# EDGAR Filing Document

**Accession Number:** 0001285170
**File Stem:** 0001493152-25-013556
**Filing Date:** 2025-9
**Character Count:** 631188
**Document Hash:** 0fccf686be77a6235c33ffd38d6ca0b5
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001493152-25-013556.hdr.sgml**: 20250916

**ACCESSION NUMBER**: 0001493152-25-013556

**CONFORMED SUBMISSION TYPE**: F-10

**PUBLIC DOCUMENT COUNT**: 31

**FILED AS OF DATE**: 20250916

**DATE AS OF CHANGE**: 20250915

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** INTERMAP TECHNOLOGIES CORP
- **CENTRAL INDEX KEY:** 0001285170
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 886548544
- **STATE OF INCORPORATION:** A0

**FILING VALUES:**
- **FORM TYPE:** F-10
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-290278
- **FILM NUMBER:** 251315253

**BUSINESS ADDRESS:**
- **STREET 1:** 1200, 555 - 4TH AVENUE S.W.
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 3E7
- **BUSINESS PHONE:** 403-266-0900

**MAIL ADDRESS:**
- **STREET 1:** 1200, 555 - 4TH AVENUE S.W.
- **CITY:** CALGARY
- **STATE:** A0
- **ZIP:** T2P 3E7

**As filed with the Securities and Exchange Commission on September 15, 2025**

**Registration No. 333-** 

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM F-10**

**REGISTRATION STATEMENT**

***UNDER***

***THE SECURITIES ACT OF 1933***

 ****

 ****

**INTERMAP TECHNOLOGIES CORPORATION**

**(Exact name of registrant as specified in its charter)**

---

| | | |
|:---|:---|:---|
| **Alberta, Canada** | **7374** | **88-6548544** |
| **(Province or Other Jurisdiction of**<br> **Incorporation or Organization)** | **(Primary Standard Industrial**<br> **Classification Code)** | **(I.R.S. Employer**<br> **Identification No.)** |

---

**385 Inverness Parkway, Suite 105, Englewood, CO 80112**

**Tel: (303) 708-0955**

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

**Intermap Technologies Inc.**

**385 Inverness Parkway, Suite 105, Englewood, CO 80112**

**Tel: (303) 708-0955**

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

***Copies to:***

 ****

---

| | | |
|:---|:---|:---|
| **Patrick A. Blott**<br> **385 Inverness Parkway, Suite 105,**<br> **Englewood, CO 80112**<br> **Tel: (303) 708-0955** | **Jennifer Kennedy**<br> **Norton Rose Fulbright Canada LLP**<br> **400 3<sup>rd</sup> Avenue SW, Suite 3700**<br> **Calgary, AB T2P 4H2, Canada**<br> **(403) 267-8222** | **David E. Barrett**<br> **Norton Rose Fulbright US LLP**<br> **1301 Avenue of the Americas,**<br> **New York, NY 10019-6022**<br> **United States**<br> **(212) 318-3000** |

---

**Approximate date of commencement of proposed sale of the securities to the public:** From time to time after this Registration Statement becomes effective.

**Alberta**

**(Principal jurisdiction regulating this offering)**

It is proposed that this filing shall become effective (check appropriate box)

---

| | | | |
|:---|:---|:---|:---|
| A. | ☒ | upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada). | upon filing with the Commission, pursuant to Rule 467(a) (if in connection with an offering being made contemporaneously in the United States and Canada). |
| B. | ☐ | At some future date (check the appropriate box below) | At some future date (check the appropriate box below) |
|  | 1. | ☐ | pursuant to Rule 467(b) on (date) at (time) (designate a time not sooner than 7 calendar days after filing). |
|  | 2. | ☐ | pursuant to Rule 467(b) on (date) at (time) (designate a time 7 calendar days or sooner after filing) because the securities regulatory authority in the review jurisdiction has issued a receipt or notification of clearance on (date). |
|  | 3. | ☐ | pursuant to Rule 467(b) as soon as practicable after notification of the Commission by the Registrant or the Canadian securities regulatory authority of the review jurisdiction that a receipt or notification of clearance has been issued with respect hereto. |
|  | 4. | ☐ | after the filing of the next amendment to this Form (if preliminary material is being filed). |

---

If any of the securities being registered on this Form are to be offered on a delayed or continuous basis pursuant to the home jurisdiction's shelf prospectus offering procedures, check the following box. ☒

**PART I**

**INFORMATION REQUIRED TO BE DELIVERED TO**

**OFFEREES OR PURCHASERS**

**SHORT FORM BASE SHELF PROSPECTUS**

No securities regulatory authority has expressed an opinion about these securities and it is an offence to claim otherwise.

This short form base shelf prospectus has been filed under legislation in each of the provinces of Canada other than the province of Quebec that permits certain information about these securities to be determined after this prospectus has become final and that permits the omission from this prospectus of that information. The legislation requires the delivery to purchasers of a prospectus supplement containing the omitted information within a specified period of time after agreeing to purchase any of these securities.

**This short form base shelf prospectus constitutes a public offering of the securities only in those jurisdictions where such securities may be lawfully offered for sale and, in such jurisdictions, only by persons permitted to sell such securities.**

**Information has been incorporated by reference in this short form base shelf prospectus from documents filed with securities commissions or similar authorities in Canada.** Copies of the documents incorporated herein by reference may be obtained on request without charge from the Chief Financial Officer of the Corporation at 385 Inverness Pkwy, Suite 105, Englewood, Colorado, USA 80112, telephone: 303-708-0955, and are also available electronically at <u>www.sedarplus.ca</u>. See "Documents Incorporated by Reference".

 **SHORT FORM BASE SHELF PROSPECTUS**

*New Issue* September 15, 2025

**INTERMAP TECHNOLOGIES CORPORATION**

**$100,000,000**

**Common Shares<br> Preferred Shares<br> Debt Securities<br> Subscription Receipts<br> Warrants<br> Units**

Intermap Technologies Corporation ("**Intermap**", the "**Corporation**", "**we**", "**our**", or "**us**") may from time to time, during the 25-month period that this short form base shelf prospectus (including any amendments hereto, the "**Prospectus**") remains valid, offer and sell or otherwise distribute: (i) Class A common shares in the capital of the Corporation ("**Common Shares**"); (ii) preferred shares issuable in series in the capital of the Corporation ("**Preferred Shares**"); (iii) bonds, debentures, notes or other evidences of indebtedness of any kind, nature or description of the Corporation (collectively, "**Debt Securities**"), including Debt Securities convertible or exchangeable into other securities of the Corporation; (iv) subscription receipts of the Corporation ("**Subscription Receipts**"); (v) warrants of the Corporation ("**Warrants**"); and/or (vi) units comprised of one or more of the other securities described in this Prospectus in any combination ("**Units**" and, together with the Common Shares, Preferred Shares, Debt Securities, Subscription Receipts and Warrants, the "**Securities**") in an aggregate offering amount of up to $100,000,000 (or the equivalent in other currencies based on the applicable exchange rate at the time of the offering). The aggregate initial offering price shall be calculated, in the case of interest-bearing Debt Securities, on the basis of the principal amount of Debt Securities issued, and, in the case of non-interest bearing Debt Securities, on the basis of the gross proceeds received by the Corporation from the particular offering.

Securities may be offered separately or together, in amounts, at prices and on such terms and conditions as may be determined from time to time depending on, among other things, the Corporation's financing requirements, market conditions at the time of sale and other factors. If offered on a non-fixed price basis, Securities may be offered at market prices prevailing at the time of sale or at prices to be negotiated with purchasers at the time of sale, which prices may vary as between purchasers and during the period of distribution. If Securities are offered on a non-fixed price basis, the underwriters', dealers' or agents' compensation will be increased or decreased by the amount by which the aggregate price paid for Securities by the purchasers exceeds or is less than the gross proceeds paid by the underwriters, dealers or agents to the Corporation. See "*Plan of Distribution*".

All shelf information permitted under applicable laws to be omitted from this Prospectus will be contained in one or more prospectus supplements (each, a "**Prospectus Supplement**") that will be delivered to prospective purchasers together with this Prospectus to the extent required by applicable laws. The specific terms of the Securities with respect to a particular offering will be set out in the applicable Prospectus Supplement. Each Prospectus Supplement will be deemed to be incorporated by reference into this Prospectus as of the date of the Prospectus Supplement and only for the purposes of the offering of Securities to which the Prospectus Supplement pertains.

Where required by statute, regulation or policy, and where Securities are offered in currencies other than Canadian dollars, appropriate disclosure of foreign exchange rates applicable to such Securities will be included in the Prospectus Supplement describing such Securities. The Corporation may also include in a Prospectus Supplement specific terms pertaining to the Securities which are not within the options and parameters set forth in this Prospectus.

**Prospective purchasers should be aware that the purchase of Securities may have tax consequences, both in the United States and in Canada, which may not be fully described in this Prospectus or in any Prospectus Supplement. Prospective purchasers should read the tax discussion, if any, in the applicable Prospectus Supplement and consult with an independent tax advisor.**

This Prospectus constitutes a public offering of the Securities only in those jurisdictions where they may be lawfully offered for sale and therein only by persons permitted to sell such Securities. The Corporation may offer and sell the Securities to or through underwriters or dealers purchasing as principals, and may also sell directly to one or more purchasers in accordance with applicable securities laws or through agents. A Prospectus Supplement relating to each issue of Securities offered thereby will set forth the names of any underwriters, dealers or agents involved in the sale of such Securities, the terms of engagement and the compensation of any such underwriters, dealers or agents.

To the extent permitted by applicable law, in connection with any offering of Securities (unless otherwise specified in a Prospectus Supplement), any underwriters, dealers or agents, when purchasing as principal, may over-allot or effect transactions intended to fix or stabilize or maintain the market price of the Securities at a level above that which might otherwise prevail in the open market. Such transactions, if commenced, may be interrupted or discontinued at any time. See "*Plan of Distribution*".

**No underwriter, dealer or agent has been involved in the preparation of this Prospectus or performed any review of the contents of this Prospectus.**

Any offering of Preferred Shares, Debt Securities, Subscription Receipts or Units will be a new issue of securities. The issued and outstanding Common Shares are listed on the Toronto Stock Exchange under the symbol "IMP" and on OTCQX® Best Market under the symbol "ITMSF". Unless otherwise specifically stated in the applicable Prospectus Supplement, there is no market through which the Preferred Shares, Debt Securities, Subscription Receipts, Warrants or Units may be sold and purchasers may not be able to resell the Preferred Shares, Debt Securities, Subscription Receipts, Warrants or Units purchased under this Prospectus or any Prospectus Supplement. This may affect the pricing of the Preferred Shares, Debt Securities, Subscription Receipts, Warrants or Units in the secondary market (if any), the transparency and availability of trading prices (if any), the liquidity of the Preferred Shares, Debt Securities, Subscription Receipts, Warrants or Units (if any), and the extent of issuer regulation. See "*Risk Factors*" in this Prospectus and in any applicable Prospectus Supplement.

Unless otherwise specified in the applicable Prospectus Supplement, the Preferred Shares, Debt Securities, Subscription Receipts, Warrants or Units will not be listed on any securities exchange.

Each of Patrick Blott, Chairman, Chief Executive Officer and a director of the Corporation, Jennifer Bakken, Chief Financial Officer of the Corporation and Jordan Tongalson, a director of the Corporation, reside outside of Canada and, accordingly, have appointed Intermap Technologies Corporation, at 840 6 Avenue S.W., Suite 200, Calgary Alberta, T2P 3E5 as their agent for service of process in Canada.

Purchasers are advised that it may not be possible for investors to enforce judgments obtained in Canada against any person who resides outside of Canada or company that is incorporated, continued or otherwise organized under the laws of a foreign jurisdiction, even if the party has appointed an agent for service of process.

The distribution of Securities hereunder is subject to approval of certain legal matters on behalf of the Corporation by Norton Rose Fulbright Canada LLP.

The head office of the Corporation is located at 385 Inverness Pkwy, Suite 105, Englewood, Colorado, USA 80112. The registered office of the Corporation is located at 3700, 400 3<sup>rd</sup> Avenue S.W., Calgary, Alberta, T2P 4H2.

**An investment in the Securities involves a high degree of risk and should only be made by persons who can afford the total loss of their investment. Prospective purchasers should carefully consider the risk factors described in this prospectus under "Note Regarding Forward-Looking Statements" and "Risk Factors" and the risk factors in the Corporation's documents which are incorporated by reference herein for a description of risks involved in an investment in the Securities.**

**This offering is made by a Canadian issuer that is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this prospectus in accordance with Canadian disclosure requirements. Prospective investors should be aware that such requirements are different from those of the United States. Financial statements included or incorporated herein, if any, have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board, and may be subject to Canadian auditing and auditor independence standards, and thus may not be comparable to financial statements of United States companies.**

**The enforcement by investors of civil liabilities under the federal securities laws may be affected adversely by the fact that the Corporation is incorporated or organized under the laws of a foreign country, that some or all of its officers and directors may be residents of a foreign country, that some or all of the underwriters or experts named in the registration statement on Form F-10, of which this Prospectus constitutes a part (the "Registration Statement"), may be residents of a foreign country, and that all or a substantial portion of the assets of the Corporation and said persons may be located outside the United States.**

**THESE SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED BY THE SECURITIES EXCHANGE COMMISSION IN THE UNITED STATES (THE "SEC") NOR HAS THE COMMISSION PASSED UPON THE ACCURACY OR ADEQUACY OF THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.**

ii

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [NOTICE TO PURCHASERS](#mj_001) | 1 |
| [NOTE REGARDING FORWARD-LOOKING STATEMENTS](#mj_002) | 1 |
| [DOCUMENTS INCORPORATED BY REFERENCE](#mj_003) | 2 |
| [DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT](#mj_004) | 3 |
| [ADDITIONAL INFORMATION](#mj_005) | 4 |
| [INTERMAP TECHNOLOGIES CORPORATION](#mj_006) | 4 |
| [CONSOLIDATED CAPITALIZATION](#mj_007) | 7 |
| [PRIOR SALES](#mj_008) | 7 |
| [TRADING PRICE AND VOLUME](#mj_009) | 7 |
| [EARNINGS COVERAGE RATIO](#mj_010) | 7 |
| [USE OF PROCEEDS](#mj_011) | 7 |
| [PLAN OF DISTRIBUTION](#mj_012) | 8 |
| [DESCRIPTION OF COMMON SHARES](#mj_013) | 9 |
| [DESCRIPTION OF PREFERRED SHARES](#mj_014) | 10 |
| [DESCRIPTION OF DEBT SECURITIES](#mj_015) | 10 |
| [DESCRIPTION OF SUBSCRIPTION RECEIPTS](#mj_016) | 14 |
| [DESCRIPTION OF WARRANTS](#mj_017) | 15 |
| [DESCRIPTION OF UNITS](#mj_018) | 16 |
| [CERTAIN INCOME TAX CONSIDERATIONS](#mj_019) | 17 |
| [RISK FACTORS](#mj_020) | 17 |
| [INTEREST OF EXPERTS](#mj_021) | 20 |
| [ENFORCEABILITY OF CIVIL LIABILITIES](#mj_022) | 20 |
| [LEGAL MATTERS](#mj_023) | 20 |
| [AUDITOR, TRANSFER AGENT AND REGISTRAR](#mj_024) | 20 |
| [STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION](#mj_025) | 20 |
| [CONTRACTUAL RIGHTS OF RESCISSION](#mj_026) | 20 |
| [CERTIFICATE OF THE CORPORATION](#mj_027) | C-1 |

---

iii

**NOTICE TO PURCHASERS**

This Prospectus provides a general description of the Securities that Intermap may offer from time to time. Each time the Corporation offers and sells Securities under this Prospectus, the Corporation will provide prospective purchasers with a Prospectus Supplement that will contain specific information about the terms of that offering, and may also add, update or change information contained in this Prospectus. Before investing in any Securities, prospective purchasers should rely only on the information contained in: (a) this Prospectus and any applicable Prospectus Supplement; and (b) any documents incorporated by reference in this Prospectus or in any applicable Prospectus Supplement. The Corporation has not authorized anyone to provide prospective purchasers with different or additional information. If anyone provides prospective purchasers with any different or inconsistent information, prospective purchasers should not rely on it. Prospective purchasers should bear in mind that although the information contained in, or incorporated by reference in, this Prospectus is intended to be accurate as of the date hereof or the date of such documents incorporated by reference, respectively, such information may also be amended, supplemented or updated, as may be required by applicable securities laws, by the subsequent filing of additional documents deemed by applicable securities laws to be, or otherwise incorporated by reference into this Prospectus, any Prospectus Supplement and by any subsequently filed prospectus amendments, if any. This Prospectus constitutes a public offering of Securities only in those jurisdictions where they may be lawfully distributed and therein only by persons permitted to distribute such Securities. The Corporation is not making any offer of Securities in any jurisdiction where the offer is not permitted by law.

In this Prospectus, all references to "**$**" or "**C$**" are to Canadian dollars, and all references to "**US$**" are to United States dollars. Unless otherwise indicated, all financial information included or incorporated by reference in this Prospectus and any applicable Prospectus Supplement has been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board, which are also generally accepted accounting principles for publicly accountable enterprises in Canada.

The Corporation may, from time to time, sell any combination of the Securities described in this Prospectus in one or more offerings up to an aggregate offering amount of $100,000,000 or the equivalent in other currencies.

Information on or connected to the Corporation's website, even if referred to in a document incorporated by reference herein, does not constitute part of this Prospectus.

**NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Prospectus and the documents incorporated by reference herein contain "forward-looking information" within the meaning of applicable Canadian securities laws and "forward-looking statements" within the meaning of the U.S. Securities Act of 1933 (the "**U.S. Securities Act**") and the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995 (collectively referred to as "**forward-looking statements**"). Such forward-looking statements include, without limitation, forecasts, estimates, plans, projections, targets, expectations and objectives for future operations and financial results that are subject to assumptions, risks and uncertainties, many of which are beyond the control of Intermap. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "may", "can", "will", "shall", "should", "could", "anticipate," "expect," "project," "estimate," "forecast," "plan," "hope", "likely", "intend," "target," "believe," and similar expressions, or are events or conditions that "will", "would", "may", "could" or "should" occur or be achieved. In addition to the forward-looking statements contained in the documents incorporated by reference herein, this Prospectus contains forward-looking statements pertaining to, without limitation: certain terms of the Securities; the manner in which Securities may be offered or distributed pursuant to this Prospectus and any Prospectus Supplement, including the engagement of underwriters, dealers or agents for such purposes; the markets (or lack thereof) for trading in any of the Securities following their issuance under this Prospectus and any Prospectus Supplement; the potential use of proceeds by the Corporation from the issuance of the Securities; and sources and uses of cash.

Forward-looking statements should not be read as guarantees of future performance and are subject to significant risks, uncertainties, and other key factors that could cause actual results or events to be materially different from those anticipated in such forward-looking statements. A number of factors could cause actual results to differ materially from the results discussed in the forward-looking statements, including, but not limited to, those factors discussed under the headings "*Risk Factors*" in the AIF (as defined herein) and "*Forward-Looking Statements*" in the Interim MD&A (as defined herein) and Annual MD&A (as defined herein), including:

● adequate liquidity being available to the Corporation to carry out its operations;

● payments on material contracts occurring within a reasonable period of time after payment is due;

● the Corporation's products and services will continue to be sold successfully;

● the Corporation's business development activities will continue to be successful;

● no significant delays in development and commercialization of the Corporation's products;

● the Corporation continuing to maintain sufficient and effective production and software development capabilities to compete on the attributes and cost of its products;

● no significant reduction in the availability of qualified and cost-effective human resources;

● continued existence and productivity of subsidiary operations;

● demand for geospatial related products and services continuing to grow in the foreseeable future;

● no significant barriers to the integration of the Corporation's products and services into customers' applications;

● the Corporation being able to maintain compliance with applicable contractual and regulatory obligations and requirements;

● superior technologies/products not developing that would render the Corporation's current product offerings obsolete; and

● risks related to government trade policies, including potential impacts of tariffs, duties, fees, economic sanctions, or other trade measures, and the potential impact on the Corporation.

The forward-looking statements in this Prospectus and the documents incorporated by reference herein reflect Intermap's beliefs and assumptions with respect to, among other things, such things as: cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, political decisions, and evolving government trade policies, including potential and announced tariffs, duties, fees, economic sanctions, or other trade measures, international and political considerations, Common Share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, and a breakdown of strategic alliances. In some instances, this Prospectus and the documents incorporated by reference herein may also contain forward-looking statements attributed to third parties. Management believes that its assumptions and analysis in this Prospectus are reasonable and that the expectations reflected in the forward-looking statements contained herein are also reasonable. However, management cannot assure readers that these expectations will prove to be correct.

Readers are therefore cautioned that they should not unduly rely on the forward-looking statements included in this Prospectus or any documents incorporated by reference. All forward-looking statements contained in this Prospectus are expressly qualified by this cautionary statement. The Corporation cautions that the foregoing list of factors that may affect future results is not exhaustive. Events or circumstances could cause actual results to differ materially from those estimated or projected and expressed in, or implied by, the forward-looking statements. The forward-looking statements contained in this Prospectus are made as of the date of this Prospectus, and Intermap does not undertake any obligation to publicly update, revise any forward-looking statements, reflect new information, subsequent events or otherwise, except as required by applicable securities laws.

Additional information on these and other risks, uncertainties and factors that could affect the Corporation are provided in the disclosure documents filed from time to time with the securities commission or similar regulatory authority in each of the provinces of Canada. In particular, see "*Risk Factors*" in the AIF incorporated by reference into this Prospectus.

**DOCUMENTS INCORPORATED BY REFERENCE**

**Information has been incorporated by reference in this Prospectus from documents filed with securities commissions and similar regulatory authorities in each of the provinces of Canada and with the SEC.**

Under applicable securities laws in Canada, the Canadian securities commissions or similar regulatory authorities allow the Corporation to incorporate by reference certain information that it files with the Canadian securities commissions or similar regulatory authorities, which means that the Corporation can disclose important information to prospective purchasers by reference to those documents. Information that is incorporated by reference is an important part of this Prospectus. Copies of the documents incorporated by reference herein may be obtained on request without charge from the Chief Financial Officer of the Corporation by mail to 385 Inverness Pkwy, Suite 105, Englewood, Colorado, USA 80112 or by telephone at 303-708-0955, and are also available electronically under the Corporation's issuer profile at <u>www.sedarplus.ca</u>. **Documents filed with, or furnished to, the SEC are available through the SEC's Electronic Data Gathering and Retrieval System at <u>www.sec.gov</u>.**

The following documents of the Corporation have been, or will be, filed with the various securities commissions or similar regulatory authorities in each of the provinces of Canada, and filed with, or furnished to, the SEC, and are specifically incorporated by reference into and form an integral part of this Prospectus:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 annual information form of the Corporation dated March 31, 2025 for the year ended December
 31, 2024 (the "**AIF** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 audited annual consolidated financial statements of the Corporation for the years ended December
 31, 2024 and 2023, together with the notes thereto and the auditor's report thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 management's discussion and analysis of the Corporation for the year ended December
 31, 2024 (the "**Annual MD&A** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 material change report of the Corporation dated March 3, 2025, in connection with its private
 placement of Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 unaudited condensed consolidated interim financial statements of the Corporation as at and
 for the three and six-month periods ended June 30, 2025;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 interim management's discussion and analysis of financial results for the quarter ended
 June 30, 2025 (the "**Interim MD&A** "); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 management information circular dated May 28, 2025, prepared in connection with the Corporation's
 annual general meeting held on June 26, 2025.

Any documents of the type required by National Instrument 44-101 *Short Form Prospectus Distributions* to be incorporated by reference herein including, without limitation, any material change reports (excluding confidential material change reports), comparative interim financial statements, comparative annual financial statements and the auditors' report thereon, interim and annual management's discussion and analysis, information circulars, annual information forms and business acquisition reports filed by the Corporation with the securities commissions or similar regulatory authorities in the provinces of Canada subsequent to the date of this Prospectus, and prior to the termination of any distribution hereunder, are deemed to be incorporated by reference in this Prospectus.

**Any statement contained in this Prospectus or a document incorporated or deemed to be incorporated by reference herein shall be deemed to be modified or superseded for the purposes of this Prospectus to the extent that a statement contained herein or in any other subsequently filed document (or part thereof) which also is, or is deemed to be, incorporated by reference herein modifies or supersedes such statement. The modifying or superseding statement need not state that it has modified or superseded a prior statement or include any other information set forth in the document (or part thereof) that it modifies or supersedes. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation, an untrue statement of a material fact or an omission to state a material fact that was required to be stated or that was necessary to make a statement not misleading in light of the circumstances in which it was made. Any statement so modified or superseded shall not be deemed, except as so modified or superseded, to constitute a part of this Prospectus.**

Upon a new annual information form and related audited annual financial statements and management's discussion and analysis being filed by Intermap with, and where required, accepted by, the securities commission or similar regulatory authority in each of the provinces of Canada during the term of this Prospectus, the previous annual information form, the previous audited annual financial statements and related management's discussion and analysis, all unaudited interim financial statements and related management's discussion and analysis, material change reports and business acquisition reports filed prior to the commencement of Intermap's financial year in which the new annual information form and related audited annual financial statements and management's discussion and analysis are filed shall be deemed no longer to be incorporated into this Prospectus for purposes of future distributions of Securities under this Prospectus. Upon new interim financial statements and related management's discussion and analysis being filed by Intermap with the securities commission or similar regulatory authority in each of the provinces of Canada during the term of this Prospectus, all interim financial statements and related management's discussion and analysis filed prior to the new interim consolidated financial statements and related management's discussion and analysis shall be deemed no longer to be incorporated into Prospectus for purposes of future distributions of Securities under this Prospectus. Upon a new information circular relating to an annual meeting of shareholders of the Corporation being filed by Intermap with the securities commission or similar regulatory authority in each of each of the provinces of Canada during the term of this Prospectus, the information circular for the preceding annual meeting of shareholders of the Corporation shall be deemed no longer to be incorporated into this Prospectus for purposes of future distributions of Securities under this Prospectus.

Each annual report on Form 40-F (or another applicable form) filed by the Corporation with the SEC is incorporated by reference in the Registration Statement. In addition, any report on Form 6-K (or another applicable form) filed or furnished by the Corporation with the SEC after the date of this Prospectus shall be deemed to be incorporated by reference in the Registration Statement only if and to the extent expressly provided in such report. The Corporation's reports on Form 6-K and its annual report on Form 40-F (and other SEC filings made by the Corporation) are available at the SEC's website at <u>www.sec.gov</u>.

Certain marketing materials (as that term is defined in applicable securities legislation) may be used in connection with a distribution of Securities under this Prospectus and any applicable Prospectus Supplement. Any template version of marketing materials (as those terms are defined in applicable securities legislation) pertaining to a distribution of Securities, and filed by the Corporation after the date of the applicable Prospectus Supplement for the offering and before termination of the distribution of such Securities, will be deemed to be incorporated by reference in such Prospectus Supplement for the purposes of the distribution of Securities to which the Prospectus Supplement pertains.

All shelf information permitted under applicable laws to be omitted from this Prospectus will be contained in one or more Prospectus Supplements that will be delivered to prospective purchasers together with this Prospectus to the extent required by applicable securities laws. Each Prospectus Supplement will be deemed to be incorporated by reference into this Prospectus as of the date of the Prospectus Supplement and only for the purposes of the offering of Securities to which the Prospectus Supplement pertains.

**Prospective purchasers should rely only on the information contained or incorporated by reference in this Prospectus or any Prospectus Supplement. The Corporation has not authorized anyone to provide prospective purchasers with different or additional information. The Corporation is not making an offer of these Securities in any jurisdiction where the offer is not permitted by law. Prospective purchasers should bear in mind that although the information contained in, or incorporated by reference in, this Prospectus is intended to be accurate as of the date hereof or the date of such documents incorporated by reference, respectively, such information may also be amended, supplemented or updated, as may be required by applicable securities laws, by the subsequent filing of additional documents deemed by applicable securities laws to be, or otherwise incorporated by reference into this Prospectus, any Prospectus Supplement and by any subsequently filed prospectus amendments, if any.**

**DOCUMENTS FILED AS PART OF THE REGISTRATION STATEMENT**

The following documents have been or will be filed or furnished with the SEC as part of the Registration Statement: (i) the documents listed under the heading "Documents Incorporated by Reference"; (ii) powers of attorney from our directors and officers, as applicable; and (iii) the consent of KPMG LLP.

**ADDITIONAL INFORMATION**

**In addition to its continuous disclosure obligations under the securities laws of each of the provinces of Canada, the Corporation is subject to the informational requirements of the U.S. Securities Exchange Act of 1934, as amended (the "U.S. Exchange Act"), and, in accordance with the U.S. Exchange Act, are also required to file reports with, and furnish other information to, the SEC. Under a multijurisdictional disclosure system adopted by the United States and Canada, these reports and other information (including financial information) may be prepared in accordance with the disclosure requirements of Canada, which differ in certain respects from those in the United States. As a foreign private issuer, the Corporation is exempt from the rules under the U.S. Exchange Act prescribing the furnishing and content of proxy statements, and our officers, directors and principal shareholders are exempt from the reporting and short-swing profit recovery provisions contained in Section 16 of the U.S. Exchange Act. In addition, we are not required to publish financial statements as promptly as U.S. companies.**

**The Registration Statement has been filed by the Corporation with the SEC in respect of the offering of securities. The Registration Statement contains additional information not included in this Prospectus, certain items of which are contained in the exhibits to such Registration Statement, pursuant to the rules and regulations of the SEC.**

**INTERMAP TECHNOLOGIES CORPORATION**

**General**

Intermap was formed on January 31, 1996 and commenced active business operations on September 1, 1996. On November 11, 1996, the Corporation acquired all of the assets that had comprised the image mapping services division of Intera Information Technologies Corporation ("**IITC**"), a company which traces its history operating mapping aircraft for the U.S. Army back to 1919. On February 25, 1997, Intermap amalgamated with a junior capital pool corporation (effectively a publicly listed shell company) listed on the Alberta Stock Exchange (now the TSX Venture Exchange). The Corporation changed its name to Intermap Technologies Corporation on May 25, 1999.

The assets acquired from IITC included cash and cash equivalents, employees, contracts, software, equipment, and goodwill. On November 11, 1996, under a Transfer, Assignment, and License Agreement among Intermap, Environmental Research Institute of Michigan, and Intermap U.S.A., Intermap acquired the rights to certain International Traffic in Arms Regulations restricted digital mapping technology developed by the Defense Advanced Research Projects Agency ("**DARPA**").

Today, Intermap generates revenue from two market segments, government and commercial, and three product categories: geospatial data collection, value-added data production and licensing, and related downstream software solutions and services. Intermap's software solutions and services are unique because they bundle Intermap's proprietary data collection, processing infrastructure, and archive library.

Intermap Technologies Inc. is a wholly owned subsidiary of the Corporation formed under the laws of Delaware, which, together with its subsidiaries, comply with U.S. Federal Government requirements that qualified U.S. Persons own and control the regulated dual-use technology used by Intermap.

**Description of the Business**

Intermap is focused on the creation, analysis, and provisioning of 3D terrain data and high-resolution thematic models of the Earth's surface. The Corporation helps customers understand their terrain environment, as well as its natural and manmade features, to inform better decisions. Organizations that use its products include government planners, space and orbital sensor companies, GIS software users, regulatory agencies, insurance companies, military organizations, aviation authorities, commercial airlines, drone and helicopter companies, natural resource companies, telecommunications companies, environmental consultants, road transportation and logistics companies, land use planners, agricultural companies, consumer recreation apps, and navigation, simulation, and visualization companies.

**Intermap deploys patented, dual-use sensors and processing technology that collect and fuse massive and disparate raw datasets into its commercial 3D geospatial library, called NEXTMap. It then produces a suite of versatile, remotely sensed, 3D and multidimensional digital elevation models ("DEM"), precise, ground-true ortho-rectified images, map layers, thematic models, related digital infrastructure, software products, and solutions, all dynamically exploiting available sources, anytime, anywhere, at global scale - Your World. Made Simple.**

Intermap's sensor-agnostic, multiple-source approach, combined with proprietary, dual-use, company-owned military-grade sensors, which can be deployed as needed, patented processing engines and unique library, generate valuable, actionable geospatial intelligence. Its high-resolution, ground-true 3D data delivers decision advantage from a distance, with analytics available at speeds and scale, remotely through the cloud, that eliminate the need to deploy expensive, on-the-ground or in-field resources to answer geospatial questions and solve problems. This remote action is enabled by the dynamic geospatial intelligence Intermap provides.

Intermap's customers can monitor and take remote action to optimize their land, air, space and sea assets; direct military mapping, surveillance, reconnaissance, and disaster response missions; monitor and analyze wetland, ice, vegetation, forest cover, including forest densities, harvest, soil erosion, depletion, regeneration, and flood zones; deploy highly reliable and precise operational navigation systems; conduct large scale transportation management, utility and land use planning, and remote insurance underwriting.

**Over an extended period, Intermap invested several hundred million dollars to establish and productize its NEXTMap library of global 3D terrain data, much of it funded by meeting technology requirements for the U.S. government, including DARPA, the National Aeronautics and Space Administration, and the National Geospatial-Intelligence Agency. For its government customers, Intermap collects airborne IFSAR data, using a fleet of high-altitude jet aircraft equipped with dual-use and proprietary military-grade P-band SAR and X-band IFSAR sensors. The Corporation has also patented a unique process to build highly accurate, 3D bare-earth digital terrain models, using proprietary radar that can penetrate to the ground through natural and manmade obstructions. In addition to 3D digital surface models, Intermap provides extremely accurate DTMs over the same coverage areas. Intermap also invested more than $38 million from 2012 to 2016 to build leading-edge, 3D data exploitation and dissemination capability, using proprietary software, so products and solutions derived from its NEXTMap global library, augmented as required with new collections, are delivered with speed and scale, using intuitive, cloud-based software products and application programming interfaces accessible to non-expert geospatial users.**

**Intermap's patented Intelligent Resolution Improvement System ("IRIS") is a flexible and automated workflow technology that produces proprietary, source-agnostic, enhanced DEMs covering the entire land area of the Earth several times over, combining its NEXTMap library with new collections from its own sensors, as well as from other multi-source data, including remotely sensed 3D points from LiDAR, 2D EO/optical and SAR sensors from airborne and space platforms. By incorporating multi-source data, IRIS builds sensed 3D points capturing a broad electromagnetic spectrum of information and provides more precise and reliable 3D models than alternative approaches that use single source data, statistics, and interpolation to estimate reality. IRIS enables Intermap to maintain, refresh, enrich and operationalize NEXTMap so its installed solutions comprise the best 3D data available from multiple sources, efficiently tailored to meet requirements, while never becoming stale.**

The Corporation's policy is to retain intellectual property rights to its data. Intermap offers elevation data products as-a-service, software as-a-service and data licenses. Its customers on every continent benefit from Intermap's content and architecture to maximize their own geospatial investment. In this way, Intermap helps governments build their authoritative geospatial datasets to rigorous specifications in 3D, then leverages that highest quality data to solve problems for commercial customers. Intermap's integrated collection, processing, exploitation, and delivery, allow clients to build and manage world-class foundation data, providing ground truth so subsequent data layers can work together. This is particularly important for military applications. Intermap has worked with more than 50 countries to build their geospatial infrastructure. Recent advances in computing power, sensor resolution and variety, machine learning technology, and data architectures have made the exploitation of integrated datasets more accessible and valuable than ever. Commercial clients benefit from Intermap's ability to leverage its core NEXTMap global library and proprietary cloud infrastructure, and integrate geospatial intelligence seamlessly into their traditional workflows, without the need for expert users – providing better answers, greater profitability, faster delivery and improved safety and accuracy without exorbitant capital spending.

For many reasons, the geospatial industry is at an important inflection point, in government and commercial markets, where powerful 3D data is made available to non-expert users to inform decisions. For many important applications, 3D data works far better than traditional 2D data to provide answers to geospatial problems, particularly for problems requiring automated change detection. Because of its long history, Intermap is in a key position to facilitate and benefit from this trend, which is accelerating, by operationalizing global-scale 3D data. The Corporation has extensive experience and continues to invest in global-scale, high-precision, 3D, source-agnostic data creation and delivery. Since 2017, it has built the tools, library and technology to provision these assets with speed, in the cloud, and integrated into user workflows, all reliably sourced from Intermap's trusted and proprietary global, 3D foundation layer at 1-meter resolution, with congruent orthorectified imagery at better than 25cm resolution.

Intermap's new applications are tailored to specific industries and even specific government agencies and companies, making the solutions cost effective and increasing customer reliance. Our innovative business model brings geospatial answers directly to imperative problems, offering data quality and speed as competitive advantages, and allowing our customers to acquire, repurpose, enrich and combine valuable geospatial data to answer questions and solve problems in ways that they can access from Intermap, without the need to duplicate complex infrastructure or sift through expensive data they do not need with uncertain quality and sourcing.

Intermap's data margin is the difference between the cost of goods to develop new data products through NEXTMap and proprietary collection or acquisition (build) and the ability to monetize those data products as licenses, software or solution sales (deploy). Combined with advances in sensors and computing power, Intermap's legacy capital investment in technology, data, sensors, systems architecture and platform allows us to monetize our products with high data margin. The Corporation's growing NEXTMap geospatial library powers AI-driven algorithms, making each new solution faster, cheaper to build, richer in content and more relevant. Intermap's proprietary data library, unique sensors, patented technology, low latency process to create and maintain data, and related application tools, collectively provide the Corporation with tremendous operating leverage and competitive advantages, driving product margins, volume, automation, and repeatability without incurring significant additional costs. This is the value of owning and maintaining a highly precise global digital elevation model and library.

For example, Intermap's elevation data as-a-service and elevation analysis as-a-service, which deliver x, y and z coordinates, are growing +30%, driven by non-expert geospatial users in the insurance, telecommunications, and aviation industries. Similar trends are taking shape in government and military markets, to reduce latency, as decision makers push 3D geospatial capability to their non-expert geospatial users "at the edge."

**Under its current leadership, Intermap has been working to leverage its dual-use, regulated and recently upgraded military technology to re-enter the U.S. government market as a service provider to various U.S. government departments. In January 2023, Intermap was awarded its first task orders under the U.S. Defense Department's JANUS contract and provided geospatial products processed using its advanced Artificial Intelligence ("AI") / Machine Learning ("ML") technology to support the program's mission to create and integrate geospatial intelligence for authoritative, seamless, worldwide datasets. The following month, Intermap was selected by the U.S. Department of Defense to present its newest artificial intelligence processing technology and demonstrate how it can support the U.S. government with actionable, geo-precise data for situational awareness and planning processes.**

In January 2024, Intermap was awarded a major contract to map the island of Sulawesi, representing 10% of Indonesia's landmass under the national One Map program. This significant achievement demonstrates the Corporation's ability to deliver high-resolution, cloud- and foliage-penetrating 3D data in dense tropical regions. Shortly thereafter, Intermap commenced work on the program, combining its unique airborne IFSAR technology with advanced AI/ML analytics to provide world-class geospatial capabilities.

European Union Aviation Safety Agency, which has a reciprocal authority with the Federal Aviation Administration, awarded global certification to Intermap and its exclusive partner, Lufthansa Systems GmbH, to deliver NEXTView, a first of its kind elevation data as-a-service for aviation. Since achieving certification, Intermap has recently sold NEXTView to several federal aviation authorities and national mapping agencies for their beta tests. As it becomes adopted, NEXTView will dramatically improve avionics systems used for navigation, terrain warning systems and flight planning. NEXTView is anticipated to improve flight safety and efficiency around the world, making air travel safer, more accessible and more profitable.

At the same time, NEXTMap is dual-purposed for commercial drone work, enabling more efficient flight planning and extending the range of beyond-line-of-sight drones. The Corporation recently signed a leading manufacturer of aviation-grade drone technology and a service provider for a wide range of drone deployments. This new subscription agreement is indicative of growing demand for reliable navigation data as the drone market grows.

Intermap continues to be the preferred provider for many governments that are building some of the world's most complex geospatial foundation datasets. Intermap is currently building situational awareness for five national governments on four continents. Colombia's federal mapping agency, IGAC, continues to contract with Intermap to build high-resolution, 3D models and analytics in mountainous jungle terrain obscured by nearly perpetual cloud cover in the Amazon Rainforest. Intermap is continuing to see growth in InsitePro subscription revenue and customers are renewing each year with increased annual premium and usage. Intermap's patented, low latency IRIS technology, combined with NEXTMap, is being utilized to turn space imagery into useful geospatial intelligence by enabling orbital space infrastructure, including for orthorectification and altimetry-based accuracy validation.

In addition, Intermap will consider deploying proceeds from any offerings to fund acquisitions that would increase growth and accelerate the achievement of its strategic objectives. Process and technology automation will be key drivers in creating value at target companies with labor-intensive workflows.

For additional information in respect of the business and operations of Intermap, please refer to the headings "*Corporate Structure,*" "*General Development of the Business*" and "*Description of the Business*" in the AIF and the heading "*Business Overview*" in the Annual MD&A and updated in the Interim MD&A, all of which are incorporated by reference in this Prospectus.

**CONSOLIDATED CAPITALIZATION**

There have been no material changes in the share and loan capital of the Corporation on a consolidated basis since June 30, 2025.

**PRIOR SALES**

The prior sales of each class and series of securities that will be distributed under this Prospectus will be disclosed in each applicable Prospectus Supplement.

**TRADING PRICE AND VOLUME**

Trading price and volume of the Corporation's securities will be provided as required for all of our listed securities, as applicable, in each Prospectus Supplement to this Prospectus.

**EARNINGS COVERAGE RATIO**

Information regarding earnings coverage ratios will be provided in the applicable Prospectus Supplement relating to any offering of Debt Securities having a term to maturity in excess of one year or Preferred Shares, as required by applicable securities laws.

**USE OF PROCEEDS**

The use of proceeds from the sale of Securities will be described in the applicable Prospectus Supplement relating to a specific offering and sale of Securities. Unless otherwise specified in the applicable Prospectus Supplement, **Intermap currently intends to use the net proceeds from the sale of Securities to expand and develop the Corporation's offerings, pursue new strategic contracts and for general corporate purposes. Intermap has no specific, actionable, identified acquisition targets or research projects outside the normal course of business.** All capital expenditures are discretionary.

In financial years prior to 2024, the Corporation had a number of years of negative operating cash flow, as disclosed in the Corporation's financial statements. Although the Corporation intends to use the net proceeds from the sale of Securities as set forth above, to the extent that the Corporation has negative cash flow from operating activities in future periods, the Corporation may need to use a portion of the proceeds from any offering to fund such negative cash flow. See "*Risk Factors* – *Cash Flow and Liquidity Uncertainty", "– Discretion in the Use of Proceeds" and "– Availability of Capital"* as well as the other risk factors described under the heading "*Risk Factors"* in this Prospectus.

Intermap intends to continue its twin objectives of winning major, recurring business with U.S. and allied governments as well as converting its commercial business into "as-a-service" subscriptions. With its patented, proprietary technology, Intermap is uniquely positioned to provide government and commercial customers with global, precise, current, dynamic 3DGi. Building on its authoritative data and source-agnostic, scale-invariant processing engine, the Corporation intends to compete for and win significant government and commercial business around the world.

The Corporation is executing its business strategy as follows:

● Government contract awards for data collection and GIS products in Indonesia, with ongoing negotiations for various programs and services with the US government as well as the governments of Malaysia, South Korea, Vietnam, Thailand, Colombia and Peru.

● Base revenue for existing software licenses with renewals.

● Base revenue from multiyear, recurring customers for GIS products with growth based on new and expanded commercial applications, including aviation, drone and natural perils, including flood, wildfire, windstorms, hail, lightning, earthquake, landslide, volcano, tsunami, sea level rise, drought, heat stress and precipitation.

The amount of net proceeds to be used for any of the above purposes will be set forth in a Prospectus Supplement. The Corporation may invest funds which it does not immediately use. Such investments may include short-term marketable investment grade securities.

**PLAN OF DISTRIBUTION**

The Corporation may sell the Securities: (i) to or through underwriters purchasing as principal; (ii) directly to one or more purchasers in accordance with applicable securities laws; (iii) through agents; or (iv) through a combination of any of these methods of sale.

The distribution of the Securities of any series may be effected from time to time in one or more transactions at a fixed price or prices or at non-fixed prices. If offered on a non-fixed price basis, the Securities may be offered at market prices prevailing at the time of sale, at prices determined by reference to the prevailing price of a specified security in a specified market or at prices to be negotiated with purchasers, in which case the compensation payable to an underwriter, dealer or agent in connection with any such sale will be increased or decreased by the amount, if any, by which the aggregate price paid for the Securities by the purchasers exceeds or is less than the gross proceeds paid by the underwriter, dealer or agent to the Corporation. The price at which the Securities will be offered and sold may vary from purchaser to purchaser and during the period of distribution.

In connection with the sale of the Securities, underwriters, dealers or agents may receive compensation from the Corporation or from other parties, including in the form of underwriters', dealers or agents' fees, commissions or concessions. Underwriters, dealers and agents that participate in the distribution of the Securities may be deemed to be underwriters for the purposes of applicable Canadian securities legislation and any such compensation received by them from the Corporation and any profit on the resale of the Securities by them may be deemed to be underwriting commissions.

The Prospectus Supplement relating to each offering of Securities will set forth the terms of the offering of the Securities, including to the extent applicable, the initial offering price, the proceeds to the Corporation, the underwriters', dealers' or agents' compensation or other discount or selling concession to be allowed or re-allowed to underwriters' or dealers. Any underwriters, dealers or agents with respect to a particular offering of Securities will be named in the Prospectus Supplement relating to such offering.

In connection with any offering of Securities, the underwriters may over-allot or effect transactions which stabilize, maintain or otherwise affect the market price of the Securities at a level other than those which otherwise might prevail on the open market. Such transactions may be commenced, interrupted or discontinued at any time.

Under agreements which may be entered into by the Corporation, underwriters, dealers and agents who participate in the distribution of the Securities may be entitled to indemnification by the Corporation against certain liabilities, including liabilities under the securities legislation of each of the provinces of Canada and under the U.S. Securities Act.

Each series of the Securities (other than Common Shares) will be a new issue of Securities with no established trading market. Unless otherwise specified in a Prospectus Supplement relating to a series of Securities, the Securities (other than Common Shares) will not be listed on any securities exchange. Certain broker dealers may make a market in the Securities, but will not be obligated to do so and may discontinue any market making at any time without notice. No assurance can be given that any broker dealer will make a market in the Securities of any series or as to the liquidity of the trading market, if any, for the Securities of any series.

Unless otherwise specified in the applicable Prospectus Supplement, this Prospectus does not constitute an offer to sell or the solicitation of an offer to buy any Securities in the United States. Unless otherwise specified in the applicable Prospectus Supplement, the Securities have not been and will not be registered under the U.S. Securities Act or any state securities laws, and may not be offered or sold within the United States or to, or for the account or benefit of, U.S. persons, unless the Securities are registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration requirements is available. Each underwriter, dealer and agent who participates in the distribution will agree not to sell or offer to sell or to solicit any offer to buy any Securities within the United States or to, or for the account or benefit of, a U.S. person, except pursuant to an exemption from the registration requirements of the U.S. Securities Act and any applicable state securities laws.

**DESCRIPTION OF COMMON SHARES**

The Corporation is authorized to issue an unlimited number of Common Shares.

Each Common Share entitles the holder to receive notice of and to attend all meetings of the shareholders of the Corporation ("**Shareholders**"), other than meetings at which only the holders of a specified class are entitled to vote. Each Common Share entitles the holder to one vote at all meetings of Shareholders. The holders of Common Shares, in the discretion of the board of directors of the Corporation, are entitled to receive out of any monies properly applicable to the payment of dividends, and after the payment of any dividends payable on the Preferred Shares of any series or any other class ranking prior to the Common Shares as to the payment of dividends, any dividends declared and payable on the Common Shares.

Upon any liquidation, dissolution or winding-up of the Corporation, or other distribution of the Corporation's assets among its Shareholders for the purposes of winding-up the affairs of the Corporation, the holders of the Common Shares are entitled to share on a share-for-share basis in the distribution, subject to the prior rights of the holders of the Preferred Shares of any series, or any other class ranking prior to the Common Shares.

There are no pre-emptive or conversion rights and the Common Shares are not subject to redemption. All Common Shares currently outstanding and to be outstanding upon the exercise of any securities convertible into Common Shares, are or will be, fully paid and non-assessable.

**DESCRIPTION OF PREFERRED SHARES**

The particular terms and provisions of any class of Preferred Shares offered pursuant to a Prospectus Supplement will be described in such Prospectus Supplement. Any Preferred Shares offered pursuant to a Prospectus Supplement will be of a new class of preferred shares. Prior to an offering of Preferred Shares pursuant to a Prospectus Supplement, the Corporation would need to amend its articles to create the Preferred Shares, which would require a special resolution of the holders of Common Shares. Any Prospectus Supplement for Preferred Shares will set forth the terms and other information with respect to the Preferred Shares being offered thereby, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 offering price of the Preferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 title and designation of the number of shares of the series of Preferred Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 dividend rate or method of calculation, the payment dates for dividends and the place or
 places where the dividends will be paid, whether dividends will be cumulative or noncumulative,
 and, if cumulative, the dates from which dividends will begin to accumulate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 conversion or exchange features or rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether
 the Preferred Shares will be subject to redemption and the redemption price and other terms
 and conditions relative to the redemption rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 liquidation rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) any
 sinking fund provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) any
 voting rights;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether
 the Preferred Shares will be issued in fully registered or "book-entry only"
 form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 other rights, privileges, restrictions and conditions attaching to the Preferred Shares;
 and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) any
 other specific terms applicable to such Preferred Shares.

**DESCRIPTION OF DEBT SECURITIES**

The following description of the terms of Debt Securities sets forth certain general terms and provisions of Debt Securities in respect of which a Prospectus Supplement may be filed. The particular terms and provisions of Debt Securities offered by any Prospectus Supplement, and the extent to which the general terms and provisions described below may apply thereto, will be described in the Prospectus Supplement filed in respect of such Debt Securities.

Debt Securities may be issued separately or in combination with one or more other Securities. The Corporation may, from time to time, issue debt securities and incur additional indebtedness other than through the issue of Debt Securities pursuant to this Prospectus.

The Debt Securities will be issued under one or more indentures (each, a "**Debt Indenture**"), in each case between the Corporation and a financial institution organized under the laws of Canada or any province thereof and authorized to carry on business as a trustee (each, a "**Trustee**").

The following description sets forth certain general terms and provisions of the Debt Securities and is not intended to be complete. The particular terms and provisions of the Debt Securities and a description of how the general terms and provisions described below may apply to the Debt Securities will be included in the applicable Prospectus Supplement. The following description is subject to the detailed provisions of the applicable Debt Indenture, a copy of which will be filed by the Corporation with the securities commission or similar regulatory authority in each of the provinces of Canada after it has been entered into and will be available electronically at <u>www.sedarplus.ca</u>.

**General**

The Debt Securities may be issued from time to time in one or more series. The Corporation may specify a maximum aggregate principal amount for the Debt Securities of any series and, unless otherwise provided in the applicable Prospectus Supplement, a series of Debt Securities may be reopened for issuance of additional Debt Securities of such series.

Any Prospectus Supplement for Debt Securities supplementing this Prospectus will contain the specific terms and other information with respect to the Debt Securities being offered thereby, including:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 designation, aggregate principal amount and authorized denominations of such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) any
 limit upon the aggregate principal amount of such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 currency or currency units for which such Debt Securities may be purchased and the currency
 or currency units in which the principal and any interest is payable (in either case, if
 other than Canadian dollars);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 offering price (at par, at a discount or at a premium) of such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 date or dates on which such Debt Securities will be issued and delivered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 date or dates on which such Debt Securities will mature, including any provision for the
 extension of a maturity date, or the method of determination of such date(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 rate or rates per annum (either fixed or floating) at which such Debt Securities will bear
 interest (if any) and, if floating, the method of determination of such rate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 date or dates from which any such interest will accrue and on which such interest will be
 payable and the record date or dates for the payment of such interest, or the method of determination
 of such date(s);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 nature and priority of any security for the Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) if
 applicable, the provisions for subordination of such Debt Securities to other indebtedness
 of the Corporation, and the extent of that subordination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) the
 Trustee under the Debt Indenture pursuant to which such Debt Securities are to be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) any
 redemption term or terms under which such Debt Securities may be defeased whether at or prior
 to maturity;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any
 repayment or sinking fund provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(n) any
 events of default applicable to such Debt Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(o) whether
 such Debt Securities are to be issued in registered form or in the form of temporary or permanent
 global securities and the basis of exchange, transfer and ownership thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(p) whether
 such Debt Securities will be exchangeable or convertible into Common Shares or other Securities
 of the Corporation, and the terms, conditions and procedures for such exchange or conversion
 and any provisions for the adjustment thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(q) if
 applicable, the ability of the Corporation to satisfy all or a portion of any redemption
 of such Debt Securities, any payment of any interest on such Debt Securities or any repayment
 of the principal owing upon the maturity of such Debt Securities through the issuance of
 securities of the Corporation or of any other entity, and any restriction(s) on the persons
 to whom such securities may be issued;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(r) the
 provisions applicable to the modification of the terms of the Debt Indenture; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(s) any
 other specific terms or covenants applicable to such Debt Securities.

