 28, 2020, the Governing Board of PREPA approved the contract.

On October 3, 2023, the Company announced that further to many years of litigation with the PREPA in both the Commonwealth and US Federal Courts, plus litigation in front of PREB, both parties executed a pro forma settlement agreement beneficial to both parties. The settlement agreement provides for, among other things: (i) PBJL withdrawing its US $951 Million claim against PREPA; (ii) PBJL pricing that is less than or similar to the RFP Public Tranche contracts; (iii) providing storage rated at 45% of capacity; (iv) using the Montalva PPOA previously approved by PREPA in 2020 as the base document for final settlement; (v) PBJL covering transmission upgrades; (vi) using a project size of 80MWac (160MWdc); and (vii) providing an option for 160MWac (320MWdc) project at PREPA's sole discretion. The settlement agreement provides the basis of a final settlement PPOA to be drafted and agreed between the parties. A final settlement PPOA was drafted and submitted to PREPA on July 1, 2024, for its concurrence before submission to PREB for its approval and then to FOMB. Following review by PREPA, PREPA formally submitted a finalized settlement PPOA with updated commercial terms to the PREPA Governing Board on November 18, 2024. Subsequently, PREB approved a settlement.

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**Montalva Land Lease Option Agreements**

The company currently has four separate land lease option agreements covering five parcels for the construction of Montalva. One large parcel is located in the Municipality of Guanica and the other four in the Municipality of Lajas. The parcels are in close proximity to each other. Upon execution of the options, these land leases provide for a term of twenty-five years, and such leases may be extended for up to four additional consecutive periods of five years each, at the Company's option, for the purposes of the Company developing the Montalva Project.

On various dates since execution of the land lease option agreement, the parties have executed separate amendments to extend the expiration date. During the period ended June 30, 2025, the Company entered into additional extension agreements extending the option term on all agreements to December 31, 2025, and agreeing to make future payments totalling US$221,000. During the period ending June 30, 2025, the Company made payments totalling USD$69,000, related to extension agreements.

**SAGE RANCH PROJECT**

**Description and Current Status of the Sage Ranch Project**

On September 27, 2011, the Company acquired property in accordance with its acquisition agreement with Marks & Kilkenny LLC to acquire real property in Tehachapi, California, USA (the "Property"), as its qualifying transaction under the rules of the TSXV. The purchase price for the Property was US $1,040,000.

The Property is situated close to the central business district and adjacent Tehachapi High School and is comprised of five parcels of real property located within the City of Tehachapi. Tehachapi is located in Kern County on the edge of the Mojave Desert, approximately 35 miles east-southeast of Bakersfield, California.

The legal description of each parcel is as follows:

• Parcel 1 - APN 417-012-01 (approx. 32.97 acres)

• Parcel 2 - APN 417-012-28 (approx. 60 acres)

• Parcel 3 - APN 417-012-27 (approx. 20 acres)

• Parcel 4 - APN 417-012-25 (approx. 19.16 acres)

• Parcel 5 - APN 417-012-24 (approx. 5.63 acres)

Parcels 1 through 5 are contiguous and aggregate approximately 138 acres of land on the south side of Cummings Valley Boulevard (State Highway 202), a major east - west thoroughfare through Tehachapi. The parcels lie immediately east of Clearview Street and immediately north of Pinon Street. The new Tehachapi High School, which opened its doors in 2003, is located immediately to the east of the parcels. A previous owner of these parcels had received Tentative Tract Map ("TTM") approvals under TTM 6218 and TTM 6723.

In 2018, the Company commenced work with the City of Tehachapi (the "City") with respect to preliminary plans and designs of a sustainable housing project under the City's sustainability theme of "New Urbanism" that would ultimately become the Company's Sage Ranch Project.

In February 2019, the City's Planning Commission, after public hearing, approved the preliminary designs and the project community layout for 1,014 units.

Between 2019 and 2021, the City engaged various consultants to prepare the environmental studies which would form the basis of the City's Environmental Impact Report (EIR) under the *California Environmental Quality Act* (CEQA). Concurrently, the Company continued with project designs and modifications requested by the City.

In July 2021, the City's Planning Commission, after public hearing, approved the community design, layout and project impact of a final layout of the Sage Ranch Project consisting of 995 housing units.

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On August 17, 2021, the Company announced that the Sage Ranch Project received full and final approval by the Mayor and City Council with a unanimous 4 to 0 vote in favor to approve the Sage Ranch Project. The Mayor and City Council approved all three items on the agenda, namely: 1) the approval of the Sage Ranch Master Development Plan; 2) the approval of the 995 home Tract Map and; 3) the approval and acceptance of the Final EIR. The Sage Ranch Project, as approved by City Council, is a world class project consisting of 995 homes which will be built to offset 64 million gallons of annual water usage and is strategically located to offset 4,500 annual tons of CO<sub>2</sub>. The Company believes the Sage Ranch Project is resistant to the impacts of a future recession as there are at least four US federal financing programs to provide entry-level housing to purchasers with minimal or no down payment requirements, no or reduced credit score requirements, and interest rates subsidized as low as 2% and the Company believes that such financing programs will continue to be made available to prospective purchasers or homeowner in Sage Ranch in the event of an economic downturn or recession.

Between October 2021 and October 2023, the Company, through its independent professional engineers and architects, continued working with the City to complete the Precise Development Plan (the "PDP) for Phase 1 of the Sage Ranch Project.

The Property is currently vacant land. Development of the Sage Ranch Project consists of 6 phases, to be constructed over a 4-7 year period. A PDP is required for each of the 7 phases. On November 13, 2023, the Sage Ranch Project received Planning Commission approval for the Phase 1 PDP. The Company has submitted applications for permits required for commencement of Phase 1 construction and is currently working with its independent engineering firm, Dewalt Corporation, and the City on obtaining approval of such permits. On June 18, 2024, a Sacramento court issued a ruling in the case of Tehachapi Cummings County Water District V. City of Tehachapi (the "City"), which has not yet taken effect. The ruling stated that the City's analysis of the Company's Environmental Impact Report ("EIR") was inadequate and upon resolution of the final cause of action, a writ will be issued voiding the certification of the EIR and any related project approvals. The City and the Company have already started work to comply with the mandates of the proposed writ. Phase 1 construction is anticipated to begin shortly after the Company has obtained its permits, subject to any revisions made by the City to the Final EIR.

As of the date of this MD&A, the Company has incurred aggregate costs of $9.8 million in connection with the planning, permitting and development of the Sage Ranch Project. The total aggregate costs to complete the Sage Ranch Project is expected to be approximately US$248 million, which is intended to be funded through a combination of the proceeds of the $40 million Loan Mandate Agreement and net revenue derived from future sales of units, though anticipated costs and revenues, including the timing thereof, will vary between each of the phases. As of the date of this MD&A, the Company has not sold or pre-sold any units of the Sage Ranch Project. For further details of the anticipated costs and revenue projections, see "Pro Forma Review of Sage Ranch", below.

The location of the Property is identified in the map below:

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![](exhibit99-2x001.jpg)

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![](exhibit99-2x002.jpg)

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**Pro Forma Review of Sage Ranch**

On November 27, 2023, the Company announced that Altus Group Limited ("Altus"), an independent third-party provider of financial feasibility analysis for real estate project developments, updated the Pro Forma Review of Sage Ranch with an effective date of November 27, 2023 (the "2023 Altus Report"). The 2023 Altus Report is not an independent appraisal report of the Sage Ranch Project or the Property, but was provided to assist the Company in benchmarking the relative profitability of the Sage Ranch Project to facilitate the financing to be provided in connection with the Mandate Agreement with Voya.

The following is a summary of the projected revenue, costs and profits associated with the Sage Ranch Project (all in USD), as provided in the 2023 Altus Report.

---

| | |
|:---|:---|
| Dashboard  | **$280 Price per Square Feet Revenue** <br> **995 units of 1 to 2 Stories** <br> **1,600,763 SF**  |
| Projected Revenue  | 995 units, totaling 1,600,763 square feet saleable<br>Target average sales rate of $280 per square foot of saleable $421,900,600 projected net residential revenue after 6% sales agent fee |
| Projected Costs  | $106 per square foot of GLA projected base construction cost $169,680,878 construction cost<br>$18,946,631 site servicing cost<br>$11,707,203 project contingency<br> $247,571,261 total projected cost |
| Projected Profit  | **$174,329,339 projected net profit** and **63.51% profit on cost**<br> **$123,374,762 Net Present Value based on a Discount Rate of 6% p.a.**  |

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The 2023 Altus Report was completed based on Altus' analysis of the costs and expected revenues as of the date of the 2023 Altus Report after taking into account, among other things, the following:

* The description of the Sage Ranch Project contained in the Master Development Plan completed by JZMK Partners and updated as of June 25, 2021, which was approved by City Council on August 17, 2021.

