# EDGAR Filing Document

**Accession Number:** 0001846839
**File Stem:** 0001104659-25-125666
**Filing Date:** 2025-12
**Character Count:** 525831
**Document Hash:** 9944a54f63d756ec59cb7b45f714d12e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-25-125666.hdr.sgml**: 20251231

**ACCESSION NUMBER**: 0001104659-25-125666

**CONFORMED SUBMISSION TYPE**: 40-F

**PUBLIC DOCUMENT COUNT**: 132

**CONFORMED PERIOD OF REPORT**: 20250930

**FILED AS OF DATE**: 20251231

**DATE AS OF CHANGE**: 20251231

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** SOL Strategies Inc.
- **CENTRAL INDEX KEY:** 0001846839
- **STANDARD INDUSTRIAL CLASSIFICATION:** FINANCE SERVICES [6199]
- **ORGANIZATION NAME:** 09 Crypto Assets
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 40-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-42710
- **FILM NUMBER:** 251618007

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 217 QUEEN STREET WEST
- **STREET 2:** SUITE 401
- **CITY:** TORONTO
- **NON US STATE TERRITORY:** ONTARIO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5X 1B1
- **BUSINESS PHONE:** 416-480-2488

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 217 QUEEN STREET WEST
- **STREET 2:** SUITE 401
- **CITY:** TORONTO
- **NON US STATE TERRITORY:** ONTARIO
- **PROVINCE COUNTRY:** A6
- **ZIP:** M5X 1B1

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Cypherpunk Holdings Inc.
- **DATE OF NAME CHANGE:** 20210218

?xml version='1.0' encoding='ASCII'? SOL Strategies Inc._September 30, 2025

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**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM 40-F**

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

OR

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

---

| | |
|:---|:---|
| For the fiscal year ended: **September 30, 2025** | Commission File Number: **001-42710** |

---

**SOL Strategies Inc.**

(Exact name of Registrant as specified in its charter)

**Not Applicable**

(Translation of Registrant's name into English (if applicable))

**Ontario, Canada**

(Province or other jurisdiction of incorporation or organization)

**6199**

(Primary Standard Industrial Classification Code Number (if applicable))

**Not Applicable**

(I.R.S. Employer Identification Number (if applicable))

**217 Queen Street West, Suite 401**

**Toronto, Ontario, M5V 0R2, Canada**

 **(416) 480-2488**

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

**C T Corporation System**

**1015 15**<sup>th</sup> **Street, N.W., Suite 1000**

**Washington, DC 20005**

 **(202) 572-3111**

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

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

---

| | | |
|:---|:---|:---|
| Title of each class | Ticker Symbol(s) | Name of each exchange<br>on which registered |
| **Common Shares, no par value** | **STKE** | **The Nasdaq Stock Market LLC** |

---

Securities registered or to be registered pursuant to Section 12(g) of the Act:

**None**

(Title of Class)

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:

**None**

(Title of Class)

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

☒ Annual information form ☒ Audited annual financial statements

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of the close of the period covered by the annual report: 22,999,841 common shares.

Indicate by check mark whether the Registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days.

YES ☒ NO ☐

Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that the Registrant was required to submit such files).

YES ☒ NO ☐

Indicate by check mark whether the Registrant is an emerging growth company as defined in Rule 12b-2 of the Exchange Act.

Emerging growth company ☒

If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the Registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards<sup>†</sup> provided pursuant to Section 13(a) of the Exchange Act. ☐

† The term "new or revised financial accounting standard" refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.

Indicate by check mark whether the Registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

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

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

---

| | | |
|:---|:---|:---|
| **Auditor Firm Id:**  | **Auditor Name:**  | **Auditor Location:**  |
| 731 | Davidson & Company LLP | Vancouver, British Columbia, Canada |

---

------

**SOL Strategies Inc.**

#### EXPLANATORY NOTE
SOL Strategies Inc. (the "Registrant") is a Canadian corporation eligible to file its Annual Report pursuant to Section 13(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on Form 40-F. The Registrant is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. Equity securities of the Registrant are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3 thereunder.

#### CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements in this Annual Report on Form 40-F are forward-looking statements within the meaning of Section 21E of the Exchange Act and Section 27A of the Securities Act of 1933, as amended (the "Securities Act"). Additionally, the safe harbor provided in Section 21E of the Exchange Act and Section 27A of the Securities Act applies to any forward-looking information provided pursuant to "Off-Balance Sheet Arrangements" and "Disclosure of Contractual Obligations" in this Annual Report on Form 40-F. Please see "Caution Regarding Forward-Looking Statements" beginning on page 1 of the Management's Discussion and Analysis for the fiscal year ended September 30, 2025 of the Registrant, attached as Exhibit 99.3 to this Annual Report on Form 40-F, and "Caution Regarding Forward-Looking Information" beginning on page 5 of the Annual Information Form for the fiscal year ended September 30, 2025 of the Registrant, attached as Exhibit 99.1 to this Annual Report on Form 40-F.

#### DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES
The Registrant is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this Annual Report on Form 40-F in accordance with Canadian disclosure requirements, which are different from those of the United States.

The Registrant prepares its consolidated financial statements, which are filed with this Annual Report on Form 40-F, in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board ("IFRS"). Such financial statements may not be comparable to financial statements prepared in accordance with United States generally accepted accounting principles.

Unless otherwise indicated, all dollar amounts in this Annual Report on Form 40-F are in United States dollars. The exchange rate of Canadian dollars into United States dollars, on September 30, 2025, based upon historical rates published by the U.S. Federal Reserve, was U.S.$1.00 = C$1.39.

Purchasing, holding, or disposing of securities of the Registrant may have tax consequences under the laws of the United States and Canada that are not described in this Annual Report on Form 40-F.

#### PRINCIPAL DOCUMENTS

#### Annual Information Form
The Registrant's Annual Information Form for the fiscal year ended September 30, 2025 is filed as Exhibit 99.1 and incorporated by reference in this Annual Report on Form 40-F.

#### Audited Annual Financial Statements
The audited consolidated financial statements of the Registrant for the fiscal year ended September 30, 2025, including the report of Davidson & Company LLP, the Registrant's Independent Registered Public Accounting Firm, are filed as Exhibit 99.2 and incorporated by reference in this Annual Report on Form 40-F.

#### Management's Discussion and Analysis
The Registrant's Management's Discussion and Analysis for the fiscal year ended September 30, 2025 is filed as Exhibit 99.3 and incorporated by reference in this Annual Report on Form 40-F.

#### CONTROLS AND PROCEDURES

#### Certifications
The required certifications are included in Exhibits 99.4, 99.5, 99.6 and 99.7 of this Annual Report on Form 40-F.

#### Disclosure Controls and Procedures
At the end of the period covered by this report, an evaluation of the effectiveness of the design and operation of the Registrant's "disclosure controls and procedures" (as such term is defined in Rule 13a-15(e) and Rule 15d-15(e) under the Exchange Act) was carried out by the Registrant's principal executive officer (the "PEO") and principal financial officer (the "PFO"). Based upon that evaluation, the Registrant's PEO and PFO have concluded that, as of the end of the period covered by this report, the design and operation of the Registrant's disclosure controls and procedures were effective to ensure that (i) information required to be disclosed in reports that the Registrant files or submits to regulatory authorities is recorded, processed, summarized and reported within the time periods specified by regulation, and (ii) is accumulated and communicated to management, including the Registrant's PEO and PFO, to allow timely decisions regarding required disclosure.

***Management Report on Internal Control Over Financial Reporting & Auditor Attestation***

This Annual Report on Form 40-F does not include a formal report of management's assessment regarding internal control over financial reporting ("ICFR") or an attestation report of the company's registered public accounting firm due to a transition period established by rules of the Securities and Exchange Commission for newly public companies.

Notwithstanding the foregoing, management has identified material weaknesses in the Company's ICFR relating to:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the absence of a formally designed and implemented process to account for significant, complex, non-recurring transactions; and

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Company's ability to obtain timely access to service organization control reports from a custodian that holds certain digital assets off-chain.

A material weakness is a deficiency, or a combination of deficiencies, in ICFR such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements may not be prevented or detected and corrected on a timely basis. As a result of these material weaknesses, management has concluded that the Company's ICFR was not effective as of the period end date.

The Company is committed to strengthening its internal control environment and has initiated remediation plans to address the identified material weaknesses. These plans include the design and implementation of a formal process to account for significant, complex, non-recurring transactions, and measures intended to mitigate the risk associated with untimely access to service organization control reports. Management expects these remediation efforts to be substantially implemented by the end of the second quarter of fiscal 2026.

Material weaknesses in the Company's ICFR will not be considered remediated until the relevant controls have operated for a sufficient period of time and management has concluded, through testing, that such controls are operating effectively.

#### Changes in Internal Control over Financial Reporting
During the year ended September 30, 2025, there were no changes in the Registrant's internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

#### NOTICES PURSUANT TO REGULATION BTR
There were no notices required by Rule 104 of Regulation BTR that the Registrant sent during the year ended September 30, 2025 concerning any equity security subject to a blackout period under Rule 101 of Regulation BTR.

#### AUDIT COMMITTEE AND AUDIT COMMITTEE FINANCIAL EXPERT

#### Audit Committee
The Board of Directors has a separately-designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Exchange Act for the purpose of overseeing the accounting and financial reporting processes of the Registrant and audits of the Registrant's annual financial statements. As of the date of this Annual Report on Form 40-F, the members of the Audit Committee are Ungad Chadda (Chair), Rubsun Ho and Luis Berruga.

The Board of Directors of the Registrant has determined that all members of the Audit Committee are "independent," as such term is defined under the rules of The Nasdaq Stock Market LLC ("Nasdaq"). Further, the Registrant has determined that all members of the Audit Committee are financially literate, meaning that they are able to read and understand fundamental financial statements.

#### Audit Committee Financial Expert
The Board of Directors of the Registrant has determined that Ungad Chadda, is an "audit committee financial expert," as defined in General Instruction B(8)(b) of Form 40-F. The U.S. Securities and Exchange Commission (the "Commission") has indicated that the designation of Mr. Chadda, as an audit committee financial expert, does not make him an "expert" for any purpose, impose any duties, obligations or liability on her that are greater than those imposed on members of the audit committee and board of directors who do not carry this designation or affect the duties, obligations or liability of any other member of the audit committee.

#### CODE OF ETHICS
The Registrant has adopted a written code of ethics for its directors, officers and employees entitled "Code of Business Conduct and Ethics" (the "Code") that complies with Section 406 of the Sarbanes-Oxley Act of 2002 and with Nasdaq Listing Rule 5610. The Code includes, among other things, written standards for the Registrant's Chief Executive Officer, Chief Financial Officer and principal accounting officer or controller, or persons performing similar functions, which are required by the Commission for a code of ethics applicable to such officers. A copy of the Code is posted on the Registrant's website at https://solstrategies.io/ under "Investor Relations/Governance."

No substantive amendments to the Code were adopted during the year ended September 30, 2025. No "waiver" or "implicit waiver," as such terms are defined in Note 6 to General Instruction B(9) of Form 40-F, was granted relating to any provision of the Code during the year ended September 30, 2025.

#### PRINCIPAL ACCOUNTANT FEES AND SERVICES
The Registrant's auditor during the fiscal year ended September 30, 2024 was Kingston Ross Pasnak LLP, Chartered Professional Accountants ("KRP"). On January 29, 2025, KRP resigned at the request of the Registrant, and Davidson & Company LLP, Chartered Professional Accountants ("Davidson") was appointed to replace KRP as auditor of the Company. Aggregate fees billed to the Registrant for professional services rendered by KRP and Davidson and their affiliates during the fiscal years ended September 30, 2025 and 2024, respectively, are detailed below.

#### Audit Fees
KRP's agreed upon fees in the fiscal year ended September 30, 2024 for audit services were C$149,160. Davidson's agreed upon fees for audit services related to the PCAOB compliant audit for the fiscal year ended September 30, 2024 were C$350,000 and for the fiscal year ended September 30, 2025 the agreed upon fees for audit services were C$500,000.

#### Audit-Related Fees
KRP's fees incurred in the fiscal year ended September 30, 2024 for assurance and related services related to the performance of the auditor's review for the Registrant's financial statements not included in audit fees above were Nil. Davidson's fees incurred in the fiscal year ended September 30, 2025 for assurance and related services related to the performance of the auditor's review for the Registrant's financial statements not included in audit fees above were C$110,000.

#### Tax Fees
KRP's fees incurred in the fiscal year ended September 30, 2024 for professional tax services were C$24,521. Davidson's fees incurred in the fiscal year ended September 30, 2025 for professional tax services were Nil.

#### All Other Fees
KRP's fees incurred in the fiscal year ended September 30, 2024 for other advisory services rendered were Nil. Davidson's fees incurred in the fiscal year ended September 30, 2025 for other advisory services rendered were Nil.

#### Pre-Approval Policies and Procedures
All audit and non-audit services performed by the Registrant's auditor must be pre-approved by the Audit Committee of the Registrant. For the fiscal year ended September 30, 2025, all audit and non-audit services performed by the Registrant's auditor were pre-approved by the Audit Committee of the Registrant, pursuant to Rule 2-01(c)(7)(i) of Regulation S-X.

#### OFF-BALANCE SHEET ARRANGEMENTS
As of September 30, 2025, the Registrant does not have any "off-balance sheet arrangements" (as that term is defined in paragraph 11 of General Instruction B to Form 40-F) that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

#### DISCLOSURE OF CONTRACTUAL OBLIGATIONS
The following table lists, as of September 30, 2025, information with respect to the Registrant's known contractual obligations:

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| | | | |
|:---|:---|:---|:---|
|  | **Payments Due by Period (All amounts in thousands of Canadian dollars)** | **Payments Due by Period (All amounts in thousands of Canadian dollars)** | **Payments Due by Period (All amounts in thousands of Canadian dollars)** |
| **Contractual Obligations** | **Less than 1 year** | **1-3 years** | **Total** |
| Accounts payable and accrued liabilities | $2317 | Nil | $2317 |
| Long-term debt | $30642 | $30000<br> Nil | $60642 |
| Capital lease | Nil | Nil | Nil |
| Operating lease | Nil | Nil | Nil |
| Purchase obligations | Nil | Nil | Nil |
| Management obligations | Nil | Nil | Nil |
| Other long-term liabilities | Nil | Nil | Nil |
| Total | $32959 | $21272<br> Nil | $62959 |

---

#### MINE SAFETY DISCLOSURE
Not applicable.

#### DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.

#### RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
Not applicable.

#### CORPORATE GOVERNANCE
The Registrant is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act and its common shares are listed on Nasdaq. Nasdaq Marketplace Rule 5615(a)(3) permits a foreign private issuer to follow its home country practices in lieu of certain requirements in the Nasdaq Listing Rules. A foreign private issuer that follows home country practices in lieu of certain corporate governance provisions of the Nasdaq Listing Rules must disclose each Nasdaq corporate governance requirement that it does not follow and include a brief statement of the home country practice the issuer follows in lieu of the Nasdaq corporate governance requirement(s), either on its website or in its annual filings with the Commission. A description of the significant ways in which the Registrant's corporate governance practices differ from those followed by domestic companies pursuant to the applicable Nasdaq Listing Rules is disclosed on the Registrant's website at https://solstrategies.io/ under "Investor Relations/Governance."

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

#### CONSENT TO SERVICE OF PROCESS
The Registrant filed an Appointment of Agent for Service of Process and Undertaking on Form F-X with the Commission on June 18, 2025 with respect to the class of securities in relation to which the obligation to file this Annual Report on Form 40-F arises.

Any change to the name or address of the Registrant's agent for service of process shall be communicated promptly to the Commission by an amendment to the Form F-X referencing the file number of the Registrant.

#### EXHIBIT INDEX

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| | |
|:---|:---|
| **Exhibit No.** | **Title of Exhibit** |
| 97.1 | [SOL Strategies Inc. Clawback Policy](stke-20250930xex97d1.htm) |
| 99.1 | [Annual Information Form of the Registrant for the year ended September 30, 2025](stke-20250930xex99d1.htm) |
| 99.2 | [Audited Consolidated Financial Statements of the Registrant for the years ended September 30, 2025 and 2024, together with the report of the Independent Registered Public Accounting Firm thereon](stke-20250930xex99d2.htm) |
| 99.3 | [Management's Discussion and Analysis of the Registrant for the year ended September 30, 2025](stke-20250930xex99d3.htm) |
| 99.4 | [Certification of the Interim Chief Executive Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the United States Securities Exchange Act of 1934](stke-20250930xex99d4.htm) |
| 99.5 | [Certification of the Chief Financial Officer pursuant to Rule 13a-14(a) or Rule 15d-14(a) of the United States Securities Exchange Act of 1934](stke-20250930xex99d5.htm) |
| 99.6 | [Certification of the Interim Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the United States Sarbanes Oxley Act of 2002](stke-20250930xex99d6.htm) |
| 99.7 | [Certification of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the United States Sarbanes Oxley Act of 2002](stke-20250930xex99d7.htm) |
| 99.8 | [Consent of Independent Registered Public Accounting Firm – Davidson & Company LLP (PCAOB ID: 731)](stke-20250930xex99d8.htm) |
| 101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| 101.SCH | Inline XBRL Taxonomy Extension Schema Document |
| 101.CAL | Inline XBRL Taxonomy Extension Calculation Linkbase Document |
| 101.DEF | Inline XBRL Taxonomy Extension Definition Linkbase Document |
| 101.LAB | Inline XBRL Taxonomy Extension Label Linkbase Document |
| 101.PRE | Inline XBRL Taxonomy Extension Presentation Linkbase Document |
| 104 | Cover Page Interactive Data File (formatted as Inline eXtensible Business Reporting Language (iXBRL) and contained in Exhibit 101). |

---

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

---

| | | | |
|:---|:---|:---|:---|
|  |  | **SOL Strategies Inc.** | **SOL Strategies Inc.** |
|  | By: | /s/ Michael Hubbard | /s/ Michael Hubbard |
|  |  | Name: | Michael Hubbard |
|  |  | Title: | Interim Chief Financial Officer |
| Date: December 31, 2025 |  |  |  |

---

## Exhibit 97.1

**Exhibit 97.1**

**SOL STRATEGIES INC.**

**INCENTIVE COMPENSATION RECOVERY POLICY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Introduction**.

The Board of Directors of Sol Strategies Inc. (the "**Company**") believes that it is in the best interests of the Company and its shareholders to create and maintain a culture that emphasizes integrity and accountability and that reinforces the Company's compensation philosophy. The Board has therefore adopted this policy, which provides for the recovery of erroneously awarded incentive compensation in the event that the Company is required to prepare an accounting restatement due to material noncompliance of the Company with any financial reporting requirements under the federal securities laws (the "**Policy**"). This Policy is designed to comply with Section 10D of the Securities Exchange Act of 1934, as amended (the "**Exchange Act**"), related rules and the listing standards of the Nasdaq Capital Market ("**Nasdaq**") or any other securities exchange on which the Company's shares are listed in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Administration**.

This Policy shall be administered by the Board or, if so designated by the Board, the *Compensation Committee* of the Board (the "**Committee**"), in which case, all references herein to the Board shall be deemed references to the Committee. Any determinations made by the Board shall be final and binding on all affected individuals.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**3.** **Covered Executives**.

Unless and until the Board determines otherwise, for purposes of this Policy, the term "**Covered Executive**" means a current or former employee who is or was identified by the Company as the Company's president, principal financial officer, principal accounting officer (or if there is no such accounting officer, the controller), any vice-president of the Company in charge of a principal business unit, division, or function (such as sales, administration, or finance), any other officer who performs a policy-making function, or any other person (including any executive officer of the Company's subsidiaries or affiliates) who performs similar policy-making functions for the Company. "Policy-making function" excludes policy-making functions that are not significant. "Covered Executives" will include, at minimum, the executive officers identified by the Company pursuant to Item 401(b) of Regulation S-K of the Exchange Act. For the avoidance of doubt, "Covered Executives" will include at least the following Company officers: Chief Executive Officer and Chief Financial Officer.

This Policy covers Incentive Compensation received by a person after beginning service as a Covered Executive and who served as a Covered Executive at any time during the performance period for that Incentive Compensation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**4.** **Recovery: Accounting Restatement**.

In the event of an "Accounting Restatement," the Company will recover reasonably promptly any excess Incentive Compensation received by any Covered Executive during the three completed fiscal years immediately preceding the date on which the Company is required to prepare an Accounting Restatement, including transition periods resulting from a change in the Company's fiscal year as provided in Rule 10D-1 of the Exchange Act. Incentive Compensation is deemed **"received"** in the Company's fiscal period during which the Financial Reporting Measure specified in the Incentive Compensation award is attained, even if the payment or grant of the Incentive Compensation occurs after the end of that period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Definition of Accounting Restatement.</u> 

For the purposes of this Policy, an "**Accounting Restatement**" means the Company is required to prepare an accounting restatement of its financial statements filed with the Securities and Exchange Commission (the "**SEC**") due to the Company's material noncompliance with any financial reporting requirements under the federal securities laws (including any required accounting restatement to correct an error in previously issued financial statements that is material to the previously issued financial statements, or that would result in a material misstatement if the error were corrected in the current period or left uncorrected in the current period).

The determination of the time when the Company is **"required"** to prepare an Accounting Restatement shall be made in accordance with applicable SEC and national securities exchange rules and regulations.

An Accounting Restatement does not include situations in which financial statement changes did not result from material non-compliance with financial reporting requirements, such as, but not limited to retrospective: (i) application of a change in accounting principles; (ii) revision to reportable segment information due to a change in the structure of the Company's internal organization; (iii) reclassification due to a discontinued operation; (iv) application of a change in reporting entity, such as from a reorganization of entities under common control; (v) adjustment to provision amounts in connection with a prior business combination; and (vi) revision for stock splits, stock dividends, reverse stock splits or other changes in capital structure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Definition of Incentive Compensation</u>.

For purposes of this Policy, "**Incentive Compensation**" means any compensation that is granted, earned, or vested based wholly or in part upon the attainment of a Financial Reporting Measure, including, for example, bonuses or awards under the Company's short and long-term incentive plans, grants and awards under the Company's equity incentive plans, and contributions of such bonuses or awards to the Company's deferred compensation plans or other employee benefit plans. Incentive Compensation does not include awards which are granted, earned and

------

vested without regard to attainment of Financial Reporting Measures, such as time-vesting awards, discretionary awards and awards based wholly on subjective standards, strategic measures or operational measures.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Financial Reporting Measures</u>.

**"Financial Reporting Measures"** are those that are determined and presented in accordance with the accounting principles used in preparing the Company's financial statements (including non-GAAP financial measures) and any measures derived wholly or in part from such financial measures. For the avoidance of doubt, Financial Reporting Measures include stock price and total shareholder return. A measure need not be presented within the financial statements or included in a filing with the SEC to constitute a Financial Reporting Measure for purposes of this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Excess Incentive Compensation: Amount Subject to Recovery</u>.

The amount(s) to be recovered from the Covered Executive will be the amount(s) by which the Covered Executive's Incentive Compensation for the relevant period(s) exceeded the amount(s) that the Covered Executive otherwise would have received had such Incentive Compensation been determined based on the restated amounts contained in the Accounting Restatement. All amounts shall be computed without regard to taxes paid.

For Incentive Compensation based on Financial Reporting Measures such as stock price or total shareholder return, where the amount of excess compensation is not subject to mathematical recalculation directly from the information in an Accounting Restatement, the Board will calculate the amount to be reimbursed based on a reasonable estimate of the effect of the Accounting Restatement on such Financial Reporting Measure upon which the Incentive Compensation was received. The Company will maintain documentation of that reasonable estimate and will provide such documentation to the applicable national securities exchange.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Method of Recovery</u>.

The Board will determine, in its sole discretion, the method(s) for recovering reasonably promptly excess Incentive Compensation hereunder. Such methods may include, without limitation:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) requiring reimbursement of compensation previously paid;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) forfeiting any compensation contribution made under the Company's deferred compensation plans, as well as any matching amounts and earnings thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) offsetting the recovered amount from any compensation that the Covered Executive may earn or be awarded in the future (including, for the avoidance of doubt, recovering amounts earned or awarded in the future to

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such individual equal to compensation paid or deferred into tax–qualified plans or plans subject to the Employee Retirement Income Security Act of 1974 (collectively, **"Exempt Plans"**); *provided that,* no such recovery will be made from amounts held in any Exempt Plan of the Company);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) taking any other remedial and recovery action permitted by law, as determined by the Board; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) some combination of the foregoing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**5.** **No Indemnification or Advance**.

Subject to applicable law, the Company shall not indemnify, including by paying or reimbursing for premiums for any insurance policy covering any potential losses, any Covered Executives against the loss of any erroneously awarded Incentive Compensation, nor shall the Company advance any costs or expenses to any Covered Executives in connection with any action to recover excess Incentive Compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Interpretation**.

The Board is authorized to interpret and construe this Policy and to make all determinations necessary, appropriate or advisable for the administration of this Policy. It is intended that this Policy be interpreted in a manner that is consistent with the requirements of Section 10D of the Exchange Act and any applicable rules or standards adopted by the SEC or any national securities exchange on which the Company's securities are listed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Effective Date**.

The effective date of this Policy is the date on which the Company's common shares commence trading on Nasdaq (the "**Effective Date**"). This Policy applies to Incentive Compensation received by Covered Executives on or after the Effective Date that results from attainment of a Financial Reporting Measure based on or derived from financial information for any fiscal period ending on or after the Effective Date. In addition, this Policy is intended to be and will be incorporated as an essential term and condition of any Incentive Compensation agreement, plan or program that the Company establishes or maintains on or after the Effective Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Amendment and Termination**.

The Board may amend this Policy from time to time in its discretion, and shall amend this Policy as it deems necessary to reflect changes in regulations adopted by the SEC under Section 10D of the Exchange Act and to comply with any rules or standards adopted by Nasdaq or any other securities exchange on which the Company's shares are listed in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Other Recovery Rights**.

The Board intends that this Policy will be applied to the fullest extent of the law. Upon receipt of this Policy, each Covered Executive is required to complete the Receipt and Acknowledgement attached as Schedule A to this Policy. The Board may require that any employment agreement or

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similar agreement relating to Incentive Compensation received on or after the Effective Date shall, as a condition to the grant of any benefit thereunder, require a Covered Executive to agree to abide by the terms of this Policy. Any right of recovery under this Policy is in addition to, and not in lieu of, any (i) other remedies or rights of compensation recovery that may be available to the Company pursuant to the terms of any similar policy in any employment agreement, or similar agreement relating to Incentive Compensation, unless any such agreement expressly prohibits such right of recovery, and (ii) any other legal remedies available to the Company. The provisions of this Policy are in addition to (and not in lieu of) any rights to repayment the Company may have under Section 304 of the Sarbanes-Oxley Act of 2002 and other applicable laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Impracticability**.

The Company shall recover any excess Incentive Compensation in accordance with this Policy, except to the extent that certain conditions are met and the Board has determined that such recovery would be impracticable, all in accordance with Rule 10D-1 of the Exchange Act and the Nasdaq Continued Listing Standards or any other securities exchange on which the Company's shares are listed in the future.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Successors**.

This Policy shall be binding upon and enforceable against all Covered Executives and their beneficiaries, heirs, executors, administrators or other legal representatives.

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**Schedule A**

**INCENTIVE-BASED COMPENSATION CLAWBACK POLICY**

**RECEIPT AND ACKNOWLEDGEMENT**

I,<u>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</u> , hereby acknowledge that I have received and read a copy of the Incentive Compensation Recovery Policy. As a condition of my receipt of any Incentive Compensation as defined in the Policy, I hereby agree to the terms of the Policy. I further agree that if recovery of excess Incentive Compensation is required pursuant to the Policy, the Company shall, to the fullest extent permitted by governing laws, require such recovery from me up to the amount by which the Incentive Compensation received by me, and amounts paid or payable pursuant or with respect thereto, constituted excess Incentive Compensation. If any such reimbursement, reduction, cancelation, forfeiture, repurchase, recoupment, offset against future grants or awards and/or other method of recovery does not fully satisfy the amount due, I agree to immediately pay the remaining unpaid balance to the Company.

&nbsp;&nbsp;&nbsp;&nbsp; <br> Signature Date

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## Exhibit 99.1

**Exhibit 99.1**

![Graphic](stke-20250930xex99d1001.jpg)

**SOL STRATEGIES INC.**

**ANNUAL INFORMATION FORM**

**FOR THE FINANCIAL YEAR ENDED SEPTEMBER 30, 2025**

**December 29, 2025**

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**TABLE OF CONTENTS**

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| | |
|:---|:---|
| &nbsp;&nbsp;GLOSSARY OF TERMS | &nbsp;&nbsp;2 |
| &nbsp;&nbsp;GENERAL | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;CURRENCY AND EXCHANGE RATE INFORMATION | &nbsp;&nbsp;4 |
| &nbsp;&nbsp;CAUTION REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTORS | &nbsp;&nbsp;5 |
| &nbsp;&nbsp;CORPORATE STRUCTURE | &nbsp;&nbsp;6 |
| &nbsp;&nbsp;GENERAL DEVELOPMENT OF THE BUSINESS | &nbsp;&nbsp;7 |
| &nbsp;&nbsp;DESCRIPTION OF THE BUSINESS | &nbsp;&nbsp;11 |
| &nbsp;&nbsp;RISK FACTORS | &nbsp;&nbsp;14 |
| &nbsp;&nbsp;DIVIDENDS AND DISTRIBUTIONS | &nbsp;&nbsp;39 |
| &nbsp;&nbsp;DESCRIPTION OF SHARE CAPITAL | &nbsp;&nbsp;39 |
| &nbsp;&nbsp;MARKET FOR SECURITIES | &nbsp;&nbsp;39 |
| &nbsp;&nbsp;ESCROWED SECURITIES | &nbsp;&nbsp;41 |
| &nbsp;&nbsp;DIRECTORS AND OFFICERS | &nbsp;&nbsp;41 |
| &nbsp;&nbsp;PROMOTER | &nbsp;&nbsp;46 |
| &nbsp;&nbsp;LEGAL PROCEEDINGS AND REGULATORY ACTIONS | &nbsp;&nbsp;46 |
| &nbsp;&nbsp;INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS | &nbsp;&nbsp;46 |
| &nbsp;&nbsp;TRANSFER AGENT AND REGISTRAR | &nbsp;&nbsp;46 |
| &nbsp;&nbsp;MATERIAL CONTRACTS | &nbsp;&nbsp;46 |
| &nbsp;&nbsp;INTERESTS OF EXPERTS | &nbsp;&nbsp;47 |
| &nbsp;&nbsp;ADDITIONAL INFORMATION | &nbsp;&nbsp;48 |
| &nbsp;&nbsp;AUDIT COMMITTEE DISCLOSURE | &nbsp;&nbsp;48 |

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**GLOSSARY OF TERMS**

In this Annual Information Form, the following capitalized words and terms shall have the following meanings:

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| | |
|:---|:---|
| &nbsp;&nbsp;"**AIF**" | &nbsp;&nbsp;This annual information form of the Company. |
| &nbsp;&nbsp;"**Audit Committee**" | &nbsp;&nbsp;The audit committee of the Board. |
| &nbsp;&nbsp;"**Bitcoin**" | &nbsp;&nbsp;The peer-to-peer payment system and the digital currency of the same name which uses open source cryptography to control the creation and transfer of such digital currency. |
| &nbsp;&nbsp;"**Blockchain**" | &nbsp;&nbsp;A system in which a record of transactions, especially those made in a cryptocurrency, is maintained across computers that are linked in a peer-to-peer network. |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;"**Board**" | &nbsp;&nbsp;The board of directors of the Company. |
| &nbsp;&nbsp;"**CEO**" | &nbsp;&nbsp;Chief Executive Officer. |
| &nbsp;&nbsp;"**Compensation Committee**" | &nbsp;&nbsp;The compensation committee of the Board. |
| &nbsp;&nbsp;"**Common Shares**" | &nbsp;&nbsp;Common shares without par value in the capital of the Company. |
| &nbsp;&nbsp;"**Company**", "**we**", "**us**" or "**our**" | &nbsp;&nbsp;SOL Strategies Inc. |
| &nbsp;&nbsp;"**CSA**" | &nbsp;&nbsp;The Canadian Securities Administrators. |
| &nbsp;&nbsp;"**CSE**" | &nbsp;&nbsp;The Canadian Securities Exchange. |
| &nbsp;&nbsp;"**Custodian**" or "**Coinbase**" | &nbsp;&nbsp;Coinbase Custody Trust Company, LLC |
| &nbsp;&nbsp;"**Ether**" | &nbsp;&nbsp;The digital currency which uses open source cryptography to control the creation and transfer of such digital currency on the Ethereum network. |
| &nbsp;&nbsp;"**FTX**" | &nbsp;&nbsp;FTX Trading Ltd. |
| &nbsp;&nbsp;"**Lucy Labs**"<br>"**NASDAQ**" | &nbsp;&nbsp;Lucy Labs Flagship Offshore Fund SPC.<br>Nasdaq Global Select Market. |
| &nbsp;&nbsp;"**NCIB**" | &nbsp;&nbsp;Normal Course Issuer Bid. |
| &nbsp;&nbsp;"**OBCA**" | &nbsp;&nbsp;*Business Corporations Act* (Ontario) |
| &nbsp;&nbsp;"**Option**" | &nbsp;&nbsp;An option to purchase one Common Share of the Company. |
| &nbsp;&nbsp;"**SEC**" | &nbsp;&nbsp;The U.S. Securities and Exchange Commission. |
| &nbsp;&nbsp;"**SEDAR+**" | &nbsp;&nbsp;The System for Electronic Document Analysis and Retrieval+. |
| &nbsp;&nbsp;"**SOL**" | &nbsp;&nbsp;The digital currency which uses open source cryptography to control the creation and transfer of such digital currency on the Solana network. |
| &nbsp;&nbsp;"**Solana**"  | &nbsp;&nbsp;A high-performance, open-source blockchain platform designed to host decentralized applications (dApps), offering fast transaction speeds and low fees, using a unique hybrid consensus mechanism of Proof-of-Stake (PoS) and Proof-of-History (PoH). |
| &nbsp;&nbsp;"**Validators**" | &nbsp;&nbsp;Node operators which stake tokens to secure the applicable blockchain by verifying transactions and proposing blocks, earning rewards while risking potential penalties for misconduct. |

---

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| | |
|:---|:---|
| &nbsp;&nbsp;"**wallet**" | &nbsp;&nbsp;A software and hardware platform that securely stores digital currency or cryptocurrency by guarding secure keys used for private access. |
| &nbsp;&nbsp;"**Warrant**" | &nbsp;&nbsp;A common share purchase warrant of the Company. |

---

**GENERAL**

Information contained in this AIF is given as of September 30, 2025, the financial year end of the Company, unless otherwise specifically stated.

CAD$ means a dollar of lawful money of Canada. USD$ or $ means a dollar of lawful money of the United States. AUD$ means a dollar of lawful money of Australia.

On August 5, 2025, the Company underwent a consolidation of the Common Shares (the "**Consolidation**") on the basis of one (1) new Common Share for every eight (8) pre-Consolidation Common Shares. Unless otherwise stated, all references to Common Shares in this AIF are to post-Consolidation Common Shares.

Market and industry data used throughout this AIF was obtained from various publicly available sources. Although the Company believes that these independent sources are generally reliable, the accuracy and completeness of such information are not guaranteed and have not been verified due to limits on the availability and reliability of raw data, the voluntary nature of the data gathering process and the limitations and uncertainty inherent in any statistical survey of market size, conditions and prospects.

This AIF should be read in conjunction with the Company's audited consolidated financial statements and management's discussion and analysis for the financial year ended September 30, 2025. The financial statements and management's discussion and analysis are available under the Company's profile on the System for Electronic Data Analysis and Retrieval+ (SEDAR+) at www.sedarplus.ca. The Company's financial statements are prepared in accordance with International Financial Reporting Standards.

**CURRENCY AND EXCHANGE RATE INFORMATION**

The following table sets forth for each period indicated: (i) the exchange rates in effect at the end of the period; (ii) the high and low exchange rates during such period; and (iii) the average exchange rates for such period, for the U.S. dollar, expressed in Canadian dollars, as quoted by the Bank of Canada.

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended September 30** | **Year Ended September 30** | **Year Ended September 30** |
|  | **2025** | **2024** | **2023** |
|  | **CAD$** | **CAD$** | **CAD$** |
| Closing | 1.3921 | 1.3499 | 1.3520 |
| High | 1.4603 | 1.3875 | 1.3856 |
| Low | 1.3491 | 1.3205 | 1.3128 |
| Average | 1.3986 | 1.3608 | 1.3486 |

---

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On December 24, 2025, the daily exchange rate as quoted by the Bank of Canada was USD$1.00 = CAD$1.3674.

**CAUTION REGARDING FORWARD-LOOKING STATEMENTS AND RISK FACTORS**

**Caution Regarding Forward-Looking Information**

This AIF contains "forward-looking information" within the meaning of that term under applicable securities laws. This information relates to future events or future performance and reflects the Company's expectations and assumptions regarding such future events and performance. Forward-looking information can be identified by the use of words such as, but not limited to, "plans", "expects", "project", "predict", "potential", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements that certain actions, events or results "may", "could", "would", "might" or "will" be taken, occur or be achieved.

In particular, all statements, other than statements of historical facts included in this AIF that address activities, events or developments that management of the Company expects or anticipates will or may occur in the future contain forward-looking information, including but not limited to, statements with respect to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial, operational and other projections and outlooks as well as statements or information concerning future operation plans, objectives, performance, revenues, growth, acquisition strategies, profits or operating expenses of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• details and expectations regarding the Company's investments in the cryptocurrency industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding the Company's customer base;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• conditions in financial markets and the economy generally;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• expectations regarding revenue growth due to changes in the Company's business strategy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• development of laws and regulations governing the cryptocurrency industry;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• requirements for additional capital and future financing options;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability of attractive investments that align with the Company's investment strategy; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• other expectations of the Company.

By their very nature, forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. The Company believes the expectations reflected in those forward-looking statements are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking statements included in this AIF should not be unduly relied upon. These statements speak only as of the date of this AIF. Important factors that could cause actual results to differ materially from the Company's expectations are described in the Company's documents filed from time to time with the applicable regulatory authorities and such factors include, but are not limited to, risks related to safeguarding of digital assets; cryptocurrency and digital assets momentum risks; risks related to validator operations; risks related to staking operations; risks related to the focused business strategy and concentration of investments of the Company; risks related to cybersecurity threats, security breaches and hacks; risks related to the novelty of cryptocurrency exchanges and other trading venues; regulatory risks; risks related to the U.S. classification of crypto assets and the Investment Company Act of 1940; risks related to the banks ceasing to provide services to businesses providing crypto-currency related services; risks related to the impact of geopolitical events; risks related to the further development and acceptance of cryptocurrency; risks related to loss, theft or destruction of cryptocurrencies; risks related to the irrevocability of transactions; hard fork and air drop risks; risks related to the failure to maintain the cryptocurrency networks; insurance risk; risks related to competition; risks related to the Company's investment in private issuers and illiquid securities; risks related to macro-economic conditions; risks

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related to available opportunities and competition for investments; risks related to the integration of acquired businesses; risks related to additional financing requirements; risks related to no guaranteed return; risks related to the management of the Company's growth; risks related to due diligence by the Company on investment opportunities; risks related to exchange rate fluctuations; risks related to the Company's non-controlling interests; risks related to changes in legislation and regulatory risk; risks related to changes or development related to accounting standards; risks related to changes or development related to accounting standards; risks related to the Company's financial condition and Common Shares; and other risks described herein including under the heading "*Risk Factors*".

When relying on forward-looking information to make decisions, readers should ensure that the preceding information, the risks and uncertainties described in "*Risk Factors*" and the other contents of this AIF are all carefully considered. The forward-looking information contained herein is current as of the date of this AIF, and, except as may be required by applicable law, the Company disclaims any obligation or undertaking to publicly release any updates or revisions to any forward-looking information contained herein to reflect any change in expectations, estimates and projections with regard thereto or any changes in events, conditions or circumstances on which any information is based. Readers should not place undue importance on such forward-looking information and should not rely upon this information as of any other date. In addition to the disclosure contained herein, for more information concerning the Company's various risks and uncertainties, please refer to the Company's public filings available under its profile on SEDAR+ at www.sedarplus.ca

With regard to all information included herein relating to companies in the Company's investment portfolio, the Company has relied on information provided by the investee companies and on publicly available information disclosed by the respective companies.

**CORPORATE STRUCTURE**

**Name, Address and Incorporation**

The Company was incorporated on October 1, 2002 in Ontario pursuant to the OBCA under the name "2016594 Ontario Inc." and changed its name to "Khan Resources Inc." on January 6, 2003. The Common Shares began trading on the CSE on May 14, 2012 under the symbol "KRI".

On March 6, 2018, the Company announced a change in its corporate direction to focus on selected cryptocurrencies and high impact investment opportunities related to Blockchain technology. On January 31, 2019, the Company filed a certificate of change of name under the OBCA and changed its name to "Cypherpunk Holdings Inc." and the Common Shares commenced trading on the CSE under the new symbol "HODL" on February 4, 2019. On September 12, 2024, the Company filed a certificate of change of name under the OBCA and changed its name to "SOL Strategies Inc." to reflect its new investment strategy centered on the Solana ecosystem.

On August 5, 2025, the Company completed the consolidation of its issued and outstanding Common Shares on the basis of one (1) new Common Share for every eight (8) pre-Consolidation Common Shares.

The Common Shares are also listed for trading under the symbol "STKE" on the NASDAQ.

The Company's head office and registered office is located at Suite 401, 217 Queen Street West, Toronto, Ontario, M5X 1B1.

The Company has no subsidiaries or other inter-corporate relationships.

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**GENERAL DEVELOPMENT OF THE BUSINESS**

**Three Year History**

The following is a summary of the general development of the Company's business over the three most recently completed financial years.

***Subsequent to Fiscal 2025***

On November 17, 2025, the Company announced that it had been selected as a staking provider to the VanEck Solana ETF through the Company's Orangefin validator.

On October 22, 2025, the Company announced that Netcoins, a subsidiary of BIGG Digital Assets Inc. (TSXV: BIGG), has selected the Company as its Solana staking validator partner for retail customer staking services. Netcoins will transition its Solana staking operations to the Company's enterprise-grade validator infrastructure, providing Netcoins' customers with access to enhanced staking yields while maintaining the regulatory compliance and security standards required by Canadian securities regulations.

On October 1, 2025, the Company announced the completion of a private placement of units of the Company for gross proceeds of CAD$30,003,000 pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – *Prospectus Offerings* (the "**LIFE Offering**"). Each unit consists of one Common Share and one Warrant exercisable at CAD$8.90 for 36 months following closing of the LIFE Offering. The LIFE Offering was marketed by Canaccord Genuity Corporation, acting as agent and sole bookrunner.

***Fiscal 2025***

<u>Listings</u>

On September 9, 2025, the Company announced the commencement of trading of its Common Shares on NASDAQ under the symbol "STKE".

On August 5, 2025, the Company completed the consolidation of its issued and outstanding Common Shares on the basis of one (1) new Common Share for every eight (8) pre-Consolidation Common Shares.

On January 21, 2025, the Company announced that it qualified to trade on the OTCQX Best Market under the symbol "CYFRF", upgrading from the Pink market.

<u>Financings</u>

On April 23, 2025, the Company entered into a convertible note facility for up to US$500 million with an affiliate of ATW Partners Opportunities Management, LLC (the "**Convertible Note Facility**"), of which US$20 million was drawn as an initial tranche on May 1, 2025, with additional capacity of up to US$480 million available in follow-on drawdowns, subject to certain conditions, including but not limited to: no default or event of default by the Company under the agreement, the continued accuracy of the representations and warranties made by the Company under the agreement, timely delivery of closing documents, approval of the CSE or other applicable exchange, the mutual agreement between the parties to proceed with a subsequent tranche, satisfactory legal and financial conditions, and written notice and mutual agreement to close a specified amount and timing for closing thereof. Proceeds from the Convertible Note Facility were deployed to purchase SOL to be staked on the Company's validators.

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On January 24, 2025, the Company announced the completion of its second tranche private placement of convertible debenture units with an individual subscriber for gross proceeds of CAD$2.5 million. The financing consists of unsecured convertible debenture units with a 2.5% annual interest rate, a CAD$4.66 conversion price, and warrants exercisable at the same price for five years. The debentures are redeemable after three years at 112% of principal, plus accrued interest.

On January 16, 2025, the Company announced the completion of a private placement of convertible debentures with ParaFi Capital for gross proceeds of CAD$27.5 million, pursuant to the terms of a securities purchase agreement entered into on January 8, 2025. The financing consists of unsecured convertible debenture units with a 2.5% annual interest rate, a CAD$2.50 conversion price, and warrants exercisable at the same price for five years. The debentures are redeemable after three years at 112% of principal, plus accrued interest.

<u>Acquisitions</u>

On March 17, 2025, the Company completed the acquisition of three Validators and certain assets related thereto for CAD$35 million, pursuant to the terms of an asset purchase agreement entered into on March 7, 2025 with Michael Hubbard.

On December 31, 2024, the Company completed the acquisition of three Validators and certain assets related thereto for USD$6.5 million, pursuant to the terms of an asset purchase agreement entered into on December 20, 2024 with Orangefin Ventures LLC.

On November 25, 2024, the Company completed the acquisition of four Validators and certain assets related thereto for USD$18.2 million, pursuant to the terms of an asset purchase agreement entered into on November 14, 2024 with Ben Hawkins (*dba* Cogent Crypto).

<u>Credit Facility</u>

On October 22, 2024, the Company announced that it entered into an agreement dated October 21, 2024, with Antanas Guoga, the Chairman and a director of the Company at such time, providing for a CAD$10 million unsecured, revolving demand credit facility. On January 7, 2025 the Company announced that the Credit Facility was amended and restated to provide for a CAD$25 million unsecured, revolving demand credit facility to be used for the purchase of Solana tokens (the "**Credit Facility**"). The Credit Facility matures on January 6, 2027.

<u>Auditor Change</u>

On January 29, 2025, Kingston Ross Pasnak LLP, the Company's former auditor, resigned at the request of the Company and Davidson & Company LLP was appointed to replace the former auditor as auditor of the Company.

<u>Strategic Direction and Investments</u>

On July 28, 2025, the Company announced that it had been selected as a new Solana staking provider for ARK Invest's Digital Asset Revolutions Fund.

On May 28, 2025, the Company announced that it had completed SOC 2 Type 1 and SOC 1 Type 1 audits for its Solana staking platform and gained official certification of SOL Strategies under ISO 27001.

------

On May 12, 2025, the Company announced a staking partnership with DigitalX Limited, for the use of the Company's validator infrastructure.

On May 8, 2025, the Company announced that it had signed a non-binding memorandum of understanding with Superstate to explore Superstate acting as a junior transfer agent for the Company and to provide a platform and infrastructure to issue tokens for common shares tradable on the Solana blockchain.

On April 15, 2025, the Company announced a partnership with Pudgy Penguins to launch a dedicated Solana validator in support of the PENGU ecosystem.

On February 24, 2025, the Company announced a new institutional staking partnership with Neptune Digital Assets Corp.

On February 20, 2025, the Company announced that it has been selected as an approved staking provider for Tetra Trust.