The Corporation reserves the right to include in a Prospectus Supplement specific terms pertaining to the Debt Securities which are not within the options and parameters set forth in this Prospectus, provided that any Debt Securities will not be specified derivatives or asset-backed securities. In addition, to the extent that any particular terms of the Debt Securities described in a Prospectus Supplement differ from any of the terms described in this Prospectus, the description of such terms set forth in this Prospectus shall be deemed to have been superseded by the description of such differing terms set forth in such Prospectus Supplement with respect to such Debt Securities.

**Ranking**

The Debt Securities will be direct secured or unsecured obligations of the Corporation. The Debt Securities will be senior or subordinated indebtedness of the Corporation as described in the applicable Prospectus Supplement. If the Debt Securities are senior indebtedness, they will rank equally and rateably with all other unsecured indebtedness of the Corporation from time to time issued and outstanding which is not subordinated. If the Debt Securities are subordinated indebtedness, they will be subordinated to senior indebtedness of the Corporation as described in the applicable Prospectus Supplement, and they will rank equally and rateably with other subordinated indebtedness of the Corporation from time to time issued and outstanding as described in the applicable Prospectus Supplement. The Corporation reserves the right to specify in a Prospectus Supplement whether a particular series of subordinated Debt Securities is subordinated to any other series of subordinated Debt Securities.

**Registration of Debt Securities**

**Debt Securities in Book Entry Form**

Debt Securities of any series may be issued in whole or in part in the form of one or more global securities ("**Global Securities**") registered in the name of a designated clearing agency (a "**Depositary**") or its nominee and held by or on behalf of the Depositary in accordance with the terms of the applicable Debt Indenture. The specific terms of the depositary arrangement with respect to any portion of a series of Debt Securities to be represented by a Global Security will, to the extent not described herein, be described in the Prospectus Supplement relating to such series.

A Global Security may not be transferred, except as a whole between the Depositary and a nominee of the Depositary or as between nominees of the Depositary, or to a successor Depositary or nominee thereof, until it is wholly exchanged for Debt Securities in certificated non-book-entry form in accordance with the terms of the applicable Debt Indenture. So long as the Depositary for a Global Security, or its nominee, is the registered owner of such Global Security, such Depositary or such nominee, as the case may be, will be considered the sole owner or holder of the Debt Securities represented by such Global Security for all purposes under the applicable Debt Indenture and payments of principal of and interest, if any, on the Debt Securities represented by a Global Security will be made by the Corporation to the Depositary or its nominee.

Owners of beneficial interests in a Global Security will not be entitled to have the Debt Securities represented by such Global Security registered in their names, will not receive or be entitled to receive physical delivery of such Debt Securities in certificated non-book-entry form, will not be considered the owners or holders thereof under the applicable Debt Indenture and will be unable to pledge Debt Securities as security.

No Global Security may be exchanged in whole or in part for Debt Securities registered, and no transfer of a Global Security in whole or in part may be registered, in the name of any person other than the Depositary for such Global Security or any nominee of such Depositary unless:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) there
 is a requirement to do so under applicable law;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 book-entry system ceases to exist;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 Corporation or the Depositary advises the Trustee that the Depositary is no longer willing
 or able to properly discharge its responsibilities as depositary with respect to the Debt
 Securities and the Corporation is unable to locate a qualified successor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 Corporation decides, at its option, to terminate the book-entry system through the Depositary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) if
 provided for in the Debt Indenture, after the occurrence of an event of default thereunder
 (provided the Trustee has not waived the event of default in accordance with the terms of
 the Debt Indenture), participants acting on behalf of beneficial holders representing, in
 aggregate, a threshold percentage of the aggregate principal amount of the Debt Securities
 then outstanding advise the Depositary in writing that the continuation of a book-entry system
 through the Depositary is no longer in their best interest; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) in
 such other circumstance as may be specified in the Debt Indenture;

whereupon such Global Security shall be exchanged for certificated non-book-entry Debt Securities of the same series in an aggregate principal amount equal to the principal amount of such Global Security and registered in such names and denominations as the Depositary may direct.

Principal and interest payments, if any, on the Debt Securities represented by a Global Security registered in the name of a Depositary or its nominee will be made to such Depositary or its nominee, as the case may be, as the registered owner of such Global Security. Neither the Corporation, the Trustee nor any paying agent for such Debt Securities will have any responsibility or liability for any aspect of the records relating to, or payments made on account of, beneficial ownership interests in such Global Security or for maintaining, supervising or reviewing any records relating to such beneficial ownership interests.

The Corporation, any underwriters, dealers or agents and any Trustee identified in an accompanying Prospectus Supplement, as applicable, will not have any liability or responsibility for: (i) records maintained by the Depositary relating to beneficial ownership interests in the Debt Securities held by the Depositary or the book-entry accounts maintained by the Depositary; (ii) maintaining, supervising or reviewing any records relating to any such beneficial ownership interests; or (iii) any advice or representation made by or with respect to the Depositary and contained in this Prospectus or in any Prospectus Supplement or Debt Indenture with respect to the rules and regulations of the Depositary or at the direction of Depositary participants.

Unless otherwise stated in the applicable Prospectus Supplement, CDS Clearing and Depository Services Inc. or its successor will act as Depositary for any Debt Securities represented by a Global Security.

**Debt Securities in Certificated Form**

Debt Securities of any series may be issued in whole or in part in registered form as provided in the applicable Debt Indenture.

In the event that the Debt Securities are issued in certificated non-book-entry form, principal and interest, if any, will be payable, the transfer of such Debt Securities will be registerable and such Debt Securities will be exchangeable for Debt Securities in other denominations of a like aggregate principal amount at the office or agency maintained by the Corporation. Payment of principal and interest, if any, on Debt Securities in certificated non-book-entry form may be made by cheque mailed to the address of the holders entitled thereto.

Subject to the foregoing limitations, Debt Securities of any authorized form or denomination issued under the applicable Debt Indenture may be transferred or exchanged for Debt Securities of any other authorized form or denomination or denominations. Any such transfer or exchange must be for an equivalent aggregate principal amount of Debt Securities of the same series and carry the same rate of interest and same redemption and other provisions as the Debt Securities so transferred or exchanged. Exchanges of Debt Securities of any series may be made at the offices of the applicable Trustee and at such other places as the Corporation may from time to time designate with the approval of the applicable Trustee and may be specified in the applicable Prospectus Supplement. Unless otherwise specified in the applicable Prospectus Supplement, the applicable Trustee will be the registrar and transfer agent for the Debt Securities issued under the applicable Debt Indenture.

**DESCRIPTION OF SUBSCRIPTION RECEIPTS**

A Subscription Receipt will entitle the holder thereof to receive a Common Share and/or other Securities, for no additional consideration, upon the completion of a particular transaction or event, typically an acquisition of the assets or securities of another entity by the Corporation or one or more of its subsidiaries. The subscription proceeds from an offering of Subscription Receipts will be held in escrow by an escrow agent pending the completion of the transaction or the termination time (the time at which the escrow terminates regardless of whether the transaction or event has occurred). Holders of Subscription Receipts will receive Common Shares and/or other Securities upon the completion of the particular transaction or event or, if the transaction or event does not occur by the termination time, a return of the subscription funds for their Subscription Receipts together with any interest or other income earned thereon. Holders of Subscription Receipts are not shareholders of the Corporation.

The particular terms and provisions of Subscription Receipts offered by any Prospectus Supplement, and the extent to which the general terms and provisions described below may apply thereto, will be described in the Prospectus Supplement filed in respect of such Subscription Receipts. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 number of Subscription Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 price at which the Subscription Receipts will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 designation and terms of the Securities that may be acquired on exchange of the Subscription
 Receipts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 procedures for the exchange of the Subscription Receipts into Common Shares or other Securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 number of Common Shares or other Securities that may be obtained upon exercise of each Subscription
 Receipt;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 designation and terms of any other Securities with which the Subscription Receipts will be
 offered, if any, and the number of Subscription Receipts that will be offered with each Common
 Share or Security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 terms applicable to the holding and release or return of gross proceeds from the sale of
 the Subscription Receipts plus any interest earned thereon;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) whether
 the Subscription Receipts will be subject to redemption or call provisions and, if so, the
 terms of such redemption or call provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) whether
 the Subscription Receipts will be issued in fully registered or global form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) any
 other material terms and conditions of the Subscription Receipts.

Subscription Receipts may be offered separately or in combination with one or more other Securities. The Subscription Receipts will be issued under a subscription receipt agreement. A copy of the subscription receipt agreement will be filed by the Corporation with the securities commission or similar regulatory authority in each of the provinces of Canada after it has been entered into by the Corporation and will be available electronically at <u>www.sedarplus.ca</u>.

Pursuant to the subscription receipt agreement, original purchasers of Subscription Receipts will have a contractual right of rescission against the Corporation, following the issuance of the underlying Common Shares or other Securities to such purchasers upon the surrender or deemed surrender of the Subscription Receipts, to receive the amount paid for the Subscription Receipts in the event that this Prospectus and any amendment thereto contains a misrepresentation or is not delivered to such purchaser, provided such remedy for rescission is exercised within 180 days from the closing date of the offering of Subscription Receipts.

**DESCRIPTION OF WARRANTS**

A Warrant will entitle the holder thereof to receive Common Shares, Preferred Shares or Debt Securities. Warrants may be offered separately or together with other Securities and may be attached to or separate from other Securities. The Warrants either will be issued under a warrant indenture or agreement that will be entered into by the Corporation or a trustee at the time of issuance of the Warrants or will be represented by warrant certificates issued by the Corporation.

Holders of Warrants are not shareholders of the Corporation. The particular terms and provisions of Warrants offered by any Prospectus Supplement, and the extent to which the general terms and provisions described below may apply to them, will be described in the Prospectus Supplement filed in respect of such Warrants. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 title or designation of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 aggregate number of Warrants offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 currency or currency unit in which the Warrants are offered or denominated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the
 price at which the Warrants will be offered;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the
 number of Common Shares and/or other Securities of the Corporation purchasable upon exercise
 of the Warrants and the procedures for exercise;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the
 exercise price of the Warrants;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) the
 dates or periods during which the Warrants are exercisable and when they expire;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) the
 designation and terms of any other Securities with which the Warrants will be offered, if
 any, and the number of Warrants that will be offered with each such security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 minimum or maximum amount, if any, of Warrants that may be exercised at any one time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) whether
 the Warrants will be subject to redemption or call provisions and, if so, the terms of such
 redemption or call provisions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) whether
 the Warrants will be issued in fully registered or global form;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) the
 material income tax consequences of owning, holding and disposing of the Warrants; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(m) any
 other material terms and conditions of the Warrants including, without limitation, transferability
 and adjustment terms and whether the Warrants will be listed on a stock exchange.

The Corporation reserves the right to include in a Prospectus Supplement specific terms and provisions pertaining to the Warrants in respect of which the Prospectus Supplement is filed that are not within the variables and parameters set forth in this Prospectus. To the extent that any terms or provisions or other information pertaining to the Warrants described in a Prospectus Supplement differ from any of the terms or provisions or other information described in this Prospectus, the description set forth in this Prospectus shall be deemed to have been superseded by the description set forth in the Prospectus Supplement with respect to those Warrants.

**DESCRIPTION OF UNITS**

Units may be comprised of one or more of the other Securities described in this Prospectus in any combination. Each Unit will be issued so that the holder of the Unit is also the holder of each Security included in the Unit. Thus, the holder of a Unit will have the rights and obligations of a holder of each included Security. A unit agreement, if any, under which a Unit is issued may provide that the Securities included in the Unit may not be held or transferred separately, at any time or at any time before a specified date.

The particular terms and provisions of Units offered by any Prospectus Supplement, and the extent to which the general terms and provisions described below may apply to them, will be described in the Prospectus Supplement filed in respect of such Units. This description will include, where applicable:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the
 designation and terms of the Units and of the Securities comprising the Units, including
 whether and under what circumstances those Securities may be held or transferred separately;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the
 number of Units offered and the offering price of the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the
 currency or currency unit in which the Units are offered or denominated;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) any
 provisions for the issuance, payment, settlement, exercise, conversion, transfer or exchange
 of the Units or of the Securities comprising the Units;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) whether
 the Units will be issued in fully registered or global form; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) any
 other material terms and conditions of the Units.

The Corporation reserves the right to include in a Prospectus Supplement specific terms and provisions pertaining to the Units in respect of which the Prospectus Supplement is filed that are not within the variables and parameters set forth in this Prospectus, provided that any Units will not be specified derivatives or asset-backed securities.

To the extent that any terms or provisions or other information pertaining to the Units described in a Prospectus Supplement differ from any of the terms or provisions or other information described in this Prospectus, the description set forth in this Prospectus shall be deemed to have been superseded by the description set forth in the Prospectus Supplement with respect to those Units.

**CERTAIN INCOME TAX CONSIDERATIONS**

The applicable Prospectus Supplement may describe certain Canadian federal income tax consequences which may be applicable to a purchaser of Securities offered thereunder. The applicable Prospectus Supplement may also describe certain U.S. federal income tax consequences, including relating to the acquisition, ownership and disposition of any of our securities offered thereunder by an initial investor who is a U.S. person (within the meaning of the U.S. Internal Revenue Code of 1986), including, to the extent applicable, such consequences relating to debt securities payable in a currency other than the U.S. dollar, issued at an original issue discount for U.S. federal income tax purposes or containing early redemption provisions or other special items. Investors should read the tax discussion in any Prospectus Supplement with respect to a particular offering and consult their own tax advisors with respect to their own particular circumstances.

**RISK FACTORS**

The Securities are subject to certain risks. When evaluating the Corporation and its business, potential holders of the Securities should consider carefully the information set out in this Prospectus and the risks described below and in the documents incorporated by reference in this Prospectus, including those risks identified and discussed under the heading "Risk Factors" in the AIF. The risks described below and in the AIF are not the only ones facing the Corporation. Additional risks not currently known to the Corporation, or that the Corporation currently deems immaterial, may also impair the Corporation's operations. There is no assurance that risk management steps taken will avoid future loss due to the occurrence of the risks described below or other unforeseen risks. If any of the risks described below or in the AIF actually occur, the Corporation's business, financial condition and operating results could be adversely affected. Investors should carefully consider the risks below and in the AIF and the other information elsewhere in this Prospectus and consult with their professional advisors to assess any investment in the Corporation.

***Cash Flow and Liquidity Uncertainty and Going Concern Risk***

 ****

The Corporation is dependent upon its cash flow from operations and equity financing activities to fund its business because it has no line of credit or credit facility currently in place. As of June 30, 2025, the Corporation had cash on hand of approximately US$7.8 million and a working capital surplus of approximately US$3.8 million. This positive working capital resulted from the completion by the Corporation in February 2025 of a listed issuer financing and concurrent private placement resulting in net proceeds of approximately $11.9 million. The Corporation's ability to continue as a going concern reflects certain assumptions of management, including, among other things, growth estimates in respect of the Corporation's revenues based on the Corporation's ability to successfully secure sales with upfront payments, and anticipated levels of capital expenditures and other costs expected to be incurred over the next 12 months. If these assumptions prove to be incorrect and the Corporation generates negative operating cash flows in future periods, the Corporation may need to obtain alternative sources of funding, including using net proceeds from offerings made under this Prospectus or other offerings of securities, to supplement working capital. However, there can be no assurance that additional funding will be available or, if available, that it will be available on acceptable terms. If adequate funds are not available, the Corporation may have to substantially reduce or otherwise eliminate certain expenditures, which could have a material adverse effect on the Corporation's operations and financial condition. There can be no assurance that the Corporation will be able to raise additional capital if its capital resources are depleted or exhausted. These factors in aggregate indicate material uncertainties that may cast significant doubt as to the Corporation's ability to continue as a going concern.

***Nature of Government Contracts***

Intermap conducts a significant portion of its business either directly from, or in cooperation with, the United States government, other governments around the world, and international funding agencies. In many cases, the terms of these contracts provide for cancellation at the option of the government or agency at any time. The current state of the public finances in many of the countries the Corporation has historically operated in has led to reductions in the amount of data ordered by its government customers. In addition, many of Intermap's products and services require government appropriations and regulatory licenses, permits, and approvals, the timing and receipt of which are not within Intermap's control. Any of these factors could have an effect on Intermap's revenue, earnings, and cash flow.

***Foreign Operations***

 ****

A significant portion of Intermap's revenue is expected to come from customers outside of the United States and Canada and is therefore subject to additional risks, including foreign currency exchange rate fluctuations, agreements that may be difficult to enforce, receivables difficult to collect through a foreign country's legal system, and the imposition of foreign-country-imposed withholding taxes or other foreign taxes.

***Tariffs or Other International Trade Disputes***

 ****

Intermap is subject to risks associated with doing business in foreign jurisdictions including, but not limited to, trade protection measures such as the imposition of or increase in tariffs. Future changes to trade or investment policies, treaties and tariffs, or the perception that these changes could occur, could adversely affect Intermap's financial condition and results of operations.

Changes in cross-border tariffs between the United States and Canada could have an impact on our operations, costs, and competitiveness. Intermap's data collection operations rely on cross-border collaboration, engineering services, and specialized equipment sourced from both countries. Increased tariffs on hardware, software, or services essential to our operations may raise costs, disrupt supply chains, or delay project timelines.

Any escalation in trade disputes or the imposition of new tariffs could also create uncertainty in client budgets and government contracts, particularly in industries such as infrastructure, natural resources, and defense, where our products and solutions are widely used. In addition, actions by foreign governments to implement further trade policy changes, including limiting foreign investment or trade, increasing regulatory scrutiny, imposing quotas or supply limitations or taking other actions which could apply to the jurisdictions in which Intermap operates, could negatively impact its business, which may be material. The Corporation continues to monitor trade policies and may need to adjust pricing, supply chain strategies, or operational structures to mitigate the financial and strategic risks posed by evolving tariff regulations.

***Positive Return on Securities Is not Guaranteed***

There is no guarantee that the Securities will earn any positive return in the short term or long term. A holding of Securities is speculative and involves a high degree of risk and should be undertaken only by holders whose financial resources are sufficient to enable them to assume such risks and who have no need for immediate liquidity in their investment. A holding of Securities is appropriate only for holders who have the capacity to absorb a loss of some or all of their holdings.

***No Public Market***

 ****

Prior to an offering, there will be no public market for the Preferred Shares, Debt Securities, Subscription Receipts, Warrants or Units and the Corporation may not apply for a listing of such Securities on any securities exchange. As a result, purchasers may not be able to resell such Securities. If such Securities are traded after their initial issue, they may trade at a discount from their initial offering prices depending on prevailing interest rates, the market for similar securities and other factors, including general economic conditions and our financial condition. The absence of a public market for such Securities may affect the pricing of such Securities in the secondary market, if any such market develops, the transparency and availability of trading prices, the liquidity of such Securities and the extent of issuer regulation. There can be no assurance as to the liquidity of any trading market of such Securities or that a trading market for such Securities will develop.

 **

***Discretion in the Use of Proceeds***

 **

The Corporation intends to allocate the net proceeds it will receive from an offering as described under "*Use of Proceeds*" in this Prospectus and the applicable Prospectus Supplement. There may be circumstances where, based on results obtained or for other sound business reasons, a reallocation of funds may be deemed prudent or necessary. Accordingly, the Corporation will have broad discretion in the actual application of the net proceeds, and may elect to allocate proceeds differently from that described in such Prospectus Supplement if it believes it would be in its best interests to do so as circumstances change. Investors may not agree with how the Corporation allocates or spends the proceeds from an offering of Securities under this Prospectus. The failure by the Corporation to apply these funds effectively could have a material adverse effect on the Corporation's business, financial condition, cash flows, results of operations or prospects.

***Availability of Capital***

Cash generated from operations may not be sufficient to satisfy current liquidity requirements. As such, the Corporation will require additional capital. The extent of the Corporation's future capital requirements will depend on many factors, including, but not limited to, the market acceptance of its products and services, demand for geospatial related products and service, and competition within this industry. No assurance can be given that any such additional funding will be available or that, if available, it can be obtained on terms favorable to the Corporation.

***Revenue Fluctuations***

Intermap's revenue has fluctuated over the years. Acquisition services projects, the purchase of value-added data, and the purchase of software and solutions by the Corporation's customers are all scheduled per customer requirements and the timing of regulatory and/or budgetary decisions. The commencement or completion of acquisition projects within a particular quarter or year, the timing of regulatory approvals, operating decisions of clients, and the fixed-cost nature of Intermap's business, among other factors, may cause the Corporation's results to vary significantly between fiscal years and between quarters in the same fiscal year.

***Dilution***

 ****

The Corporation may issue additional securities, which may dilute existing securityholders, including purchasers of the Securities hereunder. The Corporation may also issue debt securities that have priority over holders of other Securities with respect to payment in the event of an insolvency or winding-up of the Corporation. Securityholders will have no pre-emptive rights in connection with any such further issuances. The Corporation's board of directors has the discretion to determine the price and terms of any Debt Securities and the price and terms for any issuances of Common Shares, Preferred Shares, Subscription Receipts, Warrants and Units.

***Key Customers***

During 2024, the Corporation had one key customer that accounted for 60% of total revenue. In 2023, 28% of the revenue was attributable to one key customer. To the extent that significant customers cancel or delay orders, Intermap's revenue, earnings, and cash flow could be materially and adversely affected.

***Environment and social-related regulatory activity***

 ****

Changes in environmental regulation could have an adverse effect on the Corporation's airborne data acquisition services business. On June 20, 2024, Bill C-59 received royal assent, thereby enacting certain changes to the Competition Act (Canada) to address "greenwashing", meaning false, misleading, or deceptive environmental claims made for the purpose of promoting a product or a business interest. How the new rules will be interpreted and applied is currently unclear, which creates significant uncertainty regarding how Canadian companies may publicly communicate their environmental and climate performance. The complexity and uncertainty of environmental and climate change related issues make it extremely difficult to predict the potential impact on the Corporation. The recent amendments of laws and regulations impose significant financial penalties for non-performance. Companies found to have made representations that violate the rules, intentionally or inadvertently, could be subject to an administrative penalty for the greater of $10 million for the first order and $15 million dollars for any subsequent order, and 3% of the Corporation's annual worldwide gross revenues.

***Artificial Intelligence***

The emergence of new, disruptive companies leveraging AI can pose a threat to Intermap in the market. These newcomers, unencumbered by legacy systems or traditional business models, have the potential to swiftly gain market share and redefine industry dynamics. The unpredictable nature of AI development and its impacts on the market further contribute to uncertainties, making it challenging to anticipate and navigate potential disruptions.

**INTEREST OF EXPERTS**

The audited consolidated financial statements for the years ended December 31, 2024 and December 31, 2023, together with the notes thereto, incorporated by reference into this Prospectus, have been audited by KPMG LLP, Chartered Professional Accountants, as indicated in their report dated March 31, 2025 also incorporated by reference in this Prospectus. KPMG LLP have confirmed with respect to the Corporation that they are independent within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations, and that they are independent accountants with respect to the Corporation under all relevant US professional and regulatory standards.

**ENFORCEABILITY OF CIVIL LIABILITIES**

**We are a company formed under the Alberta *Business Corporations Act*. Certain of our directors and officers, and some or all of the experts named in this prospectus, are residents of Canada or otherwise reside outside the United States, and all or a substantial portion of their assets may be, and a portion of the Corporation's assets are, located outside the United States. We have appointed an agent for service of process in the United States (as set forth below), but it may be difficult for holders of Securities who reside in the United States to effect service within the United States upon those directors, officers and experts who are not residents of the United States. It may also be difficult for holders of Securities who reside in the United States to realize in the United States upon judgments of courts of the United States predicated upon our civil liability and the civil liability of our directors, officers and experts under the United States federal securities laws.**

**Concurrently with the filing of our Registration Statement on Form F-10, of which this prospectus is a part, we filed with the SEC an appointment of agent for service of process on Form F-X. Under the Form F-X, we appointed Intermap Technologies Inc., 385 Inverness Parkway, Suite 105, Englewood, Colorado, USA 80112, as our agent for service of process in the United States in connection with any investigation or administrative proceeding conducted by the SEC, and any civil suit or action brought against or involving us in a U.S. court arising out of or related to or concerning the offering of the Securities under this prospectus.**

**LEGAL MATTERS**

Unless otherwise specified in the Prospectus Supplement relating to an offering of Securities, certain legal matters relating to the offering of such Securities will be passed upon on behalf of the Corporation by Norton Rose Fulbright Canada LLP with respect to Canadian legal matters and by Norton Rose Fulbright US LLP with respect to U.S. legal matters. If any underwriters, dealers or agents named in a Prospectus Supplement retain their own counsel to pass upon legal matters relating to the Common Shares or the Securities, respectively, their counsel will be named in the Prospectus Supplement.

**AUDITOR, TRANSFER AGENT AND REGISTRAR**

The auditors of the Corporation are MNP LLP, Chartered Professional Accountants, Toronto, Ontario. MNP LLP was appointed by the shareholders at the Annual General Meeting held on June 26, 2025 and has confirmed that it is independent in accordance with the rules of professional conduct of the Chartered Professional Accountants of Ontario and within the meaning of the U.S. Securities Act and the applicable rules and regulations thereunder adopted by the SEC and the Public Company Accounting Oversight Board (United States). The transfer agent and registrar for the Common Shares is Odyssey Trust Company at its principal offices in Calgary, Alberta.

**STATUTORY RIGHTS OF WITHDRAWAL AND RESCISSION**

Securities legislation in certain of the provinces of Canada provides purchasers with the right to withdraw from an agreement to purchase securities. This right may only be exercised within two business days after receipt or deemed receipt of a prospectus and any amendment, irrespective of the determination at a later date of the purchase price of the securities distributed. In several of the provinces, securities legislation further provides a purchaser with remedies for rescission or, in some jurisdictions, revisions of the price or damages if the prospectus and any amendment contains a misrepresentation or is not delivered to the purchaser, provided that the remedies for rescission, revisions of the price or damages are exercised by the purchaser within the time limit prescribed by the securities legislation of the purchaser's province.

In an offering of convertible, exchangeable or exercisable securities, prospective purchasers are cautioned that the statutory right of action for damages for a misrepresentation contained in the prospectus or any prospectus supplement is limited, in certain provincial securities legislation, to the price at which the convertible, exchangeable or exercisable securities are offered to the public under the prospectus offering. This means that, under the securities legislation of certain provinces, if the purchaser pays additional amounts upon the conversion, exchange or exercise of the security, those amounts may not be recoverable under the statutory right of action for damages that applies in those provinces. Prospective purchasers should refer to any applicable provisions of the securities legislation of the purchaser's province for the particulars of these rights or consult with a legal advisor.

**CONTRACTUAL RIGHTS OF RESCISSION**

If this Prospectus (as amended or supplemented by any Supplemental Prospectus) contains a misrepresentation, original purchasers of convertible, exchangeable or exercisable securities in Canada will have a contractual right of rescission against the Corporation (the "**Contractual Right**"). The Contractual Right will entitle such original purchasers to receive the amount paid upon conversion, exchange or exercise of the security, or the amount paid for the convertible, exchangeable or exercisable security if no amount was paid upon conversion, exercise or exchange, upon surrender of the underlying securities gained thereby, provided that both the conversion, exchange or exercise occurs, and the Contractual Right is exercised, within 180 days of the date of the purchase of the convertible, exchangeable or exercisable security under this Prospectus. The Contractual Right does not apply to Warrants that may be reasonably regarded as incidental to an offering. This Contractual Right will be consistent with the statutory right of rescission described under section 203 of the *Securities Act* (Alberta), and is in addition to any other right or remedy available to original purchasers under section 203 of the *Securities Act* (Alberta) or otherwise at law.

**CERTIFICATE OF THE CORPORATION**

Dated: September 15, 2025

This short form base shelf prospectus, together with the documents incorporated in this prospectus by reference, will, as of the date of the last supplement to this prospectus relating to the securities offered by this prospectus and the supplement(s), constitute full, true and plain disclosure of all material facts relating to the securities offered by this prospectus and the supplement(s) as required by the securities legislation of each of the provinces of Canada other than Quebec.

**INTERMAP TECHNOLOGIES CORPORATION**

<u>"*Patrick A. Blott"*</u> <u>"*Jennifer S. Bakken"*</u> <br> Patrick A. Blott Jennifer S. Bakken <br> Chief Executive Officer Chief Financial Officer

**ON BEHALF OF THE BOARD OF DIRECTORS**

<u>"*Philippe Frappier"*</u> <u>"*Jordan Tongalson"*</u> <br> Philippe Frappier Jordan Tongalson <br> Director Director

(Signature page to Short Form Base Shelf Prospectus)

**PART II**

**INFORMATION NOT REQUIRED TO BE DELIVERED**

**TO OFFEREES OR PURCHASERS**

**Indemnification of Directors and Officers**

Under the Business Corporations Act (Alberta), the Company may indemnify a director or officer, a former director or officer, or a person who acts or acted at the Company's request as a director or officer of a body corporate of which the Company is or was a shareholder or creditor, and the director's or officer's heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by the individual in respect of any civil, criminal or administrative, investigation or other action or proceeding to which the individual is involved by reason of being or having been a director or officer of that Company or body corporate, if the individual acted honestly and in good faith with a view to the best interests of the Company, or, as the case may be, to the best interests of the other entity for which the individual acted as a director or officer or in a similar capacity at the Company's request, and, in the case of a criminal or administrative action or proceeding that is enforced by a monetary penalty, the individual had reasonable grounds for believing that the individual's conduct was lawful. The Company may advance moneys to such an individual for the costs, charges and expenses of such a proceeding, provide that the individual must repay any moneys advanced by the Company if the individual has not fulfilled the conditions set out in the preceding sentence. Such indemnification or advance of moneys may be made in connection with a derivative action only with court approval. Such an individual is entitled to indemnification from the company as a matter of right if the individual was not judged by the court or other competent authority to have committed any fault or omitted to do anything that the individual ought to have done, and the individual fulfilled the conditions set forth above.

In accordance with and subject to the Business Corporations Act (Alberta), the by-laws of the Company provide that the Company shall indemnify a director or officer, a former director or officer, or a person who acts or acted at the Company's request as a director or officer of a body corporate of which the Company is or was a shareholder or creditor, and the director's or officer's heirs and legal representatives, against all costs, charges and expenses, including an amount paid to settle an action or satisfy a judgment, reasonably incurred by him in respect of any civil, criminal or administrative action or proceeding to which he is made a party by reason of being or having been a director or officer of the Company or other entity if he acted honestly and in good faith with a view to the best interests of the Company or, as the case may be, to the best interests of the other entity for which he acted as a director or officer at the company's request, and, in the case of a criminal or administrative action or proceeding that is enforced by monetary penalty, he had reasonable grounds for believing that his conduct was lawful. The Company shall also indemnify such person in such other circumstances as the Business Corporations Act (Alberta) permits or requires.

**The Company maintains directors' and officers' liability insurance which insures directors and officers for losses as a result of claims against such directors and officers in their capacity as directors and officers of the Company (subject to policy restrictions), and also reimburses the Company for payments made pursuant to the indemnity provisions under the by-laws of the Company and the Business Corporations Act (Alberta). Additionally, to the extent permitted by law, the Company has entered into an indemnification agreement with each of its directors for liabilities incurred while performing their duties.**

**Insofar as indemnification for liabilities arising under the U.S. Securities Act may be permitted to directors, officers or persons controlling the Registrant pursuant to the foregoing provisions, the Registrant has been informed that in the opinion of the U.S. Securities and Exchange Commission such indemnification is against public policy as expressed in the U.S. Securities Act and is therefore unenforceable.**

**EXHIBIT INDEX**

---

| | |
|:---|:---|
| **Exhibit**<br> **Number** | **Description** |
| 4.1 | [Annual Information Form of the Registrant dated March 31, 2025 for the year ended December 31, 2024.](ex4-1.htm) |
| 4.2 | [Audited Annual Consolidated Financial Statements of the Registrant for the years ended December 31, 2024 and 2023, together with the notes thereto and the auditor's report thereon.](ex4-2.htm) |
| 4.3 | [Management's Discussion and Analysis of the Registrant for the year ended December 31, 2024.](ex4-3.htm) |
| 4.4 | [Unaudited Condensed Consolidated Interim Financial Statements of Registrant as at and for the three and six month periods ended June 30, 2025.](ex4-4.htm) |
| 4.5 | [Interim Management's Discussion and Analysis of Financial Results of the Registrant for the quarter ended Juny 30, 2025.](ex4-5.htm) |
| 4.6 | [Management Information Circular of the Registrant, dated May 28, 2025, prepared in connection with the Registrant's annual general meeting held on June 26, 2025.](ex4-6.htm) |
| 4.7 | [Material Change Report of the Registrant, dated March 3, 2025, in connection with its private placement of common shares.](ex4-7.htm) |
| 5.1 | [Consent of KPMG LLP.](ex5-1.htm) |
| 6.1 | [Powers of Attorney (included in Part III of this Registration Statement).](#vb_001) |
| 107 | [Calculation of Filing Fee Table](ex107.htm) |

---

+ To be filed by subsequent amendment.

**PART III**

**UNDERTAKING AND CONSENT TO SERVICE OF PROCESS**

**Item 1. 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 F-10 or to transactions in said securities.

**Item 2. Consent to Service of Process**

Concurrently with the filing of this Registration Statement on Form F-10, the Registrant will file with the Commission a written irrevocable consent and power of attorney on Form F-X.

Any change to the name or address of the agent for service of the Registrant shall be communicated promptly to the Commission by amendment of the Form F-X referencing the file number of this Registration Statement.

**SIGNATURES**

Pursuant to the requirements of the Securities Act, the Registrant certifies that it has reasonable grounds to believe that it meets all of the requirements for filing on Form F-10 and has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Calgary, Province of Alberta, Country of Canada on September 15, 2025.

---

| | |
|:---|:---|
| **INTERMAP TECHNOLOGIES CORPORATION** | **INTERMAP TECHNOLOGIES CORPORATION** |
| By: | */s/ Patrick A. Blott* |
| Name: | Patrick A. Blott |
| Title: | Chairman of the Board and Chief Executive Officer |

---

**POWER OF ATTORNEY**

KNOW ALL PERSONS BY THESE PRESENTS, that each individual whose signature appears below hereby constitutes and appoints Patrick A. Blott and Jennifer Bakken his or her true and lawful agent, proxy and attorney-in-fact, with full power of substitution and resubstitution, for him or her and in his or her name, place and stead, in any and all capacities, to sign any and all amendments, including post effective amendments, and supplements to this Registration Statement on Form F-10, and registration statements filed pursuant to Rule 429 under the Securities Act, and to file the same, with all exhibits thereto, and other documents in connection therewith, with the Securities and Exchange Commission, granting unto said attorneys-in-fact and agents full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises, as fully to all intents and purposes as he or she might or could do in person, hereby ratifying and confirming all that said attorneys-in-fact and agents or his or her substitute or substitutes, may lawfully do or cause to be done by virtue hereof.

Pursuant to the requirements of the Securities Act, this registration statement has been signed by the following persons in the capacities and on the dates indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| */s/ Patrick A. Blott* | Chief Executive Officer and Chairman of the Board | September 15, 2025 |
| Patrick A. Blott | (Principal Executive Officer) |  |
| */s/ Jennifer Bakken* | Chief Financial Officer | September 15, 2025 |
| Jennifer Bakken | (Principal Financial and Accounting Officer) |  |
| */s/ Philippe Frappier* | Director | September 15, 2025 |
| Philippe Frappier |  |  |
| */s/ Jordan Tongalson* | Director | September 15, 2025 |
| Jordan Tongalson |  |  |

---

**AUTHORIZED REPRESENTATIVE**

Pursuant to the requirements of the U.S. Securities Act, this Registration Statement on Form F-10 has been signed by the undersigned, solely in its capacity as the duly authorized representative of the Registrant in the United States, on September 15, 2025.

---

| | |
|:---|:---|
| **INTERMAP TECHNOLOGIES CORPORATION** | **INTERMAP TECHNOLOGIES CORPORATION** |
| By: | */s/ Patrick A. Blott* |
| Name: | Patrick A. Blott |
| Title: | Chairman of the Board and Chief Executive Officer |

---

## Exhibit 4.1

**Exhibit 4.1**

![](ex4-1_001.jpg)

**INTERMAP TECHNOLOGIES CORPORATION**

**ANNUAL INFORMATION FORM**

**YEAR ENDED DECEMBER 31, 2024**

Corporate Office

385 Inverness Pkwy

Suite 105

Englewood, Colorado 80112

U.S.A.

March 31, 2025

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| **FORWARD-LOOKING STATEMENTS** | **1** |
| **CORPORATE STRUCTURE** | **2** |
| **GENERAL DEVELOPMENT OF THE BUSINESS** | **3** |
| **DESCRIPTION OF THE BUSINESS** | **7** |
| &nbsp;&nbsp;&nbsp;General Overview | 7 |
| &nbsp;&nbsp;&nbsp;Business Model and Revenue | 12 |
| &nbsp;&nbsp;&nbsp;Revenues by Product Category | 13 |
| &nbsp;&nbsp;&nbsp;Pricing | 13 |
| &nbsp;&nbsp;&nbsp;Principal Markets | 13 |
| &nbsp;&nbsp;&nbsp;Selling and Distribution Methods | 14 |
| &nbsp;&nbsp;&nbsp;Production Process | 14 |
| &nbsp;&nbsp;&nbsp;Competition | 16 |
| &nbsp;&nbsp;&nbsp;Business Cycles | 18 |
| &nbsp;&nbsp;&nbsp;Employees | 18 |
| &nbsp;&nbsp;&nbsp;Foreign Operations | 18 |
| **RISK FACTORS** | **18** |
| **DIVIDENDS** | **24** |
| **DESCRIPTION OF CAPITAL STRUCTURE** | **24** |
| **MARKET FOR SECURITIES** | **25** |
| &nbsp;&nbsp;&nbsp;Trading Price and Volume | 25 |
| &nbsp;&nbsp;&nbsp;**Prior Sales** | 26 |
| **DIRECTORS AND EXECUTIVE OFFICERS** | **27** |
| **LEGAL PROCEEDINGS AND REGULATORY ACTIONS** | **28** |
| **INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS** | **29** |
| **TRANSFER AGENT AND REGISTRAR** | **29** |
| **MATERIAL CONTRACTS** | **29** |
| **INTERESTS OF EXPERTS** | **29** |
| **AUDIT COMMITTEE INFORMATION** | **29** |
| **ADDITIONAL INFORMATION** | **30** |
| **SCHEDULE A – Audit Committee Charter** | **A-1** |

---

**DATE OF INFORMATION**

This annual information form of Intermap Technologies® Corporation is dated March 31, 2025 (the "AIF") and, unless the context otherwise requires, all references to the "Company" or "Intermap" means Intermap Technologies® Corporation and its subsidiaries. All information in this AIF is as of December 31, 2024, being the date of the Company's most recently completed financial year, unless otherwise stated.

**FORWARD-LOOKING STATEMENTS**

In the interest of providing the shareholders and potential investors of Intermap Technologies® Corporation with information about the Company and its subsidiaries, including management's assessment of Intermap's® and its subsidiaries' future plans and operations, certain information provided in this AIF constitutes forward-looking statements or information (collectively, "forward- looking statements"). Forward-looking statements are typically identified by words such as "may", "can", "will", "shall", "should", "could", "anticipate," "expect," "project," "estimate," "forecast," "plan," "hope", "likely", "intend," "target," "believe," and similar expressions suggesting future outcomes, and includes statements that actions, events, or conditions "may", "would", "could", or "will" be taken or occur in the future. These forward-looking statements may be based on assumptions that the Company believes to be reasonable based on the information available on the date such statements are made, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors which may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements. The forward- looking information contained in this AIF is based on certain assumptions and analysis by management of the Company in light of its experience and perception of historical trends, current conditions and expected future development and other factors that it believes are appropriate.

The material factors and assumptions used to develop the forward-looking statements herein include, but are not limited to, the following: (i) there will be adequate liquidity available to the Company to carry out its operations; (ii) payments on material contracts will occur within a reasonable period of time after contract completion; (iii) the continued sales success of Intermap's products and services; (iv) the continued success of business development activities and contract renewals; (v) there will be no significant delays in the development and commercialization of the Company's products; (vi) the Company will continue to maintain sufficient and effective production and software development capabilities to compete on the attributes and cost of its products; (vii) there will be no significant reduction in the availability of qualified and cost-effective human resources; (viii) the continued existence and productivity of subsidiary operations; (ix) demand for geospatial related products and services will continue to grow in the foreseeable future; (x) there will be no significant barriers to the integration of the Company's products and services into customers' applications; (xi) the Company will be able to maintain compliance with applicable contractual and regulatory obligations and requirements, and (xii) superior technologies/products are not developed that would render the Company's current product offerings inferior or obsolete.

Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, international and political considerations, tariffs or other international trade disputes, environmental and social-related regulatory activity, the ability of our U.S. subsidiary to preserve and use U.S. net operating losses in the future as a result of ownership changes and artificial intelligence, including but not limited to those risks and uncertainties discussed under the heading "Risk Factors" in this AIF and the Company's other filings with securities regulators. The impact of any one risk, uncertainty, or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent, and the Company's future course of action depends on Management's assessment of all information available at the relevant time. Except to the extent required by law, the Company assumes no obligation to publicly update or revise any forward-looking statements made in this AIF, whether as a result of new information, future events, or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

**UNLESS OTHERWISE NOTED, ALL DOLLAR OR $ REFERENCES IN THIS AIF ARE EXPRESSED IN UNITED STATES DOLLARS.**

**CORPORATE STRUCTURE**

Intermap Technologies Corporation ("Intermap" or the "Company") was formed through the issuance of a Certificate of Amalgamation under the *Business Corporations Act* (Alberta) on February 25, 1997, as Intermap Technologies Limited. On November 11, 1996, the Company acquired all the assets that had comprised the image mapping services division of Intera Information Technologies Corporation (IITC), a company which traces its history operating mapping aircraft for the U.S. Army back to 1919. Many of the senior members of Intermap's original management team were long-term employees of IITC, including the chief executive officer of IITC. The Company changed its name to Intermap Technologies Corporation and consolidated its Class A Common shares (the Shares or Common Shares) on a 12.5-to-one basis by Articles of Amendment filed on May 25, 1999. On December 1, 2017, the Company consolidated all of its outstanding Common Shares on a 10-to-one basis.

The head office of Intermap is located at 385 Inverness Parkway, Suite 105, Englewood, Colorado, USA 80112. Its registered office is located at 400, 3rd Avenue SW, Suite 3700, Calgary, Alberta, Canada T2P 4H2.

Intermap has two wholly-owned subsidiaries of material financial significance: Intermap Technologies, Inc. (Intermap U.S.A.), a corporation formed under the laws of Delaware, with its head office located in Englewood, Colorado and Intermap Insurance Solutions Inc., a corporation formed under the laws of Delaware and a wholly owned subsidiary of Intermap U.S.A.

Intermap U.S.A. satisfies a United States federal government requirement that a United States entity own certain of the technologies used by Intermap. Intermap Insurance Solutions Inc. provides software and services to the global insurance sector. The Company actively conducts business under its own name and through Intermap U.S.A. and Intermap Insurance Solutions Inc. The following chart illustrates the structure of the Company's active subsidiaries and percentage of ownership.

![](ex4-1_002.jpg)

**GENERAL DEVELOPMENT OF THE BUSINESS**

**General History**

Intermap was formed on January 31, 1996 and commenced active business operations on September 1, 1996. On November 11, 1996, the Company acquired all of the assets that had comprised the image mapping services division of Intera Information Technologies Corporation (IITC), a company which traces its history operating mapping aircraft for the U.S. Army back to 1919. On February 25, 1997, Intermap amalgamated with a junior capital pool corporation (effectively a publicly listed shell company) listed on the Alberta Stock Exchange (now the TSX Venture Exchange). On February 25, 2021, the Company's common shares started trading on the OTCQX® Best Market in the United States.

The assets acquired from IITC included cash and cash equivalents, employees, contracts, software, equipment, and goodwill. On November 11, 1996, under a Transfer, Assignment, and License Agreement (the "ERIM Agreement") among Intermap, Environmental Research Institute of Michigan (ERIM), and Intermap U.S.A., Intermap acquired the rights to certain International Traffic in Arms Regulations (ITAR) restricted digital mapping technology developed by the Defense Advanced Research Projects Agency (DARPA).

Today, Intermap generates revenue from two market segments, government and commercial, and three product categories: geospatial data collection, value-added data production and licensing, and related downstream software solutions and services. Intermap's software solutions and services are unique because they bundle Intermap's proprietary data collection, processing infrastructure, and archive library.

**2022**

In March 2022, the Company raised C$2.0 million through a private placement from treasury that included longstanding investors as well as new shareholders.

In October 2022, the Company announced the expansion of the Czech insurance business, with members of the Czech Association of Insurers committing to multiyear, multi-license contracts, with a total value of $3.1 million, for Intermap's flood risk software, Aquarius RMA, and a new generation of precision flood hazard maps. The Czech Association of Insurers underwrite 98% of the total premiums in the Czech Republic. This multi-license contract with the major insurers in the market will provide critical access to flood hazard maps, high-resolution 3D data, and analytics across the industry. Intermap's cloud-based software will be integrated seamlessly into the insurers' workflows, streamlining analytics and geocoding capabilities and providing a comprehensive evaluation of flood risk that insurers will use to underwrite property.

During the fourth quarter of 2022, the Company raised C$1.7 million and issued 3.27 million warrants with an accelerated expiry whereby in the event that the closing price on the Toronto Stock Exchange is equal to or greater than C$1.00 for 20 consecutive trading days, the Company shall have the right to accelerate the expiry date of the warrants, which will raise an additional C$2.0 million upon exercise.

Also, during the fourth quarter of 2022, the Company was awarded two patents, expanding its portfolio of intellectual property and innovative AI/ML solutions. One patent covers machine learning techniques that automatically measure a building's first floor height above ground level. This measurement improves the accuracy of Intermap's flood risk assessment capabilities to grow its market share of the U.S. and European flood insurance markets. The technology uses machine learning to inspect building frontage imagery and detect the first floor based on building features, then algorithmically measures the distance to the ground. The first-floor height above ground is a key measurement when determining the flood risk of a specific property. Intermap's flood risk assessment solution provides property-specific flood risk information, whereas other flood risk indicators are based on flood zones.

The second patent relates to producing bare-earth digital terrain models (DTM) under dense forest using airborne foliage penetrating P-band radar. This capability gives Intermap the unique capability to detect the ground through dense foliage and adjust the models of the ground below the canopy. Intermap is developing AI/ML-driven inputs to this patented process, such as automatic target detection, to enhance its terrain models. Accurate DTMs are critical for the creation of countrywide topographic basemaps used for policy formation, natural resource management, disaster management and land use planning. Ground detection through dense foliage cannot be achieved with LiDAR, IFSAR or optical photogrammetry techniques. Intermap's patented radar and processing technology will be invaluable in supporting upcoming governmental mapping projects in tropical areas such as Southeast Asia.

Intermap continues to be the preferred provider for many governments that are building some of the world's most complex geospatial foundation datasets. Intermap is currently building situational awareness for five national governments on four continents. Colombia's federal mapping agency, IGAC, continues to contract with Intermap to build high-resolution, 3D models and analytics in mountainous jungle terrain obscured by nearly perpetual cloud cover in the Amazon Rainforest. Intermap is continuing to see double digit growth in InsitePro subscription revenue and customers are renewing each year with increased annual premium and usage. Intermap's patented, low latency IRIS technology, combined with NEXTMap, is being utilized to turn space imagery into useful geospatial intelligence by enabling orbital space infrastructure, including for orthorectification and altimetry-based accuracy validation.

**2023**

In January 2023, Intermap was awarded its first task orders under the U.S. Defense Department's JANUS contract and provided geospatial products processed using its advanced AI/ML technology to support the program's mission to create and integrate geospatial intelligence for authoritative, seamless, worldwide datasets. The following month, Intermap was selected by the U.S. Department of Defense to present its newest artificial intelligence processing technology and demonstrate how it can support the U.S. government with actionable, geo-precise data for situational awareness and planning processes. The Company's digital tool integrates AI algorithms, machine learning, natural language processing, proprietary, global-scale, multi-sensor-derived terrain, object and feature catalogs, and open-source global data to identify, track, display and notify interested parties of current world events, threats and natural catastrophes. Intermap also received its first task order from the Department of the Interior (DOI) under the Digital Terrain Model (DTM) Data IDIQ prime contract to support the agency's Safety of Dams program. This was a major milestone for the Company's relationship with the DOI for supporting its mission to protect human life and property in the event of a dam failure.

Intermap's U.S. insurance revenue grew 65% from 2020 to 2023. At the start of 2023, multiple InsitePro subscribers renewed their multiyear subscriptions with increases ranging from 60% to 350% as growth continued with increasing commercial awareness and adoption of elevation data and geospatial analytics as a service. In the first quarter of 2023, InsitePro monthly recurring revenue was up by more than 13% compared with the end of 2022. During the storm season, InsitePro empowered customers to report excellent underwriting results after Tropical Storm Hilary. Hilary dropped a year's worth of rain on Southern California in three days, but InsitePro's robust risk selection delivered low claims totals, with some large California underwriter customers reporting no claims at all. In November 2023, Intermap announced a new collaboration with its partner, Twinn by Royal HaskoningDHV, to offer the global insurance industry enhanced, comprehensive flood, natural hazard and climate change data. The collaboration augments both companies' spatial intelligence capabilities and transforms risk assessment services, enabling insurers to make informed decisions, diversify portfolios and better manage natural hazard risks worldwide.

Intermap's European insurance business also grew significantly with new multiyear subscription contracts in Slovakia with an aggregate value of $1.3 million. The Company also expanded into the European real estate market, offering its Aquarius RMA flood risk solution to real estate brokers for property valuation.

In July 2023, Intermap was contracted to provide its high-resolution NEXTMap elevation data and precision radar imagery to support the United States Geological Survey (USGS) and NASA's Artemis III simulations and training exercises in the Arizona desert. Elevation data is critical for training missions on Earth to prepare for space missions, like Artemis III, and provides crucial data and insights for teams to conduct operations in a simulated lunar environment.

During the third and fourth quarters of 2023, Intermap closed various private placements of units ("Units" and individually, a "Unit"), with each Unit consisting of one Class A common share of the Company and one transferable common share purchase warrant at subscription prices ranging from C$0.50 to C$0.55 per Unit for aggregate gross proceeds of C$2,030,625.

In September 2023, the Company was contracted to supply its NEXTMap elevation data to a global spacecraft/launch/communications operator to be used for simulation, regulatory compliance and global situational awareness, including ground station RF interference modeling.

**2024**

In January 2024, Intermap was awarded a major contract to map the island of Sulawesi, representing 10% of Indonesia's landmass under the national One Map program. This significant achievement demonstrates the Company's ability to deliver high-resolution, cloud- and foliage-penetrating 3D data in dense tropical regions. Shortly thereafter, Intermap commenced work on the program, combining its unique airborne IFSAR technology with advanced AI/ML analytics to provide world-class geospatial capabilities.

By March 2024, Intermap had launched a new program in Malaysia to optimize water resources using AI/ML-driven data extraction, securing a $1 million award to enhance sustainable development. During this same period, the Company's ongoing expansion into government infrastructure led to projects in Greece (focused on agriculture) and Malawi (for watershed management). Additionally, Intermap received its first payment from the Indonesian mapping contract, allowing full-scale deployment to proceed.

In April 2024, Intermap strengthened its position in Eastern Europe's insurance sector by signing multiyear flood modeling subscriptions with major insurers in Slovakia. Early in the year, the Company's global insurance business surpassed $1 million in total awards, reflecting increased commercial adoption of geospatial analytics. Intermap simultaneously renewed multiple InsitePro subscriptions, benefiting from broader commercial awareness of its precise elevation models and hazard data.

Throughout the summer, Intermap executed a series of private placements and public offerings, which concluded in August 2024 with over C$3 million raised to fund key initiatives, including the Sulawesi mapping program.

In August 2024, Intermap secured Phase Two of its prime contract with the U.S. Air Force to provide assured positioning, navigation, and timing solutions in GPS-denied environments. Later that month, the Company established a strategic partnership with Aon's Impact Forecasting to enhance underwriting, risk management, and portfolio modeling for global insurers.

By September 2024, Intermap and its partner CACI were selected as a contracting team for the National Geospatial-Intelligence Agency's Luno A program—worth up to $290 million over five years—emphasizing advanced commercial satellite imagery and AI-driven feature extraction. Vendors such as Intermap will compete on a full and open basis for delivery orders under this program.

During the third quarter of 2024, the Company issued 7,346,568 Units at a price of C$0.45 per Unit in connection with a private placement for aggregate gross proceeds of C$3.3 million.

In October 2024, Vienna Insurance Group's Czech subsidiary adopted Intermap's real estate valuation and flood risk solution, further underscoring the Company's success in digitizing European underwriting and property analytics.

In November 2024, the Company announced third-quarter revenue growth of 241% year-over-year, largely fueled by its Indonesian data acquisition operations. Later that month, Intermap was awarded a subcontract with Endurance Group for the U.S. Department of Defense's Irregular Warfare Technical Support Directorate, supporting subterranean augmented reality solutions.

**2025**

During the first quarter of 2025, the Company issued 5,304,225 Class A common shares in connection with a private placement at a price of C$2.25 per share, for aggregate gross proceeds of C$11,935.

During 2025 the Company expects to continue to grow its insurance solutions business and expand its government contracts.