* The City of Tehachapi Ordinance No. 21-04-762 dated September 7, 2021, pursuant to which the City approved the Sage Ranch Project, subject to the conditions as set out in such ordinance.

* The projected build timeline of the Sage Ranch Project, to be constructed over 6 phases spanning approximately 6 years, with Phase 1 construction beginning in 2024.

* A benchmark review of similar home sales in the area surrounding the Property, including a review of a price evaluation dated May 2023 completed by Keller William Forward Living, a company controlled by Paul Morris, the Independent Head of Sales for Sage Ranch (the "KWFL Price Evaluation").

* Construction costs based on the average home size described in the Master Development Plan, assuming a cost-efficient design and a competitive tendering process.

* An estimate of site servicing costs completed by the Company's independent engineering firm, Dewalt Corporation, dated June 4, 2019.

* Municipal costs based on the relevant data from the City and Kern County and available as of the date of the 2023 Altus Report.

* Development costs, including (i) architecture, engineering and consulting, (ii) municipal, permit, insurance, legal and other soft costs, (iii) sales costs, and (iv) contingencies at an aggregate assumed rate of approximately 24% of construction costs.

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* Assumptions with respect to the financing of the Sage Ranch Project being completed solely through equity and not conventional loan funding.

The Company has engaged Voya pursuant to the Loan Mandate Agreement to provide up to US$40 million for the purposes of financing the initial construction of the Sage Ranch Project and does not currently anticipate using equity financing to construct the Sage Ranch Project. See "Financing Arrangements". As of the date of this MD&A, it is unknown whether construction of Phase 1 will begin in 2025 as the City retains the discretion to make changes to the EIR approved for the Sage Ranch Project and the Company has not yet received the necessary permits to begin construction; however, a short delay (if any) is not currently anticipated to result in a material impact to the projections presented in the 2023 Altus Report other than a potential corresponding delay in the sequential annual projections for Years 0-7, which are based on Year 0 being 2024.

As of the date of this MD&A, other than as described elsewhere in this MD&A, the Company is not aware of any material changes to Master Development Plan, the KWFL Price Evaluation, or any of the other assumptions and qualifications contained in the 2023 Altus Report which would reasonably be considered to result in a material impact to the projections presented in the 2023 Altus Report. See "Cautionary Statement Regarding Forward-Looking Statements" and "Cautionary Statement Regarding FOFI".

**Financing Arrangements**

On March 30, 2022, the Company executed a USD $40 million Loan Mandate Agreement, as amended by agreements dated October 3, 2023, January 8, 2024, April 2, 2024, August 30, 2024 and April 24, 2025 (as further amended or supplemented from time to time, the "Loan Mandate Agreement"), with Voya Investment Management, LLC, the asset management business of Voya Financial, Inc. ("Voya"), for a senior secured construction loan for the initial construction of the Company's Sage Ranch Project.

The Loan Mandate Agreement provides that, upon completion of additional structuring considerations and subject to customary closing conditions, including but not limited to the execution of definitive credit documents, inter alia, Voya will provide a senior secured credit facility (the "Credit Facility") to the Company of up to US$40 million for the purposes of construction, the purchase of deeded water rights, and directly related expenses of the Sage Ranch Project. The final terms of the Credit Facility are subject to further negotiations and will be reflected in the definitive credit documents.

In connection with the Loan Mandate Agreement, in the event the Company choses another lender for the Sage Ranch Project or otherwise begins construction on the Sage Ranch Project without obtaining financing from Voya, the Company will issue to Voya 2,000,000 warrants to purchase common shares of the Company for $1.25 per share, plus a USD $1 million cash break-up fee.

For further details of the Loan Mandate Agreement, please refer to the full text of the Loan Mandate Agreement, a copy of which has been filed on the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>

**Settlement of Option to Acquire Net Profits Interest with Captiva**

On October 6, 2018, the Company closed the sale of 50% undivided interest in the Sage Ranch Project to Captiva Verde Wellness Corp. ("Captiva"), which represents a non-arm's length transaction as the Chief Executive Officer of the Company, Jeffrey Ciachurski, is also the Chief Executive Officer of Captiva, the Chief Financial Officer of the Company, Anthony Balic, is also the Chief Financial Officer of Captiva and Michael Boyd, a director of the Company, is also a director of Captiva. The Company received 10,687,500 common shares of the Captiva which had a fair value of $1,068,750 and $112,500 in cash, for total consideration of $1,181,250 ("Sale Agreement").

On August 10, 2020, the Company entered into an option and joint venture agreement (the "Option and Joint Venture Agreement") with Captiva amending the terms of the Sale Agreement.

Pursuant to the terms of the Option and Joint Venture Agreement, Captiva's 50% interest in the Sage Ranch Project was converted into an option to earn (the "Option") a 50% net profits interest in the Tehachapi Property by:

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Captiva paying the Company a cash payment of $112,500 (the "Cash Payment") (Captiva satisfied this payment in 2018 under the terms of the Sale Agreement);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Captiva issuing the Company common shares (the "Share Payment") (Captiva satisfied this payment in 2018 through the issuance of 10,687,500 common shares under the terms of the Sale Agreement); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Captiva funding the applicable permitting and development costs for the Sage Ranch Project (Captiva was in default on such funding obligations).

Captiva had until the earlier of: (i) August 20, 2025 and (ii) the date the Company receives final approval from the City of Tehachapi (and other required regulatory approval) to build houses on the Tehachapi Property, to exercise the Option.

If Captiva made the payments summarized above by the required time, Captiva would have exercised the Option and automatically acquired a 50% net profits interest in and to the Sage Ranch Project. If Captiva exercised the Option, then Captiva and the Company would have immediately entered into a joint venture (the "Joint Venture") pursuant to the terms of the Option and Joint Venture Agreement. Pursuant to the terms of the Joint Venture, the Company and the Captiva were required to evenly split all net profits derived from the Sage Ranch Project.

Captiva was in default of its funding obligations under the Option and Joint Venture Agreement. On June 22, 2023, and amended on August 21, 2023, the Company entered into the Original Settlement Agreement whereby the Company will repay Captiva the amount funded by Captiva under the Option and Joint Venture Agreement (equal to $5,591,588) in 48 equal monthly installments of $116,491 starting on August 22, 2024, with the last payment on June 1, 2028. During the period ended December 31, 2024, the Company settled $1,000,000 of the principal amount owing under the Original Settlement Agreement by way of the Company's issuance of 2,197,802 common shares in the capital of the Company at a deemed price per share of $0.455. Subsequent to the remaining amount owing under the Original Settlement Agreement, as amended by the Settlement Amending Agreements, being repaid, Captiva will no longer have any further net profits interest, or any other interest, in and to the Sage Ranch Project.

For further details of the Sale Agreement, the Option and Joint Venture Agreement, the Original Settlement Agreement and the Settlement Amending Agreements please refer to the full text of such agreements, copies of which have been filed on the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>.

**Water Rights Agreements**

The Sage Ranch Project, as approved by City Council, requires no less than 446 gross acre-feet of water pumping rights. Based on historical information published by the City, the City currently has a surplus availability of 770 acre-feet of water. Since we have secured 188 net acre-feet (282 base acre-feet) of adjudicated water rights in the Tehachapi Basin, either through direct ownership or binding option agreements, the remaining 109 net acre-feet (164 base acre-feet) needed, is now reduced to 39 net acre feet needed and the city has agreed to provide Sage Ranch the remaining 39 net acre feet needed from their surplus adjudicated deeded water rights. In addition, the Company is working with the city to reduce the required water rights by allowing turf which eliminates about 70 net acre feet of demand by replacing the entire parks, soccer fields, landscaping and common areas with artificial turf.

As of the date of this MD&A, the Company owns or has access to (via option agreements with Ronnie Strasser and Paul Morris, as further described below) an aggregate of 267 acre-feet of water rights to supply the Sage Ranch Project. The Company's adjudicated deeded water rights is equal to 76 acre-feet (or 28.5% of the aggregate 267 acre-feet available to the Company).