On January 16, 2025 the Company announced the launch of its new mobile application from its recently acquired company Orangefin. The application is the first non-custodial staking solution that allows investors to stake Solana directly from their phones.

On October 2, 2024, the Company announced the recovery of approximately CAD$825,450 (USD$611,494) in the form of USD Coin from Lucy Labs due to the recovery by Lucy Labs of capital held at FTX pursuant to FTX's bankruptcy proceedings. The recovery represents a premium of 122% on the Company's original USD$500,000 investment, which the Company had written off in December 2022, after FTX filed for Chapter 11 bankruptcy protection.

<u>Management Board and Personnel Changes</u>

On September 22, 2025, the Company announced that Leah Wald resigned as director of the Company effective immediately and as CEO effective October 1, 2025 and that Micheal Hubbard was appointed as Interim CEO of the Company.

On September 12, 2025, the Company announced that Andrew McDonald was promoted from Director of Operations to Chief Operating Officer of the Company.

On July 21, 2025, the Company announced the appointment of Luis Berruga as Chairman of the Board, the transition of Tony Guoga from Chairman of the Board, and the addition of José Manuel Calderón and Michael Hubbard to the Board.

On July 1, 2025, the Company appointed Andrew McDonald as Compliance Officer.

On March 17, 2025, the Company announced that Michael Hubbard was appointed the Chief Strategy Officer.

On March 3, 2025, the Company announced that Luis Berruga was appointed to the Company's Board.

On February 25, 2025, the Company announced that it engaged ICR, LLC to provide investor relations services to the Company.

On February 3, 2025, the Company announced that Moe Adham, director and Chief Investment Officer of the Company, resigned from the Company.

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On December 31, 2024, the Company announced that Max Kaplan was appointed the Head of Staking. On February 7, 2025, Max Kaplan was promoted to Chief Technology Officer.

On November 25, 2024, the Company announced the appointment of Anthony Pompliano as an advisor to the Company.

***Fiscal 2024***

<u>Strategic Direction and Investments</u>

On September 12, 2024, the Company announced a rebrand to "SOL Strategies" to reflect its new investment strategy centered on Solana. The Company's legal name change from "Cypherpunk Holdings Inc." to "SOL Strategies Inc." took effect on September 12, 2024, and was unanimously approved by the Board and by its shareholders at the Company's shareholder meeting held on July 30, 2024.

On May 10, 2024, the Company announced the sale of 2,225,678 Animoca Brands shares for AUD$2.0 million, reducing its holdings to 4,365,231 shares. The Company also ceased its Bitcoin options writing program, maintaining 117.09 Bitcoin, while continuing investments in Chia Networks, NGRAVE, and mining hardware operated by MiningStore.

On March 11, 2024, the Company announced a strategic shift in focus to explore high-growth sectors such as emerging technologies and biotechnology, driven by evolving dynamics in the digital asset landscape, including the introduction of Bitcoin ETFs.

On February 20, 2024, the Company finalized an agreement to sell 2.5 million shares of Animoca Brands at AUD$0.90 per share, with proceeds reinvested to align with its strategic focus on privacy technologies, high-performance computing, and decentralization trends.

<u>Management, Board and Personnel Changes</u>

On September 11, 2024, the Company announced that it entered into an investor relations agreement with Proconsul Capital Ltd, pursuant to which Proconsul Capital Ltd would provide strategic communication services to the Company.

On September 10, 2024, the Company announced the appointment of Ungad Chadda as an additional independent director joining the Board.

On July 9, 2024, the Company announced the appointment of Leah Wald as President and Chief Executive Officer of the Company. Ms. Wald replaced Antanas Guoga, who continued to serve as a director of the Company.

<u>Normal Course Issuer Bid</u>

On June 12, 2024, the Company announced the completion of its NCIB initially announced on February 20, 2024. Under the NCIB, the Company purchased and cancelled a total of 7,603,343 pre-Consolidation Common Shares at an average price of CAD$0.1228 per share. These shares represented approximately 5% of the Company's issued and outstanding Common Shares as of the commencement of the NCIB.

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***Fiscal 2023***

<u>Strategic Direction and Investments</u>

On March 31, 2023, the Company announced its decision to diversify its treasury by allocating up to 40% of its net assets to Bitcoin, reflecting its commitment to decentralized holdings. On November 14, 2022, the Company announced that it held no digital cryptocurrencies, having converted all stable coin holdings into US dollars, while maintaining investments in AB Strategies Fund, Chia Networks, and other assets.

On February 15, 2023, the Company announced the acquisition of 9.09 million shares of Animoca Brands for AUD$10 million, the sale of its 24,572 IPv4 addresses for CAD$1.16 million, and the divestment of its stake in AB Digital Strategies Fund for CAD$1.57 million, resulting in a 22% loss.

<u>Normal Course Issuer Bid</u>

On January 24, 2023, the Company announced its intention to commence a normal course issuer bid to repurchase up to 8,003,535 pre-Consolidation Common Shares, representing 5% of its issued shares, over a one-year period.

**Significant Acquisitions**

No "significant acquisition" (as such term is defined in National Instrument 51-102 – *Continuous Disclosure Obligations*) was completed during the most recently completed financial year.

**DESCRIPTION OF THE BUSINESS**

**General**

SOL Strategies Inc. is a publicly traded Canadian investment company that operates at the forefront of blockchain innovation by operating critical infrastructure for the Solana blockchain, offering staking services to institutional and retail customers and holding a substantial treasury of Solana tokens.

**Products and Services**

***Cryptocurrency Treasury***

The Company maintains a core portfolio of cryptocurrencies for long-term growth. During the most recently completed financial year, the Company's operations focused on the Solana Blockchain and ecosystem. This resulted in the purchase of 309,634 SOL for a total cost of approximately US$74.9 million during the most recently completed financial year. The Company funded the purchase of SOL primarily from the proceeds of its financings described under "General Development of the Business – Three Year History". The SOL is held in custody at Coinbase and delegated to the Company's Validators to earn staking rewards (as described below).

***Managing and Operating Validators***

The Company operates Validator nodes on several Proof of Stake Blockchain networks, including, but not limited to, Solana and SUI. These networks operate on delegated Proof of Stake mechanisms whereby users (stakers) may delegate tokens to Validators, as operated by Company, which are able to propose blocks (a set of transactions to be executed) in the Blockchain as well as verify and vote on the validity of blocks proposed by other Validator nodes. The Blockchain protocol pays rewards to stakers based on the

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performance of the Validators to which they have delegated tokens, and the Validators may charge a commission on those rewards, in addition to receiving transaction fees from the blocks they propose.

***Cryptocurrency Staking***

Staking in Blockchain networks is the process of locking up a number of tokens and delegating these to a Validator node. The Validator node has voting power in the network based on the total tokens delegated to it by all stakers relative to the total tokens delegated on the network. Staking is a passive action whereby the staker receives rewards from the Blockchain protocol based on the performance of the delegated Validator, without needing to actively participate in any consensus decisions or actions. In the Company's case, it owns Solana tokens (SOL) which it stakes and delegates to Validators that it operates, thus earning rewards from the Blockchain protocol.

***Investments***

The Company opportunistically invests in opportunities that complement its cryptocurrency activities.

**Specialized Skill and Knowledge**

The Company believes its success is largely dependent on the performance of its management, board of directors, consultants and key employees, many of whom have specialized experience relating to our industry, regulatory environment, and business. Such knowledge and skills include the areas of Blockchain technology, research and development, crypto assets, crypto asset market, technological security and scalability, sales and marketing, as well as legal compliance, finance and accounting. The Company has found that it can locate and retain competent employees and consultants in such fields and believes it will continue to be able to do so on an ongoing basis.

The Company believes that it has adequate personnel with the specialized skills and knowledge to successfully carry out the Company's business and operations. See "*Risk Factors – Dependence on Management Personnel*" of this AIF for a reference to the risks of losing such specialized skill and knowledge.

**Competitive Conditions**

There are one or more public companies that offer similar services to SOL Strategies, so there is competition in the market. Blockchain validation is a competitive business, however the combination of Company's offering of a strong SOL treasury, multiple Validator offerings with institutional ties and the development of new technology-based revenue streams sets it apart. The competitive landscape also includes global traditional ETFs and ETPs, though SOL Strategies can be distinguished from traditional ETFs and ETPs in that traditional ETFs and ETPs do not typically own and operate their own Validators.

**Intangible Properties**

The Company takes measures to protect our intangible property and proprietary rights through contractual provisions, trademarks, applications and registrations and managing our trade secrets. This includes requiring employees, contractors, and persons we do business with to execute non-disclosure agreements, assignments and other commercial agreements to govern our interactions and relationships with them.

The Company believes that the SOL Strategies brand name is identifiable in the market and important to the success of the Company. The Company has applied for trademark protection of key brand elements in Canada, the U.S. and the E.U., including ORANGEFIN and COGENT CRYPTO, among others. The

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Company has registered and maintains the registration of a variety of domain names that include and .

SOL Strategies uses the commercial names "SOL Strategies" and "HODL". The Company also holds domain names and associated intellectual properties, including but not limited to "Cogent Crypto", "Laine", "Orangefin Ventures" and "stakewiz.com".

**Cycles**

The Company's business is not cyclical or seasonal.

**Economic Dependence**

The Company currently is not party to any contracts upon which its business is substantially dependent.

**Changes to Contracts**

Management is not aware of any current or anticipated renegotiation or termination of contracts or subcontracts that are reasonably expected to impact the Company's business in the current financial year.

**Environmental Protection**

As of the date hereof, there are no financial and/or operational impacts in relation to environmental protection requirements on the capital expenditures, earnings and competitive position of the Company.

**Employees**

As at the date hereof, the Company has one full time employee and 11 independent contractors who work on a part-time or full-time basis.

**Foreign Operations**

The Company's foreign operations primarily include the Company's Validator servers which are located in the Netherlands and the United States. The Company's management team and consultants are based in the United States, United Kingdom, and New Zealand.

**Lending**

As of the date hereof, SOL Strategies does not conduct any lending operations, nor does it have in place any investment policies and/or investment restrictions.

**Bankruptcy or Similar Proceedings**

Within the three most recently completed financial years, there have not been any bankruptcy, receivership or similar proceedings against the Company, and the Company has not been party to any voluntary bankruptcy, receivership or similar proceedings.

**Reorganizations**

Other than as described under *"Description of the Business*", the Company has not completed any material reorganization within the three most recently completed financial years.

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**RISK FACTORS**

The Company's business, operations, financial results and prospects are subject to the normal risks of its industry and are subject to various factors which are beyond the control of the Company. Certain of these risk factors are described below. The risks described below are not the only ones facing the Company. Additional risks not currently known to the Company, or that it currently considers immaterial, may also adversely impact the Company's business, operations, financial results or prospects, should any such other events occur.

**Risks Relating to the Business and Industry of the Company**

***Safeguarding of Digital Assets***

The Company retains one third-party custodian, Coinbase, pursuant to the custodial services agreement dated February 2, 2019, as amended on September 2, 2019 (the "**Custodian Agreement**"). Coinbase is responsible for the safekeeping of all of the investments and other assets of the Company delivered to it in accordance with the Custodian Agreement. The Custodian holds the Company's Solana, Bitcoin, and other cryptocurrency assets. The Company holds its Solana, Bitcoin and other cryptocurrency assets in segregated, secured storage wallets maintained by Coinbase. Coinbase is the only party responsible for holding and safeguarding the Company's cryptocurrency assets and has not appointed a sub-custodian to hold certain cryptocurrency assets. The Company's use of one custodian means that it is more prone to losses arising out of a failure of the Coinbase's business or the failure of Coinbase to properly safeguard the Company's assets, whether through malfeasance or negligence. The Company's use of one custodian also means that it may be prone to losses arising out of a single instance of hacking, loss of passwords, compromised access credentials, malware or cyberattacks. Custodians may not indemnify us against any losses of digital assets. Digital assets held by custodians may be transferred into "cold storage" or "deep storage," in which case there could be a delay in retrieving such digital assets. The Company also incurs costs related to the third-party custody and storage of its digital assets. Any security breach, incurred cost or loss of digital assets associated with the use of a custodian could materially and adversely affect our trading execution, the value of our and the value of any investment in our Common Shares. Furthermore, there is, and is likely to continue to be, uncertainty as to how U.S. and non-U.S. laws will be applied with respect to custody of cryptocurrencies and other digital assets held on behalf of clients. For example, while U.S.-regulated investment advisers may be required to keep client "funds and securities" with a "qualified custodian"; there remains numerous questions about how to interpret and apply this rule, and how to identify a "qualified custodian" of, digital assets, which are obviously kept in a different way from the traditional securities with respect to which such rules were written, even with the SEC's September 30, 2025 no action letter permitting certain industry participants to use qualifying state-chartered trust companies as custodians for digital assets. The uncertainty and potential difficulties associated with this question and related questions could materially and adversely affect our ability to continuously develop and launch our business lines.

Coinbase, located at One Madison Ave, Suites 2400 & 2500 New York, NY 10010, is regulated by the New York Department of Financial Services (NYDFS) and operates as an independently capitalized entity. Coinbase is a fiduciary under § 100 of the New York Banking Law and is licensed to custody its clients' digital assets in trust on their behalf. As a New York state-chartered trust, Coinbase is held to the same fiduciary standards as national banks and is a qualified custodian for purposes of § 206(4)-2(d)(6) of the Advisers Act, commonly called the custody role.

SOL Strategies is not aware of anything with regards to the Coinbase's operations that would adversely affect the Company's operations and there are no known security breaches or other similar incidents involving the custodian as a result of which the Company's cryptocurrency assets have been lost or stolen.

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Coinbase holds 100% of the Company's Bitcoin and Solana holdings and carries an annually renewed commercial crime insurance policy, with Coinbase Global Inc., Coinbase's parent company, as the named insured. However, such insurance coverage may be insufficient to protect SOL Strategies against all losses of digital assets held in custody, whether or not stemming from security breaches, cyberattacks or other types of unlawful activity. Any recovery may be limited and may not fully compensate SOL Strategies for the value of any lost or stolen assets. Therefore, a loss may be suffered with respect to SOL Strategies' digital assets that is not covered by insurance and for which no person is liable in damages, which could adversely affect SOL Strategies' operations and, consequently, an investment in SOL Strategies. Digital assets are controllable only by the possessor of both the public key and the private key(s) associated with the digital wallet in which they are stored.

While public keys must be disclosed to complete blockchain transactions, private keys must be kept secure and confidential. If private keys are lost, destroyed, or otherwise compromised and no backup is available, we would permanently lose access to the corresponding digital assets. SOL Strategies cannot guarantee that any future digital wallets or the wallets of our custodians will not be compromised by cyberattacks or other malicious activities. The Bitcoin blockchain and other blockchain technologies have experienced, and may in the future experience, security breaches, hacking incidents, or other malicious activities, which could result in the loss or theft of our digital assets.

In the event of a bankruptcy or insolvency the Company will enforce its rights under the custodial services agreement through arbitration under the laws of the State of New York, and will be in contact with Coinbase's regulator, the New York State Department of Financial Services, as well as Coinbase's named insurer. However, the Company notes that its cryptocurrency assets held in custody with Coinbase may not be recoverable in the event of bankruptcy by Coinbase, or their affiliates. In Coinbase's quarterly report, on Form 10-Q, filed with the U.S. Securities Exchange Commission on July 31, 2025, Coinbase disclosed that, in the event of a bankruptcy, custodially held crypto assets could be considered to be the property of the bankruptcy estate and that the cryptocurrency assets held in custody could be subject to bankruptcy proceedings with Coinbase's customers being treated as general unsecured creditors. Further, regardless of efforts made by the Company to securely store and safeguard assets, there can be no assurance that the Company's cryptocurrency assets will not be defalcated through hacking or other forms of theft.

The due diligence SOL Strategies performed on Coinbase included confirmation that an annual SOC 1 audit report pertaining to internal controls over financial reporting, as well as an annual SOC 2 audit report pertaining to controls related to operations and compliance were completed by Coinbase, a review of negative news related to Coinbase, and a review of online training and tutorials offered by Coinbase.

The Company utilizes the third-party trading platform, Wintermute, as an OTC desk for derivatives. Wintermute Trading Ltd (registered company number 10882520) and Wintermute Asia Pte. Ltd. (registered company number 202108542H) are proprietary trading firms providing liquidity in various crypto assets and, in the case of Wintermute Asia Pte. Ltd, certain derivatives referencing crypto assets. Wintermute Trading Limited is registered with the Financial Conduct Authority as a cryptoasset firm and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended. Wintermute is not related to the Company.

The Company utilizes the third-party trading platform Zerocap Pty Ltd ("**Zerocap**") as an OTC desk for derivatives. Zerocap (registered company number 100635539) is a proprietary trading firm providing liquidity in various crypto assets and certain derivatives referencing crypto assets. Zerocap is registered with the Australian Transaction Reports and Analysis Centre as a Digital Currency Exchange and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations. The Company uses Zerocap for is OTC derivative trading desk. Zerocap is not related to the Company.

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SOL Strategies is exposed to the risk of non-performance by counterparties, whether contractual or otherwise. This risk includes the possibility that a counterparty may be unable or unwilling to perform due to financial distress, regulatory issues, or other disruptions. For example, any execution partners, custodians, or other counterparties we may engage in the future could fail to perform in accordance with applicable agreements, which could result in the loss of digital assets, lost income opportunities, or other losses.

***Cryptocurrencies and Digital Assets Momentum Pricing Risk***

Momentum pricing typically is associated with growth stocks and other assets whose valuation, as determined by the investing public, accounts for anticipated future appreciation in value. Cryptocurrency market prices are determined primarily using data from various exchanges, over-the-counter markets, and derivative platforms. Momentum pricing may have resulted, and may continue to result, in speculation regarding future appreciation in the value of cryptocurrencies inflating and making their market prices more volatile. As a result, they may be more likely to fluctuate in value due to changing investor confidence in future appreciation (or depreciation) in their market prices, which could adversely affect the value of the Company's cryptocurrency and inventory and thereby affect the Company's shareholders.

The profitability of our operations will be significantly affected by changes in prices of cryptocurrencies, and other digital assets. Cryptocurrencies, and other digital assets prices are highly volatile, can fluctuate substantially and are affected by numerous factors beyond our control, including use of such cryptocurrencies, demand, inflation and expectations with respect to the rate of inflation, global or regional political or economic events. If cryptocurrencies, and other digital assets prices should decline and remain at low market levels for a sustained period, we could determine that it is not economically feasible to continue activities.

The price and trading volume of any crypto asset is subject to significant uncertainty and volatility, depending on several factors, including, but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in liquidity, market-making volume, and trading activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• investment and trading activities of highly active retail and institutional users, speculators, miners, and investors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• decreased user and investor confidence in crypto assets and crypto platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative publicity or events and unpredictable social media coverage or "trending" of crypto assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability for crypto assets to meet user and investor demands;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the functionality and utility of crypto assets and their associated ecosystems and networks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• consumer preferences and perceived value of crypto assets and crypto asset markets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• regulatory or legislative changes and updates affecting the cryptoeconomy;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the characterization of crypto assets under the laws of various jurisdictions around the world;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the maintenance, troubleshooting, and development of the Blockchain networks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability for crypto networks to attract and retain miners or Validators to secure and confirm transactions accurately and efficiently;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• interruptions in service from or failures of major crypto platforms;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of an active derivatives market for various crypto assets;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• availability of banking and payment services to support crypto-related projects;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• level of interest rates and inflation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• national and international economic and political conditions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• global cryptocurrency supply;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in the software, software requirements or hardware requirements underlying a Blockchain network;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• competition for and among various cryptocurrencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the total number of cryptocurrencies and other digital assets in existence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or perceived manipulation of the markets for cryptocurrencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• currency exchange rates, including the rates at which cryptocurrencies and other digital assets may be exchanged for fiat currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• fiat currency withdrawal and deposit policies of cryptocurrency exchanges and liquidity of such cryptocurrency exchanges; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the maintenance and development of the open-source software protocol of various cryptocurrency networks.

***Risks related to the Validator Operations***

A significant portion of the revenue generated by the Company comes from the awards realized by managing the Validators and by staking its own assets to such Validators. There is a risk that fewer holders delegate their Solana to SOL Strategies' Validators, resulting in fewer awards and lower yields to the Company.

In addition, by running Validators, the Company is exposed to the risk of loss of its staked digital assets if it fails to operate the node in accordance with applicable protocol rules, as the Company's digital assets may be "slashed" or inactivity penalties may be applied if the Validator node "double signs" or is offline for a prescribed period of time. The Company seeks to mitigate this risk by staffing and employing internal control systems to monitor and safeguard the assets.

The Solana Network sanction (i.e., "slashing") is imposed if a validator commits malicious acts related to the validation of blocks with invalid transactions. On the Solana Network, slashing generally operates by social consensus, rather than being automatically hardwired into the protocol's code. The Solana community generally aspires to slash 100% of staked assets in cases where a Solana node is maliciously trying to violate safety rules and 0% during routine operation. There is currently no automatic slashing in the Solana Network. Rather, for regular consensus, after a safety violation, the Solana Network will halt. The validators will analyze the data prior to the halt and figure out who was responsible and propose that the stake of the malicious actors responsible for the safety violation should be slashed after restart, typically 100%. Separately, as part of the "activating" and "deactivating" or "cooling down" process of staking, staked Solana will be inaccessible for a variable period of time determined by a range of factors, resulting in potential inaccessibility during those periods. "Activation" is the funding of a validator to be included in the active set, thereby allowing the validator to participate in the Solana Network's proof-of-stake consensus protocol. "Deactivating" is the request to exit from the active set and no longer participate in the Solana Network's proof-of-stake consensus protocol. As part of these "Activating" and "Deactivating" processes of staking on the Solana Network, any staked Solana will be inaccessible for a period of time. The duration of activating and exiting periods are dependent on a range of factors. However, depending on demand, unstaking can generally take two to three days to complete on the Solana Network.

The Solana Network requires the payment of base fees and the practice of paying prioritization fees is common, and such fees can become significant as the amount and complexity of the transaction grows, depending on the degree of network congestion and the price of Solana. Any cybersecurity attacks, security issues, hacks, penalties, slashing events, or other problems could damage validators' willingness to participate in validation, discourage existing and future validators from serving as such, and adversely impact the Solana Network's adoption or the price of Solana.

Any disruption of validation on the Solana Network could interfere with network operations and cause the Solana Network to be less attractive to users and application developers than competing blockchain networks, which could cause the price of Solana to decrease. The limited liquidity during the "activation"

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or "deactivation" processes could dissuade potential validators from participating, which could interfere with network operations or security and cause the Solana Network to be less attractive to users and application developers than competing blockchain networks, which could cause the price of Solana to decrease.

***Risks related to Staking Operations***

The Company operates Validators and in turn, earns crypto token rewards for processing transactions and securing crypto networks. The Company expects to, in large part, re-stake its crypto token rewards to its Validators. The Company's decision to stake an individual crypto token depends on a combination of network quality, network liquidity and expected staking compensation, the percentage of which varies from token to token. The compensation percentage is determined by a combination of a network's natural inflation rate, the transaction fees generated on the network, a token's price, and the percent of total tokens being staked. As such, the Company's compensation percentage may fall temporarily due to a short-term decline in transaction volume or an increase in the percent of crypto tokens being staked. The Company has no control over the compensation percentages of the various crypto tokens it chooses to stake, and the compensation percentage may fall below expected levels for temporarily or permanently. The compensation percentage is expected to decrease as sector activity increases and more crypto tokens are invested in specific tokens. Staking revenues could decrease to a level that materially and adversely affects the Company's staking assets and staking strategies, the value of its staking assets and the value of any investment in the Company.

Each of these activities involves significant technical and operational demands, including secure custody, continuous monitoring, sophisticated risk management, and specialized expertise. For example, staking operations require secure validator infrastructure and key management to avoid slashing penalties or loss of staked assets.

In addition, we expect to compete with financial institutions, fintech companies and other market participants that are highly specialized in digital asset lending, staking and insurance, with established customer relationships, deep product knowledge and mature compliance infrastructures. Successfully competing with these specialized firms may be challenging, particularly as we build our presence and reputation in these areas from the ground up.

These activities are also subject to overlapping and evolving federal, state, and foreign legal and regulatory frameworks, including securities and commodities laws, lending and money transmission rules, anti-money laundering obligations, and tax treatment of staking rewards and yield income. Changes in regulatory interpretations, new compliance obligations, or heightened enforcement could increase costs or restrict our ability to operate these activities as planned. Any failure to maintain effective compliance controls could result in fines, penalties, reputational harm, or the need to materially modify or discontinue these strategies. There can be no assurance that these activities will generate the expected returns or that we will be able to implement them successfully. Any failure or delay in executing these strategies could materially adversely affect our business, financial condition, and results of operations.

***Proof-of-stake blockchains are a relatively recent innovation and have not been subject to as widespread use or adoption over as long of a period of time as traditional proof-of-work blockchains.***

Certain digital assets, such as Bitcoin, use a "proof-of-work" consensus algorithm. The genesis block on the Bitcoin blockchain was mined in 2009, and Bitcoin's blockchain has been in operation since then. Many newer blockchains enabling smart contract functionality use a newer consensus algorithm known as "proof-of-stake." While their proponents believe that they may have certain advantages, the "proof-of-stake" consensus mechanisms and governance systems underlying many newer blockchain protocols and their

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associated digital assets — including those SOL Strategies intends to hold — have not been tested at scale over as long of a period of time or subject to as widespread use or adoption as, for example, Bitcoin's proof-of-work consensus mechanism has. This could lead to these blockchains, and their associated digital assets, having undetected vulnerabilities, structural design flaws, suboptimal incentive structures for network participants (e.g., validators), technical disruptions, or a wide variety of other problems,

***Focused Business Strategy and Concentration of Investments***

Since its name change to "SOL Strategies Inc." in September 2024, the Company has been focused on holding Solana, seeking SOL price appreciation, while also investing in projects, protocols, technologies, and businesses related to the Solana ecosystem and decentralized technologies. The Company's main activity has since been generating revenue from staking SOL, acquiring Validators predominantly on the Solana Blockchain, building staking related intellectual property and assessing revenue opportunities related to the Solana economy and staking. The specific focus is inherently more risky than traditional investments and could cause the Company to be more susceptible to particular economic, political, regulatory, technological or industry conditions or occurrences when compared with a company that has a more diversified business model.

Other than as described herein, there are no restrictions on the proportion of the Company's funds and no limit on the amount of funds that may be allocated to SOL or any other investment. The Company may participate in a limited number of investments and, as a consequence, its financial results may be substantially adversely affected by the unfavorable performance of SOL or any other single investment. Completion of one or more investments may result in a highly concentrated investment in a particular company, commodity or geographic area resulting in the performance of the Company depending significantly on the performance of such company, commodity or geographic area.

***Cybersecurity Threats, Security Breaches and Hacks***

As with any other computer code, flaws in cryptocurrency source code have been exposed by certain malicious actors. Several errors and defects have been found and corrected, including those that disabled some functionality for users and exposed users' information. Discovery of flaws in or exploitations of the source code that allow malicious actors to take or create cryptocurrencies can occur.

Security breaches, computer malware and computer hacking attacks have been a prevalent concern in the Solana, Bitcoin and other cryptocurrency exchange markets. Any security breach caused by hacking, which involves efforts to gain unauthorized access to information or systems, or to cause intentional malfunctions or loss or corruption of data, software, hardware or other computer equipment, and the inadvertent transmission of computer viruses, could harm the Company's business operations or result in loss of the Company's assets. Any breach of the Company's infrastructure could result in damage to the Company's reputation and reduce demand for the Common Shares, resulting in a reduction in the price of the Common Shares. Furthermore, the Company believes that if its assets grow, it may become a more appealing target for security threats, such as hackers and malware.

Any security procedures implemented cannot guarantee the prevention of any loss due to a security breach, software defect or act of God that may be borne by the Company. The security procedures and operational infrastructure of the Company may be breached due to the actions of outside parties, error or malfeasance of an employee of the Company or otherwise, and, as a result, an unauthorized party may obtain access to the Company's cryptocurrency account, private keys, data or cryptocurrencies. Additionally, outside parties may attempt to fraudulently induce employees of the Company to disclose sensitive information in order to gain access to the Company's infrastructure. As the techniques used to obtain unauthorized access, disable or degrade service, or sabotage systems change frequently, or may be designed to remain dormant

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until a predetermined event, and often are not recognized until launched against a target, the Company may be unable to anticipate these techniques or implement adequate preventative measures. If an actual or perceived breach of one of the Company's accounts occurs, the market perception of the effectiveness of the Company could be harmed.

As technological change occurs, the security threats to the Company's cryptocurrencies and other digital assets will likely adapt and previously unknown threats may emerge. The Company's ability to adopt technology in response to changing security needs or trends may pose a challenge to the safekeeping of the Company's cryptocurrencies and other digital assets. To the extent that the Company is unable to identify and mitigate or stop new security threats, the Company's cryptocurrencies and other digital assets may be subject to theft, loss, destruction or other attack.

***Cryptocurrency Exchanges and other Trading Venues are Relatively New***

The Company maintains its holdings of cryptocurrencies at its licensed custodian and may from time to time, allocate a portion of its cryptocurrency to exchanges to facilitate trading of cryptocurrencies and options to buy or sell cryptocurrencies. To the extent that cryptocurrency exchanges or other trading venues are involved in fraud or experience security failures or other operational issues, this could result in a reduction in cryptocurrency prices. Cryptocurrency market prices depend, directly or indirectly, on the prices set on exchanges and other trading venues, which are new and, in most cases, largely unregulated as compared to established, regulated exchanges for securities, derivatives and other currencies. For example, in the past, a number of cryptocurrency exchanges have been closed due to fraud, business failure or security breaches. In many of these instances, the customers of these exchanges were not compensated or made whole for the partial or complete losses of their account balances in such exchanges. While smaller exchanges are less likely to have the infrastructure and capitalization that provide larger exchanges with additional stability, larger exchanges may be more likely to be appealing targets for hackers and "malware" (i.e., software used or programmed by attackers to disrupt computer operation, gather sensitive information, or gain access to private computer systems) and may be more likely to be targets of regulatory enforcement action.

***Regulatory Risks***

As cryptocurrencies have grown in both popularity and market size, governments around the world have reacted differently to cryptocurrencies with certain governments deeming them illegal while others have allowed their use and trade. Ongoing and future regulatory actions may alter, perhaps to a materially adverse extent, the ability of the Company to continue to operate. The effect of any future regulatory change on any cryptocurrency, project or protocol that the Company may hold is impossible to predict, but such change could be substantial and adverse to the space as a whole, as well as potentially to the Company.

Governments may, in the future, further restrict or prohibit the acquisition, use or redemption of cryptocurrencies. Ownership of, holding or trading in cryptocurrencies may then be considered illegal and subject to sanction. Governments may also take regulatory action that may increase the cost and/or subject cryptocurrency companies to additional regulation.

In Canada, the CSA, the umbrella group for the provincial and territorial securities regulators, have generally taken the position that securities laws apply to cryptocurrencies. The CSA, beginning in 2017, has published a series of staff notices outlining their position and explaining how securities laws apply to various aspects of the cryptocurrency industry. The majority of those Staff Notices have dealt with cryptocurrency trading platforms and other businesses that hold cryptocurrencies on behalf of clients, which the Company does not do as part of its business.

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The CSA has also, however, published staff notices focused on the analysis of when a cryptocurrency constitutes a security for securities law purposes. On August 24, 2017 and June 11, 2018, the CSA published CSA Staff Notice 46-307 – *Cryptocurrency Offerings* and CSA Staff Notice 46-308 – *Securities Law Implications for Offerings of Tokens*, respectively, each providing guidance on whether token offerings are subject to Canadian securities laws. While the Company does not create or sell digital assets of its own issue, it holds a number of digital assets from a variety of issuers. In the event that any of these were determined to be securities, it could negatively impact the issuers of those digital assets by making trading subject to prospectus requirements, which could reduce the market price of such assets and therefore devalue the holdings of the Company.

In comparison to traditional securities or commodities markets, U.S. law and regulation remains thinly developed with respect to financial services provided to the cryptocurrency and crypto asset markets. Although recent years have seen some guidance emerge with respect to the question of whether a crypto asset constitutes a security for certain purposes under U.S. law, there remains little or no clear legal authority or established practice with respect to the application to crypto assets of concepts like staking and lending of cryptocurrency, fungibility, settlement, trade execution and reporting, collateralization rehypothecation, custody, repo, margin, restricted securities, short sales, bankruptcy and insolvency and many others. Some or all of these concepts may be needed for crypto-related marketplaces to continue to grow, mature and attract institutional participants; there can be no assurances that rules and practices for such concepts will develop in the United States in a manner that is timely, clear, favorable to the Company or compatible with other jurisdictions' regimes in which the Company operates. Furthermore, to the extent the Company offers any of these financial services, emerging regulation or enforcement activity may have a material impact on the Company's ability to continue providing such service thereby affecting the Company's revenues and profitability as well as its reputation and resources.

Governments may in the future take regulatory actions that prohibit or severely restrict the right to acquire, own, hold, sell, use or trade cryptocurrencies or to exchange cryptocurrencies for fiat currency. By extension, similar actions by other governments may result in the restriction of the acquisition, ownership, holding, selling, use or trading in the Company's Common Shares. Such a restriction could result in the Company liquidating its cryptocurrency investments at unfavorable prices and may adversely affect the Company's shareholders.

The Company has not received any exemptive relief from regulators in Canada. The Company discusses regulatory compliance with its external legal counsel on a regular basis. Investments in the light of their exposure to digital assets must always be assessed by every investor based on the circumstances and legal and regulatory conditions applicable to that investor.

SOL Strategies Inc. is a publicly traded Canadian company dedicated to investing in and providing infrastructure for the Solana blockchain ecosystem with a core focus on infrastructure, including but not limited to, operating and scaling Solana validators. If the Company changes its investment strategy in the future such that it proposes to invest more than 10% of its assets in crypto assets other than those that, in accordance with section 2.3(1.3) of National Instrument 81-102 - *Investment Funds*, are fungible and either (a) trade on an exchange recognized by a securities regulatory authority in a jurisdiction of Canada, or (b) are the underlying interest of a specified derivative that trades on an exchange recognized by a securities regulatory authority in a jurisdiction of Canada, before implementing such a proposed change the Company will file an amendment to its base shelf prospectus and seek approval from a majority of shareholders.

***U.S. Classification of Crypto Assets and Investment Company Act of 1940***

The SEC and its staff have taken the position that certain crypto assets fall within the definition of a "security" under the U.S. federal securities laws. The legal test for determining whether any given crypto

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asset is a security is a highly complex, fact-driven analysis that evolves over time, and the outcome is difficult to predict. The SEC generally does not provide advance guidance or confirmation on the status of any particular crypto asset as a security. Furthermore, the SEC's views in this area have evolved over time and it is difficult to predict the direction or timing of any continuing evolution. It is also possible that a change in the governing administration or the appointment of new SEC commissioners could substantially impact the views of the SEC and its staff. With respect to all other crypto assets, there is currently no certainty under the applicable legal test that such assets are not securities, notwithstanding the conclusions we may draw based on our risk-based assessment regarding the likelihood that a particular crypto asset could be deemed a "security" under applicable laws. Similarly, though the SEC's Strategic Hub for Innovation and Financial Technology published a framework for analyzing whether any given crypto asset is a security in April 2019, this framework is also not a rule, regulation or statement of the SEC and is not binding on the SEC. In January 21, 2025, the SEC launched a crypto task force, led by Commissioner Hester Peirce, dedicated to developing a comprehensive and clear regulatory framework for crypto assets. On April 4, 2025, the SEC issued guidance clarifying that it does not deem certain U.S. dollar-backed, fully reserved, non-yield-bearing stablecoins to be "securities" under applicable laws.

Several foreign jurisdictions have taken a broad-based approach to classifying crypto assets as "securities," while other foreign jurisdictions, such as Switzerland, Malta, and Singapore, have adopted a narrower approach. As a result, certain crypto assets may be deemed to be a "security" under the laws of some jurisdictions but not others. Various foreign jurisdictions may, in the future, adopt additional laws, regulations, or directives that affect the characterization of crypto assets as "securities." The classification of a crypto asset as a security under applicable law has wide-ranging implications for the regulatory obligations that flow from the offer, sale, trading, and clearing of such assets.

Additionally, we do not currently intend to register as an investment company under the Investment Company Act. To the extent that the Company holds and transacts in cryptocurrencies that do not constitute securities, the Company believes that such holdings and transactions will not cause the Company to be deemed to be an investment company. While we do not believe that our current and future business activities will cause us to be deemed an investment company, if we are required to register as an investment company, we would be forced to comply with substantive requirements under the Investment Company Act, including limitations on our ability to borrow, limitations on our capital structure, limitations on our ability to issue additional common stock, restrictions on acquisitions of interests in associated companies, prohibitions on transactions with affiliates, restrictions on specific investments, and compliance with governance, reporting, record keeping, voting, proxy disclosure and other statutory requirements and related rules and regulations. If we are forced to comply with those requirements, we would be required to change our structure and could be prevented from successfully executing our business strategy.

Further, the classification of certain crypto assets as securities could draw negative publicity and a decline in the general acceptance of the crypto asset.

***The status of digital assets as "securities" in any relevant jurisdiction, as well as the status of cryptocurrency-related products and services in general is subject to a high degree of uncertainty and if we are unable to properly characterize such product or service offering, we may be subject to regulatory scrutiny, inquiries, investigations, fines, and other penalties, which may adversely affect our business, operating results and financial condition.***

Although senior SEC officials have stated their view that Bitcoin is not a "security" under U.S. federal securities laws, this position is not binding and could change based on future legislation, judicial interpretation, or regulatory enforcement. Moreover, other digital asset transactions that we may execute in the future could be determined to be offers and sales of "securities" under U.S. federal securities laws or

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the laws of other jurisdictions. Finally, certain transactions related to digital assets, such as staking and potentially lending, may currently be determined to be an offer and sale of a security.

Regulators, including the SEC, have actively pursued enforcement actions asserting that certain digital assets, products, and services are unregistered securities or securities offerings, which must comply with registration, disclosure, and other requirements under the federal securities laws. If any digital asset SOL Strategies holds, or any related activity SOL Strategies undertakes, were determined to constitute an unregistered securities offering, SOL Strategies could be subject to significant penalties and forced to alter or cease such activities.

In addition, if SOL Strategies' holdings or activities cause SOL Strategies to be classified as an "investment company" under the Investment Company Act, SOL Strategies would become subject to extensive regulatory requirements and restrictions that could materially increase our compliance costs and limit SOL Strategies' operational flexibility. This could materially adversely affect SOL Strategies' ability to execute our business strategy as currently contemplated.

Finally, any regulatory determination that certain digital assets are securities could adversely affect the liquidity and market price of those digital assets, and in turn negatively impact the value and market price of SOL Strategies' listed securities.

The application of U.S. state and federal securities laws and other laws and regulations to digital assets is unclear in certain respects, and it is possible that regulators in the United States or foreign countries may interpret or apply existing laws and regulations in a manner that adversely affects the price of digital assets or the ability of individuals or institutions such as ours to own or transfer such assets.

Regulatory and enforcement actions, or the absence thereof, could materially impact digital asset markets. For example, within the past several years:

in June 2023, the SEC filed complaints against Binance Holdings Ltd. and Coinbase, Inc., and their respective affiliated entities, relating to, among other claims, that each party was operating as an unregistered securities exchange, broker, dealer, and clearing agency, but has since dismissed its action against Binance Holdings Ltd. and dismissed its enforcement action against Coinbase, Inc.; and

in November 2023, the SEC filed a complaint against Payward Inc. and Payward Ventures Inc., together known as Kraken, alleging, among other claims, that Kraken's crypto trading platform was operating as an unregistered securities exchange, broker, dealer, and clearing agency. In March 2025, the SEC agreed to dismiss its lawsuit against the cryptocurrency exchange Kraken.

Such shifts in enforcement tone, in addition to ongoing actions by state and foreign authorities, may reshape investor sentiment and the legal landscape, contributing to the uncertainty.

Furthermore, the U.S. federal government, states, regulatory agencies, and foreign countries may also enact new laws and regulations, or pursue regulatory, legislative, enforcement or judicial actions, that could materially impact the price of digital assets or the ability of individuals or institutions such as SOL Strategies to own or transfer digital assets. Notable developments include:

enactment of the GENIUS Act, bipartisan stablecoin legislation relating to authorized and fully asset-backed stablecoin tokens;

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the U.S. House of Representatives passed the CLARITY Act, which would clarify that many digital assets purchased in secondary transactions are commodities and not securities;

in January 2025, the SEC announced the formation of a "Crypto Task Force," which seeks to provide clarity on the application of U.S. securities laws to the digital asset market and to recommend policy measures with respect to digital asset security status, registration and listing of digital asset-based investment vehicles, and digital asset custody, lending and staking;

the European Union adopted Markets in Crypto-Assets Regulation, a comprehensive digital asset regulatory framework for the issuance and use of digital assets;

in June 2023, the United Kingdom adopted and implemented the Financial Services and Markets Act 2023, which regulates market activities in "cryptoassets;" and

in China, the People's Bank of China and the National Development and Reform Commission have outlawed cryptocurrency mining and declared all cryptocurrency transactions illegal within the country.

It is not possible to predict whether or when new laws will be enacted that change the legal framework governing digital assets or provide additional authorities to the SEC or other regulators, or whether or when any other federal, state or foreign legislative bodies will take any similar actions. It is also not possible to predict the nature of any such additional laws or authorities, nor how new legislation or regulatory oversight might impact the ability of digital asset markets to function, the willingness of financial and other institutions to continue to provide services to the digital assets industry, or the value of digital assets generally. Any new law or regulation relating to digital assets and digital asset activities could adversely affect the market price of digital assets, SOL Strategies' ability to hold or transact in digital assets, and, in turn, the market price of the Company's listed securities.

Moreover, the risks of pursuing a digital asset strategy are relatively novel and could create complications due to the lack of experience that third parties have with companies pursuing such a strategy, the absence of industry precedent, or limited institutional infrastructure for our operating model. These factors may lead to increased costs of director and officer liability insurance or challenges in obtaining such coverage on acceptable terms in the future.

***Holdings of digital assets will be adjusted as necessary to avoid SOL Strategies being considered an "investment company" under the Investment Company Act.***

SOL Strategies intends to manage its holdings, operations, and activities to remain outside the scope of the Investment Company Act. To maintain this status, SOL Strategies may be required to adjust the composition, size, or timing of our holdings of digital assets in response to fluctuations in value, changes in our operations, or shifts in regulatory interpretation. In addition, depending on how applicable laws evolve, certain of our transactions involving digital assets, such as staking or lending, may be determined to involve offers and sales of securities, as the nature of these transactions could affect whether the underlying digital asset is itself considered a security. As a result, future legislative, regulatory, or judicial developments may require us to limit or discontinue such activities.

Such adjustments could lead to tracking differences, investor confusion, or negative market perceptions of our ability to execute our stated strategy. In addition, significant reallocations or asset disposals to preserve Investment Company Act compliance could result in adverse market timing, increased transaction costs, or

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tax consequences, any of which could adversely affect our business, financial condition, and results of operations.

***Legislation that is currently being considered by the U.S. Congress would make many digital assets into commodity interests and could require certain individuals or entities managing our digital assets to be registered as commodity pool operators and commodity trading advisors.***

The U.S. House of Representatives has passed the CLARITY Act, which would, among other things, make digital assets that have value due to the blockchain network on which they reside and are acquired in the secondary market into commodity interests instead of securities and would clarify that related staking activities are also not determined to be securities transactions. The U.S. Senate Banking Committee released a discussion draft of digital asset market structure legislation covering issues under the committee's jurisdiction and that builds on the CLARITY Act. The discussion draft would, among other things, clearly define an "ancillary asset" to clarify which digital assets are not securities, create disclosure requirements, require the SEC to promulgate new rules to exempt certain offers or sales of ancillary assets from SEC registration and tailor existing requirements to digital assets, and prevent illicit finance.

If the digital assets that SOL Strategies holds are deemed to be commodity interests, SOL Strategies could be deemed to be a commodity pool and, unless exemptions are available, its operator would be required to register as a commodity pool operator and its advisor would be required to register as a commodity trading advisor. Commodity pool operators and commodity trading advisors are subject to:

registration requirements with the Commodity Futures Trading Commission and membership with the National Futures Association;

limitations on transactions with registered or duly exempt entities;

examination by and reporting to the National Futures Association;

registration and testing obligations for associated persons of the commodity pool operators and commodity trading advisors;

National Futures Association review of offering materials for their pools;

specified reports that must be provided to commodity pool participants;

recordkeeping requirements set out by the Commodity Futures Trading Commission and National Futures Association;

annual requirements set out by the Commodity Futures Trading Commission and National Futures Association; and

prohibition of loans from the Company to the commodity pool operator or commodity trading advisor.

As a result of the above, increased costs may be passed on to investors in SOL Strategies if the related manager must comply with the above.

***SOL Strategies plans to operate as an operating company and not as an investment company or investment adviser, and therefore does not expect to be subject to the same legal and regulatory***

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***obligations, including compliance and reporting requirements intended to protect investors, that apply to investment companies such as mutual funds and exchange-traded funds, or to investment advisers.***

Mutual funds, ETFs, and their directors and managers are subject to extensive regulation under U.S. federal and state law, including the Investment Company Act and the Investment Advisers Act of 1940. These frameworks impose comprehensive requirements and restrictions designed to protect public investors. By contrast, SOL Strategies plans to operate as an operating company and not as an investment company or an investment adviser, and we do not intend to register as such or voluntarily comply with these regulatory regimes.

As a result, various aspects of SOL Strategies' business would not be subject to the same substantive requirements or investor safeguards that apply to regulated investment companies and investment advisers.

For example, while any material change to SOL Strategies' treasury management strategy may require approval by its board of directors, no shareholder or regulatory approval would be required. Accordingly, the board of directors would retain broad discretion to determine the reserve, leverage, cash management, and broader operating policies of SOL Strategies, and could modify its strategy for acquiring, holding, or disposing of digital assets at any time, in its sole discretion.

As SOL Strategies does not expect to operate as a registered investment company or investment adviser, investors in the Common Shares will not benefit from the legal protections and procedural rights afforded to investors in mutual funds or ETFs.

***Banks May Cut off Banking Services to Businesses that Provide Cryptocurrency-related Services***

A number of companies that provide cryptocurrency-related services have been unable to find banks that are willing to provide them with bank accounts and banking services. Similarly, a number of such companies have had their existing bank accounts closed by their banks. Banks may refuse to provide bank accounts and other banking services to cryptocurrency related companies or companies that accept cryptocurrencies for a number of reasons, such as perceived compliance risks or costs. The difficulty that many businesses that provide cryptocurrency-related services have and may continue to have in finding banks willing to provide them with bank accounts and other banking services may be currently decreasing the usefulness of cryptocurrencies as a payment system and harming public perception of cryptocurrencies or could decrease its usefulness and harm its public perception in the future. Similarly, the usefulness of cryptocurrencies as a payment system and the public perception of cryptocurrencies could be damaged if banks were to close the accounts of many or of a few key businesses providing cryptocurrency-related services. This could decrease the market prices of cryptocurrencies and adversely affect the value of the Company's cryptocurrency inventory.