**DESCRIPTION OF THE BUSINESS**

**General Overview**

Intermap is focused on the creation, analysis, and provisioning of 3D terrain data and high-resolution thematic models of the Earth's surface. The Company helps customers understand their terrain environment, as well as its natural and manmade features, to inform better decisions. Organizations that use its products include government planners, space and orbital sensor companies, GIS software users, regulatory agencies, insurance companies, military organizations, aviation authorities, commercial airlines, drone and helicopter companies, natural resource companies, telecommunications companies, environmental consultants, road transportation and logistics companies, land use planners, agricultural companies, consumer recreation apps, and navigation, simulation, and visualization companies.

Intermap deploys patented, dual-use sensors and processing technology that collect and fuse massive and disparate raw datasets into its commercial 3D geospatial library, called NEXTMap, the world's largest. It then produces a suite of versatile, remotely sensed, 3D and multidimensional digital elevation models (DEM), precise, ground-true ortho-rectified images, map layers, thematic models, related digital infrastructure, software products, and solutions, all dynamically exploiting available sources, anytime, anywhere, at global scale - Your World. Made Simple.

Intermap's sensor-agnostic, multiple-source approach, combined with proprietary, dual-use, company-owned military-grade sensors, which can be deployed as needed, patented processing engines and unique library, generate valuable, actionable geospatial intelligence. Its high-resolution, ground-true 3D data delivers decision advantage from a distance, with analytics available at speeds and scale, remotely through the cloud, that eliminate the need to deploy expensive, on-the-ground or in-field resources to answer geospatial questions and solve problems. This remote action is enabled by the dynamic geospatial intelligence Intermap provides.

Intermap's customers can monitor and take remote action to optimize their land, air, space and sea assets; direct military mapping, surveillance, reconnaissance, and disaster response missions; monitor and analyze wetland, ice, vegetation, forest cover, including forest densities, harvest, soil erosion, depletion, regeneration, and flood zones; deploy highly reliable and precise operational navigation systems; conduct large scale transportation management, utility and land use planning, and remote insurance underwriting.

Over an extended period, Intermap invested several hundred million dollars to establish and productize its NEXTMap library of global 3D terrain data, much of it funded by meeting technology requirements for the U.S. government, including DARPA, the National Aeronautics and Space Administration (NASA), and the National Geospatial-Intelligence Agency (NGA). For its government customers, Intermap collects airborne IFSAR data, using a fleet of high-altitude jet aircraft equipped with dual-use and proprietary military-grade P-band SAR and X-band IFSAR sensors. From 2019- 2022, Intermap invested more than $6 million to upgrade its proprietary sensor platform. The Company has also patented a unique process to build highly accurate, 3D bare-earth DTMs, using proprietary radar that can penetrate to the ground through natural and manmade obstructions. In addition to 3D digital surface models (DSMs), Intermap provides extremely accurate DTMs over the same coverage areas. Intermap also invested more than $38 million from 2012 to 2016 to build leading-edge, 3D data exploitation and dissemination capability, using proprietary software, so products and solutions derived from its NEXTMap global library, augmented as required with new collections, are delivered with speed and scale, using intuitive, cloud-based software products and application programming interfaces accessible to non-expert geospatial users.

Intermap's patented Intelligent Resolution Improvement System (IRIS) is a flexible and automated workflow technology that produces proprietary, source-agnostic, enhanced DEMs covering the entire land area of the Earth several times over, combining its NEXTMap library with new collections from its own sensors, as well as from other multi-source data, including remotely sensed 3D points from LiDAR, 2D EO/optical and SAR sensors from airborne and space platforms. By incorporating multi- source data, IRIS builds sensed 3D points capturing a broad electromagnetic spectrum of information and provides more precise and reliable 3D models than alternative approaches that use single source data, statistics, and interpolation to estimate reality. IRIS enables Intermap to maintain, refresh, enrich and operationalize NEXTMap so its installed solutions comprise the best 3D data available from multiple sources, efficiently tailored to meet requirements, while never becoming stale.

The Company's policy is to retain intellectual property rights to its data. Intermap offers elevation data products as-a-service, software as-a-service and data licenses. Its customers on every continent benefit from Intermap's content and architecture to maximize their own geospatial investment. In this way, Intermap helps governments build their authoritative geospatial datasets to rigorous specifications in 3D, then leverages that highest quality data to solve problems for commercial customers. Intermap's integrated collection, processing, exploitation, and delivery, allow clients to build and manage world- class foundation data, providing ground truth so subsequent data layers can work together. This is particularly important for military applications. Intermap has worked with more than 50 countries to build their geospatial infrastructure. Recent advances in computing power, sensor resolution and variety, machine learning technology, and data architectures have made the exploitation of integrated datasets more accessible and valuable than ever. Commercial clients benefit from Intermap's ability to leverage its core NEXTMap global library and proprietary cloud infrastructure, and integrate geospatial intelligence seamlessly into their traditional workflows, without the need for expert users – providing better answers, greater profitability, faster delivery and improved safety and accuracy without exorbitant capital spending.

For many reasons, the geospatial industry is at an important inflection point, in government and commercial markets, where powerful 3D data is made available to non-expert users to inform decisions. For many important applications, 3D data works far better than traditional 2D data to provide answers to geospatial problems, particularly for problems requiring automated change detection. Because of its long history, Intermap is in a key position to facilitate and benefit from this trend, which is accelerating, by operationalizing global-scale 3D data. The Company has extensive experience and continues to invest in global-scale, high-precision, 3D, source-agnostic data creation and delivery. Since 2017, it has built the tools, library and technology to provision these assets with speed, in the cloud, and integrated into user workflows, all reliably sourced from Intermap's trusted and proprietary global, 3D foundation layer at 1-meter resolution, with congruent orthorectified imagery at better than 25cm resolution.

Intermap's new applications are tailored to specific industries and even specific government agencies and companies, making the solutions cost effective and increasing customer reliance. Our innovative business model brings geospatial answers directly to imperative problems, offering data quality and speed as competitive advantages, and allowing our customers to acquire, repurpose, enrich and combine valuable geospatial data to answer questions and solve problems in ways that they can access from Intermap, without the need to duplicate complex infrastructure or sift through expensive data they do not need with uncertain quality and sourcing.

Intermap's data margin is the difference between the cost of goods to develop new data products through NEXTMap and proprietary collection or acquisition (build) and the ability to monetize those data products as licenses, software or solution sales (deploy). Combined with advances in sensors and computing power, Intermap's legacy capital investment in technology, data, sensors, systems architecture and platform allows us to monetize our products with extremely high data margin. The Company's growing NEXTMap geospatial library powers AI-driven algorithms, making each new solution faster, cheaper to build, richer in content and more relevant. Intermap's proprietary data library, unique sensors, patented technology, low latency process to create and maintain data, and related application tools, collectively provide the Company with tremendous operating leverage and competitive advantages, driving product margins, volume, automation, and repeatability without incurring significant additional costs. This is the value of owning and maintaining a highly precise global digital elevation model and library.

For example, Intermap's elevation data as-a-service and elevation analysis as-a-service, which deliver x, y and z coordinates, are growing +30%, driven by non-expert geospatial users in the insurance, telecommunications, and aviation industries. Similar trends are taking shape in government and military markets, to reduce latency, as decision makers push 3D geospatial capability to their non- expert geospatial users "at the edge."

**Summary of Products and Services**

**Data Acquisition and Production**

Historically, this has been the Company's core source of revenue. Work is project-based, typically with sovereign clients, and each project is tailored to the specific needs of the client. Intermap's aircraft can operate around the world, and with the support of local partnerships, the Company has never failed to deliver on a data acquisition project. The digital elevation models created from this radar sensor have up to a 0.5-meter posting and vertical accuracy of up to 1-meter (LE90) in unobstructed regions with slopes less than 10 degrees. The image created from the radar sensor has been corrected to remove geometric distortions caused by the terrain and has up to a 0.25-meter resolution and horizontal accuracy 1.5-meter (CE90).

**Value-added Data Licenses**

Intermap's radar sensor systems create three core digital map products as follows:

**Digital Surface Model (DSM):** a digital elevation model that measures the top surface of the earth and objects located on it. The DSM is derived from the radar hitting the top of objects or the "first- reflective-surface." The DSM data includes vegetation, buildings, roads, and natural terrain features. Examples of DSM-related applications include line-of-sight calculations for cell tower placement, property development analysis, and military operations support. A DSM can also be used as a comparatively inexpensive means to improve the accuracy of cartographic products such as topographic line maps and road maps.

**Digital Terrain Model (DTM):** a topographic model of the "bare earth." A DTM is a DSM that has had vegetation, buildings, and other cultural features digitally removed, leaving just the underlying terrain. This is achieved using Intermap's proprietary software tools that create terrain elevations based on measurements of the ground contained in the original radar data. A DTM provides a geometrically correct reference frame over which other data layers, such as aerial photography and other types of images, can be draped. The DTM, coupled with surface analysis tools, supports applications such as the development of accurate topographic maps. The DTM is also a valuable component in analysis involving various terrain characteristics such as profile, cross-section, line-of-sight, aspect, and slope. Examples of DTM-related applications include flood modeling, agricultural land analysis, recreational GPS applications, internet mapping, optical image orthorectification and automotive applications.

**Multi-Frequency Orthorectified Radar Imagery (ORI):** The system produces 5 image layers: four P-band polarimetric images (including HH, HV, VH, and VV) which provide information on infrastructure, including infrastructure under vegetative cover and one X-band image (HH polarization). All 5 radar images are grayscale, look similar to a black-and-white photograph, and image the earth's surface. The ORIs are derived from the intensity of the radar wave that is rebounded from the earth's surface back to the radar system, either X or P. The radar imagery is then processed using the DSM to remove the distortions that are inherent with any image collection process. This rectification process results in each pixel in the image being located in its correct geometric position. The ORI is typically used as the basis for extracting terrain features such as roads, trees, and buildings and for other mapping applications such as topographic line maps.

Intermap's production and editing capabilities create the following digital products in areas the radar sensor has not collected data:

**NEXTMap One**: Precision, 3D geospatial data at an unprecedented 1-meter resolution, produced using Intermap's patented Intelligent Resolution Improvement System (IRIS). By combining the best features from multiple sensors, IRIS generates a seamless global dataset that is both highly accurate and spatially rich. Intermap uses high-resolution satellite imagery along with multi-band radar, LiDAR and other datasets to produce NEXTMap One. This blend of data produces a very high vertical accuracy of up to 1-meter (LE90), enabling new applications at an affordable price. NEXTMap One is designed for continual and real-time updates, with planned yearly data updates.

Using the above core products as foundation elements, Intermap produces additional mapping and image products for its customers tailored to customer-specific accuracy requirements, file formats, and coordinate systems. These products include:

**Custom contours:** enable the end user to perform profile analyses, elevation identification, slope modeling, or to create detailed maps. Because these contours are based on the Company's geospatial database DTM, the Company is able to offer higher accuracy digital map products than traditional publicly available products.

**Terrain-derived hydrology datasets:** provide water bodies and double line drainages. With this dataset, the end user can perform more accurate stream flow and soil erosion analyses, and snowmelt runoff predictions.

**Terrain-derived coastline datasets:** represent coastal boundaries in the end users' areas of interest. The end user can use it in coastal GIS applications for more efficient and correct analyses.

**Slope maps:** represent the terrain's degree of slope. This is useful for quick and effective slope analyses of the terrain.

**Aspect maps:** display the cardinal direction of the slope for effective terrain analyses. The aspect helps define the amount of sunlight striking the surface of the terrain.

**Hillshade image:** provide the end user with a more accurate and clearer visualization of the topography. It is well suited for hiking applications, site planning, presentations, and plotting.

**Contours:** provide high quality contour layers as a visual aid to performing profile analysis, elevation identification, slope indication, or to create detailed maps.

**Clutter:** includes both Clutter Type and Clutter Height provided for all vegetation and urban clutter classes.

**Land cover:** provides a colorized land classification overlay that identifies and classifies the context of the urban footprint, open land, and forest cover.

Intermap's data is licensed to clients for tightly defined end uses, or to value-added resellers to create and commercialize derivative products.

**Data as-a-Service Solutions**

**InsitePro**: InsitePro is configurable insurance underwriting software. The application calculates location-specific risk by combining the Company's geospatial datasets with third-party and public information to create accurate and dependable risk assessments for natural catastrophe risk. InsitePro delivers risk information derived from complex risk models and datasets in a clear visual environment, in terms that fit seamlessly with a client's business and workflow. Clients can evaluate single locations or large portfolios of locations quickly and easily. InsitePro is gaining market share in the United States insurance market with underwriters and carriers who are insuring flood. With changes to the National Flood Insurance Program, it is expected that demand for risk assessment solutions that can support flood underwriting will increase significantly. Beyond the United States, InsitePro is also gaining market share in Canada.

InsitePro is sold directly to clients as pre-paid annual subscriptions.

**Aquarius Software and Solutions:** Intermap's Czech office has been the principal source of flood risk data, models, and software for the Czech insurance industry for over two decades. With a continuing relationship with the national insurance association (CAP), over 80% of flood underwriters in the country use Intermap's products and services. In 2021 Intermap transitioned most of its European product suite onto cloud infrastructure, enabling multi-user licensing of country-specific solutions. With this new delivery infrastructure, the Company has been able to expand into new countries in the region, now serving three other countries beyond its home Czech market.

Insurance software and solutions are sold directly to clients with the majority of revenue now based on pre-paid subscriptions.

**NEXTView®:** The Company's high-quality configurable data solution serves various aviation markets, including avionics, drone and government regulatory agencies. The solution combines information and data from both Intermap and Lufthansa Systems to deliver superior terrain and obstacle awareness that improves airborne safety and efficiency. The partnership with Lufthansa Systems enables the solution to be certified for avionic applications. This certification is a significant barrier to entry into the aviation market. Lufthansa currently serves a large market share of avionics manufacturers and airlines through which it will offer NEXTView.

**Business Model and Revenue**

Intermap's foundational assets and core capabilities provide a competitive advantage. Any future competitors hoping to offer geospatial solutions on the same scale as Intermap will be faced with prohibitive capital costs and will be competing for customers who are able to purchase products and services with immediate availability from Intermap. Additionally, competitors' software products will not have access to Intermap's proprietary geospatial archive.

Intermap operates in one industry segment, digital mapping and related services, with three different classifications of revenue: Acquisition Services (fee-for-service contracts), Value-added Data Licenses (geospatial database licensing), and Software and Solutions.

**Geospatial Data Acquisition and Production Services**

The Company's mapping services business typically involves a client requesting imagery and/or a digital elevation model for a specific area and purpose. Intermap provides such data on a fee-for- service contract basis and then typically licenses the use of the data and/or digital maps to the customer. These custom mapping services projects have traditionally been conducted as a result of government or commercial contracts. The offerings frequently include data integration and maintenance programs. Project-specific contractual data acquisition has historically generated significant revenues and margins for the Company. However, they are unpredictable in timing and value, thus creating sources of revenue and margins that can vary significantly on a quarter-to-quarter and year-over-year basis. See "Risk Factors – Revenue Fluctuations."

**Value-added Data Licenses**

Intermap creates and updates a worldwide database of location-based information which is licensed to a broad group of customers. Intermap adds value to raw data to maximize the revenue and usefulness for the client. The products are provisioned as a service or through perpetual license.

**Software and Solutions**

Intermap's software is licensed with pre-paid annual subscriptions which generate recurring predictable revenue. Services are delivered on a contract-by-contract basis, to best support clients and produce predictable revenue.

NEXTView is licensed for drone applications through annual subscriptions based upon the nature of the business and number of drones. Government aviation authorities purchase long-term or perpetual licenses, with maintenance and updates sold in subsequent years.

**Revenues by Product Category**

The Company recorded revenues for the following categories of products and services during the two most recently completed financial years:

---

| | | |
|:---|:---|:---|
| **(in thousands)** | **2024** | **2023** |
| Acquisition Services | $**10496** | $14 |
| Value-added Data | **3110** | 1940 |
| Software and Solutions | **4031** | 4243 |
|  | $**17637** | $6197 |

---

**Pricing**

Pricing for mapping services varies by customer, location, and their individual requirements. The project price under a contract is typically negotiated with the customer as a function of the area requested, its location, terrain characteristics, and the type of license requested.

The Company's value-added data pricing is dependent on accuracy and includes set pricing per square kilometer or usage level, if it is acquired as a service.

The Company's software and solutions pricing includes annual subscriptions, and one-time purchases of enterprise level licenses, per-user, per-click and for specific functionality.

**Principal Markets**

**Market Overview**

Intermap believes that several markets requiring reliable location-based information and 3D terrain data exist as follows:

**Government Agencies**

A large portion of Intermap's revenue comes from government contracts with national mapping agencies. The Company is a leading supplier of imagery, DSMs and DTMs to United States federal agencies, including the NGA and the USGS. As the Company collects data around the world, it expects increased opportunities to arise for selling licensed products to government agencies outside of the United States.

Data is a key requirement for many types of initiatives, including base mapping/cadastral systems, infrastructure planning, natural resource management, risk management, economic development, and intelligence.

**Geospatial Data Market**

Beyond government agencies, end users of geospatial data are found throughout the economy, including automakers, telecommunications companies, software providers, engineering firms, real estate analytics companies, and more.

Intermap is continuing to develop its insurance software application, InsitePro, to continue to gain market share in the U.S. and European markets. Underwriters and carriers concerned with flood and other natural catastrophe perils are increasingly demanding solutions that can help assess, segment, rate and select risks for underwriting. The flood insurance industry is evolving quickly in the United States, Canada, Europe and Asia, and InsitePro is poised to serve those growing markets.

Intermap is marketing its geospatial database to a number of traditional geospatial markets. In these markets, customers typically use desktop-based GIS and engineering systems offered by strategic companies such as ESRI (a GIS mapping software company), Autodesk (a 3D design software company), and Blue Marble - Global Mapper (a GIS data processing company) for planning, engineering, environmental management, site, or route selection and permitting.

**Selling and Distribution Methods**

Data distribution occurs through direct sales, channel partners, value-added partners, OEMs, or through the Company's Internet-based store.

**Direct Sales**

Direct sales are carried out through a commissioned sales team employed by the Company. The direct sales team is responsible for the sale of data acquisition services, licensing of the geospatial database, and software subscriptions.

**Channel Partners**

In order to reach markets not easily accessed by traditional direct selling efforts, the Company leverages a network of channel partners. These partnerships are established to broaden the Company's customer base, penetrate new markets, and establish recurring revenue streams. The Company attempts to work with channel partners who are generally well-positioned in broad and diverse vertical markets. The channel partners distribute the Company's products and services to their principal markets and create and sell solutions or consumer products based on the Company's product infrastructure. Ultimately, Intermap's selection of a channel partner is governed by its ability to promote an integrated solution or product to mass markets, thereby creating an opportunity for recurring revenue to the Company.

**Production Process**

The Company owns all of the technology required to create, collect, process, edit, and deliver products to its customers. All of the Company's production processes, quality assurance, and quality control processes are documented under the Company's ISO 9001:2000 Quality Management System.

**Radar Production**

Areas targeted for radar collection are first flight-planned by Intermap's operations staff. Field crews are then dispatched to install GPS-based ground control points, as required. The aircraft and radar are subsequently flown to collect data over the target locations. The collected raw radar data is sent to the Company's interferometric processing (IP) centers either in Denver, Colorado or Jakarta, Indonesia. During IP, the raw radar data and GPS information are converted into a fully orthorectified (corrected) image and a digital surface model on a flight line basis. These flight line products are then joined together into map sheets. These DSM and ORI are then fed into Intermap's auto DTM engine. This engine creates a digital terrain model completely automatically which enables Intermap to scale up the production of our core products. Once the DSM, DTM, and ORI are generated, they are passed to quality assurance for checking where quality is ensured.

**Specialized Skill and Knowledge**

The Company needs well-trained technical staff having knowledge in software development and radar- related disciplines and/or mapping. Intermap fills a portion of this requirement for software developers, engineers, scientists, and technicians through recruitment programs at accredited colleges and universities. Career paths frequently lead from technician to design engineer or software developer, to manager. In addition, the requirement for mapping specialists is fulfilled from the conventional GIS community or through graduates of GIS programs at both community colleges and universities.

**Radar Technology**

The Company's ability to produce multi-frequency radar imagery and 3D digital elevation models over large areas and with a high level of detail and accuracy results from its proprietary radar digital mapping technology. This technology remotely and simultaneously collects latitude, longitude, and elevation (x, y, and z coordinates) data with an extremely high level of efficiency relative to other mapping technologies. An added benefit of radar technology is the ability to collect data in poor visibility conditions (night or cloud cover) and to fly at high altitudes, which facilitates a wide swath of data collection. The Company's standard DEM product provides a vertical accuracy of up to 1-meter (LE90) in unobstructed regions with slopes less than 10 degrees and imagery of a horizontal resolution of up to 0.25-meters. The P-band sensor provides the unique capability of foliage penetration, providing imagery of infrastructure typically hidden below forest canopy at resolutions of up to 0.85- meters. Intermap believes it has a strong leadership position in the mapping industry as a result of its proprietary IFSAR radar technology.

The Company operates two radar systems. Each system consists of two quad-polarimetric P-band antennae, two X-band radar antennae coupled to a transmitter receiver and data storage system. Both radar systems are mounted in Learjet 36A aircraft. The X-band system is configured in an IFSAR mode, the two images created are processed via a digital correlation process that extracts terrain height information used to geometrically correct the radar image. The radar technology uses GPS data, together with onboard laser-based inertial measurement data to attain highly accurate positioning control. The accuracy of the system's positioning information, along with careful baseline calibration, reduces the likelihood that additional location measurements are required in subsequent processing steps.

Compared with competing technologies, the Company's ability to produce data on time and within a specified budget is largely due to the radar technology's all-weather acquisition capability (with the exception of abnormally high winds and turbulence) and its superior speed and efficiency. The post- collection processing of the data is also less labor-intensive than competing technologies (see "Competition).

**Competition**

**Data Acquisition**

The Company's geospatial solutions approach includes the use of an airborne remote sensing radar technology and there are a number of such technologies that compete with Intermap's radar-based capabilities as summarized below:

**LiDAR:** Intermap believes that LiDAR is the most competitive technology to the Company's IFSAR based radar system because of its availability and accuracy. The equipment is easily obtainable, and mapping services are usually offered by companies on a fee-for-service basis. Pricing, while project-specific, typically ranges from approximately $60 to $250 per square kilometer in the U.S. for large areas (>5000 kilometers square), roughly five to ten times the cost of Intermap's products and the end product varies dramatically in quality and precision. In other parts of the world, the price can be significantly higher. However, given the high level of competition in the LiDAR sector, it is likely that prices will continue to be driven down. Although LiDAR is capable of higher accuracy than Intermap's radar technology, it continues to have challenges in our niche markets due to its inability to cover large areas efficiently, limited ability to fly in poor weather conditions, non-standard processing methods to derive hydro-enforced (rivers run downstream) DSM and DTM finished data products, and a much higher cost associated with collecting large areas relative to the Company's radar technology. Furthermore, Intermap believes that LiDAR does not play a key role in the cloud belt regions of the world, due to its inability to operate through dense clouds. While Intermap considers its radar capability to be a competing technology, the Company also has partnership agreements with LiDAR suppliers to provide their products and services as part of an optimum geospatial solution for the Company's customers.

**Other IFSAR Systems:** The Company is currently unaware of any other commercially operational airborne IFSAR systems. Historic competitors such as Orbisat da Amazonia S.A. (Orbisat) and Fugro do not appear to have active airborne IFSAR capability at the present time.

**Satellite Imagery:** High-resolution commercial satellite technologies, with the capability to derive high resolution elevation models, have entered the market. Intermap partners with certain satellite imagery suppliers to provide dedicated geospatial solutions to its customers.

**Optical Satellite Sensors:** For technical and economic reasons, Intermap believes it is difficult to use satellite optical data from suppliers such as Maxar and Planet to generate stereo images of large areas and apply photogrammetry to create elevation data. Intermap has previously sold terrain data to satellite companies in order to provide them with the elevation data they require to rectify their satellite imagery for their customers. Intermap also sells terrain data to NGA, which is the largest customer for the satellite companies. The Company regards satellite imagery as a complementary data layer, providing color or black-and-white optical images that can be draped over Intermap's 3D terrain data.

With the recent advancements in Intermap's Web Service offerings, based on the NEXTMap database, there are newfound possibilities in the orthorectification of satellite images. Intermap is now finding several high-resolution satellite providers are inquiring about services based on our NEXTMap database. These include both online and under license services.

The Ministry of Economy, Trade, and Industry (METI) of Japan and the United States National Aeronautics and Space Administration (NASA) released the ASTER GDEM V2 on October 17, 2011. This elevation model has a vertical accuracy of 20-meters. The first version of the ASTER GDEM, released in June 2009, was generated using stereo-pair imagery collected by the ASTER instrument onboard the satellite. ASTER GDEM coverage spans from 83 degrees north latitude to 83 degrees south, encompassing 99 percent of Earth's landmass. The improved GDEM V2 adds 260,000 additional stereo-pairs, improving coverage and reducing the occurrence of artifacts. The refined production algorithm provides improved spatial resolution, increased horizontal and vertical accuracy, and superior water body coverage and detection. The ASTER GDEM V2 maintains the GeoTIFF format and the same gridding and tile structure as V1, with 30-meter postings and 1 x 1 degree tiles. This elevation data set has not been hydro-enforced and is negatively biased downward by approximately 10-meters. Intermap believes that this data is not sufficiently precise for most commercial applications such as aviation safety, environmental control, engineering, flood management and topographic mapping.

Intermap has merged ASTER V2 and SRTM (explained below) and calibrated it using high resolution LiDAR data from a spaceborne LiDAR sensor (ICESat)to derive an elevation model with fewer artifacts than the ASTER V2 and with better vertical accuracy. The Company introduced this product in June 2012, called World 30, at a 30-meter horizontal resolution and a follow-on product called World 10 at a 10-meter horizontal resolution, in June 2015. In 2018, Intermap introduce NEXTMap One, precision, 3D geospatial data at an unprecedented 1-meter resolution, produced using Intermap's patented system IRIS™. By combining the best features from multiple sensors, IRIS generates a seamless global dataset that is both highly accurate and spatially rich. Intermap uses high-resolution satellite imagery along with multi-band radar, LiDAR and other datasets to produce NEXTMap One. This blend of data produces very high vertical accuracy of up to 1-meter (LE90), enabling new applications at an affordable price. NEXTMap One is designed for continual and real-time updates, with planned yearly data updates.

**Small SAR Satellite Sensors:** A number of startups including Capella Space, Iceye, and Planet, have launched or are preparing to launch SAR smallsats. SAR satellites can gather data day and night, and through all weather conditions, but they do not possess the technology to produce high quality DEMs, nor is it their focus.

**SAR Satellite Sensors:** Starting with the launch of TerraSAR-X in 2010 by the German military, there are now a number of X-band SAR synthetic aperture radar (SAR) satellite systems that provide commercially available data of varying resolutions depending on whether collection occurs in strip map (typically 3-meter resolution) or spotlight mode (up to 0.5-meter resolution). Nearly all the satellite SAR systems offer image-only products, with one exception: in 2007, a second TerraSAR-X satellite platform was launched in a tandem orbit with the origin creating the Tandem-X mission. This provides an interferometric solution to derive digital elevation data, which is available to the public as a 12-meter posting, 3-meter vertical accuracy elevation model.

**One-Time Shuttle Mission:** A NASA space shuttle mission flown in February 2000 generated near worldwide digital map coverage of the Earth's surface, using IFSAR technology. Intermap was a member of one of two teams chosen by the NGA to produce and edit the shuttle mission data. The digital maps generated by the mission have a vertical accuracy of 10-meters at 30-meters horizontal resolution (USA), or DEM posting. Intermap believes that this data is not sufficiently precise for most commercial applications such as automobile related applications, aviation safety, environmental control, engineering, and flood management.

While Intermap expects competitors to eventually develop or acquire technology that competes with its IFSAR radar digital mapping capabilities, the Company believes that it has a lead in accuracy, efficiency, production throughput, know-how, and software tools to manage the production process. In particular, within the cloud belt, the high resolution (.25-meter) cloud free Multi-Frequency IFSAR radar image is still a key differentiator for Intermap. The Company's business initiatives, InsitePro, 1-meter elevation data, World 30 DSM, and World 10 DSM, along with its e-commerce data store are intended to capitalize on the market lead Intermap believes it currently enjoys. Additionally, while Intermap considers satellite imagery to be a competing technology, the Company also has partnership agreements with certain satellite imagery suppliers to provide their products as part of an optimum geospatial solution for the Company's customers.

**Software and Solutions**

Intermap's Insurance offerings, including software and services, face competition from software suppliers that include CoreLogic, Verisk, Aon, and Katrisk.

Intermap's competitors may have significantly more financial, technical, marketing and other resources than the Company. Many of these competitors have extensive customer-bases and broader customer relationships than Intermap, and they also have longer operating histories and greater name recognition, particularly in the software product space. The Company believes that it competes effectively with higher quality proprietary datasets, delivered with a product that compares favorably on ease of use, specialization in solving specific customer problems, optimization of accessed datasets, pricing, and quality.

**Business Cycles**

The Company's mapping services business is highly dependent on government budgeting cycles and, to a lesser extent, value added data re-sales to state and local governments that are also subject to government budgeting cycles. These government cycles can be as long as 36 months or more.

Data licensing and software/services can be sold with a much shorter sales cycle, typically three months or less.

Recurring revenue from software is a growing part of Intermap's top line, which adds some stability to financial planning for the Company.

**Employees**

As of December 31, 2024, Intermap had 501 employees located as follows: 7 in Calgary, Canada; 2 in Toronto, Canada; 17 in Englewood, Colorado, USA; 2 in New York, USA; 3 in California, USA; 1 in Virginia, USA; 1 in Washington, USA; 1 in South Carolina, USA; 1 in Tennessee, USA; 13 in the Czech Republic; and 454 in Jakarta, Indonesia.

**Foreign Operations**

The Company operates through its active subsidiaries which are based in the United States, Czech Republic, and Indonesia. The Company has a long history of performing projects in a wide variety of countries in addition to the countries in which it resides. In 2024, approximately 13% of Intermap's revenue was derived from the United States, 66% from Asia Pacific, and 21% from Europe. For more details, see "Risk Factors – Foreign Operations" below and the financial statement note entitled "Segmented Information" of the consolidated financial statements for the year ended December 31, 2024, a copy of which is filed and is available on SEDAR+ at www.sedarplus.ca

**RISK FACTORS**

The risks and uncertainties described below are not exhaustive. Additional risks not presently known or currently deemed immaterial may also impair the Company's business operations. If any of the events described in the following business risks actually occur, overall business, operating results, and the financial condition of the Company could be materially adversely affected.

**Negative Cash Flow from Operating Activities**

The Company did not achieve positive operating cash flow in its most recent financial years.

Accordingly, the Company may experience negative cash flow from operations in the future. The Company has incurred net losses in the past and may incur losses in the future unless it can derive sufficient revenues from its business. Such future losses could have an adverse effect on the market price of the Securities, which could cause investors to lose part or all of their investment.

**Cash Flow and Liquidity**

The Company is dependent upon its cash flow from operations to fund its business because it has no line of credit or credit facility currently in place. As of December 31, 2024, the Company had cash on hand of $0.4 million, current assets of $7.0 million and current liabilities of $7.5 million, resulting in a working capital deficiency of $0.5 million. Given the Company's cash balance, together with the acquisition services contract announced in the first quarter of 2024 and the proceeds raised from the completion of an issuer private placement during the first quarter of 2025, its potential sources of funding and working capital needs, the Company believes it has sufficient cash to fund its operations for the next 12 months. This expectation reflects certain assumptions of management, including, among other things, growth estimates in respect of the Company's revenues based on the Company's ability to successfully secure sales with upfront payments, and anticipated levels of capital expenditures and other costs expected to be incurred over the next 12 months. If these assumptions prove to be incorrect and the Company generates negative operating cash flows in a future period, the Company may need to obtain alternative sources of funding. However, there can be no assurance that additional funding will be available or, if available, that it will be available on acceptable terms. If adequate funds are not available, the Company may have to substantially reduce or otherwise eliminate certain expenditures, which could have a material adverse effect on the Company's operations and financial condition. There can be no assurance that the Company will be able to raise additional capital if its capital resources are depleted or exhausted.

**Availability of Capital**

Cash generated from operations may not be sufficient to satisfy current liquidity requirements. As such, the Company will require additional capital. The extent of the Company's future capital requirements will depend on many factors, including, but not limited to, the market acceptance of its products and services, demand for geospatial related products and service, and competition within this industry. No assurance can be given that any such additional funding will be available or that, if available, it can be obtained on terms favorable to the Company.

**Revenue Fluctuations**

Intermap's revenue has fluctuated over the years. Acquisition services projects, the purchase of value- added data, and the purchase of software and solutions by the Company's customers are all scheduled per customer requirements and the timing of regulatory and/or budgetary decisions. The commencement or completion of acquisition projects within a particular quarter or year, the timing of regulatory approvals, operating decisions of clients, and the fixed-cost nature of Intermap's business, among other factors, may cause the Company's results to vary significantly between fiscal years and between quarters in the same fiscal year.

**Nature of Government Contracts**

Intermap conducts a significant portion of its business either directly from, or in cooperation with, the United States government, other governments around the world, and international funding agencies. The current state of the public finances in many of the countries the Company has historically operated in has led to reductions in the amount of data ordered by its government customers. In addition, many of Intermap's products and services require government appropriations and regulatory licenses, permits, and approvals, the timing and receipt of which are not within Intermap's control. Any of these factors could have an effect on Intermap's revenue, earnings, and cash flow.

**Foreign Operations**

A significant portion of Intermap's revenue is expected to come from customers outside of the United States and is therefore subject to additional risks, including foreign currency exchange rate fluctuations, agreements that may be difficult to enforce, receivables difficult to collect through a foreign country's legal system, and the imposition of foreign-country-imposed withholding taxes or other foreign taxes.

**Dilution**

The Company may issue additional securities, which may dilute existing securityholders.

**Key Customers**

During 2024, the Company had one key customer that accounted for 60% of total revenue. During 2023, 28% of the revenue was attributable to one key customer. To the extent that significant customers cancel or delay orders, Intermap's revenue, earnings, and cash flow could be materially and adversely affected.

**Executive Talent**

Intermap is focused on aligning its resources with its acquisition services, value-added data and software and solutions revenue opportunities. This realignment requires the retention of executive talent. The Company will continue to invest in training and leadership development in response to the changes within the Company to retain talent.

**Competing Technologies**

With respect to the Company's software applications, several direct and indirect competitors are currently in the market with product offerings that could be considered at least partially competitive to Intermap's products. These potential competitors vary in size and could have greater technical and/or financial resources than the Company, to develop and market their products. The financial performance of the Company may be adversely affected by such competition. Intermap continues to evaluate its data collection capabilities and look for improvements to the performance of its radar technology. Although there are only a few direct Intermap competitors currently, the industry is characterized by rapid technological progress. Intermap's ability to continue to develop and introduce new products and services, or incorporate enhancements to existing products and services, may require significant additional research and development expenditures and investments in support infrastructure.

Another approach to production of digital elevation models is the use of auto correlation software to analyze common points in two or more optical images of the same area taken from different viewing angles. Essentially, this is the same principle that is used by technicians as they extract elevation points using stereo photogrammetric techniques, but in this case, it is automated using computer software image matching algorithms. This process is well known and has seen incremental, evolutionary improvement over time. Advances in computing power, coupled with massive storage solutions, may make this technology useful over larger areas in the future, and if so, could represent a significant competing technology.

Any required additional financing needed by the Company to remain competitive with these other technologies may not be available or, if available, may not be on terms satisfactory to the Company.

**Common Share Price Volatility**

The market price of the Company's common shares has fluctuated widely in recent periods and is likely to continue to be volatile. A number of factors can affect the market price of Intermap's common stock including (i) actual or anticipated variations in operating results, (ii) the low daily trading volume of the Company's stock, (iii) announcement of technological innovations or new products by the Company or its competitors, (iv) competition, including pricing pressures and the potential impact of competitors products on sales, (v) changing conditions in the geospatial and related industries, (vi) unexpected production difficulties, (vii) changes in financial estimates or recommendations by stock market analysts regarding Intermap or its competitors, (viii) announcements by Intermap or its competitors of acquisitions, strategic partnerships, or joint ventures, (ix) additions or departures of senior officers, (x) changes in economic or political conditions (xi) the selling of significant holdings by large investors, and (xii) the Company's ability to meet the continued listing requirements of the Toronto Stock Exchange to maintain the listing of its common shares.

**Loss of Proprietary Information**

Intermap currently holds patents on the technology used in its operations and products and it also relies heavily on trade secrets, know-how, expertise, experience, and the marketing ability of its personnel to remain competitive. Although Intermap requires all employees, consultants, and third parties to agree to keep its proprietary information confidential, no assurance can be given that the steps taken by Intermap will be effective in deterring misappropriation of its technologies. Additionally, no assurance can be given that employees or consultants will not challenge the legitimacy or scope of their confidentiality obligations, or that third parties, in time, could not independently develop and deploy equivalent or superior technologies.

**Software Functionality**

Defects in the Company's software applications, delays in delivery, and failures or mistakes in the Company's software code could harm the Company's business, including customer relationships and operating results.

**Internet and System Infrastructure Functionality**

The end customers of the Company's software applications depend on internet service providers, online service providers and the Company's infrastructure for access to the software applications the Company provides to its customers. These services are subject to service outages and delays due to system failures, stability or interruption. As a result, the Company may not be able to meet a satisfactory level of service as agreed to with its customers, which could have a material adverse effect on the Company's business, revenues, operating results and financial condition.

**Information Technology Security**

The Company's software applications are dependent on its ability to protect its computer equipment and the information stored in its data centers against damage that may be caused by fire, power loss, telecommunication failures, unauthorized intrusion, computer viruses, disabling devices and other similar events. A failure in the Company's production systems or a disaster or other event affecting production systems or business operations, both internally and externally, could result in a disruption to the Company's software services. Such a disruption could also impact the Company's reputation and cause it to lose customers, revenue, face litigation, or necessitate customer service/repair work that would involve substantial costs and could ultimately have a material impact on the Company.

Intermap's geospatial database is a valuable asset to the Company. While Intermap has invested in database management, information technology security, firewalls, and offsite duplicate storage, there is a risk of a loss of data through unauthorized access or a customer violating the terms of the Company's end user licensing agreements and distributing unauthorized copies of its data. Intermap has, and will continue to invest, in both legal resources to strengthen its licensing agreements with its customers and in overall information technology protection.

**Cybersecurity**

The Company's software applications and geospatial database are dependent upon protection against damage or loss that may be caused by a cyberattack. Loss or theft of the Company's geospatial database could result in lost revenue or the ability of a competitor to provide competing software solutions. A hostile Denial of Service (DoS) action could disrupt the Company's software services. Such a disruption could impact the Company's reputation and cause it to lose customers, revenue, face litigation, or necessitate customer service/repair work that would involve substantial costs and could ultimately have a material impact on the Company.

Intermap has invested in database management, information technology security, and firewalls to mitigate the risk of loss or theft of the Company's data. Further investments have been made to prevent DoS activities and improvements to the software services' defenses against such attacks.

The Company undertakes periodic reviews of its information technology infrastructure and security policies using the SANS CIS Critical Security Controls as a framework. The areas of focus for review pertain to user and system authentication and access; internal network configuration and security; data storage resiliency and security; and hosted application access security. These periodic reviews serve to proactively shore up areas of vulnerability and ensure policies are effective and enforced. However, the risk cannot be eliminated entirely, and the Company has invested in insurance to mitigate loss in the event of a cyberattack.

**Exporting Products – Political Considerations**

Intermap's data collection systems contain technology that is classified as a defense article under the International Traffic and Arms Regulations. All mapping efforts undertaken outside the United States, therefore, constitute a temporary export of a defense article, requiring prior written approval by the United States Department of State for each country within which data acquisition operations are to be performed. The Company does not currently anticipate that requirements for export permits will have a material impact on its operations, although either government policy or government relations with select foreign countries may change to the point of affecting the Company's operational opportunities.

**Environment and social-related regulatory activity**

Changes in environmental regulation could have an adverse effect on the Company's airborne data acquisition services business. On June 20, 2024, Bill C-59 received royal assent, thereby enacting certain changes to the Competition Act (Canada) to address "greenwashing", meaning false, misleading, or deceptive environmental claims made for the purpose of promoting a product or a business interest. How the new rules will be interpreted and applied is currently unclear, which creates significant uncertainty regarding how Canadian companies may publicly communicate their environmental and climate performance. The complexity and uncertainty of environmental and climate change related issues make it extremely difficult to predict the potential impact on the Company. The recent amendments of laws and regulations impose significant financial penalties for non-performance. Companies found to have made representations that violate the rules, intentionally or inadvertently, could be subject to an administrative penalty for the greater of $10 million for the first order and $15 million dollars for any subsequent order, and 3% of the Company's annual worldwide gross revenues.

**Political Instability**

Political or significant instability in a region where Intermap is conducting data collection activities and any of its other services, or where Intermap has clients, could adversely impact Intermap's business.

**Regulatory Approvals**

The development and application of certain of the Company's products requires the approval of applicable regulatory authorities. A failure to obtain such approval on a timely basis, or material conditions imposed by such authority in connection with the approval, would materially affect the prospects of the Company.

**Aircraft/Radar Lost or Damaged**

Although the Company believes that the probability of one of the Company's aircraft or radar sustaining significant damage or being lost in its entirety is extremely low, such damage or loss could occur. The Company is expected to have available to it, for data collection purposes, one additional aircraft at any given time. The risk to the Company of loss from the damage of an aircraft is therefore considered to be minimal. In the event that a radar mapping system is lost in its entirety through the destruction of the aircraft, it would take the Company approximately six to nine months to replace the lost equipment, if required.

**Global Positioning System (GPS) Failure**

GPS satellites have been available to the commercial market for many years. The continued unrestricted access to the signals produced by these GPS satellites is helpful, but not required, in the collection of the Company's IFSAR data. A loss of GPS would have such a global impact that it is believed that controlling authorities would almost certainly make another system available to GPS receivers in relatively short order.

**Information Openly Available to the Public**

The Company accesses information available to the public via the internet and may incorporate pieces of such information into its products. If a source of public information determined that the Company was profiting from free information, there is risk it could seek compensation.

**Force Majeure**

The Company's projects may be adversely affected by risks outside of its control including labor unrest, civil disorder, war, subversive activities or sabotage, fires, floods, explosions or other catastrophes, epidemics, or quarantine restrictions.

**Preserve and Use of U.S. net operating losses (NOLs)**

Our U.S. Subsidiary's ability to utilize the U.S. NOLs after an "ownership change" is subject to the rules of Section 382 of the U.S. Internal Revenue Code of 1986, as amended (Section 382). Section 382 imposes an annual limitation on the amount of taxable income that may offset NOLs following an ownership change. An ownership change occurs if, among other things, the shareholders (or specified groups of shareholders) who own or have owned, directly or indirectly, five percent (5%) or more of the value of our shares or are otherwise treated as five percent (5%) shareholders under Section 382 and the regulations promulgated thereunder increase their aggregate percentage ownership of the value of our shares by more than fifty (50) percentage points over the lowest percentage of the value of the shares owned by these shareholders over a three-year rolling period. An ownership change could also be triggered by other activities, including the sale of our shares that are owned by our five percent (5%) shareholders.

**Artificial Intelligence**

The emergence of new, disruptive companies leveraging Artificial Intelligence (AI) can pose a threat to us in the market. These newcomers, unencumbered by legacy systems or traditional business models, have the potential to swiftly gain market share and redefine industry dynamics. The unpredictable nature of AI development and its impacts on the market further contribute to uncertainties, making it challenging to anticipate and navigate potential disruptions.

**DIVIDENDS**

The Company has not paid any cash dividends on any class of shares during the three most recently completed financial years. Further, the Company has not paid any cash dividends since its inception and does not intend to pay any cash dividends in the foreseeable future. The Company intends to retain any earnings to finance its operations. There are no restrictions preventing the Company from paying dividends.

**DESCRIPTION OF CAPITAL STRUCTURE**

The Company's authorized capital consists of an unlimited number of Common Shares and an unlimited number of Class A participating preferred shares (Preferred Shares) without par value. At the close of business on December 31, 2024, there were 53,618,357 Common Shares issued and outstanding. There are no Preferred Shares currently issued and outstanding. During 2024, the Company issued 7,796,467 Common Shares through private placements from treasury and 4,286,135 Common Shares though purchase warrant exercises.

Each Common Share entitles the holder thereof to (i) dividends if, as and when declared by the directors; (ii) one vote at all meetings of holders of common shares; and (iii) participate in any distribution of the Company's assets upon liquidation, dissolution, or winding up.

Each Preferred Share entitles the holder thereof to (i) dividends if, as and when declared by the directors; (ii) one vote at all meetings of the shareholders of the Company; and (iii) participate (after receiving in priority to the holders of Common Shares, a sum equal to its purchase price) in any distribution of the Company's assets upon liquidation, dissolution, or winding up.

**MARKET FOR SECURITIES**

The outstanding common shares of the Company are listed and posted for trading on the Toronto Stock Exchange (TSX) under the symbol "IMP" and the OTCQB® Market under the symbol "ITMSF".

**Trading Price and Volume**

---

| | | | |
|:---|:---|:---|:---|
| **Intermap Technologies Corporation** <br> **TSX Share Price Information** (in Canadian dollars) **2024** | **Intermap Technologies Corporation** <br> **TSX Share Price Information** (in Canadian dollars) **2024** | **Intermap Technologies Corporation** <br> **TSX Share Price Information** (in Canadian dollars) **2024** | **Intermap Technologies Corporation** <br> **TSX Share Price Information** (in Canadian dollars) **2024** |
| Month | High (C$) | Low (C$) | Average Volume |
| January 2024 | 0.92 | 0.56 | &nbsp;&nbsp;&nbsp;&nbsp;78275 |
| February 2024 | 0.91 | 0.83 | 38270 |
| March 2024 | 0.93 | 0.72 | 11235 |
| April 2024 | 0.83 | 0.59 | 25314 |
| May 2024 | 0.6 | 0.52 | 15805 |
| June 2024 | 0.57 | 0.46 | 8129 |
| July 2024 | 0.74 | 0.47 | 84538 |
| August 2024 | 0.9 | 0.6 | 92062 |
| September 2024 | 0.95 | 0.78 | 48335 |
| October 2024 | 1.3 | 0.95 | 111323 |
| November 2024 | 1.72 | 1.08 | 97767 |
| December 2024 | 2.59 | 1.82 | 126111 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Intermap Technologies Corporation<br> OTCQB Share Price Information 2024** | **Intermap Technologies Corporation<br> OTCQB Share Price Information 2024** | **Intermap Technologies Corporation<br> OTCQB Share Price Information 2024** | **Intermap Technologies Corporation<br> OTCQB Share Price Information 2024** |
| Month | High (C$) | Low (C$) | Average Volume |
| January 2024 | 0.67 | 0.42 | &nbsp;&nbsp;&nbsp;&nbsp;84811 |
| February 2024 | 0.67 | 0.6 | 78550 |
| March 2024 | 0.68 | 0.53 | 26440 |
| April 2024 | 0.6 | 0.43 | 40559 |
| May 2024 | 0.45 | 0.39 | 29695 |
| June 2024 | 0.42 | 0.32 | 16916 |
| July 2024 | 0.53 | 0.34 | 161405 |
| August 2024 | 0.66 | 0.43 | 121968 |
| September 2024 | 0.69 | 0.58 | 93715 |
| October 2024 | 0.94 | 0.69 | 115887 |
| November 2024 | 1.28 | 0.78 | 121370 |
| December 2024 | 1.82 | 1.3 | 215085 |

---

**Prior Sales**

The only securities of the Company that were outstanding as of the date of this AIF but not listed or quoted on an exchange are stock options, restricted share units, and common share purchase warrants. The price at which such securities have been issued by the Company during the most recently completed financial year, the number of securities of the class issued at that price and the date on which such securities were issued, as applicable, are detailed below:

---

| | | | |
|:---|:---|:---|:---|
| **Date** | **Number and Type of Securities** | **Issue Price/Exercise Price** | **Description of Issuance**<br>|
| January 3, 2024 | 120,000 warrants | C$0.50 per warrant | Issued in connection with the January 3, 2024 private placement |
| July 15, 2024 | 100,000 Restricted Share Units<br>| C$0.00 | Issued in connection with a service provider agreement<br>|

---

**DIRECTORS AND EXECUTIVE OFFICERS**

Set out below are the names of the directors and executive officers of the Company as of the date of this AIF, their place of residence, their positions held within the Company, and their principal occupations in the last five years.

---

| | | | |
|:---|:---|:---|:---|
| **Name, Present Office Held and Residence** | **Director Since** | **Principal Occupation**<br>| **Common Shares <sup>(5)</sup>** |
| Patrick A. Blott<sup>(1)(3)(4)</sup><br> Chairman and Chief Executive Officer<br> New York, U.S.A. | July 13, 2016 | Chairman and Chief Executive Officer of the Company, Co-Founder and Managing Partner of Blott Asset Management and Director of OSI Geospatial Inc. | 6186844 |
| Philippe Frappier<sup>(2)(3)(4)</sup><br> Director<br> Toronto, Canada | January 30, 2017 | Account Executive IMP Solutions Inc., and previously Independent Management Consultant, Vice President Client Services at IQ Partners, and Senior Partner of Searchlight Recruitment Inc. | 135652 |
| John Hild<sup>(2)(3)(4)</sup><br> Director<br> Maryland, U.S.A. | April 30, 2020 | President of Hild Enterprises, LLC, and previously Chief Information Officer and Vice President of DigitalGlobe | 170722 |
| Jordan Tongalson<sup>(2)(3)(4)</sup><br> Director<br> New York, U.S.A. | September 10, 2020 | Managing Director of Littlejohn & Co, and previously Executive Director of Morgan Stanley and Vice President of The Blackstone Group L.P. |  |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Chairman
 of the Board

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Member
 of Audit Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Member
 of Compensation Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Member
 of Nominating and Governance Committee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) Beneficially
 Owned, Controlled or Directed, Directly

The directors will hold office until the next annual general meeting of the shareholders unless their office is earlier vacated in accordance with the by-laws of the Company and in accordance with the Business Corporations Act (Alberta). As at December 31, 2024, the directors and key management personnel in aggregate owned or controlled 17.2% of the issued and outstanding Common Shares of the Company.

**Executive Officers Who Are Not Directors**

**Jennifer S. Bakken, Executive Vice President Finance and CFO (Lone Tree, Colorado, U.S.A.)** joined Intermap in August 2008 and served as the Corporate Controller until January 2017 when she was promoted to Senior Vice President. In May 2017, Jennifer was named Executive Vice President and CFO.

**Jack Schneider, COO (New York, New York, USA)** joined Intermap in August 2018 as a consultant before he was named COO in September 2020.

**Cease Trade Orders**

No director or executive officer of the Company is, as of the date of this AIF, or was, within the 10 years before the date hereof, a director, chief executive officer, or chief financial officer of any company (including the Company) that was the subject of a cease trade order, an order similar to a cease trade order, or an order that denied the Company access to any exemption under securities legislation that was in effect for a period of more than 30 consecutive days, that was issued (i) while that person was acting in such capacity; or (ii) after that person was acting in such capacity and which resulted from an event that occurred while that person was acting in such capacity.

**Bankruptcies**

No director or executive officer of the Company, or shareholder holding a sufficient number of securities to affect materially the control of the Company is, as of the date of this AIF, or has been, within 10 years before the date hereof, a director or executive officer of any company that, while that person was acting in such capacity, or within a year of that person ceasing to act in such 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.

No director or executive officer of the Company, or shareholder holding a sufficient number of securities to affect materially the control of the Company has, within the 10 years before the date of this AIF, 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 or Sanctions**

No director or executive officer of the Company, or shareholder holding a sufficient number of securities to affect materially the control of the Company has been subject to 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 has been subject to 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**

Circumstances may arise where members of the Company's board of directors or officers are directors or officers of corporations which are in competition to our interests. No assurances can be given that opportunities identified by such board members or officers will be provided to the Company. Pursuant to the *Business Corporations Act* (Alberta), directors who have a material interest in a proposed material transaction upon which the Company's board of directors is voting are required to disclose their interests and refrain from voting on the transaction.

**LEGAL PROCEEDINGS AND REGULATORY ACTIONS**

Management of the Company is not aware of any existing or contemplated legal proceedings material to the Company, to which the Company is, or during the financial year ended December 31, 2024 was, a party or of which any of its property is, or during the financial year ended December 31, 2024 was, subject.

Management of the Company is not aware of any penalties or sanctions imposed against the Company by a court relating to securities legislation or by a securities regulatory authority during the financial year ended December 31, 2024.

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

There were no material interests, direct or indirect, of directors or executive officers of the Company, or of any of the shareholders of the Company who beneficially own, directly or indirectly, or exercises control or direction over more than 10 percent of the Company's outstanding Common Shares, or any known associate or affiliate of such persons in any transactions within the three most recently completed financial years of the Company or during the current financial year which has materially affected, or is reasonably expected to materially affect, the Company or a subsidiary.

**TRANSFER AGENT AND REGISTRAR**

The Company's transfer agent and registrar is Odyssey Trust Company, located at 300 5th Avenue SW, Calgary, Alberta, Canada T2P 3C4.