During the year ended December 31, 2023, the Company entered into the Original Water Rights Agreement with Ronnie Strasser, an arm's length party, to purchase up to 115 acre-feet of water rights in the Tehachapi-Cummings County Water District (the "Water Rights") at an aggregate price of US$3,364,964 (or US$29,260.56 per acre-foot) plus a non-refundable reservation fee of US$1,010,000 (the "Original Reservation Fee"). On August 30, 2024, the Company entered into the Water Rights Amendment Agreement, pursuant to which the purchase price was increased to an aggregate price of US$3,400,000 (or US$29,565.22 per acre-foot) plus the Original Reservation Fee, subject to the expiry of such option on December 31, 2024. The option was not exercised and expired on December 31, 2024.

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On April 25, 2025, the Company entered into an arrangement with Ronnie Strasser to buy 115 acre-feet of adjudicated and deeded water rights for USD $1,250,000, which expires on April 25, 2027. If the purchase is not made within 120 days, the amount will escalate by $62,500 (late payment fee) and then another $62,500 for each additional 90 days thereafter until the expiry date or the agreement is mutually terminated. If the water is not purchased, the Company would owe any late payment fees accrued. For further details of the Original Water Rights Agreement and the Water Rights Amendment Agreement please refer to the full text of such agreements, copies of which have been filed on the Company's SEDAR+ profile at <u>www.sedarplus.ca</u>. Mr. Strasser became a director of Captiva on August 31, 2023, but resigned from such position on July 2, 2024. In addition, Mr. Strasser is the principal of Phantom Developments Limited, the company that submitted an unsolicited offer to purchase the Company's Sage Ranch Project in June of 2022, which the Company determined not to accept.

During the year ended December 31, 2023, the Company agreed to terms of an arrangement with Paul Morris, Independent Head of Sales for Sage Ranch, whereby the Company obtained an option to acquire an additional 76 acre-feet of water rights for consideration equal to US$1.077 million.

During the year ended December 31, 2022, the Company acquired 76 acre-feet of water rights for the Sage Ranch Project by way of a debt settlement agreement with TS Media LLC, an arm's length party. Pursuant to such settlement agreement, the debt of US$1,000,000 was settled in exchange of 925,926 units of the Company. Each unit consists of one common share plus one whole share purchase warrant. Each warrant is exercisable to acquire one common share at an exercise price of $1.46 until December 13, 2025.

Given the scarcity of water rights in the area and the lack of frequent purchases of water rights to rely upon, management of the Company used their business judgement when determining the value of the Company's water rights option agreements. Ultimately, water rights prices are determined by the seller based on market forces and there is little or no room for negotiation.

**OTHER CORPORATE DEVELOPMENTS AND UPDATES**

**INX TOKENIZATION**

On April 3, 2023, the Company announced that it was pursuing an arrangement with The INX Digital Company, Inc. ("INX") whereby INX would digitize certain common shares of the Company into digital tokens, which would be listed on the INX. One Platform for digital assets. Completion of such arrangement is subject to certain conditions, including the approval of the TSXV. As of the date of this MD&A, the Company has not satisfied all required conditions; however, the Company is continuing to work toward the satisfaction of such conditions although this has become less of a priority for the Company. The Company anticipates that such arrangements will be completed in Q2 2026.

**NYSE LISTING**

On September 21, 2022, shortly after the Company became US reporting company, the Company announced that it would apply to list its shares on the NYSE American. Such application was subject to the Company satisfying all listing requirements of the NYSE American, including but not limited to the US$2.00 minimum share price. As of the date of this MD&A, the Company has not made an application to list its shares on the NYSE American as the Company's share price has been below the required threshold. Management of the Company has determined to postpone any such application.

**ACQUISITION OF REGIONAL REAL ESTATE FRANCHISE NETWORK**

On August 8, 2022, the Company announced that it was in the process of finalizing a formal binding offer to purchase an entire regional real estate franchise network (the "Agency"). The completion of such offer was subject to the Company's confirmation that the sellers could obtain all consents necessary to the transfer the equity interests of the Agency. As of the date of this MD&A, the sellers have not obtained such consents and the Company has not completed a formal binding offer with respect to the Agency.

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**OFFER TO PURCHASE SAGE RANCH**

On June 29, 2022, the Company announced that it had received an unsolicited offer from Phantom Developments Limited ("Phantom"), a company controlled by Ronnie Strasser, to purchase the Company's interest in the Sage Ranch Project for $79.9 million in cash. Management of the Company believed the offer price was insufficient and, on July 6, 2022, the Company announced that it was pursuing other alternative transactions with respect to the Sage Ranch Project unless the offer price was increased. As of the date of this MD&A, there have been no changes to the offer submitted by Phantom and the Company has not further engaged with Phantom with respect to such offer.

As of the date of this MD&A, the Company remains in discussion with various parties with respect to such potential acquisitions, but no formal decision has been made in either jurisdiction.

**ENTRY-LEVEL HOUSING PROJECTS IN ARIZONA AND HAWAII**

On February 16, 2024, the Company announced that it was actively pursuing the acquisition of a sizeable entry-level housing project in both of Southern Arizona and Hawaii. As of the date of this MD&A, the Company remains in discussion with various parties with respect to such potential acquisitions, but no formal decision has been made in either jurisdiction.

**CORDERO RANCH PROJECT**

On February 4, 2025, the Company announced it has entered into a memorandum of understanding to acquire the 1,361 Acre Cordero Ranch project located in Cedar City, Utah. Mr. Tommy Sullivan, Chairman of the Company's real estate advisory board and an investor in Greenbriar, purchased the Cordero Ranch property in 2002 in Cedar City, Utah. The property was annexed into the city in 2008 in exchange for Mr. Sullivan gifting adjudicated water rights to the city. On December 7th, 2009, the city executed a Master Plan Development Agreement for Cordero Ranch that is still in full force and effect today, approving and authorizing the construction of 6,726 homes and with the city providing full water, sewer and ancillary services. The 6,726 homes in the Master Plan comprise 2,034 acres with 4,501 of these fully approved homesites within a 1,361 acres keystone center parcel. The company has engaged Watson Engineering, who will prepare a revised Master Plan that will augment the original plan above with a new south campus space for SUU (Southern Utah University), and include retail, offices, married student housing, and small sustainable entry-level homes, (average approximately 1,000 SF) starting at $300,000+. From the community side, the master planning and approval process is supported by Matt Hall, Director of International Affairs for the LDS, Senator Evan Vickers of Cedar City, and Ric Hollman, the former city manager for 16 years of Cedar City.

The Company plans to establish a large, self-contained high-quality, yet affordable, living community that inspires quality and home ownership that is recession-resistant (based on the federal financing programs discussed elsewhere in this MD&A), mixed with a full-quality lifestyle setting, coupled with a demographic supportive of the environment: veterans housing, seniors, and personal security. Cordero Ranch will be a mixed-use community that encourages sensitive site design, provides ample recreation/open space amenities, and conserves and preserves natural resources. Development of the Cordero Ranch project is expected to occur over approximately 7 years, with construction anticipated to begin as early as 2025. As of the date of this MD&A, the Cordero Ranch project is in the planning and permitting stage and the company's independent professional engineers are replotting the 6,726 approved lots (67% of that belong to the Company's property) to better connect the first 400 units to the existing water and sewage lines.

------

Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

**SELECTED FINANCIAL INFORMATION**

---

| | | |
|:---|:---|:---|
| *(tabled amounts are expressed in CAD dollars)* | **As at June 30, 2025** | **As at December 31, <br>2024** |
| Cash | $2885 | $- |
| Deposit and prepaid expenses - short term | 32088 | 30936 |
| Other receivables | 6362 | 7747 |
| Marketable securities | 1755000 | 1755000 |
| Deposits and prepaid expenses - long term | 78447 | 82737 |
| Cordero Ranch | 24803 |  |
| Sage Ranch | 9794510 | 10162415 |
| Power project acquisition and development costs | 7950812 | 8225009 |
| Total assets | 19644907 | 20263844 |
| Total liabilities | 17729313 | 16175698 |

---

The Company has total assets of $19.6 million as at June 30, 2025, compared to $20.3 million as at December 31, 2024. This decrease is attributable to fluctuations in exchange rates as predominately all the Company's long-term assets are in the United States.