***Impact of Geopolitical Events***

Crises may motivate large-scale purchases of cryptocurrencies which could increase the price of cryptocurrencies rapidly. This may increase the likelihood of a subsequent price decrease as crisis-driven purchasing behavior wanes, adversely affecting the value of the Company's cryptocurrency holdings. The possibility of large-scale purchases of cryptocurrencies in times of crisis may have a short-term positive impact on the prices of same. Future geopolitical crises may erode investors' confidence in the stability of cryptocurrencies and may impair their price performance which would, in turn, adversely affect the Company's cryptocurrency holdings.

As an alternative to fiat currencies that are backed by central governments, cryptocurrencies are subject to supply and demand forces based upon the desirability of an alternative, decentralized means of buying and

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selling goods and services, and it is unclear how such supply and demand will be impacted by geopolitical events. Nevertheless, political or economic crises may motivate large-scale acquisitions or sales of cryptocurrencies either globally or locally. Large-scale sales of cryptocurrencies would result in a reduction in their market prices and adversely affect the Company's operations and profitability.

***Further Development and Acceptance of Cryptocurrency***

The further development and acceptance of cryptocurrency and other cryptographic and algorithmic protocols governing the issuance of transactions in cryptocurrencies, which represent a new and rapidly changing industry, are subject to a variety of factors that are difficult to evaluate. The growth of this industry in general, and the use of cryptocurrencies in particular, is subject to a high degree of uncertainty, and the slowing or stopping of the development or acceptance of such networks may adversely affect the value of the corresponding cryptocurrencies, and thus may adversely affect the Company's operations. The factors affecting the further development of the industry, include, but are not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• continued worldwide growth in the adoption and use of cryptocurrencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• governmental and quasi-governmental regulation of cryptocurrencies and their use, or restrictions on or regulation of access to and operation of the network or similar cryptocurrency;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• changes in consumer demographics and public tastes and preferences;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the maintenance and development of the open-source software protocol of relevant networks;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the availability and popularity of other forms or methods of buying and selling goods and services, including new means of using fiat currencies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• general economic conditions and the regulatory environment relating to digital assets and decentralized finance; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• negative consumer sentiment and perception of cryptocurrencies.

Currently, there is relatively small use of cryptocurrencies in the retail and commercial marketplace in comparison to relatively large use by speculators, thus contributing to price volatility that could adversely affect the Company's operations, investment strategies, and profitability.

As relatively new products and technologies, cryptocurrencies have not been widely adopted, for example as a means of payment for goods and services, by major retail and commercial outlets. Conversely, a significant portion of cryptocurrency demand is generated by speculators and investors seeking to profit from the short-term or long-term holding of cryptocurrencies. The relative lack of acceptance of cryptocurrencies in the retail and commercial marketplace limits the ability of end-users to use them to pay for goods and services or other direct use cases that may arise. A lack of expansion by cryptocurrencies into retail and commercial markets, or a contraction of such use, may result in increased volatility or a reduction in their market prices, either of which could adversely impact the Company's operations, investment strategies, and profitability. Further, if fees increase for recording transactions in the applicable Blockchain, demand for cryptocurrencies may be reduced and prevent the expansion of the network to retail merchants and commercial businesses, resulting in a reduction in the price of cryptocurrencies.

***Risk of Loss, Theft or Destruction of Cryptocurrencies***

There is a risk that some or all of the Company's cryptocurrencies could be lost, stolen or destroyed. Digital assets that are held internally via multi-signature cold storage may be prone to loss or theft as a result of hacking, loss of passwords, compromised access credentials, malware or cyberattacks. If the Company's cryptocurrencies are lost, stolen or destroyed under circumstances rendering a party liable to the Company, the responsible party may not have the financial resources sufficient to satisfy the Company's claim.

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***Irrevocability of Transactions***

Bitcoin and most other cryptocurrency transactions are irrevocable and stolen or incorrectly transferred cryptocurrencies may be irretrievable. Such transactions are not reversible without the consent and active participation of the recipient of the transaction. Once a transaction has been verified and recorded in a block that is added to the Blockchain, an incorrect transfer of cryptocurrencies or a theft of cryptocurrencies generally will not be reversible and the Company may not be capable of seeking compensation for any such transfer or theft. To the extent that the Company is unable to seek a corrective transaction with the third party or is incapable of identifying the third party that has received the Company's cryptocurrencies through error or theft, the Company will be unable to revert or otherwise recover incorrectly transferred cryptocurrencies. The Company will also be unable to convert or recover cryptocurrencies transferred to uncontrolled accounts.

***Hard Fork and Air Drop Risks***

Hard forks may occur for a variety of reasons including, but not limited to, disputes over proposed changes to the protocol, significant security breach, or an unanticipated software flaw in the multiple versions of otherwise compatible software. In the event of a hard fork in a cryptocurrency held by the Company, it is expected that the Company would hold an equivalent amount of the old and new cryptocurrency following the hard fork. Air drops occur when the promoters of a new cryptocurrency send amounts of the new cryptocurrency to holders of another cryptocurrency that they will be able to claim a certain amount of the new cryptocurrency for free. The Company may not be able to realize the economic benefit of a hard fork or air drop, either immediately or ever, for various reasons. For instance, the Company may not have any systems in place to monitor or participate in hard forks or airdrops.

***Potential Failure to Maintain the Cryptocurrency Networks***

Many cryptocurrency networks operate based on an open-source protocol maintained by the core developers of such networks and other contributors. As such protocols are not sold and their uses do not generate revenues for its development team, the core developers are generally not compensated for maintaining and updating such network protocols. Consequently, there is a lack of financial incentive for developers to maintain or develop such networks and the core developers may lack the resources to adequately address emerging issues with such network protocol. Although the many networks are currently supported by the core developers, there can be no guarantee that such support will continue or be sufficient in the future. To the extent that material issues arise with the such network protocol and the core developers and open source contributors are unable to address the issues adequately or in a timely manner, such networks and an investment in the Common Shares may be adversely affected.

***Insurance Risk***

The Company does not maintain insurance, other than directors' and officers' insurance. The Company is not insured against every risk to which it is exposed, including those related to the custody of assets (except any insurance that is provided by the Company's third-party custodian). Based on the Company's review of insurance policies, the Company has not identified insurance that would be appropriate for its specific operations or that would be available on commercially reasonable terms.

***Competition***

The Company operates in a highly competitive industry and competes against unregulated or less regulated companies and companies with greater financial and other resources, and our business, operating results, and financial condition may be adversely affected if we are unable to respond to our competitors effectively.

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While the Company's specific business of operating Validators and staking primarily in the Solana ecosystem is unique to them, there is a risk that another crypto asset that performs the same functions will take market share from SOL Strategies.

The cryptoeconomy is highly innovative, rapidly evolving, and characterized by healthy competition, experimentation, frequent introductions of new products and services, and subject to uncertain and evolving industry and regulatory requirements. We expect competition to further intensify in the future as existing and new competitors introduce new products or enhance existing products. These competitors could have various competitive advantages over us, including but not limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• greater name recognition, longer operating histories, and larger market shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• larger sales and marketing budgets and organizations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• more established marketing, banking, and compliance relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• greater resources to make acquisitions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• lower labour, compliance, risk mitigation, and research and development costs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• operations in certain jurisdictions with lower compliance costs and greater flexibility to explore new product offerings; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• substantially greater financial, technical, and other resources.

If the Company is unable to compete successfully, or if competing successfully requires the Company to take costly actions in response to the actions of the Company's competitors, the Company's business, operating results, and financial condition could be adversely affected.

Harm to the Company's brand and reputation could adversely affect the Company's business. The Company's reputation and brand may be adversely affected by complaints and negative publicity about the Company, even if factually incorrect or based on isolated incidents. Damage to the Company's brand and reputation may be caused by:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• cybersecurity attacks, privacy or data security breaches, or other security incidents;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• complaints or negative publicity about the Company, its management team, its other employees or contractors or third-party service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• actual or alleged illegal, negligent, reckless, fraudulent or otherwise inappropriate behavior by its management team, its other employees or contractors or third-party service providers;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• unfavorable media coverage;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• litigation involving, or regulatory actions or investigations into its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure to comply with legal, tax and regulatory requirements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any perceived or actual weakness in its financial strength or liquidity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any regulatory action that results in changes to or prohibits certain lines of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a failure to operate our business in a way that is consistent with its values and mission;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• a sustained downturn in general economic conditions; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• any of the foregoing with respect to its competitors, to the extent the resulting negative perception affects the public's perception of the Company or its industry as a whole.

***Private Issuers and Illiquid Securities***

The Company invests in securities and/or digital assets of private issuers or projects. These may be subject to trading restrictions, including hold periods, and there may not be any market for such securities or digital assets. These limitations may impair the Company's ability to react quickly to market conditions or negotiate the most favourable terms for exiting such investments. Investments in private issuers or projects are subject to a relatively high degree of risk. There can be no assurance that a public market will develop

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for any of the Company's private investments, or that the Company will otherwise be able to realize a return on such investments.

The value attributed to securities and/or digital assets of private issuers or projects will be the cost thereof, subject to adjustment in limited circumstances, and therefore may not reflect the amount for which they can actually be sold. Because valuations, and in particular valuations of investments for which market quotations are not readily available, are inherently uncertain, may fluctuate within short periods of time and may be based on estimates, determinations of fair value may differ materially from the values that would have resulted if a ready market had existed for the investments.

The Company may also invest in illiquid securities of public issuers. A considerable period of time may elapse between the time a decision is made to sell such securities and the time the Company is able to do so, and the value of such securities could decline during such period. Illiquid investments are subject to various risks, particularly the risk that the Company will be unable to realize its investment objectives by sale or other disposition at attractive prices or otherwise be unable to complete any exit strategy. In some cases, the Company may be prohibited by contract or by law from selling such securities for a period of time or otherwise be restricted from disposing of such securities. Furthermore, the types of investments made may require a substantial length of time to liquidate.

The Company may also make direct investments in publicly traded securities that have low trading volumes. Accordingly, it may be difficult to make trades in these securities without adversely affecting the price of such securities.

***Sensitivity to Macro-Economic Conditions***

The success of the Company's investments is interconnected to the growth of disruptive technologies. The Company may be adversely affected by the falling share prices of the securities of investee companies, cryptocurrencies, and other crypto assets, as the trading price for the Common Shares may reflect the estimated aggregate value of the Company's portfolio of investments and assets under management. The factors affecting current macro-economic conditions are beyond the control of the Company.

***Available Opportunities and Competition for Investments***

The Company can expect to encounter competition from other entities having similar investment objectives, including institutional investors and strategic investors. These groups may compete for the same investments as the Company, may be better capitalized, have more personnel, have a longer operating history and have different return targets. As a result, the Company may not be able to compete successfully for investments. In addition, competition for investments may lead to the price of such investments increasing which may further limit the Company's ability to generate desired returns. There can be no assurance that there will be a sufficient number of suitable investment opportunities available to invest in or that such investments can be made within a reasonable period of time. There can be no assurance that the Company will be able to identify suitable investment opportunities, acquire them at a reasonable cost or achieve an appropriate rate of return. Identifying attractive opportunities is difficult, highly competitive and involves a high degree of uncertainty. Potential returns from investments will be diminished to the extent that the Company is unable to find and make a sufficient number of attractive investments.

***Competition from other Staking Companies***

The Company can expect to compete with other businesses focused on developing substantial digital asset staking operations. Any market participant with sufficient capital and know-how has the ability to acquire crypto tokens on the open market and start staking, which would inherently increase competition. Although,

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because there are a wide range of crypto tokens being staked across the networks the Company participates in, and accordingly, the Company's management believes that any negative impact on the Company's operations as a result of competition in the sector would not be materially adverse, it is possible that such competition and the lack of barriers to entry to the market could have a material adverse effect on the Company or the value of the Common Shares.

***Integration of Acquired Businesses***

The Company may from time to time merge with or acquire other companies or businesses both locally and globally. The integration of the operations and financial systems of any such companies or businesses may require substantial time and resources from the Company's personnel, in particular where such companies or businesses operate under different regulatory regimes or prepare their financial records in accordance with accounting regimes other than IFRS. To the extent that any such companies or businesses are in a net operating loss position at the time of acquisition, it may have a negative impact on the Company's overall financial position.

***Additional Financing Requirements***

The Company anticipates ongoing requirements for funds to support its growth and may seek to obtain additional funds for these purposes through public or private equity, or debt financing. There are no assurances that additional funding will be available on acceptable terms, at an acceptable level or at all. Any additional equity financing may cause shareholders to experience dilution, and any debt financing would result in interest expense and possible restrictions on the Company's operations or ability to incur additional debt. Any limitations on the Company's ability to access the capital markets for additional funds could have a material adverse effect on its ability to grow its investment portfolio.

***No Guaranteed Return***

There is no guarantee that an investment in the Company's securities will earn any positive return in the short term or long term. The task of identifying investment opportunities, monitoring such investments and realizing a significant return is difficult. Many organizations operated by persons of competence and integrity have been unable to make, manage and realize a return on such investments. In addition, past performance provides no assurance of future success.

***Management of the Company's Growth***

Significant growth in the business, as a result of acquisitions or otherwise, could place a strain on the Company's managerial, operational and financial resources and information systems. Future operating results will depend on the ability of senior management to manage rapidly changing business conditions, and to implement and improve the Company's technical, administrative and financial controls and reporting systems. No assurance can be given that the Company will succeed in these efforts. The failure to effectively manage and improve these systems could increase costs, which could have a materially adverse effect on the Company's operating results and overall performance.

***Due Diligence***

The due diligence process undertaken by the Company in connection with investment opportunities may not reveal all facts that may be relevant in connection with the investments. Before making investments, the Company conducts due diligence that it deems reasonable and appropriate based on the facts and circumstances applicable to each investment. When conducting due diligence, the Company may be required to evaluate important and complex business, financial, tax, accounting, environmental and legal

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issues. Outside consultants, legal advisors, accountants and investment banks may be involved in the due diligence process in varying degrees depending on the type of investment. Nevertheless, when conducting due diligence and making an assessment regarding an investment, the Company relies on resources available including information provided by the target of the investment and, in some circumstances, third-party investigations. The due diligence process that is carried out with respect to investment opportunities may not reveal or highlight all relevant facts that may be necessary or helpful in evaluating such investment opportunity. Moreover, such an investigation will not necessarily result in the investment being successful.

***Exchange Rate Fluctuations***

A significant portion of the Company's cryptocurrency and digital asset holdings could be invested in United States dollar denominated investments or other foreign currencies. Changes in the value of the foreign currencies in which the Company's investments are denominated could have a negative impact on the ultimate return on its investments and overall financial performance.

***Non-controlling Interests***

The Company's investments include debt instruments and equity securities of companies that it does not control. Such instruments and securities may be acquired through trading activities or through purchases of securities directly from the issuer. These investments are subject to the risk that the company in which the investment is made may make business, financial or management decisions with which the Company does not agree or that the majority stakeholders or the management of the investee company may take risks or otherwise act in a manner that does not serve the Company's interests. If any of the foregoing was to occur, the value of the Company's investments could decrease and its financial condition, results of operations and cash flow could suffer as a result.

***Changes in Legislation and Regulatory Risk***

There can be no assurance that laws applicable to the Company or the businesses in which the Company invests, including securities legislation, will not be changed in a manner which adversely affects the Company. If such laws change, such changes could have a negative effect upon the value of the Company and upon investment opportunities available to the Company.

***Changes or Development related to Accounting Standards***

Changes in, or the development of guidance relating to, accounting standards governing the preparation of the Company's financial statements and future events could have a material impact on the Company's financial condition, results of operations, cash flows and other financial data.

From time to time, regulators change the financial accounting and reporting standards governing the preparation of the Company's financial statements or the interpretation of those standards. These changes are difficult to predict and can materially impact how the Company records and reports its financial condition, results of operations, cash flows and other financial data. In some cases, the Company may be required to apply a new or revised standard retroactively or to apply an existing standard differently, also retroactively, in each case potentially resulting in the restatement of prior period financial statements and related disclosures. Additionally, the Company accounting policies and methods are fundamental to how it records and reports its financial condition and results of operations. The preparation of financial statements in conformity with IFRS requires management to make estimates based upon assumptions about future economic and market conditions which affect reported amounts and related disclosures in our financial statements. If subsequent events occur that are materially different than the assumptions and estimates we

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used, its reported financial condition, results of operation and cash flows may be materially negatively impacted.

In addition, the accounting for, and audit standards relating to, digital assets remain subject to further guidance. To the extent that such guidance imposes obligations on audit firms that they are not able to meet with respect to the review of digital assets, the Company could have difficulty in obtaining an audit opinion, filing audited financial statements in a timely manner or obtaining an unqualified opinion.

**Risks Relating to the Financial Condition of the Company**

***Limited Operating History***

The Company's limited operating history and the lack of meaningful historical financial data makes it difficult to fully evaluate the Company's prospects. To the extent that the Company is able to execute its business plan, its business will be subject to all of the problems that typically affect a business with a limited operating history, such as unanticipated expenses, capital shortfalls, delays in program development and possible cost overruns. Investment in the securities of the Company is highly speculative given the nature of the Company's business.

The Company's success will depend on many factors, including some which may be beyond its control or which cannot be accounted for at this time, such as the market's acceptance of the products of its investee companies, the emergence of potential competitors, and changes in economic conditions. For the reasons discussed in this section and elsewhere in this AIF, it is possible that the Company may not generate revenues or profits in the foreseeable future or at all.

***Limited History of Operating Revenue and Cash Flow***

The future performance of the business may be constrained by factors such as, among others: success of the Company's corporate strategy, economic downturns; technological and regulatory changes; the cash flows generated by operations, investment activities and financing activities; and the level of taxation, particularly corporate profits and withholding taxes. If the Company is unable to generate sufficient cash from operations, the Company may be required to incur indebtedness, raise funds in a public or private equity or debt offering, or sell some or all of its assets. There can be no assurance that any such financing will be available on satisfactory terms or that it will be sufficient.

The Company may be subject to limitations on the repatriation of earnings in each of the countries where the Company, including its investee companies, do business. In particular, there may be significant withholding taxes applicable to the repatriation of funds from foreign countries to Canada. There can be no assurance that changes in regulations, including tax treaties, in and among the relevant countries where the Company or its investee companies do business will not take place, and if such changes occur, they may adversely impact the Company's ability to receive sufficient cash payments from its subsidiaries.

***Insufficient Cash Flow and Funds in Reserve***

The Company's cash flow and funds in reserve may not be sufficient to fund its ongoing activities at all times and from time to time and it may require additional financing in order to carry out its activities. In addition, the Company may incur major unanticipated liabilities or expenses. Although the Company has been successful in the past in financing its activities, there can be no assurance that the Company will be able to obtain additional financing on commercially acceptable terms. The ability of the Company to arrange such financing in the future will depend in part upon the prevailing capital market conditions as well as the business performance of the Company. There is risk that if the economy and banking industry

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experienced unexpected and/or prolonged deterioration, the Company's access to additional financing may be affected. This may be further complicated by the limited market liquidity for shares of smaller companies such as the Company, restricting access to some institutional investors. Due to uncertainty in the capital markets, the Company may from time to time have restricted access to capital and increased borrowing costs. To the extent that external sources of capital become limited, unavailable, or available on onerous terms, the Company's ability to make capital investments and maintain existing assets may be impaired, and its assets, liabilities, business, financial condition, results of operations and prospects may be affected materially and adversely as a result.

The Company, along with all other companies, may face reduced cash flow and restricted access to capital if the global economic situation deteriorates. A prolonged period of adverse market conditions may impede the Company's ability to grow and complete additional acquisitions, if desired. In addition, a prolonged period of adverse market conditions may impede the Company's ability to service any of its loans or arrange alternative financing when the existing loans become due. In each case, the Company's business, financial condition, results of operations and prospects would be adversely affected.

***Cash Flow, Revenue and Liquidity***

The Company's revenue and cash flow is generated primarily from fees paid in connection with managing and operating Validators across various Blockchain networks, the staking of the Company's SOL, financing activities, and proceeds from the disposition of investments. The availability of these sources of income and the amounts generated from these sources depend upon various factors, many of which are outside of the Company's direct control. The Company's liquidity and operating results may be adversely affected if its access to the capital markets is hindered, whether as a result of a downturn in the market conditions generally or to matters specific to us, if the value of our investments decline, resulting in losses upon disposition, and if rates provided by counterparties for staking and lending decrease.

***Dependence on Management Personnel***

The Company is dependent upon the efforts, skill and business contacts of key members of management, the Board, employees and consultants for among other things, the information and deal flow they generate during the normal course of their activities and the synergies that exist amongst their various fields of expertise and knowledge. Accordingly, the Company's success may depend upon the continued service of these individuals who are not obligated to remain consultants to the Company. The loss of the services of any of these individuals could have a material adverse effect on the Company's revenues, net income and cash flows and could harm its ability to maintain or grow existing assets and raise additional funds in the future.

***Risks related to Compliance and Risk Management***

The Company's compliance and risk management programs may not be effective and may result in outcomes that could materially and adversely affect the Company's reputation, financial condition and operating results, among other things.

The Company's ability to comply with applicable laws and rules is largely dependent on the establishment and maintenance of compliance, review and reporting systems, as well as the ability to attract and retain qualified compliance and other risk management personnel. The Company cannot provide any assurance that its compliance policies and procedures will always be effective or that the Company will always be successful in monitoring or evaluating its risks. In the case of alleged non-compliance with applicable laws or regulations, the Company could be subject to investigations and judicial or administrative proceedings that may result in substantial penalties or civil lawsuits, including by customers, for damages, restitution or

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other remedies, which could be significant. Any of these outcomes, individually or together, may among other things, materially and adversely affect the Company's reputation, financial condition, trading execution, and asset value and the value of any investment in the Company.

***Operational Risks***

Operational risks, such as misconduct and errors of employees or entities with which the Company does business, are difficult to detect and deter and could cause material reputational and financial harm to the Company. The Company's employees and agents could engage in misconduct, which may include conducting and concealing unauthorized activities or improper use or unauthorized disclosure of confidential information. It is not always possible to deter misconduct by employees or others, and the precautions that the Company takes to prevent and detect this activity may not be effective in all cases.

***Conflicts of Interest may Arise***

Certain current or future directors and officers of the Company and its subsidiaries may be shareholders, directors and officers of other companies that may operate in the same sectors as the Company. Such associations may give rise to conflicts of interest from time to time. The directors and officers of the Company are required by law to act honestly and in good faith with a view to the best interests of the Company and to disclose any interest that they may have in any project or opportunity of the Company. If a conflict of interest arises at a meeting of the Board, any director in such conflict is required under the applicable corporate laws to disclose his or her interest and to abstain from voting on such matter.

***Legal Proceedings***

The Company may, from time to time in the future, become subject to legal proceedings, claims, litigation and government investigations or inquiries, which could be expensive, lengthy, and disruptive to normal business operations. In addition, the outcome of any legal proceedings, claims, litigation, investigations or inquiries may be difficult to predict and could have a material adverse effect on the Company's business, operating results, or financial condition.

***Service on Foreign Directors and Officers***

The Company is a corporation formed under the laws of Ontario, Canada; however some of the Company's directors and officers are located outside of Canada.

It may be difficult for investors in other jurisdictions to effect service of process within their jurisdiction upon those directors who are not residents of their jurisdiction or to enforce against them judgments of their jurisdiction's courts based upon civil liability under their securities laws. There is doubt as to the enforceability in Canada against the Company or against any of its non-United States directors, in original actions or in actions for enforcement of judgments of United States courts of liabilities based solely upon the United States federal securities laws or securities laws of any state within the United States.

Similarly, it may be difficult for investors in Canada to effect service of process within Canada upon those directors, officers and experts who are located outside of Canada, or to enforce against them judgments of the Canadian courts based upon civil liability under Canadian securities laws. There is doubt as to the enforceability in the United States against any of the Company's non-Canadian directors, in original actions or in actions for enforcement of judgments of Canadian courts of liabilities based solely upon Canadian law.

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**Risks Relating to the Common Shares**

***Market Price of Common Shares may Experience Volatility***

The market price of the Common Shares has been volatile in the past and may continue to be volatile. The market price is, and could be, subject to wide fluctuations due to a number of factors, including actual or anticipated fluctuations in the Company's results of operations, changes in estimates of its future results of operations by management or securities analysts, market rumours, investments or divestments by the Company or its competitors and general industry changes.

Many of the factors that could affect the market price of the Common Shares are outside of the Company's control. Broad market fluctuations, as well as economic conditions generally, may adversely affect the market price of the Common Shares. The stock markets have experienced extreme price and volume fluctuations that have affected and continue to affect the market prices of equity securities of many companies. These fluctuations often have been unrelated or disproportionate to the operating performance of those companies. These broad market and industry fluctuations, as well as general economic, political and market conditions such as recessions, interest rate changes or international currency fluctuations, may negatively impact the market price of the Common Shares.

***Capital Management***

The Company manages and adjusts its capital structure, based on the funds available to the Company, in order to support the investment in cryptocurrencies and Blockchain companies. The Board does not establish quantitative return on capital criteria for management, but rather relies on the expertise of the Company's management to sustain future development of the business. The Company considers capital to be its capital stock, warrant, and stock option components of shareholders' equity. To effectively manage the Company's capital requirements, the management has in place a planning, budgeting, and forecasting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. The Company ensures that there is sufficient working capital and planned future capital raises to meet its short-term business requirements, taking into account its anticipated cash flow from operations and its holding of cash and short-term investments. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

***Shareholders' Interest in the Company may be Diluted in the Future***

If the Company raises additional funding by issuing additional equity securities, or securities convertible into equity, such financing may substantially dilute the interests of shareholders.

***The Company has Never Paid Dividends and may not do so in the Foreseeable Future***

The Company has never paid cash dividends on its Common Shares. Currently, the Company intends to retain its future earnings, if any, to fund the development and growth of its business, and does not anticipate paying any cash dividends on its Common Shares in the near future. As a result, shareholders will have to rely on capital appreciation, if any, to earn a return on investment in any Common Shares in the foreseeable future. See "*Dividends*".

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***As a Foreign Private Issuer, the Company is Subject to Different U.S. Securities Laws and Rules than a U.S. Domestic Issuer***

The Company is a "foreign private issuer", under applicable U.S. federal securities laws, and is, therefore, not subject to the same requirements that are imposed upon U.S. domestic issuers by the SEC. Under the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act"), the Company is subject to reporting obligations that, in certain respects, are less detailed and less frequent than those of U.S. domestic reporting companies. As a result, the Company does not file the same reports that a U.S. domestic issuer would file with the SEC, although the Company is required to file with or furnish to the SEC the continuous disclosure documents that it is required to file in Canada under Canadian securities laws.

In addition, the Company's officers, directors, and principal shareholders are currently exempt from the reporting and short- swing profit recovery provisions of Section 16 of the U.S. Exchange Act. Therefore, the Company's shareholders may not know on as timely a basis when the Company's officers, directors and principal shareholders purchase or sell Common Shares, as the reporting periods under the corresponding Canadian insider reporting requirements are longer.

As a foreign private issuer, the Company is exempt from the rules and regulations under the U.S. Exchange Act related to the furnishing and content of proxy statements. The Company is also exempt from Regulation FD, which prohibits issuers from making selective disclosures of material non-public information. While the Company complies with the corresponding requirements relating to proxy statements and disclosure of material non-public information under Canadian securities laws, these requirements differ from those under the U.S. Exchange Act and Regulation FD and shareholders should not expect to receive the same information at the same time as such information is provided by U.S. domestic companies. In addition, the Company may not be required under the U.S. Exchange Act to file annual and quarterly reports with the SEC as promptly as U.S. domestic companies whose securities are registered under the U.S. Exchange Act. In addition, as a foreign private issuer, the Company has the option to follow certain Canadian corporate governance practices, except to the extent that such laws would be contrary to U.S. securities laws, and provided that the Company disclose the requirements it is not following and describe the Canadian practices it follows instead. The Company has elected and may in the future elect to follow home country practices in Canada with regard to certain corporate governance matters. As a result, the Company's shareholders may not have the same protections afforded to shareholders of U.S. domestic companies that are subject to all corporate governance requirements.

***The Company may lose its Foreign Private Issuer Status in the Future***

In order to maintain its status as a foreign private issuer, a majority of the Common Shares must be either directly or indirectly owned by non-residents of the U.S. unless the Company also satisfies one of the additional requirements necessary to preserve this status. The Company may in the future lose its foreign private issuer status if a majority of its Common Shares are held in the U.S. and if the Company fails to meet the additional requirements necessary to avoid loss of its foreign private issuer status. The regulatory and compliance costs under U.S. federal securities laws as a U.S. domestic issuer may be significantly more than the costs incurred as a Canadian foreign private issuer eligible to use the Multi-Jurisdictional Disclosure System, or MJDS. If the Company is not a foreign private issuer, it would not be eligible to use the MJDS or other foreign issuer forms and would be required to file periodic and current reports and registration statements on U.S. domestic issuer forms with the SEC, which are more detailed and extensive than the forms available to a foreign private issuer, and would be required to file financial statements prepared in accordance with United States generally accepted accounting principles. In addition, the Company may lose the ability to rely upon exemptions from Nasdaq corporate governance requirements that are available to foreign private issuers.

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***The Company Relies*** <u>U</u>***pon Certain Accommodations Available to It as an "Emerging Growth Company"***

The Company is an "emerging growth company" as defined in section 3(a) of the U.S. Exchange Act (as amended by the JOBS Act, enacted on April 5, 2012), and the Company will continue to qualify as an emerging growth company until the earliest to occur of: (a) the last day of the fiscal year during which the Company has total annual gross revenues of US$1,235,000,000 (as such amount is indexed for inflation every five years by the SEC) or more; (b) the last day of the fiscal year of the Company following the fifth anniversary of the date of the first sale of common equity securities of the Company pursuant to an effective registration statement under the U.S. Securities Act of 1933, as amended; (c) the date on which the Company has, during the previous three year period, issued more than US$1,000,000,000 in non-convertible debt; and (d) the date on which the Company is deemed to be a "large accelerated filer", as defined in Rule 12b-2 under the U.S. Exchange Act. The Company will qualify as a large accelerated filer (and would cease to be an emerging growth company) at such time when on the last business day of its second fiscal quarter of such year the aggregate worldwide market value of its common equity held by non-affiliates will be US$700,000,000 or more. For so long as the Company remains an emerging growth company, it is permitted to and intends to rely upon exemptions from certain disclosure requirements that are applicable to other public companies that are not emerging growth companies. These exemptions include not being required to comply with the auditor attestation requirements of Section 404 of the Sarbanes-Oxley Act. The Company cannot predict whether investors will find the Common Shares less attractive because the Company relies upon certain of these exemptions. If some investors find the Common Shares less attractive as a result, there may be a less active trading market for the Common Shares and the Common Share price may be more volatile. On the other hand, if the Company no longer qualifies as an emerging growth company, the Company would be required to divert additional management time and attention from the Company's development and other business activities and incur increased legal and financial costs to comply with the additional associated reporting requirements, which could negatively impact the Company's business, financial condition and results of operations.

***There can be no assurance that we will not be a passive foreign investment company for any taxable year, which could subject United States investors in our Common Shares to significant adverse U.S. federal income tax consequences.***

Under the Internal Revenue Code of 1986, as amended, or the "Code," we will be a passive foreign investment company, or "PFIC," for any taxable year in which, after the application of certain look-through rules with respect to subsidiaries, either (1) 75% or more of our gross income consists of "passive income;" or (2) 50% or more of the average quarterly value of our assets consists of assets that produce, or are held for the production of, "passive income." Passive income generally includes dividends, interest, certain non-active rents and royalties, and capital gains. There are uncertainties in the application of the PFIC rules to a company with our particular business operations. However, based on the composition and classification of our assets, in particular in how cryptocurrencies and staking income are viewed by the Internal Revenue Service, or IRS, for purposes of the PFIC income and asset tests, we believe that there is a significant risk that we were a PFIC for our fiscal year ended September 30, 2025. In addition, whether we will be a PFIC in for our current fiscal year or in any future year is uncertain because, among other things, our PFIC status for any taxable year will depend on the composition of our income and assets and the value of our assets from time to time (which may be determined, in part, by reference to the market price of our Common Shares as well as the market price of the cryptocurrencies we hold, which could be volatile). Accordingly, there can be no assurance that we will not be a PFIC for any taxable year. Moreover, there can be no assurance that the IRS will agree with our conclusion.

If we are a PFIC for any taxable year during which a U.S. investor holds Common Shares, we generally would continue to be treated as a PFIC with respect to that U.S. investor for all succeeding years during

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which the U.S. investor holds Common Shares, even if we ceased to meet the threshold requirements for PFIC status. Such a U.S. investor may be subject to adverse U.S. federal income tax consequences, including (1) the treatment of all or a portion of any gain on disposition as ordinary income; (2) the application of a deferred interest charge on such gain and the receipt of certain dividends; and (3) compliance with certain reporting requirements. A "mark-to-market" election may be available that will alter the consequences of PFIC status if our Common Shares are regularly traded on a qualified exchange.

**DIVIDENDS AND DISTRIBUTIONS**

The Company has not paid any dividends since its incorporation. Any determination to pay any future dividends will be at the discretion of the Board and will be made based on the Company's financial condition and other factors deemed relevant by the Board. There are currently no restrictions on the ability of the Company to pay dividends except as set out under the OBCA.

**DESCRIPTION OF SHARE CAPITAL**

The Company is authorized to issue an unlimited number of Common Shares without par value. The holders of Common Shares are entitled to dividends, subject to the rights of holders of any other class of shares of the Company, if, as and when declared by the Board. The holders of Common Shares are also entitled to one vote per Common Share at meetings of the shareholders of the Company and, subject to the rights of holders of any other class of shares of the Company, to share, on a *pro rata* basis with the other holders of Common Shares, the net assets of the Company, upon liquidation, dissolution or winding up of the Company. The Common Shares are not subject to call or assessment nor do they carry any pre-emptive or conversion rights. There are no provisions attached to such shares for redemption, purchase for cancellation, surrender or sinking or purchase funds.

As of December 24, 2025, 28,057,268 Common Shares were issued and outstanding.

As of the date hereof, the Company also has 743,977 Options, 6,194,842 Warrants, CAD$42,990,300 principal amount of convertible debentures, and 181,714 restricted share units issued and outstanding. See the notes to the Company's audited financial statements for the year ended September 30, 2025 for additional information regarding the Company's convertible securities.

**MARKET FOR SECURITIES**

**Trading Price and Volume**

The Common Shares trade on the CSE under the symbol "HODL". The Common Shares traded on the OTCQB until September 8, 2025 and on September 9, 2025, the Common Shares began trading on the NASDAQ.

The following table sets forth, on a monthly basis, the reported high and low sale prices (which are not necessarily closing prices) and the aggregate volume of trading of the Common Shares on the CSE during the financial year ended September 30, 2025.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date**<br><BORDER_TOP> | &nbsp;&nbsp;**High**<br>**(CAD$)**<br><BORDER_TOP> | &nbsp;&nbsp;**Low**<br>**($)**<br><BORDER_TOP> | &nbsp;&nbsp;**Volume**<br><BORDER_TOP> |
| &nbsp;&nbsp;October 2024 | &nbsp;&nbsp;18.56 | &nbsp;&nbsp;1.92 | &nbsp;&nbsp;6818492 |
| &nbsp;&nbsp;November 2024 | &nbsp;&nbsp;14.40 | &nbsp;&nbsp;8.16 | &nbsp;&nbsp;4164393 |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date**<br>| &nbsp;&nbsp;**High**<br>**(CAD$)** | &nbsp;&nbsp;**Low**<br>**($)** | &nbsp;&nbsp;**Volume**<br>|
| &nbsp;&nbsp;December 2024 | &nbsp;&nbsp;25.92 | &nbsp;&nbsp;13.68 | &nbsp;&nbsp;3576156 |
| &nbsp;&nbsp;January 2025 | &nbsp;&nbsp;48.96 | &nbsp;&nbsp;21.92 | &nbsp;&nbsp;3305153 |
| &nbsp;&nbsp;February 2025 | &nbsp;&nbsp;38.48 | &nbsp;&nbsp;16.16 | &nbsp;&nbsp;3074064 |
| &nbsp;&nbsp;March 2025 | &nbsp;&nbsp;30.00 | &nbsp;&nbsp;14.32 | &nbsp;&nbsp;2421715 |
| &nbsp;&nbsp;April 2025 | &nbsp;&nbsp;26.96 | &nbsp;&nbsp;11.12 | &nbsp;&nbsp;2550301 |
| &nbsp;&nbsp;May 2025 | &nbsp;&nbsp;33.52 | &nbsp;&nbsp;20.32 | &nbsp;&nbsp;2183213 |
| &nbsp;&nbsp;June 2025 | &nbsp;&nbsp;24.96 | &nbsp;&nbsp;16.64 | &nbsp;&nbsp;1903979 |
| &nbsp;&nbsp;July 2025 | &nbsp;&nbsp;20.08 | &nbsp;&nbsp;8.08 | &nbsp;&nbsp;4000799 |
| &nbsp;&nbsp;August 2025 | &nbsp;&nbsp;12.33 | &nbsp;&nbsp;8.21 | &nbsp;&nbsp;2427233 |
| &nbsp;&nbsp;September 2025 | &nbsp;&nbsp;17.99 | &nbsp;&nbsp;5.92 | &nbsp;&nbsp;7066487 |

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**Prior Sales**

During the financial year ended September 30, 2025 with respect to each class of securities of the Company that is outstanding as of the date of this AIF and not listed or quoted on a marketplace, the Company issued the following securities:

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date of Issuance**<br><BORDER_TOP> | &nbsp;&nbsp;**Security**<br><BORDER_TOP> | &nbsp;&nbsp;**Number of Securities<br>Issued**<br><BORDER_TOP> | &nbsp;&nbsp;**Exercise Price Per<br>Security**<br>**($)**<br><BORDER_TOP> |
| &nbsp;&nbsp;October 15, 2025 | &nbsp;&nbsp;Options | &nbsp;&nbsp;100351 | &nbsp;&nbsp;$4.35 |
| &nbsp;&nbsp;October 15, 2025 | &nbsp;&nbsp;RSUs | &nbsp;&nbsp;99006 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;October 1, 2025 | &nbsp;&nbsp;Warrants | &nbsp;&nbsp;4642800 | &nbsp;&nbsp;$8.90 |
| &nbsp;&nbsp;August 28, 2025 | &nbsp;&nbsp;Options | &nbsp;&nbsp;37500 | &nbsp;&nbsp;$11.13 |
| &nbsp;&nbsp;July 24, 2025<sup>(1)</sup> | &nbsp;&nbsp;Options | &nbsp;&nbsp;130000 | &nbsp;&nbsp;$8.48 |
| &nbsp;&nbsp;July 23, 2025<sup>(1)</sup> | &nbsp;&nbsp;Options | &nbsp;&nbsp;500000 | &nbsp;&nbsp;$1.50 |
| &nbsp;&nbsp;June 3, 2025<sup>(1)</sup> | &nbsp;&nbsp;Options | &nbsp;&nbsp;250000 | &nbsp;&nbsp;$2.75 |
| &nbsp;&nbsp;April 24, 2025<sup>(1)</sup> | &nbsp;&nbsp;Options | &nbsp;&nbsp;425000 | &nbsp;&nbsp;$2.25 |
| &nbsp;&nbsp;April 23, 2025<sup>(1)</sup> | &nbsp;&nbsp;Convertible Notes | &nbsp;&nbsp;2000000 | &nbsp;&nbsp;US$1,000 |
| &nbsp;&nbsp;March 17, 2025<sup>(1)</sup> | &nbsp;&nbsp;Options | &nbsp;&nbsp;550000 | &nbsp;&nbsp;$2.38 |
| &nbsp;&nbsp;February 28, 2025 <sup>(1)</sup> | &nbsp;&nbsp;Options | &nbsp;&nbsp;300000 | &nbsp;&nbsp;$2.71 |
| &nbsp;&nbsp;February 7, 2025<sup>(1)</sup> | &nbsp;&nbsp;RSUs | &nbsp;&nbsp;50000 | &nbsp;&nbsp;N/A |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Date of Issuance**<br>| &nbsp;&nbsp;**Security**<br>| &nbsp;&nbsp;**Number of Securities<br>Issued**<br>| &nbsp;&nbsp;**Exercise Price Per<br>Security**<br>**($)** |
| &nbsp;&nbsp;January 30, 2025<sup>(1)</sup> | &nbsp;&nbsp;RSUs | &nbsp;&nbsp;83344 | &nbsp;&nbsp;N/A |
| &nbsp;&nbsp;January 30, 2025<sup>(1)</sup> | &nbsp;&nbsp;Options | &nbsp;&nbsp;400000 | &nbsp;&nbsp;$4.91 |
| &nbsp;&nbsp;January 24, 2025<sup>(1)</sup> | &nbsp;&nbsp;Warrants | &nbsp;&nbsp;535000 | &nbsp;&nbsp;$4.66 |
| &nbsp;&nbsp;January 24, 2025<sup>(1)</sup> | &nbsp;&nbsp;Convertible Debentures  | &nbsp;&nbsp;250000 | &nbsp;&nbsp;$1000 |
| &nbsp;&nbsp;January 16, 2025<sup>(1)</sup> | &nbsp;&nbsp;Warrants | &nbsp;&nbsp;11000000 | &nbsp;&nbsp;$2.50 |
| &nbsp;&nbsp;January 16, 2025<sup>(1)</sup> | &nbsp;&nbsp;Convertible Debentures | &nbsp;&nbsp;2750000 | &nbsp;&nbsp;$1000 |
| &nbsp;&nbsp;November 27, 2024<sup>(1)</sup> | &nbsp;&nbsp;Options | &nbsp;&nbsp;9375 | &nbsp;&nbsp;$11.12 |
| &nbsp;&nbsp;October 29, 2024<sup>(1)</sup> | &nbsp;&nbsp;Options | &nbsp;&nbsp;34937 | &nbsp;&nbsp;$16.16 |

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(1) All figures are on a pre-Consolidation basis.

(2) Dollar amounts are in CAD, unless otherwise indicated.

**ESCROWED SECURITIES**

To the Company's knowledge, no securities of the Company are held in escrow or are subject to a contractual restriction.

**DIRECTORS AND OFFICERS**

The following table sets forth for each director and executive officer of the Company as at the date of this AIF, each such individual's name, province or state and country of residence, position(s) held with the Company, principal occupation(s) for the last five years, if currently a director, period(s) during which such individual has served as a director of the Company, and the number and percentage of issued and outstanding Common Shares beneficially owned, or controlled or directed, directly or indirectly, by such individual (for avoidance of doubt, excluding any convertible securities in the capital of the Company held by such individual). The statements as to principal occupation(s) for the last five years of, and the number and percentage of Common Shares beneficially owned, or controlled or directed, directly or indirectly, by, the directors and executive officers of the Company are in each instance based upon information furnished by the individuals concerned. All directors of the Company hold office until the next annual meeting of shareholders of the Company or until their successors are elected or appointed.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Place of Residence and Position(s)**<br><BORDER_TOP> | &nbsp;&nbsp;**Principal Occupation(s) for the<br>Last Five Years**<br><BORDER_TOP> | &nbsp;&nbsp;**Director/<br>Officer<br>Since**<br><BORDER_TOP> &nbsp;&nbsp;**Number of** <br>**Common<br>Shares** <br>**Beneficially<br>Owned or<br>Controlled<br>or Directed** <sup>(1)</sup><br><BORDER_TOP> | &nbsp;&nbsp;**Percentage<br>of Issued<br>and<br>Outstanding Common<br>Shares**<br><BORDER_TOP> |
| &nbsp;&nbsp;Michael Hubbard<sup>(2)</sup><br>Rotorua, New Zealand<br>*Interim Chief Executive Officer, Director*  | &nbsp;&nbsp;Interim Chief Executive Officer of the Company (October 2025 – Current); Chief Executive Officer of Laine New Zealand (2024 – Current); Founder and Managing Director of Laine South Africa (2014 – Current) | &nbsp;&nbsp;March 10,<br>2025<br>&nbsp;&nbsp;645000<sup>(8)</sup> | &nbsp;&nbsp;2.3% |
| &nbsp;&nbsp;Luis Berruga<sup>(3)(4)(5)</sup> New York, USA<br>*Chairman of the Board of Directors* | &nbsp;&nbsp;Founder and Managing Partner of LBS Capital (2024 – Current); Chief Executive Officer of Global X ETFs (2018 – 2023) | &nbsp;&nbsp;March 3,<br>2025<br> &nbsp;&nbsp;32500<sup>(9)</sup> | &nbsp;&nbsp;0.1% |
| &nbsp;&nbsp;Doug Harris<sup>(6)</sup><br>Toronto, Ontario, Canada<br>*Chief Financial Officer* | &nbsp;&nbsp;Chief Financial Officer of the Company (2021 – Current); Chief Financial Officer of HYLQ (2018 – Current); Chief Financial Officer of Grid Metals Corp. (2021 – 2025); Chief Financial Officer of Zoglo's Food Corp (2022 – 2023); Chief Financial Officer of Tripsitter Clinic Ltd. (2021 – 2023) | &nbsp;&nbsp;April 2021<br> &nbsp;&nbsp;212500 <sup>(10)</sup> | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Andrew McDonald<sup>(7)</sup><br>Toronto, Ontario, Canada<br>*Chief Operating Officer* | &nbsp;&nbsp;Chief Operating Officer of the Company (August 2025 – Current); Director of Operations of the Company (January 2025 – August 2025); General Manager and Chief Operating Officer of Bitaccess Inc. (2021 – 2023)  | &nbsp;&nbsp;August 28, 2025<br> &nbsp;&nbsp;6000<sup>(11)</sup> | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Jon Matonis<sup>(3)</sup><br>London, United Kingdom<br>*Chief Economist, Director* | &nbsp;&nbsp;Chief Economist of the Company; Businessman and monetary economist | &nbsp;&nbsp;April 9,<br>2020<br> &nbsp;&nbsp;234937<sup>(12)</sup> | &nbsp;&nbsp;0.8% |
| &nbsp;&nbsp;Max Kaplan<br>Tampa Bay, USA *Chief Technology Officer* | &nbsp;&nbsp;Founder of Orangefin Ventures (2023 – 2024); Senior Vice President of Engineering of Edgevana Inc. (2023 – 2024); Engineer at Kraken Digital Asset Exchange (2017 – 2023) | &nbsp;&nbsp;December 31, 2024<br> &nbsp;&nbsp;126267<sup>(13)</sup> | &nbsp;&nbsp;0.5% |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name, Place of Residence and Position(s)**<br>| &nbsp;&nbsp;**Principal Occupation(s) for the<br>Last Five Years** | &nbsp;&nbsp;**Director/<br>Officer<br>Since** | &nbsp;&nbsp;**Percentage<br>of Issued<br>and Outstanding Common Shares** |
| &nbsp;&nbsp;Rubsun Ho<sup>(4)(5)</sup> Toronto, Ontario, Canada<br>*Director* | &nbsp;&nbsp;Chief Executive Officer of Crowdmatrix Inc. (2015 – 2022); Head of Trading Compliance of Kognitiv Corporation (2015 – 2022); Co-founder and director of Caravel Law PC (2016 – 2024) | &nbsp;&nbsp;June 16,<br>2021<br> &nbsp;&nbsp;2000<sup>(14)</sup> | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;Ungad Chadda<sup>(4)(5)</sup> Toronto, Ontario, Canada<br>*Director* | &nbsp;&nbsp;Chief Executive Officer of Global Uranium Corp. (2024 – Current); Chief Executive Officer of Urban Infrastructure Group (2024 – 2025); President, Former President of Toronto Stock Exchange and Senior Vice President of TMX Group Ltd. (1997 – 2019) | &nbsp;&nbsp;September 11, 2024<br> &nbsp;&nbsp;1925<sup>(15)</sup> | &nbsp;&nbsp;0% |
| &nbsp;&nbsp;José Manuel Calderón<br>New York, USA<br>*Director* | &nbsp;&nbsp;President and owner of the Embassy3x3 (January – Current); Academic Senate of Gioya Higher Education Institution (2024 – Current); Advisor to Front Office and Basketball Operations of Cleveland Cavaliers (2022 – Current); Co-Founder of OWQLO (2019 – Current); Director-Co-Founder of Training Center Higueron Fuengirola (2021 – Current); President of the Fundación José Manuel Calderón (2010 – Present); Talk Show Host and Global Advisor of Sngular (2020 – Current) | &nbsp;&nbsp;July 21, 2025<br> &nbsp;&nbsp;Nil<sup>(16)</sup> | &nbsp;&nbsp;0% |

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<u>Notes:</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The information as to the nature of Common Shares beneficially owned, or controlled or directed, directly or indirectly, by the directors and executive officers, not being within our knowledge, has been furnished by such directors and officers or has been extracted from the register of shareholdings maintained by our transfer agent or from insider reports filed by the individuals and available at www.sedi.ca.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Mr. Hubbard was appointed as a director of the Company on July 21, 2025 and as interim chief executive officer of the Company effective as of October 1, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Member of the Investment Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Member of the Compensation Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Member of the Audit Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) Mr. Harris joined the Company as a part-time Chief Financial Officer in April 2021. On January 1, 2025, he joined the Company on a full-time basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) Mr. McDonald joined the Company in January 2025 as Director of Operations. He was appointed as Chief Operating Officer on August 28, 2025.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(8) 18,750 of Mr. Hubbard's common shares are held in a joint account. In addition to the Common Shares listed in the table above, Mr. Hubbard holds 103,750 Options, 562,500 Warrants and 10,347 Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9) In addition to the Common Shares listed in the table above, Mr. Berruga holds 56,250 Options and 15,176 Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(10) In addition to the Common Shares listed in the table above, Mr. Harris holds 23,793 Options and 11,788 Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(11) In addition to the Common Shares listed in the table above, Mr. McDonald holds 52,011 Options and 14,538 Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(12) In addition to the Common Shares listed in the table above, Mr. Matonis holds 13,310 Options and 9,727 Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(13) In addition to the Common Shares listed in the table above, Mr. Kaplan holds 21,310 Options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(14) In addition to the Common Shares listed in the table above, Mr. Ho holds 128,687 Options. and 9,658 Restricted Share Units

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(15) In addition to the Common Shares listed in the table above, Mr. Chadda holds 59,937 Options and 19,684 Restricted Share Units.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(16) In addition to the Common Shares listed in the table above, Mr. Calderón holds 31,250 Options and 11,727 Restricted Share Units.