**MATERIAL CONTRACTS**

The Company has not entered into any material contract within the most recently completed financial year, or before the most recently completed financial year that is still in effect and was not in the ordinary course of business.

**INTERESTS OF EXPERTS**

There is no person or company whose profession or business gives authority to a statement made by such person or company and who is named as having prepared or certified a statement, report, or valuation described or included in a filing, or referred to in a filing, made by the Company under National Instrument 51-102 during, or related to, the Company's most recently completed financial year other than KPMG LLP, the Company's auditors. KPMG LLP are the auditors of the Entity and have confirmed with respect to the Entity that they are independent within the meaning of the relevant rules and related interpretations prescribed by the relevant professional bodies in Canada and any applicable legislation or regulations.

In addition, none of the aforementioned persons or companies, nor any director, officer, or employee of any of the aforementioned persons or companies, is or is expected to be elected, appointed, or employed as a director, officer, or employee of the Company or of any of the Company's affiliates.

**AUDIT COMMITTEE INFORMATION**

The text of Intermap Technologies Corporation's Audit Committee Charter is attached as **Schedule A.**

**Composition of the Audit Committee**

Applicable securities legislation requires that an audit committee be composed of a minimum of three members. The members of the Audit Committee are Mr. Jordan Tongalson (Chair), Mr. Philippe Frappier and Mr. John Hild, each of whom is independent and financially literate. The relevant education and experience of each Audit Committee member is outlined below.

**Relevant Education and Experience**

All members of the Audit Committee are financially literate, and all members of the committee have accounting or related financial experience.

Mr. Tongalson is currently a Managing Director and leads Business Development at Littlejohn & Company, an investment firm focused on private equity and debt investments. He previously served as Executive Director at Morgan Stanley, responsible for investment banking Industrials coverage and execution, and Vice President at The Blackstone Group, where he advised on mergers and acquisitions, structured transactions, restructuring and private equity / leveraged buyout transactions. As part of his role in each of these positions, he was required to have extensive knowledge of financial operations, including the understanding of balance sheets, income statements, and cash flow statements. Mr. Tongalson holds an MBA from Columbia Business School.

Mr. Frappier has been a member of the Audit Committee for four years and run an Executive Search business for the past 16 years. As part of his role, Mr. Frappier is required to have extensive knowledge of the financial operations of the Company including budgeting and forecasting, income statements, cash flow and balance sheets. Prior to his current career, Mr. Frappier oversaw multi-million-dollar production budgets in the film and television industry.

Mr. Hild served as Chief Information Officer for DigitalGlobe Inc. and was responsible for information technology and corporate cyber and physical security strategic budgets and execution. He has 20 years of experience overseeing United States government budget planning and execution of a nearly $1 billion annual budget.

**Audit Committee Oversight**

All recommendations of the Audit Committee to nominate or compensate an external auditor were adopted by the Board of Directors since the commencement of its most recently completed financial year.

**Pre-approval Policies and Procedures**

Any engagement of non-audit services by the Company's external auditors/accountants, including estimated fees, must be pre-approved by the Audit Committee and the Audit Committee must obtain an annual statement from the auditors regarding non-audit services.

**External Auditor Service Fees**

**Audit Fees**

The aggregate fees for audit services provided by the Company's external auditor during 2024 and 2023 were C$253,000 and C$170,665, respectively.

**Audit Related Fees**

The aggregate fees billed by the Company's external auditor for assurance and related services that are reasonably related to the performance of the audit or review of the Company's financial statements and are not reported under the "Audit Fees" caption above during 2024 and 2023 were nil.

**Tax Fees**

The aggregate fees billed by the Company's external auditing firm for professional services relating to tax compliance, tax advice and tax planning during 2024 and 2023 were C$69,225 and C$38,787, respectively. The services provided were generally related to: (i) tax return preparation; and (ii) tax related due diligence.

**All Other Fees**

There were no other fees billed to the Company during the last two fiscal years for products and services provided by the Company's external auditors other than the services reported above in the prior three captions.

**ADDITIONAL INFORMATION**

Additional information relating to the Company may be found on SEDAR+ at <u>www.sedarplus.ca.</u> Additional information, including directors' and officers' remuneration and indebtedness, principal holders of the Company's securities and securities authorized for issuance under the Company's equity compensation plans, if applicable, is contained in the Company's information circular for the most recent annual meeting of shareholders that involved the election of directors. Additional financial information is provided in the financial statements and management's discussion and analysis for the year ended December 31, 2024.

**SCHEDULE A**

**AUDIT COMMITTEE CHARTER**

**ADOPTION**

This charter (**Charter**) was approved by the Board of Directors (**Board)** of Intermap Technologies Corporation (**Corporation**) on the date noted at the conclusion hereof.

**PURPOSE**

It is the policy of the Corporation to establish and maintain an Audit Committee (**Committee**), composed of independent directors, to assist the Board in carrying out their oversight responsibility for the Corporation's external audit, internal controls, disclosure, financial reporting, and related risk management.

The Committee's function is one of oversight only and shall not relieve management of its responsibilities.

The Corporation's external auditor shall report directly to the Audit Committee.

**ORGANIZATION**

1. The
 Committee shall consist of a minimum of three (3) directors.

2. Each
 director appointed to the Committee by the Board shall be independent as such term is defined
 in Section 1.4 of National Instrument 52-110 and Section 3.1 of the related companion policy.

3. Each
 member of the Committee shall be financially literate as such term is defined in Section
 1.6 of National Instrument 52-110 and at least one (1) member shall have accounting or related
 financial management expertise.

4. The
 Board shall appoint the members of the Committee and may seek the advice and assistance of
 the Nominating and Governance Committee in identifying qualified candidates. The Board shall
 appoint one (1) member of the Committee to be the Chair of the Committee.

5. A
 director appointed by the Board to the Committee shall be a member of the Committee until
 replaced by the Board or until his or her resignation. A member shall cease to be a member
 of the Committee upon ceasing to be a director of the Corporation.

6. The
 Secretary of the Corporation shall be the Secretary of the Committee.

**RESPONSIBILITIES**

7. The
 Committee's primary duties and responsibilities are to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Select
 and recommend the nomination and compensation of the external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Oversee
 the independence, work, and performance of the Corporation's external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Review
 the principal risks that could impact the financial reporting of the Corporation and monitor
 how management is dealing with such risks.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Monitor
 the integrity of the Corporation's disclosure and financial reporting process and its
 system of internal controls regarding financial reporting and accounting compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Monitor
 the Corporation's compliance with laws, regulations, and internal policies that apply
 to financial or accounting matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Oversee
 the resolution of any disagreements among external auditors, management, and the internal
 auditing department, if any.

8. The
 Committee shall annually select and recommend to the Board the nomination of an external
 auditor, recommend the replacement of the current external auditor when circumstances warrant
 it, and monitor the independence, work, and performance of the external auditors. This shall
 include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Considering
 the views of management in respect of the nomination of the external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Reviewing
 and recommending for approval by the Board, the terms of the external auditors' engagement,
 including the reasonableness of the proposed audit fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Pre-approving
 any engagement for non-audit services to be provided by the external auditors' firm
 or its affiliates, together with estimated fees. This shall involve considering the potential
 impact of such services on the independence of the external auditors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) When
 there is to be a change of external auditors, reviewing all issues and documentation related
 to the change, including the information to be included in the Notice of Change of Auditors
 and documentation called for under National Instrument 51-102 as defined in Section 4.11
 and the planned steps for an orderly transition.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Reviewing
 all reportable events, including disagreements, unresolved issues and consultations with
 external auditors, as defined by applicable securities policies, on a routine basis, whether
 or not there is to be a change of external auditors.

9. In
 carrying out its primary duties and responsibilities, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Review
 the annual audit plan with the external auditors and with management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Discuss
 with management and the external auditors any proposed changes in major accounting policies
 or principles, the potential impact of significant risks and uncertainties on future operations,
 and key estimates and judgments of management that may be material to financial reporting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Review
 with management and with the external auditors significant financial reporting issues arising
 during the most recent fiscal period and the resolution or proposed resolution of such issues

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Review any problems experienced
 or concerns expressed by the external auditors in performing an audit, including any restrictions imposed by management or significant
 accounting issues on which there were a disagreement with management.

(e) Review periodically with
 management the Corporation's disclosure controls and procedures as such term is defined in National Instrument 52-109 and monitor
 the certification process set out therein.

(f) Review audited annual financial
 statements and related documents in conjunction with the audit findings report of the external auditors and obtain an explanation from
 management of all significant variances between comparative reporting periods.

(g) Review with management the
 adequacy and effectiveness of the internal financial controls of the Corporation including any deficiencies noted in the Audit or Interim
 Review Findings Report and subsequent follow-up to any identified weaknesses.

(h) Review with management and
 the external auditors, if they have been engaged to perform review procedures, the quarterly unaudited financial statements before
 release to the public.

(i) Before release, review and,
 if appropriate, recommend for approval by the Board, all public disclosure documents containing audited or unaudited financial information
 including any press release, annual report, annual information form, management discussion and analysis of operations, prospectus (and
 all documents which may be incorporated by reference into such prospectus), and all other securities offering documents of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Review
 periodically with management the internal procedures implemented to review any other public
 disclosure of financial information extracted or derived from the Corporation's financial
 statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Approve
 the hiring of any partners, employees, or former partners and employees of the Corporation's
 present and former external auditor.

10. In
 addition, the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Oversee
 the receipt, review, and follow-up of questions, concerns, or complaints pursuant to the
 Corporation's Code of Business Conduct and Ethics and the procedures set out in Appendix
 "A" thereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Review
 with management, at least annually, the capital management policies, the financing strategy
 and funding plans of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Review
 the amount and terms of any insurance to be obtained or maintained by the Corporation with
 respect to insurable risks inherent in its operations and potential liabilities incurred
 by the directors or officers in the discharge of their duties and responsibilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In
 conjunction with the Nominating and Governance Committee, monitor financial and accounting
 personnel succession planning within the Corporation and review the appointments of the Chief
 Financial Officer and any key financial managers who are involved in the financial reporting
 process.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Inquire
 into and determine the appropriate resolution of any conflict of interest in respect of audit
 or financial matters.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Periodically
 review with management the need for an internal audit function.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Quarterly,
 review any legal matter that could have a significant impact on the Corporation's financial
 statements and any enquiries received from regulators or government agencies.

(h) Review
 periodically with management the adequacy and effectiveness of the Corporation's policies
 and procedures for compliance with securities laws, regulatory requirements, and stock exchange
 rules.

(i) Report
 to the Board at the earliest opportunity after each meeting the results of its activities
 and any reviews undertaken and make recommendations to the Board as deemed appropriate.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Bi-annually
 assess the performance of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) Annually
 review the Audit Committee Charter and report to the Board on Committee compliance with the
 Charter.

**MEETINGS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Committee shall convene a minimum of four (4) times each year at such time and places as
 may be designated by the Chair of the Committee and whenever a meeting is requested by the
 Board, a member of the Committee, the external auditors, or a senior officer of the Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Notice
 of each meeting of the Committee shall be given to each member and to the external auditors,
 who shall be entitled to attend each meeting of the Committee and shall attend whenever requested
 to do so by a member of the Committee or the Secretary of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Notice
 of a meeting of the Committee shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Be
 in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) State
 the nature of the business to be transacted at the meeting in reasonable detail.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) To
 the extent practicable, be accompanied by copies of documentation to be considered at the
 meeting.

(d) Be
 given at least forty-eight (48) hours' notice preceding the time stipulated for the
 meeting or such shorter period as the members of the Committee may permit.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. A
 quorum for the transaction of business at a meeting of the Committee shall consist of two
 (2) members of the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. A
 member of the Committee may participate in a meeting of the Committee by means of such telephonic,
 electronic, or other communication facilities, provided it permits all persons participating
 in the meeting to communicate adequately with each other, and a member participating in such
 a meeting by any such means is deemed to be present at the meeting.

6. The
 Chair of the Committee (Chair) shall be appointed by the Board. The Chair shall have only
 those responsibilities and powers delegated to it herein and shall not have a second or casting
 vote. The Chair shall have the responsibility of reporting annually to the Board on the Committee's
 compliance with this Charter.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In
 the absence of the Chair of the Committee, the members of the Committee shall choose one
 of the members present to be Chair of the meeting and, in the absence of the Secretary of
 the Committee; the members shall choose one of the persons present to be the Secretary of
 the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. By
 invitation, the CEO and other parties may attend meetings of the Committee; however, the
 Committee may meet separately at any time with the external auditors, invited management,
 or any other third parties as determined by the Committee.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. At
 each regular meeting of the Committee, the agenda shall include an opportunity for the members
 of the Committee to meet in-camera.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. Minutes
 shall be kept of all meetings of the Committee and shall be signed by the Chair and the Secretary
 of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. Minutes
 of the meetings of the Committee shall be retained by the Secretary of the Corporation and
 shall be available on request to any member of the Board.

**RESOURCES AND AUTHORITY**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The
 Committee will be provided with resources commensurate with the duties and responsibilities
 assigned to it by the Board, including administrative support. If deemed necessary by the
 Committee, it will have the discretion to institute investigations of improprieties or suspected
 improprieties, including the standing authority to retain independent counsel or advisors
 and to set their compensation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The
 Committee shall have the authority to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) inspect
 any and all of the books and records of the Corporation, its subsidiaries, and affiliates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) discuss
 with any officer of the Corporation, its subsidiaries and affiliates, the Chief Financial
 Officer and senior staff of the Corporation, any affected party, and external

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) auditors,
 such accounts, records, and other matters as any member of the Committee considers necessary
 and appropriate; and

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

Approved by the Board of Directors on May 17, 2021

## Exhibit 4.2

**Exhibit 4.2**

![](ex99-74_001.jpg)

Consolidated Financial Statements of

**INTERMAP TECHNOLOGIES**

**CORPORATION**

Years ended December 31, 2024 and 2023

![](audit_001.jpg)

**KPMG LLP**

150 Elgin Street, Suite 1800

Ottawa, ON K2P 2P8 Canada

Tel 613-212-5764

Fax 613-212-2896

**INDEPENDENT AUDITOR'S REPORT**

To the Shareholders of Intermap Technologies Corporation

***Opinion***

 ****

We have audited the consolidated financial statements of Intermap Technologies Corporation (the Entity), which comprise:

● the
 consolidated statements of financial position as at December 31, 2024 and December 31, 2023

● the
 consolidated statements of income (loss) and other comprehensive income (loss) for the years then ended

● the
 consolidated statements of changes in shareholders' equity (deficiency) for the years then ended

● the
 consolidated statements of cash flows for the years then ended

● and
 notes to the consolidated financial statements, including a summary of material accounting policy information

(Hereinafter referred to as the "financial statements").

In our opinion, the accompanying financial statements present fairly, in all material respects, the consolidated financial position of the Entity as at December 31, 2024 and December 31, 2023, its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB).

***Basis for Opinion***

 ****

We conducted our audit in accordance with Canadian generally accepted auditing standards. Our responsibilities under those standards are further described in the ***"Auditor's Responsibilities for the Audit of the Financial Statements"*** section of our auditor's report.

We are independent of the Entity in accordance with the ethical requirements that are relevant to our audit of the financial statements in Canada and we have fulfilled our other ethical responsibilities in accordance with these requirements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

KPMG LLP, an Ontario limited liability partnership and member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. KPMG Canada provides services to KPMG LLP.

![](audit_001.jpg)

***Material Uncertainty Related to Going Concern***

 ****

We draw attention to Note 2(a) in the financial statements, which indicates that Intermap Technologies Corporation has negative cash flows from operating activities and negative working capital (current assets less current liabilities) at December 31, 2024.

As stated in Note 2(a) in the financial statements, these events or conditions, along with other matters as set forth in Note 2(a) in the financial statements, indicate that a material uncertainty exists that casts substantial doubt on the Entity's ability to continue as a going concern.

Our opinion is not modified in respect of this matter.

***Key Audit Matters***

 ****

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the financial statements for the year ended December 31, 2024. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

In addition to the matter described in the "***Material Uncertainty related to Going Concern***" section of the auditor's report, we have determined the matters described below to be the key audit matters to be communicated in our auditor's report.

***Estimated total contract costs of acquisition services contracts Description of the matter***

 ****

We draw attention to Notes 2(d)(v), 3(k)(iii) and 12 of the financial statements. For the year ended December 31, 2024, the Entity recognized acquisition services revenue of $10,496 thousand. Revenue from acquisition services contracts, which are fixed-price contracts, is recognized over time based on the ratio of costs incurred to estimated total contract costs. The determination of estimated total contract costs of acquisition services contracts requires the use of significant assumptions related to estimated purchased services, materials, and labor costs.

***Why the matter is a key audit matter***

 ****

We identified the evaluation of the estimated total contract costs of acquisition services contracts as a key audit matter. This matter represented a significant risk of material misstatement and significant auditor judgment was required in evaluating the results of our audit procedures relating to the Entity's significant assumptions noted above.

***How the matter was addressed in the audit***

 ****

The primary procedures we performed to address this key audit matter included the following:

For the acquisition services contracts in-progress at year-end, we evaluated the appropriateness of the Entity's determination of estimated total contract costs by performing the following:

● Inspected a selection of executed contracts and interviewed the Entity's project manager to obtain an understanding of the contractual requirements and related performance obligations.

![](audit_001.jpg)

● Evaluated the estimated purchased services, materials and labor costs by assessing progress to date and the nature of work to be performed through inquiring with the Entity's project manager, and inspecting supporting documentation, if any, between the Entity and suppliers and subcontractors.

● Obtained an understanding of the total contract costs estimated at the outset of the contract and factors that impacted any increase or decrease to the estimated costs-to - complete the contract at year-end by inquiring with the Entity's project manager and obtaining supporting documentation, if any.

***Evaluation of the fair value of the investment in a privately held company Description of the matter***

 ****

We draw attention to Notes 2(d)(iii), 3(f) and 8 of the financial statements. At December 31, 2024, the Entity had an investment in a privately held company ("investment") which was valued at $776 thousand over which the Entity exercises no control or significant influence. The investment is carried at fair value, with the change recognized in profit or loss. The fair value of the investment at December 31, 2024 was estimated using a market-based approach with primarily unobservable inputs, including the comparable enterprise value to revenue multiples, and discounted for considerations such as the lack of marketability and other differences between the comparable peer group and the privately held company.

***Why the matter is a key audit matter***

 ****

We identified the evaluation of the fair value of the investment in a privately held company as a key audit matter. This matter represented a significant risk of material misstatement given the magnitude of the investment. In addition, significant auditor judgment and specialized skills and knowledge were required in evaluating the results of our audit procedures regarding the Entity's unobservable inputs identified above.

***How the matter was addressed in the audit***

 ****

The primary procedures we performed to address this key audit matter included the following:

We involved valuation professionals with specialized skills and knowledge, who assisted in evaluating the appropriateness of the comparable enterprise value to revenue multiples ("multiples"), and discounted for considerations such as the lack of marketability ("DLOM") and other differences between the comparable peer group and the privately held company. The multiples and DLOM were evaluated by comparing them to independently developed multiples and DLOM using publicly available market data and other considerations.

***Other Information***

 ****

Management is responsible for the other information. Other information comprises:

● the
 information included in Management's Discussion and Analysis filed with the relevant Canadian Securities Commissions.

● the
 information, other than the financial statements and the auditor's report thereon, included in a document likely to be entitled
 "2024 Annual Report".

![](audit_001.jpg)

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

In connection with our audit of the financial statements, our responsibility is to read the other information identified above and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit and remain alert for indications that the other information appears to be materially misstated.

We obtained the information included in Management's Discussion and Analysis filed with the relevant Canadian Securities Commissions as at the date of this auditor's report.

If, based on the work we have performed on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact in the auditor's report.

We have nothing to report in this regard.

The information, other than the financial statements and the auditor's report thereon, included in a document likely to be entitled "2024 Annual Report" is expected to be made available to us after the date of this auditor's report. If, based on the work we will perform on this other information, we conclude that there is a material misstatement of this other information, we are required to report that fact to those charged with governance.

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

 ****

Management is responsible for the preparation and fair presentation of the financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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

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

 ****

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion.

Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with Canadian generally accepted auditing standards will always detect a material misstatement when it exists.

Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.

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

![](audit_001.jpg)

We also:

● Identify
 and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit
 procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion.

The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

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

● Evaluate
 the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

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

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

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

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

● Plan
 and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or
 business units within the group as a basis for forming an opinion on the group financial statements. We are responsible for the direction,
 supervision and review of the audit work performed for the purposes of the group audit. We remain solely responsible for our audit
 opinion.

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

![](audit_002.jpg)

Chartered Professional Accountants, Licensed Public Accountants

The engagement partner on the audit resulting in this auditor's report is Samir Shandal.

Ottawa, Canada

March 31, 2025

**Intermap Technologies corporation**

Consolidated Statements of Financial Position

(In thousands of United States dollars)

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | December 31,<br>2023 |
| Assets |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $**445** | $677 |
| &nbsp;&nbsp;&nbsp;Amounts receivable (Note 18) | **3367** | 312 |
| &nbsp;&nbsp;&nbsp;Unbilled revenue (Note 12) | **2640** |  |
| &nbsp;&nbsp;&nbsp;Prepaid expenses (Note 12) | **536** | 311 |
|  | **6988** | 1300 |
| Prepaid expenses | **17** | 50 |
| Property and equipment (Note 5) | **2911** | 979 |
| Intangible assets (Note 6) | **847** | 977 |
| Right of use assets (Note 7) | **401** | 381 |
| Investment (Note 8) | **776** | 849 |
| Total assets | $**11940** | $4536 |
| Liabilities and Shareholders' Equity (Deficiency) |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities (Note 9) | $**4826** | $4388 |
| &nbsp;&nbsp;&nbsp;Bank loan (Note 10(a)) | **32** | 38 |
| &nbsp;&nbsp;&nbsp;Current portion of government loans (Note 10(d)) | **132** | 117 |
| &nbsp;&nbsp;&nbsp;Loan payable (Note 10(b)) | **97** |  |
| &nbsp;&nbsp;&nbsp;Lease obligations (Note 11) | **340** | 257 |
| &nbsp;&nbsp;&nbsp;Unearned revenue (Note 12) | **2022** | 2553 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | **24** | 61 |
|  | **7473** | 7414 |
| Bank loan (Note 10(a)) | **-** | 33 |
| Long-term project financing (Note 10(c)) | **167** | 182 |
| Long-term government loans (Note 10(d)) | **141** | 274 |
| Loan payable (Note 10(b)) | **172** |  |
| Unearned revenue (Note 12) | **136** |  |
| Lease obligations (Note 11) | **112** | 198 |
| Total liabilities | **8201** | 8101 |
| Shareholders' equity (deficiency): |  |  |
| &nbsp;&nbsp;&nbsp;Share capital (Note 14(b)) | **213528** | 209296 |
| &nbsp;&nbsp;&nbsp;Warrants (Note 15) | **367** | 791 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(147)** | (156) |
| &nbsp;&nbsp;&nbsp;Contributed surplus (Note 14(c)) | **28009** | 26985 |
| &nbsp;&nbsp;&nbsp;Deficit | **(238018)** | (240481) |
| Total shareholders' equity (deficiency) | **3739** | (3565) |
| Going concern (Note 2(a)) |  |  |
| Subsequent event (Note 21) |  |  |
| Total liabilities and shareholders' equity (deficiency) | $**11940** | $4536 |

---

*See accompanying notes to consolidated financial statements.*

**Intermap Technologies corporation**

Consolidated Statements of Income (Loss) and Other Comprehensive Income (Loss)

(In thousands of United States dollars, except per share information)

---

| | | |
|:---|:---|:---|
| For the years ended December 31, | **2024** | 2023 |
| Revenue (Note 12) | $**17637** | $6197 |
| Expenses: |  |  |
| &nbsp;&nbsp;&nbsp;Operating costs (Note 13(a)) | **14003** | 8361 |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment (Note 5) | **396** | 549 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets (Note 6) | **364** | 316 |
| &nbsp;&nbsp;&nbsp;Depreciation of right of use assets (Note 7) | **333** | 314 |
| &nbsp;&nbsp;&nbsp;Loss on disposal of equipment (Note 5) | **-** | 3 |
|  | **15096** | 9543 |
| Operating income (loss) | **2541** | (3346) |
| Loss on fair value of investment (Note 8) | **(72)** | (162) |
| Financing costs (Note 13(b)) | **(89)** | (61) |
| Financing income | **44** | 4 |
| Gain (loss) on foreign currency translation | **39** | (79) |
| Income (loss) before income taxes | **2463** | (3644) |
| Income tax expense: |  |  |
| &nbsp;&nbsp;&nbsp;Current (Note 16) | **-** | (57) |
|  | **-** | (57) |
| Income (loss) for the period | $**2463** | $(3701) |
| Other comprehensive loss: |  |  |
| Items that are or may be reclassified subsequently to profit or loss: |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation differences | **9** | (15) |
| Comprehensive income (loss) for the period | $**2472** | $(3716) |
| Basic income (loss) per share | $**0.05** | $(0.10) |
| Diluted income (loss) per share | $**0.05** | $(0.10) |
| Weighted average number of Class A common |  |  |
| &nbsp;&nbsp;&nbsp;shares - basic (Note 14(d)) | 45962966 | 38446599 |
| &nbsp;&nbsp;&nbsp;shares - diluted (Note 14(d)) | 50524804 | 38446599 |

---

*See accompanying notes to consolidated financial statements.*

 

**Intermap Technologies corporation**

Consolidated Statements of Changes in Shareholders' Equity (Deficiency)

(In thousands of United States dollars)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Warrants** | **Contributed Surplus** | **Accumulated Other Comprehensive Loss** | **Deficit** | **Total** |
| Balance at December 31, 2022 | $208406 | $493 | $26603 | $(141) | $(236780) | $(1419) |
| Comprehensive loss for the period |  |  |  | (15) | (3701) | (3716) |
| Share-based compensation |  |  | 244 |  |  | 244 |
| Private placement proceeds (Note 14(b)) | 1115 | 404 |  |  |  | 1519 |
| Issuance costs | (225) | 32 |  |  |  | (193) |
| Expiry of warrants | - | (138) | 138 | - | - | - |
| Balance at December 31, 2023 | $209296 | $791 | $26985 | $(156) | $(240481) | $(3565) |
| Comprehensive income for the period |  |  |  | 9 | 2463 | 2472 |
| Share-based compensation |  |  | 487 |  |  | 487 |
| Private placement proceeds (Note 14(b)) | 2445 |  |  |  |  | 2445 |
| Issuance costs | (254) | 10 | 103 |  |  | (141) |
| Exercise of warrants | 2041 | (434) | 434 | - | - | 2041 |
| Balance at December 31, 2024 | $213528 | $367 | $28009 | $(147) | $(238018) | $3739 |

---

*See accompanying notes to consolidated financial statements.*

 

**Intermap Technologies corporation**

Consolidated Statements of Cash Flows

(In thousands of United States dollars)

---

| | | |
|:---|:---|:---|
| For the twelve months ended December 31, | **2024** | 2023 |
| Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net income (loss) for the period | $**2463** | $(3701) |
| &nbsp;&nbsp;&nbsp;Interest paid | **(78)** | (37) |
| &nbsp;&nbsp;&nbsp;Income tax (paid) refunded | **(37)** | 4 |
| &nbsp;&nbsp;&nbsp;Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on fair value of investment | **72** | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | **396** | 549 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | **364** | 316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right of use assets | **333** | 314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | **398** | 304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loss on disposal of equipment | **-** | 3 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing costs | **89** | 61 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Current income tax expense | **-** | 57 |
| &nbsp;&nbsp;&nbsp;Changes in working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable | **(3055)** | 978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue and prepaid expenses | **(2832)** | 99 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **527** | 737 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue | **(395)** | (400) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on foreign currency translation | **(36)** | (48) |
| Cash flows used by operating activities | **(1791)** | (602) |
| Investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | **(2018)** | (144) |
| &nbsp;&nbsp;&nbsp;Additions to intangible assets | **(234)** | (277) |
| Cash flows used in investing activities | **(2252)** | (421) |
| Financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from private placement | **2445** | 1519 |
| &nbsp;&nbsp;&nbsp;Issuance costs | **(141)** | (193) |
| &nbsp;&nbsp;&nbsp;Exercise of warrants | **2041** |  |
| &nbsp;&nbsp;&nbsp;Payment of lease obligations | **(345)** | (327) |
| &nbsp;&nbsp;&nbsp;Repayment of bank loan | **(41)** | (48) |
| &nbsp;&nbsp;&nbsp;Repayment of loan payable | **(41)** |  |
| &nbsp;&nbsp;&nbsp;Repayment of government loans | **(114)** | (121) |
| Cash flows provided by financing activities | **3804** | 830 |
| Effect of foreign exchange on cash | **7** | 27 |
| Decrease in cash | **(232)** | (166) |
| Cash, beginning of period | **677** | 843 |
| Cash, end of period | $**445** | $677 |

---

*See accompanying notes to consolidated financial statements.*

 

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 1** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**1.** **Reporting entity :** 

Intermap Technologies <sup>®</sup> Corporation (the Company) is incorporated under the laws of Alberta, Canada. The head office of Intermap is located at 385 Inverness Parkway, Suite 105, Englewood, Colorado, USA 80112. Its registered office is located at 400, 3<sup>rd</sup> Avenue SW, Suite 3700, Calgary, Alberta, Canada T2P 4H2.

Intermap is a global location-based geospatial intelligence company, creating a wide variety of geospatial solutions and analytics for its customers. Intermap's geospatial solutions and analytics can be used in a wide range of applications including, but not limited to, location-based information, geospatial risk assessment, geographic information systems, engineering, utilities, global positioning systems maps, oil and gas, renewable energy, hydrology, environmental planning, wireless communications, transportation, advertising, and 3D visualization.

&nbsp;&nbsp;&nbsp;&nbsp;**2.** **Basis of preparation :** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Going concern:** 

These consolidated financial statements have been prepared assuming the Company will continue as a going concern. The going concern basis of presentation assumes the Company will continue in operation for the foreseeable future and can realize its assets and discharge its liabilities and commitments in the normal course of business. During the year ended December 31, 2024, the Company reported net income of $2,463, and negative cash flows from operating activities of $1,791. In addition, the Company has a shareholders' equity of $3,739 and negative working capital of $485 (current assets less current liabilities) at December 31, 2024.

The above factors in the aggregate indicate there are material uncertainties which cast substantial doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on management's ability to successfully secure sales with upfront payments, execute on the new foreign government contract award and / or obtain additional financing. There can be no assurance that such plans will be achieved. Failure to achieve one or more of these requirements could have a materially adverse effect on the Company's financial condition and / or results of operations. The Board of Directors and management continue to take actions to address these issues including completing an issuer private placement during the third quarter, raising gross proceeds of C$3,307, and subsequent to year end, raising gross proceeds of C$11,935. The Company intends to use the funds for working capital and execution of government contracts.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 2** |

---

The consolidated financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. If the going concern basis was not appropriate for these consolidated financial statements, then adjustments would be necessary to the carrying value of assets and liabilities, the reported revenues and expenses, and the statement of financial position classifications used.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Statement of compliance:** 

These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). The material account policies are summarized in Note 3.

The policies applied in these consolidated financial statements are based on IFRS as issued by the IASB and effective for the Company's fiscal year end December 31, 2024. The Board of Directors approved the consolidated financial statements on March 31, 2025.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Measurement basis:** 

The consolidated financial statements have been prepared mainly on the historical cost basis. Other measurement bases used are described in the applicable notes.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Use of estimates:** 

Preparing consolidated financial statements in conformity with IFRS as issued by the IASB requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates.

Estimates and underlying assumptions are reviewed on an on-going basis. Revisions to accounting estimates are recognized in the period in which the estimates are reviewed and in any future periods affected.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year include the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Depreciation and amortization rates:** 

In calculating the depreciation and amortization expense, management is required to make estimates of the expected useful lives of property and equipment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Trade receivables:** 

The Company uses historical trends and performs specific account assessments when determining the expected credit losses. These accounting estimates are in respect to the trade receivables line item in the Company's consolidated statements of financial position. At December 31, 2024, trade receivables represented 28% of total assets.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 3** |

---

The estimate of the Company's expected credit losses could change from period to period due to the allowance being a function of the balance and composition of trade receivables.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Investments:** 

The valuation of the Company's investment in a privately held company requires the application of management estimates and judgments with respect to the determination of appropriate valuation method applied at each reporting date. The assumptions for estimating fair value of the investment are disclosed in Note 8.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Share-based compensation:** 

The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of share-based compensation. The following assumptions are used in the model: dividend yield; expected volatility; risk-free interest rate; expected option life; and fair value.

Changes to assumptions used to determine the grant date fair value of share-based compensation awards can affect the amounts recognized in the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**v.** **Revenue:** 

Revenue from acquisition service contracts, which are fixed-price contracts, is recognized over time based on the ratio of costs incurred to estimated total contract costs. The determination of estimated total contract costs of acquisition services contracts requires the use of significant assumptions related to estimated purchased services, materials, and labor costs. Changes to the assumptions used to measure revenue could impact the amount of revenue recognized in the consolidated financial statements (see Note 3(k)).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**vi.** **Impairment:** 

The carrying value of long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable and assesses the impairment for intangible assets not yet available for use on an annual basis. The Company has determined that its long-lived assets belong to two distinct cash-generating units ("CGUs"). The Company determines the value in use based on estimated discounted future cash flows and an impairment is recognized if the carrying value exceeds that estimate. The assumptions used in determining estimated discounted future cash flows include projected revenues and discount rates. Judgment is required in determining the level at which to test impairment, including the grouping of CGUs that generate cash inflows (see Note 3(j)).

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Functional and presentation currency:** 

These consolidated financial statements are presented in United States dollars, which is the Company's functional currency. All financial information presented in United States dollars has been rounded to the nearest thousand.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 4** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Foreign currency translation:** 

Items included in the financial statements of each of the Company's subsidiaries are measured using the currency of the primary economic environment in which the entity operates (the functional currency). Foreign currency transactions are translated into the functional currency using the exchange rates prevailing at the dates of the transaction. Foreign exchange gains and losses resulting from the settlement of such transactions and from the translation of monetary assets and liabilities not denominated in the functional currency of an entity are recognized in net loss for the period.

Assets and liabilities of entities with functional currencies other than United States dollars are translated at the period end rates of exchange, and the results of their operations are translated at exchange rates prevailing at the dates of transactions. The resulting translation adjustments are included in accumulated other comprehensive income in shareholders' deficiency.

&nbsp;&nbsp;&nbsp;&nbsp;3. Summary of material accounting policies :

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Consolidation :** 

The accompanying consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries, Intermap Technologies Inc. (a U.S. corporation); Intermap Insurance Solutions Inc. (a U.S. corporation), Intermap Technologies PTY Ltd (an Australian corporation); Intermap Technologies s.r.o. (a Czech Republic corporation); and PT ExsaMap Asia (an Indonesian corporation).

Inter-company balances and transactions, and any unrealized income and expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. The accounting policies of all subsidiaries are consistent with the Company's policies.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Cash :** 

Cash includes unrestricted cash balances.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Property and equipment :** 

Property and equipment are measured at cost less accumulated depreciation. Cost includes expenditures that are directly attributable to the acquisition of the asset. The cost of aircraft overhauls is capitalized and depreciated over the period until the next overhaul. When parts of an item of property and equipment have different useful lives, they are accounted for as separate items. Depreciation is calculated over the depreciable amount, which is the cost of an asset, less its residual value. Depreciation is provided on the straight-line basis over the following useful lives of the assets:

---

| | |
|:---|:---|
| Assets | Years |
| Aircraft | 10 |
| Aircraft engines | 7 |
| Mapping equipment - hardware and software | 3 |
| Radar equipment | 5 |
| Furniture and fixtures | 5 |
| Leasehold improvements | Shorter of useful life or term of lease |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 5** |

---

Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted, if appropriate.

Assets under construction are not depreciated until available for use by the Company. Expenditures for maintenance and repairs are expensed when incurred.

The cost of replacing an item of property and equipment is recognized in the carrying amount of the item if it is probable that the future economic benefits embodied within the part will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing of property and equipment are recognized in profit or loss as incurred.

Gains and losses on disposal of property and equipment are determined by comparing the proceeds from disposal with the carrying amount and are recognized net of costs associated with the disposal within other income in net loss for the period.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Intangible assets :** 

Intangible assets include data library products the Company builds with the use of proprietary software and intellectual property for use in software subscription sales and data license sales. Intangible assets are measured at cost less accumulated amortization, and they are amortized over a straight-line basis of three to five years. The amortization method, estimate of the useful life, and residual values of intangible assets are reviewed annually.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Research and development :** 

Research costs are expensed as incurred. Development costs are expensed in the year incurred unless management believes a development project meets the specified criteria for deferral and amortization.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Investments :** 

Investments include the common and preferred shares of a privately held company over which the Company exercises no control or significant influence. The investment is carried at fair value, with the change recognized in profit or loss.

&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Leases :** 

At inception of a contract, the Company assesses the right to control the use of an identified asset for a period of time in exchange for consideration to determine if the contract is a lease. The Company recognizes a right of use asset and a lease liability at the lease commencement date. The right of use asset is initially measured based on the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date, plus any initial direct costs incurred and an estimate of costs to dismantle and remove the underlying asset or to restore the underlying asset or the site on which it is located, less any lease incentives received. The asset is depreciated to the earlier of the end of the useful life or the lease term using the straight-line method. The lease term includes periods covered by an option to extend if the Company is reasonably certain to use that option. Lease terms range from two to five years for offices and data facilities. The right of use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 6** |

---

The lease liability is initially measured at the present value of the lease payments that are not paid at commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be determined, the Company's incremental borrowing rate. Variable lease payments that do not depend on an index or rate are not included in the measurement of the lease liability. The lease liability is measured at amortized cost using the effective interest method. It is remeasured when there is a change in the future lease payments, if there is a change in the Company's estimated amount expected to be paid, or if the Company changes its assessment of if it will exercise a purchase, extension, or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.

The Company has elected to apply the practical expedient not to recognize right of use assets and lease liabilities for short-term leases that have a lease term of 12 months or less and leases of low-value assets. The lease payments associated with these leases is recognized as an expense on a straight-line basis over the lease term.

&nbsp;&nbsp;&nbsp;&nbsp;**(h)** **Provisions :** 

A provision is recognized, if as a result of a past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected future cash flows at a pre-tax rate that reflects the current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognized as finance cost.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Onerous contracts:** 

A provision for onerous contracts is recognized when the expected benefits to be derived by the Company from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Company recognizes any impairment loss on the assets associated with the contract.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 7** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(i)** **Income taxes :** 

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years.

Deferred tax is recognized in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognized for the following temporary differences: the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss, and differences relating to investments in subsidiaries and jointly controlled entities to the extent that it is probable that they will not reverse in the foreseeable future. In addition, deferred tax is not recognized for taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. Deferred tax assets and liabilities are offset if there is a legally enforceable right to offset current tax liabilities and assets, and they relate to income taxes levied by the same tax authority on the same taxable entity, or on different tax entities, but they intend to settle current tax liabilities and assets on a net basis or their tax assets and liabilities will be realized simultaneously. A deferred tax asset is recognized for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilized. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realized.

&nbsp;&nbsp;&nbsp;&nbsp;**(j)** **Impairment :** 

The carrying values of all long-lived assets, including property and equipment, intangible assets, and right of use assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. Intangible assets that are not yet available for use are assessed annually regardless of whether there is an indication that the related assets may be impaired. In testing for impairment, the recoverable amount of the CGU is estimated in order to determine the extent of the impairment loss, if any.

The recoverable amount of an asset or cash generating unit is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. For impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit, or CGU).

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 8** |

---

An impairment loss is recorded when the recoverable amount of an asset or its CGU is less than its carrying amounts. Impairment losses are evaluated for potential reversals when events or changes in circumstances warrant such consideration.

&nbsp;&nbsp;&nbsp;&nbsp;**(k)** **Revenue recognition :** 

Revenue is recognized upon transfer of control of goods or services to the buyer in an amount that reflects the consideration the Company expects to receive in exchange for those good or services. The Company's goods and services are generally distinct and accounted for as separate performance obligations. Billings in excess of revenue are recorded as unearned revenue. Revenue recognized in excess of billings is recorded as unbilled revenue.

The Company recognizes an asset related to the incremental costs of obtaining a contract with a customer. The Company has elected to make use of the practical expedient and will expense sales commission costs when incurred if the amortization period is less than 12 months.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Data licenses:** 

Revenue from the sale of data licenses in the ordinary course of business is measured at the fair value of the consideration received or receivable. Customers obtain control of data products upon receipt of a physical hard drive or download of the data from a web link provided. Invoices are generated, and revenue is recognized when control is transferred. Invoices are generally paid within 30 days.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Software subscriptions:** 

Software subscriptions are generally at least one year, with invoices issued and paid at the beginning of the license term. Revenue is recognized over time, and payments for future months of service are recognized in unearned revenue. While the license agreements are for a fixed term, some agreements also contain a limited number of clicks or uses. If the limit is reached prior to the end of the term, the license ends early.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Fixed-price contracts:** 

Revenue from acquisition service contracts is recognized over time based on the ratio of costs incurred to estimated total contract costs. Provisions for estimated losses, if any, are recognized in the period in which the loss is determined. Contract losses are measured in the amount by which the estimated costs of the related project exceed the estimated total revenue for the project. Invoices are issued according to contractual terms and are usually payable within 30 days. Revenue recognized in excess of billings is recorded as unbilled revenue. Billings in excess of revenue is recorded as unearned revenue.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 9** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Multiple performance obligations:** 

When a single sales transaction requires more than one performance obligation, the total amount of consideration to be received is allocated to distinct products or services deliverables based on the stand-alone selling price of each.

&nbsp;&nbsp;&nbsp;&nbsp;**(l)** **Share-based compensation :** 

The grant date fair value of equity-settled share-based payment awards granted to employees or contractors is recognized as expense, with a corresponding increase in equity, over the period the employees or contractors unconditionally become entitled to the awards. The amount recognized as an expense is adjusted to reflect the number of awards for which the related service and non-market vesting conditions are expected to be met, such that the amount ultimately recognized as an expense is based on the number of awards that do meet the related service and non-market performance conditions at the vesting date. For share-based payment awards with non-vesting conditions, the grant date fair value of the share-based payment is measured to reflect such conditions and there is no true-up for differences between expected and actual outcomes.

Share-based payment arrangements in which the Company receives goods or services as consideration for its own equity instruments are accounted for as equity-settled share-based payment transactions, regardless of how the equity instruments are obtained by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;**(m)** **Earnings per share :** 

The basic earnings per share is computed by dividing net earnings (loss) by the weighted average number of common shares outstanding during the reporting period. Diluted earnings per share is computed similar to basic earnings per share, except the weighted average number of common shares outstanding are increased to include additional shares from the assumed exercise of share options and warrants, if dilutive.

&nbsp;&nbsp;&nbsp;&nbsp;**(n)** **Financial instruments :** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Initial measurement and classification:** 

<u>Non-derivative financial assets:</u> The Company initially recognizes amounts receivable on the date that they are originated. All other financial assets are recognized initially on the date at which the Company becomes a party to the contractual provisions of the instrument. The Company determines the classification of its financial assets on the basis of both the business model for managing financial assets and the contractual cash flow characteristics of the financial assets. Financial assets are not reclassified subsequent to their initial recognition unless the Company changes its business model for managing financial assets.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 10** |

---

<u>Assets at amortized cost:</u> Amounts receivable are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognized initially at fair value plus any directly attributable transaction costs. A financial asset is measured at amortized cost if it is held within a business model whose objective is to hold assets to collect contractual cash flows and its contractual terms give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

<u>Derivative financial instruments:</u>

Derivative financial instruments are used to manage the Company's exposure to market risks of certain foreign currency denominated expenses. Derivative use is limited to the purchase of foreign currency forward contracts. These contracts are initially measured at fair value. The Company does not hold or issue derivative financial instruments for trading purposes.

<u>Financial assets at fair value through profit and loss:</u> Equity investments that are held for trading are classified at FVTPL. Derivative financial instruments are classified as FVTPL.

<u>Financial liabilities at amortized cost:</u> The Company initially recognizes debt liabilities on the date that they are originated. All other financial liabilities are recognized initially on the date at which the Company becomes a party to the contractual provisions of the instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Subsequent measurement:** 

<u>Non-derivative financial assets:</u> The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Company is recognized as a separate asset or liability.

Financial assets and liabilities are offset, and the net amount presented in the consolidated statements of financial position when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realize the asset and settle the liability simultaneously.

<u>Assets at amortized cost:</u> Subsequent to initial recognition, amounts receivable are measured at amortized cost using the effective interest method, less any impairment losses.

<u>Financial assets at fair value through profit and loss:</u> Equity investments and derivative financial instruments are measured at fair value. Net changes in the fair value are recognized in profit and loss.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 11** |

---

<u>Financial liabilities at amortized cost:</u> The Company derecognizes a financial liability when its contractual obligations are discharged, cancelled or expire.

Such financial liabilities are recognized initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortized cost using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iii.** **Fair value measurement:** 

Financial instruments recorded at fair value on the consolidated statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1 – valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 – valuation techniques based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices);

Level 3 – valuation techniques using inputs for the asset or liability that are not based on observable market data (unobservable inputs).

During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements.

The following is a summary of the classification the Company has applied to each of its significant categories of financial instruments outstanding:

---

| | |
|:---|:---|
| Financial instrument: | Classification: |
| Cash | Assets at amortized cost |
| Amounts receivable | Assets at amortized cost |
| Unbilled revenue | Assets at amortized cost |
| Investments | Financial assets at fair value through profit and loss |
| Derivatives | Financial assets at fair value through profit and loss |
| Accounts payable and accrued liabilities | Financial liabilities at amortized cost |
| Bank loan | Financial liabilities at amortized cost |
| Long-term project financing | Financial liabilities at amortized cost |
| Long-term government loans | Financial liabilities at amortized cost |
| Loan payable | Financial liabilities at amortized cost |
| Lease obligations under finance leases | Financial liabilities at amortized cost |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**iv.** **Impairment of financial assets:** 

Loss allowances are measured based on the lifetime expected credit losses (ECLs). When determining whether the credit risk of a financial asset has increased significantly since initial recognition and then estimating ECLs, the Company considers reasonable and supportable information that is relevant and available without undue cost or effort. This includes both quantitative and qualitative information and analysis, based on historical experience and forward-looking information. The Company considers a financial asset to be in default when the customer is highly unlikely to pay its obligation in full and then impairs the asset.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 12** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(o)** **Share capital :** 

Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognized as a deduction from equity, net of any tax effects.

&nbsp;&nbsp;&nbsp;&nbsp;**(p)** **Warrants :** 

Warrants are classified as equity. Proceeds from the sale of combined financial instruments that include warrants are allocated to their components based on their relative fair values. The fair value of warrants is estimated using the Black-Scholes option pricing model at the time of their issuance. If warrants are exercised, a pro-rata portion of the amount recognized at their original issuance is transferred to common shares. If warrants expire unexercised, the amount recognized at their original issuance is transferred to contributed surplus.

&nbsp;&nbsp;&nbsp;&nbsp;**4.** **New and revised IFRS accounting pronouncements :** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **New accounting standards, amendments and interpretations adopted:** 

The Company has adopted amendments effective January 1, 2024 related to IAS 1 Presentation of Financial Statements relating to the classification of liabilities, IFRS 16 Leases, and IAS 7 relating to the disclosure of supplier financing arrangements. These amendments did not have a material impact on the Company's financial statements, additional disclosures were provided as required.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **New accounting standards, amendments and interpretations not yet adopted:** 

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements to improve reporting of financial performance. IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1. IFRS 18 applies to annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. 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; and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes. The Company is currently assessing the impact and efforts related to adopting IFRS 18.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 13** |

---

In May 2024, the IASB issued amendments to IFRS 9 and IFRS 7 Classification and Measurement of Financial Instruments. These amendments clarify the date of recognition and derecognition of some financial assets and liabilities, with a new exception for some financial liabilities settled through an electronic cash transfer system; add new disclosures for certain instruments with contractual terms that can change cash flows (such as some instruments with features linked to the achievement of environment, social and governance targets); and update the disclosures for equity instruments designated at fair value through other comprehensive income. These amendments apply to annual reporting periods beginning on or after January 1, 2026. Earlier application is permitted. The Company is currently assessing the impact and efforts related to the amendments to IFRS 9 and IFRS 7.

&nbsp;&nbsp;&nbsp;&nbsp;**5.** **Property and equipment:** 

Schedule of property and equipment

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aircraft and engines** | **Radar and mapping equipment** | **Furniture and fixtures** | **Leasehold improvements** | **Under construction** | **Total** |
| Balance at December 31, 2022 | $430 | $782 | $4 | $- | $171 | $1387 |
| Additions |  |  |  | 13 | 131 | 144 |
| Depreciation | (51) | (494) | (2) | (2) |  | (549) |
| Disposal | - | (3) | - | - | - | (3) |
| Balance at December 31, 2023 | $379 | $285 | $2 | $11 | $302 | $979 |
| Additions | 237 | 616 | 32 | 66 | 1377 | 2328 |
| Depreciation | (82) | (288) | (6) | (20) |  | (396) |
| Transfer from under construction | 829 | 672 | - | - | (1501) | - |
| Balance at December 31, 2024 | $1363 | $1285 | $28 | $57 | $178 | $2911 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aircraft and engines** | **Radar and mapping equipment** | **Furniture and fixtures** | **Leasehold improvements** | **Under construction** | **Total** |
| Cost | $10618 | $24878 | $345 | $1081 | $302 | $37224 |
| Accumulated depreciation | (10239) | (24593) | (343) | (1070) | - | (36245) |
| Balance at December 31, 2023 | $379 | $285 | $2 | $11 | $302 | $979 |
| Cost | $11684 | $26166 | $377 | $1147 | $178 | $39552 |
| Accumulated depreciation | (10321) | (24881) | (349) | (1090) | - | (36641) |
| Balance at December 31, 2024 | $1363 | $1285 | $28 | $57 | $178 | $2911 |

---

During the twelve months ended December 31, 2024, the Company purchased $337 (December 31, 2023 - $Nil) of computer equipment using an equipment financing loan. Also, the Company disposed of fully depreciated assets with an original cost of $Nil (December 31, 2023 - $8,300), a net book value of $Nil (December 31, 2023 - $Nil), recognized a loss of $Nil (December 31, 2023 - $3), and received cash proceeds of $Nil (December 31, 2023 - $Nil).

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 14** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**6.** **Intangible assets:** 

Schedule of intangible assets

---

| | | | |
|:---|:---|:---|:---|
|  | **Data library** | **Data library not yet available for use** | **Total** |
| Balance at December 31, 2022 | $652 | $364 | $1016 |
| Additions |  | 277 | 277 |
| Amortization | (316) | - | (316) |
| Balance at December 31, 2023 | $336 | $641 | $977 |
| Additions | 8 | 226 | 234 |
| Transfer | 539 | (539) |  |
| Amortization | (364) | - | (364) |
| Balance at December 31, 2024 | $519 | $328 | $847 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Data library** | **Data library not yet available for use** | **Total** |
| Cost | $1035 | $641 | $1676 |
| Accumulated amortization | (699) | - | (699) |
| Balance at December 31, 2023 | $336 | $641 | $977 |
| Cost | 1582 | 328 | 1910 |
| Accumulated amortization | (1063) | - | (1063) |
| Balance at December 31, 2024 | $519 | $328 | $847 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**7.** **Right of use assets:** 

Schedule of right of use assets

---

| | | |
|:---|:---|:---|
|  | **December 30,**<br>**2024** | December 31,<br>2023 |
| Beginning Balance | $**381** | $343 |
| Depreciation | **(333)** | (314) |
| New leases | **353** | 352 |
| Ending Balance | $**401** | $381 |

---

During the twelve months ended December 31, 2024, the Company extended the data storage lease by one year and extended and expanded the Jakarta office facility lease by two years. During the twelve months ended December 31, 2023, the Company executed a 3-year office facility lease in Colorado, extended the data storage lease by one year, and extended the Prague office facility lease by two years.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 15** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**8.** **Investment :** 

The Company has an investment in a privately held company over which the Company exercises no control or significant influence. The fair value of the investment at December 31, 2024 was estimated using a market-based approach with primarily unobservable inputs, including the comparable enterprise value to revenue multiples discounted for considerations such as the lack of marketability and other differences between the comparable peer group and the privately held company. Revenue multiples were selected from comparable public companies based on, industry, size, target markets, and other factors that the Company considers to be reasonable. The comparable enterprise value to revenue multiple was applied to the trailing twelve months actual revenues of the privately held company to determine the enterprise value of the privately held company. Once the enterprise value of the privately held company was determined the net debt was removed (total debt less cash) and the remaining equity value was allocated to the capital of the privately held company in order of ranking (e.g., preferred shares, common shares). At December 31, 2024, the fair value was estimated to be $776 (December 31, 2023 - $849) and is a level 3 fair value measurement. A 20% change in the estimated value of the investment would impact net income by approximately $155.

&nbsp;&nbsp;&nbsp;&nbsp;**9.** **Accounts payable and accrued liabilities:** 

Schedule of accounts payable and accrued liabilities

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2024** | December 31,<br>2023 |
| Accounts payable | $**2614** | $2430 |
| Accrued liablities | **2182** | 1962 |
| VAT payable | **30** | (4) |
|  | $**4826** | $4388 |

---

During the twelve months ended December 31, 2024, the Company reversed excess vendor payables of $44 (December 31, 2023 - $52) recorded in prior years based on IFRS 9 derecognition of financial liabilities as the liabilities were extinguished by the vendor.