The Company has total liabilities of $17.7 million as at June 30, 2025, which is higher than the liabilities of $16.2 million as at December 31, 2024, due to an increase of accounts payable and accrued liabilities and loans and advances as the Company continues to accrue expenses as it awaits for either Sage Ranch or Montalva to start generating revenue.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *(tabled amounts are expressed in CAD dollars)* | **Three Months Ended June 30,** | **Three Months Ended June 30,** | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(tabled amounts are expressed in CAD dollars)* | **2025** | **2024** | **2025** | **2024** |
| **General and administration expenses** |  |  |  |  |
| Consulting and management fees | $(165519) | $(209655) | $(506189) | $(475245) |
| General and administrative | (29975) | (150501) | (81132) | (313546) |
| Marketing and donations |  | (356) |  | (14883) |
| Professional fees | (119508) | (98670) | (183069) | (210954) |
| Share-based payment expense | (130418) | (129196) | (130418) | (129196) |
|  | (445420) | (588378) | (900808) | (1143824) |
| **Other (expenses) income, net** |  |  |  |  |
| Foreign exchange gain (loss) | 471055 | (86688) | 524843 | (171019) |
| Accretion expense on convertible debt | (125474) | (106867) | (249248) | (210115) |
| Accretion on joint venture settlement obligation | (113181) |  | (228390) |  |
| Interest expense and bank chares | (250074) | (37319) | (437552) | (73501) |
| Gain (loss) on settlement of accounts payable and accrued liabilities |  |  |  | (8634) |
| Fair value adjustment on derivative liability | 91218 | 48504 | (63453) | 107736 |
| **Loss** | (371876) | (770748) | (1354608) | (1499357) |
| **Other comprehensive income (loss)** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;**Cumulative translation adjustment** | (943799) | 209796 | (997539) | 689963 |
| &nbsp;&nbsp;**Total comprehensive loss** | $(1315675) | $(560951) | (2352147) | (809394) |
| &nbsp;&nbsp;**Loss per share-basic and diluted** | $(0.01) | $(0.02) | $(0.04) | $(0.04) |
| **Weighted average shares outstanding-basic and diluted** | 34617112 | 35038421 | 37415042 | 34420867 |

---

------

Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

**Three months ended June 30, 2025**

The Company had a loss of $0.4 million for the three months ended June 30, 2025, compared to a loss of $0.8 million in the same period in 2024. Total general and administrative expenses were lower as a result of higher professional fees and share-based payment expense netted by lower consulting and management fees and G&A expenses, compared to the comparative period. The overall decrease is due to less corporate activity as the Company awaits approval of the Sage Ranch and Montalva projects. Total net loss for 2025 was lower than 2024 as the Company recorded higher net gain on foreign exchange netted by higher accretion and interest expense on the convertible debt and promissory notes, and higher gain on fair value of derivative liability.

Other comprehensive income fluctuated over the fiscal periods. This was mainly due to the volatility of foreign exchange, which resulted in translation gains or losses on the Company's inter-company receivables.

**Six months ended June 30, 2025**

The Company had a net loss of $1.4 million for the period ended June 30, 2025, compared to net loss of $1.5 million in the same period in 2024. The slight decrease in loss was the result of lower of professional fees, general and administrative and marketing and donations in the current period, netted by higher consulting and management fees, higher accretion and interest expense on the convertible debt and promissory notes, and finance cost netted by a loss on fair value of derivative liability. The overall decrease is due to less corporate activity as the Company awaits approval of the Sage Ranch and Montalva projects.

Other comprehensive income fluctuated over the fiscal periods. This was mainly due to the volatility of foreign exchange, which resulted in translation gains or losses on the Company's inter-company receivables.

***Consolidated quarterly loss - 8 quarters historic trend***

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *(tabled amounts are <br>expressed in CAD dollars)* | **Q2 2025** | **Q1 2025** | **Q4 2024** | **Q3 2024** | **Q2 2024** | **Q1 2024** | **Q4 2023** | **Q3 2023** |
| Total revenues |  |  |  |  |  |  |  |  |
| Net income (loss) for the period | (371876) | (874732) | (3035094) | (601125) | (770748) | (728609) | (5213540) | (485903) |
| Basic/Diluted income (loss) per share | (0.01) | (0.03) | (0.09) | (0.02) | (0.02) | (0.02) | (0.15) | (0.01) |
| Total assets | 19644907 | 20472276 | 20263844 | 19941733 | 19827797 | 19444352 | 18113760 | 19928216 |
| Working capital (deficiency) | (12357228) | (12253878) | (10843592) | (9751168) | (8910929) | (7925079) | (6478520) | (4152932) |
| Cash dividend declared | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 |

---

***Three months ended June 30, 2025 vs. historical quarters***

As the Company has not yet generated revenue and is still in the development stages of its various projects the Company's results will fluctuate due to one-off transactions in addition to changes in the corporate activity related to project development. The Company had a net loss of $0.4 million in Q2 2025, which was lower than all the losses in the historical quarters due to the Company recording higher net gain on foreign exchange, and higher gain on fair value of derivative liability. The loss in Q4 2023 was due to a loss on joint venture settlement and disposition of Captiva shares. The increased loss in Q4 2024 was the result of higher finance expense, recording a loss of $538K on settlement of joint venture obligation, $246K on modification of joint venture settlement obligation, increased share-based payment expense and increased foreign exchange loss.

Total assets are lower than the last four quarters as a result of fluctuations in exchange rates as predominately all the Company's long-term assets are in the United States.

Working capital deficiency is higher than all comparative periods due to the Company early adopting the new IAS 1 accounting standard in Q4 2023 which classified the Company's USD $3M convertible debt and associated derivative conversion option as current liabilities despite the contractual term of three years due to the derivative conversion option. The increase since Q4 2023 is the result of the Company increasing activity related to moving their Sage Ranch and Montalva projects forward and accruing these costs until the Company closes a financing or the Voya loan.

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

No cash dividends have been declared by the Company.

Basic and diluted income (loss) per share in each quarter is relative to the income (loss) recorded in that period.

**LIQUIDITY AND CAPITAL RESOURCES** 

---

| | | |
|:---|:---|:---|
| *(tabled amounts are expressed in CAD dollars)* | **Six Months Ended June 30,** | **Six Months Ended June 30,** |
| *(tabled amounts are expressed in CAD dollars)* | **2025** | **2024** |
| &nbsp;&nbsp;Cash inflows (outflows) from operating activities | $(1252180) | $(1251342) |
| &nbsp;&nbsp;Cash inflows (outflows) from financing activities | 1516885 | 1342207 |
| &nbsp;&nbsp;Cash inflows (outflows) from investing activities | (207593) | (208171) |
| &nbsp;&nbsp;Net cash flows | 57112 | (117306) |
| &nbsp;&nbsp;Cash balance | $2885 | $(70208) |

---

The Company had cash balance of $2,885 as of June 30, 2025. Cash outflow from operating activities was $1.3 million, almost the same compared to outflow of $1.3 million in 2024 and due to changes in working capital items (e.g. decrease in accounts payables), net of corporate expenses.

Cash inflow from financing activities in the current period ended June 30, 2025, was $1.5 million which is the result of the Company receiving cash in the amount of $1.5 million from loans and advances, receiving additional loans of $0.3 million, netted by $146k repayment of loans and $167k in repayments on the Captiva JV settlement obligation.

Cash outflow from investing activities in the current period ended June 30, 2025, was $0.2 million as the Company capitalized the costs related to Sage Ranch and Montalva.

The Company has no history of generating revenue and has been dependent upon raising funds through issuances of debt or equity. Development of the Company's projects will require significant additional capital. The Company does not anticipate generating sufficient revenue to continue ongoing operations until Phase 1 of the Sage Ranch Project is complete. The Company has engaged Voya pursuant to the Mandate Agreement to provided up to US$40 million for the purposes of construction and development of the Sage Ranch Project; however, there is not guarantee that such financing will be completed. See "Financing Arrangements". The Company's ability to continue as a going concern is dependent on the Company's ability to raise funds.

**SHAREHOLDERS' EQUITY**

As at June 30, 2025, the Company had unlimited authorized common shares without par value and 37,463,538 common shares issued and outstanding, 3,637,000 share purchase options and 5,026,926 warrants outstanding. As at the date of this report, the Company had unlimited authorized common shares without par value and 40,101,094 common shares issued and outstanding, 3,637,000 share purchase options and 7,564,482 warrants outstanding.

- On April 4, 2025, the Company completed a shares for debt transaction and settled $51,359 in amounts owing by issuing 93,381 common shares of the Company.

- On March 28, 2025, the Company extended the expiry date of 1,809,000 warrants exercisable at $1.35 from March 28, 2025 to March 28, 2027.

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

- On May 8, 2025, the Company granted an aggregate of 500,000 stock options to a consultant of the Company exercisable at $0.50 per share for a period of 3 years.