As of the date hereof, the directors and executive officers of the Company, as a group, beneficially owned, or controlled or directed, directly or indirectly, 1,261,129 Common Shares, representing 4.5% of the total issued and outstanding Common Shares.

During the past five years, each of the directors and officers of the Company has been engaged in his or her present principal occupations or in other executive capacities with the companies indicated opposite his name or with related or affiliated companies.

**Cease Trade Orders, Bankruptcies, Penalties or Sanctions**

***Corporate Cease Trade Orders or Bankruptcies***

Other than as set out below, no director or executive officer of the Company is, as at the date hereof, or has been, within the ten years before the date hereof, a director, chief executive officer or chief financial officer of any company (including the Company) that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) was subject to a cease trade or similar order, or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days and that was issued while the director or executive officer was acting in the capacity as director, chief executive officer or chief financial officer; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) was subject to a cease trade or similar order, or an order that denied the relevant company access to any exemption under securities legislation, that was in effect for a period of more than 30 consecutive days, that was issued after the director or executive officer ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as a director, chief executive officer or chief financial officer.

Douglas Harris, the Company's Chief Financial Officer also serves as Chief Financial Officer of HYLQ (as defined below). While Mr. Harris was serving as Chief Financial Officer of HYLQ, on July 22, 2020, the Ontario Securities Commission issued a cease trade order against HYLQ for failure to file its annual financial statements and related management's discussion and analysis and certificates for HYLQ's fiscal year ended January 31, 2020 and for its three-month period ended April 30, 2020. HYLQ subsequently made the required filings and the cease trade order was revoked by the Ontario Securities Commission on September 9, 2020.

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***Personal Bankruptcies***

No director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) is, as at the date hereof, or has been, within the ten years before the date hereof, a director or executive officer of any company (including the Company) that, while that person was acting in that capacity, or within a year of that person ceasing to act in that capacity, became bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency or was subject to or instituted any proceedings, arrangement or compromise with creditors or had a receiver, receiver manager or trustee appointed to hold its assets; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) has, within the ten years before the date hereof, become bankrupt, made a proposal under any legislation relating to bankruptcy or insolvency, or become subject to or instituted any proceedings, arrangement or compromise with creditors, or had a receiver, receiver manager or trustee appointed to hold the assets of the director, executive officer or shareholder.

***Penalties and Sanctions***

As at the date hereof, no director or executive officer of the Company, or a shareholder holding a sufficient number of securities of the Company to affect materially the control of the Company, has been subject to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable investor in making an investment decision.

***Conflicts of Interest***

The directors and officers of the Company are required by law to act honestly and in good faith with a view to the best interests of the Company and to disclose any interests that they may have in any project or opportunity of the Company. If a conflict of interest arises at a meeting of the Board, any director in a conflict is required to disclose his interest and abstain from voting on such matter in accordance with the OBCA. In appropriate cases, the Company will establish a special committee of independent non-executive directors to review a matter in which one or more directors or officers may have a conflict.

The Company notes that Douglas Harris, Chief Financial Officer of the Company, is also the Chief Financial Officer HYLQ Strategy Corp. (formerly Tony G Co-Investment Holdings Ltd.) ("HYLQ"). Mr Antanas Guoga, a significant shareholder and former director of the Company, is also a significant shareholder of HYLQ. The Company has not identified a conflict of interest to exist based on Mr. Harris' involvement with the Company and HYLQ. The Company notes that it and HYLQ have operated in different industries and therefore there are no business opportunities which both would pursue resulting in a conflict. On June 17, 2025, Mr. Harris provided a letter to the Board identifying the procedures and controls he has put in place to address and mitigate any potential conflict of interest. The letter confirmed that Mr. Harris maintains strict confidentiality and separation of all company-specific information, records, and communications between the two organizations, that he acts solely in the best interests of each company within the scope of his respective roles, that he will recuse himself from any matters that may give rise to a material conflict of interest or involve intercompany transactions between the Company and HYLQ, and

------

that he is fully prepared to comply with any additional direction from the boards or audit committees of either company regarding the management of any potential or perceived conflicts.

To the best of the Company's knowledge, and other than as disclosed herein, there are no known existing or potential material conflicts of interest between the Company or a subsidiary of the Company and any director or officer of the Company or a subsidiary of the Company, except that certain of the directors and officers serve as directors and officers of other public or private companies and therefore it is possible that a conflict may arise between their duties as a director or officer of the Company and their duties as a director or officer of such other companies.

**PROMOTER**

No person or company has within the two most recently completed financial years, or is during the current financial year, been a promoter of the Company or a subsidiary thereof.

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

The Company has not been since, and was not during, the financial year ended September 30, 2025 a party to any legal proceedings, nor has any of its property been since nor was any of its property during the financial year ended September 30, 2025 subject of any legal proceedings.

There have been no penalties or sanctions imposed against the Company by a court relating to securities legislation or by any securities regulatory authority since or during the financial year ended September 30, 2025, or any other penalties or sanctions imposed by a court or regulatory body against the Company that would likely be considered important to a reasonable investor in making an investment decision, and the Company has not entered into any settlement agreements with a court relating to securities legislation or with a securities regulatory authority since or during the financial year ended September 30, 2025.

**INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS**

Except as described elsewhere in this AIF, none of the directors or executive officers of the Company, nor any person or company that beneficially owns, or controls or directs, directly or indirectly, more than 10% of the issued and outstanding Common Shares, nor any associate or affiliate of the foregoing persons or companies, has or has had any material interest, direct or indirect, in any transaction within the three most recently completed financial years or during the current financial year that has materially affected or is reasonably expected to materially affect the Company.

**TRANSFER AGENT AND REGISTRAR**

The transfer agent and registrar of the Company is TSX Trust Company at its principal offices located at Suite 301, 100 Adelaide St. West, Toronto, Ontario, M5H 4H1.

**MATERIAL CONTRACTS**

The Company is party to the following material contracts as defined in National Instrument 51-102 – *Continuous Disclosure Obligations*.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Warrant indenture between the Company and TSX Trust Company, as the warrant agent for the LIFE Offering, dated October 1, 2025. A copy of the agreement is available under the Company's SEDAR+ profile at www.sedarplus.ca.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Agency Agreement between the Company and Canaccord Genuity Corp, as agent and sole bookrunner for the LIFE Offering, dated October 1, 2025. A copy of the agreement is available under the Company's SEDAR+ profile at www.sedarplus.ca.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchase agreements between the Company and ATW dated April 23, 2025. A copy of the agreement is available under the Company's SEDAR+ profile at www.sedarplus.ca.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset purchase agreement between the Company and Michael Hubbard dated March 7, 2025. A copy of the agreement is available under the Company's SEDAR+ profile at www.sedarplus.ca.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Securities purchase agreements between the Company and each of ParaFi Venture Fund II LP, ParaFi Quantitative Strategies LP, and ParaFi Digital Opportunities Fund LP dated January 8, 2025. A copy of the agreements are available under the Company's SEDAR+ profile at www.sedarplus.ca.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset purchase agreement between the Company and Orangefin Ventures LLC dated December 20, 2024. A copy of the agreement is available under the Company's SEDAR+ profile at www.sedarplus.ca.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Asset purchase agreement between the Company and Ben Hawkins dated November 14, 2024, as re-filed by the Company on September 9, 2023. A copy of the agreement is available under the Company's SEDAR+ profile at www.sedarplus.ca.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Credit facility between the Company and Antony Guoga dated October 22, 2024 and the amending agreement dated January 6, 2025. A copy of these agreements are available under the Company's SEDAR+ profile at www.sedarplus.ca.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Custodian agreement between the Company and Coinbase dated September 2, 2019 and the amending agreement dated September 2, 2019. A copy of these agreements are available under the Company's SEDAR+ profile at www.sedarplus.ca.

**INTERESTS OF EXPERTS**

The Company's current external auditor is Davidson & Company LLP, an independent registered public accounting firm, located at 1200 – 609 Granville Street, PO Box 10372, Pacific Centre, Vancouver, British Columbia, Canada V7Y 1G6. Davidson & Company LLP is independent with respect to the Company within the meaning of the Rules of Professional Conduct of the Chartered Professional Accountants of British Columbia and under all relevant U.S. professional and regulatory standards, including PCAOB Rule 3520.

Davidson & Company LLP does not beneficially own, directly or indirectly, any securities; nordoes it have any interest in the property of the Company, and neither Davidson & Company LLP nor any of its directors, officers or employees is, or expects to be, elected, appointed or employed as a director, officer or employee of the Company or its associates or affiliates.

The Company's previous auditor, Kingston Ross Pasnak LLP, resigned as auditor of the Company effective January 29, 2025, upon the Company's request.

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**ADDITIONAL INFORMATION**

Additional information relating to the Company may be found under the Company's profile on SEDAR+ at www.sedarplus.ca

Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities and securities authorized for issuance under equity compensation plans, is contained in the Company's management information circular dated May 9, 2025 prepared in connection with the Company's annual and special meeting of shareholders held on June 19, 2025.

Additional financial information is provided in the Company's annual consolidated financial statements and management's discussion and analysis for the financial year ended September 30, 2025 both of which are available under the Company's profile on SEDAR+ at www.sedarplus.ca

**AUDIT COMMITTEE DISCLOSURE**

The Audit Committee is responsible for monitoring the Company's systems and procedures for financial reporting and internal control, reviewing certain public disclosure documents, including the Company's annual audited financial statements and unaudited quarterly financial statements, and monitoring the performance and independence of the Company's external auditors. The Audit Committee is also responsible for reviewing with management the Company's risk management policies, the timeliness and accuracy of the Company's regulatory filings and all related party transactions as well as the development of policies and procedures related to such transactions.

**Audit Committee Charter**

The Audit Committee Charter sets out its responsibilities and authority, procedures governing meetings, qualifications for membership and particulars governing the role of the Chair. A copy of the Audit Committee Charter is attached hereto as Appendix "A".

**Composition of the Audit Committee**

National Instrument 52-110 – *Audit Committees* ("**NI 52-110**") provides that a member of an audit committee is "independent" if the member has no direct or indirect "material relationship" with the Company, which, for the purposes of NI 52-110 means a relationship which could, in the view of the Board, be reasonably expected to interfere with the exercise of the member's independent judgment. The current members of the Audit Committee are Ungad Chadda (Chair), Rubsun Ho and Luis Berruga. Each current member of the Audit Committee is "independent" within the meaning of NI 52-110,.

NI 52-110 provides that an individual is "financially literate" if he or she has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the issues that can reasonably be expected to be raised by the Company's financial statements. All of the members of the Audit Committee are "financially literate" as that term is defined. The following sets out the Audit Committee members' education and experience that is relevant to the performance of his responsibilities as an audit committee member.

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**Relevant Education and Experience**

The following is a description of the education and experience of each current member of the Audit Committee that is relevant to the performance of his responsibilities as an Audit Committee member and, in particular, any education or experience that would provide the member with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an understanding of the accounting principles used by the Company to prepare its financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• the ability to assess the general application of such accounting principles in connection with the accounting for estimates, accruals and reserves;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by the Company's financial statements, or experience actively supervising one or more persons engaged in such activities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• an understanding of internal controls and procedures for financial reporting.

***Rubsun Ho, Director*:** Rubsun Ho has been a lawyer and entrepreneur for 24 years and has successfully exited two prior businesses. He was a co-founder of Cognition LLP, an alternative, virtual law firm, which sold half of its assets in 2016 to Axiom Global Inc., the world's largest alternative legal services provider. He currently remains a partner in Caravel Law PC (the rebranded remaining half of Cognition), which has grown to over 90 lawyers across three provinces. He was also the co-founder and CEO of Crowdmatrix Inc., a registered Exempt Market Dealer and one of the first investment crowdfunding platforms in Canada. Crowdmatrix was sold to Kognitiv Corporation in 2019, where Rubsun remains as Head of Trading Compliance. Before Cognition, Rubsun was VP of Business Development at Wysdom Inc., where he helped raise USD$57 million in financing for the wireless Internet startup. He started his legal career as a securities law associate in the Toronto and New York offices of Stikeman Elliott. Rubsun has a Bachelor of Commerce from McGill University and a Bachelor of Laws from the University of Toronto.

***Ungad Chadda*, *Director***: Ungad Chadda is a highly experienced capital markets executive, known for his leadership at the Toronto Stock Exchange (TSX), where he oversaw listings and drove market growth. He brings expertise in financial markets, corporate governance, M&A, and regulatory strategy. Ungad earned his Chartered Professional Accountant (CPA) while working at Ernst and Young LLP, has a B.COM from McMaster University, and is a graduate of the Rotman School of Management, Director Education Program and a member of the Institute of Corporate Directors, ICD.D.

***Luis Berruga, Director***: Luis Berruga is an accomplished asset management executive and Founder & Managing Partner of LBS Capital, a boutique investment firm specializing in wealth management and ETFs. Previously, as CEO and Chairman of Global X ETFs, he grew assets under management from $10B to $40B in the US and $80B globally over five years. Luis has held positions at Jefferies' Financial Institutions Group and Morgan Stanley, advising boards on strategic transactions. He currently serves as an independent director for SOL Strategies, KraneShares, and Tidal Financial Group. Luis holds an MBA from Northwestern University's Kellogg School of Management, a degree in Telecommunications Engineering from Universidad Politecnica de Madrid, and corporate governance certification from Wharton.

**Reliance on Certain Exemptions**

The Company is a "venture issuer" for the purposes of NI 52-110. Accordingly, the Company is relying upon the exemption in section 6.1 of NI 52-110 providing that the Company is exempt from the application of Part 3 (Composition of the Audit Committee) and Part 5 (Reporting Obligations) of NI 52-110.

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**Audit Committee Oversight**

At no time since the Company's formation, has any recommendation of the audit committee to nominate or compensate an external auditor not been adopted by the Board.

**Pre-Approval Policies and Procedures**

The Audit Committee has adopted specific policies and procedures for the engagement of non-audit services, as described in the Audit Committee Charter.

**External Auditor Service Fees**

The following fees were incurred by the Company for the financial years ended September 30, 2025 and 2023 for professional services rendered to the Company:

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| | | |
|:---|:---|:---|
| **Fees** | **2025** | **2024** |
| Audit Fees<sup>(1)</sup> | $1001550 | $149160 |
| Audit-Related Fees<sup>(2)</sup> | $110000 | Nil |
| Tax Fees<sup>(3)</sup> | $37500 | $24521 |
| All Other Fees Other Fees<sup>(4)</sup> | Nil | Nil |

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<u>Notes:</u>

&nbsp;&nbsp;&nbsp;&nbsp;(1) Audit Fees are the aggregate fees billed or accrued, as the case may be, by the auditor of the Company for the applicable period in each of the last two fiscal years for audit services. Included in these aggregate fees are the amounts for the audit of the annual consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;(2) Audit-Related Fees are the aggregate fees billed or accrued, as the case may be, by the auditor of the Company for the applicable period in each of the last two fiscal years for assurance and related services by the current or former auditor, as applicable, that are reasonably related to the performance of the audit or review of the Company's financial statements and are not Audit Fees, including for consultations on accounting developments and the accounting for potential corporate transactions.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Tax Fees are the aggregate fees billed or accrued, as the case may be, for the applicable period in each of the last two fiscal years for professional services rendered, as applicable, for tax compliance, tax advice, and tax planning.

&nbsp;&nbsp;&nbsp;&nbsp;(4) All Other Fees are the aggregate fees billed or accrued, as the case may be, by the auditor of the Company for the applicable period in each of the last two fiscal years for products and services provided by the current or former auditor, as applicable, other than Audit Fees, Audit-Related Fees or Tax Fees.

&nbsp;&nbsp;&nbsp;&nbsp;(5) Dollar amounts in CAD.

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**Appendix "A"**

**AUDIT COMMITTEE CHARTER**

**SOL STRATEGIES INC.**

**CHARTER OF THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **Purpose of this Charter** 

The Audit Committee (the "**Committee**") is a standing committee of the board of directors (the "**Board**") of SOL Strategies Inc. (the "**Company**"). The Committee is appointed by the Board to assist the Board in fulfilling its oversight responsibilities relating to financial accounting, reporting and internal controls for the Company. This Charter shall govern the operations of the Committee.

The Committee's primary duties and responsibilities are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) conduct such reviews and discussions with management and the external auditors relating to the audit and financial reporting as are deemed appropriate by the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) assess the integrity of internal controls and financial reporting procedures of the Company and ensure implementation of such controls and procedures;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) review the interim and annual financial statements and management's discussion and analysis of the Company's financial position and operating results and in the case of the annual financial statements and related management's discussion and analysis, report thereon to the Board for approval of same;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) select and monitor the independence and performance of the Company's external auditors, including attending at private meetings with the external auditors and reviewing and approving all renewals or dismissals of the external auditors and their remuneration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) provide oversight of all disclosure relating to, and information derived from, financial statements and management's discussion and analysis.

The Committee has the authority to conduct any investigation appropriate to its responsibilities, and it may request the external auditors, as well as any officer of the Company, or outside counsel for the Company, to attend a meeting of the Committee or to meet with any members of, or advisors to, the Committee. The Committee shall have unrestricted access to the books and records of the Company and has the authority to retain, at the expense of the Company, special legal, accounting, or other consultants or experts to assist in the performance of the Committee's duties.

The Committee shall review and assess the adequacy of this Charter annually and submit any proposed revisions to the Board for approval.

In fulfilling its responsibilities, the Committee will carry out the specific duties set out in Part 4 of this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **Authority of the Audit Committee** 

The Committee shall have the authority to:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) set and pay the compensation for advisors employed by the Committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) communicate directly with the external auditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **Composition and Meetings** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Committee shall be composed of three directors as shall be designated by the Board from time to time. Unless a Chair is elected by the Board, the members of the Committee shall designate from amongst themselves by majority vote of the full Committee a member who shall serve as Chair. The position description and responsibilities of the Chair are set out in Schedule "A" attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Committee and its membership shall meet all applicable legal, regulatory and listing requirements, including, without limitation, those of the Ontario Securities Commission ()"**OSC** "), any exchange upon which the securities of the Company are listed, the *Business Corporations Act* (Ontario) and all applicable securities regulatory authorities. Two of the three members of the Committee shall be "independent" and "financially literate". An "independent" director is a director who has no direct or indirect material relationship with the Company. A "material relationship" is a relationship which, in the view of the Board, could be reasonably expected to interfere with the exercise of the director's independent judgement or a relationship deemed to be a material relationship pursuant to Sections 1.4 and 1.5 of National Instrument 52-110 — *Audit Committees*, as set out in Schedule "B" hereto. A "financially literate" director is a director who has the ability to read and understand a set of financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of the accounting issues that can be reasonably expected to be raised in the Company's financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Each member of the Committee shall serve at the pleasure of the Board. The Committee shall report to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Committee shall meet at least quarterly, at the discretion of the Chair or a majority of its members, as circumstances dictate or as may be required by applicable legal or listing requirements. A minimum of two and at least 50% of the members of the Committee present, either in person or by telephone, shall constitute a quorum.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) If within one hour of the time appointed for a meeting of the Committee, a quorum is not present, the meeting shall stand adjourned to the same hour on the next business day following the date of such meeting at the same place. If at the adjourned meeting a quorum is not present within one hour of the time appointed for such adjourned meeting, such meeting shall stand adjourned to the same hour on the second business day following the date of such meeting at the same place. If at the second adjourned meeting a quorum is not present, the quorum for the adjourned meeting shall consist of the members then present (a "**Reduced Quorum** ").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) If, and whenever a vacancy shall exist, the remaining members of the Committee may exercise all of its powers and responsibilities so long as a quorum remains in office or a Reduced Quorum is present in respect of a specific Committee meeting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The time and place at which meetings of the Committee shall be held, and procedures at such meetings, shall be determined from time to time by the Committee. A meeting of the Committee may be called by letter, telephone, facsimile, email or other means of communication, by giving at least 48 hours' notice, provided that no notice of a meeting shall be necessary if all of the members are present either in person or by means of conference telephone or if those absent have waived notice or otherwise signified their consent to the holding of such meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Any member of the Committee may participate in the meeting of the Committee by means of conference telephone or other communication equipment, and the member participating in a meeting pursuant to this paragraph shall be deemed, for the purposes hereof, to be present in person at the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee shall keep minutes of its meetings. The Committee may, from time to time, appoint any person who need not be a member, to act as a secretary at any meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Any director of the Company may attend meetings of the Committee, and the Committee may invite such officers and employees of the Company and its subsidiaries as the Committee may see fit, from time to time, to attend at meetings of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Any matters to be determined by the Committee shall be decided by a majority of votes cast at a meeting of the Committee called for such purpose. Actions of the Committee may be taken by an instrument or instruments in writing signed by all of the members of the Committee, and such actions shall be effective as though they had been decided by a majority of votes cast at a meeting of the Committee called for such purpose. The Committee shall report its determinations to the Board at the next scheduled meeting of the Board, or earlier as the Committee deems necessary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Committee members will be appointed annually at the first meeting of the Board following the annual general meeting of shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) The Board may at any time amend or rescind any of the provisions hereof, or cancel them entirely, with or without substitution.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. **Responsibilities** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Financial Accounting and Reporting Process and Internal Controls

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee shall review the annual audited and interim financial statements and related management's discussion and analysis before the Company publicly discloses this information to satisfy itself that the financial statements are presented in accordance with applicable accounting principles and in the case of the annual audited financial statements and related management's discussion and analysis, report thereon and recommend to the Board whether or not same should be approved prior to their being filed with the appropriate regulatory authorities. With respect to the annual audited financial statements, the Committee shall discuss significant issues regarding accounting principles, practices, and judgments of management with management and the external auditors as and when the Committee deems it appropriate to do so. The Committee shall consider whether the Company's financial disclosures are complete, accurate, prepared in accordance with International Financial Reporting Standards and fairly present the

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financial position of the Company. The Committee shall also satisfy itself that, in the case of the annual financial statements, the audit function has been effectively carried out by the auditors and, in the case of the interim financial statements, that the review function has been effectively carried out.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee shall review and assess the adequacy and effectiveness of the Company's systems of internal control and management information systems through discussion with management and the external auditor to ensure that the Company maintains appropriate systems, is able to assess the pertinent risks of the Company and that the risk of a material misstatement in the financial disclosures can be detected.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Committee shall be satisfied that adequate procedures are in place for the review of the Company's public disclosure of financial information extracted or derived from the Company's financial statements, management's discussion and analysis and annual and interim financial press releases, and periodically assess the adequacy of these procedures in consultation with any disclosure committee of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Committee shall review any press releases containing disclosure regarding financial information that are required to be reviewed by the Committee under any applicable laws or otherwise pursuant to the policies of the Company (including before the Company publicly discloses this information).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Committee shall meet no less than annually with the external auditors and the Chief Financial Officer or, in the absence of a Chief Financial Officer, with the officer of the Company in charge of financial matters, to review accounting practices, internal controls and such other matters as the Committee, Chief Financial Officer or, in the absence of a Chief Financial Officer, the officer of the Company in charge of financial matters, deem appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Committee shall inquire of management and the external auditors about significant financial and internal control risks or exposures and assess the steps management has taken to minimize such risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Committee shall review the post-audit or management letter, if any, containing the recommendations of the external auditors and management's response and subsequent follow-up to any identified weaknesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Committee shall be responsible for monitoring compliance with the Company's Code of Conduct and Business Ethics;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Committee shall periodically review and make recommendations regarding the Code of Business Conduct and Ethics adopted by the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Committee is responsible for creating a confidential and anonymous process whereby persons can report any concerns regarding matters which the complainant views to be illegal, unethical or contrary to the Company's policies;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) The Committee shall periodically review and make recommendations regarding the Whistleblower Policy and any other policies adopted by the Board;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) The Committee shall follow procedures established as set out in the Company's Whistleblower Policy, 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;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the receipt, retention, and treatment of complaints received by the Company regarding accounting, internal accounting controls, auditing matters or violations to the Company's Code of Business Conduct and Ethics; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the submission by employees, consultants, contractors, directors or officers of the Company, on a confidential and anonymous basis, of concerns regarding questionable accounting, auditing matters or violations to the Company's Code of Business Conduct and Ethics.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) The Committee shall ensure that management establishes and maintains an appropriate budget process, which shall include the preparation and delivery of periodic reports from the Chief Financial Officer to the Committee comparing actual spending to the budget. The budget shall include assumptions regarding economic parameters that are well supported and shall take into account the risks facing the Company; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) The Committee shall have the authority to adopt such policies and procedures as it deems appropriate to operate effectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) External Auditors

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Committee shall recommend to the Board the external auditors to be nominated for the purpose of preparing or issuing an auditors' report or performing other audit, review or attest services for the Company, shall set the compensation for the external auditors, provide oversight of the external auditors and shall ensure that the external auditors report directly to the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Committee shall ensure that procedures are in place to assess the audit activities of the external auditors and the internal audit functions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The pre-approval of the Committee shall be required as further set out in Schedule "C" prior to the undertaking of any non-audit services not prohibited by law to be provided by the external auditors in accordance with this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Committee shall monitor and assess the relationship between management and the external auditors and monitor, support and assure the independence and objectivity of the external auditors and attempt to resolve disagreements between management and the external auditors regarding financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) The Committee shall review the external auditors' audit plan, including the scope, procedures and timing of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) The Committee shall review the results of the annual audit with the external auditors, including matters related to the conduct of the audit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The Committee shall obtain timely reports from the external auditors describing critical accounting policies and practices, alternative treatments of information

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within International Financial Reporting Standards that were discussed with management, their ramifications, and the external auditors' preferred treatment and material written communications between the Company and the external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) The Committee shall review fees paid by the Company to the external auditors and other professionals in respect of audit and non-audit services on an annual basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) The Committee shall review and approve the Company's hiring policies regarding partners, employees and former partners and employees of the present and former auditors of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) The Committee shall have the authority to engage the external auditors to perform a review of the interim financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Other Responsibilities

The Committee shall perform any other activities consistent with this Charter and governing law, as the Committee or the Board deems necessary or appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. **Performance Evaluation** 

The Committee shall conduct an annual evaluation of the performance of its duties under this Charter and shall present the results of the evaluation to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. **Access to Information** 

The Committee shall be granted unrestricted access to all information regarding the Company that is necessary or desirable to fulfill its duties and all directors, officers and employees of the Company will be directed to cooperate as requested by members of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. **No Rights Created** 

This Charter is a broad policy statement and is intended to be part of the Committee's flexible governance framework. While the Charter should comply with all applicable laws, regulations and listing requirements and the Company's articles and by-laws, this Charter does not create any legally binding obligations on the Committee, the Board or the Company. The terms of this Charter are not intended to give rise to civil liability on the part of the Company or its directors or officers to shareholders, security holders, customers, suppliers, competitors, employees or other persons, or to any other liability whatsoever on their part.

The Board may, from time to time, and to the extent permitted by applicable law, permit departures from the terms of this Charter, either prospectively or retrospectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. **Oversight Function** 

It is not the duty of the Committee to plan or conduct audits or to determine that the Company's financial statements are complete and accurate or comply with applicable accounting standards, as applicable, and other applicable requirements. These are the responsibilities of management and the external auditors. The Committee, however, will consider whether these annual financial statements are complete, consistent with information known to the members of the Committee, and reflect appropriate accounting principles.

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The role of the Committee is to provide broad oversight of the financial, risk and control related activities of the Company and are specifically not accountable or responsible for the day to day operation or performance of such activities. Although the designation of a member of the Committee as having accounting or related financial expertise for disclosure purposes is based that individual's education and experience, which that individual will bring to bear in carrying out his or her duties on the Committee, such designation does not impose on such person any duties, obligations or liability that are greater than the duties, obligations and liability imposed on such person as a member of the Committee and Board in the absence of such designation. Rather, the role of a member of the Committee who is identified as having accounting or related financial expertise, like the role of all members of the Committee, is to oversee the process, not to certify or guarantee the internal or external audit of the Company's financial information or public disclosure.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. **Approval** 

Approved by the Board on October 2, 2024.

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**SCHEDULE A**

**SOL STRATEGIES INC.**

**POSITION DESCRIPTION FOR THE CHAIR OF THE AUDIT COMMITTEE**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. **PURPOSE** 

The Chair of the Committee shall be an independent director who is selected by the Board or designated by a majority vote of the Committee to act as the leader of the Committee in assisting the Board in fulfilling its financial reporting and control responsibilities to the shareholders of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. **WHO MAY BE CHAIR** 

The Chair will be selected from amongst the members of the Committee. For greater certainty, the Chair shall be "independent" and "financially literate" as defined in National Instrument 52-110 – Audit Committees.

The Chair will be selected annually at the first meeting of the Board following the annual general meeting of shareholders or designated by a majority vote of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. **RESPONSIBILITIES** 

The following are the primary responsibilities of the Chair:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) chair all meetings of the Committee in a manner that promotes meaningful discussion;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) oversee adherence to the Committee's Charter and that the adequacy of the Committee's Charter is reviewed annually;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) provide leadership to the Committee to enhance the Committee's effectiveness, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) act as liaison and maintain communication with the Board to coordinate input from directors and to optimize the effectiveness of the Committee. This includes ensuring that Committee materials are available to any director upon request and reporting to the Board on all decisions of the Committee at the first meeting of the Board after each Committee meeting and at such other times and in such manner as the Committee considers advisable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) oversee the Committee's lines of communication with the independent auditors, financial and senior management and the Board for financial and control matters with the goal of achieving open lines of communication and the Committee working as a cohesive team;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) take steps necessary to ensure that the resources available to the Committee are adequate to support its work and to resolve issues in a timely manner;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) take all necessary actions to maintain an independent and objective Committee to monitor the Company's financial reporting process and internal control systems,

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as well as to monitor the relationship between the Company and the independent auditors to ensure independence;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) oversee the establishment of Committee procedures to assess the audit activities of the independent auditors; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) oversee the establishment of Committee procedures to review the Company's public disclosure of financial information and assess the adequacy of such procedures periodically, in consultation with any disclosure committee of the Company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) oversee the establishment of Committee procedures for dealing with complaints received by the Company regarding accounting, internal controls and auditing matters, and for employees to submit confidential anonymous concerns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) manage the Committee, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) adopt procedures so that the Committee can conduct its work effectively and efficiently, including committee structure and composition, scheduling, and management of meetings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) prepare the agenda of the Committee meetings and ensure pre-meeting material is distributed in a timely manner and is appropriate in terms of relevance, efficient format and detail;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) ensure Committee meetings are appropriate in terms of frequency, length and content;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) obtain a report from the independent auditors on an annual basis, review the report with the Committee and arrange meetings with the auditors and financial management to review the scope of the proposed audit for the current year, its staffing and the audit procedures to be used;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) oversee the Committee's participation in the Company's accounting and financial reporting process and the audits of its financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) ensure that the auditors' report directly to the Committee, as representatives of the Company's shareholders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) annually review with the Committee its own performance, report annually to the Board on the role of the Committee and the effectiveness of the Committee in contributing to the effectiveness of the Board;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) together with the Board, oversee the structure, composition and membership of, and activities delegated to, the Committee from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) oversee the Committee's work plan for the year and monitor progress at each meeting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) ensure Committee minutes are reviewed and approved.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) perform such other duties as may be delegated from time to time to the Chair of the Committee by the Board.

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**SCHEDULE B**

**SOL STRATEGIES INC.**

**NATIONAL INSTRUMENT 52-110 AUDIT COMMITTEES ("NI 52-110")**

**Section 1.4 — Meaning of Independence**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. An audit committee member is independent if he or she has no direct or indirect material relationship with the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the purposes of subsection (1), a "material relationship" is a relationship which could, in the view of the issuer's board of directors, be reasonably expected to interfere with the exercise of a member's independent judgment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Despite subsection (2), the following individuals are considered to have a material relationship with an issuer:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an individual who is, or has been within the last three years, an employee or executive officer of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an individual whose immediate family member is, or has been within the last three years, an executive officer of the issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) an individual who:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a partner of a firm that is the issuer's internal or external auditor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is an employee of that firm, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) was within the last three years a partner or employee of that firm and personally worked on the issuer's audit within that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) an individual whose spouse, minor child or stepchild, or child or stepchild who shares a home with the individual:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) is a partner of a firm that is the issuer's internal or external auditor,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) is an employee of that firm and participates in its audit, assurance or tax compliance (but not tax planning) practice, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) was within the last three years a partner or employee of that firm and personally worked on the issuer's audit within that time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) an individual who, or whose immediate family member, is or has been within the last three years, an executive officer of an entity if any of the issuer's current executive officers serves or served at that same time on the entity's compensation committee; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) an individual who received, or whose immediate family member who is employed as an executive officer of the issuer received, more than $75,000 in direct compensation from the issuer during any 12 month period within the last three years.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. Despite subsection (3), an individual will not be considered to have a material relationship with the issuer solely because

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) he or she had a relationship identified in subsection (3) if that relationship ended before March 30, 2004; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) he or she had a relationship identified in subsection (3) by virtue of subsection (8) if that relationship ended before June 30, 2005.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. For the purposes of clauses (3)(c) and (3)(d), a partner does not include a fixed income partner whose interest in the firm that is the internal or external auditor is limited to the receipt of fixed amounts of compensation (including deferred compensation) for prior service with that firm if the compensation is not contingent in any way on continued service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. For the purposes of clause (3)(f), direct compensation does not include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) remuneration for acting as a member of the board of directors or of any board committee of the issuer, and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the receipt of fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with the issuer if the compensation is not contingent in any way on continued service.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. Despite subsection (3), an individual will not be considered to have a material relationship with the issuer solely because the individual or his or her immediate family member

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has previously acted as an interim chief executive officer of the issuer, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) acts, or has previously acted, as a chair or vice-chair of the board of directors or of any board committee of the issuer on a part-time basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. For the purpose of section 1.4, an issuer includes a subsidiary entity of the issuer and a parent of the issuer.

**Section 1.5 — Additional Independence Requirements for Audit Committee Members**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Despite any determination made under section 1.4 of NI 52-110, an individual who

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) accepts, directly or indirectly, any consulting, advisory or other compensatory fee from the issuer or any subsidiary entity of the issuer, other than as remuneration for acting in his or her capacity as a member of the board of directors or any board committee, or as a part- time chair or vice-chair of the board or any board committee; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) is an affiliated entity of the issuer or any of its subsidiary entities, is considered to have a material relationship with the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. For the purposes of subsection (1), the indirect acceptance by an individual of any consulting, advisory or other compensatory fee includes acceptance of a fee by

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) an individual's spouse, minor child or stepchild, or a child or stepchild who shares the individual's home; or

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) an entity in which such individual is a partner, member, an officer such as a managing director occupying a comparable position or executive officer, or occupies a similar position (except limited partners, non-managing members and those occupying similar positions who, in each case, have no active role in providing services to the entity) and which provides accounting, consulting, legal, investment banking or financial advisory services to the issuer or any subsidiary entity of the issuer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. For the purposes of subsection (1), compensatory fees do not include the receipt of fixed amounts of compensation under a retirement plan (including deferred compensation) for prior service with the issuer if the compensation is not contingent in any way on continued service.

------

**SCHEDULE C**

**SOL STRATEGIES INC.**

**PROCEDURES FOR APPROVAL OF NON-AUDIT SERVICES**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Company's external auditors shall be prohibited from performing for the Company the following categories of non-audit services:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) bookkeeping or other services related to the Company's accounting records or financial statements;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) appraisal or valuation services, fairness opinion or contributions-in-kind reports;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) actuarial services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) internal audit outsourcing services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) management functions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) human resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) broker or dealer, investment adviser or investment banking services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) legal services; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) any other service that the Canadian Public Accountability Board or International Accounting Standards Board or other analogous board which may govern the Company's accounting standards, from time to time determines is impermissible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. In the event that the Company wishes to retain the services of the Company's external auditors for tax compliance, tax advice or tax planning, the Chief Financial Officer of the Company shall consult with the Chair of the Committee, who shall have the authority, subject to confirmation that such services will not compromise the independence of the Company's external auditors, to approve or disapprove on behalf of the Committee, such non-audit services. All other non-audit services shall be approved or disapproved by the Committee as a whole.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. The Chief Financial Officer of the Company shall maintain a record of non-audit services approved by the Chair of the Committee or the Committee for each fiscal year and provide a report to the Committee no less frequently than on a quarterly basis.

------

## Exhibit 99.2

?xml version='1.0' encoding='ASCII'? SOL Strategies Inc._September 30, 2025

**Exhibit 99.2**

![Graphic](stke-20250930xex99d2001.jpg)

![Graphic](stke-20250930xex99d2002.jpg)

**FINANCIAL STATEMENTS**

**FOR THE YEARS ENDED**

**SEPTEMBER 30, 2025 AND 2024**

**(Expressed in Canadian Dollars)**

![Graphic](stke-20250930xex99d2003.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Shareholders and Directors of

Sol Strategies Inc.

***Opinion on the Financial Statements***

We have audited the accompanying statements of financial position of Sol Strategies Inc. (the "Company") as of September 30, 2025 and 2024, and the related statements of income (loss) and comprehensive income (loss), changes in shareholders' equity, and cash flows for the years ended September 30, 2025, and 2024, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of September 30, 2025 and 2024, and the results of its operations and its cash flows for the years ended September 30, 2025 and 2024 in conformity with IFRS Accounting Standards as issued by the International Accounting Standards Board.

***Basis for Opinion***

These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the Company's auditor since 2025.

---

| | |
|:---|:---|
|  | **/s/ DAVIDSON & COMPANY LLP** |
| Vancouver, Canada  | Chartered Professional Accountants |
| December 29, 2025 |  |

---

![Graphic](stke-20250930xex99d2004.jpg)

#### SOL STRATEGIES INC.

#### STATEMENTS OF FINANCIAL POSITION

#### (EXPRESSED IN CANADIAN DOLLARS)

---

| | | |
|:---|:---|:---|
|  | **September 30,**<br>**2025** | **September 30,**<br>**2024** |
| **Assets** |  |  |
| Cash and cash equivalents (note 4) | $**1785403** | $1808052 |
| Prepaid expenses and accounts receivable (note 5) | **167151** | 6750 |
| Income tax recoverable (note 22) | **1600000** |  |
|  | **3552554** | 1814802 |
| Cryptocurrencies (note 6) | **126529342** | 25575512 |
| Intangible assets (note 7) | **38809125** |  |
| Fixed assets (note 8) | **20320** |  |
| Investments (note 9) | **685662** | 1513331 |
|  | $**169597003** | $28903645 |
| **Liabilities** |  |  |
| Accounts payable and accrued liabilities (notes 10 and 18) | $**2317122** | $232929 |
| Income tax payable (note 22) | **—** | 1547686 |
| Credit facility (note 11) | **16164590** |  |
| Convertible debentures (note 12) | **14477841** |  |
|  | **32959553** | 1780615 |
| Long-term liabilities |  |  |
| Convertible debentures (note 12) | **21271816** |  |
| Deferred tax liability (note 22) | **584981** | 399406 |
|  | **54816350** | 2180021 |
| **Shareholders' Equity** |  |  |
| Capital stock (note 13) | **70428555** | 17256668 |
| Reserves (notes 12, 14, 15 and 16) | **72442431** | 17297454 |
| Accumulated other comprehensive (loss) income | **19049001** | 2540513 |
| Accumulated deficit | **(47139334)** | (10371011) |
|  | **114780653** | 26723624 |
|  | $**169597003** | $28903645 |

---

Nature of operations and going concern (note 1)

Contingent liabilities (note 19)

Subsequent events (note 25)

SIGNED ON BEHALF OF THE BOARD

*"Ungad Chadda"* *"Rubsun Ho"* <br> Director Director

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

#### SOL STRATEGIES INC.

#### STATEMENTS OF INCOME (LOSS) AND COMPREHENSIVE INCOME (LOSS)

#### (EXPRESSED IN CANADIAN DOLLARS)

---

| | | |
|:---|:---|:---|
| **Year ended September 30,** | **2025** | 2024 |
| Validation service income - net (note 17) | $**5428188** | $— |
| Staking rewards (note 17) | **4803686** | 271245 |
| Realized (loss) gain on dispositions of cryptocurrencies (note 6) | **3948587** | 7648448 |
| Treasury management income | **219775** |  |
| Dividend income | **138398** | 322362 |
| Other income | **26213** | 148833 |
| Realized (loss) gain on investments (note 9) | **(442)** | 1160891 |
| Unrealized gain on investments (note 9) | **—** | 1064911 |
| Gain from dissolution of subsidiary after tax (note 19) | **—** | 76096 |
| Realized loss on disposal of assets | **—** | (21759) |
|  | **14564405** | 10671027 |
| **Expenses** |  |  |
| Impairment losses on intangible assets (note 7) | **27561055** |  |
| Amortization (note 7 and 8) | **10207730** | 31636 |
| Share based compensation (notes 14 and 18) | **7862418** | 1320919 |
| Professional fees (note 18) | **3928001** | 323686 |
| Interest expense and accretion | **3197059** |  |
| Transaction costs (note 12) | **2380272** |  |
| Consulting fees (note 18) | **1796827** | 479493 |
| Investor relations | **853046** |  |
| General and administrative | **768085** | 344096 |
| Listing fees | **568969** |  |
| Foreign exchange loss (gain) | **163578** | (50725) |
| Director fees (note 18) | **88241** | 30000 |
|  | **59375281** | 2479105 |
| **(Loss) income before taxes** | **(44810876)** | 8191922 |
| Deferred tax expense (recovery) (note 22) | **(8175750)** | 36572 |
| Provision for income tax (recovery) (note 22) | **(1600000)** | 1547686 |
| Income tax (recovery) expense | **(9775750)** | 1584258 |
| **Net (loss) income for the period** | **(35035126)** | 6607664 |
| **Other comprehensive income** |  |  |
| Unrealized (loss) gain on cryptocurrencies (note 6) | **20102436** | 3733338 |
| Deferred (tax) recovery on unrealized gain on cryptocurrencies (note 22) | **(5327145)** | (995979) |
| **Total comprehensive (loss) income** | $**(20259835)** | $9345023 |
| **Net (loss) income per share (note 13(c))** |  |  |
| &nbsp;&nbsp;Basic | $**(1.74)** | $**0.35** |
| &nbsp;&nbsp;Diluted | $**(1.74)** | $**0.35** |
| **Weighted average number of shares outstanding (note 13(c))** |  |  |
| &nbsp;&nbsp;Basic | **20092474** | **18648420** |
| &nbsp;&nbsp;Diluted | **20092474** | **18748605** |

---

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

#### SOL STRATEGIES INC.

#### STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY

#### (EXPRESSED IN CANADIAN DOLLARS)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | <br>**Common**<br>**Shares** | <br>**Capital**<br>**Stock** | <br>**Reserves** | **Accumulated**<br>**Other**<br>**Comprehensive**<br>**(Loss) Income** | <br>**Deficit** | <br>**Total** |
| **Balance, September 30, 2023** | **19008425** | $**17864782** | $**17669046** | $**(196846)** | $**(18509213)** | $**16827769** |
| Share based compensation |  |  | 1320919 |  |  | 1320919 |
| Options exercised | 213703 | 170963 |  |  |  | 170963 |
| Fair value of options exercised |  | 159847 | (159847) |  |  |  |
| Options cancelled and expired |  |  | (1532664) |  | 1532664 |  |
| Purchase of shares for cancellation | (950417) | (938924) |  |  |  | (938924) |
| Dissolution of subsidiary |  |  |  |  | (2126) | (2126) |
| Net income for the year |  |  |  |  | 6607664 | 6607664 |
| Other comprehensive income |  |  |  | 2737359 |  | 2737359 |
| **Balance, September 30, 2024** | **18271711** | $**17256668** | $**17297454** | $**2540513** | $**(10371011)** | $**26723624** |
| Share based compensation (note 14) |  |  | 7862418 |  |  | 7862418 |
| Options exercised (note 14) | 1698476 | 1765033 |  |  |  | 1765033 |
| Fair value of options exercised (note 14) |  | 1355639 | (1355639) |  |  |  |
| Warrants issued for acquisitions (note 6) |  |  | 7428729 |  |  | 7428729 |
| Warrants exercised | 452333 | 9046670 |  |  |  | 9046670 |
| Fair value of warrants exercised |  | 2172892 | (2172892) |  |  |  |
| Shares issued for acquisitions (note 6) | 1283849 | 22330215 | (3718400) |  |  | 18611815 |
| Shares to be issued for acquisitions (notes 7 and 16) |  |  | 42777295 |  |  | 42777295 |
| RSUs converted for shares | 124103 | 2882142 | (2882142) |  |  |  |
| Interest paid with common shares | 21563 | 371891 |  |  |  | 371891 |
| Shares issued upon conversion of convertible debt (note 13) | 1147806 | 13247405 |  |  |  | 13247405 |
| Convertible debenture, equity component (note 12) |  |  | 7205608 |  |  | 7205608 |
| Net loss for the year |  |  |  |  | (35035126) | (35035126) |
| Transfer of historical unrealized gains on disposal of Bitcoin (note 6) |  |  |  | 1733197 | (1733197) |  |
| Other comprehensive income (note 6) |  |  |  | 14775291 |  | 14775291 |
| **Balance, September 30, 2025** | **22999841** | $**70428555** | $**72442431** | $**19049001** | $**(47139334)** | $**114780653** |

---

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

#### SOL STRATEGIES INC.

#### STATEMENTS OF CASH FLOWS

#### (EXPRESSED IN CANADIAN DOLLARS)

---

| | | |
|:---|:---|:---|
| **Years ended September 30,** | **2025** | 2024 |
| **Cash and cash equivalents (used in) provided by:** |  |  |
| **Operating activities** |  |  |
| Income (loss) for the year | $**(35035126)** | $6607664 |
| **Adjustments for:** |  |  |
| Validation service income received in cryptocurrencies | **(5428188)** |  |
| Validator fees, paid in fiat | **(575315)** |  |
| Staking revenue received in cryptocurrencies | **(4803686)** |  |
| Realized gain on dispositions of cryptocurrencies | **(3948587)** | (7648448) |
| Realized (gain) loss on investments (note 9) | **—** | (1160891) |
| Unrealized (gain) loss on investments (note 9) | **442** | (1064911) |
| Gain from dissolution of subsidiary after tax (note 19) | **—** | (76096) |
| Realized loss (gain) on sale of assets | **—** | 21759 |
| Share-based compensation (notes 14 and 18) | **7862418** | 1320919 |
| Interest paid with common shares | **371891** |  |
| Accretion | **1489471** |  |
| Amortization (notes 7 and 8) | **10229862** | 31636 |
| Impairment losses on intangible assets (note 7) | **27561055** |  |
| Foreign exchange loss (gain) | **(127050)** | (3123) |
| Foreign exchange loss on convertible debt | **416281** |  |
| Expenses paid in cryptocurrencies (note 6) | **582302** | (660317) |
| Income received in cryptocurrencies | **(198994)** |  |
| Deferred tax expense (recovery) (note 22) | **(8175750)** | 36572 |
| **Net change in non-cash working capital items:** |  |  |
| Receivables and prepaid expenses | **(160401)** | 110388 |
| Income tax recoverable | **(1600000)** |  |
| Accounts payable and accrued liabilities | **2084193** | 80433 |
| Income tax payable (note 22) | **(1547686)** | 1547686 |
| **Cash used in operating activities** | **(11002868)** | (856729) |
| **Financing activities** |  |  |
| Proceeds from private placements for convertible debt | **30000000** |  |
| Proceeds from convertible debt from ATW | **27200000** |  |
| Proceeds from exercise of warrants | **9046670** |  |
| Proceeds from exercise of options | **1765033** | 170963 |
| Credit facility proceeds (net) | **16164590** |  |
| Purchase of shares for cancellation (note 10) | **—** | (938924) |
| **Cash used in financing activities** | **84176293** | (767961) |
| **Investing activities** |  |  |
| Purchase of intangible assets | **(7753192)** |  |
| Purchase of cryptocurrencies (note 6) | **(74920237)** | (19690454) |
| Proceeds from sale of cryptocurrencies (note 6) | **8677328** | 14012576 |
| Purchase of assets | **(27200)** |  |
| Proceeds from sale of assets | **—** | 6750 |
| Sale/redemption of investments (note 9) | **827227** | 7176590 |
| **Cash provided by (used in) investing activities** | **(73196074)** | 1505462 |
| **Change in cash and cash equivalents** | **(22649)** | (119228) |
| **Cash and cash equivalents, beginning of the year** | **1808052** | 1927280 |
| **Cash and cash equivalents, end of the year** | $**1785403** | $1808052 |

---

Supplemental cash flow information (Note 24).