During the third quarter of 2024, the Company executed a supplier financing arrangement with a financing company in Canada to finance vendor invoices. Interest accrues at 6.69% annualized and payment is due within 150 days. The amount owed at December 31, 2024 was $211 and is included in accounts payable.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 16** |

---

Schedule of carrying amount of supplier financing arrangement

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br> **2024** | December 31,<br>2023 |
| **Carrying amount of supplier financing arrangement:** |  |  |
| Presented in accounts payable | $**211** | $- |
| - of which suppliers have received payment |  |  |
| from finance supplier | **210** |  |
| **Range of payment due dates:** |  |  |
| Liabilities that are part of the arrangements | 150 days |  |
| Comparable accounts payable that are not part of the |  |  |
| arrangements | 30-45 days |  |

---

&nbsp;&nbsp;&nbsp;&nbsp;**10.** **Financial liabilities :** 

The following table provides a reconciliation of movements of liabilities to cash flows arising from financing activities and balances at December 31, 2024 and 2023:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Bank Loan** | **Loan Payable** | **Project Financing** | **Government Loans** | **Lease Obligations<br> (Note 11)** | **Total** |
| Balance at December 31, 2022 | $108 | $- | $177 | $483 | $400 | $1168 |
| Changes from financing activities: |  |  |  |  |  |  |
| Repayment of bank loan | (48) |  |  |  |  | (48) |
| Payment of lease obligations |  |  |  |  | (327) | (327) |
| Repayment of government loans | - | - | - | (121) | - | (121) |
| Total changes from financing activities | (48) | - | - | (121) | (327) | (496) |
| Foreign exchange | 11 |  | 5 | 24 | 12 | 52 |
| Other changes: |  |  |  |  |  |  |
| Financing costs | 10 |  |  | 23 | 27 | 60 |
| Interest paid | (10) |  |  | (18) | (9) | (37) |
| New leases (Note 7) | - | - | - | - | 352 | 352 |
| Balance at December 31, 2023 | $71 | $- | $182 | $391 | $455 | $1099 |
| Changes from financing activities: |  |  |  |  |  |  |
| Repayment of bank loan | (41) |  |  |  |  | (41) |
| Payment of lease obligations |  |  |  |  | (345) | (345) |
| Repayment of loan payable |  | (41) |  |  |  | (41) |
| Repayment of government loans | - | - | - | (114) | - | (114) |
| Total changes from financing activities | (41) | (41) | - | (114) | (345) | (541) |
| Foreign exchange | 2 |  | (15) | (15) | (11) | (39) |
| Other changes: |  |  |  |  |  |  |
| Financing costs | 5 | 17 |  | 16 | 47 | 85 |
| Interest paid | (5) | (17) |  | (5) | (47) | (74) |
| New loan |  | 310 |  |  |  | 310 |
| New leases (Note 7) | - | - | - | - | 353 | 353 |
| Balance at December 31, 2024 | $32 | $269 | $167 | $273 | $452 | $1193 |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 17** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Bank loan:** 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Bank loan | $**32** | $71 |
|  | **32** | 71 |
| Less current portion | **(32)** | (38) |
| Long-term portion of bank loan | $**-** | $33 |

---

On August 8, 2022, the Company executed a bank loan in the Czech Republic to finance the purchase of foundation data for 2,500,000 Czech Republic koruna (equivalent $110 thousand). Interest accrues at 10.71% and minimum monthly installment payments of $4 thousand began in December 2022.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Loan payable:** 

During 2024, the Company executed two equipment financing loans to purchase $337 of computer equipment. The Company paid a downpayment of $27 and financed $240 at a 12.21% interest rate per annum with a monthly payment of $8 and $70 at a 13.00% interest rate per annum with a monthly payment of $2. Each loan is for 36 months.

Schedule of loan payable

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| Loan payable | $**269** | $&nbsp;&nbsp;&nbsp;&nbsp;- |
|  | **269** |  |
| Less current portion | **(97)** | - |
| Long-term portion of loan payable | $**172** | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Project financing:** 

Reimbursable project development funds provided by a corporation designed to enable the development and commercialization of geomatics solutions in Canada. The funding is repayable upon the completion of a specific development project and the first sale of any of the resulting product(s). Repayment is to be made in quarterly installments equal to the lesser of 20% of the funding amount or 25% of the prior quarter's sales. There were no sales of the related products during the years ended December 31, 2024 and 2023.

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Government loans:** 

Schedule of government loans

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | **December 31,**<br>**2023** |
| SBA loan | $**144** | $147 |
| Western Development Canada loan | **129** | 244 |
|  | **273** | 391 |
| Less current portion | **(132)** | (117) |
| Long-term portion of government loans | $**141** | $274 |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 18** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **SBA loan:** 

On July 17, 2020, the Company received a $150 long-term loan from the Small Business Administration (SBA). Interest will accrue at the rate of 3.75% per annum and payments of $0.7 monthly began twelve months from the date the funds were received. The balance of principal and interest is payable thirty years from the date of the note.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Western Development Canada loan:** 

On December 29, 2020, the Company received a $385 (C$494) long-term loan from Western Economic Diversification in Canada. The loan will be repaid in 36 monthly installments that started in January 2023. The loan is non-interest bearing, and therefore the fair value at inception must be estimated to account for an imputed interest factor. The value at inception was determined to be $312, based on the estimated discount rate of 6.07%, and is subject to estimation uncertainty. The resulting discount of $73 was recognized in government grants at December 31, 2020 and is accreted through interest expense over the term of the loan using the effective interest method.

&nbsp;&nbsp;&nbsp;&nbsp;**11.** **Lease obligations :** 

The following table presents the contractual undiscounted cash flows for lease obligations which require the following payments for each period ending December 31:

Schedule of lease obligations

---

| | |
|:---|:---|
| 2025 | $334 |
| 2026.0 | 128 |
| 2027.0 | 15 |
| 2028.0 | 17 |
| 2029.0 | 18 |
| 2030.0 | 3 |
|  | $515 |

---

The following table presents payments for lease obligations:

Schedule of payments for lease obligations

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | December 31,<br>2023 |
| Principal payments | $**345** | $327 |
| Interest payments | **47** | 9 |
| Short-term lease payments | **258** | 337 |
|  | $**650** | $673 |

---

The Company also has contractual undiscounted cash flows for short-term and low-value operating leases for equipment and maintenance that are not on the statements of financial position which require the payments of $326 for the twelve months ending December 31, 2025.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 19** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**12.** **Revenue :** 

Details of revenue are as follows:

Schedule of revenue

---

| | | |
|:---|:---|:---|
| For the twelve months ended December 31, | **2024** | 2023 |
| Acquisition services | $**10496** | $14 |
| Value-added data | **3110** | 1940 |
| Software and solutions | **4031** | 4243 |
|  | $**17637** | $6197 |
| **Primary geographical market** |  |  |
| United States | $**2299** | $2161 |
| Asia/Pacific | **11666** | 395 |
| Europe | **3672** | 3641 |
|  | $**17637** | $6197 |
| **Timing of revenue recognition** |  |  |
| Upon delivery | $**3613** | $2443 |
| Services overtime | **14024** | 3754 |
|  | $**17637** | $6197 |

---

Changes in the unbilled revenue balance are as follows:

Schedule of unbilled revenue

---

| | | |
|:---|:---|:---|
| For the twelve months ended December 31, | **2024** | 2023 |
| Unbilled revenue, beginning of period | $**-** | $8 |
| Increase in unbilled revenue recognized | **7308** |  |
| Amounts invoiced included in the |  |  |
| beginning balance | **-** | (8) |
| Amounts invoiced in the current period | **(4668)** | - |
| Unbilled revenue, end of period | $**2640** | $- |

---

Changes in the unearned revenue balance are as follows:

Schedule of unearned revenue

---

| | | |
|:---|:---|:---|
| For the twelve months ended December 31, | **2024** | 2023 |
| Unearned revenue, beginning of period | $**2553** | $2953 |
| Recognition of unearned revenue included in the |  |  |
| beginning balance | **(2052)** | (2012) |
| Recognition of unearned revenue in the current period | **(2954)** | (2037) |
| Amounts invoiced and revenue unearned | **4621** | 3649 |
| Foreign exchange | **(10)** | - |
| Unearned revenue, end of period | $**2158** | $2553 |

---

The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the expected benefit of those costs is longer than one year. The Company determined that certain commissions paid to sales employees meet the requirement to be capitalized. Total capitalized contract acquisition costs included in prepaid expenses and other assets to obtain contracts at December 31, 2024 was $194 (2023 – $114) and are amortized consistent with the method of revenue recognized on the contract.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 20** |

---

Changes in contract acquisition costs are as follows:

Schedule of changes in contract acquisition costs

---

| | | |
|:---|:---|:---|
| For the twelve months ended December 31, | **2024** | 2023 |
| Contract acquisition costs, beginning of period | $**114** | $60 |
| Additions | **496** | 140 |
| Amortization | **(416)** | (86) |
| Contract acquisition costs, end of period | $**194** | $114 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**13.** **Operating and non-operating costs :** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Operating costs:** 

Schedule of operating costs

---

| | | |
|:---|:---|:---|
| For the twelve months ended December 31, | **2024** | 2023 |
| Personnel | $**6373** | $5720 |
| Purchased services & materials<sup>(1)</sup> | **6201** | 2015 |
| Travel | **712** | 42 |
| Facilities and other expenses | **717** | 584 |
|  | $**14003** | $8361 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchased
 services and materials include aircraft costs, project costs, professional and consulting
 fees, and selling and marketing costs.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Financing costs:** 

Schedule of financing costs

---

| | | |
|:---|:---|:---|
| For the twelve months ended December 31, | **2024** | 2023 |
| Interest on bank loan | $**5** | $10 |
| Interest on government loans | **16** | 23 |
| Interest on lease obligations | **47** | 27 |
| Interest on loan payable | **17** |  |
| Interest on accounts payable | **4** | 1 |
| Total financing costs | $**89** | $61 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**14.** **Share capital:** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Authorized:** 

The authorized share capital of the Company consists of an unlimited number of Class A common shares and an unlimited number of Class A participating preferred shares. There are no Class A participating preferred shares outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Issued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | December 31, 2023 | December 31, 2023 |
|  | **Number of** | | Number of | |
| Class A common shares | **Shares** | **Amount** | Shares | Amount |
| Balance, beginning of period: | **41535755** | $**209296** | 37693710 | $208406 |
| Private placement | **7466568** | **2445** | 3842045 | 1115 |
| Issuance costs | **329899** | **(254)** |  | (225) |
| Exercise of warrants | **4286135** | **2041** | - | - |
| Balance, end of period: | **53618357** | $**213528** | 41535755 | $209296 |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 21** |

---

During the fourth quarter of 2024, 3,736,400 warrants were exercised for consideration of $1,785 and issuance costs of $15 were recorded.

During the third quarter of 2024, the Company completed a private placement resulting in the issuance of 7,346,568 Class A common shares at a price of C$0.45 per common share for aggregate gross proceeds of $2,408. The Company recorded issuance costs of $213, including 329,899 Class A common shares issued as finders fees. Also, 228,000 warrants were exercised for consideration of $101 during the quarter ended September 30, 2024.

During the first quarter of 2024, 321,735 warrants were exercised for consideration of $155.

On January 4, 2024, the Company completed a private placement resulting in the issuance of 120,000 Units for aggregate consideration of $37. Each Unit had a purchase price of C$0.50 and consisted of one Class A common share of the Corporation and one Class A common share purchase warrant. Each warrant entitles the holder to purchase one Class A common share at a purchase price of US$0.60 per share for a period of two years from the issue date. The total consideration received was allocated to Share Capital and Warrants on a relative fair value basis. The fair value of the warrants was determined using the Black Scholes pricing model based on the risk-free rate of 3.80%, average expected warrant life of 2 years, share price estimated volatility of 79% and expected dividend payments of Nil. The Company recorded non-cash issuance costs related to this award based on the fair value of the award at the date of the closing of $10, bringing the total costs of the issuance to $26.

On December 21, 2023, the Company completed a private placement resulting in the issuance of 1,650,000 Units for aggregate consideration of $621. Each Unit had a purchase price of C$0.50 and consisted of one Class A common share of the Corporation and one Class A common share purchase warrant. Each warrant entitles the holder to purchase one Class A common share at a purchase price of US$0.60 per share for a period of two years from the issue date. The total consideration received was allocated to Share Capital and Warrants on a relative fair value basis. The fair value of the warrants was determined using the Black Scholes pricing model based on the risk-free rate of 4.18%, average expected warrant life of 2 years, share price estimated volatility of 72% and expected dividend payments of Nil. In addition, the Corporation paid finder's fees of $32 and issued 81,000 warrants to a third party for services rendered in connection with the transaction. The finder's fee warrants were issued on the same terms as the private placement warrants with an exercise price of US$0.40. The Company recorded non-cash issuance costs related to this award based on the fair value of the award at the date of the closing of $10, bringing the total costs of the issuance to $42.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 22** |

---

On October 20, 2023, the Company completed a private placement resulting in the issuance of 695,000 Units for aggregate consideration of $288. Each Unit had a purchase price of C$0.55 and consisted of one Class A common share of the Corporation and one Class A common share purchase warrant. Each warrant entitles the holder to purchase one Class A common share at a purchase price of US$0.58 per share for a period of two years from the issue date. The total consideration received was allocated to Share Capital and Warrants on a relative fair value basis. The fair value of the warrants was determined using the Black Scholes pricing model based on the risk-free rate of 4.92%, average expected warrant life of 2 years, share price estimated volatility of 73% and expected dividend payments of Nil. In addition, the Corporation paid finder's fees of $17 and issued 41,700 warrants to a third party for services rendered in connection with the transaction. The finder's fee warrants were issued on the same terms as the private placement warrants with an exercise price of US$0.58. The Company recorded non-cash issuance costs related to this award based on the fair value of the award at the date of the closing of $7, bringing the total costs of the issuance to $24.

During the third quarter of 2023, the Company completed a private placement resulting in the issuance of 1,497,045 Units for aggregate consideration of $610. Each Unit had a purchase price of C$0.55 and consisted of one Class A common share of the Corporation and one Class A common share purchase warrant. Each warrant entitles the holder to purchase one Class A common share at a purchase price of US$0.59 per share for a period of two years from the issue date. The total consideration received was allocated to Share Capital and Warrants on a relative fair value basis. The fair value of the warrants was determined using the Black Scholes pricing model based on the risk-free rate of 4.70%, average expected warrant life of 2 years, share price estimated volatility of 73% and expected dividend payments of Nil. In addition, the Corporation paid finder's fees of $35 and issued 48,600 warrants to a third party for services rendered in connection with the transaction. The finder's fee warrants were issued on the same terms as the private placement warrants with an exercise price of US$0.49. The Company recorded non-cash issuance costs related to this award based on the fair value of the award at the date of the closing of $16, bringing the total costs of the issuance to $51.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Contributed surplus:** 

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | December 31,<br>2023 |
| Balance, beginning of period | $**26985** | $26603 |
| Share-based compensation | **487** | 244 |
| Issuance costs | **103** |  |
| Exercise of warrants | **434** |  |
| Expiration of warrants | **-** | 138 |
| Balance, end of period | $**28009** | $26985 |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 23** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Earnings (loss) per share:** 

The following table summarizes the calculation of the weighted average number of basic and diluted common shares:

---

| | | |
|:---|:---|:---|
|  | **2024** | 2023 |
| Issued Common Shares at beginning of year | **41535755** | 37693710 |
| Effect of shares issued from private placement | **3404435** | 752888 |
| Effect of shares issued from warrant exercises | **1022776** | - |
| Weighted average number of basic Common Shares | **45962966** | 38446598 |
| Effect of share options outstanding | **388722** |  |
| Effect of RSUs outstanding | **2520355** |  |
| Effect of warrants outstanding | **1652761** | - |
| Weighted average number of diluted Common Shares | **50524804** | 38446598 |

---

The calculation of earnings (loss) per share is based on the weighted average number of Class A common shares outstanding. Where the impact of the exercise of options or warrants is anti-dilutive, they are not included in the calculation of diluted loss per share.

For the year ended December 31, 2024, there were 310,720 outstanding share options (December 31, 2023 – Nil), 1,259,268 RSUs (December 31, 2023 – Nil) and 1,780,084 outstanding warrants (December 31, 2023 – Nil) that were excluded from the diluted weighted average number of shares calculation as their effect would have been anti-dilutive.

The average market value of the Company's shares for purposes of calculating the dilutive effect of the share options and warrants was based on quoted market prices for the period during which the share options and warrants were outstanding.

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Share option plan:** 

The Company established a share option plan to provide long-term incentives to attract, motivate, and retain certain key employees, officers, directors, and consultants providing services to the Company. The plan permitted granting options to purchase up to 10% of the outstanding Class A common shares of the Company. The share option plan was replaced by the Omnibus Incentive Plan at the Annual General Meeting on March 15, 2018 (see Note 14(f)), and all options issued and outstanding at that time will remain until such time they are exercised, expired, or forfeited. As of December 31, 2024, 699,442 share options are issued and outstanding. No additional options will be issued under this plan.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 24** |

---

The following tables summarize information regarding share options outstanding:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | December 31, 2023 | December 31, 2023 |
|  |<br>**Number of**<br>**shares**<br>**under option** | **Weighted**<br>**average**<br>**exercise**<br>**price (CDN)** |<br>Number of<br>shares<br>under option | Weighted<br>average<br>exercise<br>price (CDN) |
| Options outstanding, beginning of period | **794443** | $**0.72** | 801943 | $0.77 |
| Expired | **(95001)** | **0.70** | (7500) | 0.70 |
| Options outstanding, end of period | **699442** | $**0.72** | 794443 | $0.72 |
| Options exercisable, end of period | **699442** | $**0.72** | 794443 | $0.72 |

---

---

| | | | |
|:---|:---|:---|:---|
| Exercise<br> Price | Options | Weighted average<br> remaining | Options |
| (CDN$) | outstanding | contractual life | exercisable |
| 0.70 | 528510 | 2.28 years | 528510 |
| 0.80 | 170932 | 1.88 years | 170932 |
|  | 699442 | 2.18 years | 699442 |

---

During the twelve months ended December 31, 2024 and 2023, the Company recognized $Nil of non-cash compensation expense related to the share option plan.

&nbsp;&nbsp;&nbsp;&nbsp;**(f)** **Omnibus Incentive Plan:** 

The Omnibus Incentive Plan (Omnibus plan) was approved by the shareholders at the Annual General Meeting on March 15, 2018 and replaces the share option plan, the employee share compensation plan and the director's share compensation plan, which provided for shares to be issued to employees and directors as compensation for services. The omnibus plan permits the issuance of options, stock appreciation rights, restricted share units and other share-based awards under one single plan.

The maximum number of common shares reserved under the omnibus plan was 3,363,631. Any common shares reserved under the predecessor share option plan related to awards that expire or forfeit will be rolled into the omnibus plan. At the Annual General Meeting on June 29, 2021, shareholders approved replenishment of 997,253 Common Shares reserved for issuance under the omnibus plan. At the Annual General Meeting on June 29, 2023, shareholders approved replenishment of 1,300,000 Common Shares reserved for issuance under the omnibus plan, for a total reserve of 5,660,884. As of December 31, 2024, 699,442 share options (December 31, 2023 – 794,443) and 3,779,623 RSUs (December 31, 2023 – 3,779,623) are issued and outstanding. In addition, 872,183 Class A common shares were issued during 2018, 125,070 Class A common shares were issued during 2020, and 50,000 shares were issued during 2021 under the plan, leaving 134,566 awards remain available for future issuance.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 25** |

---

The following tables summarize information regarding RSUs outstanding:

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | December 31,<br>2023 |
|  | **Number of**<br>**RSUs** | Number of<br>RSUs |
| RSUs outstanding, beginning of period | **3779623** | 2453744 |
| Issued | **100000** | 1325879 |
| Forfeitures | **(100000)** | - |
| RSUs outstanding, end of period | **3779623** | 3779623 |

---

During the twelve months ended December 31, 2024, 100,000 RSUs (twelve months ended December 31, 2023 – 1,325,879) were issued at a weighted average grant date fair value of C$0.50 per share (twelve months ended December 31, 2023 – C$0.58 per share). During the twelve months ended December 31, 2024, the Company recognized $398 (twelve months ended December 31, 2023 – $304) of non-cash compensation expense related to the RSUs.

&nbsp;&nbsp;&nbsp;&nbsp;**(g)** **Share-based compensation expense:** 

Non-cash compensation expense has been included in operating costs with respect to the share options, RSUs and shares granted to employees and non-employees as follows:

---

| | | |
|:---|:---|:---|
| For the twelve months ended December 31, | **2024** | 2023 |
| Employees | $**254** | $174 |
| Directors and advisors | **144** | 130 |
| Non-cash compensation | $**398** | $304 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**15.** **Class A common share purchase warrants :** 

The following table details the number of Class A common share purchase warrants outstanding at each statement of financial position date:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| <br>**Grant Date** | <br>**Expiry**<br>**Date** |<br><br>**Exercise**<br>**Price** |<br><br>**Granted** | **Number of**<br>**Warrants**<br>**Outstanding**<br>**December**<br>**31, 2023** |<br><br>**Issued** |<br><br>**Expired** |<br><br>**Exercised** | **Number of**<br>**Warrants**<br>**Outstanding**<br>**December**<br>**31, 2024** |
| 2/11/2022 | 2/10/2024 | US$0.54 | 43500 | 43500 |  |  | (43500) |  |
| 3/19/2022 | 3/18/2024 | US$0.54 | 88235 | 88235 |  |  | (88235) |  |
| 11/16/2022 | 11/15/2024 | US$0.45 | 2929900 | 2929900 |  |  | (2929900) |  |
| 11/18/2022 | 11/17/2024 | US$0.45 | 259000 | 259000 |  |  | (259000) |  |
| 12/7/2022 | 12/6/2024 | US$0.44 | 265000 | 265000 |  |  | (265000) |  |
| 8/10/2023 | 8/9/2025 | US$0.60 | 810000 | 810000 |  |  |  | 810000 |
| 8/10/2023 | 8/9/2025 | US$0.49 | 48600 | 48600 |  |  |  | 48600 |
| 8/16/2023 | 8/15/2025 | US$0.59 | 602500 | 602500 |  |  | (602500) |  |
| 9/5/2023 | 9/4/2025 | US$0.59 | 84545 | 84545 |  |  |  | 84545 |
| 10/20/2023 | 10/19/2025 | US$0.59 | 695000 | 695000 |  |  | (45000) | 650000 |
| 10/20/2023 | 10/19/2025 | US$0.59 | 41700 | 41700 |  |  |  | 41700 |
| 12/21/2023 | 12/20/2025 | US$0.60 | 1650000 | 1650000 |  |  | (50000) | 1600000 |
| 12/21/2023 | 12/20/2025 | US$0.40 | 81000 | 81000 |  |  | (3000) | 78000 |
| 1/4/2024 | 1/3/2026 | US$0.60 | 120000 | - | 120000 |  | - | 120000 |
|  |  |  | 7718980 | 7598980 | 120000 |  | (4286135) | 3432845 |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 26** |

---

The following table details the value of the broker and non-broker Class A common share purchase warrants outstanding at each statement of financial position date.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Non-Broker** | **Non-Broker** | **Broker** | **Broker** | **Total** | **Total** |
|  | **Number of**<br>**Warrants** |<br>**Value** | **Number of**<br>**Warrants** |<br>**Value** | **Number of**<br>**Warrants** |<br>**Value** |
| Balance at December 31, 2022 | 3270000 | $294 | 570467 | $199 | 3840467 | $493 |
| Issued | 3842045 | 404 | 171300 | 32 | 4013345 | 436 |
| Exercised | - | - | (254832) | (138) | (254832) | (138) |
| Balance at December 31, 2023 | 7112045 | $698 | 486935 | $93 | 7598980 | $791 |
| Issued | 120000 | 10 |  |  | 120000 | 10 |
| Exercised | (3967500) | (372) | (318635) | (62) | (4286135) | (434) |
| Balance at December 31, 2024 | 3264545 | $336 | 168300 | $31 | 3432845 | $367 |

---

Each warrant entitles its holder to purchase one Class A common share.

&nbsp;&nbsp;&nbsp;&nbsp;**16.** **Income Taxes :** 

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Current tax (expense) recovery:** 

Schedule of current tax (expense) recovery

---

| | | |
|:---|:---|:---|
| December 31, | **2024** | 2023 |
| Current period | $**&nbsp;&nbsp;&nbsp;&nbsp; -** | $(57) |
|  | $**-** | $(57) |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Reconciliation of effective tax rate:** 

Income tax expense varies from the amount that would be computed by applying the basic federal and provincial income tax rates to the net income (losses) before taxes as follows:

Schedule of income tax expense and tax rates to the net income (losses) before taxes

---

| | | |
|:---|:---|:---|
| December 31, | **2024** | 2023 |
| Net Loss, excluding income tax | $**2463** | $(3644) |
| Tax rate | **23.0%** | 23.0% |
| Expected Canadian income tax recovery (expense) | $**(568)** | $838 |
| Decrease resulting from: |  |  |
| &nbsp;&nbsp;&nbsp;Change in unrecognized temporary differences | **3422** | (973) |
| &nbsp;&nbsp;&nbsp;Difference between Canadian statutory rate and those |  |  |
| &nbsp;&nbsp;&nbsp;applicable to U.S. and other foreign subsidiaries | **(63)** | 49 |
| &nbsp;&nbsp;&nbsp;Non-deductible expenses and non-taxable income | **(50)** | 24 |
| &nbsp;&nbsp;&nbsp;Adjustment for prior years income tax matters | **(2665)** | 16 |
| &nbsp;&nbsp;&nbsp;Other | **(76)** | (11) |
|  | $**-** | $(57) |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 27** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Recognized deferred tax assets and liabilities:** 

Deferred income taxes reflect the impact of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. Deferred tax assets and liabilities recognized at December 31, 2024 and 2023, are as follows:

Schedule of recognized tax assets and liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Liabilities** | **Liabilities** | **Net** | **Net** |
| December 31, | **2024** | 2023 | **2024** | 2023 | **2024** | 2023 |
|  |  |  |  | . |  |  |
| Property and equipment | $**-** | $- | $**524** | $591 | $**524** | $591 |
| Intangible assets | **-** |  | **89** | 98 | **89** | 98 |
| Note payable | **-** |  | **5** | 7 | **5** | 7 |
| Tax loss carryforwards | **(618)** | (696) | **-** | - | **(618)** | (696) |
| Tax (assets) liabilities | $**(618)** | $(696) | $**618** | $696 | $**-** | $- |
| Set off of tax | **618** | 696 | **(618)** | (696) | **-** | - |
| Net tax (assets) liabilities | $**-** | $- | $**-** | $- | $**-** | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Unrecognized deferred tax assets:** 

Deferred tax assets have not been recognized in respect of the following items:

Schedule of Unrecognized deferred tax assets

---

| | | |
|:---|:---|:---|
| December 31, | **2024** | 2023 |
| Deductible temporary differences | $**21333** | $21704 |
| Tax loss carryforwards | **192030** | 203178 |
|  | $**213363** | $224882 |

---

The deferred tax asset is recognized when it is probable that future taxable profit will be available to utilize the benefits. The Company has not recognized deferred tax assets with respect to these items due to the uncertainty of future Company earnings.

*Loss carry forwards:*

At December 31, 2024, approximately $194,972 of loss carry forwards and $2,139 of tax credits were available in various jurisdictions. At December 31, 2023, $206,485 of loss carry forwards and $2,405 of tax credits were available in various jurisdictions. A summary of losses by year of expiry are as follows:

Schedule of losses by year of expiry

---

| | |
|:---|:---|
| Twelve months ended December 31, |  |
| 2025 | $4519 |
| 2026-2044 | 176054 |
| Indefinite | 14399 |
|  | $194972 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(e)** **Movement in deferred tax balances during the year:** 

Schedule of movement in deferred tax balances

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Balance at<br>December 31, 2023 | Recognized in<br>Profit and Loss | Recognized<br>in Equity | **Balance at**<br>**December 31, 2024** |
| Property and equipment | $591 | $(67) | $&nbsp;&nbsp;&nbsp;&nbsp; - | $**524** |
| Intangible assets | 98 | (9) |  | **89** |
| Note payable | 7 | (2) |  | **5** |
| Tax loss carryforwards | (696) | 78 | - | **(618)** |
| Net tax (assets) liabilities | $- | $- | $- | $**-** |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 28** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**17.** **Segmented information :** 

The operations of the Company are in one industry segment: digital mapping and related services. Revenue by geographic segment is included in Note 12.

Property and equipment of the Company are located as follows:

Schedule of property and equipment by geographic segment

---

| | | |
|:---|:---|:---|
|  | **December 31, 2024** | December 31, 2023 |
| United States | $**2393** | $923 |
| Europe | **212** | 54 |
| Asia/Pacific | **306** | 2 |
|  | $**2911** | $979 |

---

A summary of sales to major customers that exceeded 10% of total sales during each period are as follows:

Schedule of sales to major customers

---

| | | |
|:---|:---|:---|
| Year ended December 31, | **2024** | 2023 |
| Customer A | $**10496** | $- |
|  | $**10496** | $- |

---

&nbsp;&nbsp;&nbsp;&nbsp;**18.** **Financial risk management :** 

The Company has exposure to the following risks from its use of financial instruments: credit risk, market risk, liquidity risk, and capital risk. Management, the Board of Directors, and the Audit Committee monitor risk management activities and review the adequacy of such activities. This note presents information about the Company's exposure to each of the risks as well as the objectives, policies and processes for measuring and managing those risks.

The Company's risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations.

&nbsp;&nbsp;&nbsp;&nbsp;**(a)** **Credit risk** 

Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. Such risks arise principally from certain financial assets held by the Company consisting of outstanding trade receivables.

The Company's exposure to credit risk is influenced mainly by the individual characteristics of each customer. However, management also considers the demographics of the Company's customer base, including the default risk of the industry and country in which customers operate, as these factors may have an influence on credit risk.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 29** |

---

Approximately 60 percent of the Company's revenue is attributable to transactions with one key customer (year ended December 31, 2023 – 28 percent of the revenue was attributable to four key customers), approximately 85 percent of the Company's trade receivables at year end are attributable to customers located in Asia/Pacific (December 31, 2023 – approximately 4 percent), and approximately 10 percent of the Company's trade receivables at year end are attributable to customers located in Europe (December 31, 2023 – approximately 65 percent).

The Company has established a credit policy under which each new customer is analyzed individually for creditworthiness before the Company's standard payment and delivery terms and conditions are offered.

A significant portion of the Company's customers have transacted with the Company in the past or are reputable large Companies and losses have occurred infrequently.

The maximum exposure to credit risk of the Company at period end is the carrying value of these financial assets.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Trade receivables** 

Expected credit losses are made on a customer-by-customer basis. All write downs against receivables are recorded within sales, general and administrative expense in the statement of operations. The Company is exposed to credit-related losses on sales to customers outside North America, due to potentially higher risks of collectability.

Amounts receivable as of December 31, 2024 and 2023, consist of:

Schedule of amount receivable

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | December 31,<br>2023 |
| Trade receivables | $**3265** | $283 |
| Other miscellaneous receivables | **102** | 29 |
|  | $**3367** | $312 |

---

Trade receivables by geography consist of:

Schedule of trade receivables by geography

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | December 31,<br>2023 |
| United States | $**154** | $90 |
| Europe | **338** | 183 |
| Asia/Pacific | **2773** | 10 |
|  | $**3265** | $283 |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 30** |

---

An aging of the Company's trade receivables are as follows:

Schedule of aging of company's trade receivables

---

| | | |
|:---|:---|:---|
|  | **December 31,**<br>**2024** | December 31,<br>2023 |
| Current | $**3236** | $176 |
| 31-60 days | **29** | 80 |
| 61-90 days | **-** | 24 |
| Over 91 days | **-** | 3 |
|  | $**3265** | $283 |

---

The balance of the past due amounts relates to reoccurring customers and are considered collectible.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Cash** 

The Company manages its credit risk surrounding cash by dealing solely with what management believes to be reputable banks and financial institutions and limiting the allocation of excess funds into financial instruments that management believes to be highly liquid, low risk investments. The balance at December 31, 2024, is held in unrestricted cash at banks within the United States, Canada, Europe, and Asia to facilitate the payment of operations in those jurisdictions.

&nbsp;&nbsp;&nbsp;&nbsp;**(b)** **Market risk** 

Market risk is the risk that changes in market prices, such as foreign exchange rates and interest rates, will affect the Company's income or the value of its holding of financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**i.** **Foreign exchange risk** 

The Company operates internationally and is exposed to foreign exchange risk from various currencies, primarily the Canadian dollar, Euro, British pound, Indonesian rupiah, Czech Republic koruna, and Australian dollar. Foreign exchange risk arises from sales and purchase transactions as well as recognized financial assets and liabilities that are denominated in a currency other than the United States dollar, which is the functional currency of the Company and most its subsidiaries.

The Company's primary objective in managing its foreign exchange risk is to preserve sales values and cash flows and reduce variations in performance. The fair value of the foreign currency forward contract was $Nil, and was determined based on Level 2 inputs, which included period-end mid-market quotations for each underlying contract. The quotations are based on bid/ask quotations and represent the discounted future settlement amounts based on current market rates. The notional principal of the foreign exchange contract was $3,000 as at December 31, 2024.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 31** |

---

The balances in foreign currencies at December 31, 2024, are as follows:

Schedule of balances in foreign currencies

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in USD)** | **Australian Dollar** | **Canadian Dollar** | **Euro** | **British Pound** | **Indonesian Rupiah** | **Czech Republic Koruna** |
| Cash | $- | $43 | $26 | $- | $41 | $20 |
| Trade receivables | 4 | 23 | 86 | 100 | 2834 | 113 |
| Accounts payable and |  |  |  |  |  |  |
| accrued liabilities | (4) | (548) | (26) | (37) | (200) | (332) |
| Project financing |  | (167) |  |  |  |  |
| Government loans |  | (129) |  |  |  |  |
| Bank loan | &nbsp;&nbsp;&nbsp;&nbsp;- | - | - | - | - | (32) |
|  | $- | $(778) | $86 | $63 | $2675 | $(231) |

---

The balances in foreign currencies at December 31, 2023, are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **(in USD)** | **Australian Dollar** | **Canadian Dollar** | **Euro** | **British Pound** | **Indonesian Rupiah** | **Czech Republic Koruna** |
| Cash | $- | $555 | $42 | $- | $4 | $31 |
| Trade receivables | 10 | 10 | 59 | 25 | 23 | 20 |
| Accounts payable and |  |  |  |  |  |  |
| accrued liabilities | (4) | (780) | (33) | (48) | (206) | (273) |
| Project financing |  | (182) |  |  |  |  |
| Government loans |  | (244) |  |  |  |  |
| Bank loan | - | - | - | - | - | (71) |
|  | $6 | $(641) | $68 | $(23) | $(179) | $(293) |

---

Based on the net exposures at December 31, 2024 and 2023, and if all other variables remain constant, a 10% depreciation or appreciation of the United States dollar against the following currencies would result in an increase / (decrease) in net earnings by the amounts shown below:

Schedule of increase / (decrease) in net earnings

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **December 31, 2024** | | | | | | |
|  |<br>**Australian Dollar** |<br>**Canadian Dollar** |<br>**Euro** |<br>**British Pound** |<br>**Indonesian Rupiah** |<br>**Czech Republic Koruna** |
| United States dollar: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciates 10% | $- | $78 | $(9) | $(6) | $(268) | $23 |
| &nbsp;&nbsp;&nbsp;Appreciates 10% |  | (78) | 9 | 6 | 268 | (23) |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| December 31, 2023 |  |  |  |  |  |  |
|  | **Australian Dollar** | **Canadian Dollar** | **Euro** | **British Pound** | **Indonesian Rupiah** | **Czech Republic Koruna** |
| United States dollar: |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Depreciates 10% | $(1) | $64 | $(7) | $2 | $18 | $(29) |
| &nbsp;&nbsp;&nbsp;Appreciates 10% | 1 | (64) | 7 | (2) | (18) | 29 |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 32** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**ii.** **Interest rate risk** 

Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates.

Financial assets and financial liabilities with variable interest rates expose the Company to cash flow interest rate risk. The Company does not have any debt instruments outstanding with variable interest rates at December 31, 2024, or December 31, 2023.

Financial liabilities that bear interest at fixed rates are subject to fair value interest rate risk. No currency hedging relationships have been established for the related monthly interest and principal payments.

The Company manages its interest rate risk by minimizing financing costs on its borrowings and maximizing interest income earned on excess funds while maintaining the liquidity necessary to conduct operations on a day-to-day basis.

&nbsp;&nbsp;&nbsp;&nbsp;**(c)** **Liquidity risk** 

Liquidity risk is the risk that the Company will not be able to meet its obligations as they become due. The Company's approach to managing capital is to ensure, as far as possible, that it will have sufficient liquidity to meets its obligations.

The Company manages its liquidity risk by evaluating working capital availability and forecasting cash flows from operations and anticipated investing and financing activities. At December 31, 2024, the Company has a cash balance of $445 (December 31, 2023 – $677) and working capital (current assets less current liabilities) of negative $485 (December 31, 2023 – negative $6,114). The Company's liquidity is dependent on management's ability to successfully secure sales with upfront payments, and / or obtain additional financing.

The following are the contractual maturities of the undiscounted cash flows of financial liabilities as of December 31, 2024:

Schedule of contractual maturities of the undiscounted cash flows of financial liabilities

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payment due:** | **Payment due:** | **Payment due:** | **Payment due:** | **Payment due:** |
|  | **In less than 3 months** | **Between** <br>**3 months and 6 months** | **Between** <br>**6 months and 1 year** | **Between** <br>**1 year and 2 years** | **Between** <br>**2 years and 26 years** |
| Accounts payable and accrued liabilities | $4409 | $217 | $200 | $- | $- |
| Project financing |  |  |  | 167 |  |
| Government loans | 31 | 31 | 70 | 8 | 207 |
| Bank loan | 9 | 9 | 16 |  |  |
| Loan payable | 31 | 31 | 62 | 124 | 66 |
| Lease obligations | 93 | 96 | 145 | 128 | 53 |
|  | $4573 | $384 | $493 | $427 | $326 |

---

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 33** |

---

The following are the contractual maturities of the undiscounted cash flows of financial liabilities as of December 31, 2023:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payment due:** | **Payment due:** | **Payment due:** | **Payment due:** | **Payment due:** |
|  | **In less than 3 months** | **Between** <br>**3 months and 6 months** | **Between** <br>**6 months and 1 year** | **Between** <br>**1 year and 2 years** | **Between** <br>**2 years and 28 years** |
| Accounts payable and accrued liabilities | $4198 | $- | $190 | $- | $- |
| Project financing |  |  |  | 182 |  |
| Government loans | 33 | 33 | 67 | 132 | 216 |
| Bank loan | 11 | 11 | 23 | 42 |  |
| Lease obligations | 91 | 88 | 108 | 161 | 50 |
|  | $4333 | $132 | $388 | $517 | $266 |

---

&nbsp;&nbsp;&nbsp;&nbsp;**(d)** **Capital risk** 

The Company's objectives when managing its capital risk is to safeguard its assets, while at the same time maintaining investor, creditor, and market confidence, and to sustain future development of the business and ultimately protect shareholder value. The Company manages its risks and exposures by implementing the strategies below.

The Company includes shareholders' deficiency, long-term bank loan, long-term portion of project financing, long-term government loans, and long-term portion of lease obligations in the definition of capital. Total capital at December 31, 2024, was positive $4,159 (December 31, 2023 – negative $2,878). To maintain or adjust the capital structure, the Company may issue new shares, issue new debt with different characteristics, acquire or dispose of assets, or adjust the amount of cash balances held.

The Company has established a budgeting and planning process with a focus on cash, working capital, and operational expenditures and continuously assesses its capital structure considering current economic conditions and changes in the Company's short-term and long-term plans. Neither the Company nor any of its subsidiaries are subject to externally imposed capital requirements.

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 34** |

---

&nbsp;&nbsp;&nbsp;&nbsp;**19.** **Fair values:** 

Set out below is a comparison by class of the carrying amounts and fair value of the Company's financial instruments that are carried in the consolidated statement of financial position:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **December 31, 2024** | **December 31, 2024** | December 31, 2023 | December 31, 2023 |
|  | **Carrying**<br>**Amount** | **Fair**<br>**Value** | Carrying<br>Amount | Fair<br>Value |
| **Financial assets** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $**445** | $**445** | $677 | $677 |
| &nbsp;&nbsp;&nbsp;Amounts receivable | **3367** | **3367** | 312 | 312 |
| &nbsp;&nbsp;&nbsp;Unbilled revenue | **2640** | **2640** |  |  |
| &nbsp;&nbsp;&nbsp;Investments | **776** | **776** | 849 | 849 |
|  | $**7228** | $**7228** | $1838 | $1838 |
| **Financial liabilities** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **4826** | **4826** | 4388 | 4388 |
| &nbsp;&nbsp;&nbsp;Project financing | **167** | **-** | 182 | 182 |
| &nbsp;&nbsp;&nbsp;Bank loan | **32** | **33** | 71 | 71 |
| &nbsp;&nbsp;&nbsp;Government loans | **273** | **186** | 391 | 391 |
| &nbsp;&nbsp;&nbsp;Loan payable | **269** | **275** | - | - |
|  | $**5567** | $**5320** | $5032 | $5032 |

---

The fair values of the financial assets and liabilities are determined at the amount at which the instrument could be exchanged in a current transaction between willing parties, other than in a forced or liquidation sale.

The following methods and assumptions were used to estimate the fair values:

● Cash, amounts receivable, accounts payable and accrued liabilities and provisions approximate their carrying amounts largely due to the short-term maturities of these instruments.

● The fair value of the project financing, bank loan, government loans, and loan payable were calculated based on the present value of expected payments, discounted using a risk-adjusted discount rate.

&nbsp;&nbsp;&nbsp;&nbsp;**20.** **Key management personnel and director compensation:** 

The Company's compensation program specifically provides for total compensation for executive officers, which is a combination of base salary, performance-based incentives and benefit programs that reflect aggregated competitive pay considering business achievement, fulfillment of individual objectives and overall job performance. Executive officers participate in the Company's omnibus plan (Note 14(f)).

The compensation of non-employee directors consists of a cash component and a share component. Directors participate in the Company's omnibus plan (Note 14(f)).

**Intermap Technologies corporation**

Notes to Consolidated Financial Statements

(In thousands of United States dollars, except per share information)

---

| | |
|:---|:---|
| **For the years ended December 31, 2024 and 2023** | **Page 35** |

---

The following summarizes key management personnel and directors' compensation for the years ended December 31, 2024 and 2023:

---

| | | |
|:---|:---|:---|
| Year ended December 31, | **2024** | 2023 <br>adjusted |
| Compensation and benefits | $**1203** | $1405 |
| Share-based compensation | **152** | 197 |
| Key management personnel and directors' compensation | $**1355** | $1602 |

---

Comparative figures for compensation and benefits for the year ended December 31, 2023, in the table, have been adjusted by $228 to $1,405 (from the previously presented amount of $1,177). The adjustment was due to deferred salary payments that were appropriately expensed and accrued for in accounts payable and accrued liabilities in 2023 but omitted from the amount disclosed in this note disclosure. The correction of this note disclosure did not affect the Company's consolidated operating expenses or consolidated loss.

The following summarizes key management personnel and directors share ownership of the Company as of December 31, 2024, and 2023:

---

| | | |
|:---|:---|:---|
| December 31, | **2024** | 2023 |
| Number of Class A Common shares held | **6666507** | 6496696 |
| Percentage of total Class A Common shares issued | **12.43%** | 15.64% |

---

&nbsp;&nbsp;&nbsp;&nbsp;**21.** **Subsequent event :** 

In February 2025, the Company closed a "bought deal" Listed Issuer Financing Exemption offering and concurrent private placement issuing a total of 5,304,225 Class A common shares at a price of C$2.25 for aggregate gross proceeds of C$11,935.

## Exhibit 4.3

**Exhibit 4.3**

**Management's Discussion and Analysis**

For the years ended December 31, 2024 and 2023

For purposes of this discussion, "Intermap®" or the "Company" refers to Intermap Technologies® Corporation and its subsidiaries.

This management's discussion and analysis (MD&A) is provided as of March 31, 2025 and should be read together with the Company's audited Consolidated Financial Statements and the accompanying notes for the years ended December 31, 2024 and 2023. The results reported herein have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and, unless otherwise noted, are expressed in United States dollars.

The audited Consolidated Financial Statements have been prepared on a going concern basis in accordance with IFRS as issued by the IASB. The going concern basis of presentation assumes the Company will continue to operate for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business.

The Consolidated Financial Statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. If the going concern basis were not appropriate for these financial statements, then adjustments would be necessary to the carrying amounts of assets and liabilities, the reported expenses and the classifications used in the statements of financial position.

Additional information relating to the Company, including the Company's AIF, can be found on the Company's website at www.intermap.com and on SEDAR+ at <u>www.sedarplus.ca</u>.

**NON-GAAP MEASURES**

This MD&A makes reference to certain non-GAAP measures such "EBITDA" and "Adjusted EBITDA". These non-GAAP measures are not recognized, defined or standardized measures under IFRS as issued by the IASB. The Company's definition of EBITDA and Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited. EBITDA and Adjusted EBITDA should not be considered a substitute for or in isolation from measures prepared in accordance with GAAP. These non-GAAP measures should be read in conjunction with the Company's audited Consolidated Financial Statements and the accompanying notes for the years ended December 31, 2024 and 2023. Readers should not place undue reliance on non-GAAP measures and should instead view them in conjunction with the most comparable GAAP financial measures. See the reconciliation of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure in the Reconciliation of Non-GAAP Measures section of this MD&A.

**FORWARD-LOOKING STATEMENTS**

In the interest of providing the shareholders and potential investors of Intermap Technologies® Corporation ("Intermap" or the "Company") with information about the Company and its subsidiaries, including management's assessment of Intermap's and its subsidiaries' future plans, operations and financing alternatives, certain statements and information provided in this MD&A constitute forward-looking statements or information (collectively, "forward-looking statements"). Forward-looking statements are typically identified by words such as "may", "will", "should", "could", "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", and similar expressions suggesting future outcomes, and includes statements that actions, events, or conditions "may," "would," "could," or "will" be taken or occur in the future. These forward-looking statements may be based on assumptions that the Company believes to be reasonable based on the information available on the date such statements are made, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors which may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements. The forward-looking information contained in this MD&A is based on certain assumptions and analysis by management of the Company in light of its experience and perception of historical trends, current conditions and expected future development and other factors that it believes are appropriate.

Forward-looking information and statements in this MD&A include, but are not limited to the following:

● increases in recurring revenue generated from multi-license contracts in Europe and software subscription renewal value increase;

● all trade receivable balances are highly likely to be paid in full by the customer;

● the factors noted under "Liquidity and Capital Resources" in the aggregate indicate there are material uncertainties which cast substantial doubt about the Company's ability to continue as a going concern;

● failure to achieve certain requirements could have a material adverse effect on the Company's financial condition and/or results of operations.

The material factors and assumptions used to develop the forward-looking statements herein include, but are not limited to, the following: (i) there will be adequate liquidity available to the Company to carry out its operations; (ii) payments on material contracts will occur within a reasonable period of time after contract completion; (iii) the continued sales success of Intermap's products and services; (iv) the continued success of business development activities; (v) there will be no significant delays in the development and commercialization of the Company's products; (vi) the Company will continue to maintain sufficient and effective production and software development capabilities to compete on the attributes and cost of its products; (vii) there will be no significant reduction in the availability of qualified and cost-effective human resources; (viii) the continued existence and productivity of subsidiary operations; (ix) demand for geospatial related products and services will continue to grow in the foreseeable future; (x) there will be no significant barriers to the integration of the Company's products and services into customers' applications; (xi) the Company will be able to maintain compliance with applicable contractual and regulatory obligations and requirements, (xii) superior technologies/products do not develop that would render the Company's current product offerings obsolete, and (xiii) impact of a potential future pandemic on the Company's future operations and performance.

Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, continued listing of its common shares on the Toronto Stock Exchange or equivalent exchange, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, including but not limited to those risks and uncertainties discussed under the heading "Risk Factors" in the annual MD&A and the Company's other filings with securities regulators.

The impact of any one risk, uncertainty, or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent, and the Company's future course of action depends on Management's assessment of all information available at the relevant time. Except to the extent required by law, the Company assumes no obligation to publicly update or revise any forward-looking statements made in this MD&A, whether as a result of new information, future events, or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

**BUSINESS OVERVIEW**

Intermap is a global geospatial intelligence company, creating a wide variety of geospatial solutions and analytics for its customers. Intermap is a premier worldwide provider of geospatial data solutions.

Intermap currently generates revenue from three primary business activities, composed of (i) data acquisition and collection, using proprietary radar sensor technologies; (ii) value- added data products and services, which leverage the Company's proprietary NEXTMap® database, together with proprietary software and fusion technologies; and (iii) commercial applications and solutions, including a webstore and software sales targeting selected industry verticals that rely on accurate high resolution elevation data.

These geospatial solutions are used in a wide range of applications including, but not limited to, location-based information, risk assessment, geographic information systems (GIS), engineering, utilities, global positioning systems (GPS) maps, oil and gas, renewable energy, hydrology, environmental planning, land management, wireless communications, transportation, advertising, and 3D visualization.

Intermap has the ability to create its own digital 3D geospatial data using its proprietary multi-frequency radar mounted in Learjet aircraft. Intermap's radar-based technology allows it to collect data at any time of the day, including under conditions such as cloud and tree cover, or darkness, which are conditions that limit most competitive technologies. The Company's proprietary radar also enables data to be collected over larger areas, at higher collection speeds, and at accuracy levels that are difficult to achieve with competitive technologies.

In addition to data collection, the Company is a world leader in data fusion, analytics, and orthorectification, and has decades of experience aggregating data derived from a number of different sensor technologies and data sources. The Company processes raw digital elevation and image data from its own and other sources to create three high resolution geospatial datasets that provide a ground-true foundation layer upon which accurate value-added products and services can be developed. The three high resolution data sets include digital surface models (DSM), digital terrain models (DTM), and orthorectified radar images (ORI). These datasets are further augmented with additional elevation and resolution data layers and served to customers by web service to create other value-added products, such as viewsheds, line of sight maps, and orthorectified mosaic tiles.

Unlike many geospatial companies, because of its unique acquisition and processing capability, Intermap retains exclusive ownership of its high resolution NEXTMap® database, which covers the entire globe. Intermap's NEXTMap database, together with third party data and our in-house analytics team, provide a variety of applications and geospatial solutions for its customers. The NEXTMap database contains a fusion of proprietary multi-frequency radar imagery and data, including unique Interferometric Synthetic Aperture Radar (IFSAR)-derived data, proprietary data models, and purchased third-party data, collected from multiple commodity sensor technologies, such as light detection and ranging (LiDAR), photogrammetry, satellite, and other available sources. The NEXTMap database also includes proprietary information developed by our analytical teams such as 3D city models, census data, real-time traffic, 3D road vectors, outdoor advertising assets, weather related hazards, points of interest, cellular towers, flood models and wildfire models.

The Company generates revenue by licensing its geospatial products using its proprietary data, analytics, and applications for specific industries.

**FINANCIAL INFORMATION AND DISCUSSION OF OPERATIONS**

The following table sets forth selected financial information for the periods indicated.

**Selected Annual Information**

---

| | | | |
|:---|:---|:---|:---|
| U.S. $ millions, except per share data | **2024** | **2023** | 2022 |
| Revenue: |  |  |  |
| Acquisition services | $**10.5** | $- | $1.1 |
| Value-added data | **3.1** | 1.9 | 2.3 |
| Software and solutions | **4.0** | 4.3 | 3.4 |
| &nbsp;&nbsp;&nbsp;Total revenue | $**17.6** | $6.2 | $6.8 |
| Operating income (loss) | $**2.5** | $(3.3) | $(5.2) |
| Net income (loss) | $**2.5** | $(3.7) | $(5.3) |
| EPS basic | $**0.05** | $(0.10) | $(0.16) |
| EPS diluted | $**0.05** | $(0.10) | $(0.16) |
| Adjusted EBITDA<sup>(1)</sup> | $**4.1** | $(1.8) | $(3.0) |
| Assets: |  |  |  |
| Cash and amounts receivable | $**3.8** | $1.0 | $2.1 |
| Total assets | $**11.9** | $4.5 | $6.3 |
| Liabilities: |  |  |  |
| Long-term liabilities (including lease obligations) | $**0.7** | $0.7 | $0.8 |
| Total liabilities | $**8.2** | $8.1 | $7.8 |

---

<sup>(1)</sup> Adjusted EBITDA is a non-GAAP measure. See "Reconciliation of Non-GAAP Measures" below.

**Revenue**

*Year-to-date Revenue*

 

Consolidated revenue for the year ended December 31, 2024 was $17.6 million, compared to $6.2 million for 2023. Approximately 87% of consolidated revenue was generated outside the United States, compared to 65% for 2023.

<u>Acquisition Services</u>

Acquisition services revenue for the year ended December 31, 2024 totaled $10.5 million, compared to nil for 2023. The increase is due to the Company performing on its material acquisition services contract in Indonesia compared to no similar project for 2023.