- Subsequent to period end, on July 18, 2025, the Company completed a shares for debt transaction and settled $1,186,900 in amounts owing, which included $1,096,900 debt and promissory notes, $45,000 loan repayment and $45,000 account payable, by issuing 2,637,556 common shares and 2,537,556 warrants of the Company.

The following table discloses the number of options and vested options outstanding as at the date of this report:

---

| | | |
|:---|:---|:---|
| **Number of <br>options** <br>**outstanding and <br>exercisable** | **Weighted average <br>exercise price** | **Weighted average <br>remaining<br>contractual life <br>(years)** |
| 350000 | $0.82 | 1.85 |
| 500000 | $1.00 | 1.34 |
| 500000 | $1.35 | 0.12 |
| 75000 | $1.50 | 0.45 |
| 1137000 | $1.10 | 3.21 |
| 200000 | $1.10 | 3.25 |
| 300000 | $0.70 | 0.92 |
| 75000 | $0.90 | 2.23 |
| 500000 | $0.50 | 2.69 |
| **3637000** | $**0.98** | **2.06** |

---

The following table discloses the number of warrants outstanding as at the date of this report:

---

| | | |
|:---|:---|:---|
| **Outstanding warrants** | **Expiry Date** | **Exercise price** |
| 1809000 | March 28, 2027 | $1.35 |
| 577000 | November 29, 2025 | $1.50 |
| 925926 | December 13, 2025 | $1.46 |
| 355000 | May 10, 2028 | $1.50 |
| 460000 | June 30, 2026 | $1.30 |
| 900000 | January 11, 2027 | $1.30 |
| 2537556 | July 18, 2028 | $0.55 |
| 7564482 |  |  |

---

**COMMITMENTS AND CONTINGENCIES**

As at June 30, 2025, the Company had the following commitments and contingencies outstanding:

---

| | | |
|:---|:---|:---|
|  | **Within 1 year** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PBJL Share transfer (ii) | $682150 – $| 682150 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(i) The Company entered into four separate land lease option agreements with Jose Arturo Acosta, to lease land in the Municipality of Lajas and Guanica of Puerto Rico. The Company made initial payments on the execution date of each option agreement and will thereafter make certain payments over the term of the option periods. Subsequent to year end, the Company entered into additional extension agreements extending the option term on all agreements to December 31, 2025, and agreeing to make future payments totalling US$221,000.

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

&nbsp;&nbsp;&nbsp;&nbsp;(ii) On April 23, 2013, 330 common shares, approximately 33% interest, of PBJL were transferred by Heidi Ciachurski, the spouse of the Company's CEO to AG Solar and the Company. The Company may be required to pay approximately US $500,000 for these shares on terms yet to be negotiated. As of the date of this MD&A, no material negotiations have occurred. Any future payments will be subject to available funds and the completion of a significant financing of the Company in the future.

&nbsp;&nbsp;&nbsp;&nbsp;(iii) On March 30, 2022, the Company executed the USD $40 million Loan Mandate Agreement with Voya, as amended by agreements dated October 3, 2023, January 8, 2024 and April 2, 2024, August 30, 2024 and April 24, 2025 for a senior secured construction loan for the initial construction of the Company's Sage Ranch Project. In connection with the Mandate Agreement, in the event the Company choses another lender for the Sage Ranch Project or otherwise begins construction on the Sage Ranch Project without obtaining financing from Voya, the Company will issue to Voya 2,000,000 warrants to purchase common shares of the Company for $1.25 per share, plus a USD $1 million cash break-up fee.

&nbsp;&nbsp;&nbsp;&nbsp;(iv) Upon the Company closing certain development milestones allowing for an equity raise of at least US $2 Million or the sale of any Company assets or project rights including the Tehachapi land, whichever comes first, the Company will make a one-time payment of US $250,000 to Cliff Webb, the President of the Company. In addition, the President will be paid a US$1.95 Million development completion bonus at the time the Montalva Solar Project completes all key milestones necessary for the Company to obtain project financing for the Montalva Solar Project. These development milestone payments are structured to incentivize the President to reach these milestones and compensate him for the work required to do so and were reviewed and approved by the Company's compensation committee.

&nbsp;&nbsp;&nbsp;&nbsp;(v) The Company is a party to a lawsuit with a former contractor. Both parties have filed complaints seeking damages and the outcome is uncertain at this time.

**REGULATORY DISCLOSURES**

***Off-Balance Sheet Arrangements***

As at the date of this report, the Company did not have any off-balance sheet arrangements.

**Proposed Transactions**

The Company does not have any proposed transactions as at June 30, 2025 other than as disclosed elsewhere in this MD&A.

***Related Party Transactions***

Key management personnel are those persons having the authority and responsibility for planning, directing and controlling the activities of the Company, directly or indirectly. Key management personnel include officers, directors or companies with common directors of the Company.

The Company incurred the following expenses with key management personnel during the period ended June 30:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Three months ended June 30,** | **Three months ended June 30,** | **Six months ended June 30,** | **Six months ended June 30,** |
|  | **2025** | **2024** | **2025** | **2024** |
| &nbsp;&nbsp;&nbsp;&nbsp;Consulting and management fees | $214322 | $150803 | $412869 | $322719 |

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

During the period ended June 30, 2025, the President of the Company charged the Company $124,307 (December 31, 2024 - $181,773) related to services. As at June 30, 2025, included in accounts payable are fees, loan, bonus and expenses due to the President of the Company of $808,615 (December 31, 2024 - $715,216).

During the period ended June 30, 2025, a Company controlled by the CFO of the Company charged the Company $111,000 (2024 - $66,000) related to services.

During the period ended June 30, 2025, the Chief Executive Officer of the Company charged the Company $177,561 (2024 - $169,108) related to services.

During the period ended June 30, 2025, related party loans totaled USD $190,300 (December 31, 2024 - USD $190,300)

On June 22, 2023 and amended on August 21, 2023, the Company entered into an agreement with Captiva whereby the Company will repay Captiva the amount funded by Captiva under the Option and Joint Venture Agreement (equal to $5,591,588) in 48 equal monthly installments of $116,491 starting on August 22, 2024, with the last payment on June 1, 2028. During the year ended December 31, 2024, the Company settled $1,000,000 of the settlement obligation in exchange for the issuance of 2,197,802 common shares of the Company and recorded loss of $538,461 on settlement in the statement of loss and comprehensive loss. Subsequent to the remaining amount owing under the Original Settlement Agreement, as amended by the Settlement Amending Agreements, being repaid, Captiva will no longer have any further net profits interest, or any other interest, in and to the Sage Ranch Project.

During the year ended December 31, 2024, the Company entered into a loan agreement for USD $350,000 ($476,563). The loan bears interest at 12% per annum, is unsecured and is repayable on or before December 31, 2025. During the period ended June 30, 2025, the ownership of the USD $350,000 loan was transferred to the CEO of the Company through a private transaction. As at June 30, 205, interest on the promissory note was $59,138, and repaid during current period (December 31, 2024 - $28,332).

As at June 30, 2025, USD $1,062,797 (December 31, 2024 - USD $1,234,784) remained accrued, and USD $171,988 (December 31, 2024 - USD $254,426) was paid related to accrued bonuses to awarded to executives, directors and former directors of the Company.

As at June 30, 2025, the Company had $1,154,552 (December 31, 2024 - $929,948) in accounts payable to related parties.

***Financial Instruments***

The Company examines the various financial instrument risks to which it is exposed and assesses the impact and likelihood of those risks.

---

| | | | |
|:---|:---|:---|:---|
|  |  | **June 30, 2025** | **December 31, 2024** |
|  | **Fair <br>Value**  | **Fair value**<br> **$** | **Fair value**<br> **$** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial assets** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Fair value through profit and loss ("FVTPL")* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | Level 1 | 2885 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Marketable securities | Level 2 | 1755000 | 1755000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**Financial liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*Other financial liabilities* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Overdraft | Level 1 |  | 54227 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture derivative | Level 3 | 1031352 | 1025803 |

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

*Categories of financial instrument*

**Fair value**

Financial instruments measured at fair value are grouped into Level 1 to 3 based on the degree to which fair value is observable:

Level 1 - quoted prices in active markets for identical securities

Level 2 - significant observable inputs other than quoted prices included in Level 1

Level 3 - significant unobservable inputs.

Option liability and convertible debenture derivative are considered to be a Level 3 classification as certain inputs are not based on observable market data.

The Company did not move any instruments between levels of the fair value hierarchy during the period ended June 30, 2025 and December 31, 2024.