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

**1.**NATURE OF OPERATIONS AND GOING CONCERN

Sol Strategies Inc. (the "Company" or "Sol Strategies") is a publicly listed company incorporated in Canada under the legislation of the Province of Ontario. The registered office of the Company is located at 217 Queen St W #401, Toronto, ON M5V 0R2. Since February 4, 2019, the Company's common shares trade on the Canadian Securities Exchange ("CSE") under the trading symbol "HODL" and the National Association of Securities Dealers Automated Quotations ("NASDAQ") under the trading symbol "STKE".

The Company is dedicated to investing in and providing infrastructure for the Solana blockchain ecosystem. During the year ended September 30, 2025, the Company pivoted its strategy to focus on the Solana blockchain ecosystem, leveraging its high-performance infrastructure and scalability. This shift included holding Solana tokens ("SOL") as a core balance sheet asset, operating validators, and developing staking tools paired with compliance frameworks. The Company's mission is to operate secure validators that leverage SOL's high transaction speed, throughput, and ecosystem to deliver long-term value for both users and investors. The Company is committed to developing unique technologies that optimize staking efficiency and accessibility, further strengthening SOL's position as a leading blockchain for institutional and enterprise applications. Reflecting this strategic pivot, the Company rebranded from Cypherpunk Holdings Inc. to SOL Strategies Inc. on September 9, 2024.

The Company's cryptocurrencies and related investments may be subject to significant fluctuations in value and are subject to risks unique to the asset class and different from traditional financial assets (note 22). Additionally, during the year ended September 30, 2025, certain assets were held in cryptocurrency exchanges or with custodians that are limited in oversight by regulatory authorities.

#### Basis of Presentation
The financial statements have been prepared and presented on a going concern basis. The Company has sufficient cash and cash equivalents and other liquid assets, including cryptocurrencies, to supports its operations for the next twelve months from the date of the issuance of the financial statements. See also Subsequent Events (note 25).

**2.**SUMMARY OF MATERIAL ACCOUNTING POLICIES

#### Statement of Compliance
The financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as issued by the International Accounting Standard Board ("IASB").

The preparation of the financial statements in conformity with IFRS requires the use of certain critical accounting estimates. It also requires management to exercise its judgment in the process of applying the accounting policies. Those areas involving a higher degree of judgment or complexity, or areas where assumptions and estimates are significant to the financial statements, are disclosed in note 3. The principal accounting policies applied in the preparation of these financial statements are set out below.

On December 29, 2025, the Board of Directors approved the financial statements for the years ended September 30, 2025 and 2024.

#### Principles of Consolidation
Consolidated financial statements include all entities over which a company has control. For accounting purposes, control is established by an investor when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. Subsidiaries are fully consolidated from the date control is transferred to a company and are no longer consolidated on the date control ceases.

On February 26, 2024 (the "Dissolution Date"), the Netherland chamber of commerce deregistered the Company's wholly owned subsidiary located in the Netherlands, Khan Resources B.V. ("KRBV") from the business registry and dissolved the company. KRBV was a dormant company, it had no revenue except accrued interest on its intercompany loan to the Company. As a result, the financial results of the Company are not consolidated from the Dissolution Date onwards, for the years ended September 30, 2024 and 2025.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

#### Basis of Measurement
The financial statements have been prepared using on the historical cost basis except for certain financial instruments and cryptocurrencies that are measured at fair value. In addition, the financial statements have been prepared using the measurement basis specified by IFRS for each type of asset, liability, revenue and expense and the accrual basis of accounting, except for cash flow disclosure.

#### Functional and Presentation Currency
The functional currency is the currency of the primary economic environment in which the entity operates. The functional currency determinations were conducted through an analysis of the consideration factors identified in International Accounting Standard IAS 21. The functional currency of the parent company Sol Strategies is the Canadian dollar. The presentation currency for the Company is the Canadian dollar.

Foreign currency transactions are translated into the functional currency of the respective entity or division, using the exchange rates prevailing at the dates of the transactions (spot exchange rate). Foreign exchange gains and losses resulting from the settlement of such transactions and from the re-measurement of monetary items denominated in foreign currency at period-end exchange rates are recognized in profit or loss. Non-monetary items that are not re-translated at period end is measured at historical cost (translated using the exchange rates at the transaction date), except for non-monetary items measured at fair value, which are translated using the exchange rates as at the date when fair value was determined. Gains and losses are recorded in profit or loss.

The results and financial position of entities that have a functional currency different from the presentation currency are translated into the presentation currency as follows: (i) assets and liabilities for each statement of financial position presented are translated at the rate of exchange in effect as at the date of the statement of financial position; (ii) income and expense items are translated at the average rates of exchange in effect during the reporting period; and (iii) all resulting exchange differences are recognized in accumulated other comprehensive income (loss).

#### Cryptocurrencies
The Company's cryptocurrencies are primarily traded in active markets and are purchased to hold as a store of value and for the long term, this is supported by the Company's risk management strategies to reduce volatility, and lending, staking and liquidity provisioning to generate yield. As a result, the Company has determined that its holdings of cryptocurrencies should be accounted for under IAS 38, as the Company is expected to access future economic benefits of its cryptocurrencies through future sale, or by exchanging the cryptocurrency asset for goods or services. The Company has elected to use the revaluation model for its cryptocurrencies, which is to measure the assets at fair value with reference to the principal market on the date of revaluation less any subsequent amortization and impairment losses.

The net Increase in fair value over the initial cost of the cryptocurrencies is recorded in other comprehensive income (loss). The accumulated other comprehensive income is transferred directly to deficit upon de-recognition (i.e., sale or exchange for another cryptocurrency). IAS 38 does not allow the amounts in accumulated other comprehensive income (loss) to be transferred to profit or loss. However, if the cryptocurrency's carrying amount is decreased as a result of a revaluation, the decrease shall be recognized in profit and loss. However, IAS 38 permits the decrease to be recognized in other comprehensive income (loss) to the extent of any credit balance in accumulated other comprehensive income in respect of that asset. The decrease recognized in other comprehensive income (loss) reduces the amount accumulated in equity under the heading of accumulated other comprehensive income. The Company has determined that its Bitcoin and SOL cryptocurrency holdings are traded in active markets and based on quoted prices at the end of each reporting period end as of 24:00 UTC.

#### Cash and Cash Equivalents
This category consists of cash on hand, demand deposits and short-term, highly liquid investments that are readily convertible to known amounts of cash within ninety days of original purchase.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

#### Financial Instruments
*Initial recognition and measurement (financial assets and financial liabilities)* - The Company initially recognizes financial assets and financial liabilities when it becomes party to the contractual provisions of the financial instrument. Initial measurement of the financial instrument is at fair value, plus for those financial assets and liabilities not classified at fair value through profit or loss ("FVTPL"), directly attributable transaction costs.

*Financial assets* – subsequent classification and measurement - Financial assets are classified in their entirety including any embedded derivatives. Two criteria are used to determine how financial assets should be classified and measured: (a) the Company's business model for managing the financial assets; and (b) the contractual cash flow characteristics of the financial asset. The Company's financial assets include cash and cash equivalents and investments.

Where the contractual cash flow characteristics of financial assets, taken on an instrument-by-instrument basis, give rise, on specified dates, to cash flows that are solely payments of principal and interest then a financial asset is classified as subsequently measured at amortized cost using the effective interest method. This is called the SPPI criterion. A financial asset that does not meet the SPPI criterion is always measured at FVTPL. Cash and cash equivalents are measured at amortized cost.

In addition, at initial recognition, the Company may make an irrevocable election to present in other comprehensive income ("OCI"), subsequent changes in the fair value of an investment in an equity instrument that is neither held for trading nor contingent consideration recognized by an acquirer in a business combination. Such an equity instrument is classified as subsequently measured at fair value through other comprehensive income ("FVOCI"). Gains and losses recognized in OCI are not subsequently transferred to profit or loss, although the Company may determine to transfer the cumulative gain or loss within equity to accumulated deficit. Dividends are still recognized in profit or loss unless they clearly represent a recovery of part of the cost of the investment. Financial assets are classified as fair value through profit or loss when the financial asset is held for trading, or it is designated as fair value through profit or loss. A financial asset is classified as held for trading if: (i) it has been acquired principally for the purpose of selling in the near future; (ii) it is a part of an identified portfolio of financial instruments that the Company manages and has an actual pattern of short-term profit taking; or (iii) it is a derivative that is not designated and effective as a hedging instrument. Financial assets classified as fair value through profit or loss are stated at fair value with any gain or loss recognized in the statements of net loss and comprehensive loss. The net gain or loss recognized incorporates any dividend or interest earned on the financial asset. The Company has classified its investments at fair value through profit or loss. The Company classifies all investments in equity instruments and treasury management investments as FVTPL.

*Reclassification* - Financial assets are only reclassified between measurement categories, when and only when, the Company's business model for managing those changes. This is a significant event and thus is expected to be uncommon. There were no reclassifications across its measurement categories for the years presented.

*Impairment of financial assets* - Financial assets are subject to an impairment test at each reporting date. It also includes any off-balance sheet loan commitments and financial guarantees. At each reporting date, the Company assesses whether there is objective evidence that a financial asset is impaired. If such evidence exists, the Company recognizes an impairment loss. For financial assets carried at amortized cost, the loss is the difference between the amortized cost of the loan or receivable and the present value of the estimated future cash flows, discounted using the instrument's original effective interest rate. The carrying amount of the asset is reduced by this amount either directly or indirectly through the use of an allowance account. Impairment losses on financial assets carried at amortized cost are reversed in subsequent periods if the amount of the loss decreases and the decrease can be related objectively to an event occurring after the impairment was recognized. The Company's only financial assets subject to impairment are due from related party and loans receivable, which are measured at amortized cost. The Company has elected to apply the simplified approach to impairment as permitted by IFRS 9, which requires the expected lifetime loss to be recognized at the time of initial recognition of the receivable. An impairment loss is reversed in subsequent periods if the amount of the expected loss decreases, and the decrease can be objectively related to an event occurring after the initial impairment was recognized.

The expected lifetime loss of a financial asset at amortized cost, is estimated based on the expected credit loss ("ECL"). ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive. The shortfall is then discounted at an approximation to the asset's original effective interest rate.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

*Financial liabilities* – Financial liabilities are subsequently measured at amortized cost using the effective interest method or FVTPL. Non-derivative financial liabilities are measured at amortized cost, unless they are required to be measured at FVPL as is the case for held for trading or derivative instruments, or the Company has opted to measure the financial liability at FVPL. The Company's financial liabilities include trade payable and accrued liabilities, which are each measured at amortized cost. All financial liabilities are recognized initially at fair value and in the case of loans and borrowings, net of directly attributable transaction costs.

After initial recognition, financial liabilities measured at amortized cost are subsequently measured at the end of each reporting period at amortized cost using the Effective Interest Rate ("EIR") method. Amortized cost is calculated by taking into account any discount or premium on acquisition and any fees or costs that are an integral part of the EIR. The EIR amortization is included in finance cost, in the statements of loss and comprehensive loss. Financial liabilities measured at amortized cost include accounts payable and accrued liabilities, credit facility, and the convertible debentures issued in the first and second private placements (Note 12).

Financial liabilities measured at FVPL are carried at fair value in the statements of financial position with changes in fair value recognized in the statement of loss and comprehensive loss. The Company classifies the convertible debentures issued for the ATW Loan at FVTPL (see note 12).

*Derecognition* – The Company will derecognize a financial asset when the rights to the cash flows from the financial asset have expired or where the Company has transferred substantially all risks and rewards associated with the financial asset and has relinquished control of the financial asset.

The Company will derecognize a financial liability only when extinguished — i.e., when the obligation specified in the contract is discharged, cancelled or it expires.

#### Provisions
A provision is recognized on the statement of financial position when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of economic benefits will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. If the effect is material, provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects current market assessments of the time value of money and, where appropriate, the risks specific to the liability.

#### Income Tax
Income tax comprises current and deferred tax. Income tax is recognized in profit or loss except to the extent that it relates to items recognized directly in equity, in which case the income tax is also recognized directly in equity.

Current tax is the expected tax payable on the taxable income for the year, using tax rates enacted or substantively enacted, at the end of the reporting year, and any adjustment to tax payable in respect of previous years. Deferred taxes are recorded for temporary differences existing at closing date between the tax base value of assets and liabilities and their carrying amount on the statements of financial position.

Deferred tax assets and liabilities are measured at the expected tax rates for the year during which the asset will be realized, or the liability settled, based on tax rates (and tax regulations) enacted or substantively enacted at year-end. They are reviewed at the end of each year, in line with any changes in applicable tax rates.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

Deferred tax assets are recognized for all deductible temporary differences, carry forward of tax losses and unused tax credits, insofar as it is probable that a taxable profit will be available, or when a current tax liability exists, to make use of those deductible temporary differences, tax loss carry forwards and unused tax credits, except where the deferred tax asset associated with the deductible temporary difference is generated by initial recognition of an asset or liability in a transaction which is not a business combination, and which, at the transaction date, does not impact earnings, tax income or loss.

#### Income
Income is earned primarily from staking and validating SOL. The Company also earns interest income and dividend income.

Validating income

The Company operates validator nodes on the SOL blockchain and earns staking rewards in the form of SOL.

Validator Node income is earned as transactions are validated on a blockchain. The Company performs validation services for SOL owned by third parties and its own SOL delegated to the Company's validators. The validation services contribute to the security and functionality of the SOL network. In exchange, the Company receives a commission based on a pre-agreed percentage of the rewards earned by those validations. The Company receives rewards for these services provided to the blockchain ("the service") and recognizes these rewards as other income as they are received. The blockchain token rewards are only earned when the Company validates transactions that take place on the blockchain. When a transaction is validated by the Company's node, rewards are deposited to the Company's account.

The Company provides the service to the SOL Network ("the network") and therefore the Company has determined there is no identifiable customer. In addition, because the network automatically distributes rewards; no party promises to pay consideration and no party is obligated to deliver a service. Therefore, there is no identifiable contract. The validator node rewards do not arise from contracts with customers and therefore are considered outside the scope of IFRS 15.

Other income is recognized based on the reward received in the form of digital assets. This is considered a non-cash consideration, which the Company measures at fair value on the date received. The fair value of the reward received is determined using the quoted price of the digital asset at the time of receipt.

Staking income

For SOL held by the Company and delegated to the validator nodes it owns and operates, the Company is entitled to the full amount of staking rewards earned, at the same rate as any third-party SOL delegated to its Validators. Because both the delegated SOL and the validator infrastructure are under the Company's control, these rewards do not arise from contracts with customers and are therefore outside the scope of IFRS 15. Staking rewards on self-delegated SOL are recognized as other income or gains from digital asset activities, measured at the fair value of the SOL received in the period the entitlement to the reward is established. SOL rewards are calculated and distributed automatically by the SOL protocol at the end of each Epoch, each of which lasts approximately two to three days.

The Company applies the revaluation model to cryptocurrencies classified as intangible assets. Management has concluded that an active market exists for these assets, based on the availability of quoted prices in accessible, liquid markets with sufficient trading volume. The determination of whether an active market exists represents a critical accounting judgment and is reassessed at each reporting date.

Dividend income

Dividends are received from financial assets measured at fair value through profit or loss (FVTPL). Dividends are recognized when the right to receive payment is established

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

#### Share-based Compensation
The Company has a share option plan. Each tranche in an award is considered a separate award with its own vesting period and grant date fair value. Fair value of each tranche is measured using the Black-Scholes option pricing model. Compensation expense is recognized as a charge to profit or loss over the tranche's vesting period by increasing reserves based on the number of awards expected to vest. Any consideration paid on exercise of share options is credited to capital stock. The reserves resulting from share-based payment is transferred to capital stock when the options are exercised.

For equity settled transactions with non-employees, the Company measures goods or services received at their fair value, unless that fair value cannot be estimated reliably, in which case, the Company measures their value by reference to the fair value of the equity instruments granted.

#### Capital Stock
Capital stock is classified as equity. Incremental costs directly relating to the issuance of new common shares are shown as a deduction net of tax from the proceeds.

#### Unit Offerings
The Company accounts for unit offering financing using the relative fair value method. Under this method, the fair values of the shares and share purchase warrants are determined separately and prorated to the actual proceeds received. The fair value of shares is determined using the share price at the issue date. The fair value of share purchase warrants is measured using the Black-Scholes valuation model at the issue date.

#### Earnings (Loss) per Share
Basic earnings (loss) per share amounts are calculated by dividing net income (loss) for the year by the basic weighted average number of common shares outstanding during the year.

Diluted earnings per share amounts are calculated by dividing the net income (loss) by the weighted average number of shares outstanding during the period plus the weighted average number of diluted shares that would be issued on the conversion of all the dilutive potential ordinary shares into common shares. Refer to Note 13(c) for calculations of basic and diluted earnings per share.

#### Intangible Assets - Validating Equipment
The Company's intangible assets acquired are measured at cost of acquisition on initial recognition which includes the purchase price and related acquisition costs. Subsequent to initial recognition, intangible assets are carried at cost less accumulated amortization and accumulated impairment losses. The useful lives of intangible assets are assessed to be either finite or indefinite. Intangible assets with finite lives are amortized over their useful economic life and assessed for impairment whenever there is an indication that the fixed or intangible asset may be impaired. The amortization period and the amortization method for the intangible assets with a finite useful life are reviewed at least once at each fiscal year-end. The validating equipment acquired by the Company from a third party (note 7) are amortized on a straight-line basis over 5 years from the acquisition date.

#### Derivative Instruments – Option Premiums
The Company enters into option contracts as part of its treasury management activities. Option premiums received on written options are initially recognized as cash and a corresponding derivative liability, measured at fair value through profit or loss. The derivative liability is re-measured at each reporting date, with changes in fair value recognized in the statement of profit or loss.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

Where an option contract expires unexercised, the related derivative liability is derecognized and the premium previously received is recognized as income in profit or loss. The cash proceeds from expired option contracts remain within cash and cash equivalents. Option contracts that remain outstanding at the reporting date continue to be presented as derivative liabilities measured at fair value, with the related cash premium received included in cash and cash equivalents on the balance sheet.

#### Future Share Issuances
The Company enters into arrangements to acquire certain assets for which the consideration includes the future issuance of equity instruments. When the goods or services received do not constitute a business as defined in IFRS 3 Business Combinations, the transaction is accounted for as a share-based payment in accordance with IFRS 2 Share-based Payment. The fair value of the equity instruments to be issued is measured at the grant date and recognized as the cost of the acquired assets, with a corresponding increase in equity. Where the fair value of the equity instruments cannot be reliably measured, the transaction is measured by reference to the fair value of the assets acquired. During the year ended September 30, 2025, the Company entered into several asset acquisition transactions involving future share issuances (Refer to Notes 7 and 16).

#### New Accounting Standards
*Accounting standards issued but not yet applied*

On April 9, 2024, the IASB issued a new standard on presentation and disclosure in financial statements. The key new concepts introduced in IFRS 18 relate to the structure of the statement of profit or loss, required disclosures in the financial statements for certain profit or loss performance measures that are reported outside an entity's financial statements (that is, management-defined performance measures), and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes in general. IFRS 18 will apply for reporting periods beginning on or after 1 January 2027 and also applies to comparative information. The Company is currently assessing the impact of this standard on it financial statements.

**3.**CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of financial statements in compliance with IFRS requires the Company's management to make certain estimates and assumptions that affect the reported amount of assets and liabilities, disclosure of contingent assets and liabilities at the of the financial statement, and the reported amounts of revenues and expenses during the period. These estimates are periodically reviewed, and any necessary adjustments are reported in the period in which they become known. Actual results could differ from these estimates due to risks and uncertainties. Significant estimates and assumptions include provisions for future tax, share-based compensation, fair value of the Level 2 and Level 3 investments, and the fair value of treasury management investments. Actual results and outcomes may differ from management's estimates and assumptions due to risks and uncertainties. To the extent that there are material differences between these estimates and actual results, the Company's financial statements will be affected. The Company based its estimates on historical experience, future cash flows, discount rates, comparable market analysis, and on various other assumptions that are believed to be reasonable; the result of which forms the basis for making judgments about the carrying values of assets and liabilities, as well as reported amounts during the reported periods.

#### Critical Judgements
*Accounting for cryptocurrencies* - The Company accounts for its cryptocurrencies as Intangible assets which are recorded at fair value using the revaluation model under IAS 38 with changes in fair value recorded in other comprehensive income. There was significant judgment applied by the Company in making this assessment as accounting for cryptocurrencies depends on the nature of the asset, the use of the asset including the expected timeline or use, and how the asset is held. This judgement included consideration of the operations, strategy, and intent of management. The Company classifies its cryptocurrency holdings as noncurrent and as an intangible asset, based on the Company's overall strategy to hold a portfolio of asset tokens from an approved product list in order to buy/sell to risk-manage long positions. The Company also assessed the industry and what would appropriately reflect the operations of the Company. With the guidance under IFRS, there was significant judgment by management in determining the accounting for cryptocurrencies as well as the classification. As the Company's operations mature together with the industry, the accounting and classification of cryptocurrencies continue to be sources of critical judgment and estimation.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

There is currently also no specific definitive guidance in IFRS or alternative accounting frameworks for the accounting for the validating, staking and strategic selling of digital currencies and management has exercised significant judgement in determining appropriate accounting treatment for the recognition of income.

*Valuation techniques of certain investments (Level 2 and Level 3)* - The fair value of investments is measured using an income or market approach (note 20). The determination of the fair value requires significant judgement by the Company and include the use of the milestone method analysis and other valuation techniques.

*Useful economic life of intangible assets* - The determination of the useful economic life of intangible assets requires significant management judgement. In assessing the appropriate amortization period, management considers a range of factors including the nature and expected use of the asset, technological obsolescence, competitive environment, and historical experience with similar assets. Where the intangible asset is associated with rapidly evolving technology or markets, the estimated useful life may be shorter due to an increased risk of obsolescence.

These estimates are reviewed at each reporting date. Any changes in expected future economic benefits, legal or regulatory frameworks, or market conditions may result in a revision to the useful life and are accounted for prospectively as a change in accounting estimate.

*Asset acquisitions* - The Company assesses whether an acquisition is an asset acquisition or a business combination. The Company accounts for an acquisition as a business combination if the assets acquired and liabilities assumed constitute a business and the Company obtains control of the business. When the cost of a business combination exceeds the fair value of the identifiable assets acquired or liabilities assumed, such excess is recognized as goodwill. Transaction related costs are expensed as incurred. If an acquisition does not meet the definition of a business combination, the Company accounts for the acquisition as an asset acquisition. All acquisitions (note 7) have been recognized as asset acquisitions.

#### Significant Estimates
*Valuation of Level 2 and Level 3 investments* – The fair value of financial instruments that are not traded in an active market is determined using valuation techniques. The Company uses its judgement to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each reporting period. For details of the key assumptions used and the impact of changes to these assumptions see note 20.

*Impairment of intangible assets* - Determining whether intangible assets are impaired requires an estimation of the recoverable amount of the asset. Such recoverable amount corresponds, for the purpose of impairment assessment, to the higher of the value in use or the fair value less costs of disposal of the asset. The value in use calculation requires management to estimate future cash flows expected to arise from the asset and a suitable discount rate in order to calculate present value.

For the value in use approach, the values assigned to key assumptions reflect past experience and external sources of information that are deemed accurate and reliable.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

**4.**CASH AND CASH EQUIVALENTS

The balance consists of funds in cash and banks immediately available for use in the Company's operations. There were no restricted balances at September 30, 2025 and September 30, 2024.

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | September 30, 2024 |
| Cash in banks | $**1785403** | $1808052 |
|  | $**1785403** | $1808052 |

---

**5.**PREPAID EXPENSES AND ACCOUNTS RECEIVABLE

The balances are comprised as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30, 2025** | September 30, 2024 |
| Accounts receivable | $**11976** | $6750 |
| Prepaid expenses | **155175** |  |
|  | $**167151** | $6750 |

---

**6.**CRYPTOCURRENCIES

Cryptocurrencies are digital assets that are typically part of a decentralized system of recording transactions, new digital assets are issued based on reliance on cryptography to secure its transactions, to control the creation of additional digital assets, and to verify the transfer of assets.

The balance of cryptocurrencies at cost and at market value, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantity** | **Cost (USD)** <sup>(a)</sup> | **Cost (CAD)** <sup>(a)</sup> | **Market Value** |
| SOL | 435159 | $66847972 | $105371837 | $126415294 |
| JTO | 52182 | 106047 | 145410 | 114048 |
| **Balance at September 30, 2025** |  | $**66954019** | $**105517247** | $**126529342** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Quantity** | **Cost (USD)** <sup>(a)</sup> | **Cost (CAD)** <sup>(a)</sup> | **Market Value** |
| Bitcoin | 56.25 | $1684587 | $2183891 | $4816138 |
| SOL | 100763 | 14580870 | 19977930 | 20759374 |
| **Balance at September 30, 2024** |  | $**16265457** | $**22161821** | $**25575512** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) The cost is determined as the historical weighted average cost of the cryptocurrencies acquisitions and disposals.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

The activity of the Company's cryptocurrencies, excluding digital assets posted as collateral with third parties, for the year ended September 30, 2025 and the year ended September 30, 2024 is as follows:

---

| | |
|:---|:---|
| **Balance at September 30, 2023** | $**7852418** |
| Cash purchases | 19690454 |
| Cash sales | (2984944) |
| Gain on sales | 2278025 |
| Staking income | 287476 |
| Investment income received in cryptocurrencies | 277273 |
| Cryptocurrencies posted as collateral | (7969119) |
| Crptocurrency collateral returned | 2407478 |
| Foreign exchange gain | 3113 |
| Change in fair value | 3733338 |
| **Balance at September 30, 2024** | $**25575512** |
| Cash purchases | 74920237 |
| Cash sales | (8677328) |
| Purchases made with cryptocurrencies | 15702439 |
| Sales made with cryptocurrencies | (15570372) |
| Gain on cash sales | 1414389 |
| Gain on cryptocurrency traded for cryptocurrency | 1528039 |
| Staking and validating income before cost of sales paid in fiat | 10734659 |
| Expenses paid in cryptocurrencies | (582302) |
| Investment income received in cryptocurrencies | 132067 |
| Other income | 66927 |
| Cryptocurrencies posted as collateral | (1757712) |
| Cryptocurrency collateral returned | 2763872 |
| Foreign exchange gain | 176479 |
| Change in fair value | 20102436 |
| **Balance at September 30, 2025** | $**126529342** |

---

During the year ended September 30, 2025 the Company resumed its treasury management investment strategy to generate income on its cryptocurrency assets, previously executed intermittently during the years ended September 30, 2024 and 2023. During the years ended September 30, 2025 and 2024, the treasury management investment strategy involves selling covered European call options (each, an "Option") on OTC markets. The Company recognizes premium income upon the sale of an Option. In the event the Option expires in-the-money, the Company's underlying Bitcoin used as collateral to sell the Option are sold at the strike price of the Option.

The activity of the Company's cryptocurrencies posted as collateral during the years ended September 30, 2025 and 2024, is as follows:

---

| | |
|:---|:---|
| **Balance at September 30, 2023** | $**—** |
| Cryptocurrencies posted as collateral | 7969119 |
| Cryptocurrency collateral returned | (2407478) |
| Investment income received in cryptocurrencies | 95568 |
| Cash sales | (11027632) |
| Gain on sales | 5370423 |
| **Balance at September 30, 2024** | $**—** |
| Cryptocurrencies posted as collateral | 1757712 |
| Cryptocurrency collateral returned | (2763872) |
| Gain on sales | 1006160 |
| **Balance at September 30, 2025** | $**—** |

---

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

**7.**INTANGIBLE ASSETS

---

| | |
|:---|:---|
| **Cost, Intangible Assets** | **Total** |
| **Balance September 30, 2024 and 2023** | $— |
| Additions | 76571030 |
| **Balance September 30, 2025** | **76571030** |

---

---

| | |
|:---|:---|
| **Accumulated Amortization and Impairment** |  |
| Balance September 30, 2024 and 2023 |  |
| Amortization <sup>(1)</sup> | (10200850) |
| Impairment losses | (27561055) |
| **Balance September 30, 2025** | **(37761905)** |

---

---

| | |
|:---|:---|
| **Net book value** |  |
| Balance September 30, 2024 and 2023 |  |
| **Balance September 30, 2025** | $**38809125** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) The intangible assets are amortized on a straight-line basis over five (5) years.

During the year ended September 30, 2025, the Company acquired certain intangible assets operating as Cogent Crypto ("Cogent"), OrangeFin Ventures LLC ("OrangeFin") and Laine, resulting in an increase in the amount of Solana being validated by the Company.

The Company acquired 78% interest in Cogent's SOL blockchain validator assets, and a 100% interest in Cogent's SUI blockchain, Monad blockchain and Arch blockchain validator assets (collectively, the "Cogent Assets"), including main networks and test networks, and all accounts, information, data, infrastructure and other components required for or associated with the access, management, operation and other use or exploitation of the Cogent Assets. The entire value of the purchase of the Cogent Assets has been attributed to the SOL validators, as the concentration test has been met under IFRS 3 B7B. The intangible assets acquired included blockchain validator accounts, public and private keys, software, domain names, social media accounts and rights to operating agreements.

The Company acquired 100% of OrangeFin's SOL blockchain and Arch blockchain validator assets (collectively, the "OrangeFin Assets"), including main networks and test networks, and all accounts, information, data, infrastructure and other components required for or associated with the access, management, operation and other use or exploitation of the OrangeFin Assets. The entire value of the purchase of the OrangeFin Assets has been attributed to the SOL validators, as the concentration test has been met under IFRS 3 B7B. The intangible assets acquired included blockchain validator accounts, public and private keys, software, domain names, social media accounts and rights to operating agreements.

The Company acquired 100% of Laine SOL blockchain, SUI blockchain, Monad blockchain and Arch blockchain validator assets (collectively, the "Laine Assets") including main networks and test networks, and all accounts, information, data, infrastructure and other components required for or associated with the access, management, operation and other use or exploitation of the Laine Assets. The entire value of the purchase of the Laine Assets has been attributed to the SOL validators, as the concentration test has been met under IFRS 3 B7B. The intangible assets acquired included blockchain validator accounts, public and private keys, software, domain names, social media accounts and rights to operating agreements.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

The purchase price and net assets of the Cogent Asset acquisition are as follows:

---

| | |
|:---|:---|
|  | **As of**<br>**November 24, 2024** |
| Purchase price |  |
| &nbsp;&nbsp;Cash consideration<sup>(1)</sup> | $1394340 |
| &nbsp;&nbsp;Value of 145,250 common shares issued at closing<sup>(2)</sup> | 1394400 |
| &nbsp;&nbsp;Value of 2,324,000 common shares issuable subsequent to closing<sup>(3)</sup> | 22310400 |
| &nbsp;&nbsp;Transaction costs | 139354 |
|  | $**25238494** |
| Net assets acquired |  |
| &nbsp;&nbsp;Intangible assets | 25238494 |
|  | $**25238494** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) USD $1,000,000 (CAD $1,394,340) paid in US dollar stable coins at closing.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 145,250 common shares priced at $9.60 per share, issued at closing.

&nbsp;&nbsp;&nbsp;&nbsp;(3) 2,324,000 common shares issuable as follows: 387,333 common shares on May 25, 2025 (Issued), 387,333 common shares on November 25, 2025, 387,333 common shares on May 25, 2026, 387,333 common shares on November 25, 2026, 387,334 common shares on May 25, 2027, and 387,334 common shares on November 25, 2027.

The purchase price and net assets of the OrangeFin Asset acquisition are as follows:

---

| | |
|:---|:---|
|  | **As of**<br>**December 31, 2024** |
| Purchase price |  |
| &nbsp;&nbsp;Cash consideration<sup>(1)</sup> | $1079479 |
| &nbsp;&nbsp;Value of 62,952 common shares issued at closing<sup>(2)</sup> | 1077749 |
| &nbsp;&nbsp;Value of future share consideration<sup>(3)</sup> | 6606560 |
| &nbsp;&nbsp;Transaction costs | 95213 |
|  | $**8859001** |
| Net assets acquired |  |
| &nbsp;&nbsp;Intangible assets | 8859001 |
|  | $**8859001** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) USD $750,000 (CAD $1,079,479) paid in US dollar stable coins at closing.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 62,952 common shares priced at $17.12 per share, issued at closing.

&nbsp;&nbsp;&nbsp;&nbsp;(3) Present value of USD $5,000,000 common shares of the company, based on a 5% discount rate and the following payment dates; USD $833,333 on June 30, 2025 (Issued), USD $833,333 on December 31, 2025, USD $833,333 on June 30, 2026, USD $833,333 on December 31, 2026, USD $833,333 on June 30, 2027, and USD $833,333 on December 31, 2027. The number of common shares issuable will be determined based on the trading price per common share on the date of issuance.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

The purchase price and net assets of the Laine Asset acquisition are as follows:

---

| | |
|:---|:---|
|  | **As of**<br>**March 31, 2025** |
| Purchase price |  |
| &nbsp;&nbsp;Cash consideration<sup>(1)</sup> | $5000000 |
| &nbsp;&nbsp;Value of 625,000 common shares issued at closing<sup>(2)</sup> | 15000000 |
| &nbsp;&nbsp;Value of 562,500 warrants issued at closing<sup>(3)</sup> | 7428729 |
| &nbsp;&nbsp;Value of 625,000 common shares issuable subsequent to closing<sup>(4)</sup> | 15000000 |
| &nbsp;&nbsp;Transaction costs | 44806 |
|  | $**42473535** |
| Net assets acquired |  |
| &nbsp;&nbsp;Intangible assets | 42473535 |
|  | $**42473535** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) $5,000,000 paid at closing.

&nbsp;&nbsp;&nbsp;&nbsp;(2) 625,000 common shares priced at $24.00 per share, issued at closing.

&nbsp;&nbsp;&nbsp;&nbsp;(3) 562,500 warrants issued at closing. Each is exercisable into one common share of the Company at an exercise price of $23.84 per Common Share, vesting monthly over a 36 - month period, each Warrant is exercisable for a period of 3 years from vesting date. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $18.80 , dividend yield 0% , expected volatility based on historical volatility of 126.1% , a risk-free interest rate of 2.55% , and an expected life of 3 years. The fair value of the warrants was estimated at $7,428,729 .

&nbsp;&nbsp;&nbsp;&nbsp;(4) 625,000 common shares issued payable on the one-year anniversary of the closing.

See also note 16.

*Impairment of Intangible Assets (Validator Nodes)*

In accordance with IAS 36 Impairment of Assets, the Company assesses at each reporting date whether there is any indication that an intangible asset may be impaired. During the year ended September 30, 2025, indicators of impairment were identified for the validator nodes ("the assets"). These indicators included:

- Declines in the underlying delegated Solana;

- Increased network competition leading to downward pressure of commission rates; and

- Uncertainty regarding long-term validator economics

As a result, the Company performed an impairment test for the affected intangible assets.

*Recoverable amount and valuation methodology*

The recoverable amount of the assets was determined as the value in use, calculated using discounted future cash flows from expected validator rewards and transaction fees, less attributable operating and staking costs. Management used a weighted model approach using three separate models weighted by likelihood in order to determine a value in use that is deemed most likely by management. Key assumptions used in the value-in-use calculations included:

- Level of cashflows expected to be received from the validator nodes;

- Level of SOL expected to be delegated to the validator nodes;

- Price of Solana during the forecasted period; and

- Likelihood weighting for each model

Management believes that these assumptions reflect the best estimates of economic conditions and protocol-related developments at the reporting date.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

*Impairment loss recognized*

As a result of the impairment testing, an impairment loss of $27,561,055 was recognized in the statement income (loss) and comprehensive income (loss) within "Impairment losses on intangible assets."

Following the impairment, the carrying amount of the validator node intangible assets was reduced to their recoverable amount of $38,809,125.

*Sensitivity analysis*

Management has performed a sensitivity analysis on key assumptions. A change in the key assumptions listed below would result in further impairment of the CGUs:

● A decrease of 10% in expected cashflows would reduce the recoverable amount by $3,880,913 ;

● A decrease of 10% in expected delegated SOL would reduce the recoverable amount by $4,136,401 ;

● A decrease of 10% in the price of SOL would reduce the recoverable amount by $2,704,085 ; and

● An increase of 10% in the weighting of the model with the lowest value would reduce the recoverable amount by $1,563,487 .

Management considers these assumptions to be reasonably possible changes.

*Remaining useful life*

No change has been made to the estimated useful lives of validator node intangible assets during the year. The useful lives of these assets remain at 5 years.

**8.**FIXED ASSETS

The fixed asset continuity schedule for the year ended September 30, 2025 is as follows:

---

| | |
|:---|:---|
| **Cost, Computer Hardware** | **Total** |
| Balance September 30, 2024 | $9454 |
| Additions | 27200 |
| **Balance, September 30, 2025** | **36654** |

---

---

| | |
|:---|:---|
| **Accumulated Amortization** |  |
| Balance September 30, 2024 | 9,454 |
| Amortization for the year | 6,880 |
| **Balance, September 30, 2025** | **16,334** |

---

---

| | |
|:---|:---|
| **Net book value** |  |
| Balance September 30, 2024 |  |
| **Balance, September 30, 2025** | $**20320** |

---

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

**9.**INVESTMENTS

#### Equity Investments
The Company's investments in equity instruments are classified as FVTPL and are carried at fair value. The detail is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | <br>**Quantity** | **September 30**<br>**2025** | <br>**Quantity** | **September 30,** <br>**2024** |
| Chia Network Inc. (a) | **19860** | $**488781** | 19860 | $488781 |
| NGRAVE NV (b) | **138966** | **196881** | 138966 | 196881 |
| Animoca Brands Corporation Limited (c) | **—** | **—** | 909 | 442 |
| Lucy Labs Flagship Offshore Fund SPC (d) | **—** | **—** | 500 | 827227 |
|  |  | $**685662** |  | $1513331 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(a) During the year ended September 30, 2021, pursuant to the Company's Simple Agreement for Future Equity ("SAFE") investment in Chia Network Inc. ("Chia"), the Company received 19,806 shares of Series B Stock priced at USD $15 per share, and the Company also exercised its participation rights and acquired 600 common shares of Chia at a price of USD $21.21 . As at September 30, 2024, the Company estimated Chia's fair market value per share to be $23.95 (USD $17.74), the Company recognized an unrealized gain of $121,849 (2023 – unrealized loss of $2,558) to a value of $488,781 (2023 – $366,932) in the statements of income and comprehensive income. At September 30, 2025, the Company estimated Chia's fair market value to be $488,781 (2024 – 488,781) and recognized an unrealized gain of $ nil in the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025. (2024 – unrealized gain of $121,849).

&nbsp;&nbsp;&nbsp;&nbsp;(b) During the year ended September 30, 2022, the Company's convertible loan to NGRAVE NV ("NGRAVE") was converted into common shares of NGRAVE pursuant to its convertible loan agreement which resulted in the Company receiving 138,966 NGRAVE common shares at a deemed price of EUR 0.7936 . As at September 30, 2024, the Company estimated the fair value of NGRAVE to be C $196,881 (2023 - $80,976) as at September 30, 2024, the Company recognized an unrealized gain of $115,905 (2023 – unrealized loss $67,443) on its NGRAVE investment in the statements of income and comprehensive income. As at September 30, 2025, the Company estimated NGRAVE's fair market value to be $196,881 (2024 – $196,881) and recognized an unrealized gain of $ nil in the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025 (2024 – unrealized gain of $115,905).

&nbsp;&nbsp;&nbsp;&nbsp;(c) During the year ended September 30, 2023, the Company acquired 9,090,909 shares of Animoca Brands Corporation Limited ("Animoca") at a price of AUD $1.10 ($1.04 CAD) per share, totaling AUD $10,000,000 ($9,434,917 CAD). In the year ending September 30, 2024, the Company sold 9,090,000 of these shares at an average price of AUD $0.84 per share ($0.76 CAD), resulting in net proceeds of AUD $7,670,133 ($6,905,859 CAD). This sale generated a realized gain of $1,785,473 (2023 – $ nil), after accounting for accumulated unrealized losses from previous fair value adjustments. As of September 30, 2024, the fair value of the remaining 909 shares was determined to be $442 (2023 – 9,090,909 shares valued at $5,120,897), with the Company recognizing an unrealized loss of $70 (2023 - $4,314,020 unrealized loss on 9,090,909 shares). At September 30, 2025, the Company estimated the value of its Animoca holding to be $ nil and recognized a realized loss of $442 in the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;(d) During the year ended September 30, 2022, the Company invested $636,075 (USD $500,000) in Lucy Labs Flagship Offshore Fund Crypto Rising tide portfolio ("Lucy Labs"). On November 11, 2022, FTX Trading Ltd. ("FTX") filed for Chapter 11 bankruptcy protection. FTX was a counterparty of Lucy Labs. Based on correspondence with Lucy Labs, the Company wrote down its investments with Lucy Labs to $ nil during the year ended September 30, 2023. During the year ended September 30, 2024, the Company received an offer to sell its rights to the FTX bankruptcy claims from a third party for $827,227 (the "FTX Claims Offer"), and therefore the Company wrote the value of Lucy Labs up to $827,227 , recognizing an unrealized gain of $827,227 during the year ended September 30, 2024 (2023 – $707,649).The FTX Claims Offer was consummated during the year ended September 30, 2025.

During the year ended September 30, 2024, the founders of Streetside Development, LLC ("Streetside") were charged by the United States Department of Justice, and Streetside's operations were shut down. As a result, the Company determined the fair value of its Streetside investment was $nil as at September 30, 2024 (2023 - $122,646) and the Company recognized a realized loss of $122,646 in the financial statements (2023 – unrealized loss of $3,870).

During the year ended September 30, 2024 the Company received 2.01 bitcoin of dividend income valued at $248,213 (2023 – 0.90 bitcoin of dividend income valued at $36,642) from zkSNACKS. Also, during the year, zkSNACKS management decided to cease operations at its conjoin coordination business. As a result, the Company determined the fair value of its zkSNACKS was $nil as at September 30, 2024 (2023 - $772,668) recognizing a realized loss of $772,668 (2023 – unrealized gain of $327,641).

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

During the year ended September 30, 2022, the Company invested USD$1,500,000 ($1,923,658) in three tranches acquiring 14,762.1833 Class B common shares of the AB Digital Strategies Fund (the "Isla Shares") managed by UK FCA-regulated Isla Capital Ltd. ("Isla"). During the year ended September 30, 2023, the Company redeemed its Isla shares for proceeds of $1,591,591, realizing a loss of $471,116 in the statements of income and comprehensive income. During the three months ended December 30, 2023 Isla sold its right to FTX bankruptcy claims (the "Claims"). As a result, the Company recognized a realized gain on investments of $270,661 in its statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2023 (2022 – a realized loss of $471,116) representing its pro rata share of the proceeds from Isla's sale of the Claims, which were received by the Company during the year ended September 30, 2024.