<u>Value-added Data</u>

Value-added data revenue increased to $3.1 million for the year ended December 31, 2024 as compared to $1.9 million for 2023. The increase primarily relates to the expansion of the U.S. Air Force contract during the third quarter of 2024.

<u>Software and Solutions</u>

Software and solutions revenue decreased to $4.0 million from $4.3 million for the years ended December 31, 2024 and 2023, respectively. While recurring subscription revenue remained flat, 2023 included $0.5 million of one-time set up fees that were not duplicated in 2024.

**Classification of Operating Costs**

The composition of the operating costs on the Consolidated Statements of Income (Loss) and Other Comprehensive Income (Loss) is as follows:

---

| | | |
|:---|:---|:---|
| U.S. $ millions | **2024** | 2023 |
| Personnel | $**6.4** | $5.7 |
| Purchased services & materials | **6.2** | 2.0 |
| Facilities and other expenses | **0.7** | 0.6 |
| Travel | **0.7** | 0.1 |
|  | $**14.0** | $8.4 |

---

**Personnel**

Personnel expense includes direct labor, employee compensation, employee benefits, and commissions. Personnel expense for the years ended December 31, 2024 and 2023 totaled $6.4 million and $5.7 million, respectively, due to increased headcount year over year.

As of December 31, 2024, 6% of the headcount relates to software and data development, 91% is in the Jakarta Production Center, 2% relates to sales and marketing and 2% is corporate services.

Non-cash compensation expense is included in operating costs and relates to the Company's omnibus incentive plan and shares granted to employees and non-employees. Non-cash share-based compensation for the years ended December 31, 2024 and 2023, increased to $398 thousand from $304 thousand, respectively, due to the timing of award issuances.

**Purchased Services and Materials**

Purchased services and materials (PS&M) includes (i) aircraft and radar related costs, including jet fuel; (ii) insurance, professional and consulting costs; (iii) third-party support services related to the collection, processing and editing of the Company's airborne radar data collection activities; (iv) third-party data collection activities (i.e., LiDAR, satellite imagery, air photo, etc.); and (v) third-party software expenses (including maintenance and support).

For the years ended December 31, 2024, and 2023, PS&M expense was $6.2 million and $2.0 million, respectively. The increase is due to subcontractor and other project related costs for the data acquisition project that started in the first quarter of 2024.

**Facilities and Other Expenses**

For the years ended December 31, 2024 and 2023, facilities and other expenses increased slightly to $0.7 million from $0.6 million.

**Travel**

For the years ended December 31, 2024, travel expense increased to $0.7 million from $0.1 million for 2023. The increases are also due to the data acquisition project in Indonesia during 2024.

**Net Income (Loss)**

For the year ended December 31, 2024, net income improved to $2.5 million from a net loss of $3.7 million in 2023. The improvement was mainly due to an increase in revenue of $11.4 million between the periods, offset by increased project related purchased services and materials.

**Reconciliation of Non-GAAP Measures**

To supplement the audited Consolidated Financial Statements, which are prepared and presented in accordance with GAAP, the Company provides the following non-GAAP financial measures: EBITDA and Adjusted EBITDA, as EBITDA and Adjusted EBITDA are included as a supplemental disclosure because Management believes that such measurement provides a better assessment of the Company's operations on a continuing basis by eliminating certain non-cash and non-operating charges.

The term Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) consists of net income (loss) and excludes interest (financing costs), taxes, amortization and depreciation. Adjusted EBITDA also excludes share-based compensation, fair value adjustments and foreign currency translation.

The most directly comparable measure to EBITDA and Adjusted EBITDA calculated in accordance with IFRS as issued by the IASB is net income (loss). The following is a reconciliation of the Company's net income (loss) to Adjusted EBITDA.

---

| | | |
|:---|:---|:---|
| U.S. $ millions | **2024** | 2023 |
| &nbsp;&nbsp;&nbsp;Net income (loss) | $**2.5** | $(3.7) |
| &nbsp;&nbsp;&nbsp;Financing costs | **0.1** | 0.1 |
| &nbsp;&nbsp;&nbsp;Interest income | **(0.1)** |  |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | **0.4** | 0.3 |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment | **0.4** | 0.5 |
| &nbsp;&nbsp;&nbsp;Depreciation of right of use assets | **0.3** | 0.3 |
| &nbsp;&nbsp;&nbsp;Income tax expense | **-** | 0.1 |
| &nbsp;&nbsp;&nbsp;EBITDA | $**3.6** | $(2.4) |
| &nbsp;&nbsp;&nbsp;Change in fair value of investment | **0.1** | 0.2 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | **0.4** | 0.3 |
| &nbsp;&nbsp;&nbsp;Loss on foreign currency translation | **-** | 0.1 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $**4.1** | $(1.8) |

---

EBITDA for the year ended December 31, 2024 improved $6.0 million compared to the prior year. Adjusted EBITDA for the year ended December 31, 2024 was positive $4.1 million, compared to negative $1.8 million for 2023. The improvement in both is primarily due to increased revenue in 2024 of $11.4 million compared to 2023.

**Financing Costs**

Financing costs for the years ended December 31, 2024 and 2023 totaled $0.1 million for both periods.

**Amortization of Intangible Assets**

Amortization expense of intangible assets for the years ended December 31, 2024 and 2023 increased slightly to $0.4 million from $0.3 million, respectively. The increase was due to assets being placed in service during 2024.

**Depreciation of Property and Equipment**

Depreciation expense for property and equipment for the years ended December 31, 2024 and 2023 decreased slightly to $0.4 million from $0.5 million, respectively. The decrease is due to assets reaching their useful life during 2024. The Company placed $1.3 million of aircraft and radar equipment additions into service at the end of the third quarter.

**Depreciation of Right of Use Assets**

Depreciation expense for right of use assets for the years ended December 31, 2024 and 2023 was consistent at $0.3 million.

**Income Tax Expense**

Income tax expense for the year ended December 31, 2024 totaled Nil compared to $57 thousand for 2023.

**Amounts Receivable and Unbilled Revenue**

Work is performed on contracts that provide invoicing upon the completion of identified contract milestones. Revenue on certain of these acquisition services contracts is recognized over time based on the ratio of costs incurred to date over the estimated total costs to complete the contract. While an effort is made to align payments on contracts with work performed, the completion of milestones does not always coincide with the costs incurred on a contract, resulting in revenue being recognized in excess of billings. These amounts are recorded in the consolidated statements of financial position as unbilled revenue.

Amounts receivable and unbilled revenue increased to $6.0 million at December 31, 2024 from $0.3 million at December 31, 2023. The increase in unbilled revenue relates to work performed on the acquisition services contract for which the related contract billing milestone had not yet been reached. The increase in amounts receivable primarily relates to milestone billings achieved on the acquisition services contract near the end of 2024, without similar sized billings in the prior year. The Company reviews the amounts receivable aging monthly and monitors the payment status of each invoice to determine the collectability. At the statement of financial position date, $Nil has been reserved as uncollectible as all trade receivable balances greater than 30 days are highly likely to be paid in full by the customer and all balances outstanding at December 31, 2024 have been collected subsequent to yearend.

**Property and Equipment**

Property and equipment is a significant portion of the company's total assets, including aircraft and engines, radar and mapping equipment, furniture and fixtures, leasehold improvements and assets under construction. For the year ended December 31, 2024, the Company purchased $2.3 million (December 31, 2023 - $0.1 million) in property and equipment, mainly aircraft and engines and radar and mapping equipment, of which $0.3 million was purchased using an equipment financing loan. These purchases were necessary to execute on the Company's acquisition services project in Indonesia.

**Accounts Payable and Accrued Liabilities**

Accounts payable and accrued liabilities generally include trade payables, project-related accruals and personnel-related costs. Accounts payable and accrued liabilities increased to $4.8 million at December 31, 2024 from $4.4 million from December 31, 2023 as the Company commenced execution on the acquisition services contract in Indonesia during 2024 and there are additional project related accruals recognized at December 31, 2024 to be settled in the next quarter. In addition, the Company executed a supplier financing arrangement with a financing company in Canada to finance vendor invoices with payment due in the second quarter of 2025. The amount owed at December 31, 2024 was $0.2 million and is included in accounts payable.

---

| | | |
|:---|:---|:---|
|  | **December 31,** | December 31, |
| U.S. $ millions | **2024** | 2023 |
| Accounts payable | $2.6 | $2.4 |
| Accrued liablities | 2.2 | 2.0 |
|  | $4.8 | $4.4 |

---

**Government Loans**

The government loans balance decreased to $0.3 million at December 31, 2024 due to normal monthly payments from $0.4 million at December 31, 2023. The loans were available to help off-set the impacts of the COVID-19 pandemic and will be repaid.

**Loan Payable**

The loan payable balance increased to $0.3 million at December 31, 2024 due to two new equipment financing loans with a technology financing company to purchase new computer equipment. Payments are $10 thousand per month and will be paid off by November 2027.

**Unearned Revenue**

The unearned revenue balance at December 31, 2024 decreased to $2.2 million from $2.6 million at December 31, 2023. This balance consists of payments received from customers for contracts that are in progress and have not yet fulfilled the necessary revenue recognition criteria. At December 31, 2024, 84% of the total balance is related to software and solutions license revenue (91% at December 31, 2023), in which the license fee is paid upfront for the term of the license. The balance relates to the collection of milestone billings on value-added data contracts.

**QUARTERLY FINANCIAL INFORMATION**

**Selected Quarterly Information**

The following table sets forth selected quarterly financial information for Intermap's eight most recent fiscal quarters. This information is unaudited, but reflects all adjustments of a normal, recurring nature that are, in the opinion of management, necessary to present a fair statement of Intermap's consolidated results of operations for the periods presented. Quarter-to-quarter comparisons of Intermap's financial results are not necessarily meaningful and should not be relied on as an indication of future performance.

For the last eight quarters, the Company has been severely undercapitalized and self-financed the advancement of high-growth opportunities in Southeast Asia and Europe. The increase in revenue and operating income in each of the quarters of 2024 compared to 2023 was mainly related to the acquisition services contract in Indonesia.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. $ millions, except per | Q1 | Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | **Q4** |
| share data | 2023 | 2023 | 2023 | 2023 | 2024 | 2024 | 2024 | **2024** |
| Total revenue | $2.0 | $1.5 | $1.5 | $1.2 | $1.7 | $3.5 | $5.0 | $**7.4** |
| Depreciation | $0.1 | $0.1 | $0.2 | $0.1 | $0.1 | $0.1 | $0.1 | $**0.1** |
| Financing costs | $- | $- | $- | $0.1 | $- | $- | $0.1 | $**-** |
| Operating income (loss) | $(0.8) | $(1.0) | $(0.8) | $(0.7) | $(0.8) | $0.6 | $1.2 | $**1.5** |
| Net income (loss) | $(0.8) | $(1.1) | $(0.8) | $(1.0) | $(0.8) | $0.6 | $1.1 | $**1.5** |
| Net loss per share |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- basic | $(0.02) | $(0.03) | $(0.02) | $(0.03) | $(0.02) | $0.01 | $0.02 | $**0.04** |
| &nbsp;&nbsp;&nbsp;- diluted | $(0.02) | $(0.03) | $(0.02) | $(0.03) | $(0.02) | $0.01 | $0.02 | $**0.04** |
| Adjusted EBITDA<sup>(1)</sup> | $(0.4) | $(0.6) | $(0.6) | $(0.2) | $(0.5) | $1.0 | $1.6 | $**2.0** |

---

<sup>(1)</sup> Adjusted EBITDA is a non-GAAP measure. See "Reconciliation of Non-GAAP Measures" above.

*Quarterly Revenue*

 

Consolidated revenue for the quarter ended December 31, 2024 was $7.4 million, compared to $1.2 million for 2023. Most of the increase was due to $5.5 million recognized on the acquisition services program in Indonesia. Approximately 93% of consolidated revenue was generated outside the United States, compared to 65% for 2023.

<u>Acquisition Services</u>

Acquisition services revenue for the quarter ended December 31, 2024 totaled $5.5 million, compared to $8 thousand for 2023. The increase is due to the Company performing its material acquisition services contract in Indonesia. Last year, Intermap experienced a delay in the award of key government contracts, reducing its acquisition services revenue.

<u>Value-added Data</u>

Value-added data revenue increased to $1.0 million for the quarter ended December 31, 2024 as compared to $0.3 million for 2023. The increase was primarily due to the expansion of the U.S. Air Force contract during the third quarter of 2024.

<u>Software and Solutions</u> 

Software and solutions revenue decreased slightly to $1.0 million from $1.2 million for the fourth quarters of 2024 and 2023, respectively.

**Personnel**

Personnel expense for the three-month periods ended December 31, 2024 and 2023 totaled $2.1 million and $1.0 million, respectively. The increase is due to increase in headcount along with salary savings during the last half of 2023.

Non-cash share-based compensation for the quarters ended December 31, 2024 and 2023, was $93 thousand and $90 thousand, respectively.

**Purchased Services and Materials**

For the three-month periods ended December 31, 2024, and 2023, PS&M expense was $2.8 million and $0.5 million, respectively. The increase is due to subcontractor and other project related costs for the data acquisition project that started in the first quarter of 2024.

**Facilities and Other Expenses**

For the three-month periods ended December 31, 2024 and 2023, facilities and other expenses increased slightly to $0.2 million compared to $0.1 million.

**Travel**

For the three-month periods ended December 31, 2024, travel expense increased to $0.4 million, as compared to $Nil million for 2023. The increases are also due to the data acquisition project in Indonesia during 2024.

**USE OF PROCEEDS**

The Company completed the following Private Placements with the proposed use of proceeds for working capital to fund continuing operations.

---

| | | | |
|:---|:---|:---|:---|
|  | | **Actual use of net proceeds** | **Actual use of net proceeds** |
| U.S. $ millions | **Proposed use of net proceeds** | Use of proceeds | Remaining |
| August/September 2023 Private Placement Continuing operations | $0.6 | $0.6 | $- |
| **Net proceeds** | $**0.6** | $**0.6** | $**-** |
| October 2023 Private Placement Continuing operations | $0.3 | $0.3 | $- |
| **Net proceeds** | $**0.3** | $**0.3** | $**-** |
| December 2023 Private Placement Continuing operations | $0.6 | $0.6 | $- |
| **Net proceeds** | $**0.6** | $**0.6** | $**-** |
| July/August 2024 LIFE Offering Continuing operations | $2.4 | $2.0 | $0.4 |
| **Net proceeds** | $**2.4** | $**2.0** | $**0.4** |

---

The Company has cash of $0.4 million at December 31, 2024. However, post year end the Company closed a "bought deal" Listed Issuer Financing Exemption offering and concurrent private placement for gross proceeds of C$11.9 million in the first quarter of 2025.

**CONTRACTUAL OBLIGATIONS**

Contractual obligations include (i) lease obligations on office locations and computer equipment; (ii) project financing; (iii) government loans; and (iv) operating leases on low value equipment. Principal and interest repayments of these obligations are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | | Payments due by Period (US $ thousands) | Payments due by Period (US $ thousands) | Payments due by Period (US $ thousands) | Payments due by Period (US $ thousands) |
| Contractual obligations | Total | Less than 1 year | 1 - 3 years | 4 - 5 years | After 5 years |
| Accounts payable and accrued liabilities | $4826 | $4826 | $- | $- | $- |
| Lease obligations | 515 | 334 | 143 | 35 | 3 |
| Project financing | 167 |  | 167 |  |  |
| Government loans | 347 | 132 | 17 | 17 | 181 |
| Loan payable | 314 | 124 | 190 |  |  |
| Bank loan | 34 | 34 |  |  |  |
| Operating leases | 326 | 326 | - | - | - |
| Total | $6529 | $5776 | $517 | $52 | $184 |

---

**LIQUIDITY AND CAPITAL RESOURCES**

Management continually assesses liquidity in terms of the ability to generate sufficient cash flow to fund the business. Net cash flow is affected by the following items: (i) operating activities, including the level of trade receivables, unbilled receivables, accounts payable, accrued liabilities and unearned revenue; (ii) investing activities, including the purchase of property and equipment; and (iii) financing activities, including debt financing and the issuance of capital stock.

*Operating Activities*

 

During the year ended December 31, 2024, the Company generated an operating income of $2.5 million and incurred positive Adjusted EBITDA<sub>1</sub> of $4.1 million. Revenue for the year ended December 31, 2024 was $17.6 million, which is a $11.4 million increase as compared to the same period in 2023. At December 31, 2024, the Company has a shareholders' equity of $3.7 million.

Cash used in operations during the year ended December 31, 2024 totaled $1.8 million, compared to cash used in operations of $0.6 million during the same period in 2023.

At December 31, 2024, $2.0 million of the current assets over current liabilities deficiency of $0.4 million relates to unearned revenue which is the accounting treatment for contracts in which the revenue recognition criteria have not been met at the time of payment. The

Company has an obligation to deliver the required services over the term of the license (for software) or contract (for acquisition). During the first quarter of 2024, the Company began executing on a new acquisition services contract award exceeding $15 million to be recognized over 12 to 18 months, along with significant commercial pipeline, and as such, management expects to meet the obligations as they come due through operations.

*Investing Activities*

 

Net cash used in investing activities totaled $2.3 million and $0.4 million for the years ended December 31, 2024 and 2023, respectively. During 2024, the Company invested $1.3 million in the aircraft and sensor platform to prepare for execution of the acquisition services contract. In addition, in both periods, the balance related to the purchase of computer related equipment and the capitalization of labor and materials to build the data archive, processing capabilities, and software assets.

*Financing Activities*

 

Net cash provided by financing activities totaled $3.8 million for the year ended December 31, 2024, as compared to $0.8 million during the same period in 2023. The net cash provided during the year ended December 31, 2024 resulted from proceeds from a private placement and exercise of warrants of $4.5 million, offset by private placement issuance costs of $0.1 million, payments of lease obligations of $0.4 million, and repayment of loans $0.2 million.

The net cash provided during the year ended December 31, 2023 resulted from proceeds from a private placement of $1.5 million, offset by private placement issuance costs of $0.2 million, payment of lease obligations totaling $0.3 million, and repayment of loans of $0.2 million.

<sup>1</sup> Adjusted EBITDA is a non-GAAP measure. See "Reconciliation of Non-GAAP Measures above"

The Company is dependent upon its cash flow from operations to fund its business as it currently has no credit facility in place.

The Company's ability to continue as a going concern is dependent on management's ability to successfully secure sales with upfront payments, execute on contract awards, and/or draw incremental working capital to fund airborne and field operations and data processing. Liquidity will be provided through a combination of funds from operations, contract billing milestone acceleration or equity issuance, as needed. There can be no assurance that such plans will be achieved. Failure to achieve these requirements could have a materially adverse effect on the Company's financial condition and / or results of operations. The Board of Directors and management continue to take actions to address these issues including the completion of a "bought deal" Listed Issuer Financing Exemption offering and concurrent private placement resulting in aggregate gross proceeds of C$11.9 million during the first quarter of 2025.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

**Revenue Recognition**

Revenue is recognized when a customer obtains control of the good or services. Determining the timing of the transfer of control, at a point in time or overtime, requires judgement.

*Acquisition Service Contracts*

 

Revenue from acquisition service contracts is recognized over time based on the ratio of costs incurred to estimated total contract costs. The use of this method of measuring progress towards complete satisfaction of the performance obligations requires estimates to determine the cost to complete each contract. These estimates are reviewed monthly and adjusted as necessary. Provisions for estimated losses, if any, are recognized in the period in which the loss is determined. Invoices are issued according to contractual terms and are usually payable within 30 days. Revenue recognized in advance of billings are presented as unbilled revenue.

*Data Licenses*

 

Revenue from the sale of data licenses in the ordinary course of business is measured at the fair value of the consideration received or receivable. Customers obtain control of data products upon receipt of a physical hard drive or download of the data from a web link provided. Invoices are generated, and revenue is recognized at that point in time. Invoices are generally paid within 30 days.

*Software Subscriptions*

 

Software subscriptions are paid at the beginning of the license term. Revenue is recognized overtime, and payments for future months of service are recognized in unearned revenue. While the license agreements are for a fixed term, some agreements also contain a limited number of clicks or uses. If the limit is reached prior to the end of the term, the license ends early.

**Use of Estimates**

Preparing financial statements in conformity with IFRS as issued by the IASB requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates.

Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year include the following:

*Depreciation and amortization rates*

 

In calculating the depreciation and amortization expense, management is required to make estimates of the expected useful lives of property and equipment and intangible assets.

*Amounts receivable*

 

The Company uses historical trends and performs specific account assessments when determining the expected credit losses. These accounting estimates are in respect to the amounts receivable line item in the Company's consolidated statements of financial position. At December 31, 2024, amounts receivable represented 28% of total assets.

The estimate of the Company's expected credit losses could change from period to period due to the allowance being a function of the balance and composition of trade receivables. At December 31, 2024, the expected credit losses of trade receivables were $Nil due to no receivables were aged over 61 days past due.

*Investments*

 

The valuation for investments requires the application of management estimates and judgments with respect to the determination of appropriate valuation method applied at each reporting date. The assumptions for estimating fair value of investments are disclosed in Note 8 to the Consolidated Financial Statements.

*Share-based compensation*

 

The Company uses the Black-Scholes option-pricing model to determine the grant date fair value of share-based compensation. The following assumptions are used in the model: dividend yield; expected volatility; risk-free interest rate; expected option life; and fair value.

Changes to assumptions used to determine the grant date fair value of share-based compensation awards can affect the amounts recognized in the consolidated financial statements.

*Revenue*

 

Revenue from acquisition service contracts is recognized over time based on the ratio of costs incurred to estimated total contract costs. The determination of estimated total contract costs of acquisition services contracts requires the use of significant assumptions related to estimated purchased services, materials, and labor costs. Changes to the assumptions used to measure revenue could impact the amount of revenue recognized in the Consolidated Financial Statements.

 

*Impairment*

 

The carrying value of long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable and assesses the impairment for intangible assets not yet available for use on an annual basis. The Company has determined that its long-lived assets belong to two distinct cash-generating units (CGUs). The significant assumptions used in determining estimated discounted future cash flows include projected revenues and discount rates. Judgment is required in determining the level at which to test impairment, including the grouping of CGUs that generate cash inflows.

**OFF-BALANCE SHEET ARRANGEMENTS**

As at March 31, 2025 and December 31, 2024, the Company has no material undisclosed off- balance sheet arrangements that have or are reasonably likely to have, a current or future effect on our results of operations, financial condition, revenues or expenses, liquidity, capital expenditures or capital resources. See derivative financial instruments (Note 3(n) in the Consolidated Financial Statements).

**OUTSTANDING SHARE DATA**

The Company's authorized capital consists of an unlimited number of Class A common shares without par value and an unlimited number of Class A participating preferred shares without par value. At the close of business on March 31, 2025, 59,120,465 Class A common shares were issued and outstanding. There are currently no Class A participating preferred shares issued and outstanding.

As of March 31, 2025, potential dilutive securities include (i) 699,442 outstanding share options with a weighted average exercise price of C$0.72, (ii) 3,779,623 restricted share units, and (iii) 3,432,845 warrants outstanding with a weighted average exercise price of US$0.59. Each option and warrant entitles the holder to purchase one Class A common share. The following warrants expire on the dates listed below:

● 858,600 warrants expire on August 9, 2025;

● 84,545 warrants expire on September 4, 2025;

● 691,700 warrants expire on October 19, 2025;

● 1,678,000 warrants expire on December 20, 2025; and

● 120,000 warrants expire on January 3, 2026.

Other than as listed above, the Company does not currently have any material financial instruments which can be converted into additional common shares.

**INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES**

**Internal Control Over Financial Reporting**

The Company's Chairman and Chief Executive Officer and the Company's Chief Financial Officer have designed, or have caused to be designed under their supervision, internal control over financial reporting as defined under National Instrument 52-109 – *Certification of Disclosure in Issuer's Annual and Interim Filings*, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS as issued by the IASB. The Company's Chairman and Chief Executive Officer and the Company's Chief Financial Officer have evaluated, or caused to be evaluated under their supervision, the effectiveness of the Company's internal control over financial reporting and have determined, based on the criteria established by the Committee of Sponsoring Organizations of the Treadway Commission (2013) and on this evaluation, that such internal controls over financial reporting were effective at December 31, 2024.

**Changes in Internal Control Over Financial Reporting**

There have been no significant changes in the design of internal control over financial reporting that occurred during the year ended December 31, 2024 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

**Disclosure Controls and Procedures**

The Company's Chairman and Chief Executive Officer and the Company's Chief Financial Officer have designed, or have caused to be designed under their supervision, disclosure controls and procedures to provide reasonable assurance that material information relating to the Company has been made known to them and that information required to be disclosed in the Company's annual filings, interim filings or other reports filed by it or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified by applicable securities legislation. The Company's Chairman and Chief Executive Officer and the Company's Chief Financial Officer have evaluated, or caused to be evaluated under their supervision, the effectiveness of the Company's disclosure controls and procedures and have determined, based on that evaluation, that such disclosure controls and procedures were effective at December 31, 2024.

**RISKS AND UNCERTAINTIES**

The risks and uncertainties described below are not exhaustive. Additional risks not presently known currently deemed immaterial may also impair the Company's business operation. If any of the events described in the following business risks actually occur, overall business, operating results, and the financial condition of the Company could be materially adversely affected.

**Negative Cash Flow from Operating Activities**

The Company did not achieve positive operating cash flow in its most recent financial years. Accordingly, the Company may experience negative cash flow from operations in the future. The Company has incurred net losses in the past and may incur losses in the future unless it can derive sufficient revenues from its business. Such future losses could have an adverse effect on the market price of the Securities, which could cause investors to lose part or all of their investment.

**Cash Flow and Liquidity Uncertainty**

The Company is dependent upon its cash flow from operations to fund its business because it has no line of credit or credit facility currently in place. As of December 31, 2024, the Company had cash on hand of $0.4 million, current assets of $7.0 million and current liabilities of $7.5 million, resulting in a working capital deficiency of $0.5 million. Given the Company's cash balance, together with the acquisition services contract award announced in the first quarter of 2024 and the proceeds raised from the completion of an issuer private placement during the first quarter of 2025, its potential sources of funding and working capital needs, the Company believes it has sufficient cash to fund its operations for the next 12 months. This expectation reflects certain assumptions of management, including, among other things, growth estimates in respect of the Company's revenues based on the Company's ability to successfully secure sales with upfront payments, anticipated levels of capital expenditures and other costs expected to be incurred over the next 12 months. If these assumptions prove to be incorrect and the Company generates negative operating cash flows in a future period, the Company may need to obtain alternative sources of funding. However, there can be no assurance that additional funding will be available or, if available, that it will be available on acceptable terms. If adequate funds are not available, the Company may have to substantially reduce or otherwise eliminate certain expenditures, which could have a material adverse effect on the Company's operations and financial condition. There can be no assurance that the Company will be able to raise additional capital if its capital resources are depleted or exhausted.

**Availability of Capital**

Cash generated from its operations may not be enough to satisfy its current liquidity requirements. As such, the Company will require additional capital. The extent of the Company's future capital requirements will depend on many factors, including, but not limited to, the market acceptance of its products and services, demand for geospatial-related products and service, and competition within this industry. No assurance can be given that any such additional funding will be available or that, if available, it can be obtained on terms favorable to the Company.

**Revenue Fluctuations**

Intermap's revenue has fluctuated over the years. Acquisition services projects, the purchase of value-added data, and the purchase of software and solutions by the Company's customers are all scheduled in accordance with customer requirements and the timing of regulatory and/or budgetary decisions. The commencement or completion of acquisition projects within a particular quarter or year, the timing of regulatory approvals, operating decisions of clients, and the fixed-cost nature of Intermap's business, among other factors, may cause the Company's results to vary significantly between fiscal years and between quarters in the same fiscal year.

**Nature of Government Contracts**

Intermap conducts a significant portion of its business either directly or in cooperation with the United States government, other governments around the world, and international funding agencies. The current state of the public finances in many of the countries the Company has historically operated in has led to reductions in the amount of data ordered by its government customers. In addition, many of Intermap's products and services require government appropriations and regulatory licenses, permits, and approvals, the timing and receipt of which are not within Intermap's control. Any of these factors could have an effect on Intermap's revenue, earnings, and cash flow.

**Foreign Operations**

A significant portion of Intermap's revenue is expected to come from customers outside of the United States and is therefore subject to additional risks, including foreign currency exchange rate fluctuations, agreements that may be difficult to enforce, receivables difficult to collect through a foreign country's legal system, and the imposition of foreign-country-imposed withholding taxes or other foreign taxes.

**Dilution**

The Company may issue additional securities, which may dilute existing securityholders.

**Key Customers**

During 2024, the Company had one key customer that accounted for 60% of total revenue. During 2023, 28% of the revenue was attributable to four key customers. To the extent that significant customers cancel or delay orders, Intermap's revenue, earnings, and cash flow could be materially and adversely affected.

**Executive Talent**

Intermap is focused on aligning its resources with its acquisition services, value-added data and software and solutions revenue opportunities. This realignment requires the retention of executive talent. The Company will continue to invest in training and leadership development to retain talent.

**Competing Technologies**

With respect to the Company's software applications, several direct and indirect competitors are currently in the market with product offerings that could be considered at least partially competitive to Intermap's products. These potential competitors vary in size and could have greater technical and/or financial resources than the Company, to develop and market their products. The financial performance of the Company may be adversely affected by such competition. Intermap continues to evaluate its data collection capabilities and look for improvements to the performance of its radar technology. Although there are only a few direct Intermap competitors currently, the industry is characterized by rapid technological progress. Intermap's ability to continue to develop and introduce new products and services, or incorporate enhancements to existing products and services, may require significant additional research and development expenditures and investments in support infrastructure.

Another approach to production of digital elevation models is the use of auto correlation software to analyze common points in two or more optical images of the same area taken from different viewing angles. Essentially this is the same principle that is used by technicians as they extract elevation points using stereo photogrammetric techniques, but in this case, it is automated using computer software image matching algorithms. This process is well known and has seen incremental, evolutionary improvement over time. Advances in computing power, coupled with massive storage solutions, may make this technology useful over larger areas in the future, and if so, could represent a significant competing technology.

Any required additional financing needed by the Company to remain competitive with these other technologies may not be available or, if available, may not be on terms satisfactory to the Company.

**Common Share Price Volatility**

The market price of the Company's common shares has fluctuated widely in recent periods and is likely to continue to be volatile. A number of factors can affect the market price of Intermap's common stock including (i) actual or anticipated variations in operating results, (ii) the low daily trading volume of the Company's stock, (iii) announcement of technological innovations or new products by the Company or its competitors, (iv) competition, including pricing pressures and the potential impact of competitors products on sales, (v) changing conditions in the geospatial and related industries, (vi) unexpected production difficulties, (vii) changes in financial estimates or recommendations by stock market analysts regarding Intermap or its competitors, (viii) announcements by Intermap or its competitors of acquisitions, strategic partnerships, or joint ventures, (ix) additions or departures of senior officers, (x) changes in economic or political conditions (xi) the selling of significant holdings by large investors, and (xii) the Company's ability to meet the continued listing requirements of the Toronto Stock Exchange to maintain the listing of its common shares.

**Loss of Proprietary Information**

Intermap currently holds patents on the technology used in its operations and relies heavily on trade secrets, know-how, expertise, experience, and the marketing ability of its personnel to remain competitive. Although Intermap requires all employees, consultants, and third parties to agree to keep its proprietary information confidential, no assurance can be given that the steps taken by Intermap will be effective in deterring misappropriation of its technologies. Additionally, no assurance can be given that employees or consultants will not challenge the legitimacy or scope of their confidentiality obligations, or that third parties, in time, could not independently develop and deploy equivalent or superior technologies.

**Software Functionality**

Defects in the Company's software applications, delays in delivery, and failures or mistakes in the Company's software code could materially harm the Company's business, including customer relationships and operating results.

**Internet and System Infrastructure Functionality**

The end customers of the Company's software applications depend on internet service providers, online service providers and the Company's infrastructure for access to the software applications the Company provides to its customers. These services are subject to service outages and delays due to system failures, stability or interruption. As a result, the Company may not be able to meet a satisfactory level of service as agreed to with its customers, which could have a material adverse effect on the Company's business, revenues, operating results and financial condition.

**Information Technology Security**

The Company's software applications are dependent on its ability to protect its computer equipment and the information stored in its data centers against damage that may be caused by fire, power loss, telecommunication failures, unauthorized intrusion, computer viruses, disabling devices and other similar events. A failure in the Company's production systems or a disaster or other event affecting production systems or business operations, both internally and externally, could result in a disruption to the Company's software services. Such a disruption could also impact the Company's reputation and cause it to lose customers, revenue, face litigation, or necessitate customer service/repair work that would involve substantial costs and could ultimately have a material impact on the Company.

Intermap's geospatial database is a valuable asset to the Company. While Intermap has invested in database management, information technology security, firewalls, and offsite duplicate storage, there is a risk of a loss of data through unauthorized access or a customer violating the terms of the Company's end user licensing agreements and distributing unauthorized copies of its data. Intermap has, and will continue to invest, in both legal resources to strengthen its licensing agreements with its customers and in overall information technology protection.

**Cybersecurity**

The Company's software applications and geospatial database are dependent upon protection against damage or loss that may be caused by a cyberattack. Loss or theft of the Company's geospatial database could result in lost revenue or the ability of a competitor to provide competing software solutions. A hostile Denial of Service (DoS) action could disrupt the Company's software services. Such a disruption could impact the Company's reputation and cause it to lose customers, revenue, face litigation, or necessitate customer service/repair work that would involve substantial costs and could ultimately have a material impact on the Company.

Intermap has invested in database management, information technology security, and firewalls to mitigate the risk of loss or theft of the Company's data. Further investments have been made to prevent DoS activities and improvements to the software services' defenses against such attacks.

The Company undertakes periodic reviews of its information technology infrastructure and security policies using the SANS CIS Critical Security Controls as a framework. The areas of focus for review pertain to user and system authentication and access; internal network configuration and security; data storage resiliency and security; and hosted application access security. These periodic reviews serve to proactively shore up areas of vulnerability and ensure policies are effective and enforced. However, the risk cannot be eliminated entirely, and the Company has invested in insurance to mitigate loss in the event of a cyberattack.

**Exporting Products – Political Considerations**

Intermap's data collection systems contain technology that is classified as a defense article under the International Traffic and Arms Regulations. All mapping efforts undertaken outside the United States, therefore, constitute a temporary export of a defense article, requiring prior written approval by the United States Department of State for each country within which mapping operations are to be performed. The Company does not currently anticipate that requirements for export permits will have a material impact on the Company's operations, although either government policy or government relations with select foreign countries may change to the point of affecting the Company's operational opportunities.

**Environment and social-related regulatory activity**

Changes in environmental regulation could have an adverse effect on the Company's airborne data acquisition services business. On June 20, 2024, Bill C-59 received royal assent, thereby enacting certain changes to the Competition Act (Canada) to address "greenwashing", meaning false, misleading, or deceptive environmental claims made for the purpose of promoting a product or a business interest. How the new rules will be interpreted and applied is currently unclear, which creates significant uncertainty regarding how Canadian companies may publicly communicate their environmental and climate performance. The complexity and uncertainty of environmental and climate change related issues make it extremely difficult to predict the potential impact on the Company. The recent amendments of laws and regulations impose significant financial penalties for non-performance. Companies found to have made representations that violate the rules, intentionally or inadvertently, could be subject to an administrative penalty for the greater of $10 million for the first order and $15 million dollars for any subsequent order, and 3% of the company's annual worldwide gross revenues.

**Political Instability**

Political or significant instability in a region where Intermap is conducting data collection activities, or where Intermap has clients, could adversely impact Intermap's business.

**Tariffs or Other International Trade Disputes**

Intermap is subject to risks associated with doing business in foreign jurisdictions including, but not limited to, trade protection measures such as the imposition of or increase in tariffs.

Future changes to trade or investment policies, treaties and tariffs, or the perception that these changes could occur, could adversely affect Intermap's financial condition and results of operations.

Changes in cross-border tariffs between the United States and Canada could have an impact on our operations, costs, and competitiveness. Intermap's data collection operations rely on cross-border collaboration, engineering services, and specialized equipment sourced from both countries. Increased tariffs on hardware, software, or services essential to our operations may raise costs, disrupt supply chains, or delay project timelines.

Any escalation in trade disputes or the imposition of new tariffs could also create uncertainty in client budgets and government contracts, particularly in industries such as infrastructure, natural resources, and defense, where our products and solutions are widely used. In addition, actions by foreign governments to implement further trade policy changes, including limiting foreign investment or trade, increasing regulatory scrutiny, imposing quotas or supply limitations or taking other actions which could apply to the jurisdictions in which Intermap operates, could negatively impact its business, which may be material. The Company continues to monitor trade policies and may need to adjust pricing, supply chain strategies, or operational structures to mitigate the financial and strategic risks posed by evolving tariff regulations.

**Regulatory Approvals**

The development and application of certain of the Company's products requires the approval of applicable regulatory authorities. A failure to obtain such approval on a timely basis, or material conditions imposed by such authority in connection with the approval, would materially affect the prospects of the Company.

**Aircraft / Radar Lost or Damaged**

Although the Company believes that the probability of one of the Company's aircraft or radar sustaining significant damage or being lost in its entirety is extremely low, such damage or loss could occur. The Company expects to have available to it, for data collection purposes, one additional aircraft at any given time. The risk to the Company of loss from the damage of an aircraft is therefore considered to be minimal. In the event that a radar mapping system is lost in its entirety through the destruction of the aircraft, it would take the Company approximately six to nine months to replace the lost equipment, if required.

**Global Positioning System (GPS) Failure**

GPS satellites have been available to the commercial market for many years. The continued unrestricted access to the signals produced by these GPS satellites is helpful, but not required, in the collection of the Company's IFSAR data. A loss of GPS would have such a global impact that it is believed that controlling authorities would almost certainly make another system available to GPS receivers in relatively short order.

**Information Openly Available to the Public**

The Company accesses information available to the public via the Internet and may incorporate portions of such information into its products. If a source of public information determined that the Company was profiting from free information, there is risk it could seek compensation.

**Force Majeure**

The Company's projects may be adversely affected by risks outside the control of the Company including labor unrest, civil disorder, war, subversive activities or sabotage, fires, floods, explosions or other catastrophes, epidemics, or quarantine restrictions.

**Preserve and Use of U.S. net operating losses (NOLs)**

Our U.S. Subsidiary's ability to utilize the U.S. NOLs after an "ownership change" is subject to the rules of Section 382 of the U.S. Internal Revenue Code of 1986, as amended (Section 382). Section 382 imposes an annual limitation on the amount of taxable income that may offset NOLs following an ownership change. An ownership change occurs if, among other things, the shareholders (or specified groups of shareholders) who own or have owned, directly or indirectly, five percent (5%) or more of the value of our shares or are otherwise treated as five percent (5%) shareholders under Section 382 and the regulations promulgated thereunder increase their aggregate percentage ownership of the value of our shares by more than fifty (50) percentage points over the lowest percentage of the value of the shares owned by these shareholders over a three-year rolling period. An ownership change could also be triggered by other activities, including the sale of our shares that are owned by our five percent (5%) shareholders.

**Artificial Intelligence**

The emergence of new, disruptive companies leveraging Artificial Intelligence (AI) can pose a threat to us in the market. These newcomers, unencumbered by legacy systems or traditional business models, have the potential to swiftly gain market share and redefine industry dynamics. The unpredictable nature of AI development and its impacts on the market further contribute to uncertainties, making it challenging to anticipate and navigate potential disruptions.

**Additional Information**

Additional risk factors may be detailed in the Company's Annual Information Form, which can be found on the Company's Web site at www.intermap.com and on SEDAR+ at <u>www.sedarplus.ca</u>.

## Exhibit 4.4

**Exhibit 4.4**

![](ex4-4_001.jpg)

Condensed Consolidated Interim Financial Statements of

**INTERMAP TECHNOLOGIES**

**CORPORATION**

For the three and six months ended June 30, 2025 and 2024

(unaudited) (expressed in thousands of United States dollars, except for per share amounts)

**Intermap Technologies corporation**

Condensed Consolidated Interim Statements of Financial Position

(In thousands of United States dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | December 31,<br>2024 |
| Assets |  |  |
| Current assets: |  |  |
| &nbsp;&nbsp;&nbsp;Cash | $**7790** | $445 |
| &nbsp;&nbsp;&nbsp;Amounts receivable (Note 16) | **769** | 3367 |
| &nbsp;&nbsp;&nbsp;Unbilled revenue | **216** | 2640 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses (Note 11) | **458** | 536 |
|  | **9233** | 6988 |
| Prepaid expenses | **13** | 17 |
| Property and equipment (Note 4) | **2769** | 2911 |
| Intangible assets (Note 5) | **777** | 847 |
| Right of use assets (Note 6) | **268** | 401 |
| Investment (Note 7) | **776** | 776 |
| Total assets | $**13836** | $11940 |
| Liabilities and Shareholders' Equity |  |  |
| Current liabilities: |  |  |
| &nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities (Note 8) | $**2589** | $4826 |
| &nbsp;&nbsp;&nbsp;Bank loan (Note 9(a)) | **16** | 32 |
| &nbsp;&nbsp;&nbsp;Current portion of government loans (Note 9(d)) | **61** | 132 |
| &nbsp;&nbsp;&nbsp;Loan payable (Note 9(b)) | **103** | 97 |
| &nbsp;&nbsp;&nbsp;Lease obligations (Note 10) | **222** | 340 |
| &nbsp;&nbsp;&nbsp;Unearned revenue | **2379** | 2022 |
| &nbsp;&nbsp;&nbsp;Income taxes payable | **14** | 24 |
|  | **5384** | 7473 |
| Long-term project financing (Note 9(c)) | **176** | 167 |
| Long-term government loans (Note 9(d)) | **139** | 141 |
| Loan payable (Note 9(b)) | **119** | 172 |
| Unearned revenue | **81** | 136 |
| Lease obligations (Note 10) | **70** | 112 |
| Total liabilities | **5969** | 8201 |
| Shareholders' equity (deficiency): |  |  |
| &nbsp;&nbsp;&nbsp;Share capital (Note 13(a)) | **221223** | 213528 |
| &nbsp;&nbsp;&nbsp;Warrants (Note 14) | **624** | 367 |
| &nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss | **(235)** | (147) |
| &nbsp;&nbsp;&nbsp;Contributed surplus (Note 13(b)) | **26301** | 28009 |
| Deficit | **(240046)** | (238018) |
| Total shareholders' equity | **7867** | 3739 |
| Going concern (Note 2(a)) |  |  |
| Subsequent event (Note 19) |  |  |
| Total liabilities and shareholders' equity | $**13836** | $11940 |

---

*See accompanying notes to condensed consolidated interim financial statements.*

 

**Intermap Technologies corporation**

Condensed Consolidated Interim Statements of Loss and Other Comprehensive Loss

(In thousands of United States dollars, except per share information)

(Unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months | For the three months | For the six months | For the six months |
|  | ended June 30, | ended June 30, | ended June 30, | ended June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Revenue (Note 11) | $**3018** | $3550 | $**7280** | $5225 |
| Expenses: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Operating costs (Note 12(a)) | **3451** | 2708 | **8601** | 4959 |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment (Note 4) | **191** | 51 | **365** | 162 |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets (Note 5) | **68** | 79 | **124** | 157 |
| &nbsp;&nbsp;&nbsp;Depreciation of right of use assets (Note 6) | **85** | 86 | **172** | 162 |
| &nbsp;&nbsp;&nbsp;Gain on derecognition of right of use assets (Note 6) | **-** | - | **(27)** | - |
|  | **3795** | 2924 | **9235** | 5440 |
| Operating income (loss) | **(777)** | 626 | **(1955)** | (215) |
| Financing costs (Note 12(b)) | **(23)** | (15) | **(51)** | (33) |
| Financing income | **3** |  | **3** |  |
| (Loss) gain on foreign currency translation | **(19)** | 1 | **(25)** | 21 |
| Income (loss) for the period | $**(816)** | $612 | $**(2028)** | $(227) |
| Other comprehensive income (loss): |  |  |  |  |
| Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Foreign currency translation differences | **(62)** | (2) | **(88)** | 1 |
| Comprehensive income (loss) for the period | $**(878)** | $610 | $**(2116)** | $(226) |
| Basic income (loss) per share | $**(0.01)** | $0.01 | $**(0.04)** | $(0.01) |
| Diluted income (loss) per share | $**(0.01)** | $0.01 | $**(0.04)** | $(0.01) |
| Weighted average number of Class A common |  |  |  |  |
| &nbsp;&nbsp;&nbsp;shares - basic (Note 13(c)) | 59176324 | 41977490 | 57581832 | 41887679 |
| &nbsp;&nbsp;&nbsp;shares - diluted (Note 13(c)) | 59176324 | 42689508 | 57581832 | 41887679 |

---

*See accompanying notes to condensed consolidated interim financial statements.*

 

**Intermap Technologies corporation**

Condensed Consolidated Interim Statements of Changes in Shareholders' Equity (Deficiency)

(In thousands of United States dollars)

(Unaudited)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Share Capital** | **Warrants** | **Contributed<br> Surplus** | **Accumulated<br> Other<br> Comprehensive<br> Loss** | **Deficit** | **Total** |
| Balance at December 31, 2023 | $209296 | $791 | $26985 | $(156) | $(240481) | $(3565) |
| Comprehensive gain (loss) for the period |  |  |  | 1 | (227) | (226) |
| Share-based compensation |  |  | 316 |  |  | 316 |
| Private placement proceeds (Note 13(a)) | 37 |  |  |  |  | 37 |
| Issuance costs | (26) | 10 |  |  |  | (16) |
| Expiry of warrants | 155 | (46) | 46 | - | - | 155 |
| Balance at June 30, 2024 | $209462 | $755 | $27347 | $(155) | $(240708) | $(3299) |
| Balance at December 31, 2024 | $213528 | $367 | $28009 | $(147) | $(238018) | $3739 |
| Comprehensive loss for the period |  |  |  | (88) | (2028) | (2116) |
| Share-based compensation |  |  | 72 |  |  | 72 |
| Private placement proceeds (Note 13(a)) | 8692 |  |  |  |  | 8692 |
| Issuance costs | (1072) | 267 |  |  |  | (805) |
| Exercise of warrants | 75 | (10) |  |  |  | 65 |
| RSU & option cash surrender | - | - | (1780) | - | - | (1780) |
| Balance at June 30, 2025 | $221223 | $624 | $26301 | $(235) | $(240046) | $7867 |

---

*See accompanying notes to condensed consolidated interim financial statements.*

**Intermap Technologies corporation**

Condensed Consolidated Interim Statements of Cash Flows

(In thousands of United States dollars)

(Unaudited)

---

| | | |
|:---|:---|:---|
| For the six months ended June 30, | **2025** | 2024 |
| Operating activities: |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period | $**(2028)** | $(227) |
| &nbsp;&nbsp;&nbsp;Interest paid | **(49)** | (22) |
| &nbsp;&nbsp;&nbsp;Income tax paid | **(10)** | (3) |
| &nbsp;&nbsp;&nbsp;Adjustments for: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property and equipment | **365** | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets | **124** | 157 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of right of use assets | **172** | 162 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based compensation expense | **72** | 241 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on derecognition of right of use assets | **(27)** |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financing costs | **51** | 33 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on foreign currency translation | **(414)** | (21) |
| &nbsp;&nbsp;&nbsp;Changes in working capital: |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amounts receivable | **2598** | (277) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unbilled revenue and prepaid expenses | **2505** | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable and accrued liabilities | **(2237)** | 301 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unearned revenue | **302** | 812 |
| Cash flows (used by) provided in operating activities | **1424** | 1173 |
| Investing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property and equipment | **(223)** | (1074) |
| &nbsp;&nbsp;&nbsp;Additions to intangible assets | **(54)** | (143) |
| Cash flows used in investing activities | **(277)** | (1217) |
| Financing activities: |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds from private placement | **8692** | 37 |
| &nbsp;&nbsp;&nbsp;Issuance costs | **(805)** | (16) |
| &nbsp;&nbsp;&nbsp;Exercise of warrants | **65** | 155 |
| &nbsp;&nbsp;&nbsp;Cash paid for settlement of share-based awards | **(1780)** |  |
| &nbsp;&nbsp;&nbsp;Payment of lease obligations | **(172)** | (186) |
| &nbsp;&nbsp;&nbsp;Repayment of bank loan | **(18)** | (21) |
| &nbsp;&nbsp;&nbsp;Repayment of loan payable | **(47)** |  |
| &nbsp;&nbsp;&nbsp;Repayment of government loans | **(78)** | (56) |
| Cash flows provided by (used in) financing activities | **5857** | (87) |
| Effect of foreign exchange on cash | **341** | (15) |
| Increase (decrease) in cash | **7345** | (146) |
| Cash, beginning of period | **445** | 677 |
| Cash, end of period | $**7790** | $531 |

---

*See accompanying notes to condensed consolidated interim financial statements.*

**Intermap Technologies corporation**

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024**

**1.** **Reporting entity:**

Intermap Technologies <sup>®</sup> Corporation (the Company) is incorporated under the laws of Alberta, Canada. The head office of Intermap is located at 385 Inverness Parkway, Suite 105, Englewood, Colorado, USA 80112. Its registered office is located at 400, 3<sup>rd</sup> Avenue SW, Suite 3700, Calgary, Alberta, Canada T2P 4H2.

Intermap is a global location-based geospatial intelligence company, creating a wide variety of geospatial solutions and analytics for its customers. Intermap's geospatial solutions and analytics can be used in a wide range of applications including, but not limited to, location-based information, geospatial risk assessment, geographic information systems, engineering, utilities, global positioning systems maps, oil and gas, renewable energy, hydrology, environmental planning, wireless communications, transportation, advertising, and 3D visualization.

**2.** **Basis of preparation:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(a)** **Going concern:**

These condensed consolidated interim financial statements have been prepared assuming the Company will continue as a going concern. The going concern basis of presentation assumes the Company will continue in operation for the foreseeable future and can realize its assets and discharge its liabilities and commitments in the normal course of business. During the six months ended June 30, 2025, the Company reported net loss of $2,028 and positive cash flows from operating activities of $1,424. In addition, the Company has a shareholders' equity of $7,867 and positive working capital of $3,849 (current assets less current liabilities) at June 30, 2025.

The above factors in the aggregate indicate there are material uncertainties that may cast significant doubt about the Company's ability to continue as a going concern. The Company's ability to continue as a going concern is dependent on management's ability to achieve profitable operation, execute on the current foreign government contract award and / or obtain additional financing. There can be no assurance that such plans will be achieved. Failure to achieve one or more of these requirements could have a materially adverse effect on the Company's financial condition and / or results of operations. The Board of Directors and management continue to take actions to address these issues including completing a private placement during the first quarter, raising gross proceeds of $8,692 (C$11,935). The Company intends to use the funds for working capital and execution of government contracts.

The condensed consolidated interim financial statements do not reflect adjustments that would be necessary if the going concern assumption was not appropriate. If the going concern basis was not appropriate for these condensed consolidated interim financial statements, then adjustments would be necessary to the carrying value of assets and liabilities, the reported revenues and expenses, and the statement of financial position classifications used.

**Intermap Technologies corporation**

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(b)** **Statement of compliance:**

These condensed consolidated interim financial statements have been prepared in accordance with IFRS® Accounting Standards as issued by the International Accounting Standards Board (IASB) applicable to interim financial information, as outlined in International Accounting Standard (IAS) 34, "Interim Financial Reporting".

The notes presented in these condensed consolidated interim financial statements include in general only significant changes and transactions occurring since the Company's last year-end and are not fully inclusive of all disclosures required by International Financial Reporting Standards (IFRS) as issued by the IASB for annual financial statements. These condensed consolidated interim financial statements should be read in conjunction with the annual audited consolidated financial statements, including the notes thereto, for the year ended December 31, 2024 (the "2024 Annual Consolidated Financial Statements").

The policies applied in these condensed consolidated interim financial statements are based on IFRS as issued by the IASB and effective as of August 14, 2025, the date the Board of Directors approved the condensed consolidated interim financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(c)** **Measurement basis:**

The condensed consolidated interim financial statements have been prepared based on the historical cost, except for certain financial assets and liabilities that are measured at fair value. Other measurement bases used are described in the applicable notes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **(d)** **Use of estimates:**

Preparing condensed consolidated interim financial statements in conformity with IFRS as issued by the IASB requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenue and expenses during the period. Actual results could differ from these estimates.

The significant judgments made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those described in the 2024 Annual Consolidated Financial Statements.

**3. Summary of material accounting policies:**

These condensed consolidated interim financial statements have been prepared using the same accounting policies and methods that were used to prepare the Company's 2024 Annual Consolidated Financial Statements.

**Intermap Technologies corporation**

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024**

**Accounting Standards Issued But Not Yet Effective** 

A number of new standards, and amendments to standards and interpretations, are not yet effective for the year ended December 31, 2025, and have not been early adopted in preparing these condensed consolidated interim financial statements.

In April 2024, the IASB issued IFRS 18 Presentation and Disclosure in Financial Statements to improve reporting of financial performance. IFRS 18 replaces IAS 1 Presentation of Financial Statements. It carries forward many requirements from IAS 1. IFRS 18 applies to annual reporting periods beginning on or after January 1, 2027. Earlier application is permitted. 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; and enhanced principles on aggregation and disaggregation which apply to the primary financial statements and notes. The Company is currently assessing the impact and efforts related to adopting IFRS 18.