The Company's financial instruments include cash, marketable securities, other receivables, related party loan receivable, accounts payable and accrued liabilities, loan payable and promissory notes, joint venture settlement obligation, convertible debentures and convertible debenture derivatives. The carrying values of other receivables, related company loan receivable and accounts payable and accrued liabilities and loan payable and promissory notes approximate their fair values due to their relatively short periods to maturity.

The fair value of the marketable securities is based on recent transaction prices.

The fair value of the joint venture settlement obligation and convertible debentures are initially recorded at fair value and are evaluated by the Company based on level 2 inputs such as discounted future interest and principal payments using current market interest rates of instruments using similar terms. These instruments are subsequently measured through amortized cost, with accretion and interest income recognized through the statement of loss and comprehensive loss.

**Interest Rate Risk**

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to interest rates through the interest earned on cash balances, deposits, convertible debentures and loans; however, management does not believe this exposure is significant as most items are at fixed interest rates.

**Credit Risk**

The Company is exposed to credit risk through its cash, which is held in large Canadian financial institutions with high credit rating, other receivables and the loan receivable. The Company believes the credit risk is insignificant for the cash and other receivables and moderate for the loan receivable with Captiva. The Company's exposure is limited to amounts reported within the statement of financial position.

**Liquidity Risk**

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company manages liquidity risk through the management of its capital structure. In order to meet its financial obligations, the Company will need to generate cash flow from the sale or otherwise disposition of property or raise additional funds. The following table summarizes the remaining contractual maturities of the Company's financial liabilities and operating commitments:

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **Less than 1 year** | **Between 1 and 2 <br>years** | <br>**Over 2 years** | **Total** |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | 4890339 |  |  | 4890339 |
| &nbsp;&nbsp;&nbsp;&nbsp;Loan payables and promissory notes | 4132047 |  |  | 4132047 |
| &nbsp;&nbsp;&nbsp;&nbsp;Joint venture settlement obligation | 1201847 | 1397897 | 830886 | 3430630 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture | 869462 | 3375483 |  | 4244945 |
| &nbsp;&nbsp;&nbsp;&nbsp;Convertible debenture derivative |  | 1031352 |  | 1031352 |
| &nbsp;&nbsp;&nbsp;&nbsp;Total | $11093695 | $5804732 | $830886 | $17729313 |

---

**Foreign Exchange Risk**

The Company operates in Canada and the United States and is exposed to foreign exchange risk arising from transactions denominated in foreign currencies.

The operating results and the financial position of the Company are reported in Canadian dollars. Fluctuations of the operating currencies in relation to the Canadian dollar will have an impact upon the reported results of the Company and may also affect the value of the Company's assets and liabilities.

The Company's financial assets and liabilities as at June 30, 2025 are denominated in Canadian Dollars and United States Dollars and are set out in the following table:

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| | | | |
|:---|:---|:---|:---|
|  | **Canadian Dollars** | **US Dollars** | **Total** |
| &nbsp;&nbsp;**Financial assets** |  |  |  |
| &nbsp;&nbsp;Cash | $2936 | $(51) | $2885 |
| &nbsp;&nbsp;Other receivables | 6362 |  | 6362 |
| &nbsp;&nbsp;Marketable securities | 1755000 |  | 1755000 |
|  | 1764298 | (51) | 1764247 |
| &nbsp;&nbsp;**Financial liabilities** |  |  |  |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | (1098303) | (3792036) | (4890339) |
| &nbsp;&nbsp;Loan payable and promissory notes | (2395157) | (1736890) | (4132047) |
| &nbsp;&nbsp;Joint venture settlement obligation | (3430630) |  | (3430630) |
| &nbsp;&nbsp;Convertible debenture | (869462) | (3375483) | (4244945) |
| &nbsp;&nbsp;Convertible debenture derivative |  | (1031352) | (1031352) |
| &nbsp;&nbsp;Net financial liabilities | $(6029254) | $(9935812) | $(15965066) |

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

The Company's financial assets and liabilities as at December 31, 2024 are denominated in Canadian Dollars and United States Dollars and are set out in the following table:

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| | | | |
|:---|:---|:---|:---|
|  | **Canadian Dollars** | **US Dollars** | **Total** |
| &nbsp;&nbsp;**Financial assets** |  |  |  |
| &nbsp;&nbsp;Other receivables | $7747 | $- | $7747 |
| &nbsp;&nbsp;Marketable securities |  | 1755000 | 1755000 |
|  | 7747 | 1755000 | 1762747 |
| &nbsp;&nbsp;**Financial liabilities** |  |  |  |
| &nbsp;&nbsp;Overdraft | $1855 | $(56082) | $(54227) |
| &nbsp;&nbsp;Accounts payable and accrued liabilities | (1173407) | (3812692) | (4986099) |
| &nbsp;&nbsp;Loan payable | (580000) | (1983145) | (2563145) |
| &nbsp;&nbsp;Joint venture settlement obligation | (3368740) |  | (3368740) |
| &nbsp;&nbsp;Convertible debenture | (839132) | (3338552) | (4177684) |
| &nbsp;&nbsp;Convertible debenture derivative |  | (1025803) | (1025803) |
| &nbsp;&nbsp;Net financial liabilities | $(5951677) | $(8461274) | $(14412951) |

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The Company's reported results will be affected by changes in the US dollar to Canadian dollar exchange rate. As of June 30, 2025, a 10% appreciation of the Canadian dollar relative to the US dollar would have decreased net financial liabilities by approximately $993,581 (December 31, 2023 - $619,689). A 10% depreciation of the US Dollar relative to the Canadian dollar would have had the equal but opposite effect. The Company has not entered into any agreements or purchased any instruments to hedge possible currency risk.

***Risk and Uncertainties***

*Credit, Liquidity, Interest, Currency and Commodity Price Risk*

The Board of Directors has overall responsibility for the establishment and oversight of the Company's risk management framework. As at June 30, 2025, the Company's financial instruments include cash, marketable securities, other receivables, accounts payable and accrued liabilities, loan payable and promissory notes, joint venture settlement obligation, convertible debentures and convertible debenture derivatives.

The Company does not use derivative instruments or hedges to manage risks because the Company's exposure to credit risk, interest rate risk and currency risk is small.

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. The Company is exposed to credit risk through its cash, which is held in a large Canadian financial institution with an issuer credit rating of A-1 by Standard & Poor's. The Company believes this credit risk is insignificant.

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. The Company is exposed to short-term interest rates through the interest earned on cash balances and deposits; however, management does not believe this exposure is significant.

Liquidity risk is the risk that the Company will encounter difficulty in meeting obligations associated with financial liabilities. The Company manages liquidity risk through the management of its capital structure. In order to meet its financial obligations, the Company will need to generate cash flow from the sale or otherwise disposition of property or raise additional funds.

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

Cash is stated at amounts compatible with those prevailing in the market, are highly liquid, and are maintained with prime financial institutions for high liquidity.

*Real Property Ownership*

All real property investments are subject to elements of risk such investments are affected by general economic conditions, local real estate markets, the attractiveness of the properties to residents, supply and demand for housing, competition from other available housing and various other factors. Demand for residential real estate in the United States could be adversely affected by weakness in the national, regional and local economies, changes in supply of, or demand for, similar or competing properties in an area and the excess amount of units in a particular market. To the extent that any of these conditions occur, they are likely to affect market value for residential building lots, which could cause a decrease in the Company's future potential sales revenue from the Property.

*No History of Revenue* 

To date the Company has relied entirely upon the sale of common shares and the exercising of warrants to provide working capital to fund its administration, overhead costs and project development. There is no guarantee that the Company will enter into profitable agreements and earn revenue from operations. The Company has not commenced commercial production and the Company has no history or earnings or cash flow from its operations. Thus, there can be no assurance that the Company will be able to develop any value or that its activities will generate positive cash flow. The Company has not paid any dividends and it is unlikely to generate earnings or pay dividends in the immediate or foreseeable future. The Company has limited cash and other assets. A prospective investor in the Company must be prepared to rely solely upon the ability, expertise, judgment, discretion, integrity and good faith of the Company's management in all aspects of the development and implementation of the Company's business activities.

*Market Price of the Common Shares*

The Common Shares are listed and posted for trading on the TSXV and OTCQX. The Company's business is in an early stage of exploration and an investment in the Company's securities is highly speculative. There can be no assurance that an active trading market in the Company's securities will be established and maintained. Securities of companies involved in the resource industry have experienced substantial volatility in the past, often based on factors unrelated to the financial performance or prospects of the companies involved. The price of the Common Shares is also likely to be significantly affected by short-term changes in commodity prices or in the Company's financial condition or results of operations as reflected in its quarterly earnings reports.