The activity of investments for the year ended September 30, 2025 and 2024 is as follows:

---

| | |
|:---|:---|
|  | **Amount** |
| **Balance, September 30, 2023** | $**6464119** |
| Proceeds from sales (net) | (7176590) |
| Realized gain on sale of investments | 1160891 |
| Net unrealized gain on investments | 1064911 |
| **Balance, September 30, 2024** | $**1513331** |
| Proceeds from sales (net) | (827227) |
| Realized gain on sale of investments | (442) |
| **Balance, September 30, 2025** | $**685662** |

---

#### Treasury Management Investments
During the year ended September 30, 2025 the company resumed its treasury management investment strategy to generate income on its cryptocurrency assets. As at the date hereof, the treasury management investment strategy involves selling covered European call options (each, an "Option") on OTC markets.

During the year ended September 30, 2025, the Company wrote call and put options for which it received net premiums of $219,775. These options expired unexercised during the year, and the related derivative liability was derecognized, with the premiums being recognized as a gain in profit. There were no open positions at September 30, 2025.

**10.**ACCOUNTS PAYABLE AND ACCRUED LIABILITIES

The balances are comprised as follows:

---

| | | |
|:---|:---|:---|
|  | **September 30,** <br>**2025** | **September 30,** <br> **2024** |
| Trade accounts payable | $**760157** | $83413 |
| Accrued liabilities | **740472** | 149516 |
| Accrued interest <sup>(1)</sup> | **816493** |  |
|  | $**2317122** | $232929 |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) Includes $534,036 of accrued interest on the credit facility(Note 11) and $282,457 related to the convertible debentures (Note 12).

**11.** **CREDIT FACILITY**

During the year ended September 30, 2025, the Company entered into an unsecured, revolving demand credit facility (the "Credit Facility") with its former Chairman, Mr. Antanas Guoga (the "Lender"). Under the terms of the Credit Facility, the Lender agreed to make available to the Company up to $10 million, subsequently increased to $25 million, (the "Commitment Amount") in principal amount of unsecured, revolving credit, in such amounts as may be requested by the Company from time to time prior to October 21, 2026 (the "Maturity Date"). The drawn and unpaid portion of the Commitment Amount (the "Principal Balance") will bear interest at a rate of 5% per annum, accrued daily. The Principal Balance and accrued and unpaid interest will be payable on the Maturity Date, subject to the Lender's right to demand repayment of amounts outstanding under the Credit Facility at any time.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

The continuity of the Credit Facility from September 30, 2024 to September 30, 2025, is as follows:

---

| | |
|:---|:---|
|  | **Advances** |
| Balance, September 30, 2024 | $— |
| Advances to Company | 16387090 |
| Repayments during the year | (222500) |
| **Balance, September 30, 2025** | $**16164590** |

---

As of September 30, 2025, interest expense of $534,036 had been recorded in accrued liabilities (2024 - $nil).

**12.**CONVERTIBLE DEBENTURES

During the year ended September 30, 2025, the Company raised $57.2 million of principal in convertible debenture in three separate financings. The summary of the convertible debentures is as follows:

#### First Private Placement and Second Private Placement
On January 16, 2025, the Company closed a private placement financing of $27.5 million (the "First Private Placement") of convertible debenture units (each a "First CD Unit"). Each First CD Unit consists of one debenture ("First Debenture") with a principal amount of $1,000, and 50 warrants (each a "First Warrant"). Interest on the First Debenture accrues at a rate of 2.5% per annum, payable semi-annually in cash or common shares of the Company, and the First Debentures are convertible at any time into common shares of the Company at $20 per common share. Each First Warrant entitles the holder to purchase one (1) common share of the Company at an exercise price of $20 per common share, exercisable at any time on or before the five-year anniversary of the closing of the First Private Placement. At the option of the Company, the First Debentures are redeemable in cash after the three-year anniversary of the closing of the First Private Placement at 112% of the principal value, plus accrued and unpaid interest.

On January 24, 2025, the Company closed a private placement financing of $2.5 million (the "Second Private Placement") of convertible debenture units (each a "Second CD Unit"). Each Second CD Unit consists of one debenture ("Second Debenture") with a principal amount of $1,000, and 27 warrants (each a "Second Warrant"). Interest on the Second Debentures accrue at a rate of 2.5% per annum, payable semi-annually in cash or common shares of the Company, and the Second Debentures are convertible at any time into common shares of the Company at $37.28 per common share. Each Second Warrant entitles the holder to purchase one (1) common share of the Company at an exercise price of $37.28 per common share, exercisable at any time on or before the five-year anniversary of the closing of the Second Private Placement. At the option of the Company, the Second Debentures are redeemable in cash after the three-year anniversary of the closing of the Second Private Placement at 112% of the principal value, plus accrued and unpaid interest.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

The present value of the liability component and the equity components of the First Private Placement and Second Private Placement were allocated as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **First**<br>**Private**<br>**Placement** | **Second**<br>**Private**<br>**Placement** | <br>**Total** |
| Closing date | January 16, 2025 | January 21, 2025 |  |
| Principal | $27500000 | $2500000 | $30000000 |
| Interest rate | 2.5% | 2.5% |  |
| Interest payments | Semi-annual | Semi-annual |  |
| Market rate, unsecured debt<sup>(1)</sup> | 11.48% | 11.30% |  |
| Conversion price of debenture | $20.00 | $37.28 |  |
| Warrants | 11000000 | 535000 | 11535000 |
| Warrant price | $20.00 | $37.28 |  |
| Underlying price, commn shares | $37.28 | $47.20 |  |
| Risk free rate<sup>(2)</sup> | 3.05% | 3.05% |  |
| Volatility | 134.16% | 134.24% |  |
| *Allocation at closing* |  |  |  |
| &nbsp;&nbsp;Liability component | 18134195 | 1648150 | 19782345 |
| &nbsp;&nbsp;Deferred tax liability | 2760664 | 251383 | 3012047 |
| &nbsp;&nbsp;Equity component, warrants<sup>(3),(4)</sup> | 6605141 | 600467 | 7205608 |
| &nbsp;&nbsp;Equity component, conversion feature<sup>(4)</sup> | nil | nil | nil |
|  | $27500000 | $2500000 | $30000000 |

---

1) Source Federal Reserve Economic Data, ICE BofA CCC & Lower US High Yield Index Effective Yield.

2) Sources: Bank of Canada 5-year benchmark rate.

3) Valued using the Black-Scholes option pricing model.

4) Pursuant to IFRS Standard IAS 32, where an instrument contains a liability and equity component, the liability component should be determined first, and the residual amount is equity. The Company allocated the residual equity component to the warrants, and no additional amount was allocated to the conversion option.

During the year ended September 30, 2025, interest expense of $1,848,243 and $168,427 was recognized on the First Private Placement and Second Private Placement, respectively, representing the accretion of the liability components of the convertible debentures under the effective interest rate method.

#### ATW Financing
On April 23, 2025, the Company entered into an agreement with ATW Partners (the "Investor") to establish a convertible note facility (the "Facility") of up to USD $500 million. Under the Facility, the Company is entitled to draw down funds through the issuance of convertible notes (the "Notes") subject to certain conditions. On May 1, 2025, the Company closed the initial tranche of USD $20 million (the "Initial Closing"). The Notes are denominated in USD and are convertible into common shares of the Company based on the prior trading day's closing price. Additional drawdowns under the Facility remain available up to a further USD $480 million.

---

| | | | |
|:---|:---|:---|:---|
| <br>**ATW Notes** | **Amount**<br>**US$** | **Average Exchange**<br>**Rate** | **Amount**<br>**CAD$** |
| Initial Tranche, May 1, 2025 | 20000000 | 1.36 | 27200000 |
| Conversions into common shares | (9600000) | 1.38 | (13247404) |
| Adjusted amount | 10400000 |  | 13952596 |
| Revaluation |  |  | 525245 |
| **Balance, September 30, 2025** | $**10400000** | **1.39** | $**14477841** |

---

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

*Fair Value Option Election and Measurement*

Management elected to designate the USD$20 million Notes from the Initial Closing under the fair value option ("FVO") in accordance with IFRS 9 – Financial Instruments. This designation results in the entire instrument, including the embedded conversion feature and foreign currency exposure, being measured at fair value through profit or loss ("FVTPL").

The rationale for electing FVO includes:

● Elimination of accounting mismatches arising from currency volatility (as the Company reports in CAD).

● Avoidance of bifurcation between the debt host and embedded derivative components.

● Alignment with the Company's risk management strategies and fair value-based performance monitoring.

At September 30, 2025, the Company recorded a $525,245 charge to foreign exchange for the estimated change in the fair value of this Facility.

Transaction costs of $2,380,272 related to the Initial Closing have been expensed immediately in the profit or loss, consistent with FVO application.

*Fair Value Determination*

Fair value of the Notes is assessed at each reporting date using observable market inputs, including exchange rates and share price movements. Changes in fair value of the Notes are recognized through profit or loss.

*SOL Delegation and Staking Interest*

Under the terms of the Facility, while any Notes remain outstanding, the Company is contractually obligated to delegate all Note Purchased SOL to a validator majority owned and controlled by the Company. The Notes accrue staking interest ("Staking Interest") when the Company is entitled to receive staking rewards on the delegated Note Purchased SOL. The Company must calculate and pay any accrued staking interest amounts ("Staking Interest Amounts") in SOL within three business days following each calendar month-end to ATW's wallet address. ATW's entitlement to staking rewards is tiered and based on the combined outstanding principal of this Note and other notes under the Facility (the "Outstanding Principal):

&nbsp;&nbsp;&nbsp;&nbsp;(i) 85% of staking rewards when the Outstanding Principal is between USD $15 million and $20 million;

&nbsp;&nbsp;&nbsp;&nbsp;(ii) 62.5% of staking rewards when the Outstanding Principal is between USD $10 million and $15 million;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) 37.5% of staking rewards when the Outstanding Principal is between USD $5 million and $10 million; and

&nbsp;&nbsp;&nbsp;&nbsp;(iv) 18.8% of staking rewards when the Outstanding Principal is between USD $2.5 million and $5 million.

During the year ended September 30, 2025, interest expense of $646,293 was recognized in the profit or loss.

*Conversions*

During the year ended September 30, 2025, the Company issued 1,147,806 Common Shares on the conversion of USD$9,600,000 ($13,247,405) of principal, leaving USD $10,400,000 ($14,477,841) of principal remaining at year end.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

#### Liability Component of Convertible Debentures
The summary of the liability component of the convertible debentures is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Convertible debentures** | **First Private**<br>**Placement** | **Second Private**<br>**Placement** | <br>**ATW** | <br>**Total** |
| Balance, September 30, 2024 |  |  |  |  |
| Liability component | 18134195 | 1648150 | 27200000 | 46982345 |
| Accretion | 1364184 | 125287 |  | 1489471 |
| Conversions |  |  | (13247404) | (13247404) |
| Revaluation |  |  | 525245 | 525245 |
| **Balance, September 30, 2025** | $**19498379** | $**1773437** | $**14477841** | $**35749657** |

---

**13.**CAPITAL STOCK

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**a)**AUTHORIZED

Unlimited common shares with a par value of $nil.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**b)**ISSUED

---

| | | |
|:---|:---|:---|
| <br>**Common Shares** | **Number of**<br>**Shares** | <br>**Stated Value** |
| **Balance at September 30, 2023** | **19008425** | $**17864782** |
| Purchase of shares for cancellation | (950417) | (938924) |
| Exercise of options | 213703 | 330810 |
| **Balance at September 30, 2024** | **18271711** | $**17256668** |
| Shares issued for acquisitions | 1283849 | 22330215 |
| Conversions of Notes into common shares | 1147806 | 13247405 |
| Exercise of options | 1698476 | 3120672 |
| Exercise of warrants | 452333 | 11219562 |
| Exercise of RSUs | 124103 | 2882142 |
| Interest paid with common shares | 21563 | 371891 |
| **Balance at September 30, 2025** | **22999841** | $**70428555** |

---

Pursuant to the terms of a normal course issuer bid, during the year ended September 30, 2025, the Company purchased and cancelled nil shares (2024 – 950,417).

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**c)**PER SHARE AMOUNTS

Basic and diluted earnings per share have been calculated on the basis of weighted average number of common shares outstanding as outlined below:

---

| | | |
|:---|:---|:---|
| **Year ended September 30,** | **2025** | 2024 |
| Net income for the period | $(35035126) | $6607664 |
| Weighted average number of shares outstanding | 20092474 | 18648420 |
| **Earnings per share, basic** | $**(1.74)** | $**0.35** |
| Weighted average number of shares outstanding | 20092474 | 18648420 |
| Share based compensation dilution |  | 100185 |
| Weighted average number of shares outstanding, diluted | 20092474 | 18748605 |
| **Earnings per share, diluted** | $**(1.74)** | $**0.35** |

---

**14.**SHARE BASED COMPENSATION

The Company has a stock option plan (the "Plan") in place under which it is authorized to grant options to acquire shares of the Company to directors, officers, consultants, and other key employees of the Company. The number of common shares subject to options granted under the Plan is limited to 10% in the aggregate, of the number of issued and outstanding common shares of the Company at the date of the grant of the option. The exercise price of any option granted under the Plan may not be less than the fair market value of the common shares at the time the option is granted, less any permitted discount. Options issued under the Plan may be exercised during a period determined by the board of directors which cannot exceed ten years. The plan does not require any vesting period, and the board of directors may specify a vesting period on a grant-by-grant basis. As at September 30, 2025, the maximum number of shares issuable pursuant to the Plan was 2,299,984, at which time 643,626 options and 15,106 restricted share units had been granted, leaving 1,641,252 shares available for issue.

The Company's option activity for the year ended September 30, 2025, and the year ended September 30, 2024, is as follows:

On August 28, 2025, the Company issued 37,500 options for future services to an officer to buy common shares at an exercise price of $11.13 per common share and expiring on August 28, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $11.13, dividend yield 0%, expected volatility based on historical volatility of 128.4%, a risk-free interest rate of 2.69%, and an expected life of 5 years. The options shall vest as to 1/3 of the options shall vest on the date that is 12 months from the date of grant, and the balance shall vest in equal instalments monthly over a period of 24 months, beginning on the date that is 12 months from the date of grant. The estimated fair value of the options on the grant date was estimated at $359,000, of which $20,622 was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

On July 24, 2025, the Company issued 130,000 options for future services to directors & officers (50,000), staff (60,000), and consultants (20,000) to buy common shares at an exercise price of $8.48 per common share and expiring on July 24, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $8.48, dividend yield 0%, expected volatility based on historical volatility of 128.3%, a risk-free interest rate of 2.83%, vesting equally over 36 months, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $947,000, of which $193,300 was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

On July 23, 2025, the Company issued 62,500 options for future services to directors to buy common shares at an exercise price of $12.00 per common share and expiring on July 23, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $12.00, dividend yield 0%, expected volatility based on historical volatility of 127.4%, a risk-free interest rate of 2.82%, vesting equally over 36 months, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $642,000, of which $131,103 was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

On June 3, 2025, the Company issued 31,250 options for future services to a director to buy common shares at an exercise price of $22.00 per common share and expiring on June 3, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $23.44, dividend yield 0%, expected volatility based on historical volatility of 118.5%, a risk-free interest rate of 2.86%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $610,000, of which $169,939 was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

On April 24, 2025, the Company issued 53,125 options for future services to consultants to buy common shares at an exercise price of $18.00 per common share and expiring on April 24, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $17.84, dividend yield 0%, expected volatility based on historical volatility of 116.4%, a risk-free interest rate of 2.79%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $777,000, of which $454,433 was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

On March 17, 2025, the Company issued 6,250 options for future services to a consultant to buy common shares at an exercise price of $18.80 per common share and expiring on March 17, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $18.80, dividend yield 0%, expected volatility based on historical volatility of 131.4%, a risk-free interest rate of 2.69%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $101,916, of which $84,244 was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

On March 17, 2025, the Company issued 500,000 options for future services to a consultant to buy common shares at an exercise price of $19.04 per common share with an average expiration date of September 29, 2029. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $18.80, dividend yield 0%, expected volatility based on historical volatility of 124.9%, a risk-free interest rate of 2.69%, and an average expected life of 4.54 years. The estimated fair value of the options on the grant date was estimated at $971,331, of which $487,570 was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

On February 28, 2025, the Company issued 37,500 options for future services to a director (25,000) and consultant (12,500) to buy common shares at an exercise price of $21.68 per common share and expiring on February 25, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $21.68, dividend yield 0%, expected volatility based on historical volatility of 132.9%, a risk-free interest rate of 2.60%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $708,537, of which $624,249 was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

On January 30, 2025, the Company issued 50,000 options for future services to a director (25,000), employee (6,250), and consultant (18,750) to buy common shares at an exercise price of $39.28 per common share and expiring on January 30, 2030. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $39.28, dividend yield 0%, expected volatility based on historical volatility of 134.2%, a risk-free interest rate of 2.79%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $1,719,366, which was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

On November 27, 2024, the Company issued 9,375 options for future services to a consultant to buy common shares at an exercise price of $11.12 per common share and expiring on November 26, 2029. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $11.12, dividend yield 0%, expected volatility based on historical volatility of 99.4%, a risk-free interest rate of 3.13%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $78,589, which was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

On October 29, 2024, the Company issued 34,937 options for future services to a director to buy common shares at an exercise price of $16.16 per common share and expiring on October 29, 2029. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $16.16, dividend yield 0%, expected volatility based on historical volatility of 99.4%, a risk-free interest rate of 3.04%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $425,291, which was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2025.

On September 11, 2024, the Company issued 18,746 options for future services to a director and a consultant to buy common shares at an exercise price of $1.16 per common share and expiring on September, 2029. The director was granted 6,246 stock options that vested on the grant date. The consultant was granted 12,500 stock options that vested on December 11, 2024. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $1.16, dividend yield 0%, expected volatility based on historical volatility of 95.6%, a risk-free interest rate of 2.75%, and an expected life of 5 years. The estimated fair value of the options on the grant date was estimated at $15,967 of which $7,543 was charged to the statement of income (loss) and comprehensive income (loss) during the year ended September 30, 2024, and $8,424 was charged during the year ended September 30, 2025.

On August 7, 2024, the Company issued 862,500 options for future services to a directors and officers to buy common shares at an exercise price of $1.24 per common share and expiring on August 7, 2029. The stock options vested on the grant date. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $1.24, dividend yield 0%, expected volatility based on historical volatility of 95.9%, a risk-free interest rate of 3.0%, and an expected life of 5 years. The fair value of the options was estimated at $788,387 which was charged to the statement of income (loss) and comprehensive income (loss) on the grant date.

On July 8, 2024, the Company issued 250,000 options for future services to an officer to buy common shares at an exercise price of $0.92 per common share and expiring on August 7, 2029. The stock options vested on the grant date. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $0.92, dividend yield 0%, expected volatility based on historical volatility of 96.0%, a risk-free interest rate of 3.46%, and an expected life of 5 years. The fair value of the options was estimated at $170,432 which was charged to statement of income (loss) and comprehensive income (loss) on the grant date.

On July 3, 2024, the Company cancelled 862,500 options (the "Cancelled Options") that had previously been granted to directors and officers; 187,500 options granted on April 9, 2021 with an exercise price of $2.40 per share, 550,000 options granted on July 7, 2021 with an exercise price of $1.32 per share, and 125,000 options granted on October 7, 2021 with an exercise price of $1.60 per share. An estimated fair value of $1,273,040 had previously vested in full for the Cancelled Options and was credited to retained earnings upon cancellation (2023 – 500,000 options were cancelled, 250,000 options granted on July 7, 2021 with an exercise price of $1.32 and 250,000 options granted on November 11, 2021 with an exercise price of $1.92).

On July 3, 2024, the Company issued 375,000 options for future services to a director and an officer to buy common shares at an exercise price of $0.92 per common share and expiring on July 3, 2029. The stock options vested on the grant date. The fair value assigned was estimated using the Black-Scholes option pricing model with the following assumptions: share price $0.92, dividend yield 0%, expected volatility based on historical volatility of 96.0%, a risk-free interest rate of 3.57%, and an expected life of 5 years. The fair value of the options was estimated at $255,774 which was charged to the statement of income (loss) and comprehensive income (loss) on the grant date.

During the year ended September 30, 2024, 214,984 options that had previously vested expired unexercised; 31,250 options granted December 1, 2020 with an exercise price of $0.80, 175,000 options granted on July 7, 2021 with an exercise price of $1.32 and 34,937 options granted on November 21, 2022 with an exercise price of $0.80 and $259,629 was credited to retained earnings for expired options. During the year ended September 30, 2025, no vested options expired unexercised and there were no options cancelled.

As a result of the forgoing, during the year ended September 30, 2025, $4,403,968 was charged to the statement of income (loss) and comprehensive income (loss) for share-based compensation (2024 – $1,320,919) and $nil was credited to retained earnings for cancelled options (2024 - $1,532,664).

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

The continuity of outstanding stock options at September 30, 2025 and 2024 is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **Weighted average**<br>**exercise price** | 2024 | Weighted average<br>exercise price |
| Beginning balance | **1827165** | $**1.21** | 1638309 | $1.44 |
| Granted | **514937** | $**16.83** | 1506246 | $1.12 |
| Exercised | **(1698476)** | $**0.88** | (213703) | $0.80 |
| Cancelled | **—** | **—** | (862500) | $1.60 |
| Expired | **—** | **—** | (241187) | $1.20 |
| **Ending balance - outstanding** | **643626** | $**13.71** | 1827165 | $1.21 |

---

The detail of outstanding options at September 30, 2025 and 2024 is as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| <br>**Expiry Date** | **September 30,**<br>**2025** | <br>**Exercisable** | **Exercise**<br>**Price** | **September 30,**<br>**2024** | <br>**Exercisable** | **Exercise**<br>**Price** |
| August 28, 2025 | **—** | **—** | **—** | 75000 | 75000 | $0.80 |
| November 21, 2027 | **3689** | **3689** | $**0.80** | 245920 | 245920 | $0.80 |
| July 4, 2029 | **—** | **—** | **—** | 375000 | 375000 | $0.92 |
| July 8, 2029 | **—** | **—** | **—** | 250000 | 250000 | $0.92 |
| August 7, 2029 | **125000** | **125000** | $**1.24** | 862500 | 862500 | $1.24 |
| September 11, 2029 | **—** | **—** | **—** | 18745 | 18745 | $1.16 |
| October 29, 2029 | **34937** | **34937** | $**16.16** |  |  |  |
| November 27, 2029 | **9375** | **9375** | $**11.12** |  |  |  |
| January 30, 2030 | **50000** | **50000** | $**39.28** |  |  |  |
| February 28, 2030 | **37500** | **21875** | $**21.68** |  |  |  |
| March 17, 2030 | **62500** | **10417** | $**19.04** |  |  |  |
| March 17, 2030 | **6250** | **3125** | $**18.80** |  |  |  |
| April 24, 2030 | **28125** | **3906** | $**18.00** |  |  |  |
| April 24, 2030 | **25000** | **3472** | $**18.00** |  |  |  |
| June 3, 2030 | **31250** | **2604** | $**22.00** |  |  |  |
| July 24, 2030 | **62500** | **3472** | $**12.00** |  |  |  |
| July 25, 2030 | **130000** | **7222** | $**8.48** |  |  |  |
| August 28, 2030 | **37500** | **—** | $**11.13** |  |  |  |
| **Ending balance - outstanding** | **643626** | **279095** | $**13.71** | **1827165** | **1827165** | $**1.21** |

---

At September 30, 2025, 279 095 options were exercisable at a weighted average price of $13.67 per share (September 30, 2024 – 1,827,165 at $1.04). The weighted average life of the outstanding options is 4.5 years (September 30, 2024 – 4.8 years).

#### Restricted Share Units
During the year ended September 30, 2025, the Company granted 132,958 restricted share units ("RSUs") to a consultant and 6,250 RSUs to a director that are and are exchangeable into common shares of the Company on a one for one basis upon achieving the vesting conditions. The RSU's were valued at the market price of the Company's common shares on the grant date ($3,458,450). The value of the director RSUs ($199,500) were charged to income on the grant date. The consultant RSUs were recognized monthly on a straight-line basis over their six-month vesting period, commencing December 24, 2024 for 70,458 RSUs (valued at $698,950) and February 28, 2025 for 62,500 RSUs (valued at $2,560,000). Of the granted RSUs, 10,418 of the vested consultant RSUs have not been issued, and 4,699 of the directors RSUs have not vested as at September 30, 2025. During the year ended September 30, 2025, the total charged to the statement of income and comprehensive income for share-based compensation was $3,458,450 (2024 - $nil).

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

**15.**WARRANTS

The continuity of outstanding warrants for the year ended September 30, 2025, and 2024, is as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **September 30,** <br>**2025** | **Weighted average** <br>**exercise price** | September 30, <br>2024 | Weighted average <br>exercise price |
| Beginning balance | **—** | **—** | 2095588 | $3.20 |
| Issued | **2004375** | $**21.65** |  |  |
| Exercised | **(452333)** | $**20.00** | (2095588) | $3.20 |
| **Ending balance** | **1552042** | $**22.14** |  |  |

---

As at September 30, 2025 there were 1,552,042 warrants outstanding with a weighted average exercise price of $22.14 (September 30, 2024 – nil). See also note 12.

---

| | | | |
|:---|:---|:---|:---|
|  | **September 30,** | **Exercise** | September 30, |
| **Expiry Date** | **2025** | **Price** | 2024 |
| March 17, 2028 | **562500** | $**23.84** | **—** |
| January 16, 2030 | **922667** | $**20.00** | **—** |
| January 21, 2030 | **66875** | $**37.28** | **—** |
|  | **1552042** | $**22.14** |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;16. **FUTURE SHARE ISSUANCE** 

*Cogent Asset Acquisition*

During the year ended September 30, 2025, the Company acquired the Cogent Assets for consideration of USD$1,000,000 ($1,394,340) in US dollar stable coins and 145,250 common shares priced at $9.60 per share, paid in cash and issued in common shares at closing, respectively. The Company is also required to issue 2,324,000 common shares as follows: 387,333 common shares on May 25, 2025 (Issued), 387,333 common shares on November 25, 2025, 387,333 common shares on May 25, 2026, 387,333 common shares on November 25, 2026, 387,334 common shares on May 25, 2027, and 387,334 common shares on November 25, 2027 (the "Cogent Obligation").

The future share issuances may be subject to adjustment. In the event the SOL staked to the Cogent Assets on a share issuance date has decreased more than 5% from the amount delegated to the Cogent Assets on the closing date (690,895 SOL), the number of shares issued on the applicable share issuance date shall be reduced in proportion to the percentage decline in staked SOL that exceeds 5%.

*OrangeFin Asset Acquisition*

During the year ended September 30, 2025, the Company acquired the OrangeFin Assets for consideration of USD$750,000 ($1,079,479) in US dollar stable coins and 62,952 common shares priced at $17.12 per share, paid on closing. The Company is also required to issue USD$5,000,000 ($7,175,000) worth of common shares of the Company payable in six equal tranches of USD$833,333 ($1,195,833), every six months over a period of three years from the closing date of the acquisition (the "Obligation"), where as the June 30, 2025 tranche has been issued. The number of shares issued per tranche will be determined based on the closing market price of the Company's common shares at the time of issuance. The future share issuances may be subject to adjustment. In the event the SOL staked to the OrangeFin Assets on a share issuance date has decreased more than 5% from the amount delegated to the OrangeFin Assets on the closing date (632,302 SOL), the number of shares issued on the applicable share issuance date shall be reduced in proportion to the percentage decline in staked SOL that exceeds 5%.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

*Laine Asset Acquisition*

During the year ended September 30, 2025, the Company acquired the Laine Assets for consideration paid at closing of $5,000,000 cash, 625,000 common shares priced at $24.00 per share, and 562,500 common share purchase warrants (each, a "Warrant"). The Warrants vest monthly in substantially equal tranches over 36 months, and each Warrant entitles the seller to purchase one common share of the company at a price of $23.84 per share for a period of 36 months from its respective vesting date. The Company is also required to issue 625,000 common shares on March 17, 2026 (the "Laine Obligation").

**17.**STAKING AND VALIDATING INCOME

During the year ended September 30, 2024, the Company initiated SOL staking and validating operations which were enhanced by the acquisitions of the Cogent Assets, OrangeFin and Laine assets during the year ended September 30, 2025 (see note 5).

The staking and validating results for the year ended September 30, 2025 and 2024 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Year ending September 30,** |  | **2025** | **2025** | **2025** | **2024** | **2024** | **2024** |
|  |  | *Expressed* |  | *Expressed in* | *Expressed* |  | *Expressed in* |
|  |  | *in Solana* |  | *Canadian Dollars* | *in Solana* |  | *Canadian Dollars* |
| Validator operations |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Validator rewards, paid in Solana |  | 23635 |  | $5684833 |  |  | $— |
| &nbsp;&nbsp;Validator rewards received in other cryptocurrencies<sup>(1)</sup> |  |  |  | 388311 |  |  |  |
| &nbsp;&nbsp;Validator income, paid in fiat |  |  |  |  |  |  |  |
| &nbsp;&nbsp;Validator fees, paid in Solana |  | (312) |  | (69132) |  |  |  |
| &nbsp;&nbsp;Validator fees, paid in fiat |  |  |  | (575315) |  |  | (16231) |
|  |  | 23323 |  | 5428696 |  |  | (16231) |
| Staking rewards (Solana) |  | 19651 |  | 4803686 | 1430 |  | 287476 |
| **Total staking and validating income** |  | **42974** |  | $**10232382** | **1430** |  | $**271245** |

---

&nbsp;&nbsp;&nbsp;&nbsp;(1) 85,190 SUI tokens

**18.**RELATED PARTY DISCLOSURES

The Company's related parties include its key management personnel, and any entity related to key management personnel that has transactions with the Company. Key management personnel are those persons having the authority and responsibility for planning, directing, and controlling the activities of the Company, directly or indirectly.

During the year ended September 30, 2025, the Company paid $15,300, (2024 - $111,100) for consulting services provided by the previous chairman (Antanas Guoga). At September 30, 2025, there is $nil (2024 - $9,897) of accounts payable to this related party. During 2025, this individual provided a $25 million dollar credit facility to the Company, of which $16,387,090 had been advanced as at September 30, 2025 (see note 11). On July 21, 2025, the Company announced that this individual stepped down from being chairman of the board and took the role as a strategic advisor.

During the year ended September 30, 2025, the Company paid $12,000 (2024 - $nil) in directors fees to a director (Luis Berruga). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party. On July 21, 2025, the Company announced on that this individual was appointed as chairman of the board.

During the year ended September 30, 2025, the Company paid $20,000 (2024 - $20,000) in directors fees to a director (Rubsun Ho). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, the Company paid $21,100 (2024 - $nil) in directors fees to a director (Ungad Chadda). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

During the year ended September 30, 2025, the Company paid $4,300 (2024 - $nil) in directors fees to a director (Jose Manuel Calderon). At September 30, 2025, there is $4,300 (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, the Company paid $42,500 (2024 - $87,100) for consulting services provided by a director and CIO (Mohammed Adham) until resigning on January 30, 2025. At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, the Company paid $509,600 (2024 - $115,540) for consulting and director services provided by the former CEO (Leah Wald). At September 30, 2025, there is $nil (2024 - $1,209) of accounts payable to this related party.

During the year ended September 30, 2025, the Company paid $323,200 (2024 - $96,800) for consulting services provided by the CFO (Doug Harris). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, the paid $183,000 (2024 - $nil) for consulting services provided by the CTO (Max Kaplan). At September 30, 2025, there is $87,316 (2024 - $nil) of accounts payable to this related party. This individual was founder of OrangeFin Ventures, see Intangible Assets (notes 7 and 11) for information on this acquisition.

During the year ended September 30, 2025, the Company paid $82,800 (2024 - $72,000) for consulting services provided by the Chief Economist (Jon Matonis). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, the Company paid $205,600 (2024 - $nil) in consulting services to the Chief Operating Officer (Andrew McDonald). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, $115,488 (2024 - $104,160) was charged for legal services by a firm (Irwin Lowy LLP) where the staff member is the corporate secretary of the Company. At September 30, 2025, there is $nil of accounts payable to this related party (2024 - $44,050).

#### Key Management Compensation
Key management includes the related parties noted above. The compensation paid to key management is shown below:

---

| | | |
|:---|:---|:---|
| **Years ending September 30,** | **2025** | **2024** |
| Salaries and management consulting fees | $**1362000** | $472540 |
| Director fees | **57400** | 30000 |
| Stock-based compensation | **3111156** | 1320919 |
|  | $**4528333** | $1823459 |

---

At September 30, 2025, included in accounts payable and accrued liabilities is $91,616 (2024 - $55,156) owed to related parties.

**19.**CONTINGENT LIABILITIES

Netherlands Preliminary Tax Assessment - On February 15, 2017, the Company received an income tax reassessment from the Netherlands tax authority reassessing the Company's subsidiary KRBV for an amount payable of 3.3 million euros (CAD$5 million). This reassessment was pursuant to management challenging an earlier preliminary assessment for an amount payable by KRBV of 11.4 million euros. The preliminary tax assessment and the reassessment were both issued before KRBV had filed its 2016 tax return and as such are based on incomplete information. The 2016 tax return has since been filed. It is management's opinion that the assessed amount payable of 3.3 million euros (CAD$5 million) continues to be an over assessment. The Netherlands Tax Authority has again issued a preliminary assessment, and the Company has filed a notice of objection to this assessment. The Company believes that the tax collection period of tax debts has expired, however, it is possible that the recovery period for any taxes that could be owed may have been extended. As a result, no provision has been made for this reassessment in these financial statements.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

**20.**FAIR VALUE

The fair value of the Company's cash and cash equivalents, accounts payable and accrued liabilities are not materially different from the carrying values given the short-term nature**.**

#### Recurring fair value measurements (financial and non-financial assets)
(i) Fair value hierarchy

The Company records certain financial instruments or assets on a recurring fair value basis as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Recurring fair value measurements - September 30, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets and liabilities at fair value through FVTPL** |  |  |  |
| Equity investment | $— | $— | $685662 |
| **Financial liabilities at fair value through FVTPL** |  |  |  |
| Convertible debentures |  |  | 14477841 |
| **Non financial assets at fair value through other comprehensive income** |  |  |  |
| Cryptocurrencies |  | 126529342 |  |
|  | $**—** | $**126529342** | $**15163503** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Recurring fair value measurements - September 30, 2024** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets at fair value through FVTPL** |  |  |  |
| Equity investment | $— | $442 | $1512889 |
| **Non financial assets at fair value through other comprehensive income** |  |  |  |
| Cryptocurrencies |  | 25575512 |  |
|  | $**—** | $**25575954** | $**1512889** |

---

The Company defines its fair value hierarchy as follows:

**Level 1:** The fair value of financial instruments traded in active markets (such as publicly traded equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.

**Level 2:** The fair value of financial instruments that are not traded in an active market (e.g., other public markets) is determined using valuation techniques that maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

The Company exercised significant due diligence and judgement and determined that this presence and availability of this market was the most advantageous market and utilized the pricing available in the market as an estimate of the fair value of the investment. In addition, The Company's cryptocurrencies, convertible loan, and assets held as collateral are classified as Level 2 determined by taking the price from www.coinlore.com as of 24:00 UTC.

Management has concluded that an active market exists for SOL and other crypto assets to which the revaluation model has been applied. This conclusion is based on the availability of quoted prices in accessible markets with sufficient trading volume and liquidity. The Company will continue to evaluate whether active markets exist for these assets at each reporting date and disclose any changes prospectively.

**Level 3:** If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

(ii) Valuation *techniques used to determine fair values:*

Specific valuation techniques used to fair value financial instruments, specifically those that are not quoted in an active market. These are development stage companies, as such the Company utilized a market approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The use of quoted market prices in active or other public markets

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The use of most recent transactions of similar instruments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Discounted cash flow model

(iii) *Transfers between levels 2 and 3*

There were no transfers between levels 2 and 3 during the year ended September 30, 2025 and the year ended September 30, 2024.

(iv) *Valuation inputs and relationships to fair value*

The following table summarizes the quantitative information about the significant unobservable inputs used in the level 3 fair value measurements (see above for valuation techniques adopted):

---

| | | | | |
|:---|:---|:---|:---|:---|
| <br>**Description** | **Fair Value** | **Fair Value** | **Unobservable**<br>**Inputs** | <br>**Range of Inputs** |
|  | **September 30,** | September 30, | **September 30,** | **September 30,** |
|  | **2025** | 2024 | **2025** | **2025** |
| Investments | $**685662** | $1512889 | (a) and (b) | N/A |
| Convertible debentures | $**14477841** |  | (c) | N/A |

---

(v) Valuation processes

The Investment Committee includes a team that performs the valuations of all items required for financial reporting purposes, including level 3 fair values. This team collaborates with the chief financial officer ("CFO") at least once every three months which is in-line with the Company's reporting requirements. The main Level 3 inputs derived and evaluated by the Company's team are the timeline for expected milestones and assessment of the technical matter relating to the technology.

The independent valuators utilized a variety of approaches and assumptions, including but not limited to:

- Income, comparable market multiples, precedent transactions, and cost approach

- Forecast revenue, expenses, and profitability

- Income tax

Capex

- Discount rates

- Residual value

- Volatility of underlying asset

- Risk free rate of interest

- Value of strategic coin reserves, if any

- Weighting of various valuation approaches

- Timing of liquidity date, if any

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

(vi) Active Market Considerations

In applying the revaluation model to its digital assets, management has determined that an active market exists for ("SOL") and other crypto assets measured at fair value. An active market is one in which quoted prices are readily and regularly available from an exchange, dealer, broker, or pricing service, and those prices represent actual and regularly occurring market transactions on an arm's length basis. Management considers trading volumes, liquidity, and the availability of reliable pricing data in reaching its conclusion. The Company will continue to evaluate whether active markets exist for these assets at each reporting date and will disclose any changes prospectively.

The Company performed a sensitivity analysis on the carrying value of its Level 3 assets at September 30, 2025 and noted that a 20% decrease would result in a $3,032,701 decrease in fair value.

**21.**FINANCIAL RISK FACTORS

#### Capital Management
The Company manages and adjusts its capital structure, based on the funds available to the Company, in order to support the investment in cryptocurrencies and blockchain companies. The Board of Directors does not establish quantitative return on capital criteria for management but rather relies on the expertise of the Company's management to sustain future development of the business. The Company considers capital to be its capital stock, warrant, and stock option components of shareholders' equity.

To effectively manage the Company's capital requirements, the management has in place a planning, budgeting, and forecasting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. The Company ensures that there are sufficient working capital and planned future capital raises to meet its short-term business requirements, taking into account its anticipated cash flow from operations and its holding of cash and short-term investments.

Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

There were no changes in the Company's approach to capital management during the year ended September 30, 2025.

#### Safeguarding of Cryptocurrency Assets
The Company retains one third-party custodian (the "Custodian") to safeguard its cryptocurrency assets; Coinbase Custody Trust Company, LLC ("Coinbase") to hold the Company's SOL, and other cryptocurrency assets. The Custodian is only responsible for holding and safeguarding the Company's cryptocurrency assets and has not appointed a sub-custodian to hold certain cryptocurrency assets.

Coinbase, located at 200 Park Avenue South, Suite 1208, New York, NY 10003, is regulated by the New York Department of Financial Services (NYDFS) and operates as an independently capitalized entity. Coinbase is a fiduciary under § 100 of the New York Banking Law and is licensed to custody its clients' digital assets in trust on their behalf. As a New York state-chartered trust, Coinbase is held to the same fiduciary standards as national banks and is a qualified custodian for purposes of § 206(4)-2(d)(6) of the Advisers Act, commonly called the custody role.

The Company is not aware of anything with regards to the Coinbase's operations that would adversely affect the Company's operations and there are no known security breaches or other similar incidents involving the custodian as a result of which the Company's cryptocurrency assets have been lost or stolen. Coinbase held 100% of the Company's SOL holdings and carries an annually renewed commercial crime policy, with Coinbase Global Inc., Coinbase's parent company, as the named insured. In the event of a bankruptcy or insolvency the Company will enforce its rights under the Custodial Services Agreement through Arbitration under the laws of the State of New York, and will be in contact with Coinbase's Regulator, the New York State Department of Financial Services, as well as Coinbase's named insurer.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

The due diligence the Company performed on Coinbase included confirmation that an annual SOC 1 audit report pertaining to internal controls over financial reporting, as well as an annual SOC 2 audit report pertaining to controls related to operations and compliance were completed by Coinbase, a review of negative news related to Coinbase, and a review of online training and tutorials offered by Coinbase.

The Company utilizes the third-party trading platform, Wintermute Asia Pte. Ltd. ("Wintermute") as an OTC desk for derivatives. Wintermute Trading Ltd (registered company number 10882520) and Wintermute Asia Pte. Ltd. (registered company number 202108542H) are proprietary trading firms providing liquidity in various crypto assets and, in the case of Wintermute Asia Pte. Ltd, certain derivatives referencing crypto assets. Wintermute Trading Limited is registered with the Financial Conduct Authority ("FCA") as a Cryptoasset firm and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended. The Company uses Wintermute for is OTC derivative trading desk. The Company is not aware of anything with regards to Wintermute's operations that would adversely affect their ability to obtain an unqualified audit opinion on its audited financial statements. Wintermute is not related to the Company.

The Company utilizes the third-party trading platform, Zerocap as an OTC desk for derivatives. Zerocap (registered company number 100635539) is a proprietary trading firm providing liquidity in various crypto assets and certain derivatives referencing crypto assets. Zerocap is registered with the Australian Transaction Reports and Analysis Centre ("AUSTRAC") as a Digital Currency Exchange ("DCE") and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations. The Company uses Zerocap for its OTC derivative trading desk. The Company is not aware of anything with regards to Zerocap's operations that would adversely affect their ability to obtain an unqualified audit opinion on its audited financial statements. Zerocap is not related to the Company.

The Company utilizes the third-party trading platform, STS Digital Ltd. ("STS Digital") as an OTC desk for derivatives. STS Digital (registered in Bermuda at 2 Reid Street, Hamilton HM 11) is a proprietary trading firm providing liquidity in various crypto assets and certain derivatives referencing crypto assets. STS Digital is licensed and regulated by the Bermuda Monetary Authority as a Class T Digital Asset Business under the Digital Asset Business Act 2018, authorizing services such as digital asset exchange operations, custodial wallet services, digital asset derivatives trading, and vendor services. As part of this license, STS Digital is required to adhere to Bermuda's anti-money laundering and counter-terrorist financing regulations. The Company uses STS Digital for its OTC derivative trading desk. The Company is not aware of anything regarding STS Digital's operations that would adversely affect its ability to obtain an unqualified audit opinion on its audited financial statements. STS Digital is not related to the Company.

#### Risk Disclosures
Exposure to credit, interest rate, cryptocurrency, and currency related risks arises in the normal course of the Company's business.

#### Credit Risk
Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into, causing the other party to incur a financial loss. The Company limits its credit risk by placing its cash with high credit quality financial institutions and with cryptocurrency exchanges on which the Company has performed internal due diligence procedures. The Company deems these procedures necessary as some exchanges are unregulated and not subject to regulatory oversight. Furthermore, cryptocurrency exchanges engage in the practice of commingling their clients' assets in exchange wallets. When cryptoassets are commingled, transactions are not recorded on the applicable blockchain ledger but are only recorded by the exchange. Therefore, there is risk around the occurrence of transactions, or the existence of period end balances represented by exchanges.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

As at September 30, 2025, the Company holds $1.8 million in cash and cash equivalents with majority with high credit quality financial institutions (September 30, 2024 - $1.8 million). The Company's due diligence procedures around exchanges and custodians utilized throughout the period include, but are not limited to, internal control procedures around on-boarding new exchanges or custodians which includes review of the exchanges or custodians anti-money laundering ("AML") and know-your-client ("KYC") policies by the Company's chief investment officer, constant review of market information specifically regarding the exchanges or custodians security and solvency risk, setting balance limits for each exchange account based on risk exposure thresholds and preparing weekly asset management reports to ensure limits are being followed and having a fail-over plan to move cash and cryptocurrencies held on an exchange or with a custodian in instances where risk exposure significantly changes.

There is no significant credit risk with respect of receivables.

#### Interest Rate Risk
The Company is exposed to interest rate risk on its outstanding debt; however, all borrowings as at September 30, 2025, bear fixed interest rates. As such, the Company is not exposed to fluctuations in market interest rates on its existing debt obligations.

#### Cryptocurrencies Risk
Cryptocurrencies are measured at fair value less cost to sell. Cryptocurrency prices are affected by various forces including global supply and demand, interest rates, exchanges rates, inflation or deflation and political and economic conditions. Further, cryptocurrencies have no underlying backing or contracts to enforce recovery of invested amounts. The profitability of the Company is related to the current and future market price of cryptocurrencies, mainly SOL; in addition, the Company may not be able to liquidate its cryptocurrencies at its desired price if necessary. Investing in cryptocurrencies is speculative, prices are volatile, and market movements are difficult to predict. Supply and demand for such currencies change rapidly and are affected by a variety of factors, including regulation and general economic trends.

Cryptocurrencies have a limited history; their fair values have historically been volatile, and the value of cryptocurrencies held by the Company could decline rapidly. A decline in the market prices of cryptocurrencies could negatively impact the Company's future operations. Historical performance of cryptocurrencies is not indicative of their future performance.

Many cryptocurrency networks are online end-user-to-end-user networks that host a public transaction ledger (blockchain) and the source code that comprises the basis for the cryptographic and algorithmic protocols governing such networks. In many cryptocurrency transactions, the recipient or the buyer must provide its public key, which serves as an address for a digital wallet, to the seller. In the data packets distributed from cryptocurrency software programs to confirm transaction activity, each party to the transaction user must sign transactions with a data code derived from entering the private key into a hashing algorithm, which signature serves as validation that the transaction has been authorized by the owner of the cryptocurrency. This process is vulnerable to hacking and malware and could lead to theft of the Company's digital wallets and the loss of the Company's cryptocurrency.

Cryptocurrencies are loosely regulated and there is no central marketplace for exchange. Supply is determined by a computer code, not a central bank. Additionally, exchanges may suffer from operational issues, such as delayed execution, which could have an adverse effect on the Company.

The cryptocurrency exchanges on which the Company may trade on are relatively new and, in many cases, largely unregulated, and therefore may be more exposed to fraud and failure than regulated exchanges for other assets. Any financial, security, or operational difficulties experienced by such exchanges may result in an inability of the Company to recover money or cryptocurrencies being held on the exchange. Further, the Company may be unable to recover cryptocurrencies awaiting transmission into or out of the exchange, all of which could adversely affect an investment of the Company. Additionally, to the extent that the digital asset exchanges representing a substantial portion of the volume in digital asset trading are involved in fraud or experience security failures or other operational issues, such digital asset exchanges' failures may result in loss or less favorable prices of cryptocurrencies, or may adversely affect the Company, its operations, and its investments.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

Furthermore, crypto-exchanges engage in commingling their client's assets in exchange wallets. When crypto-assets are commingled transactions are not recorded on the applicable blockchain ledger but are only recorded by the exchange. Therefore, there is a risk around the occurrence of transactions or existence of period end balances represented by exchanges.

#### Loss of access risk
The loss of access to the private keys associated with the Company's cryptocurrency holdings may be irreversible and could adversely affect an investment. Cryptocurrencies are controllable only by an individual that posses both the unique public key and private key or keys relating to the "digital wallet" in which the cryptocurrency is held. To the extent a private key is lost, destroyed, or otherwise compromised and no backup is accessible the Company may be unable to access the cryptocurrency.