Other accounting standards or amendments to existing accounting standards that have been issued but have future effective dates and are not expected to have a significant impact on the Company's consolidated financial statements.

**4.** **Property and equipment:**

Schedule of property and equipment

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aircraft<br> and<br> engines** | **Radar and<br> mapping<br> equipment** | **Furniture<br> and<br> fixtures** | **Leasehold<br> improvements** | **Under<br> construction** | **Total** |
| Balance at December 31, 2024 | $1363 | $1285 | $28 | $57 | $178 | $2911 |
| Additions |  | 119 |  | 11 | 93 | 223 |
| Depreciation | (80) | (260) | (5) | (20) |  | (365) |
| Transfer | 48 | 120 | - | 4 | (172) | - |
| Balance at June 30, 2025 | $1331 | $1264 | $23 | $52 | $99 | $2769 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Aircraft<br> and<br> engines** | **Radar and<br> mapping<br> equipment** | **Furniture<br> and<br> fixtures** | **Leasehold<br> improvements** | **Under<br> construction** | **Total** |
| Cost | $11684 | $26166 | $377 | $1147 | $178 | $39552 |
| Accumulated depreciation | (10321) | (24881) | (349) | (1090) | - | (36641) |
| Balance at December 31, 2024 | $1363 | $1285 | $28 | $57 | $178 | $2911 |
| Cost | $11732 | $26405 | $377 | $1162 | $99 | $39775 |
| Accumulated depreciation | (10401) | (25141) | (354) | (1110) |  | (37006) |
| Balance at June 30, 2025 | $1331 | $1264 | $23 | $52 | $99 | $2769 |

---

**Intermap Technologies corporation**

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024**

**5.** **Intangible assets:**

---

| | | | |
|:---|:---|:---|:---|
|  | **Data<br> library** | **Data library<br> not yet<br> available for<br> use** | **Total** |
| Balance at December 31, 2024 | $519 | $328 | $847 |
| Additions |  | 54 | 54 |
| Transfer | 370 | (370) |  |
| Amortization | (124) | - | (124) |
| Balance at June 30, 2025 | $765 | $12 | $777 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Data<br> library** | **Data library<br> not yet<br> available for<br> use** | **Total** |
| Cost | 1582 | 328 | $1910 |
| Accumulated amortization | (1063) | - | (1063) |
| Balance at December 31, 2024 | $519 | $328 | $847 |
| Cost | 1952 | 12 | 1964 |
| Accumulated amortization | (1187) | - | (1187) |
| Balance at June 30, 2025 | $765 | $12 | $777 |

---

**6.** **Right of use assets:**

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | December 31,<br>2024 |
| Beginning Balance | $**401** | $381 |
| Depreciation | **(172)** | (333) |
| New leases | **58** | 353 |
| Adjustment | **(19)** | - |
| Ending Balance | $**268** | $401 |

---

During the six months ended June 30, 2025, the Company entered into a new five-year facility lease in Calgary. In determining the lease liability and right of use asset of the new lease, the Company used a rate of 11.06%. The previous lease was terminated early, resulting in a net gain of $27 recognized on derecognition of the right of use asset and the related lease liability.

**Intermap Technologies corporation**

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024**

**7.** **Investment:**

The Company has an investment in a privately held company over which the Company exercises no control or significant influence. The fair value of the investment at December 31, 2024 was estimated using a market-based approach with primarily unobservable inputs, including the comparable enterprise value to revenue multiples discounted for considerations such as the lack of marketability and other differences between the comparable peer group and the privately held company. Revenue multiples were selected from comparable public companies based on industry, size, target markets, and other factors that the Company considers to be reasonable. The comparable enterprise value to revenue multiple was applied to the trailing twelve months actual revenues of the privately held company to determine the enterprise value of the privately held company. Once the enterprise value of the privately held company was determined the net debt was removed (total debt less cash) and the remaining equity value was allocated to the capital of the privately held company in order of ranking (e.g., preferred shares, common shares). At June 30, 2025, the Company estimated that there was no significant change in the fair value of the investment. A 20% change in the estimated value of the investment would impact net income by approximately $155.

**8.** **Accounts payable and accrued liabilities:**

Schedule of accounts payable and accrued liabilities

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | December 31,<br>2024 |
| Accounts payable | $**1376** | $2614 |
| Accrued liablities | 1213 | 2182 |
| VAT payable | **-** | 30 |
|  | $**2589** | $4826 |

---

During the third quarter of 2024, the Company executed a supplier financing arrangement with a financing company in Canada to finance vendor invoices. Interest accrued at 6.69% annualized and payment was due within 150 days. The amount owed at June 30, 2025, was $Nil (December 31, 2024 - $211) and was included in accounts payable and accrued liabilities.

**Intermap Technologies corporation**

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024** 

**9.** **Financial liabilities:**

The following table provides a reconciliation of movements of liabilities to cash flows arising from financing activities and balances at June 30, 2025:

Schedule of reconciliation of liabilities

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Bank Loan** | **Loan Payable** | **Project Financing** | **Government Loans** | **Lease Obligations<br> (Note 10)** | **Total** |
| Balance at December 31, 2024 | $32 | $269 | $167 | $273 | $452 | $1193 |
| Changes from financing activities: |  |  |  |  |  |  |
| Repayment of bank loan | (18) |  |  |  |  | (18) |
| Repayment of loan payable |  | (47) |  |  |  | (47) |
| Payment of lease obligations |  |  |  |  | (172) | (172) |
| Repayment of government loans | - | - | - | (78) | - | (78) |
| Total changes from financing activities | (18) | (47) | - | (78) | (172) | (315) |
| Foreign exchange | 2 |  | 9 | (8) |  | 3 |
| Other changes: |  |  |  |  |  |  |
| Financing costs | 1 | 15 |  | 6 | 23 | 45 |
| Interest paid | (1) | (15) |  | (3) | (23) | (42) |
| New leases (Note 6) |  |  |  |  | 58 | 58 |
| Adjustment (Note 6) | - | - | - | - | (46) | (46) |
| Balance at June 30, 2025 | $16 | $222 | $176 | $190 | $292 | $896 |

---

**(a)** **Bank loan:**

On August 8, 2022, the Company executed a bank loan in the Czech Republic to finance the purchase of foundation data for 2,500,000 Czech Republic koruna (equivalent $110 thousand). Interest accrues at 10.71% and minimum monthly installment payments of $4 thousand began in December 2022.

**(b)** **Loan payable:**

During 2024, the Company executed two equipment financing loans to purchase $337 of computer equipment. The Company paid a down payment of $27 and financed $240 at a 12.21% interest rate per annum with a monthly payment of $8 and $70 at a 13.00% interest rate per annum with a monthly payment of $2. Each loan is for 36 months.

Schedule of loan payable

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| Loan payable | $**222** | $269 |
|  | **222** | 269 |
| Less current portion | **(103)** | (97) |
| Long-term portion of loan payable | $**119** | $172 |

---

**Intermap Technologies corporation**

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024** 

**(c)** **Project financing:**

Reimbursable project development funds provided by a corporation designed to enable the development and commercialization of geomatics solutions in Canada. The funding is repayable upon the completion of a specific development project and the first sale of any of the resulting product(s). Repayment is to be made in quarterly installments equal to the lesser of 20% of the funding amount or 25% of the prior quarter's sales. There were no sales of the related products during the six months ended June 30, 2025.

**(d)** **Government loans:**

Schedule of government loans

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | **December 31,**<br>**2024** |
| SBA loan | $**143** | $144 |
| Western Development Canada loan | **57** | 129 |
|  | **200** | 273 |
| Less current portion | **(61)** | (132) |
| Long-term portion of government loans | $**139** | $141 |

---

**i.** **SBA loan:**

On July 17, 2020, the Company received a $150 long-term loan from the Small Business Administration (SBA). Interest will accrue at the rate of 3.75% per annum and payments of $0.7 monthly began twelve months from the date the funds were received. The balance of principal and interest is payable thirty years from the date of the note.

**ii.** **Western Development Canada loan:**

On December 29, 2020, the Company received a $385 (C$494) long-term loan from Western Economic Diversification in Canada. The loan will be repaid in 36 monthly installments that started in January 2023. The loan is non-interest bearing, and therefore the fair value at inception must be estimated to account for an imputed interest factor. The value at inception was determined to be $312, based on the estimated discount rate of 6.07%, and is subject to estimation uncertainty. The resulting discount of $73 was recognized in government grants at December 31, 2020 and is accreted through interest expense over the term of the loan using the effective interest method.

**10.** **Lease obligations:**

The following table presents the contractual undiscounted cash flows for lease obligations which require the following payments for each period ending June 30:

Schedule of lease obligations

---

| | |
|:---|:---|
| 2026 | 227 |
| 2027.0 | 35 |
| 2028.0 | 17 |
| 2029.0 | 19 |
| 2030.0 | 12 |
|  | $310 |

---

**Intermap Technologies corporation**

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024** 

The following table presents payments for lease obligations:

Schedule of payments for lease obligations

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **For the three months** | **For the three months** | **For the six months** | **For the six months** |
|  | **ended June 30,** | **ended June 30,** | **ended June 30,** | **ended June 30,** |
|  | **2025** | 2024 | **2025** | 2024 |
| Principal payments | $**86** | $88 | $**172** | $186 |
| Interest payments | **11** | 5 | **23** | 12 |
| Short-term lease payments | **63** | 63 | **124** | 137 |
|  | $**160** | $156 | $**319** | $335 |

---

The Company also has contractual undiscounted cash flows for short-term and low-value operating leases for equipment and maintenance that are not on the statements of financial position which require the payments of $336 for the twelve months ending June 30, 2026.

**11.** **Revenue:**

Details of revenue are as follows:

Schedule of revenue

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months | For the three months | For the six months | For the six months |
|  | ended June 30, | ended June 30, | ended June 30, | ended June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Acquisition services | $**1435** | $1631 | $**3848** | $2109 |
| Value-added data | **313** | 724 | **827** | 979 |
| Software and solutions | **1270** | 1195 | **2605** | 2137 |
|  | $**3018** | $3550 | $**7280** | $5225 |
| **Primary geographical market** |  |  |  |  |
| United States | $**481** | $717 | $**1100** | $1101 |
| Asia/Pacific | **1438** | 1649 | **3891** | 2146 |
| Europe | **1099** | 1184 | **2289** | 1978 |
|  | $**3018** | $3550 | $**7280** | $5225 |
| **Timing of revenue recognition** |  |  |  |  |
| Upon delivery | $**339** | $846 | $**1064** | $1267 |
| Services overtime | **2679** | 2704 | **6216** | 3958 |
|  | $**3018** | $3550 | $**7280** | $5225 |

---

The Company recognizes an asset for the incremental costs of obtaining a contract with a customer if the expected benefit of those costs is longer than one year. The Company determined that certain commissions paid to sales employees meet the requirement to be capitalized. Total capitalized contract acquisition costs included in prepaid expenses and other assets to obtain contracts at June 30, 2025 was $49 (December 31, 2024 - $194) and are amortized consistent with the method of revenue recognized on the contract.

**Intermap Technologies corporation**

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024** 

Changes in contract acquisition costs are as follows:

Schedule of changes in contract acquisition costs

---

| | | |
|:---|:---|:---|
|  | **June 30,**<br>**2025** | December 31,<br>2024 |
| Contract acquisition costs, beginning of period | $**194** | $114 |
| Additions | **14** | 496 |
| Amortization | **(159)** | (416) |
| Contract acquisition costs, end of period | $**49** | $194 |

---

**12.** **Operating and non-operating costs:**

**(a)** **Operating costs:**

Schedule of operating costs

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the six months | For the six months | For the six months | For the six months |
|  | ended June 30, | ended June 30, | ended June 30, | ended June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Personnel | $**1856** | $1361 | $**4106** | $2735 |
| Purchased services & materials<sup>(1)</sup> | **1244** | 1116 | **3811** | 1754 |
| Travel | **180** | 74 | **319** | 107 |
| Facilities and other expenses | **171** | 157 | **365** | 363 |
|  | $**3451** | $2708 | $**8601** | $4959 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Purchased
 services and materials include aircraft costs, project costs, professional and consulting
 fees, and selling and marketing costs.

**(b)** **Financing costs:**

Schedule of financing costs

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months | For the three months | For the six months | For the six months |
|  | ended June 30, | ended June 30, | ended June 30, | ended June 30, |
|  | **2025** | 2024 | **2025** | 2024 |
| Interest on bank loan | $**-** | $2 | $**1** | $4 |
| Interest on government loans | **3** | 4 | **6** | 8 |
| Interest on lease obligations | **11** | 9 | **23** | 20 |
| Interest on loan payable | **7** |  | **15** |  |
| Interest on accounts payable | **2** | - | **6** | 1 |
| Total financing costs | $**23** | $15 | $**51** | $33 |

---

**13.** **Share capital:**

**(a)** **Issued:**

Schedule of share capital issued

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
|  | **Number of** |  | Number of |  |
| Class A common shares | **Shares** | **Amount** | Shares | Amount |
| Balance, beginning of period: | 53618357 | $213528 | 41535755 | $209296 |
| Private placement | 5502108 | 8692 | 7466568 | 2445 |
| Issuance costs |  | (1072) | 329899 | (254) |
| Exercise of warrants | 109545 | 75 | 4286135 | 2041 |
| Balance, end of period: | 59230010 | $221223 | 53618357 | $213528 |

---

Intermap Technologies corporation

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024** 

In May 2025, 109,545 warrants were exercised for consideration of $75 and issuance costs of $2 were recorded.

In February 2025, the Company closed a "bought deal" Listed Issuer Financing Exemption offering and concurrent private placement issuing a total of 5,502,108 Class A common shares at a price of C$2.25 for aggregate gross proceeds of $8,692. The Company recorded issuance costs of $1,070, including 330,126 warrants. The warrants were valued at $267 using the Black-Scholes pricing model with the following main assumptions: share price - C$2.01 - C$2.51, volatility - 75.95%- 76.58%, risk free rate - 4.5%, dividend 0%.

During the fourth quarter of 2024, 3,736,400 warrants were exercised for consideration of $1,785 and issuance costs of $15 were recorded.

During the third quarter of 2024, the Company completed a private placement resulting in the issuance of 7,346,568 Class A common shares at a price of C$0.45 per common share for aggregate gross proceeds of $2,408. The Company recorded issuance costs of $213, including 329,899 Class A common shares issued as finder's fees. Also, 228,000 warrants were exercised for consideration of $101 during the quarter ended September 30, 2024.

During the first quarter of 2024, 321,735 warrants were exercised for consideration of $155.

On January 4, 2024, the Company completed a private placement resulting in the issuance of 120,000 Units for aggregate consideration of $37. Each Unit had a purchase price of C$0.50 and consisted of one Class A common share of the Corporation and one Class A common share purchase warrant. Each warrant entitles the holder to purchase one Class A common share at a purchase price of US$0.60 per share for a period of two years from the issue date. The total consideration received was allocated to Share Capital and Warrants on a relative fair value basis. The fair value of the warrants was determined using the Black-Scholes pricing model based on the risk-free rate of 3.80%, average expected warrant life of 2 years, share price estimated volatility of 79% and expected dividend payments of Nil. The Company recorded non-cash issuance costs related to this award based on the fair value of the award at the date of the closing of $10, bringing the total costs of the issuance to $26.

**(b)** **Contributed surplus:**

Schedule of contributed surplus

---

| | | |
|:---|:---|:---|
|  | June 30,<br>2025 | December 31,<br>2024 |
| Balance, beginning of period | $28009 | $26985 |
| Share-based compensation | 72 | 487 |
| Issuance costs |  | 103 |
| Exercise of warrants |  | 434 |
| RSU and options surrenders | (1780) | - |
| Balance, end of period | $26301 | $28009 |

---

Intermap Technologies corporation

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024** 

**(c)** **Earnings (loss) per share:**

The calculation of earnings (loss) per share is based on the weighted average number of Class A common shares outstanding. Where the impact of the exercise of options or warrants is anti-dilutive, they are not included in the calculation of diluted loss per share. The Company has incurred a net loss for each period presented and the inclusion of the outstanding options and warrants in the loss per share calculation would be anti-dilutive and therefore not included in the calculation.

The underlying Class A common shares pertaining to 3,169,757 restricted share units (RSUs) and 3,653,426 outstanding warrants could potentially dilute earnings.

**(d)** **Share option plan:**

The Company established a share option plan to provide long-term incentives to attract, motivate, and retain certain key employees, officers, directors, and consultants providing services to the Company. The plan permitted granting options to purchase up to 10% of the outstanding Class A common shares of the Company. The share option plan was replaced by the Omnibus Incentive Plan at the Annual General Meeting on March 15, 2018 (see Note 13(e)), and all options issued and outstanding at that time will remain until such time they are exercised, expired, or forfeited. At June 30, 2025, no share options are issued and outstanding, and no additional options will be issued under this plan.

The following tables summarize information regarding share options outstanding:

Schedule of share options outstanding

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | June 30, 2025 | June 30, 2025 | December 31, 2024 | December 31, 2024 |
|  |<br>Number of<br>shares<br>under option | Weighted<br>average<br>exercise<br>price (CDN) |<br>Number of<br>shares<br>under option | Weighted<br>average<br>exercise<br>price (CDN) |
| Options outstanding, |  |  |  |  |
| &nbsp;&nbsp;&nbsp;beginning of period | 699442 | $0.72 | 794443 | $0.72 |
| Expired |  |  | (95001) | 0.70 |
| Surrender | (699442) | 0.72 |  |  |
| Options outstanding, end of period | - | $- | 699442 | $0.72 |
| Options exercisable, end of period |  | $- | 699442 | $0.72 |

---

During the six months ended June 30, 2025 and 2024, the Company recognized $Nil of non-cash compensation expense related to the share option plan. In May 2025, the Company settled all vested stock options through cash payments in lieu of issuing equity instruments. The total cash paid to employees for the surrender of vested awards was $779.

**(e)** **Omnibus Incentive Plan:**

The Omnibus Incentive Plan (Omnibus Plan) was approved by the shareholders at the Annual General Meeting on March 15, 2018 and replaces the share option plan, the employee share compensation plan and the director's share compensation plan, which provided for shares to be issued to employees and directors as compensation for services. The Omnibus Plan permits the issuance of options, stock appreciation rights, restricted share units and other share-based awards under one single plan.

Intermap Technologies corporation

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024**

The maximum number of common shares reserved under the Omnibus Plan was 3,363,631. Any common shares reserved under the predecessor share option plan related to awards that expire or forfeit will be rolled into the Omnibus Plan. At the Annual General Meeting on June 29, 2021, shareholders approved replenishment of 997,253 Common Shares reserved for issuance under the Omnibus Plan. At the Annual General Meeting on June 29, 2023, shareholders approved replenishment of 1,300,000 Common Shares reserved for issuance under the Omnibus Plan, for a total reserve of 5,660,884. As of June 30, 2025, no share options (December 31, 2024 -699,442) and 3,169,757 RSUs (December 31, 2024 - 3,779,623) are issued and outstanding. In addition, 872,183 Class A common shares were issued during 2018, 125,070 Class A common shares were issued during 2020, and 50,000 shares were issued during 2021 under the plan, leaving 1,443,874 awards remain available for future issuance.

The following tables summarize information regarding RSUs outstanding:

Schedule of RSUs outstanding

---

| | | |
|:---|:---|:---|
|  | June 30,<br>2025 | December 31,<br>2024 |
|  | Number of<br>RSUs | Number of<br>RSUs |
| RSUs outstanding, beginning of period | 3779623 | 3779623 |
| Issued |  | 100000 |
| Forfeitures |  | (100000) |
| Surrenders | (609866) | - |
| RSUs outstanding, end of period | 3169757 | 3779623 |

---

During the six months ended June 30, 2025 and 2024, no RSUs were issued. During the six months ended June 30, 2025, the Company recognized $72 (six months ended June 30, 2024 - $241) of non-cash compensation expense related to the RSUs.

In May 2025, the Company settled 609,866 vested RSUs through cash payments in lieu of issuing equity instruments. The total cash paid to employees and directors for the surrender of vested awards was $1,001.

**(f)** **Share-based compensation expense:** 

Non-cash compensation expense has been included in operating costs with respect to the share options, RSUs and shares granted to employees and non-employees as follows:

Schedule of share based compensation

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months | For the three months | For the six months | For the six months |
|  | ended June 30, | ended June 30, | ended June 30, | ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Employees | $21 | $83 | $37 | $172 |
| Directors and advisors | 8 | 32 | 35 | 69 |
| Non-cash compensation | $29 | $115 | $72 | $241 |

---

Intermap Technologies corporation

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024** 

**14.** **Class A common share purchase warrants:**

The following table details the number of Class A common share purchase warrants outstanding at each statement of financial position date:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | | | Number of | | | | Number of |
|  |  | | | Warrants | | | | Warrants |
|  |  | | | Outstanding | | | | Outstanding |
|  |  | Exercise | | December | | | | June |
| Grant Date | Expiry Date | Price | Granted | 31, 2024 | Issued | Expired | Exercised | 30, 2025 |
| 8/10/2023 | 8/9/2025 | $0.60 | 810000 | 810000 |  |  |  | 810000 |
| 8/10/2023 | 8/9/2025 | $0.49 | 48600 | 48600 |  |  |  | 48600 |
| 9/5/2023 | 9/4/2025 | $0.59 | 84545 | 84545 |  |  | (84545) |  |
| 10/20/2023 | 10/19/2025 | $0.59 | 695000 | 650000 |  |  |  | 650000 |
| 10/20/2023 | 10/19/2025 | $0.59 | 41700 | 41700 |  |  |  | 41700 |
| 12/21/2023 | 12/20/2025 | $0.60 | 1650000 | 1600000 |  |  | (25000) | 1575000 |
| 12/21/2023 | 12/20/2025 | $0.40 | 81000 | 78000 |  |  |  | 78000 |
| 1/4/2024 | 1/3/2026 | $0.60 | 120000 | 120000 |  |  |  | 120000 |
| 2/20/2025 | 2/20/2027 | $1.69 | 18000 |  | 18000 |  |  | 18000 |
| 2/20/2025 | 2/20/2027 | $1.57 | 177420 |  | 177420 |  |  | 177420 |
| 2/20/2025 | 2/20/2027 | $1.67 | 122834 |  | 122834 |  |  | 122834 |
| 3/7/2025 | 3/7/2027 | $1.68 | 11872 | - | 11872 |  | - | 11872 |
|  |  |  | 3860971 | 3432845 | 330126 |  | (109545) | 3653426 |

---

The following table details the value of the broker and non-broker Class A common share purchase warrants outstanding at each statement of financial position date.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Non-Broker | | Broker | | Total | |
|  | Number of<br>Warrants |<br>Value | Number of<br>Warrants |<br>Value | Number of<br>Warrants |<br>Value |
| Balance at December 31, 2024 | 3264545 | $336 | 168300 | $31 | 3432845 | $367 |
| Issued |  |  | 330126 | 267 | 330126 | 267 |
| Exercised | (109545) | (10) | - | - | (109545) | (10) |
| Balance at June 30, 2025 | 3155000 | $326 | 498426 | $298 | 3653426 | $624 |

---

Each warrant entitles its holder to purchase one Class A common share.

**15.** **Segmented information:**

The operations of the Company are in one industry segment: digital mapping and related services. Revenue by geographic segment is included in Note 11.

Property and equipment of the Company are located as follows:

Schedule of property and equipment by geographic segment

---

| | | |
|:---|:---|:---|
|  | June 30, 2025 | December 31, 2024 |
| United States | $2240 | $2393 |
| Europe | 285 | 212 |
| Asia/Pacific | 244 | 306 |
|  | $2769 | $2911 |

---

Intermap Technologies corporation

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024** 

A summary of sales to major customers that exceeded 10% of total sales during each period are as follows:

Schedule of sales to major customers

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months | For the three months | For the six months | For the six months |
|  | ended June 30, | ended June 30, | ended June 30, | ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Customer A | $1435 | $1631 | $3848 | $2109 |
| Customer B | 337 | 329 | 672 | 408 |
|  | $1772 | $1960 | $4520 | $2517 |

---

**16.** **Financial risk management:**

The Company has exposure to the following risks from its use of financial instruments: credit risk, market risk, liquidity risk, and capital risk. Management, the Board of Directors, and the Audit Committee monitor risk management activities and review the adequacy of such activities. There have been no significant changes to the Company's risk management strategies since December 31, 2024.

Amounts receivable consist of:

Schedule of amount receivable

---

| | | |
|:---|:---|:---|
|  | June 30,<br>2025 | December 31,<br>2024 |
| Trade receivables | $679 | $3265 |
| Other miscellaneous receivables | 90 | 102 |
|  | $769 | $3367 |

---

Trade receivables by geography consist of:

---

| | | |
|:---|:---|:---|
|  | June 30,<br>2025 | December 31,<br>2024 |
| United States | $152 | $154 |
| Europe | 527 | 338 |
| Asia/Pacific | - | 2773 |
|  | $679 | $3265 |

---

An aging of the Company's trade receivables are as follows:

Schedule of aging of company's trade receivables

---

| | | |
|:---|:---|:---|
|  | June 30,<br>2025 | December 31,<br>2024 |
| Current | $347 | $3236 |
| 31-60 days | 109 | 29 |
| 61-90 days | 218 |  |
| Over 91 days | 5 | - |
|  | $679 | $3265 |

---

The balance of the past due amounts relates to recurring customers and are considered collectible.

Intermap Technologies corporation

Notes to Condensed Consolidated Interim Financial Statements

(In thousands of United States dollars, except per share information)

(Unaudited)

**For the three and six months ended June 30, 2025 and 2024** 

**17.** **Fair values:**

Financial instruments recorded at fair value on the condensed consolidated interim statements of financial position are classified using a fair value hierarchy that reflects the significance of the inputs used in making the measurements. The fair value hierarchy has the following levels:

Level 1 - valuations based on quoted prices (unadjusted) in active markets for identical assets or liabilities;

Level 2 - valuation techniques based on inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices);

Level 3 - valuation techniques using inputs for the asset or liability that are not based on observable market data (unobservable inputs).

The carrying values of cash, amounts receivable, accounts payable and accrued liabilities approximate fair values due to the short-term nature of these items. The Investment is a level 3 financial instrument as its fair value is estimated using unobservable inputs. During the reporting periods, there were no transfers between Level 1 and Level 2 fair value measurements.

**18.** **Related Parties:**

The Company's compensation program specifically provides for total compensation for executive officers, which is a combination of base salary, performance-based incentives and benefit programs that reflect aggregated competitive pay considering business achievement, fulfillment of individual objectives and overall job performance. Executive officers participate in the Company's Omnibus Plan (Note 13(e)).

The compensation of non-employee directors consists of a cash component and an equity component. Directors participate in the Company's Omnibus Plan (Note 13(e)).

The following summarizes key management personnel and directors' compensation for the six months ended June 30, 2025 and 2024:

Schedule of key management personnel and directors' compensation

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months | For the three months | For the six months | For the six months |
|  | ended June 30, | ended June 30, | ended June 30, | ended June 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Compensation and benefits | $318 | $296 | $617 | $612 |
| Cash paid for settlement of share-based awards | 1160 |  | 1160 |  |
| Share-based compensation | 19 | 51 | 35 | 82 |
|  | $1497 | $347 | $1812 | $694 |

---

The Company paid $1,160 to related parties to surrender vested share-based awards (see Notes 13(d) and (e)).

**19.** **Subsequent event:**

Subsequent to June 30, 2025, 1,200,554 warrants were exercised for consideration of $1,014.

## Exhibit 4.5

**Exhibit 4.5**

**Management's Discussion and Analysis**

For the quarter ended June 30, 2025

For purposes of this discussion, "Intermap<sup>®</sup>" or the "Company" refers to Intermap Technologies<sup>®</sup> Corporation and its subsidiaries.

This management's discussion and analysis (MD&A) is provided as of August 14, 2025 and should be read together with the Company's unaudited Condensed Consolidated Interim Financial Statements and the accompanying notes for the three and six months ended June 30, 2025 and the audited Consolidated Financial Statements as at December 31, 2024 and 2023, together with the accompanying notes. The results reported herein have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and, unless otherwise noted, are expressed in United States dollars.

The Condensed Consolidated Interim Financial Statements have been prepared on a going concern basis in accordance with IFRS as issued by the IASB. The going concern basis of presentation assumes the Company will continue to operate for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business.

The Condensed Consolidated Interim Financial Statements do not reflect adjustments that would be necessary if the going concern assumption were not appropriate. If the going concern basis were not appropriate for these financial statements, then adjustments would be necessary to the carrying amounts of assets and liabilities, the reported expenses and the classifications used in the statements of financial position.

Additional information relating to the Company, including the Company's AIF, can be found on the Company's website at www.intermap.com and on SEDAR+ at <u>www.sedarplus.ca</u>.

**NON-GAAP MEASURES** 

This MD&A makes reference to certain non-GAAP measures such as "EBITDA" and "Adjusted EBITDA." These non-GAAP measures are not recognized, defined or standardized measures under IFRS as issued by the IASB. The Company's definition of EBITDA and Adjusted EBITDA will likely differ from that used by other companies and therefore comparability may be limited. EBITDA and Adjusted EBITDA should not be considered a substitute for or in isolation from measures prepared in accordance with GAAP. These non-GAAP measures should be read in conjunction with the Company's audited Consolidated Financial Statements and the accompanying notes for the years ended December 31, 2024 and 2023. Readers should not place undue reliance on non-GAAP measures and should instead view them in conjunction with the most comparable GAAP financial measures. See the reconciliation of EBITDA and Adjusted EBITDA to the most comparable GAAP financial measure in the Reconciliation of Non-GAAP Measures section of this MD&A.

**FORWARD-LOOKING STATEMENTS**

In the interest of providing the shareholders and potential investors of Intermap Technologies<sup>®</sup> Corporation ("Intermap" or the "Company") with information about the Company and its subsidiaries, including management's assessment of Intermap's and its subsidiaries' future plans, operations and financing alternatives, certain statements and information provided in this MD&A constitute forward-looking statements or information (collectively, "forward-looking statements"). Forward-looking statements are typically identified by words such as "may", "will", "should", "could", "anticipate", "expect", "project", "estimate", "forecast", "plan", "intend", "target", "believe", and similar expressions suggesting future outcomes, and includes statements that actions, events, or conditions "may," "would," "could," or "will" be taken or occur in the future. These forward-looking statements may be based on assumptions that the Company believes to be reasonable based on the information available on the date such statements are made, such statements are not guarantees of future performance and readers are cautioned against placing undue reliance on forward-looking statements. By their nature, these statements involve a variety of assumptions, known and unknown risks and uncertainties, and other factors which may cause actual results, levels of activity, and achievements to differ materially from those expressed or implied by such statements. The forward-looking information contained in this MD&A is based on certain assumptions and analysis by management of the Company in light of its experience and perception of historical trends, current conditions and expected future development and other factors that it believes are appropriate.

Forward-looking information and statements in this MD&A include, but are not limited to the following:

● increases in recurring revenue generated from multi-license contracts and software subscription renewal value increase;

● all trade receivable balances are highly likely to be paid in full by the customer;

● the factors noted under "Liquidity and Capital Resources" in the aggregate indicate there are material uncertainties which cast substantial doubt about the Company's ability to continue as a going concern;

● failure to achieve certain requirements could have a material adverse effect on the Company's financial condition and/or results of operations.

The material factors and assumptions used to develop the forward-looking statements herein include, but are not limited to, the following: (i) there will be adequate liquidity available to the Company to carry out its operations; (ii) payments on material contracts will occur within a reasonable period of time after contract completion; (iii) the continued sales success of Intermap's products and services; (iv) the continued success of business development activities; (v) there will be no significant delays in the development and commercialization of the Company's products; (vi) the Company will continue to maintain effective production and software development capabilities to compete on the attributes and cost of its products; (vii) there will be no significant reduction in the availability of qualified and cost-effective human resources; (viii) demand for geospatial related products and services will continue to grow in the foreseeable future; (ix) there will be no significant barriers to the integration of the Company's products and services into customers' applications; (x) the Company will be able to maintain compliance with applicable contractual and regulatory obligations and requirements, (xi) superior technologies/products do not develop that would render the Company's current product offerings obsolete.

Intermap's forward-looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, nature of government contracts, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, continued listing of its common shares on the Toronto Stock Exchange or equivalent exchange, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, including but not limited to those risks and uncertainties discussed under the heading "Risk Factors" in the annual MD&A and the Company's other filings with securities regulators.

The impact of any one risk, uncertainty, or factor on a particular forward-looking statement is not determinable with certainty as these are interdependent, and the Company's future course of action depends on Management's assessment of all information available at the relevant time. Except to the extent required by law, the Company assumes no obligation to publicly update or revise any forward-looking statements made in this MD&A, whether as a result of new information, future events, or otherwise. All subsequent forward-looking statements, whether written or oral, attributable to the Company or persons acting on the Company's behalf, are expressly qualified in their entirety by these cautionary statements.

**BUSINESS OVERVIEW**

Intermap is a global, dual-use geospatial intelligence company, creating a wide variety of solutions and analytics for its customers. Intermap is a premier worldwide provider of geospatial intelligence.

Intermap currently generates revenue from three primary business activities, composed of (i) data acquisition and collection, using proprietary radar sensor technologies to create proprietary datasets; (ii) value-added data products and services, which leverage the Company's massive proprietary NEXTMap<sup>®</sup> database, together with proprietary software and fusion technologies, to create exquisite and proprietary data products; and (iii) commercial applications, including a web-store, software and solution sales, that integrate Intermap's proprietary data products into solutions for targeted industries that rely on accurate high resolution geospatial intelligence.

These geospatial solutions are used in a wide range of applications including, but not limited to location-based information, thematic maps, risk assessment, geographic information systems (GIS), engineering, utilities, global positioning systems (GPS) navigation and timing, oil and gas, renewable energy, hydrology, environmental planning, land management, wireless communications, transportation, advertising, simulations, gaming, and 3D visualization.

Intermap has the ability to create its own digital 3D geospatial data using its proprietary multi-frequency radar mounted in Learjet aircraft and integrate that data with additional proprietary sources in its global library. Intermap's radar-based technology allows it to collect data at any time of the day, including under conditions such as cloud and tree cover, or darkness, which are conditions that limit most competitive technologies. The Company's various proprietary payloads also enables data to be collected over larger areas, at higher collection speeds, in an integrated and co-registered geolocated format, at accuracy levels that are difficult to achieve with competitive technologies or different platforms.

In addition to data collection, the Company is a world leader in data fusion, analytics, and orthorectification, and has decades of experience aggregating data derived from a number of different sensor technologies and data sources to create innovative GEOINT products. The Company processes raw digital elevation and image data from its own and other sources to create three high resolution geospatial data products that provide a ground-true foundation layer upon which accurate value-added products and services can be developed. The three high resolution data products include digital surface models (DSM), digital terrain models (DTM), and orthorectified radar images (ORI). These data products are further augmented with additional AI-enabled analysis and served to customers by web service as globally precise foundational layers in the creation of additional value-added products and solutions.

Unlike many geospatial companies, because of its unique acquisition and processing capability, Intermap retains exclusive ownership of its high resolution NEXTMap<sup>®</sup> commercial database, which covers the entire globe. Intermap's NEXTMap database, together with third-party data and our in-house analytics team, provide a variety of applications and geospatial solutions for its customers. The NEXTMap database contains a fusion of proprietary multi-frequency radar imagery and data, including unique Interferometric Synthetic Aperture Radar (IFSAR)-derived data, proprietary data models, and purchased third-party data, collected from multiple commodity sensor technologies, such as light detection and ranging (LiDAR), photogrammetry, satellite, and other available sources. The NEXTMap database also includes proprietary information developed by our analytical teams such as 3D city models, census data, real-time traffic, 3D road vectors, outdoor advertising assets, various land classification and feature vectors, weather related hazards, points of interest and other attributes, cellular towers, flood models and wildfire models.

The Company generates revenue by licensing its geospatial products using its proprietary data, analytics, and applications for specific industries.

**FINANCIAL INFORMATION AND DISCUSSION OF OPERATIONS**

The following table sets forth selected financial information for the periods indicated.

**Selected Annual Information**

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Six months ended | Six months ended |
|  | June 30, | June 30, | June 30, | June 30, |
| U.S. $ millions, except per share data | **2025** | 2024 | **2025** | 2024 |
| Revenue: |  |  |  |  |
| Acquisition services | $**1.4** | $1.6 | $**3.8** | $2.1 |
| Value-added data | **0.3** | 0.7 | **0.8** | 1 |
| Software and solutions | **1.3** | 1.2 | **2.7** | 2.1 |
| &nbsp;&nbsp;&nbsp;Total revenue | $**3.0** | $3.5 | $**7.3** | $5.2 |
| Operating (loss) income | $**(0.8)** | $0.6 | $**(2.0)** | $(0.2) |
| Net (loss) income | $**(0.8)** | $0.6 | $**(2.0)** | $(0.2) |
| EPS basic | $**(0.01)** | $0.01 | $**(0.04)** | $(0.01) |
| EPS diluted | $**(0.01)** | $0.01 | $**(0.04)** | $(0.01) |
| Adjusted EBITDA<sup>(1)</sup> | $**(0.3)** | $1 | $**(1.2)** | $0.5 |

---

---

| | | |
|:---|:---|:---|
|  | **June 30,<br> 2025** | June 30,<br> 2024 |
| Assets: |  |  |
| Cash and amounts receivable | $**8.6** | $1.1 |
| Total assets | $**13.8** | $6.0 |
| Liabilities: |  |  |
| Long-term liabilities (including lease obligations) | $**0.6** | $0.8 |
| Total liabilities | $**6.0** | $9.3 |

---

 

<sup>(1)</sup> Adjusted EBITDA is a non-GAAP measure. See "Reconciliation of Non-GAAP Measures" below.

**Revenue**

*Quarterly Revenue*

 

Consolidated revenue for the quarter ended June 30, 2025 was $3.0 million, compared to $3.5 million for 2024.

<u>Acquisition Services</u>

Acquisition services revenue for the quarter ended June 30, 2025 totaled $1.4 million, compared to $1.6 million for 2024. The decrease is due to the timing of percent complete revenue recognition related to the Company's performance on the acquisition services contract in Indonesia year over year.

<u>Value-added Data</u>

Value-added data revenue decreased to $0.3 million for the quarter ended June 30, 2025 as compared to $0.7 million for 2024. The change relates to timing differences in the delivery of repeating data products.

<u>Software and Solutions</u>

Software and solutions revenue increased slightly to $1.3 million from $1.2 million for the second quarter of 2025 and 2024, respectively.

*Year-to-date Revenue*

 

On a year-to-date basis, consolidated revenue increased to $7.3 million during the six months ended June 30, 2025 from $5.2 million for 2024.

<u>Acquisition Services</u>

Acquisition services revenue for the six-month period ended June 30, 2025 totaled $3.8 million, compared to $2.1 million for 2024. The increase is due to the timing of percent complete revenue recognition related to the Company's performance on the acquisition services contract in Indonesia year over year.

<u>Value-added Data</u>

Value-added data revenue decreased to $0.8 million for the six-month period ended June 30, 2025 as compared to $1.0 million for 2024. The change relates to timing differences in the delivery of repeating data products.

<u>Software and Solutions</u>

Software and solutions revenue increased to $2.7 million from $2.1 million for the first six months of 2025 and 2024, respectively.

**Classification of Operating Costs**

The composition of the operating costs on the Consolidated Statements of Loss and Other Comprehensive Loss is as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three months | For the three months | For the six months | For the six months |
|  | ended June 30, | ended June 30, | ended June 30, | ended June 30, |
| U.S. $ millions | **2025** | 2024 | **2025** | 2024 |
| Personnel | $**1.8** | $1.3 | $**4.1** | $2.7 |
| Purchased services & materials | **1.2** | 1.1 | **3.8** | 1.7 |
| Facilities and other expenses | **0.2** | 0.2 | **0.4** | 0.4 |
| Travel | **0.2** | 0.1 | **0.3** | 0.1 |
|  | $**3.4** | $2.7 | $**8.6** | $4.9 |

---

**Personnel**

Personnel expense includes direct labor, employee compensation, employee benefits, and commissions. Personnel expense for the quarters ended June 30, 2025 and 2024 totaled $1.8 million and $1.3 million, respectively. For the six-month periods ended June 30, 2025 and 2024, personnel expense totaled $4.1 million and $2.7 million, respectively. The increase is related primarily to contract-driven growth.

Non-cash compensation expense is included in personnel costs and relates to the Company's omnibus incentive plan and shares granted to employees and non-employees. Non-cash share-based compensation for the quarters ended June 30, 2025 and 2024, was $29 thousand and $115 thousand, respectively. For the six-month period ended June 30, 2025 and 2024, non-cash compensation expense was $72 thousand and $241 thousand, respectively.

**Purchased Services and Materials**

Purchased services and materials (PS&M) includes (i) aircraft and radar related costs, including jet fuel; (ii) insurance, professional and consulting costs; (iii) third-party support services related to the collection, processing and editing of the Company's airborne radar data collection activities; (iv) third-party data collection activities (i.e., LiDAR, satellite imagery, air photo, etc.); and (v) third-party software expenses (including maintenance and support).

For the quarters ended June 30, 2025, and 2024, PS&M expense was $1.2 million and $1.1 million, respectively. For the six-month periods ended June 30, 2025 and 2024, PS&M expense was $3.8 million and $1.7 million, respectively. The increase is due to subcontractor and other project related costs for the data acquisition project that started in the first quarter of 2024.

**Facilities and Other Expenses**

For the quarters ended June 30, 2025 and 2024, facilities and other expenses remained consistent at $0.2 million. For the six-month period ended June 30, 2025 and 2024, facilities and other expenses remained consistent at $0.4 million.

**Travel**

For the quarters ended June 30, 2025, travel expense increased slightly to $0.2 million from $0.1 million for 2024. For the six-month period ended June 30, 2025 and 2024, travel expense was $0.3 million and $0.1 million, respectively. The increases are primarily due to sales and data acquisition project travel.

**Net Loss**

For the quarter ended June 30, 2025, net loss was $(0.8) compared to net income of $0.6 million in the same quarter of 2024. The difference relates primarily to headcount expansion as the Company pursued additional contracts. For the six-month period ending June 30, 2025, net loss was $2.0 million compared to $0.2 million in 2024. The change related mainly to headcount expansion, currency effects and additional start-up costs for purchased services from a long-term sub-contractor related to Indonesia.

**Reconciliation of Non-GAAP Measures**

To supplement the Condensed Consolidated Interim Financial Statements, which are prepared and presented in accordance with GAAP, the Company provides the following non-GAAP financial measures: EBITDA and Adjusted EBITDA, as EBITDA and Adjusted EBITDA are included as a supplemental disclosure because Management believes that such measurement provides a better assessment of the Company's operations on a continuing basis by eliminating certain non-cash and non-operating charges.

The term Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA) consists of net loss and excludes interest (financing costs), taxes, amortization and depreciation. Adjusted EBITDA also excludes share-based compensation.

The most directly comparable measure to EBITDA and Adjusted EBITDA calculated in accordance with IFRS as issued by the IASB is net loss. The following is a reconciliation of the Company's net loss to Adjusted EBITDA.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Three months ended | Three months ended | Six months ended | Six months ended |
|  | June 30, | June 30, | June 30, | June 30, |
| U.S. $ millions | **2025** | 2024 | **2025** | 2024 |
| Net income (loss) | $**(0.8)** | $0.6 | $**(2.0)** | $(0.2) |
| &nbsp;&nbsp;&nbsp;Financing costs | **0.1** |  | **0.1** |  |
| &nbsp;&nbsp;&nbsp;Amortization of intangible assets | **-** | 0.1 | **0.1** | 0.2 |
| &nbsp;&nbsp;&nbsp;Depreciation of property and equipment | **0.2** | 0.1 | **0.3** | 0.2 |
| &nbsp;&nbsp;&nbsp;Depreciation of right of use assets | **0.1** | 0.1 | **0.2** | 0.1 |
| &nbsp;&nbsp;&nbsp;EBITDA | $**(0.4)** | $0.9 | $**(1.3)** | $0.3 |
| &nbsp;&nbsp;&nbsp;Share-based compensation | **0.1** | 0.1 | **0.1** | 0.2 |
| &nbsp;&nbsp;&nbsp;Adjusted EBITDA | $**(0.3)** | $1.0 | $**(1.2)** | $0.5 |

---

Adjusted EBITDA for the quarter ended June 30, 2025 was negative $0.3 million, compared to positive $1.0 million for 2024. Adjusted EBITDA for the six-month period ended June 30, 2025 was negative $1.2 million, compared to positive $0.5 million for the same period in 2024. The decrease in both periods is related mainly to headcount expansion, currency effects and additional start-up costs for purchased services from a long-term sub-contractor related to Indonesia.

**Financing costs**

Financing costs for the quarters and six-month periods ended June 30, 2025 and 2024 were $0.1 million and $Nil, respectively.

**Amortization of Intangible Assets**

Amortization expense of intangible assets for the quarters ended June 30, 2025 and 2024 was $Nil and $0.1 million, respectively. For the six-month period ended June 30, 2025 and 2024, amortization expense of intangible assets decreased to $0.1 million compared to $0.2 million.

**Depreciation of Property and Equipment**

Depreciation expense for property and equipment for the quarters ended June 30, 2025 and 2024 was $0.2 million and $0.1 million, respectively. For the six-month period ended June 30, 2025 and 2024, depreciation expense was $0.3 million and $0.2 million, respectively.

**Depreciation of Right of Use Assets**

Depreciation expense for right of use assets for the quarters ended June 30, 2025 and 2024 was consistent at $0.1 million. For the six months ended June 30, 2025 and 2024, depreciation of right of use assets was $0.2 million and $0.1 million, respectively.

**Amounts Receivable and Unbilled Revenue**

Work is performed on contracts that provide invoicing upon the completion of identified contract milestones. Revenue on certain of these acquisition services contracts is recognized over time based on the ratio of costs incurred to date over the estimated total costs to complete the contract. While an effort is made to align payments on contracts with work performed, the completion of milestones does not always coincide with the costs incurred on a contract, resulting in revenue being recognized in excess of billings. These amounts are recorded in the consolidated statements of financial position as unbilled revenue.

Amounts receivable and unbilled revenue decreased to $1.0 million at June 30, 2025 from $6.0 million at December 31, 2024. The Company reviews the amounts receivable aging monthly and monitors the payment status of each invoice to determine the collectability. At the statement of financial position date, $Nil has been reserved as uncollectible as all trade receivable balances greater than 30 days are highly likely to be paid in full by the customer.

**Accounts Payable and Accrued Liabilities**

Accounts payable and accrued liabilities generally include trade payables, project-related accruals and personnel-related costs. Accounts payable and accrued liabilities decreased to $2.6 million at June 30, 2025 from $4.8 million from December 31, 2024.

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| | | |
|:---|:---|:---|
|  | **June 30,** | December 31, |
| U.S. $ millions | **2025** | 2024 |
| Accounts payable | $1.4 | $2.6 |
| Accrued liablities | 1.2 | 2.2 |
|  | $2.6 | $4.8 |

---

**Government Loans**

The government loans balance decreased to $0.2 million at June 30, 2025 due to normal monthly payments from $0.3 million at December 31, 2024. The loans were available to help offset the impacts of the COVID-19 pandemic and will be repaid.

**Loan Payable**

The loan payable balance decreased to $0.2 million at June 30, 2025 due to scheduled monthly payments from $0.3 million at December 31, 2024. The loans were for two equipment financing loans with a technology financing company to purchase new computer equipment. Payments are $10 thousand per month and will be paid in full by November 2027.

**Unearned Revenue** 

The unearned revenue balance at June 30, 2025 increased to $2.5 million from $2.2 million at December 31, 2024. This balance consists of payments received from customers for contracts that are in progress and have not yet fulfilled the necessary revenue recognition criteria.

**QUARTERLY FINANCIAL INFORMATION**

**Selected Quarterly Information**

The following table sets forth selected quarterly financial information for Intermap's eight most recent fiscal quarters. This information is unaudited, but reflects all adjustments of a normal, recurring nature that are, in the opinion of management, necessary to present a fair statement of Intermap's consolidated results of operations for the periods presented. Quarter-to-quarter comparisons of Intermap's financial results are not necessarily meaningful and should not be relied on as an indication of future performance.

For much of the last eight quarters, the Company has been severely undercapitalized and self-financed the advancement of high-growth opportunities in Southeast Asia and Europe.

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| U.S. $ millions, except per | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | **Q2** |
| share data | 2023 | 2023 | 2024 | 2024 | 2024 | 2024 | 2025 | **2025** |
| Total revenue | $1.5 | $1.2 | $1.7 | $3.5 | $5.0 | $7.4 | $4.3 | $**3.0** |
| Depreciation | $0.2 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $0.1 | $**0.2** |
| Financing costs | $- | $0.1 | $- | $- | $0.1 | $- | $- | $**0.1** |
| Operating income (loss) | $(0.8) | $(0.7) | $(0.8) | $0.6 | $1.2 | $1.5 | $(1.2) | $**(0.8)** |
| Net income (loss) | $(0.8) | $(1.0) | $(0.8) | $0.6 | $1.1 | $1.5 | $(1.2) | $**(0.8)** |
| Net loss per share |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;- basic | $(0.02) | $(0.03) | $(0.02) | $0.01 | $0.02 | $0.04 | $(0.02) | $**(0.01)** |
| &nbsp;&nbsp;&nbsp;- diluted | $(0.02) | $(0.03) | $(0.02) | $0.01 | $0.02 | $0.04 | $(0.02) | $**(0.01)** |
| Adjusted EBITDA<sup>(1)</sup> | $(0.6) | $(0.2) | $(0.5) | $1.0 | $1.6 | $2.0 | $(0.9) | $**(0.3)** |

---

<sup>(1)</sup> Adjusted EBITDA is a non-GAAP measure. See "Reconciliation of Non-GAAP Measures" above.

**LIQUIDITY AND CAPITAL RESOURCES**

Management continually assesses liquidity in terms of the ability to generate sufficient cash flow to fund the business. Net cash flow is affected by the following items: (i) operating activities, including the level of trade receivables, unbilled receivables, accounts payable, accrued liabilities and unearned revenue; (ii) investing activities, including the purchase of property and equipment; and (iii) financing activities, including debt financing and the issuance of capital stock.

*Operating Activities*

 

During the six-months ended June 30, 2025, the Company generated Operating Cash Flow of $1.4 million compared to cash provided by operations of $1.2 million during the same period in 2024. Revenue for the six-months ended June 30, 2025 was $7.3 million, which is a $2.1 million increase as compared to the same period in 2024. At June 30, 2025, the Company has a shareholders' equity of $7.9 million.

*Investing Activities*

 

Net cash used in investing activities totaled $0.3 million and $1.2 million for the six-month periods ended June 30, 2025 and 2024, respectively. For both periods, the balance related to the purchase of equipment to build the data archive, processing capabilities, and software assets.

*Financing Activities*

 

Net cash provided by financing activities totaled $5.9 million for the six-month period ended June 30, 2025, as compared to net cash used by financing activities of $0.1 million during the same period in 2024. The net cash provided during the six months ended June 30, 2025 resulted from proceeds from a "bought deal" Listed Issuer Financing Exemption offering and concurrent private placement of $8.7 million and the exercise of warrants of $0.1 million, offset by cash paid for settlement of share-based awards of $1.8 million, issuance costs of $0.8 million, payments of lease obligations of $0.2 million, and repayment of loans $0.1 million. The net cash used during the six-month period ended June 30, 2024 resulted from proceeds from a private placement and exercise of warrants of $0.2 million, offset by private placement issuance costs, payment of lease obligations and repayment of loans of $0.3 million.

The Company's ability to continue as a going concern is dependent on management's ability to successfully secure sales with upfront payments, execute on contract awards, and/or draw incremental working capital to fund airborne and field operations and data processing. Liquidity will be provided through a combination of funds from operations, contract billing milestone acceleration or equity issuance, as needed. There can be no assurance that such plans will be achieved. Failure to achieve these requirements could have a materially adverse effect on the Company's financial condition and / or results of operations. The Board of Directors and management continue to take actions to address these issues including the completion of a "bought deal" Listed Issuer Financing Exemption offering and concurrent private placement resulting in aggregate gross proceeds of $8.7 (C$11.9) million during the first quarter of 2025.

**CRITICAL ACCOUNTING POLICIES AND ESTIMATES**

Intermap's significant accounting policies are set out in Note 3 of the Condensed Consolidated Interim Financial Statements. The Condensed Consolidated Interim Financial Statements have been prepared in accordance with International Accounting Standard 34 as issued by the International Accounting Standards Board. Certain of these accounting policies, as well as estimates made by management in applying such policies, are recognized as critical because they require management to make subjective or complex judgements about matters that are inherently uncertain. As detailed in Intermap's Annual MD&A, these critical accounting estimates relate to: depreciation and amortization rates, accounts receivables, share-based compensation, government loans, revenue and impairment. For additional details, see Note 2 of the Condensed Consolidated Interim Financial Statements.

**Revenue Recognition**

Revenue is recognized when a customer obtains control of the goods or services. Determining the timing of the transfer of control, at a point in time or over time, requires judgement.