*Current Global Financial Conditions*

Events over the last number of years in global financial markets, including sovereign debt crises, have had a profound impact on the global economy and global financial conditions have been subject to volatility. Many industries are impacted by these market conditions. Some of the key impacts of the current 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 precious metal markets and a lack of market liquidity. A continuing slowdown in financial markets or other economic conditions, including, but not limited to, consumer spending, employment rates, business conditions, inflation, fuel and energy costs, consumer debt levels, lack of available credit, the state of the financial markets, interest rates, and tax rates may adversely affect the Company's business, financial condition, results of operations and ability to grow.

*Competition*

The renewable energy development industry is highly competitive. The Company competes with other domestic and international power development companies that have greater financial, human and technical resources.

The Company's competitors may be able to respond more quickly to new laws or regulations or emerging technologies, or devote greater resources to the expansion or efficiency of their operations than the Company. In addition, current and potential competitors may make strategic acquisitions or establish cooperative relationships among themselves or with third parties. Accordingly, it is possible that new competitors or alliances among current and new competitors may emerge and gain significant market share to the Company's detriment. The Company may also encounter increasing competition from other renewable energy companies in the Company's efforts to hire experienced professionals. Increased competition could adversely affect the Company's ability to attract necessary capital funding, to acquire it on acceptable terms, or to acquire suitable properties or prospects for development in the future. As a result of this competition, the Company may not be able to compete successfully against current and future competitors, and any failure to do so could have a material adverse effect on the Company's business, financial condition, results of operations and prospects.

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

Furthermore, there is no assurance that a ready market will exist for the sale of renewable energy. Factors beyond the control of the Company may affect the marketability of electrical power in existing markets. These factors include market fluctuations, the proximity and capacity of renewable power markets and processing equipment, government regulations, including regulations relating to prices, taxes, royalties, land tenure, land use, and environmental protection. The exact effect of these factors cannot be accurately predicted, but the combination of these factors may result in the Company not receiving an adequate return on invested capital or losing its investment capital.

*Risks related to International Activities*

A material portion of the business of the Company is located outside of Canada, with assets predominately in USA. The Company's international operations may be adversely affected by political or economic developments or social instability, which will not be within the Company's control, including, among other things, the risks of political unrest, labour disputes and unrest, war, terrorism, abduction, expropriation, nationalization, renegotiation or nullification of existing concessions, contracts and permits, government regulation, delays in obtaining or renewing or the inability to obtain or renew necessary permits, taxation policies, economic sanctions, fluctuating exchange rates, currency controls, high rates of inflation, limitations on foreign ownership and increased financing costs. The occurrence of any such events could have a material adverse effect on the Company's business and results of operations as currently contemplated.

*Risks Associated with Joint Venture Agreements*

Pursuant to agreements the Company may enter into in the course of its business, the Company's interest in its properties may become subject to the risks normally associated with the conduct of joint ventures. In the event that any of the Company's properties become subject to a joint venture, the existence or occurrence of one or more of the following circumstances and events could have a material adverse impact on the Company's profitability or the viability of its interests held through joint ventures, which could have a material adverse impact on the Company's business prospects, results of operations and financial condition: (i) disagreements with joint venture partners on how to conduct exploration; (ii) inability of joint venture partners to meet their obligations to the joint venture or third parties; and (iii) disputes or litigation between joint venture partners regarding budgets, development activities, reporting requirements and other joint venture matters.

*Reliance on Key Individuals*

The Company's success depends on its ability to attract and retain the services of key personnel who are qualified and experienced. In particular, the success of the Company is, and will continue to be to a significant extent, dependent on the expertise and experience of the Company's directors and senior management. It is expected that these individuals will be a significant factor in the Company's growth and success. The loss of the service of these individuals could have a material adverse effect on the Company.

The resource industry is largely driven by fluctuations in commodity prices which, when high, can lead to a large number of projects being developed which in turn increases the demand for skilled personnel, contractors, material and supplies. Accordingly, there is a risk to the Company of losing or being unable to secure enough suitable key personnel or key resources and, as a result, being exposed to increased capital and operating costs and delays, which may in turn adversely affect the development of the Company's projects, the results of operations and the Company's financial condition and prospectus.

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

*Project Risk* 

- Availability of tax credits (Montalva)

- Interest rates at time of project financing

- Tax equity investor market, availability and pricing

- Uncertain financial markets and sponsor equity requirements

- Credit rating of off-takers (PREPA)

- Escalation of equipment cost such a wind turbines, battery storage and solar panels including import tariffs.

- Escalation of construction materials and EPC cost

- Increased labor rates

- Availability and timely delivery of key equipment

- Timely completion of interconnection by the transmission provider

- Weather related and force majeure events

- Labor disputes and work stoppage

- Receipt of timely and applicable rights and permits

- Construction delays and cost overruns

- Housing prices are subject to fluctuations that are beyond the Company's control

- Environmental and other regulatory requirements may add costs and uncertainty

- Availability and cost of insurance including hurricane insurance for Montalva

- Insurance policies that may be insufficient to cover losses

***Material Accounting Policies and Estimates***

The preparation of the Company's consolidated financial statements in conformity with IFRS requires management to make judgments and estimates and form assumptions that affect the reporting amounts of assets and liabilities at the date of the financial statements and reported amounts of revenues and expenses during the reporting period.

On an ongoing basis, management evaluates its judgments and estimates in relation to assets, liabilities, revenue, and expenses. Management uses historical experience and various other factors it believes to be reasonable under the given circumstances as the basis for its judgments and estimates. Actual outcomes may differ from these estimates under different assumptions and conditions. Revisions to estimates and the resulting effects on the carrying amounts of the Company's assets and liabilities are accounted for prospectively.

Areas that often require significant management estimates and judgment are as follows:

*Key areas of judgment* 

**Functional currency**

The functional currency for the Company and its subsidiaries is the currency of the primary economic environment in which each operates. The Company's functional and local currency is the Canadian dollar. The functional currency of the Company's subsidiaries is the US dollar. The determination of functional currency may require certain judgments to determent the primary economic environment. The Company reconsiders the functional currency used when there is a change in events and conditions which determined the primary economic environment.

**Assets' carrying values and impairment charges**

In determining carrying values and impairment charges the Company looks at recoverable amounts, defined as the higher of value in use or fair value less cost to sell in the case of assets, and at objective evidence that identifies significant or prolonged decline of fair value on financial assets indicating impairment. These determinations and their individual assumptions require that management make a decision based on the best available information at each reporting period.

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

**Going concern of operations**

The consolidated financial statements for the period ended June 30, 2025, do not give effect to adjustments, if any, that would be necessary should the Company be unable to continue as a going concern. If the going concern assumption was not used, then the adjustments required to report the Company's assets and liabilities on a liquidation basis could be material to these financial statements.

**Marketable securities**

The determination of the fair value requires significant judgement by the Company, on the date of purchase, and at each reporting date thereafter, consistent with fair value accounting guidance in accordance with IFRS 13, Fair Value Measurement.

**Tax**

Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. Deferred tax assets are recognized for all unused tax losses to the extent that it is probable that taxable earnings will be available against which the losses can be utilized. Significant management judgment is required to determine the amount of deferred tax assets that can be recognized, based upon the likely timing and the level of future taxable earnings together with future tax planning strategies.

*Key sources of estimation uncertainty* 

**Share-based payments**

Amounts recorded for share-based payments are subject to the inputs used in the Black-Scholes option pricing model, including estimates such as volatility, forfeiture, dividend yield and expected option life.

**Convertible debentures**

Convertible debentures are separated into their liability and equity components on the statement of financial position. The liability component is initially recognized at fair value, calculated as the net present value of the liability, using estimated interest rates based upon non-convertible debentures issued by comparable issuers, and accounted for at amortized cost using the effective interest rate method.

**Derivative Liability**

The Company measures the fair value of the derivative by reference to the fair value on the convertible debenture issuance date with an estimated life ending on the convertible debenture maturity date and revalues them at each reporting date. In determining the fair value for the derivative liability, the Company used the Geometric Brownain motion model with the following assumptions: annualized volatility rate; market price of shares at the reporting date; risk-free interest rate; the remaining expected life of the embedded derivatives and an exchange rate at the reporting date. Changes to these estimates could result in the fair value of the derivative liability being less than or greater than the amount recorded.

**Joint venture settlement obligation** 

The liability is initially recognized at fair value, calculated as the net present value of the liability, using estimated interest rates based upon debt issued by comparable issuers, and accounted for at amortized cost using the effective interest rate method.