#### Irrevocability of transactions
Cryptocurrency transactions are irrevocable and stolen or incorrectly transferred cryptocurrencies may be irretrievable. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer or theft generally will not be reversible, and the Company may not be capable of seeking compensation.

#### Hard fork and air drop risks
Hard forks may occur for a variety of reasons including, but not limited to, disputes over proposed changes to the protocol, significant security breach, or an unanticipated software flaw in the multiple versions of otherwise compatible software. In the event of a hard fork in a cryptocurrency held by the Company, it is expected that the Company would hold an equivalent amount of the old and new cryptocurrency following the hard fork.

Air drops occur when the promoters of a new cryptocurrency send amounts of the new cryptocurrency to holders of another cryptocurrency that they will be able to claim a certain amount of the new cryptocurrency for free.

The Company may not be able to realize the economic benefit of a hard fork or air drop, either immediately or ever, for various reasons. For instance, the Company may not have any systems in place to monitor or participate in hard forks or airdrops.

#### Market Risk
Market risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or foreign currency risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. All investments present a risk of loss of capital. The maximum risk resulting from financial instruments is equivalent to their fair value. The Company's investments are susceptible to other market risk arising from uncertainties about future prices of the instruments. The Company moderates this risk through the various investment strategies within the parameters of the Company's investment guidelines.

As at September 30, 2025, management's estimate of the effect on equity to a +/- 10% change in the market prices of the Company's investments, with all other variables held constant, is $68,566 (September 30, 2024 - $252,433), and the effect of a +/- 10% change in the market price of the SOL token, with all other variables held constant, is $12,652,934 (September 30, 2024 – $2,557,551).

#### Foreign Currency Risk
The Company is exposed to foreign currency risk on financial assets and liabilities that are denominated in a currency other than the Canadian dollar. The currencies giving rise to this risk are primarily the U.S. dollar, Australian dollar, and the Euro, the balance of net monetary assets and liabilities in such currencies as of September 30, 2025, is $1.2 million (September 30, 2024 - $1.8 million). Sensitivity to a plus or minus 10% change in the foreign exchange rates would result in a foreign exchange gain/loss of $0.1 million (September 30, 2024 - $0.2 million).

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

#### Liquidity Risk
The Company is exposed to liquidity risk primarily as a result of its trade accounts payable as well as the risk of not being able to liquidate assets at reasonable prices. The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at September 30, 2025, the Company had cash and cash equivalents balance of $1.8 million (September 30, 2024 - $1.8 million) to settle accounts payable and accrued liabilities of $2.3 million (September 30, 2024 - $0.2 million). All of the Company's trade accounts payable have contractual maturities of less than 30 days and are subject to normal trade terms.

#### Active Market Risk
The Company's application of the revaluation model assumes the continued existence of an active market for SOL and other crypto assets (see Note 20 – Fair Value). A loss of such active markets could materially affect the Company's ability to reliably measure fair value.

#### Concentration Risk
The Company is exposed to concentration risk as the majority of its assets are held in SOL and related validator operations. The value of these assets is highly dependent on the performance, stability, and adoption of the SOL network, as well as broader cryptocurrency market and economic conditions. Any adverse developments, including regulatory changes, security incidents, or network disruptions, could materially impact the Company's financial position. The Company continuously evaluates its exposure and risk management strategies to mitigate potential adverse effects.

#### Regulatory Risk
The regulatory environment for digital assets, including SOL, remains uncertain and continues to evolve. Changes in laws, regulations, or enforcement actions in key jurisdictions could impact the Company's ability to operate validator nodes, stake assets, or transact in SOL. Regulatory developments may also affect the liquidity, valuation, or classification of SOL under applicable financial reporting standards. The Company actively monitors regulatory changes and assesses potential impacts on its operations and financial position.

#### SOL Governance Risk
SOL's development and governance are significantly influenced by the SOL Foundation, which plays a key role in protocol upgrades, ecosystem growth, and validator coordination. While SOL operates as a decentralized blockchain, the SOL Foundation's decision-making authority could impact network stability, economic incentives, or technical direction in ways that may not align with the interests of all stakeholders. Any material changes initiated by the Solana Foundation, including governance proposals, tokenomics adjustments, or network upgrades, could affect the Company's validator operations and the value of its SOL and SOL-related assets. The Company continues to monitor governance developments and assess potential risks to its operations.

On March 6, 2025, SOL validators and stakeholders commenced voting on governance proposals SIMD-0228 and SIMD-0123. SIMD-0228 proposed introducing a dynamic token emission model that would have adjusted SOL's inflation rate based on staking participation, potentially reducing annual inflation from 4.5% to as low as 0.87%. However, the proposal did not reach the required supermajority and was rejected. SIMD-0123, which proposed a mechanism allowing validator operators to share priority fees with their stakers, was approved. The Company is evaluating the implications of these outcomes and will adjust its validator operations as necessary to maintain efficiency and competitiveness.

#### Other Risk Factors
Risks which the Company is not aware of or which the Company currently deems to be immaterial may surface and have a material adverse impact on the Company's business income and financial condition. Exposure to credit, interest rate, cryptocurrency, and currency risks arises in the normal course of the Company's business.

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

**22.**INCOME TAX

A reconciliation of income taxes at statutory rates with reported taxes is as follows:

---

| | | |
|:---|:---|:---|
| **Years ended September 30** | **2025** | **2024** |
| Income (loss) before income taxes | $**(44810876)** | $8191922 |
| Expected income tax expense (recovery) | **(11874884)** | 2170857 |
| Permanent differences | **2094294** | (250237) |
| Share issue costs and other | **4840** | (50134) |
| Non-capital loss deferred (utilized) | **—** | (322800) |
| Change in unrecognized deductible temporary differences | **—** | 36572 |
| **Total income tax recovery reported in the statements of comprehensive income** | $**(9775750)** | $**1584258** |
| Current income tax recovery | **(1600000)** | 1547686 |
| Deferred income tax recovery | **(8175750)** | 36572 |
|  | $**(9775750)** | $1584258 |

---

Income taxes related to items recognized in other comprehensive income are as follows:

---

| | | |
|:---|:---|:---|
| **Years ended September 30** | **2025** | **2024** |
| Current income tax |  |  |
| Non-capital loss carryback | $**(1600000)** | $— |
| **Income tax expense (recovery)** | $**(1600000)** | $**—** |

---

The change for the year in the Company's net deferred tax liability is as follows:

---

| | | |
|:---|:---|:---|
| **Years ended September 30** | **2025** | **2024** |
| Deferred tax assets (liabilities) |  |  |
| Share issue costs | $**560648** | $49511 |
| Investments | **(2952)** | (5770) |
| Cryptocurrencies | **(6231773)** | (904628) |
| Long term assets | **4968001** | (109608) |
| Convertible debt | **(2480675)** |  |
| Allowable capital losses | **471806** | 565319 |
| Non-capital losses available for future period | **2129964** |  |
|  | **(584981)** | (405176) |
| Unrecognized deferred tax assets | **—** | $5770 |
| **Net deferred tax liabilities** | $**(584981)** | $**(399406)** |

---

The change for the year in the Company's net deferred tax liability is as follows:

---

| | | |
|:---|:---|:---|
| **Years ended September 30** | **2025** | **2024** |
| Balance, beginning of year | $**(399406)** | $633145 |
| Deferred tax recovery (expense) recognized in net income | **8175750** | (36572) |
| Other | **(22133)** |  |
| Deferred tax expense recognized in equity | **(3012047)** |  |
| Deferred tax expense recognized in other comprehensive income | **(5327145)** | (995979) |
| **Balance, end of year** | $**(584981)** | $**(399406)** |

---

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

**SOL STRATEGIES INC.** 

**NOTES TO FINANCIAL STATEMENTS**

**(EXPRESSED IN CANADIAN DOLLARS)**

**Years ended September 30, 2025 and 2024**

**23.**SEGMENTED INFORMATION

The Company operates in one reportable operating segment being investment in cryptocurrencies and blockchain technology.

**24.**SUPPLEMENTAL CASH FLOW INFORMATION

---

| | | |
|:---|:---|:---|
| **Years Ending September 30,** | **2025** | **2024** |
| Interest paid in cash | $**60** | $105 |
| Taxes paid in cash | **1600000** |  |
| Non-cash transactions |  |  |
| Unrealized (loss) gain on cryptocurrencies, net of deferred tax | **14775291** | 2737359 |
| Reclassification of AOCI to deficit on disposal of BTC | **1733197** |  |
| Equity consideration for asset acquisitions | **68817840** |  |
| Reclassification of reserves on issuance of deferred share consideration | **3718400** |  |
| Equity component of convertible debentures | **7205608** |  |
| Conversion of ATW loan for common shares | **13247405** |  |
| Reclassification of reserves on exercise/expiry of options | **1355639** | 1692511 |
| Reclassification of reserves on exercise of warrants | **2172892** |  |
| Reclassification of reserves on conversion of RSU's | **2882142** |  |
| Deferred tax component of convertible debentures | **3012047** |  |

---

**25.**SUBSEQUENT EVENTS

On October 1, 2025, the Company completed a private placement under the listed issuer financing exemption ("LIFE") pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions, issuing 4,380,000 units at a price of $6.85 per unit for gross proceeds of $30,003,000 (the "LIFE Offering"). Each unit comprised one common share and one common share purchase warrant exercisable at $8.90 for a period of 36 months. The LIFE Offering was conducted on a best-efforts, fully marketed basis by Canaccord Genuity Corp., which received a 6.0% cash commission and broker warrants equal to 6.0% of the units sold, exercisable on the same terms. Directors and senior management entered into a voluntary lock-up agreement in connection with the LIFE Offering.

On October 14, 2025, the Company announced the purchase of 88,433 SOL tokens at an average price of USD$193.93 per token totalling approximately USD$17.1M, funded from the proceeds of its recently completed C$30 million LIFE Offering. The acquisition includes approximately 79,000 locked SOL tokens purchased from the Solana Foundation, which are subject to a 12-month lock-up period. All locked tokens, along with the spot tokens acquired on the open market, have been fully delegated to the Company's validators to generate staking rewards.

Subsequent to September 30, 2025 and up to the date of this report, the Company issued 4,380,000 common shares pursuant to the LIFE Offering, 387,333 common shares pursuant to the Cogent Asset acquisition, and 290,094 common shares upon the conversion of USD$900,000 ($1,259,710) principal amount of convertible debentures.

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

## Exhibit 99.3

**Exhibit 99.3**

![Graphic](stke-20250930xex99d3001.jpg)

**MANAGEMENT DISCUSSION AND ANALYSIS**

For the year ended September 30, 2025 and 2024

As at December 29, 2025

------

#### DISCLAIMER
The following Management's Discussion & Analysis ("MD&A") of the financial condition and results of the operations of Sol Strategies, Inc. (the "Company" or "Sol Strategies") constitutes management's review of the factors that affected the Company's financial and operating performance for the years ended September 30, 2025 and September 30, 2024. All information in this MD&A is given as of the years ended September 30, 2025 and 2024, unless otherwise indicated. All dollar figures are stated in Canadian dollars, unless otherwise indicated.

This MD&A has been prepared in compliance with the requirements of Form 51-102F1, in accordance with National Instrument 51-102 – Continuous Disclosure Obligations. This MD&A should be read in conjunction with the audited financial statements for the years ended September 30, 2025, and 2024 together with the notes thereto. In the opinion of management, all adjustments (which consist only of normal recurring adjustments) considered necessary for a fair presentation have been included. The results for the year ended September 30, 2025 (the "Fiscal Year") are not necessarily indicative of the results that may be expected for any future period.

For the purposes of preparing this MD&A, management considers the materiality of information. Information is considered material if: (i) such information results in, or would reasonably be expected to result in, a significant change in the market price or value in the common shares of SOL Strategies' ("Common Shares"); or (ii) there is a substantial likelihood that a reasonable investor would consider it important in making an investment decision; or (iii) it would significantly alter the total mix of information available to investors. Management evaluates materiality with reference to all relevant circumstances, including potential market sensitivity.

The words "we," "our," "us," "Company" and "SOL Strategies" refer to SOL Strategies, Inc. together with its management and/or employees of the Company (as the context may require).

These documents, along with additional information about SOL Strategies, are available under the Company's profile at www.sedar.com.

#### CAUTION REGARDING FORWARD-LOOKING STATEMENTS
This MD&A contains certain forward-looking information and forward-looking statements, as defined in applicable securities laws (collectively referred to herein as "forward-looking statements"). These statements relate to future events or the Company's future performance. All statements other than statements of historical fact are forward-looking statements. Often, but not always, forward-looking statements can be identified by the use of words such as "plans," "expects," "is expected," "budget," "scheduled," "estimates," "continues," "forecasts," "projects," "predicts," "intends," "anticipates" or "believes," or variations of, or the negatives of, such words and phrases, or state that certain actions, events or results "may," "could," "would," "should," "might" or "will" be taken, occur or be achieved. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from those anticipated in such forward-looking statements. The forward-looking statements in this MD&A speak only as of the date of this MD&A or as of the date specified in such statement. These forward-looking statements may include, but are not limited to, statements relating to:

- Our expectations regarding our revenue, expenses, operations, and future operational and financial performance;

- Our cash flows;

- Popularity, adoption, and rate of adoption of cryptocurrencies;

- The rise of Solana's increasing market share in the asset tokenization market;

- Our future growth plans and acquisition strategies;

- Our ability to stay in compliance with laws and regulations or the interpretation or application thereof that currently apply or may become applicable to our business both in Canada, the United States (the "U.S.") and internationally;

- Our expectations with respect to the application of laws and regulations and the interpretation or enforcement thereof and our ability to continue to carry on our business as presently conducted or proposed to be conducted;

- The reliability, stability, performance and scalability of our infrastructure and technology;

------

- Our ability to attract new customers and maintain existing customers;

- Our ability to attract and retain personnel;

- Our expectations with respect to advancement in our technologies;

- Our competitive position and our expectations regarding competition; and

- Regulatory developments and the regulatory environments in which we operate.

Forward-looking statements are based on certain assumptions and analysis made by us in light of our experience and perception of historical trends, current conditions and expected future developments and other factors we believe are appropriate. Forward-looking statements are also subject to risks and uncertainties which include:

- Decline in the cryptocurrency market or general economic conditions;

- Regulatory uncertainty and risk, including changes in laws or the interpretation or application or enforcement thereof and the obtaining of regulatory approvals;

We are subject to an extensive and highly evolving and uncertain regulatory landscape and any adverse changes to, or our failure to comply with, any laws and regulations, or regulatory interpretation of such laws and regulations, could adversely affect our brand, reputation, business, operating results, and financial condition;

In connection with such laws and regulations or regulatory interpretation thereof, a particular crypto asset's or product offering's status as a "security" in any relevant jurisdiction is subject to a high degree of uncertainty and if we are unable to properly characterize a crypto asset or product offering, we may be subject to regulatory scrutiny, investigations, fines, and other penalties, and our business, operating results, and financial condition may be adversely affected;

- Risks related to managing our growth;

- Our dependence on customer growth;

- The future development and growth of crypto is subject to a variety of factors that are difficult to predict and evaluate. If crypto does not grow as we expect, our business, operating results, and financial condition could be adversely affected;

- Regulatory risk, including changes in laws or the interpretation or application thereof and the obtaining of regulatory approvals;

- Technology and infrastructure risks;

- Cybersecurity risks;

- Fluctuations in quarterly operating results;

- Competition in our industry and markets;

- Our reliance on key personnel;

- Our reliance on third party service providers;

- Exchange rate fluctuations;

- Risks related to terrorism, geopolitical crisis, or widespread outbreak of an illness or other health issue; and

- Risks associated with acquisitions and the integration of the acquired businesses;

------

Inherent in forward-looking statements are risks, uncertainties, and other factors beyond SOL Strategies' ability to predict or control. Readers are cautioned that the above does not contain an exhaustive list of the factors or assumptions that may affect the forward-looking statements and that the assumptions underlying such statements may prove to be incorrect. Actual results and developments are likely to differ, and may differ materially, from those expressed or implied by the forward-looking statements contained in this MD&A.

Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, performance, or achievements to be materially different from any of its future results, performance or achievements expressed or implied by forward-looking statements. Moreover, we operate in a competitive and rapidly changing environment. New risks emerge from time to time. It is not possible for our management to predict all risks, nor can we assess the impact of all factors on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements we may make. In light of these risks, uncertainties, and assumptions, the future events and trends discussed in this document may not occur and actual results could differ materially and adversely from those anticipated or implied in the forward-looking statements. All forward-looking statements herein are qualified by this cautionary statement. Accordingly, readers should not place undue reliance on forward-looking statements. Readers are cautioned that past performance is not indicative of future performance and current trends in the business and demand for crypto assets may not continue and readers should not put undue reliance on past performance and current trends. The Company undertakes no obligation to update publicly or otherwise revise any forward-looking statements whether as a result of new information or future events or otherwise, except as may be required by law. If the Company does update one or more forward-looking statements, no inference should be drawn that it will make additional updates with respect to those or other forward-looking statements, unless required by law.

#### DESCRIPTION OF BUSINESS
SOL Strategies, Inc. is a publicly listed company incorporated in Canada under the legislation of the Province of Ontario. The registered office of the Company is located at 217 Queen St W #401, Toronto, ON M5V 0R2. Since February 4, 2019, the Company's Common Shares have traded on the Canadian Securities Exchange ("CSE") under the symbol "HODL."

In July 2024, the Company pivoted its strategy to focus on the Solana blockchain ecosystem, leveraging its high-performance infrastructure and scalability. This strategic shift included becoming the first public company to focus on Solana ("SOL") as a core balance sheet asset and operating high-performance validators on the Solana network<sup>1</sup>. The Company's mission is to not only grow the Solana on its balance sheet but to operate secure validators that leverage Solana's unmatched speed, throughput, and ecosystem to deliver long-term value for both users and investors. The Company is committed to developing unique technologies and operating verticals within the Solana Economy and also optimizing staking efficiency and accessibility, further strengthening Solana's position as a leading blockchain for institutional and enterprise applications. The Company rebranded from Cypherpunk Holdings, Inc. to SOL Strategies, Inc. on September 9, 2024.

The year ending September 30, 2025, represented the first full year that SOL Strategies, Inc. ("SOL Strategies" or the "Company") operated under its new strategy, acquiring three validators during the year to bring its total to four, and expanding its Solana holdings through its fund-raising efforts. The Company is one of the largest Solana validator businesses<sup>2</sup> which allows the Company to grow its Solana treasury at a faster pace and lower cost than competitors. The Company operates four validators on the Solana network and generates revenue through validator commission fees and staking rewards on its SOL treasury holdings. Building on our conviction that decentralized technologies will power the next generation of financial infrastructure, we executed across multiple fronts—validator expansion, strategic acquisitions, product development, capital markets innovation, and institutional alignment. The results are not only financial in nature; they signal a maturing business that is now firmly positioned as a leader at the intersection of blockchain innovation and institutional-grade infrastructure<sup>3</sup>.

During the year, the Solana ecosystem grew as activity on the blockchain continues to grow significantly and places Solana as the most active blockchain<sup>4</sup>. As one of the largest validator operators the Company continues to build essential tools, including real-time on-chain reporting, advanced staking analytics, and a non-custodial staking platform, while also supporting core development and testnet operations.

------

1 https://www.jito.network/stakenet/steward/

2 https://solanabeach.io/validators (Laine + SOL Strategies + Orangefin + Cogent validators) = 34<sup>th</sup> largest out of 1000+ validators.

3 SOL Strategies holds ISO 27001, SOC 2 Type 1 & Type 2, and SOC 1 Type 1 & Type 2 certifications.

4 Solana Achieves Record Throughput Exceeding 100,000 TPS (https://cointelegraph.com/news/solana-taps-100k-tps-stress-test-dev).

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#### FINANCIAL & OPERATIONAL EXECUTION:
Since adopting our Solana-focused strategy in 2024, the Company has continued to execute on its mission to build best-in-class blockchain infrastructure. As of September 30, 2025:

● **Major Validator Expansion:** The strategic acquisition of Laine's validator operations in March 2025 resulted in a material increase in our staked assets under delegation. Solana delegated to our validator operations grew from 101,200 SOL at September 30, 2024 to 2.25 million SOL by the fiscal year ended September 30, 2025.

● **Major Revenue Expansion.** Due to the pivot of the Company in July 2024, the Company expanded its Revenue generated from its validator operations to over $10mm from under $300k which is significant growth year over year.

● **Strategic Financing Foundation:** The Company announced the potential for over USD$525 million in new capital commitments to accelerate its Solana-focused strategy. This includes a USD$500 million convertible note facility with an affiliate of ATW Partners—the first digital asset financing structure dedicated exclusively to acquiring and staking SOL. The Company issued an initial USD$20 million tranche in May 2025, with up to USD$480 million available in follow-on drawdowns, subject to conditions. In addition, the Company completed a CAD$30 million private placement with ParaFi Capital and amended its unsecured revolving credit facility with former chairman Antanas Guoga, increasing it from CAD$10 million to CAD$25 million. Additionally, since the end of the last quarter, the Company filed a preliminary base shelf prospectus with the OSC with a maximum offering size of USD$150 million. Together, all these instruments provide flexible, institutional-grade financing to support continued growth.

● **SOL Treasury Growth:** The Company's Solana (SOL) holdings increased from 100,763 SOL as of September 30, 2024, to 435,159 SOL and 52,182 JitoSOL as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **SOL Acquired**: The Company purchased 309,634 SOL for total consideration of CAD$74.9 million reflecting an average price of approximately CAD$242 per token.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **SOL Dispositions**: The Company sold 15,698 SOL at an average sale price of CAD **$** 298 per token.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Staking Rewards:** The Company earned 19,651 SOL in staking reward at an average price of CAD$242 per token.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Validator Rewards**: Through its core validator operations, the Company earned 23,625 SOL validator rewards at an average price of CAD$241 per token (Note: Excludes validator rewards earned in other cryptocurrencies and validator income earned in fiat).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Expenses paid in Cryptocurrencies:** The Company used 2,577 SOL to pay expenses with a value of CAD$226per token.

● **Bitcoin Divestment:** In alignment with our Solana-native thesis, the Company reduced its Bitcoin holdings from 56.25 BTC as of September 30, 2024, to nil BTC as of September 30, 2025.

#### KEY GROWTH PILLARS
● **Capital-Efficient Treasury Compounding:** Our Validator commission revenue continues to grow, accelerating treasury growth organically without the need for additional capital investment The additional rewards earned through the Company's validator operations enables the Company to compound treasury holdings at roughly twice organic the rate of other staking only treasury peers. This allows us to grow our SOL per Share on an accelerated basis.

● **Dual Revenue Streams:** The Company has 2 distinct revenue streams. We stake our own SOL treasury (earning ~7% annually) and operate validators with over 2.2 million SOL delegated to them at September 30, 2025, of which 1.8 million SOL is delegated by third parties. The Company's validation income is the equivalent of an additional 366,000 SOL added to the treasury, an additional 84% (see Treasury SOL Equivalent of Validator Operations below).

● **Robust Liquidity Position:** As of December 29, 2025, the Company maintains over $103 million in liquidity, reflecting cash and cryptocurrency investments. This financial strength enables the Company to acquire additional SOL for staking, further build out validator infrastructure, and continue investing in technological innovation within the Solana eco-system. Our ability to deploy capital dynamically in response to market conditions ensures we remain agile and opportunistic across cycles. The Company's expected yield on staked SOL remains competitive, with published rates between 7-9% APY, according to publicly available data from Stakewiz.com.

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● **Scalable, High-Margin Infrastructure:** The Company operates a scalable and efficient validator network with minimal incremental costs. This high-margin business model generates reliable recurring revenue and positions the Company as a critical infrastructure provider within Solana's expanding ecosystem.

● **Technology Innovation:** At the core of SOL Strategies' mission is a commitment to building intelligent, intuitive, and scalable staking tools. From real-time yield calculators to seamless wallet integrations, our proprietary suite of products—including the widely used Stakewiz.com platform and our non-custodial staking mobile app—enhance user experience and drive organic growth. The Company continues to invest in next-generation infrastructure that supports institutional and retail participation in the Solana ecosystem.

● **Institutional-Grade Security and Compliance :** Maintaining the highest standards in compliance and cybersecurity is central to the Company's operating philosophy. The Company completed SOC 1 and SOC 2 Type I audits, alongside the already existing ISO 27001 certification, reflecting the firm's proactive approach to meeting institutional expectations. These frameworks are designed to ensure secure, transparent, and reliable operations—critical for gaining and maintaining trust among institutional stakeholders and regulatory bodies alike.

As the first publicly traded company in North America solely focused on the Solana blockchain, SOL Strategies is at the intersection of traditional capital markets and decentralized infrastructure. We are not only offering exposure to the Solana ecosystem, we are actively operationalizing it. Through our expanding validator network, growing treasury, proprietary software platforms, and institutional partnerships, we provide a differentiated and compliant pathway for investors to participate in the future of digital finance.

The acceleration of institutional interest in digital assets, coupled with macro-level shifts toward programmable, tokenized finance, provides an opportunity for SOL Strategies to be a critical enabler of this market transition<sup>5</sup>. Our infrastructure supports the practical deployment of real-world asset tokenization, next-generation DeFi, and on-chain financial primitives that will power tomorrow's capital markets.

By combining disciplined execution, forward-looking capital allocation, and close alignment with Solana's ecosystem growth, we are committed to building the premier platform for institutional grade blockchain infrastructure. Our long-term goal remains unchanged: to create enduring value for our shareholders while helping architect the decentralized financial rails of the future.

#### VALIDATOR OPERATIONS AND STAKING REVENUE
SOL Strategies earns income through the operation of validator nodes and by staking its own SOL tokens alongside those delegated by third-party participants. These activities constitute the core of our infrastructure revenue model:

● **Validator Acquisition and Growth:** The Company has acquired and operates multiple high-performance validators. As of September 30, 2025, 2.25 million SOL with a value of CAD$653 million, were staked at the Company ' s Validators, of which 434,102 SOL were owned by the Company. This represents an increase of 2.15 million SOL (2028%) of SOL delegated to its Validators since the end of Fiscal 2024. These Validators are optimized for scalability, high availability, and competitive yields, ensuring operational efficiency and strengthening SOL Strategies ' role in supporting Solana ' s network growth.

● **Revenue Growth from Staking**: As of September 30, 2025, 434,102 of the Company's SOL holdings, were exclusively staked to its own high-performance Validators. Additionally, the Company holds 52,182 JTO, a Solana Ecosystem token related to the Jito MEV system. This marks a significant increase from the 101,200 SOL staked as of September 30, 2024, reflecting a 328% increase in SOL staked by the Company. The SOL staked to the Company's validators during the year ended September 30, 2025, generated staking income of 19,651 SOL, an annualized staking yield of approximately 7.6% on a SOL-on-SOL basis.

● **Validation Revenue:** During the three-month period ended September 30, 2025, the Company's Validators generated income of 6,954 SOL (2024 – nil), valued at $1.7 million. The Validators also had other income of $0.11 million and incurred operating expenses of $0.27 million, resulting in net income of $1.57 million for the three-month period. During the year ended September 30, 2025, the Company's Validators generated income of 23,635 SOL (2024 – nil), valued at $5.68 million. In addition, the Company had other income of $0.39 million and incurred operating expenses of $0.64 million, resulting in net income of $10.2 million from its validator operations.

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<sup>5</sup>FT: Fund management needs to make digital shift (https://www.ft.com/content/6ff1499c-7606-478d-b814-c9b4d8545708)

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● **Treasury SOL Equivalent of Validator Operations:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **mNAV:** Multiple of net asset value ("mNAV") is a standard approach used by investors and analysts to assess the relative value of publicly traded cryptocurrency companies. This measure is typically based only on treasury assets, without reflecting delegated tokens. However, for companies operating Validators, this approach understates economic value. To allow a more accurate comparison with peers, the Company believes it is appropriate to utilize a "Treasury SOL Equivalent," which converts the SOL delegated to its Validators into an equivalent Treasury holding, using the same staking yield realized by the Company on its Treasury SOL. This amount is then combined with the Company's Treasury SOL when determining mNAV.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Validator Net Income:** For the three-month period ended September 30, 2025, the Company's Validators generated income equivalent to 6,954 SOL. Based on a 7% annual staking yield the delegated SOL was the equivalent of 366,000 treasury SOL. (Treasury SOL Equivalent = (6,954 ÷ 7.6%) x 4 = 366,000). The value of the Treasury SOL Equivalent, based on the Solana closing price at September 30, 2025 is $106.3 million (366,000 SOL x $208.68 USD/SOL x 1.3921USD/CAD).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Combined Treasury SOL and Treasury SOL Equivalent**: The Companies combined treasury SOL and Treasury SOL equivalent to a total is 800,102 SOL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Efficient Capital Deployment:** The combined net book value of the Company's Validator assets at September 30, 2025 was $38.8 million, representing a $76.6million (66%) discount to the $115.4 million notional value of the Treasury SOL Equivalent as of September 30, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Attractive Economics:** By operating Validators directly, the Company captures return on invested capital than buying and holding SOL passively for staking.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o **Validator Income Drivers:** Validator income is driven by:

---

| | |
|:---|:---|
| ◾ | The amount of SOL delegated to the Company's Validators, |

---

◾ Activity on the Solana ecosystem, and

◾ The price of SOL.

The following table presents the Company's staking and validating business for the fiscal years ended September 30, 2025, and 2024 since its inception in late June 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Year ending September 30,** | **2025** | **2025** | 2024 | 2024 |
|  | *Expressed* | *Expressed in* | *Expressed* | *Expressed in* |
|  | *in Solana* | *Canadian Dollars* | *in Solana* | *Canadian Dollars* |
| Validator operations |  |  |  |  |
| &nbsp;&nbsp;Validator rewards, paid in Solana | 23635 | $5684833 |  | $— |
| &nbsp;&nbsp;Validator rewards received in other cryptocurrencies<sup>(1)</sup> |  | 388311 |  |  |
| &nbsp;&nbsp;Validator income, paid in fiat |  |  |  |  |
| &nbsp;&nbsp;Validator fees, paid in Solana | (312) | (69132) |  |  |
| &nbsp;&nbsp;Validator fees, paid in fiat |  | (575315) |  | (16231) |
|  | 23323 | 5428696 |  | (16231) |
| Staking rewards (Solana) | 19651 | 4803686 | 1430 | 287476 |
| **Total staking and validating income** | **42974** | $**10232382** | 1430 | $271245 |

---

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&nbsp;&nbsp;&nbsp;&nbsp;(1) 85,190 SUI tokens

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#### Technical Performance Achievements:
SOL Strategies' validator business remains a high-margin revenue engine, among the leading performers in the sector<sup>6</sup> and is continuously optimizing performance. During Q4 2025, our infrastructure continued to outperform key network benchmarks:

● **100% Uptime:** Laine has achieved 100% uptime since the acquisition of its assets in March 2025 , supporting network reliability and consistent rewards generation.

● **7.38% Average APY:** Orangefin outperformed the network average (7.11%) through performance tuning and infrastructure enhancements, delivering superior returns to delegators and attracting strategic agreements with Ark Invest, Neptune, and DigitalX.

● **Solana Mobile Validator:** We launched the first ever mobile app dedicated to Solana native staking on iOS, Android, and Solana Mobile.

● **Firedancer Deployment:** Early adoption of the Firedancer validator client on two nodes reinforces our infrastructure leadership and positions us to benefit from future throughput improvements.

These metrics reinforce the strength of validator operations as a recurring revenue stream and a strategic pillar of our Solana-native platform. As institutional interest in staking continues to grow, we are well-positioned to scale both our footprint and rewards-driven revenue model.

#### PROPRIETARY TECHNOLOGY AND INFRASTRUCTURE INNOVATION
SOL Strategies continues to invest in technology to deliver scalable, performant, and user-centric solutions across the staking and validator landscape:

● **Retail Staking App**: Launched on Solana ' s dApp Store as well as the Apple App Store and Google Play, the Orangefin mobile app is the first mobile app ever launched dedicated to native staking on Solana.

● **Stakewiz.com Analytics Platform**: Acquired through the Laine transaction, Stakewiz.com is a widely used data platform within the Solana staking community, providing real-time validator performance metrics, network analytics, and staking education tools.

● **Yield Optimization**: Leveraging its technical expertise within the Solana ecosystem, SOL Strategies operates a modified version of the Solana validator client on select nodes. This implementation enables enhanced yield performance for delegators, delivering superior returns compared to competing validators — even in cases where commission rates are identical.

● **Automation Platform**: SOL Strategies has developed a proprietary automation platform that streamlines the management of its Solana validator fleet. This operational efficiency has supported strategic partnerships, including with Pudgy Penguins, and reinforces the Company ' s ability to scale securely and reliably. Further details are outlined in a Company-published technical blog post.

● **Dune Dashboard**: Given that the majority of the Company ' s revenue is derived directly from on-chain activity, SOL Strategies developed a public-facing dashboard providing daily, unaudited insights into its blockchain-based revenue. This tool enhances transparency by offering stakeholders near real-time visibility into the key performance metrics that drive the Company ' s operational and financial outcomes.

● **White Label Validators**: As a trusted validator operator on the Solana network, we now run two white label validators for Pudgy Penguins (PENGU) and Solana Mobile that result in additional revenue for the company. The Solana Mobile validator is the default validator for the new Seeker mobile phone which has received over 150,000 pre-orders.

These tools support our broader strategic goal: to operationalize and democratize participation in decentralized capital markets.

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<sup>6</sup>Orangefin ranks 3rd in APY (https://www.jito.network/stakenet/steward/

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#### INSTITUTIONAL PARTNERSHIPS
SOL Strategies both added as well as maintained partnerships with the following institutional stakeholders. For the year ended September 30, 2025, we have partnered with the following institutional partners:

● **BitGo:** SOL Strategies was selected as a preferred validator for BitGo ' s institutional staking platform, providing access to a growing network of high-quality delegators seeking reliable, secure Solana staking infrastructure.

● **Tetra Trust:** As Canada ' s first licensed digital asset trust company, Tetra Trust integrated Sol Strategies as an approved staking provider. This enables institutional clients of Tetra to delegate directly to our validators through a trusted custody solution.

● **Neptune Digital Assets (TSXV: NDA):** In February 2025, Sol Strategies entered into a strategic partnership with Neptune Digital, establishing a shared-revenue validator relationship that enhances yield while preserving the decentralization and integrity of the Solana network.

● **DigitalX (ASX: DCC):** This integration, facilitated through BitGo, marked one of the largest institutional staking mandates in the Asia-Pacific region and underscored Sol Strategies ' credibility in delivering consistent validator performance.

● **Pudgy Penguins:** In a notable expansion of our white-label validator program, we were selected to operate a dedicated validator for Pudgy Penguins, a premier Web3 brand. This collaboration signals the growing crossover between NFT communities and staking infrastructure, and reflects the trust placed in Sol Strategies to support brand-aligned staking experiences.

● **Ark Invest Digital Asset Fund**: On July 28, 2025 SOL Strategies announced tha t ARK Invest ' s Digital Asset Revolutions Fund selected SOL Strategies as its Staking Provider. This is a major milestone for the Company in working with one of the most prestigious ETF asset management companies in the United States.

● **Solana Mobile:** In August, 2025, the Company announced the launch of its white label validator service for Solana Mobile's Seeker Device, which began shipping on August 4, 2025. Since launch, the service has grown to over 20,000 unique wallets.

Together, these partnerships signal a shift in our distribution model toward one that mirrors the institutional reach of traditional prime brokerage services—built on performance, transparency, and trust.

#### CAPITAL MARKET EXPANSION AND STRATEGIC FINANCING
SOL Strategies undertook multiple capital markets initiatives in Q4 as well as recently to enhance flexibility and position the Company for long-term value creation:

● **Nasdaq U.S. Listing:** On September 9, 2025, SOL Strategies was listed on NASDAQ to enhance market visibility and expand access to institutional investors, completing a process that was initiated earlier in the year. On August 5, 2025, the Company executed a stock consolidation to ensure the Company met the NASDAQ price requirement.

● **Preliminary Base Shelf Prospectus:** The Company filed preliminary base shelf prospectus with the OSC with a maximum offering size of USD$150 million.

● **USD$500 million convertible note facility from ATW Partners:** On April 23, 2025, SOL Strategies announced a landmark convertible note facility of up to USD$500 million with an affiliate of ATW Partners, representing the first digital asset financing structure exclusively dedicated to acquiring and staking Solana (SOL) tokens. Under the agreement, SOL Strategies issued convertible notes in the principal amount of USD$20 million as an initial tranche on May 1, 2025, with additional capacity of up to USD$480 million available in follow-on drawdowns, subject to certain conditions. This financing structure is the first of its kind in the digital asset space, reinforcing our leadership in aligning blockchain infrastructure with institutional capital.

● **$30 million convertible debenture private placement:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o On January 16, 2025, the Company announced the completion of its private placement financing of $27.5 million (the "Private Placement"), by ParaFi Capital.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o On January 24, 2025, the Company added an additional 2.5mm to the announced round on January 16, 2025 making the total round $30 million.

● **$25 million Credit Facility**: On January 6, 2025, the Company amended its credit facility agreement with Antanas Guoga, the Company ' s Former Chairman increasing the unsecured, revolving demand credit facility from $10 million to $25 million, to be used exclusively for the purchase of Solana tokens.

● **$30 million LIFE Offering:** Subsequent to year end, n October 1, 2025, the Company announced the completion of a private placement of units of the Company for gross proceeds of CAD$30,003,000 pursuant to the listed issuer financing exemption under Part 5A of National Instrument 45-106 – Prospectus Offerings (the " LIFE Offering "). Each unit consists of one Common Share and one Warrant exercisable at CAD$8.90 for 36 months following closing of the LIFE Offering. The LIFE Offering was marketed by Canaccord Genuity Corporation, acting as agent and sole bookrunner. See also subsequent events below.

#### Enhanced Investor Relations and Market Liquidity
SOL Strategies achieved higher trading volumes on both the CSE and OTC markets, reflecting growing investor interest. The Company maintained active investor communication through multiple channels. Effective February 25, 2025 SOL Strategies engaged ICR, LLC ("ICR") to provide certain investor relations services to the Company, including preparations for earnings reports, messaging development and execution, analyst engagement, investor targeting, which may include the distribution of information relating to the Company through digital, email and influencer marketing, development of investor relations infrastructure and best practices, and the provision of market research and intelligence. Additionally, the Company engaged Proconsul Capital, Ltd. to strengthen investor communication and outreach.

#### ACQUISITIONS AND STRATEGIC INVESTMENTS INFORMATION
The following acquisitions and investments have taken place in the year ended September 30, 2025:

*Cogent Validators Acquisition*

On November 24, 2024, the Company acquired 78% interest in Cogent's SOL blockchain validator assets, and a 100% interest in Cogent's SUI blockchain, Monad blockchain and Arch blockchain validator assets (collectively, the "Cogent Assets"), including main networks and test networks, and all accounts, information, data, infrastructure and other components required for or associated with the access, management, operation and other use or exploitation of the Cogent Assets. The entire value of the purchase of the Cogent Assets has been attributed to the SOL validators, as the concentration test has been met under IFRS 3 B7B. The intangible assets acquired included blockchain validator accounts, public and private keys, software, domain names, social media accounts and rights to operating agreements. Terms of the transaction were as follows: (1) USD$1,000,000 (CAD $1,394,340) paid in US dollar stable coins at closing; (2) 145,250 common shares priced at $9.60 per share, issued at closing; and (3) 2,324,000 common shares issuable as follows: 387,333 common shares on May 25, 2025 (Issued), 387,333 common shares on November 25, 2025, 387,333 common shares on May 25, 2026, 387,333 common shares on November 25, 2026, 387,334 common shares on May 25, 2027, and 387,334 common shares on November 25, 2027.

*OrangeFin Validators Acquisition*

On December 31, 2024, the Company acquired three Validators operating in the Solana, Solana Testnet, and Arch Testnet networks, and certain assets related to the Validators from Orangefin Ventures LLC ("Orangefin"), a blockchain infrastructure company specializing in validator operations and staking services for consideration of: (1) USD$750,000 (CAD $1,079,479) paid in US dollar stable coins at closing; (2) 62,952 common shares priced at $17.12 per share, issued at closing; (3) USD$5,000,000 common shares of the company, issuable the following payment dates; USD$833,333 on June 30, 2025 (Issued), USD$833,333 on December 31, 2025, USD$833,333 on June 30, 2026, USD$833,333 on December 31, 2026, USD$833,333 on June 30, 2027, and USD$833,333 on December 31, 2027. The number of common shares issuable will be determined based on the trading price per common share on the date of issuance. In addition to the acquisition of Validators, Max Kaplan, founder of Orangefin Ventures, has joined as the Company's new Head of Staking.

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*Laine Acquisition*

On March 17, 2025, the Company acquired the Stakewiz Assets for consideration of: (1) $5,000,000 paid at closing. (2) 625,000 common shares priced at $24.00 per share, issued at closing. (3) 562,500 warrants issued at closing. Each is exercisable into one common share of the Company at an exercise price of $23.84 per Common Share, vesting monthly over a 36-month period, each Warrant is exercisable for a period of 3 years from vesting date. (4) 625,000 common shares issued payable on the one-year anniversary of the closing.

The Laine validator had 1.5 million SOL ($317 million) delegated to it as of March 6, 2025. This acquisition increased SOL Strategies' total staked SOL to 3,351,617 SOL across its validator operations, representing a 102% increase from February 2025. Michael Hubbard, founder of Laine, joined SOL Strategies as Chief Strategy Officer, bringing extensive expertise in validator operations, blockchain infrastructure, and decentralized network analytics.

*ParaFi Private Placement*

On January 16, 2025, the Company announced the completion of its private placement financing of $27.5 million (the "Private Placement"), by ParaFi Capital (https://parafi.com/), a leading global blockchain investment firm. The proceeds from the Private Placement will be used to increase the Company's SOL treasury holdings, for organic and inorganic expansion of its revenue-generating validator operations, as well as general working capital purposes.

The Private Placement consisted of unsecured convertible debenture units ("CD Units") for gross proceeds of $27.5 million. Each CD Unit consists of one debenture ("Debenture") with a principal amount of $1,000, and 50 common share purchase warrants (each, a "Warrant"). Interest on the Debentures accrues at a rate of 2.5% per annum, payable semi-annually in cash or Common Shares and the Debentures are convertible at any time into Common Shares of the Company at $20 per Common Share. Each Warrant entitles the holder thereof to purchase one (1) Common Share of the Company at an exercise price of $20 per Common Share, exercisable at any time on or before January 16, 2030. The Debentures are redeemable in cash after the three-year anniversary of the closing of the Private Placement at 112% of the principal value, plus accrued and unpaid interest. Any Common Shares issued on the conversion of the Debentures, the interest thereon, or upon exercise of the Warrants are subject to restrictions on trading until the date that is four months and a day following the closing date of the Private Placement.

On January 24, 2025, the Company completed a second tranche private placement of $2.5 million with updated terms reflecting the Company's improved market position. The second tranche was based on a $37.28 conversion and warrant exercise price (updated from $20). This brought the total gross proceeds received pursuant to private placement financing to $30 million.

*ATW Investment*

On April 23, 2025, SOL Strategies announced a convertible note facility of up to USD$500 million with an affiliate of ATW Partners, representing the first digital asset financing structure exclusively dedicated to acquiring and staking Solana (SOL) tokens. SOL Strategies issued convertible notes in the aggregate principal amount of USD$20 million as an initial tranche on May 1, 2025, with additional capacity of up to USD$480 million available in follow-on drawdowns, subject to certain conditions.

During the year ended September 30, 2025, the Company issued 1,147,806 Common Shares on the conversion of USD$9,600,000 ($13,247,405) of principal, leaving USD $10,400,000 ($14,477,841) of principal remaining at year end.

Proceeds used to purchase SOL tokens will be staked on validators operated by SOL Strategies, with staking yield shared with note holders. This structure strengthens the Company's validator business and generates immediate yield.

#### LONG-TERM INCENTIVE PLANS
The Company has a stock option plan (the "Plan") in place under which it is authorized to grant options to acquire Common Shares of the Company to directors, officers, consultants, and other key employees of the Company. The number of Common Shares subject to options granted under the Plan is limited to 10% in the aggregate of the number of issued and outstanding Common Shares of the Company at the date of the grant of the award. The exercise price of any option granted under the Plan may not be less than the fair market value of the common shares at the time the option is granted, less any permitted discount. Options issued under the Plan may be exercised during a period determined by the Company's board of directors which cannot exceed ten years. The plan does not require any vesting period, and the Company's board of directors may specify a vesting period on a grant-by-grant basis.

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#### FUNDING
We believe our operating activities will continue to generate adequate cash flows to fund normal operations<u>.</u> We continually evaluate opportunities for us to maximize our growth of our Solana holdings and further enhance our strategic treasury position. We also continue to evaluate acquisitions, strategic alliances, and joint ventures involving all types and combinations of equity, and acquisition alternatives. As a result, we may choose to raise additional funds to support those strategic initiatives.

#### HIRING
Additions to the SOL Strategies team during the year ended September 30, 2025, include the following:

Max Kaplan, Head of Staking on December 31, 2024 and Chief Technology Officer on January 30, 2025. Mr. Kaplan is the founder of Orangefin Ventures, which was acquired by the Company on December 31, 2024. Prior to founding Orangefin, Max was senior director of Engineering at Kraken.

Doug Harris, Chief Financial Officer. Mr. Harris joined the Company as Chief Financial Officer on a full-time basis on January 1, 2025. Doug joined the Company as a part-time CFO in April 2021. Doug Harris is a Chartered Accountant (CPA, CA) and Chartered Business Valuator (CBV) with over 20 years of experience in finance. His expertise spans corporate finance, accounting, private equity, and M&A, with involvement in over $2 billion worth of transactions.

Andrew McDonald, Director of Operations. Mr. McDonald joined the Company on January 21, 2025. Andrew was previously the Chief Operating Officer of Bitaccess Inc. a Canadian SaaS company serving the Bitcoin ATM industry. Andrew helped to guide Bitaccess through an acquisition and oversaw its growth to be one of the world's largest Bitcoin ATM software providers.

Michael Hubbard, Chief Strategy Officer: Mr. Hubbard joined SOL Strategies as Chief Strategy Officer on March 17, 2025, through the Laine acquisition. Michael brings extensive expertise in validator operations, blockchain infrastructure, and decentralized network analytics as the founder of Laine and Stakewiz.com.

#### LEADERSHIP TRANSITION
On September 22, 2025 Mr. Michael Hubbard was appointed interim Chief Executive Officer replacing Ms. Leah Wald who resigned from the Company's board of directors on September 22, 2025 and as Chief Executive Officer effective October 1, 2025. Mr. Hubbard brings several years of experience operating infrastructure on the Solana blockchain, having founded a Solana validator, Laine, in 2021 that was acquired by the Company and has deep knowledge technology and the Solana ecosystem.

On July 21, 2025 Mr. Tony Guoga resigned as Chairman of the Board and transitioned to the role of Strategic Advisor. Concurrently, Mr. Luis Berruga was named Chairman. Mr. Berruga was appointed as an independent Director on March 3, 2025 bringing over 20 years of expertise and leadership in global ETF markets and traditional finance. Mr. Berruga's extensive experience in ETFs and asset management is expected to provide critical insights and business development opportunities as SOL Strategies continues its growth trajectory and advances the development of its institutional Solana Staking platform.

This was part of a series of board changes designed to accelerate the Company's growth strategy, strengthen corporate governance, and enhance its board of directors' (the "Board") depth of expertise. The new Board members bring significant industry expertise, deep capital markets experience, and global relationships that are expected to enhance operational execution, expand market reach, and reinforce the Company's position as a key participant in the Solana ecosystem. The Company welcomes José Manuel Calderón and Michael Hubbard, as new directors.

On January 30, 2025, Mr. Mohammed Adam resigned as director and Chief Investment Officer of the Company due to personal circumstances. The acting Chief Economist assumed his roles and responsibilities.

#### Solana Staking and Solana Validator Operations Risk during the year ended September 30, 2025
In fiscal 2025, SOL Strategies has acquired three Solana validators and now operates four high-performance validators on the Solana network, three of which are 100% owned by the Company, one 78% owned, and two of which are part of our white label validator program. As a result of those acquisitions, the Company's validator and Solana staking businesses have developed significantly since the end of the fiscal year ended September 30, 2024, which businesses are subject to their own risk factors, including those described below.

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#### Risks related to validator operations
The Company expects that in fiscal 2026, a significant portion of the revenue generated by the Company will come from the awards realized by managing the Validators and by staking its own assets to such Validators. There is a risk that fewer third-party Solana holders delegate their Solana to SOL Strategies' Validators, resulting in fewer awards and lower yields to the Company.

#### Risks related to Staking Operations
The Company operates four Solana Validators, three of which were acquired in fiscal 2025, and four of which operate in the Solana network, and as such the Company earns crypto token rewards for processing transactions and securing crypto networks. Additionally, the Company operates two validators on the Sui network. The Company expects to, in large part, stake its crypto token rewards to its Validators. The Company's decision to stake an individual crypto token depends on a combination of network quality, network liquidity and expected staking compensation, the percentage of which varies from token to token. The compensation percentage is determined by a combination of a network's natural inflation rate, the transaction fees generated on the network, a token's price, and the percent of total tokens being staked. As such, the Company's compensation percentage may fall temporarily due to a short-term decline in transaction volume or an increase in the percent of crypto tokens being staked. The Company has no control over the compensation percentages of the various crypto tokens it chooses to stake, and the compensation percentage may fall below expected levels temporarily or permanently. The compensation percentage is expected to decrease as sector activity increases and more crypto tokens are invested in specific tokens. Staking revenues could decrease to a level that materially and adversely affects the Company's staking assets and staking strategies, the value of its staking assets and the value of any investment in the Company.

#### Overall Performance
The Company's financial performance during the year ended September 30, 2025, was affected by the volatility in SOL prices during the year and increased competition in the sector. Solana traded at USD$153 per token at the beginning of the year, peaking at USD$295 in the January 2025, with a low of $96 in April 2025,closing out the year at USD$208 with an average price of USD$179 (source:www.coinlore.com). On a fiat basis, this resulted in an unrealized gain of $20.1 million on the Company's SOL holdings and higher revenue from staking and validator operations in the year; on a SOL basis staking rewards and validator income also increased during the period (see table and commentary above). We note that SOL prices have decreased since September 30, 2025, trading at approximately USD$124 per token as at the date hereof. Reflecting increased competition in the validator sector, at the end of the fiscal year approximately 1.2 million SOL were unstaked from the Company's validators representing approximately 33% of the SOL delegated to the Company's validators. The validator business was also impacted by lower activity on the blockchain as the year progressed, compounded by lower profitability as validators increased the APY paid to delegators to increase market share.

Despite the volatility in the Solana ecosystem in fiscal 2025 the Company realized a positive EBITDA of $4.2 million for the year ended September 30, 2025.

The financial highlights for the year ended September 30, 2025 are as follows:

● Adjusted EBITDA $4.2 million (2024 - $9.5 million), see Non-IFRS financial measures below

● Net loss of $35 million (2024 - net income of $6.6 million) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Staking rewards of $4.8 million (2024 - $0.3 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Validation services income of $5.4 million (2024 - $nil).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Realized gain on cryptocurrencies of $3.9 million (2024 - $7.6 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Impairment loss on intangible assets of $27.6 million (2024 - $nil).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Amortization of $10.2 million (2024 - $0.03 million).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o Income tax recovery of $9.8 million (2024 – $1.6 million expense).

● Total comprehensive loss of $20.3 million (2024 – total comprehensive income of $9.3 million).

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● Cryptocurrency holdings of $126.5 million at September 30, 2025 (2024 - $25.6 million) including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o 435,159 SOL with a market value of $126.4 million (2024 - 100,763 Sol with a market value $20.8 million), 52,182 JitoSOL with a market value of $0.1 million (2024 – nil) and nil Bitcoin (56.25 Bitcoin with a market value of $4.8 million).

● Cash position of $1.8 million (2024 - $1.8 million).

● Intangible assets (SOL validators) of $38.8 million (2024 - $nil).

● Total assets at September 30, 2025 of $169.6 million (2024 - $28.9 million).

● Shareholders' equity of $114.8 million (2024 - $26.7 million).

#### RESULTS OF OPERATIONS

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| | | | |
|:---|:---|:---|:---|
| **Year ended September 30,** | **2025** | 2024 | 2023 |
| Total assets | $169597003 | $28903645 | $17054245 |
| Shareholders' equity | 114780653 | 26723624 | 16827769 |
| Net income | (35035126) | 6607664 | (6282328) |
| EPS | $(1.74) | $0.35 | $(0.04) |
| Comprehensive income | (20259835) | 9345023 | (6479174) |

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#### Comparison of the years ended September 30, 2025 and 2024
Total comprehensive loss of $20.3 million in during the year ended September 30, 2025 compared to total comprehensive income of $9.3 million, mainly due to:

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| | |
|:---|:---|
| ◾ | Validation services income of $5.4 million (2024 - $nil). |

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| | |
|:---|:---|
| ◾ | Staking rewards of $4.8 million (2024 - $0.3 million). |

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| | |
|:---|:---|
| ◾ | Realized gain on the disposition of cryptocurrencies of $3.9 million in 2025 (2024 - $7.6 million). |

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| | |
|:---|:---|
| ◾ | Operating expenses of $59.3 million (2024 - $2.5 million), an increase of $56.9 million, mainly due to the following: |

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Impairment loss on intangible assets of $27.6 million (2024 - $nil).

Stock-based compensation of $7.9 million (2024 - $1.3 million).

Amortization expense of $10.2 million (2024 - $0.03 million), due to amortization of the purchase of approximately $76.6 million of intangible (validator) assets in fiscal 2025.

Professional fees to $3.9 million (2024 - $0.3), mainly due to higher legal expenses associated with the acquisition of intangible (validator) assets, the Nasdaq listing, the convertible debenture financings and PCAOB compliant audit.

Transaction costs on the convertible debt financing were $2.4 million (2024 - $nil).

Interest expense to $3.2 million (2024 - $nil), due to interest on the credit facility and convertible debentures in 2025.

Investor relations to $0.9 million (2024 - $nil) due to investor relations and marketing activities initiated in fiscal 2025.

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| | |
|:---|:---|
| ◾ | Deferred income tax recovery of $8.2 million (2024 - $0.04 million expense). |

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| | |
|:---|:---|
| ◾ | Provision for income tax recovery $1.6 million (2024- $1.5 million expense). |

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| | |
|:---|:---|
| ◾ | Unrealized gain on cryptocurrencies of $20.1 million in 2025 (2024 –$3.7 million unrealized gain), a due to the due to an increase in SOL prices during the fourth quarter of fiscal 2025 from approximately USD$155 to USD$208 (2024 - USD$146 to USD$153), offset by a deferred tax expense on the unrealized gain on cryptocurrencies of $5.3 million (2024 - $1.0 million recovery). |

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#### Comparison of the balance sheet as at September 30, 2025, to the balance sheet as at September 30, 2024
Total assets of $169.6 million compared to $28.9 million, a $140.7 million increase, mainly due to:

Cryptocurrencies increased to $126.5 million (2024 - $25.6 million), and

Intangible assets increased to $38.8 million (2024 - $nil), due to the acquisition of the Cogent, OrangeFin and Laine (Stakewiz) validator assets in 2025.

Total liabilities increased to $54.8 million (2024 - $2.2 million) an increase of $52.6 million, mainly due to:

Credit facility of $16.2 million (2024 - $nil) from a related party financing in fiscal 2025, and

Debt component of the convertible debentures of $35.8 million at September 30, 2025, of which $14.5 million was allocated to current liabilities, relating to the convertible debenture financings of $57.2 million of gross proceeds (2024 - $nil).

Net book value of $114.8 million (2024 - $26.7 million) an increase of $88.1 million, mainly due to:

Capital stock of $70.4 million (2024 - $17.3 million) mainly due to $22.3 million of shares issued for validator asset acquisitions, $13.2 million of shares issued pursuant to convertible debenture conversions, the exercise of warrants ($9.0 million cash plus $2.2 million transferred from reserves) and options ($1.8 million cash plus $1.4 million transferred from reserves), and the issuance of RSUs $2.9 million.

Reserves of $72.4 million (2024 - $17.3 million), mainly due to $42.8 million of future common share issuances related to the Cogent, OrangeFin and Stakewiz validator asset acquisitions, $7.2 million representing the equity component of the convertible debenture financings, $7.9 million of stock-based compensation and $7.4 million related to warrants issued for acquisitions.

Accumulated other comprehensive income ("AOCI") of $19.1 million (2024 – $2.5 million) due to the unrealized gains on Solana holding of $20.1 million, the transfer of unrealized cryptocurrency gains to AOCI of $1.7 million, net of $5.3 million of deferred income tax reserves on cryptocurrency gains.

#### Selected Quarterly Information
The selected quarterly information below summarizes the financial information for the last eight quarters.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **25-Sep** | **25-Jun** | **25-Mar** | **24-Dec** | **24-Sep** | **24-Jun** | **24-Mar** | **23-Dec** |
|  | *$ millions, except per share amounts* | *$ millions, except per share amounts* | *$ millions, except per share amounts* | *$ millions, except per share amounts* | *$ millions, except per share amounts* | *$ millions, except per share amounts* | *$ millions, except per share amounts* | *$ millions, except per share amounts* |
| Income (loss) before taxes | (35.08) | (8.13) | (5.99) | 4.39 | 7.05 | (1.50) | (0.24) | 2.64 |
| Tax Recovery (expense) | (9.73) | (0.05) | 1.16 | (1.16) | (1.58) |  |  |  |
| Income (loss) for period | (25.26) | (8.18) | (4.83) | 3.23 | 5.46 | (1.50) | (0.24) | 2.64 |
| Net income (loss) per share (diluted) | $(1.24) | $(0.40) | $(0.24) | $0.16 | $0.41 | $(0.08) | $— | $0.02 |
| Total comprehensive income (loss) | 3.52 | 0.93 | (32.54) | 7.83 | (2.27) | 4.95 | 7.74 | 6.93 |
| Total assets | 169.60 | 164.28 | 124.91 | 74.63 | 28.90 | 28.35 | 31.34 | 23.96 |
| Net book value | 114.78 | 100.74 | 84.68 | 60.20 | 26.72 | 27.88 | 31.17 | 23.79 |

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#### Comparison of the three months ended September 30, 2025 to the three months ended September 30, 2024
The total comprehensive loss of $3.5 million in during the three months ended September 30, 2025 compared to a $2.5 million comprehensive loss in three months ended September 30, 2024, mainly due to:

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| | |
|:---|:---|
| ◾ | Validation services income of $1.6 million (net) (2024 - $nil). |

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| | |
|:---|:---|
| ◾ | Staking rewards of $1.9 million (2024 - $0.3 million). |

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| | |
|:---|:---|
| ◾ | Operating expenses of $38.9 million (2024 - $1.8 million) for the period, mainly due to the following: |

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Impairment losses on intangible assets of $27.6 million (2024 - $nil).

Amortization expense of $3.6 million (2024 - $0.01), due to the amortization of the purchase of approximately $76.6 million of intangible (validator) assets that commenced in November 2024.

Stock-based compensation of $2.2 million (2024 - $1.2 million).

Professional fees of $1.8 million (2024 - $0.2 million), mainly due to higher legal expenses associated with the NASDAQ listing and prospectus filing, and higher audit fees.

Interest expense of $1.5 million (2024 - $nil), due to interest on the credit facility and convertible debentures.

Investor relations of $0.3 million (2024 - $nil) due to investor relations and marketing activities initiated in fiscal 2025.

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| | |
|:---|:---|
| ◾ | Provision for an income tax recovery of $9.8 million (2024 - $1.6 income tax provision) due to an expected refund on taxes paid last fiscal and a deferred income tax recovery due to the intangible assets write down. |

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| | |
|:---|:---|
| ◾ | Unrealized gain on cryptocurrencies of $34.1 million (2024 - $7.0 million) due to an increase in SOL prices during the fourth quarter of fiscal 2025 from approximately USD$155 to USD$208 (2024 - USD$146 to USD$153) compounded by the Company's four-fold increase in Solana holdings of 435,159 SOL as at September 30, 2025 (2024- 100,763 SOL), offset by a deferred tax expense on the unrealized gain on cryptocurrencies of $5.3 million (2024 - $1.0 million recovery). |

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*Non-IFRS financial measures*

The Company collects and analyzes operating and financial data to evaluate the health of our business, allocate our resources and assess our performance. In addition to net income, total comprehensive income, and other results under IFRS, at this time the Company utilizes Adjusted EBITDA. We believe this non-IFRS financial measures provides useful information to investors and others in understanding and evaluating our financial condition, as well as providing a useful measure for period-to-period comparisons of our business performance. Moreover, non-IFRS financial measurements are key measurements used by our management internally to make operating decisions, including those related to operating expenses, evaluate performance, and perform strategic planning and annual budgeting. However, this non-IFRS measure is presented for supplemental informational purposes only, should not be considered a substitute for or superior to financial information presented in accordance with IFRS and may be different from similarly titled non-IFRS measures used by other companies.

The following presents a reconciliation of net loss, the most directly comparable IFRS measure, to Adjusted EBITDA:

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| | | |
|:---|:---|:---|
|  | **Year Ended** | **Year Ended** |
|  | **2025** | 2024 |
| *Adjusted EBITDA* |  |  |
| (Loss) income before taxes | $**(44810876)** | $8191922 |
| Add back: |  |  |
| Impairment losses on intangible assets (note 7) | **27561055** |  |
| Amortization (note 6) | **10207730** | 31636 |
| Share based compensation (notes 14 and 18) | **7862418** | 1320919 |
| Non-cash interest expense | **3197059** |  |
| Foreign exchange (gain) loss | **163578** | (50725) |
| **Adjusted EBITDA** | $**4180964** | $9493752 |

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#### Financial and Capital Management

#### Outstanding Share Data

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| | |
|:---|:---|
| **At September 30, 2025**<sup>(1)</sup> |  |
| Common shares outstanding: | 22999841 |
| Options to purchase common shares: | 643626 |
| Restricted share units | 15106 |
| Warrants: | 1552042 |
| **At December 29, 2025**<sup>(1)</sup> |  |
| Common shares outstanding: | 28057268 |
| Options to purchase common shares: | 743977 |
| Restricted share units | 181714 |
| Warrants: | 6194842 |

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&nbsp;&nbsp;&nbsp;&nbsp;(1) Reflects the 1 for 8 share consolidation that occurred on August 5, 2025.

#### Cash Flow
For the year ended September 30, 2025, cash and cash equivalents decreased by $0.02 million (2024 - $0.12 million) due to $11 million of cash used in operating activities (2024 - $0.9 million), $84.2 million of net cash from financing activities (2024 - $0.8 million of cash used) and $73.2 million of net cash used in investing activities (2024 - $1.5 million of cash inflows).

#### Off-Balance Sheet Arrangements
The Company has no off-balance sheet arrangements as of September 30, 2025, and as at the date of this MD&A.

#### RELATED PARTY DISCLOSURES
The Company's related parties include its key management personnel, and any entity related to key management personnel that has transactions with the Company. Key management personnel are those persons having the authority and responsibility for planning, directing, and controlling the activities of the Company, directly or indirectly.

During the year ended September 30, 2025, the Company paid $15,300, (2024 - $111,100) for consulting services provided by the previous chairman (Antanas Guoga). At September 30, 2025, there is $nil (2024 - $9,897) of accounts payable to this related party. During 2025, this individual provided a $25 million dollar credit facility to the Company, of which $16,387,090 had been advanced as at September 30, 2025. On July 21, 2025, the Company announced that this individual stepped down from being chairman of the board and took the role as a strategic advisor.

During the year ended September 30, 2025, the Company paid $12,000 (2024 - $nil) in directors fees to a director (Luis Berruga). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party. On July 21, 2025, the Company announced on that this individual was appointed as chairman of the board.

During the year ended September 30, 2025, the Company paid $20,000 (2024 - $20,000) in directors fees to a director (Rubsun Ho). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, the Company paid $21,100 (2024 - $nil) in directors fees to a director (Ungad Chadda). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, the Company paid $4,300 (2024 - $nil) in directors fees to a director (Jose Manuel Calderon). At September 30, 2025, there is $4,300 (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, the Company paid $42,500 (2024 - $87,100) for consulting services provided by a director and CIO (Mohammed Adham) until resigning on January 30, 2025. At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

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During the year ended September 30, 2025, the Company paid $509,600 (2024 - $115,540) for consulting and director services provided by the former CEO (Leah Wald). At September 30, 2025, there is $nil (2024 - $1,209) of accounts payable to this related party.

During the year ended September 30, 2025, the Company paid $323,200 (2024 - $96,800) for consulting services provided by the CFO (Doug Harris). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, the paid $183,000 (2024 - $nil) for consulting services provided by the CTO (Max Kaplan). At September 30, 2025, there is $87,316 (2024 - $nil) of accounts payable to this related party. This individual was founder of OrangeFin Ventures, see Intangible Assets for information on this acquisition.

During the year ended September 30, 2025, the Company paid $82,800 (2024 - $72,000) for consulting services provided by the Chief Economist (Jon Matonis). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, the Company paid $205,600 (2024 - $nil) in consulting services to the Chief Operating Officer (Andrew McDonald). At September 30, 2025, there is $nil (2024 - $nil) of accounts payable to this related party.

During the year ended September 30, 2025, $115,488 (2024 $104,160) was charged for legal services by a firm (Irwin Lowy LLP) where the staff member is the corporate secretary of the Company. At September 30, 2025, there is $nil of accounts payable to this related party (2024 $44,050).

#### Key Management Compensation
Key management includes the related parties noted above. The compensation paid to key management is shown below:

---

| | | |
|:---|:---|:---|
| **Years ending September 30,** | **2025** | 2024 |
| Salaries and management consulting fees | $**1362000** | $472540 |
| Director fees | **57400** | 30000 |
| Stock-based compensation | **3111156** | 1320919 |
|  | $**4528333** | $1823459 |

---

At September 30, 2025, included in accounts payable and accrued liabilities is $91,616 (2024 - $55,156) owed to related parties.

#### FAIR VALUE
The fair value of the Company's cash and cash equivalents are not materially different from the carrying values given the short-term nature**.**

#### Recurring fair value measurements (financial and non-financial assets)
(i)Fair value hierarchy

The Company records certain financial instruments or assets on a recurring fair value basis as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Recurring fair value measurements - September 30, 2025** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets and liabilities at fair value through FVTPL** |  |  |  |
| Equity investment | $— | $— | $685662 |
| **Financial liabilities at fair value through FVTPL** |  |  |  |
| Convertible debentures |  |  | 14477841 |
| **Non financial assets at fair value through other comprehensive income** |  |  |  |
| Cryptocurrencies |  | 126529342 |  |
|  | $**—** | $**126529342** | $**15163503** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Recurring fair value measurements - September 30, 2024** | **Level 1** | **Level 2** | **Level 3** |
| **Financial assets at fair value through FVTPL** |  |  |  |
| Equity investment | $— | $442 | $1512889 |
| **Non financial assets at fair value through other comprehensive income** |  |  |  |
| Cryptocurrencies |  | 25575512 |  |

---

------

---

| | | |
|:---|:---|:---|
| $**—** | $**25575954** | $**1512889** |

---

The Company defines its fair value hierarchy as follows:

**Level 1:** The fair value of financial instruments traded in active markets (such as publicly traded equity securities) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the group is the current bid price. These instruments are included in level 1.

**Level 2:** The fair value of financial instruments that are not traded in an active market (e.g., other public markets) is determined using valuation techniques that maximize the use of observable market data and rely as little as possible on entity-specific estimates. If all significant inputs required to fair value an instrument are observable, the instrument is included in level 2.

The Company exercised significant due diligence and judgement and determined that this presence and availability of this market was the most advantageous market and utilized the pricing available in the market as an estimate of the fair value of the investment. In addition, The Company's cryptocurrencies, convertible loan, and assets held as collateral are classified as Level 2 determined by taking the price from www.coinlore.com as of 24:00 UTC.

Management has concluded that an active market exists for SOL and other crypto assets to which the revaluation model has been applied. This conclusion is based on the availability of quoted prices in accessible markets with sufficient trading volume and liquidity. The Company will continue to evaluate whether active markets exist for these assets at each reporting date and disclose any changes prospectively.

**Level 3:** If one or more of the significant inputs is not based on observable market data, the instrument is included in level 3. This is the case for unlisted equity securities.

(ii)Valuation techniques used to determine fair values:

Specific valuation techniques used to fair value financial instruments, specifically those that are not quoted in an active market. These are development stage companies, as such the Company utilized a market approach:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The use of quoted market prices in active or other public markets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) The use of most recent transactions of similar instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Discounted cash flow model.

(iii)Transfers between levels 2 and 3

There were no transfers between levels 2 and 3 during the year ended September 30, 2025 and the year ended September 30, 2024.

(iv)Valuation inputs and relationships to fair value

The following table summarizes the quantitative information about the significant unobservable inputs used in the level 3 fair value measurements (see above for valuation techniques adopted):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Fair Value** | **Fair Value** | **Unobservable**<br>**Inputs** | <br>**Range of Inputs** |
|  | **September 30,** | September 30, | **September 30,** | **September 30,** |
| **Description** | **2025** | 2024 | **2025** | **2025** |
| Investments | $**685662** | $1512889 | (a) and (b) | N/A |
| Convertible debentures | $**14477841** |  | (c) | N/A |

---

(v)Valuation processes

The Investment Committee includes a team that performs the valuations of all items required for financial reporting purposes, including level 3 fair values. This team collaborates with the chief financial officer ("CFO") at least once every three months which is in-line with the Company's reporting requirements. The main Level 3 inputs derived and evaluated by the Company's team are the timeline for expected milestones and assessment of the technical matter relating to the technology.

------

The independent valuators utilized a variety of approaches and assumptions, including but not limited to:

- Income, comparable market multiples, precedent transactions, and cost approach

- Forecast revenue, expenses, and profitability

- Income tax

Capex

- Discount rates

- Residual value

- Volatility of underlying asset

- Risk free rate of interest

- Value of strategic coin reserves, if any

- Weighting of various valuation approaches

- Timing of liquidity date, if any

(vi)Active Market Considerations

In applying the revaluation model to its digital assets, management has determined that an active market exists for ("SOL") and other crypto assets measured at fair value. An active market is one in which quoted prices are readily and regularly available from an exchange, dealer, broker, or pricing service, and those prices represent actual and regularly occurring market transactions on an arm's length basis. Management considers trading volumes, liquidity, and the availability of reliable pricing data in reaching its conclusion. The Company will continue to evaluate whether active markets exist for these assets at each reporting date and will disclose any changes prospectively.

The Company performed a sensitivity analysis on the carrying value of its Level 3 assets at September 30, 2025 and noted that a 20% decrease would result in a $3,032,701 decrease in fair value.

#### FINANCIAL RISK FACTORS

#### Capital Management
The Company manages and adjusts its capital structure, based on the funds available to the Company, in order to support the investment in cryptocurrencies and blockchain companies. The Board of Directors does not establish quantitative return on capital criteria for management but rather relies on the expertise of the Company's management to sustain future development of the business. The Company considers capital to be its capital stock, warrant, and stock option components of shareholders' equity.

To effectively manage the Company's capital requirements, the management has in place a planning, budgeting, and forecasting process to help determine the funds required to ensure the Company has the appropriate liquidity to meet its operating and growth objectives. The Company ensures that there are sufficient working capital and planned future capital raises to meet its short-term business requirements, taking into account its anticipated cash flow from operations and its holding of cash and short-term investments.

Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable.

There were no changes in the Company's approach to capital management during the year ended September 30, 2025.

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#### Safeguarding of Cryptocurrency Assets
The Company retains one third-party custodian (the "Custodian") to safeguard its cryptocurrency assets; Coinbase Custody Trust Company, LLC ("Coinbase") to hold the Company's SOL, and other cryptocurrency assets. The Custodian is only responsible for holding and safeguarding the Company's cryptocurrency assets and has not appointed a sub-custodian to hold certain cryptocurrency assets.

Coinbase, located at 200 Park Avenue South, Suite 1208, New York, NY 10003, is regulated by the New York Department of Financial Services (NYDFS) and operates as an independently capitalized entity. Coinbase is a fiduciary under § 100 of the New York Banking Law and is licensed to custody its clients' digital assets in trust on their behalf. As a New York state-chartered trust, Coinbase is held to the same fiduciary standards as national banks and is a qualified custodian for purposes of § 206(4)-2(d)(6) of the Advisers Act, commonly called the custody role.

The Company is not aware of anything with regards to the Coinbase's operations that would adversely affect the Company's operations and there are no known security breaches or other similar incidents involving the custodian as a result of which the Company's cryptocurrency assets have been lost or stolen. Coinbase held 100% of the Company's SOL holdings and carries an annually renewed commercial crime policy, with Coinbase Global Inc., Coinbase's parent company, as the named insured. In the event of a bankruptcy or insolvency the Company will enforce its rights under the Custodial Services Agreement through Arbitration under the laws of the State of New York, and will be in contact with Coinbase's Regulator, the New York State Department of Financial Services, as well as Coinbase's named insurer.

The due diligence the Company performed on Coinbase included confirmation that an annual SOC 1 audit report pertaining to internal controls over financial reporting, as well as an annual SOC 2 audit report pertaining to controls related to operations and compliance were completed by Coinbase, a review of negative news related to Coinbase, and a review of online training and tutorials offered by Coinbase.

The Company utilizes the third-party trading platform, Wintermute Asia Pte. Ltd. ("Wintermute") as an OTC desk for derivatives. Wintermute Trading Ltd (registered company number 10882520) and Wintermute Asia Pte. Ltd. (registered company number 202108542H) are proprietary trading firms providing liquidity in various crypto assets and, in the case of Wintermute Asia Pte. Ltd, certain derivatives referencing crypto assets. Wintermute Trading Limited is registered with the Financial Conduct Authority ("FCA") as a Cryptoasset firm and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations 2017 as amended. The Company uses Wintermute for is OTC derivative trading desk. The Company is not aware of anything with regards to Wintermute's operations that would adversely affect their ability to obtain an unqualified audit opinion on its audited financial statements. Wintermute is not related to the Company.

The Company utilizes the third-party trading platform, Zerocap as an OTC desk for derivatives. Zerocap (registered company number 100635539) is a proprietary trading firm providing liquidity in various crypto assets and certain derivatives referencing crypto assets. Zerocap is registered with the Australian Transaction Reports and Analysis Centre ("AUSTRAC") as a Digital Currency Exchange ("DCE") and complies with the Money Laundering, Terrorist Financing and Transfer for Funds (Information on the Payer) Regulations. The Company uses Zerocap for its OTC derivative trading desk. The Company is not aware of anything with regards to Zerocap's operations that would adversely affect their ability to obtain an unqualified audit opinion on its audited financial statements. Zerocap is not related to the Company.

The Company utilizes the third-party trading platform, STS Digital Ltd. ("STS Digital") as an OTC desk for derivatives. STS Digital (registered in Bermuda at 2 Reid Street, Hamilton HM 11) is a proprietary trading firm providing liquidity in various crypto assets and certain derivatives referencing crypto assets. STS Digital is licensed and regulated by the Bermuda Monetary Authority as a Class T Digital Asset Business under the Digital Asset Business Act 2018, authorizing services such as digital asset exchange operations, custodial wallet services, digital asset derivatives trading, and vendor services. As part of this license, STS Digital is required to adhere to Bermuda's anti-money laundering and counter-terrorist financing regulations. The Company uses STS Digital for its OTC derivative trading desk. The Company is not aware of anything regarding STS Digital's operations that would adversely affect its ability to obtain an unqualified audit opinion on its audited financial statements. STS Digital is not related to the Company.

#### Risk Disclosures
Exposure to credit, interest rate, cryptocurrency, and currency related risks arises in the normal course of the Company's business.

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#### Credit Risk
Credit risk is the risk that a counterparty to a financial instrument will fail to discharge an obligation or commitment that it has entered into, causing the other party to incur a financial loss. The Company limits its credit risk by placing its cash with high credit quality financial institutions and with cryptocurrency exchanges on which the Company has performed internal due diligence procedures. The Company deems these procedures necessary as some exchanges are unregulated and not subject to regulatory oversight. Furthermore, cryptocurrency exchanges engage in the practice of commingling their clients' assets in exchange wallets. When cryptoassets are commingled, transactions are not recorded on the applicable blockchain ledger but are only recorded by the exchange. Therefore, there is risk around the occurrence of transactions, or the existence of period end balances represented by exchanges.

As at September 30, 2025, the Company holds $1.8 million in cash and cash equivalents with majority with high credit quality financial institutions (September 30, 2024 - $1.8 million). The Company's due diligence procedures around exchanges and custodians utilized throughout the period include, but are not limited to, internal control procedures around on-boarding new exchanges or custodians which includes review of the exchanges or custodians anti-money laundering ("AML") and know-your-client ("KYC") policies by the Company's chief investment officer, constant review of market information specifically regarding the exchanges or custodians security and solvency risk, setting balance limits for each exchange account based on risk exposure thresholds and preparing weekly asset management reports to ensure limits are being followed and having a fail-over plan to move cash and cryptocurrencies held on an exchange or with a custodian in instances where risk exposure significantly changes.

There is no significant credit risk with respect of receivables.

#### Interest Rate Risk
The Company is exposed to interest rate risk on its outstanding debt; however, all borrowings as at September 30, 2025, bear fixed interest rates. As such, the Company is not exposed to fluctuations in market interest rates on its existing debt obligations.

#### Cryptocurrencies Risk
Cryptocurrencies are measured at fair value less cost to sell. Cryptocurrency prices are affected by various forces including global supply and demand, interest rates, exchanges rates, inflation or deflation and political and economic conditions. Further, cryptocurrencies have no underlying backing or contracts to enforce recovery of invested amounts. The profitability of the Company is related to the current and future market price of cryptocurrencies, mainly SOL; in addition, the Company may not be able to liquidate its cryptocurrencies at its desired price if necessary. Investing in cryptocurrencies is speculative, prices are volatile, and market movements are difficult to predict. Supply and demand for such currencies change rapidly and are affected by a variety of factors, including regulation and general economic trends.

Cryptocurrencies have a limited history; their fair values have historically been volatile, and the value of cryptocurrencies held by the Company could decline rapidly. A decline in the market prices of cryptocurrencies could negatively impact the Company's future operations. Historical performance of cryptocurrencies is not indicative of their future performance.

Many cryptocurrency networks are online end-user-to-end-user networks that host a public transaction ledger (blockchain) and the source code that comprises the basis for the cryptographic and algorithmic protocols governing such networks. In many cryptocurrency transactions, the recipient or the buyer must provide its public key, which serves as an address for a digital wallet, to the seller. In the data packets distributed from cryptocurrency software programs to confirm transaction activity, each party to the transaction user must sign transactions with a data code derived from entering the private key into a hashing algorithm, which signature serves as validation that the transaction has been authorized by the owner of the cryptocurrency. This process is vulnerable to hacking and malware and could lead to theft of the Company's digital wallets and the loss of the Company's cryptocurrency.

Cryptocurrencies are loosely regulated and there is no central marketplace for exchange. Supply is determined by a computer code, not a central bank. Additionally, exchanges may suffer from operational issues, such as delayed execution, which could have an adverse effect on the Company.

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The cryptocurrency exchanges on which the Company may trade on are relatively new and, in many cases, largely unregulated, and therefore may be more exposed to fraud and failure than regulated exchanges for other assets. Any financial, security, or operational difficulties experienced by such exchanges may result in an inability of the Company to recover money or cryptocurrencies being held on the exchange. Further, the Company may be unable to recover cryptocurrencies awaiting transmission into or out of the exchange, all of which could adversely affect an investment of the Company. Additionally, to the extent that the digital asset exchanges representing a substantial portion of the volume in digital asset trading are involved in fraud or experience security failures or other operational issues, such digital asset exchanges' failures may result in loss or less favorable prices of cryptocurrencies, or may adversely affect the Company, its operations, and its investments.

Furthermore, crypto-exchanges engage in commingling their client's assets in exchange wallets. When crypto-assets are commingled transactions are not recorded on the applicable blockchain ledger but are only recorded by the exchange. Therefore, there is a risk around the occurrence of transactions or existence of period end balances represented by exchanges.

#### Loss of access risk
The loss of access to the private keys associated with the Company's cryptocurrency holdings may be irreversible and could adversely affect an investment. Cryptocurrencies are controllable only by an individual that posses both the unique public key and private key or keys relating to the "digital wallet" in which the cryptocurrency is held. To the extent a private key is lost, destroyed, or otherwise compromised and no backup is accessible the Company may be unable to access the cryptocurrency.

#### Irrevocability of transactions
Cryptocurrency transactions are irrevocable and stolen or incorrectly transferred cryptocurrencies may be irretrievable. Once a transaction has been verified and recorded in a block that is added to the blockchain, an incorrect transfer or theft generally will not be reversible, and the Company may not be capable of seeking compensation.

#### Hard fork and air drop risks
Hard forks may occur for a variety of reasons including, but not limited to, disputes over proposed changes to the protocol, significant security breach, or an unanticipated software flaw in the multiple versions of otherwise compatible software. In the event of a hard fork in a cryptocurrency held by the Company, it is expected that the Company would hold an equivalent amount of the old and new cryptocurrency following the hard fork.

Air drops occur when the promoters of a new cryptocurrency send amounts of the new cryptocurrency to holders of another cryptocurrency that they will be able to claim a certain amount of the new cryptocurrency for free.

The Company may not be able to realize the economic benefit of a hard fork or air drop, either immediately or ever, for various reasons. For instance, the Company may not have any systems in place to monitor or participate in hard forks or airdrops.

#### Market Risk
Market risk is the risk that the value of financial instruments will fluctuate as a result of changes in market prices (other than those arising from interest rate risk or foreign currency risk), whether caused by factors specific to an individual investment, its issuer, or all factors affecting all instruments traded in a market or market segment. All investments present a risk of loss of capital. The maximum risk resulting from financial instruments is equivalent to their fair value. The Company's investments are susceptible to other market risk arising from uncertainties about future prices of the instruments. The Company moderates this risk through the various investment strategies within the parameters of the Company's investment guidelines.

As at September 30, 2025, management's estimate of the effect on equity to a +/- 10% change in the market prices of the Company's investments, with all other variables held constant, is $68,566 (September 30, 2024 - $252,433), and the effect of a +/- 10% change in the market price of the SOL token, with all other variables held constant, is $12,652,934 (September 30, 2024 – $2,557,551).

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#### Foreign Currency Risk
The Company is exposed to foreign currency risk on financial assets and liabilities that are denominated in a currency other than the Canadian dollar. The currencies giving rise to this risk are primarily the U.S. dollar, Australian dollar, and the Euro, the balance of net monetary assets and liabilities in such currencies as of September 30, 2025, is $1.2 million (September 30, 2024 - $1.8 million). Sensitivity to a plus or minus 10% change in the foreign exchange rates would result in a foreign exchange gain/loss of $0.1 million (September 30, 2024 - $0.2 million).

#### Liquidity Risk
The Company is exposed to liquidity risk primarily as a result of its trade accounts payable as well as the risk of not being able to liquidate assets at reasonable prices. The Company's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet liabilities when due. As at September 30, 2025, the Company had cash and cash equivalents balance of $1.8 million (September 30, 2024 - $1.8 million) to settle accounts payable and accrued liabilities of $2.3 million (September 30, 2024 - $0.2 million). All of the Company's trade accounts payable have contractual maturities of less than 30 days and are subject to normal trade terms.

#### Active Market Risk
The Company's application of the revaluation model assumes the continued existence of an active market for SOL and other crypto assets. A loss of such active markets could materially affect the Company's ability to reliably measure fair value.

#### Concentration Risk
The Company is exposed to concentration risk as the majority of its assets are held in SOL and related validator operations. The value of these assets is highly dependent on the performance, stability, and adoption of the SOL network, as well as broader cryptocurrency market and economic conditions. Any adverse developments, including regulatory changes, security incidents, or network disruptions, could materially impact the Company's financial position. The Company continuously evaluates its exposure and risk management strategies to mitigate potential adverse effects.

#### Regulatory Risk
The regulatory environment for digital assets, including SOL, remains uncertain and continues to evolve. Changes in laws, regulations, or enforcement actions in key jurisdictions could impact the Company's ability to operate validator nodes, stake assets, or transact in SOL. Regulatory developments may also affect the liquidity, valuation, or classification of SOL under applicable financial reporting standards. The Company actively monitors regulatory changes and assesses potential impacts on its operations and financial position.

#### SOL Governance Risk
SOL's development and governance are significantly influenced by the SOL Foundation, which plays a key role in protocol upgrades, ecosystem growth, and validator coordination. While SOL operates as a decentralized blockchain, the SOL Foundation's decision-making authority could impact network stability, economic incentives, or technical direction in ways that may not align with the interests of all stakeholders. Any material changes initiated by the Solana Foundation, including governance proposals, tokenomics adjustments, or network upgrades, could affect the Company's validator operations and the value of its SOL and SOL-related assets. The Company continues to monitor governance developments and assess potential risks to its operations.

On March 6, 2025, SOL validators and stakeholders commenced voting on governance proposals SIMD-0228 and SIMD-0123. SIMD-0228 proposed introducing a dynamic token emission model that would have adjusted SOL's inflation rate based on staking participation, potentially reducing annual inflation from 4.5% to as low as 0.87%. However, the proposal did not reach the required supermajority and was rejected. SIMD-0123, which proposed a mechanism allowing validator operators to share priority fees with their stakers, was approved. The Company is evaluating the implications of these outcomes and will adjust its validator operations as necessary to maintain efficiency and competitiveness.

#### Other Risk Factors
Risks which the Company is not aware of or which the Company currently deems to be immaterial may surface and have a material adverse impact on the Company's business income and financial condition. Exposure to credit, interest rate, cryptocurrency, and currency risks arises in the normal course of the Company's business.

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#### CONSOLIDATION
On August 5, 2025, the Company consolidated its issued and outstanding common shares on the basis of one (1) new Common Share for every eight (8) existing Common Shares, subject to rounding adjustments. Following the consolidation, the number of issued and outstanding Common Shares was reduced from 176,696,312 to 22,087,035. The consolidation also resulted in proportional adjustments to outstanding stock options, warrants, and convertible securities. There was no change to the Company's name or trading symbols.

#### SUBSEQUENT EVENTS
**11.** **SUBSEQUENT EVENTS**

On October 1, 2025, the Company completed a private placement under the listed issuer financing exemption ("LIFE") pursuant to Part 5A of National Instrument 45-106 – Prospectus Exemptions, issuing 4,380,000 units at a price of $6.85 per unit for gross proceeds of $30,003,000 (the "LIFE Offering"). Each unit comprised one common share and one common share purchase warrant exercisable at $8.90 for a period of 36 months. The LIFE Offering was conducted on a best-efforts, fully marketed basis by Canaccord Genuity Corp., which received a 6.0% cash commission and broker warrants equal to 6.0% of the units sold, exercisable on the same terms. Directors and senior management entered into a voluntary lock-up agreement in connection with the LIFE Offering.

On October 14, 2025, the Company announced the purchase of 88,433 SOL tokens at an average price of USD$193.93 per token totalling approximately USD$17.1M, funded from the proceeds of its recently completed C$30 million LIFE Offering. The acquisition includes approximately 79,000 locked SOL tokens purchased from the Solana Foundation, which are subject to a 12-month lock-up period. All locked tokens, along with the spot tokens acquired on the open market, have been fully delegated to the Company's validators to generate staking rewards.

Subsequent to September 30, 2025 and the date hereof, the Company issued 4,380,000 common shares pursuant to the LIFE Offering, 387,333 common shares pursuant to the Cogent Asset acquisition, and 290,094 common shares on the conversion of USD$900,000 ($1,259,710) principal amount of convertible debentures.

#### OTHER INFORMATION
This management's discussion and analysis of the financial position and results of operations as at September 30, 2025, should be read in conjunction with the Company's audited financial statements for the year ended September 30, 2025 and 2024. Additional information can be accessed through the Company's public filings under the Company's SEDAR+ profile at www.sedarplus.ca.

#### MANAGEMENT'S RESPONSIBILITY FOR FINANCIAL INFORMATION
The Company's financial statements are the responsibility of the Company's management and have been approved by the Board of Directors. The financial statements were prepared by the Company's management in accordance with IFRS. The financial statements include certain amounts based on the use of estimates and assumptions. Management has established these amounts in a reasonable manner, in order to ensure that the financial statements are presented fairly in all material respects.

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#### MANAGEMENT'S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING
Management of the Company, under the supervision of the Chief Executive Officer and the Chief Financial Officer, is responsible for establishing and maintaining adequate disclosure controls and procedures. Disclosure controls and procedures are designed to provide reasonable assurance that material information relating to the Company is made known to the Company's certifying officers.

The Company's Chief Executive Officer and Chief Financial Officer have evaluated the effectiveness of the Company's disclosure controls and procedures as of the period end date and, based on that evaluation, have concluded that the disclosure controls and procedures were effective in providing reasonable assurance that information required to be disclosed under applicable securities legislation is recorded, processed, summarized and reported within the time periods specified. Management regularly reviews the Company's disclosure controls and procedures; however, they cannot provide absolute assurance due to the inherent limitations of any cost-effective system of controls to prevent or detect all misstatements due to error or fraud.

Management is also responsible for establishing and maintaining adequate internal control over financial reporting ("ICFR") to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

Notwithstanding the foregoing, management has identified material weaknesses in the Company's ICFR relating to:

(a) the absence of a formally designed and implemented process to account for significant, complex, non-recurring transactions; and

(b)the Company's ability to obtain timely access to service organization control reports from a custodian that holds certain digital assets off-chain.

A material weakness is a deficiency, or a combination of deficiencies, in ICFR such that there is a reasonable possibility that a material misstatement of the Company's annual or interim financial statements may not be prevented or detected and corrected on a timely basis. As a result of these material weaknesses, management has concluded that the Company's ICFR was not effective as of the period end date.

The Company is committed to strengthening its internal control environment and has initiated remediation plans to address the identified material weaknesses. These plans include the design and implementation of a formal process to account for significant, complex, non-recurring transactions, and measures intended to mitigate the risk associated with untimely access to service organization control reports. Management expects these remediation efforts to be substantially implemented by the end of the second quarter of fiscal 2026.

Material weaknesses in the Company's ICFR will not be considered remediated until the relevant controls have operated for a sufficient period of time and management has concluded, through testing, that such controls are operating effectively.

The design of any system of controls and procedures is based, in part, on assumptions about the likelihood of future events. Accordingly, no assurance can be provided that any system of controls and procedures will succeed in achieving its stated objectives under all potential future conditions, regardless of how remote.

"Michael Hubbard"

Interim Chief Executive Officer

December 29, 2025

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## Exhibit 99.4

**Exhibit 99.4**

**CERTIFICATION**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Michael Hubbard, certify that:

1. I have reviewed this Annual Report on Form 40-F of SOL Strategies Inc.;

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

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

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [*paragraph omitted in accordance with Exchange Act Rule 13a-14(a)*];

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

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

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

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

Date: December 31, 2025

---

| |
|:---|
| /s/ Michael Hubbard |
| Name: Michael Hubbard |
| Title: Interim Chief Executive Officer |
| (principal executive officer) |

---

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## Exhibit 99.5

**Exhibit 99.5**

**CERTIFICATION**

**PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002**

I, Doug Harris, certify that:

1. I have reviewed this Annual Report on Form 40-F of SOL Strategies Inc.;

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

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

4. The issuer's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and have:

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [*paragraph omitted in accordance with Exchange Act Rule 13a-14(a)*];

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the issuer's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer's internal control over financial reporting; and

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

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

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

Date: December 31, 2025

---

| |
|:---|
| /s/ Doug Harris |
| Doug Harris |
| Chief Financial Officer |
| (principal financial officer) |

---

------

## Exhibit 99.6

**Exhibit 99.6**

**CERTIFICATION**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The undersigned, as the Interim Chief Executive Officer of SOL Strategies Inc. certifies that, to the best of his knowledge and belief, the Annual Report on Form 40-F for the fiscal year ended September 30, 2025, which accompanies this certification, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and the information contained in the Annual Report on Form 40-F for the fiscal year ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of SOL Strategies Inc. at the dates and for the periods indicated. The foregoing certification is made pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350) and shall not be relied upon for any other purpose. The undersigned expressly disclaims any obligation to update the foregoing certification except as required by law.

Date: December 31, 2025

---

| |
|:---|
| /s/ Michael Hubbard |
| Michael Hubbard |
| Interim Chief Executive Officer |
| (principal executive officer) |

---

------

## Exhibit 99.7

**Exhibit 99.7**

**CERTIFICATION**

**PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002**

The undersigned, as the Chief Financial Officer of SOL Strategies Inc. certifies that, to the best of his knowledge and belief, the Annual Report on Form 40-F for the fiscal year ended September 30, 2025, which accompanies this certification, fully complies with the requirements of Section 13(a) or 15(d), as applicable, of the Securities Exchange Act of 1934, as amended, and the information contained in the Annual Report on Form 40-F for the fiscal year ended September 30, 2025 fairly presents, in all material respects, the financial condition and results of operations of SOL Strategies Inc. at the dates and for the periods indicated. The foregoing certification is made pursuant to § 906 of the Sarbanes-Oxley Act of 2002 (18 U.S.C. § 1350) and shall not be relied upon for any other purpose. The undersigned expressly disclaims any obligation to update the foregoing certification except as required by law.

Date: December 31, 2025

---

| |
|:---|
| /s/ Doug Harris |
| Doug Harris |
| Chief Financial Officer |
| (principal financial officer) |

---

------

## Exhibit 99.8

**Exhibit 99.8**

![Graphic](stke-20250930xex99d8002.jpg)

**CONSENT OF Independent Registered Public Accounting Firm**

We hereby consent to the use in this Annual Report on Form 40-F (the "Annual Report") of Sol Strategies Inc. (the "Company") of our report dated December 29, 2025, relating to the Company's financial statements for the years ended September 30, 2025 and 2024 which are filed as an exhibit to the Annual Report.

We also hereby consent to the incorporation by reference of such report in the Registration Statement No. 333-291660 on Form F-10 of the Company.

---

| | |
|:---|:---|
|  | **/s/ DAVIDSON & COMPANY LLP** |
| Vancouver, Canada  | Chartered Professional Accountants |
| December 31, 2025 |  |

---

![Graphic](stke-20250930xex99d8001.jpg)

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