***Internal controls and procedures***

During the period ended June 30, 2025, there has been no significant change in the Company's internal control over financial reporting since last year.

During the year ended December 31, 2024, a material weakness in internal controls over financial reporting was identified regarding management's review and assessment of the accounting impact of complex transactions. This control weakness resulted in a restatement of prior year financial statements. The Company plans to implement procedures to remediate this weakness. Management and the Board of Directors work to mitigate the risk of material misstatement; however, we do not have reasonable assurance that this risk can be reduced to a remote likelihood of a material misstatement.

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

The Chief Executive Officer, President and Chief Financial Officer of the Company are responsible for establishing and maintaining appropriate information systems, procedures and controls to ensure that information used internally and disclosed externally is complete, reliable and timely. They are also responsible for establishing adequate internal controls over financial reporting to provide sufficient knowledge to support the representations made in this MD&A and the Company's annual financial statements for the year ended December 31, 2024 (together the "Annual Filings"). The Chief Executive Officer and Chief Financial Officer of the Company have filed the Venture Issuer Basic Certificate with the Annual Filings on SEDAR at <u>http://www.sedarplus.ca</u>.

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings ("NI 52-109"), the venture issuer basic certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures ("DC&P") and internal control over financial reporting ("ICFR"), as defined in NI 52-109. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency, and timeliness of interim and annual filings and other reports provided under securities legislation.

**CAUTIONARY NOTE REGARDING FORWARD-LOOKING STATEMENTS**

Certain statements included in this MD&A may contain "forward-looking statements" or "forward-looking information" (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws, that relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements include, but are not limited to, statements concerning: the future cash flows, profitability, financial and operating performance of the Company; estimated future real estate sales prices, commission fees, construction costs, capital costs, interest rates, rates of inflation, environmental considerations and labor availability; anticipated working-capital requirements; capital expenditures; requirements for additional capital; government regulation of operations; environmental risks; limitation of insurance coverage; and the maintenance of permits, licenses necessary for the Company's operations.

Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "proposes", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or state that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

Forward-looking statements involve risk and uncertainties that may cause the Company's actual results to differ materially from those contemplated by the forward-looking statements. Factors that might cause or contribute to such differences include, among others, market price, continued availability of capital financing and general economic, market or business conditions. Investors are cautioned that any such statements are not guarantees of future performance and those actual results or developments may differ materially from those projected in the forward-looking statements. Investors are also directed to consider other risks and uncertainties discussed in the Company's required financial statements and filings.

The reader should also consider carefully the matters discussed under the heading "Risks Factors and Uncertainties" elsewhere in this MD&A. Forward-looking statements contained herein are made as of the date hereof (or as of the date of a document incorporated herein by reference, as applicable). No obligation is undertaken to update publicly or otherwise revise any forward-looking statements or the foregoing lists of factors and assumptions, whether as a result of new information, future events or results or otherwise, except as required by law. Because forward-looking statements are inherently uncertain, readers should not place undue reliance on them. The forward-looking statements contained herein are expressly qualified in their entirety by this cautionary statement.

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Q2 2025 MD&A (expressed in CAD Dollars) – period ended June 30, 2025 <br> <u>www.greenbriarliving.com</u>

**CAUTIONARY NOTE REGARDING FOFI**

Certain information included in this MD&A may constitute future oriented financial information and financial outlook information (collectively, "FOFI") within the meaning of applicable Canadian securities laws. FOFI contained in this MD&A was approved by management as of the date of this MD&A and has been prepared and/or reviewed by management to provide an outlook of prospective results of operations, financial position or cash flows, based on assumptions about future economic conditions and courses of action. The FOFI has been prepared by management to provide an outlook of the Company's activities and results and has been prepared based on a number of assumptions, including the assumptions discussed under the heading "Cautionary Note Regarding Forward-Looking Information" and assumptions with respect to the costs and expenditures to be incurred by the Company, capital expenditures and operating costs, taxation rates for the Company and general and administrative expenses. Management does not have, or may not have had at the relevant date, firm commitments for all of the costs, expenditures, prices or other financial assumptions which may have been used to prepare the FOFI or assurance that such operating results will be achieved and, accordingly, the complete financial effects of all of those costs, expenditures, prices and operating results are not, or may not have been at the relevant date of the FOFI, objectively determinable.

Importantly, the FOFI contained in this MD&A are, or may be, based upon certain additional assumptions that management believes to be reasonable based on the information currently available to management, including, but not limited to, assumptions about: (i) the development strategy of the Company's projects, including estimated timelines, marketing efforts and sales targets, (ii) future economic conditions, (iii) the ability of the Company to obtain adequate financing, (iv) receipt of all required regulatory approvals, and (v) other assumptions described above under the heading "Cautionary Note Regarding Forward-Looking Statements". The FOFI or financial outlook contained in MD&A do not purport to present the Company's financial condition in accordance with IFRS as issued by the International Accounting Standards Board, and there can be no assurance that the assumptions made in preparing the FOFI will prove accurate. The actual results of operations of the Company and the resulting financial results will likely vary from the amounts described herein, and such variation may be material (including due to the occurrence of unforeseen events occurring subsequent to the preparation of the FOFI). The Company and management believe that the FOFI has been prepared on a reasonable basis, reflecting management's best estimates and judgments as at the applicable date. However, because this information is highly subjective and subject to numerous risks including the risks discussed under the heading "Risk and Uncertainty" and the other documents filed by the Company with applicable Canadian securities regulatory authorities, FOFI within this MD&A should not be relied on as necessarily indicative of future results.

Readers are cautioned not to place undue reliance on the FOFI contained in this MD&A. The Company disclaims any intent or obligation to update any FOFI, whether as a result of new information, future events or otherwise, unless required by applicable laws.

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## Exhibit 99.3

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**Form 52-109FV2**

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, **Jeff Ciachurski**, Chief Executive Officer, of **Greenbriar Sustainable Living Inc.** certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A, (together, the "interim filings") of **Greenbriar Sustainable Living Inc.** (the "issuer") for the interim period ended **June 30, 2025.**

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: August 29, 2025

*"Jeff Ciachurski"*

_______________________

**Jeff Ciachurski**

Chief Executive Officer

<u>**NOTE TO READER**</u>

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

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## Exhibit 99.4

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**Form 52-109FV2**

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, **Anthony Balic**, the Chief Financial Officer of **Greenbriar Sustainable Living Inc.**, certify the following:

1. ***Review:*** I have reviewed the interim financial report and interim MD&A, (together, the "interim filings") of **Greenbriar Sustainable Living Inc.** (the "issuer") for the interim period ended **June 30, 2025.**

2. ***No misrepresentations:*** Based on my knowledge, having exercised reasonable diligence, the interim filings do not contain any untrue statement of a material fact or omit to state a material fact required to be stated or that is necessary to make a statement not misleading in light of the circumstances under which it was made, with respect to the period covered by the interim filings.

3. ***Fair presentation:*** Based on my knowledge, having exercised reasonable diligence, the interim financial report together with the other financial information included in the interim filings fairly present in all material respects the financial condition, financial performance and cash flows of the issuer, as of the date of and for the periods presented in the interim filings.

Date: August 29, 2025

*"Anthony Balic"*

_______________________

**Anthony Balic**

Chief Financial Officer

<u>**NOTE TO READER**</u>

In contrast to the certificate required for non-venture issuers under National Instrument 52-109 *Certification of Disclosure in Issuers' Annual and Interim Filings* (NI 52-109), this Venture Issuer Basic Certificate does not include representations relating to the establishment and maintenance of disclosure controls and procedures (DC&P) and internal control over financial reporting (ICFR), as defined in NI 52-109. In particular, the certifying officers filing this certificate are not making any representations relating to the establishment and maintenance of

i) controls and other procedures designed to provide reasonable assurance that information required to be disclosed by the issuer in its annual filings, interim filings or other reports filed or submitted under securities legislation is recorded, processed, summarized and reported within the time periods specified in securities legislation; and

ii) a process to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with the issuer's GAAP.

The issuer's certifying officers are responsible for ensuring that processes are in place to provide them with sufficient knowledge to support the representations they are making in this certificate. Investors should be aware that inherent limitations on the ability of certifying officers of a venture issuer to design and implement on a cost effective basis DC&P and ICFR as defined in NI 52-109 may result in additional risks to the quality, reliability, transparency and timeliness of interim and annual filings and other reports provided under securities legislation.

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