*Acquisition Service Contracts*

 

Revenue from acquisition service contracts is recognized over time based on the ratio of costs incurred to estimated total contract costs. The use of this method of measuring progress towards complete satisfaction of the performance obligations requires estimates to determine the cost to complete each contract. These estimates are reviewed monthly and adjusted as necessary. Provisions for estimated losses, if any, are recognized in the period in which the loss is determined. Invoices are issued according to contractual terms and are usually payable within 30 days. Revenue recognized in advance of billings are presented as unbilled revenue.

*Data Licenses*

 

Revenue from the sale of data licenses in the ordinary course of business is measured at the fair value of the consideration received or receivable. Customers obtain control of data products upon receipt of a physical hard drive or download of the data from a web link provided. Invoices are generated, and revenue is recognized at that point in time. Invoices are generally paid within 30 days.

 

*Software Subscriptions*

 

Software subscriptions are paid at the beginning of the license term. Revenue is recognized over time, and payments for future months of service are recognized in unearned revenue. While the license agreements are for a fixed term, some agreements also contain a limited number of clicks or uses. If the limit is reached prior to the end of the term, the license ends early.

**OFF-BALANCE SHEET ARRANGEMENTS** 

As at August 14, 2025 and June 30, 2025, the Company has no material undisclosed off-balance sheet arrangements that have or are reasonably likely to have, a current or future effect on our results of operations, financial condition, revenues or expenses, liquidity, capital expenditures or capital resources.

**OUTSTANDING SHARE DATA**

The Company's authorized capital consists of an unlimited number of Class A common shares without par value and an unlimited number of Class A participating preferred shares without par value. At the close of business on August 14, 2025, 60,207,730 Class A common shares were issued and outstanding. There are currently no Class A participating preferred shares issued and outstanding.

As of August 14, 2025, potential dilutive securities include (i) 3,169,757 restricted share units, and (ii) 2,452,872 warrants outstanding with a weighted average exercise price of US$0.60. Each option and warrant entitles the holder to purchase one Class A common share. The following warrants expire on the dates listed below:

● 650,000 warrants expire on October 19, 2025;

● 1,653,000 warrants expire on December 20, 2025;

● 120,000 warrants expire on January 3, 2026;

● 18,000 warrants expire on February 20, 2027; and

● 11,872 warrants expire on March 7, 2027.

Other than as listed above, the Company does not currently have any material financial instruments which can be converted into additional common shares.

**INTERNAL CONTROLS AND DISCLOSURE CONTROLS AND PROCEDURES**

**Internal Control Over Financial Reporting**

The Company's Chairman and Chief Executive Officer and the Company's Chief Financial Officer have designed, or have caused to be designed under their supervision, internal control over financial reporting as defined under National Instrument 52-109 – *Certification of Disclosure in Issuer's Annual and Interim Filings*, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.

**Changes in Internal Control Over Financial Reporting**

There have been no significant changes in the design of internal control over financial reporting that occurred during the period beginning January 1, 2025 and ending on June 30, 2025 that has materially affected, or is reasonably likely to materially affect, the Company's internal control over financial reporting.

**Disclosure Controls and Procedures**

The Company's Chairman and Chief Executive Officer and the Company's Chief Financial Officer have designed, or have caused to be designed under their supervision, disclosure controls and procedures to provide reasonable assurance that material information relating to the Company has been made known to them and that information required to be disclosed in the Company's annual filings, interim filings or other reports filed by it or submitted by it under securities legislation is recorded, processed, summarized and reported within the time periods specified by applicable securities legislation.

**RISKS AND UNCERTAINTIES** 

The risks and uncertainties relating to the business and affairs of the Company are described in the Company's 2024 Annual Report and the Annual Information Form.

**Additional Information**

Additional risk factors may be detailed in the Company's Annual Information Form, which can be found on the Company's website at www.intermap.com and on SEDAR+ at <u>www.sedarplus.ca</u>.

## Exhibit 4.6

**Exhibit 4.6**

![](ex4-6_001.jpg)

**INTERMAP TECHNOLOGIES CORPORATION**

**Annual General Meeting of Shareholders**

**NOTICE OF MEETING AND**

**MANAGEMENT INFORMATION CIRCULAR**

**to be held on June 26, 2025 at 10:00 a.m. Mountain Time / 12:00 p.m. Eastern Time**

**at the offices of Norton Rose Fulbright Canada LLP**

**3700, 400 Third Avenue S.W., Calgary, Alberta T2P 4H2**

The attached Management Information Circular is furnished in connection with the solicitation of proxies by and on behalf of the management of Intermap Technologies Corporation for use at the annual general meeting of holders of common shares of Intermap Technologies Corporation to be held on June 26, 2025, at the time and place and for the purposes set out in the accompanying Notice of Annual General Meeting and any adjournment or postponement thereof.

No person has been authorized to give any information or make any representation in connection with any matters to be considered at the meeting, other than as contained in the Management Information Circular and, if given or made, any such information or representation must not be relied upon as having been authorized.

Dated: May 28, 2025

Click or tap here to enter text.

**INTERMAP TECHNOLOGIES CORPORATION**

**NOTICE OF ANNUAL GENERAL MEETING OF SHAREHOLDERS**

**TO: THE HOLDERS OF COMMON SHARES OF INTERMAP TECHNOLOGIES CORPORATION**

**NOTICE IS HEREBY GIVEN** that the Annual General Meeting (the "**Meeting**") of holders of Class A common shares ("**Common Shares**") of Intermap Technologies Corporation (the "**Corporation**") will be held at the offices of Norton Rose Fulbright Canada LLP, 3700, 400 Third Avenue S.W., Calgary, Alberta T2P 4H2 on June 26, 2025, commencing at 10:00 a.m. (Calgary time).

The Meeting is being held for the following purposes:

&nbsp;&nbsp;&nbsp;&nbsp;1. to
 receive the financial statements for the year ended December 31, 2024 and the auditors'
 report thereon;

&nbsp;&nbsp;&nbsp;&nbsp;2. to
 elect the directors of the Corporation for the ensuing year;

&nbsp;&nbsp;&nbsp;&nbsp;3. to
 approve the appointment of the Replacement Auditors (as defined in the Management Information
 Circular of the Corporation dated the date hereof), as auditors of the Corporation for the
 ensuing year and authorize the board of directors of the Corporation (the "**Board of Directors**" or the "**Board**") to fix their remuneration;

&nbsp;&nbsp;&nbsp;&nbsp;4. to
 transact such other business as may be properly brought before the Meeting or any adjournment
 or postponement thereof, each as described in the Information Circular.

The Board of Directors has fixed the close of business on May 12, 2025 as the record date for the determination of shareholders entitled to receive notice of and to vote at the Meeting and at any adjournment or postponement thereof.

**INFORMATION RELATING TO THE MATTERS TO BE BROUGHT BEFORE THE MEETING IS SET FORTH IN THE MANAGEMENT INFORMATION CIRCULAR WHICH ACCOMPANIES THIS NOTICE AND WHICH IS EXPRESSLY MADE A PART OF THIS NOTICE.**

Shareholders who are unable or do not wish to attend the Meeting are requested to date, sign and return the enclosed form of proxy duly completed to **Odyssey Trust Company, Trader's Bank Building, 702, 67 Yonge Street, Toronto, Ontario, M5E 1J8**, so that it is received not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time set for the Meeting or any adjournment or postponement thereof to ensure representation whether or not such shareholder is able to attend the Meeting virtually. If the shareholder receives more than one instrument of proxy because such shareholder owns Common Shares of the Corporation registered in different names or addresses, each instrument of proxy should be completed and returned. The Chairman of the Meeting may waive or extend the proxy deadline without notice, and late proxies may be accepted or rejected by the Chairman in his discretion; however, the Chairman is under no obligation to accept or reject any particular late proxy.

DATED at Calgary, Alberta on May 28, 2025.

---

| |
|:---|
| **BY ORDER OF THE BOARD OF DIRECTORS** |
| (Signed) "*Patrick A. Blott*" |
| Patrick A. Blott |
| Chairman & Chief Executive Officer |

---

i

**INTERMAP TECHNOLOGIES CORPORATION**

**MANAGEMENT INFORMATION CIRCULAR**

**SOLICITATION OF PROXIES**

**This management information circular (the "Information Circular") is furnished by the management of Intermap Technologies Corporation (the "Corporation")** in connection with the solicitation of proxies for use at the Annual General Meeting (the "**Meeting**") of holders ("**Shareholders**") of Class A common shares ("**Common Shares**") of the Corporation to be held at the offices of Norton Rose Fulbright Canada LLP, 3700, 400 Third Avenue S.W., Calgary, Alberta T2P 4H2 on June 26, 2025, commencing at 10:00 a.m. (Calgary time) and at any adjournment or postponement thereof, for the purposes set forth in the accompanying Notice of Meeting and this Information Circular. To be valid, proxies must be delivered to Odyssey Trust Company at the address shown on the enclosed envelope not less than 48 hours (excluding Saturdays, Sundays and holidays) before the time for holding the Meeting. Only a Shareholder of record at the close of business on May 12, 2025, unless that Shareholder has transferred its Common Shares subsequent to that date and the transferee Shareholder establishes ownership of those Common Shares and demands at least ten days before the Meeting that its name be included on the list of Shareholders, will be entitled to vote at the Meeting.

The instrument appointing a proxy shall be in writing and shall be executed by the Shareholder or its attorney authorized in writing or, if the Shareholder is a corporation, under its corporate seal or by an officer or attorney thereof duly authorized.

**The persons named in the enclosed Form of Proxy are directors and executive officers of the Corporation. A Shareholder submitting the proxy has the right to appoint a person (who need not be a Shareholder) other than the persons named in the enclosed Form of Proxy to represent it at the Meeting. To exercise this right, the Shareholder should insert the name of the desired representative in the blank space provided in the Form of Proxy and strike out the other names, or submit another appropriate proxy.**

**REVOCABILITY OF PROXY**

A Shareholder who has submitted a proxy may revoke it as to any matter upon which a vote has not already been cast pursuant to the authority conferred by the proxy. In addition to revocation in any other manner permitted by law, a proxy may be revoked by an instrument in writing executed by the Shareholder or its attorney authorized in writing or, if the Shareholder is a corporation, under its corporate seal or by an officer or attorney thereof duly authorized, and deposited either at the head office of the Corporation at any time up to 4:30 p.m. (Calgary time) on the last business day before the day of the Meeting, or with the Chairman of the Meeting on the day of the Meeting, and upon either of such deposits, the proxy is revoked.

**PERSONS MAKING THE SOLICITATION**

**This solicitation is made by and on behalf of the management of the Corporation.** The costs incurred in the preparation and mailing of the Form of Proxy, Notice of Meeting and this Information Circular will be borne by the Corporation. In addition to the use of mail, proxies may be solicited in person, by telephone or by electronic communications by the directors, officers and employees of the Corporation, who will not be remunerated therefor. In accordance with National Instrument 54-101 – *Communication with Beneficial Owners of Securities of a Reporting Issuer*, arrangements have been made with brokerage houses and other intermediaries, clearing agencies, custodians, nominees and fiduciaries to forward solicitation materials to the Beneficial Shareholders (as defined below) of record and the Corporation may reimburse such persons for reasonable fees and disbursements incurred by them in doing so.

**APPOINTMENT OF PROXY**

The securities represented by proxies in favor of management nominees will be voted on any poll at the Meeting, and where the Shareholder specifies a choice with respect to any matter to be acted upon; the securities will be voted or withheld from voting on any poll in accordance with the specification so made.

**In the absence of such specification, such securities will be voted in favor of the matters to be acted upon as set out herein. The persons appointed under the Form of Proxy furnished by the Corporation are conferred with discretionary authority with respect to amendments or variations of those matters specified in the Form of Proxy and Notice of Meeting and with respect to any other matters which may properly be brought before the Meeting. In the event that amendments or variations to any matter identified in the Notice of Meeting are properly brought before the Meeting, it is the intention of the persons designated in the enclosed Form of Proxy to vote in accordance with their best judgment on such matter or business. At the time of printing this Information Circular, the management of the Corporation knows of no such amendment, variation, or other matter.**

**ADVICE TO BENEFICIAL SHAREHOLDERS**

**The information set forth in this section is of significant importance to many Shareholders, as a substantial number of Shareholders do not hold Common Shares in their own name.** Shareholders who hold their Common Shares through their brokers, intermediaries, trustees or other persons, or who otherwise do not hold their Common Shares in their own name (referred to in this Information Circular as "**Beneficial Shareholders**") should note that only proxies deposited by Shareholders who appear on the records maintained by the Corporation's registrar and transfer agent as registered holders of Common Shares will be recognized and acted upon at the Meeting. If Common Shares are listed in an account statement provided to a Beneficial Shareholder by a broker, those Common Shares will, in all likelihood, not be registered in the Beneficial Shareholder's name. Such Common Shares will more likely be registered under the name of the Beneficial Shareholder's broker or an agent of that broker. In Canada, the vast majority of such shares are registered under the name of CDS & Co. (the registration name for The Canadian Depositary for Securities Limited, which acts as depository for many Canadian brokerage firms). Common Shares held by brokers (or their agents or nominees) on behalf of a broker's client can only be voted (for or against resolutions) at the direction of the Beneficial Shareholder. Without specific instructions, brokers and their agents and nominees are prohibited from voting shares for the broker's clients. **Therefore, each Beneficial Shareholder should ensure that voting instructions are communicated to the appropriate person well in advance of the Meeting.**

Applicable regulatory rules require intermediaries/brokers to seek voting instructions from Beneficial Shareholders in advance of shareholders' meetings. Every intermediary/broker has its own mailing procedures and provides its own return instructions to clients, which should be carefully followed by Beneficial Shareholders in order to ensure that their Common Shares are voted at the Meeting. Often, the form of proxy supplied to a Beneficial Shareholder by its broker (or the agent of the broker), called a voting instruction form, is identical to the form of proxy provided to registered shareholders. However, its purpose is limited to instructing the registered shareholder (the broker or agent of the broker) how to vote on behalf of the Beneficial Shareholder. The majority of brokers now delegate responsibility for obtaining instructions from clients to Broadridge Investor Communication Solutions ("**Broadridge**"). Broadridge typically mails its voting instruction form to the Beneficial Shareholders and asks Beneficial Shareholders to return their voting instruction form to Broadridge by mail or facsimile. Alternatively, Beneficial Shareholders can call a toll-free telephone number or access the internet to vote their Common Shares. The toll-free telephone number and website <u>www.proxy-vote.com</u> are also included by Broadridge in its voting instruction form. Broadridge then tabulates the results of all instructions received and provides appropriate instructions respecting the voting of shares to be represented at a meeting. **A Beneficial Shareholder receiving a voting instruction form cannot use that form to vote Common Shares directly at the Meeting. The voting instruction form must be returned to Broadridge well in advance of the Meeting in order to have the Common Shares voted at the Meeting.**

Although a Beneficial Shareholder may not be recognized directly at the Meeting for the purposes of voting Common Shares registered in the name of its broker, a Beneficial Shareholder may attend the Meeting as proxyholder for the registered Shareholder and vote the Common Shares in that capacity. **Beneficial Shareholders who wish to attend the Meeting and indirectly vote their Common Shares as proxyholder for the registered Shareholder, should enter their own names in the blank space on the voting instruction form provided to them and return the same to their broker (or the broker's agent) in accordance with the instructions provided by such broker.**

**RECORD DATE**

The board of directors of the Corporation (the "**Board of Directors**" or the "**Board**") has fixed May 12, 2025 as the record date (the "**Record Date**") for the determination of Shareholders entitled to receive notice of and to vote at the Meeting and at any adjournment or postponement thereof. Shareholders of record at the close of business on the Record Date are entitled to such notice and to vote at the Meeting.

**INTERESTS OF CERTAIN PERSONS IN MATTERS TO BE ACTED UPON**

Other than as set forth herein, management of the Corporation is not aware of any material interest, direct or indirect, by way of beneficial ownership of securities or otherwise, of any person who has been a director or executive officer of the Corporation at any time since the beginning of the Corporation's last financial year, or of any nominee for election as a director, or of any associate or affiliate of any such persons, in any matter to be acted upon at the Meeting other than the election of directors or the appointment of auditors.

**ADVANCE NOTICE BY-LAW**

In 2018, Shareholders approved the Amended and Restated By-Law No. 1 of the Corporation, which includes a provision that establishes a framework for advance notice of nominations of persons for election to the Board (the "**Advance Notice By-Law**"). The Advance Notice By-Law sets deadlines of a prescribed number of days before a shareholders' meeting for a Shareholder to notify the Chief Executive Officer of the Corporation of its intention to nominate one or more directors and explains the information that must be included with the notice for it to be valid. The Advance Notice By-Law applies at an annual meeting of shareholders or a special meeting of shareholders that was called to elect directors (whether or not also called for other purposes) and may be waived by the Board.

In the case of an annual meeting of shareholders (including an annual and special meeting), notice to the Chief Executive Officer of the Corporation pursuant to the Advance Notice By-Law must be given not less than 30 nor more than 65 days prior to the date of the annual meeting. In the event that the annual meeting is to be held on a date that is less than 50 days after the date on which the first public announcement of the date of the annual meeting was made, notice must be given not later than the close of business on the 10th day following the notice date. As at the date of this Information Circular, the Corporation has not received any additional director nominations for the Meeting.

**REPORTING CURRENCY**

All of the financial information in this Information Circular has been presented, unless otherwise noted, in United States dollars. The presentation currency for the audited financial statements of the Corporation for the year ended December 31, 2024 is in United States dollars.

**MATTERS TO BE ACTED UPON AT THE MEETING**

**1.** **Annual Report, Financial Statements and Auditors' Report** 

Pursuant to the *Business Corporations Act* (Alberta) (the "**Act**"), the directors will place before the Shareholders at the Meeting the audited financial statements of the Corporation for the year ended December 31, 2024 and the auditors' report thereon. Copies of the audited annual financial statements for the year ended December 31, 2024 are available on the System for Electronic Document Analysis and Retrieval + ("**SEDAR**") (<u>www.sedarplus.ca</u>) under the Corporation's profile. Shareholder approval is not required in relation to the statements.

**2.** **Election of Directors** 

Action is to be taken at the Meeting with respect to the election of directors. The Board of Directors presently consists of four members. The current directors are Patrick A. Blott, Philippe Frappier, John (Jack) Hild and Jordan Tongalson. All of the current directors have indicated an intention stand for re-election as directors of the Corporation at the Meeting. Each director elected will hold office until the next annual meeting of the Shareholders or until his successor is duly elected or appointed, unless his office is earlier vacated under any of the relevant provisions of the articles of the Corporation or the Act.

The Board has adopted a policy stipulating that if the votes in favor of the election of a director nominee at a shareholders' meeting represent less than a majority of the Common Shares voted at the shareholders' meeting, the nominee will submit his or her resignation promptly after the meeting for the Nominating and Governance Committee's consideration. The Nominating and Governance Committee will make a recommendation to the Board after reviewing the matter, and the Board's decision to accept or reject the resignation offer will be disclosed to the public. The nominee will not participate in any committee or Board deliberations on the resignation offer. The policy does not apply in circumstances involving contested director elections.

Four directors will be elected at the Meeting and the four nominated directors receiving the highest number of FOR votes duly cast at the Meeting will be elected to the Board.

**Unless otherwise directed, it is the intention of the management designees, if named as proxy, to vote FOR the election to the Board of Directors of those persons hereinafter designated as nominees for election as directors.**

The following table sets out the name of each of the persons proposed to be nominated for election as a director; the director's residence; all positions and offices in the Corporation presently held by him; his principal occupation; the period during which he has served as a director; and the number of voting shares of the Corporation that he has advised are beneficially owned, or controlled or directed by him, directly or indirectly.

---

| | | |
|:---|:---|:---|
| **Name, Present Office <br> Held and Residence** | **Director Since** | **Common <br> Shares <sup>(5)</sup>** |
| Patrick A. Blott<sup>(1)(3)(4)</sup><br> Chairman and Chief<br> Executive Officer<br> New York, U.S.A. | July 13, 2016 Chairman and Chief Executive Officer of the Corporation<sup>(6)</sup> Co-Founder and Managing Partner of Blott Asset Management LLC<sup>(7)</sup> and previously Director and Special Committee Chairman of OSI Geospatial Inc.<sup>(8)</sup> | 6357955 |
| Philippe Frappier<sup>(2)(3)(4)</sup><br> Director<br> Toronto, Canada | January 30, 2017 Account Executive at Eclipse Technology Solutions<sup>(9)</sup>, and previously Independent Consultant, Vice President Wireless DNA<sup>(10)</sup>, Vice President Client Services at IQ Partners<sup>(11)</sup> and Senior Partner of Searchlight Recruitment Inc.<sup>(12)</sup> | 135652 |
| John (Jack) Hild<sup>(2)(3)(4)</sup><br> Director<br> Maryland, U.S.A. | April 30, 2020 President of Hild Enterprises, LLC<sup>(13)</sup> and previously Chief Information Officer and Vice President of DigitalGlobe<sup>(14)</sup> | 170722 |
| Jordan Tongalson<sup>(2)(3)(4)</sup><br> Director <br> New York, U.S.A. | September 10, 2020 Managing Director of Littlejohn & Co<sup>(15)</sup>, and previously Executive Director of Morgan Stanley<sup>(16)</sup> and Vice President of The Blackstone Group L.P.<sup>(17)</sup> |  |

---

**Notes:**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Chairman
 of the Board

(2) Member
 of Audit Committee

(3) Member
 of Compensation Committee

(4) Member
 of Nominating and Governance Committee

(5) Beneficially
 Owned, Controlled or Directed, Directly or Indirectly, as at the Record Date

(6) (October
 2016 – Present)

(7) A
 private equity and venture capital firm (May 2006 – Present)

(8) A
 world-leading naval fleet supplier of integrated navigation and tactical solutions, and a
 leading-edge research, development, and systems integration supplier of technology solutions
 for defense, aerospace, health, and bioscience markets (August 2011 – September 2013)

(9) An
 end-to-end technology solutions business (February 2023 – Present)

(10) A
 wireless telecommunications technology company (April 2022 – November 2022)

(11) An
 executive search firm, specializing in digital media and technology (October 2017 –
 April 2022)

(12) An
 executive search firm, specializing in digital media and technology (September 2005 –
 October 2017)

(13) A
 geospatial and imagery consulting firm (November 2013 – Present)

(14) A
 global provider of high-resolution imagery products and services (May 2010 – November
 2013)

(15) A
 private equity and special situations investment firm (October 2015 – Present)

(16) A
 multinational investment bank and financial services company (June 2011 – October 2015)

(17) A
 private equity alternative investment management and advisory firm (July 2006 – June
 2011)

The current directors beneficially own, directly or indirectly or exercise control and direction over an aggregate of 11.3% of the issued and outstanding Common Shares of the Corporation.

The information as to Common Shares beneficially owned, not being within the knowledge of the Corporation, has been furnished by the respective individuals.

*Orders*

 

To the knowledge of management of the Corporation, no proposed director is, as at the date hereof, or has been within 10 years before the date hereof, a director, chief executive officer or chief financial officer of any company (including the Corporation) that (i) was subject to an order that was issued while the proposed director was acting in the capacity as director, chief executive officer or chief financial officer, or (ii) was subject to an order that was issued after the proposed director ceased to be a director, chief executive officer or chief financial officer and which resulted from an event that occurred while that person was acting in the capacity as director, chief executive officer or chief financial officer. For the purposes of the hereof, "order" means (i) a cease trade order, (ii) an order similar to a cease trade order, or (iii) 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.

*Bankruptcies*

 

To the knowledge of management of the Corporation, no proposed director of the Corporation (i) is, as at the date hereof, or has been within the 10 years before the date hereof, a director or executive officer of any company (including the Corporation) 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 (ii) has, within the 10 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 proposed director.

*Penalties and Sanctions*

 

To the knowledge of management of the Corporation, no proposed director has been subject to (i) any penalties or sanctions imposed by a court relating to securities legislation or by a securities regulatory authority or has entered into a settlement agreement with a securities regulatory authority, or (ii) any other penalties or sanctions imposed by a court or regulatory body that would likely be considered important to a reasonable securityholder in deciding whether to vote for a proposed director.

**3.** **Appointment of Auditors** 

KPMG LLP (the "Former Auditors") were previously auditors of the Corporation. On May 5, 2025 (the "Resignation Date"), the Former Auditors notified the Corporation of their decision, at their own initiative, to decline to stand for re-appointment as the Corporation's auditor following the issuance of their auditors' report on the Corporation's consolidated financial statements for the financial year ending December 31, 2024. In accordance with the requirements of National Instrument 51-102 - Continuous Disclosure Obligations ("NI 51-102"), a change of auditor notice and the Former Auditors' acknowledgment letter were filed under the Intermap's profile on SEDAR on May 16, 2025 and a copy is attached as Schedule "B", pursuant to section 4.11 of NI 51-102. There were no "reportable events" (within the meaning of NI 51-102) involving the Former Auditors.

Since the Resignation Date, the Corporation has been actively engaged in discussions with several potential successors to the Former Auditors but has not yet appointed auditors to replace the Former Auditors as of the date of this Management Information Circular. The Corporation does, however, expect to make an announcement shortly, and in any event prior to the Meeting, on the appointment of successor auditors to the Former Auditors (the "Replacement Auditors"). The announcement regarding the Replacement Auditors will be issued by press release and filed under the Corporation's profile on SEDAR with the complete reporting package for an auditor appointment as required pursuant to NI 51-102.

At the Meeting, Shareholders will be asked to appoint the Replacement Auditors as auditors of the Corporation to hold office until the next annual meeting of Shareholders or until a successor is appointed, and to authorize the directors to fix the Replacement Auditors remuneration. Proxies appointing the management designees as proxy for a Shareholder pursuant to the solicitation of proxies by the management of the Corporation will be voted "FOR" the appointment of such Replacement Auditors as the auditors of the Corporation unless otherwise directed.

Information relating to the Corporation's Audit Committee as prescribed by National Instrument 52-110 – Audit Committees is contained in the Corporation's Annual Information Form for the year ended December 31, 2024 filed on SEDAR at www.sedarplus.ca, commencing on page 29.

**Unless otherwise directed, it is the intention of the management designees, if named as proxy, to vote FOR the appointment of the Replacement Auditors as auditors of the Corporation at a remuneration to be fixed by the Board of Directors.**

**4.** **Other Matters** 

Management of the Corporation is not aware of any other matters to come before the Meeting other than as set forth in the Notice of Meeting. If any other matter properly comes before the Meeting, it is the intention of the persons named in the enclosed instrument of proxy to vote the shares represented thereby in accordance with their best judgment on such matter(s).

**INFORMATION CONCERNING THE CORPORATION**

**<u>Voting Shares and Principal Holders Thereof</u>**

The authorized share capital of the Corporation consists of an unlimited number of Common Shares and an unlimited number of preferred shares (the "**Preferred Shares**").

As of the Record Date, May 12, 2025, there were 59,205,010 Common Shares issued and outstanding and no Preferred Shares issued and outstanding. Each Common Share carries the right to one (1) vote on a ballot at the Meeting.

A quorum for the transaction of business at the Meeting will be present if two persons are present and holding or representing by proxy 5% of the securities entitled to vote at the Meeting. Pursuant to the Act and the bylaws of the Corporation, if a quorum is present at the opening of the Meeting, the Shareholders present may proceed with the business of the Meeting notwithstanding that a quorum is not present throughout the Meeting. If a quorum is not present at the opening of the Meeting, the Shareholders present may adjourn or postpone the Meeting to a fixed time and place but may not transact any other business.

The holders of Common Shares are entitled to notice of and to vote at all annual and special meetings of shareholders (except meetings at which only holders of a specified class or series of shares are entitled to vote) and are entitled to one vote per Common Share.

**<u>Principal Shareholders</u>**

To the knowledge of the directors and executive officers of the Corporation, as at the date hereof, the persons noted in the following table were the only persons that beneficially owned, directly or indirectly, or exercised control or direction over, voting securities carrying more than 10% of the voting rights attached to any class of voting securities of the Corporation:

---

| | | | |
|:---|:---|:---|:---|
| **Name and Municipality of<br> Residence of Shareholder**  | **Type of Ownership** | **Approximate Number of Common Shares Owned or Controlled** | **Percentage of Class** |
| Patrick A. Blott <br>New York, U.S.A. | Beneficial | 6357955 | 10.74% |

---

**PERFORMANCE GRAPH**

The following graph compares the cumulative total shareholder return for the Common Shares of the Corporation (assuming a $100 investment was made on December 31, 2019) with the cumulative total return of the S&P/TSX Smallcap Index, assuming reinvestment of dividends (see "*Base Salary*" and "*Directors' Fees*" below for trends in executive and director compensation).

![](ex4-6_002.jpg)

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Dec. 31,**<br>**2019** | **Dec. 31,**<br>**2020** | **Dec. 31,**<br>**2021** | **Dec. 31,**<br>**2022** | **Dec. 29,**<br>**2023** | **Dec. 31,**<br>**2024** |
| **Intermap Technologies Corporation** | $0.22 | $0.74 | $0.74 | $0.56 | $0.63 | $2.39 |
| **S&P/TSX Smallcap Index** | 595 | 655 | 774 | 688 | 702 | 710 |

---

The trend in the above graph does not necessarily correspond to the Corporation's compensation paid to the Named Executive Officers (as defined herein) for the period ending December 31, 2024, or for any prior periods. The Board of Directors considers a number of factors in connection with its determination of appropriate levels of compensation including, but not limited to, the extended sales cycle associated with government contracts, access to resources, individual performance and the Corporation's performance. The Board of Directors acknowledged the Corporation's limited resources, restrictions on access to capital and illiquidity in the Common Shares, which impacted its ability to retain executive talent, attract new talent and impacted the level of compensation required to be paid to retain executive officers. These factors include, but are not limited to: (i) the volatility of the industry the Corporation operates within; (ii) the reliance on significant non-recurring government contracts, both domestically and internationally; (iii) the development of new products and solutions; (iv) the current limited amounts of annual recurring revenue; (v) the limited amount of working capital available to the Corporation for development and marketing activities; and (vi) limited human capital resources available to execute strategic initiatives. The Board considered these factors and relied on input from a compensation consultant when approving compensation in 2017 and determined to keep compensation the same through 2021 as a result of the substantial reduction in the Corporation's workforce, including certain senior officer positions, which has resulted in additional roles and responsibilities for the Named Executive Officers. During 2022, the Corporation implemented the first salary increase in five years, based on the high level of inflation impacting the global economy. The trading price of Common Shares is subject to fluctuations based on a number of factors, many of which are outside the control of the Corporation, and including, but not limited to: (i) actual or anticipated variations in operating results; (ii) the strength of the Corporation's balance sheet; (iii) the announcement of material contract(s); (iv) the low daily trading volume of the Corporation's stock, partially driven by limited promotion in the market; (v) the announcement of technological innovations or new products by the Corporation or its competitors; (vi) competition, including pricing pressures and the potential impact of competitors' products on sales; (vii) changing conditions in the digital mapping and related industries; (viii) changes in financial estimates or recommendations by stock market analysts regarding the Corporation or its competitors; (ix) announcements by the Corporation or its competitors of acquisitions, strategic partnerships, or joint ventures; and (x) changes in economic or political conditions.

**STATEMENT OF EXECUTIVE COMPENSATION**

The following sections set forth the remuneration for the "**Named Executive Officers**" (or "**NEOs**"), being the Chief Executive Officer and the Chief Financial Officer, who served as executive officers during the most recently completed financial year.

**<u>Compensation Discussion and Analysis</u>**

<u>General</u>

During 2024, the Corporation grew its high-margin subscription-based revenue by expanding its commercial customer base and extending market reach. At the same time, its government sector grew with the commencement of a mapping program in Southeast Asia. The Corporation has retained lean headcount levels and all current executives maintain responsibility for cross functional leadership and execution.

<u>Compensation Objective</u>

The objective of the Corporation's compensation program (the "**Compensation Program**") is to attract and retain high quality management and develop a strong performance-driven culture. The Board of Directors has given weight to the objective of retaining management and incentivizing strong performance with a substantially smaller workforce.

The Compensation Program that was in place during 2024 provided for "Total Compensation" through a combination of base salary, performance-based incentives and benefit programs. Performance-based incentives through share-based compensation would typically form a greater component of total compensation; however, share-based compensation was limited in 2024 due to limitations on the number of shares available under the approved share-based incentive plans.

<u>Role of Executive Officers</u>

The Chief Executive Officer provided the Compensation Committee of the Corporation (the "**Compensation Committee**") with compensation recommendations for all executives, other than himself. In making compensation recommendations, the Chief Executive Officer considered each executive's performance and other relevant factors, including the scope of each executive's position and responsibilities, the achievement of corporate goals, the current business environment and anticipated changes, and executive retention and recruitment. The Chief Executive Officer regularly attended meetings of the Compensation Committee. During 2024, there were at least two meetings of the Compensation Committee to review compensation and organizational restructuring. The Chief Executive Officer was not present for certain portions of the Compensation Committee meetings, such as when the Compensation Committee discussed the performance or individual compensation of the Chief Executive Officer.

<u>Role of the Compensation Committee</u>

Pursuant to its charter, the Compensation Committee is responsible for reviewing and making recommendations to the Board in respect of human resource policies, practices and structures, compensation policies and guidelines, management incentives, senior management compensation and Board of Directors compensation.

The Compensation Committee had oversight responsibility for the Corporation's 2024 executive Compensation Program and made recommendations to the Board of Directors. During 2024, the Compensation Committee was comprised of Patrick Blott**,** Philippe Frappier (Chairman), Jack Hild and Jordan Tongalson. The Compensation Committee reviews and approves all proposed compensation related agreements between executives and the Corporation. Messrs. Frappier, Hild and Tongalson, three of the four current directors, are independent, non-employee directors, and are not eligible to participate in any of the Corporation's benefit programs, other than the Corporation's Omnibus Incentive Plan. Mr. Frappier has over 18 years of executive search experience and has advised and negotiated executive compensation and has led compensation reviews for his clients.

<u>Elements of Executive Officer Compensation</u>

During 2024 the Corporation's Compensation Program had three principal components: base salary, incentive bonus plan and restricted stock units.

<u>Base Salary</u>

The base salary element was designed to establish a target compensation level of fixed income based on the comparative market value of each position. Additionally, the base salary was the metric upon which bonus compensation was based. In 2022, base salaries were adjusted for inflation for the first time since 2018. Base salaries were determined based on the scope of the executive's responsibilities and the compensation levels for their positions relative to the market, so that salary levels remain competitive in an effort to build and retain an effective executive team. In 2023, base compensation remained un-changed.

Base salaries for the NEOs were as follows for the 2024 calendar year:

---

| | |
|:---|:---|
| Name | Annual <br> Base Salary |
| Patrick A. Blott | $495000 |
| Jennifer S. Bakken | $231660 |

---

<u>Incentive Bonus Plan</u>

As in prior years, the Compensation Committee approved an annual incentive bonus plan to provide cash or Common Share bonus payments to the NEOs and other employees who are considered to have a significant role in the long-term success of the Corporation. The bonus payments were based upon corporate and individual objectives approved by the Board of Directors. The bonus plan was designed to be at-risk and to provide an incentive to the participants to achieve and exceed goals set by the Corporation and approved by the Board of Directors. For 2024, the annual incentive bonus payout targets (as a percentage of annual base salary) were 100% for Mr. Blott and 50% for Mrs. Bakken. For 2024, the individual objectives on which incentive bonus payments were to be measured included: customer acquisition, government and commercial revenue growth; recurring software related revenue; strategic initiative development; cost management and adjusted EBITDA. Adjusted EBITDA is a non-GAAP measure and may not be comparable to similar financial measures disclosed by other issuers. Adjusted EBITDA is defined as earnings before interest, taxes, depreciation and amortization, adjusted further for non-recurring events, as detailed in the Corporation's periodic Management's Discussion and Analysis ("**MD&A**"). Further information on how adjusted EBITDA is calculated and used by the Corporation can be found in the Corporation's MD&A for the year ended December 31, 2024, which is available under the Corporation's profile on SEDAR at <u>www.sedarplus.ca</u>. As the objectives are evaluated on an individual basis, no standard weight is applied to each metric. For the year ended December 31, 2024, no bonus compensation was recognized.

<u>Compensation Risk</u>

In connection with the 2024 executive compensation review, the Compensation Committee sought to identify risks associated with compensation and the practices in place to mitigate such risk. The review considered pay philosophy and governance, compensation components, long-term incentives, performance measurements, share ownership, and other policies and procedures. The resulting compensation mix aligns the NEOs with shareholder interests and supports a longer-term vision for growth.

<u>Omnibus Incentive Plan</u>

The Shareholders approved the Omnibus Incentive Plan at the Corporation's Annual General and Special Meeting on March 15, 2018.

The Corporation's Omnibus Incentive Plan contemplates the granting of Options, stock appreciation rights ("**SARs**"), restricted share units ("**RSUs**") and other share-based awards ("**Other Awards**" and together with Options, SARs and RSUs, "**Awards**") under a single plan. The purpose of the Omnibus Incentive Plan is to advance the interests of the Corporation by enabling grants of Awards to be made to selected participants so as to provide an additional incentive to such participants, encourage share ownership by them and thereby increase their proprietary interest in the Corporation's success and their desire to remain with the Corporation. The Omnibus Incentive Plan also assists the Corporation in attracting and retaining key employees and directors. Equity in the form of Awards forms a key element of the total compensation for each executive and is considered each year as part of the annual performance review process.

See Schedule "A" for a detailed summary of the Omnibus Incentive Plan.

<u>Option Plan and Option–based Awards</u>

Prior to the establishment of the Omnibus Incentive Plan, the Corporation granted Options to certain employees (including executive officers) who were considered to have a significant role in the long-term success of the Corporation. The Option Plan was discontinued effective as of March 15, 2018, but Options granted pursuant to the Option Plan remain outstanding until they are exercised or they expire or are terminated, cancelled or extinguished.

<u>Benefit Plans</u>

The Corporation provides benefits to the executive officers on the same terms as are available to all other employees in the jurisdictions where they reside, and typically includes health care, dental care, vision care, disability and life insurance.

The Corporation does not provide any pension or retirement benefits to its employees (including its executive officers) other than a Corporation sponsored 401(k) plan in the United States and a Registered Retirement Savings Plan ("**RRSP**") in Canada. All 401(k) and RRSP matching contributions, if any, are subject to annual review and the approval of the Board of Directors and are conditional principally on the financial performance and condition of the Corporation. The matching contributions were suspended for all employees on August 16, 2016.

<u>Employment Contracts</u>

On April 12, 2017, upon the recommendation of the Compensation Committee Chairman, supported by a benchmarking analysis conducted by PWC Canada, the Corporation entered into an employment agreement with Patrick Blott, pursuant to which Mr. Blott served as Chairman & Chief Executive Officer of the Corporation from March 1, 2017 through to September 1, 2020. The Compensation Committee approved the renewal of Mr. Blott's employment agreement on the same terms through September 1, 2028 and the Compensation Committee approved an amendment to Mr. Blott's employment agreement to increase the base salary by 10%. The contract is intended to directly correlate to Mr. Blott's specialized experience with special situations and turnaround financing, in addition to unique skills and knowledge of the industry.

Mr. Blott's amended employment agreement provides for an annual base salary of $544,500 to be paid in cash. Mr. Blott is eligible to receive a performance bonus up to $544,500, payable in cash, Options or Common Shares, in each fiscal year based on the achievement of goals approved by the Board of Directors on an annual basis. The employment agreement also contains non-competition provisions that prevent Mr. Blott from providing services following termination of employment for a period of one year in the markets being pursued by the Corporation, subject to certain exceptions. Mr. Blott is entitled to additional payments upon a Change of Control (as defined below), including a cash payment of $600,000. Further, if Mr. Blott is terminated pursuant to a Change of Control, he is entitled to additional amounts under the employment agreement equal to $1,633,500 annual base salary and $816,750 maximum bonus. A "Change in Control", pursuant to Mr. Blott's employment agreement, means: (i) any individual or related group (as that term is defined in the *Income Tax Act* (Canada)) of shareholders or the Corporation acquires or retires 50% of the voting securities of the Corporation in one or a series of transactions; (ii) a reduction in Vertex's (as defined below) investment (other than by debt repayment or conversion) of 15% or more or an acquisition by any third party of Common Shares such that such third party will own 10% of more of the outstanding Common Shares or the involuntary termination of the Executive Chairman's service as a director; (iii) the sale, lease exchange or other disposition of more than 50% of the Corporation's property or assets; or (iv) the removal of the Chief Executive Officer as Executive Chairman without the affirmative vote of the Chief Executive Officer.

On November 14, 2019, Mr. Blott acquired 5,651,005 Common Shares (the "**Vertex Acquisition**") from Vertex One Asset Management Inc. (on behalf of Vertex Fund) ("**Vertex**"), which represented approximately 33% of the issued and outstanding Common Shares at the time. However, the Board determined, with the concurrence of Mr. Blott, that the Vertex Acquisition did not trigger a payment under the Change of Control provisions of Mr. Blott's employment agreement.

<u>Director Retention Plan</u>

In January 2017, the Board approved a director retention plan (the "**Director Retention Plan**") which includes the following payments in respect of the current directors and directors serving as executive officers in the event of a Change in Control (defined below):

● Chairman and Chief Executive Officer; a cash payment equal to the greater of (i) the value of all outstanding Options (that remain unexercised) after giving effect to the Change of Control and (ii) $600,000 in cash (subject to reduction on a ratable basis in the event any prior granted Options are exercised). All outstanding Options will be cancelled upon the making of such payment.

● Directors (other than the Chairman and Chief Executive Officer and Chief Financial Officer); a cash payment equal to the greater of (i) the value of all outstanding Options (that remain unexercised) after giving effect to the Change of Control and (ii) $300,000 in cash (subject to reduction on a ratable basis in the event any prior granted Options are exercised). All outstanding Options will be void upon the making of such payment.

A "**Change of Control**", pursuant to the Director Retention Plan, is defined as (i) a reduction in Vertex's investment (other than by debt repayment) of 15% or more, (ii) an acquisition by any third party of Common Shares such that such third party will own 15% or more of the outstanding Common Shares or (iii) the involuntary termination of the Executive Chairman's service as a director. The Board similarly determined with the concurrence of Mr. Blott, that the Vertex Acquisition did not trigger a payment under the Change of Control provisions of the Director Retention Plan.

**<u>Summary Compensation Table</u>**

The following table sets forth the total compensation paid to or earned by the NEOs for the Corporation's fiscal years ended December 31, 2024, 2023 and 2022.

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Name and <br>Principal <br>Position** | **Year <br>Ended <br>Dec. 31** | **Salary<br> ($)** | **Share- Based Awards <br>($)** | **Option/RSU-<br> **Based**<br> **Awards <br> ($)**<sup>(1)</sup>** | **Non-Equity <br> Incentive Plan<br> Compensation <br>($)** | **Non-Equity <br> Incentive Plan<br> Compensation <br>($)** | **All Other <br>Compensation <br>($)** | **Total <br>Compensation <br>($)** |
|  |  | | | | **Annual**<br>**Incentive <br>Plans** | **Long-Term**<br>**Incentive <br>Plans** | | |
| **Patrick A. Blott** | 2024 | 495000 |  |  |  |  | 40000<sup>(4)</sup> | 535000 |
| Chairman & CEO | 2023 | 495000<sup>(2)</sup> |  | 78897 |  |  | 40000<sup>(4)</sup> | 613897 |
|  | 2022 | 431394<sup>(3)</sup> |  | 77635 |  |  | 40000<sup>(4)</sup> | 549029 |
| **Jennifer S. Bakken** | 2024 | 231660 |  |  |  |  |  | 231660 |
| Executive Vice President | 2023 | 231660<sup>(2)</sup> |  | 49792 |  |  |  | 281452 |
| and CFO | 2022 | 211881 |  | 42439 |  |  |  | 254320 |

---

**Notes:**

(1) Amount
 expensed for financial reporting purposes over the full term of the security with respect
 to the fair value of Options and RSUs granted using the Black-Scholes option pricing model
 as of the date of grant. The amount reflects the accounting expense for these awards and
 does not correspond to the actual value that may or may not be recognized by the NEO. The
 Corporation has historically used this calculation for determining fair value and believes
 it is the most reasonable and supportable methodology available to estimate fair value.

(2) Of
 this amount, $172,615 for Mr. Blott and $80,784 for Ms. Bakken was earned and deferred to
 be paid in 2024.

(3) During
 2022, Mr. Blott received 62,860 restricted share units, valued at $21,314, based on the fair-value
 of the stock at the date of grant, as compensation for base salary in lieu of cash compensation.

(4) Amount
 earned for services as a Director.

**<u>Incentive Plan Awards</u>**

<u>Outstanding Option-based Awards and Share-based Awards</u>

The following table sets forth the Options and share-based awards granted to the NEOs to purchase or acquire Common Shares of the Corporation which remain outstanding as of December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Share-based Awards** | **Share-based Awards** | **Share-based Awards** |
| <br>**Name** | **Number of<br> securities<br> underlying<br> unexercised<br> options <br>(#)** | **Option<br> exercise<br> price <br>(C$)** | **Option<br> expiration<br> date**  | **Value of<br> unexercised<br> in-the- money<br> options<br> (C$)** | **Number of<br> shares or<br> units of<br> shares<br> (RSUs)**<br> **that have<br> not vested**<br> **(#)** | **Market or<br> payout<br> value of<br> share- based<br> awards (RSUs)<br> **that have<br> not vested**<br> **($)** | **Market or<br> payout value<br> of vested <br> **share-based<br> awards<br> (RSUs) not<br> paid out or<br> distributed**<br> **($)** |
| **Patrick A. Blott** | 112068 | 0.70 | 12 Apr 2027 |  | 61394 | 102231 | 1292494 |
|  | 170932 | 0.80 | 16 Nov 2026 |  |  |  |  |
| **Jennifer S. Bakken** | 50000 | 0.70 | 12 Apr 2027 |  | 38750 | 64525 | 661906 |

---

<u>Incentive Plan Awards – Value Vested or Earned During the Year</u>

The following table sets forth the value vested or earned during 2023 of Options, share-based awards and non-equity incentive plan compensation paid to NEOs during the most recently completed financial year.

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Option-based<br> awards - value<br> vested during <br> the year**<br> ($)<sup>(1)</sup>** | **Share-based<br> awards - value<br> vested during <br> the year <br>($)** | **Non-equity incentive<br> plan compensation -<br> value earned during<br> the year <br>($)** |
| **Patrick A. Blott** |  | 312219 |  |
| **Jennifer S. Bakken** |  | 204466 |  |

---

**Note:**

(1) See
 "*Summary Compensation Table*" above and footnote (1) contained therein.

**<u>Retirement Benefits</u>**

The Corporation does not have a defined benefit plan or defined contribution plan, but does provide retirement benefits to its employees, including NEOs.

The Corporation sponsors a 401(k) retirement savings plan for all regular full-time employees (including executive officers) employed in the United States and an RRSP in Canada. Employees participating in the 401(k) plan during 2024 could contribute up to 100% of their annual base earnings into the plan up to a limit of $23,000. Contribution amounts may be indexed for inflation in subsequent years. Participants in the 401(k) plan turning age 50 in 2024 or prior had the option to contribute an additional $7,500 into the plan. This additional contribution amount for age 50+ participants may also be indexed for inflation in subsequent years. Annual contributions into the 401(k) retirement savings plan are subject to an actual percentage deferral test. Participants in the RRSP could contribute the lesser of (i) 18% of prior year's earned income, (ii) the maximum annual contribution limit of C$31,560, or (iii) the remaining limit after any Corporation sponsored pension plan contributions minus any pension adjustment, plus any unused RRSP contribution room. Participants in the RRSP who did not utilize their full contribution limit could carry forward unused RRSP contributions. During each of the periods presented for 2022-2024, the Corporation did not match employee contributions.

**<u>Termination and Change in Control Benefits</u>**

Mr. Blott is the only NEO with a change in control agreement in place. Mr. Blott has made and is expected to continue to make major contributions to the short- and long-term profitability, growth and financial strength of the Corporation. Additionally, the Corporation recognizes that the possibility of a change in control exists and that such possibility, and the uncertainty it may create could result in the distraction or departure of the Chairman and Chief Executive Officer, to the detriment of the Corporation and its Shareholders. The Corporation wants to ensure Mr. Blott is not unduly distracted by the circumstances arising from the possibility of a change in control and believes it is important to be encouraged to continue his attention and dedication to the operations within the Corporation.

"Change in Control" is defined in Mr. Blott's employment agreement as described above. Assuming a Change in Control took place at December 31, 2024, the estimated incremental payments to Mr. Blott would have been $3,650,250; representing $1,200,000 that would be payable under the Director Retention Plan and Mr. Blott's employment agreement, $1,633,500 annual base salary, and $816,750 maximum bonus that would be payable under his employment agreement.

**<u>Director Compensation</u>**

<u>Director Compensation Table</u>

The following table sets forth the value of all compensation awarded, earned, paid or payable to directors, not including those directors who are also NEOs, for the Corporation's most recently completed financial year. See "*Summary Compensation Table*" for compensation paid to directors who are also NEOs.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Name** | **Fees<br> earned<br> ($)<sup>(1)</sup>** | **Share-based<br> awards<br> ($)** | **Restricted<br> share<br> awards<br> ($)<sup>(2)</sup>** | **Non-equity<br> incentive<br> plan<br> compensation<br> ($)** | **All other<br> Compensation<br> ($)** | **Total<br> ($)** |
| Philippe Frappier | 29600 |  | 20000 |  | – | 49600 |
| John (Jack) Hild | 29600 |  | 20000 |  | – | 49600 |
| Jordan Tongalson | 33600 |  | 20000 |  | – | 53600 |

---

**Notes:**

(1) Amounts
 represent fees earned during 2024. Unpaid fees that remain in accounts payable at December
 31, 2024 are included in the table below.

(2) Amount
 expensed for financial reporting purposes over the full term of the security with respect
 to the fair value of RSUs granted using the Black-Scholes option pricing model as of the
 date of grant. The amount reflects the accounting expense for these awards and does not correspond
 to the actual value that may or may not be recognized by the Director. The Corporation has
 historically used this calculation for determining fair value and believes it is the most
 reasonable and supportable methodology available to estimate fair value.

<u>Directors' Fees</u>

The compensation of non-employee directors consists of a cash component and a stock component. Each director is entitled to reimbursement for reasonable out-of-pocket expenses in connection with attending Board and committee meetings. The directors are not permitted to purchase financial instruments (hedges, etc.) to offset decreases in market value of equity securities held by such director.

Each non-employee director receives an annual retainer of $25,000 (the "**Annual Retainer**"). Subject to the availability of Common Shares under the Omnibus Incentive Plan, the director's annual retainer also includes the issuance of RSUs of approximately $20,000. In addition to the annual retainer amounts, annual fees were earned during 2024 for the Chairman of the Board, the Audit Committee Chairman, the Nominating and Governance Committee Chairman, and the Compensation Committee Chairman in the amounts of $15,000, $8,000, $4,000 and $4,000, respectively. All fees other than the stock portion of the Annual Retainer are payable quarterly in arrears.

During 2024, the Corporation paid a portion of the prior year accrued directors fees, and the Board of Directors elected to defer the payment of certain directors fees payable to the directors and continued the deferral of the payment of incentive compensation that was earned during 2018. The following table sets forth the accrual of directors' fees and annual incentive bonuses as of December 31, 2024:

---

| | | | |
|:---|:---|:---|:---|
| **Name** | **Director Fees<br> ($)** | **Incentive**<br> **Compensation**<br> **($)** | **Balance due at**<br> **December 31, 2024**<br> **($)** |
| Patrick A. Blott | 40000 | 240000 | 280000 |
| Philippe Frappier | 29600 | 100000 | 129600 |
| John (Jack) Hild | 104200 | 48000 | 152200 |
| Jordan Tongalson | 50400 | 20000 | 70400 |

---

<u>Outstanding Option-Based Awards and Share-Based Awards</u>

The following table sets forth the Options and share-based awards granted and outstanding to the directors of the Corporation to purchase or acquire securities of the Corporation as of December 31, 2024.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Option-based Awards** | **Share-based Awards** | **Share-based Awards** | **Share-based Awards** |
| <br>**Name** | **Number of<br> securities<br> underlying<br> unexercised<br> options <br>(#)** | **Option<br> exercise<br> price <br>(C$)** | **Option<br> expiration<br> date**  | **Value of<br> unexercised<br> in-the- money<br> options<br> (C$)** | **Number of<br> shares or<br> units of<br> shares**<br> **that have <br> not vested**<br> **(#)** | **Market or<br> payout <br> value of<br> share- based<br> awards<br> **that have<br> not vested**<br> **($)** | **Market or payout <br> value of <br> vested <br> **share-based<br> awards not<br> paid out or<br> distributed**<br> **($)** |
| Philippe Frappier | 100000 | 0.70 | 12-Apr-2027 |  | 43774 | 72891 | 566314 |
| John (Jack) Hild | 38936 | 0.70 | 12-Apr-2027 |  | 43774 | 72891 | 626333 |
| Jordan Tongalson |  |  |  |  | 34046 | 56692 | 375619 |

---

**EQUITY COMPENSATION PLAN INFORMATION**

The following table sets forth certain information regarding the Corporation's equity compensation plans as of December 31, 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Plan Category** | **Number of securities to be issued upon exercise of outstanding options, warrants and rights <br>(a)** | **Weighted-average exercise price of outstanding options, warrants and rights <br>(b)** | **Weighted-average exercise price of outstanding options, warrants and rights <br>(b)** | **Number of securities remaining available for future issuance under equity compensation plans (excluding securities reflected in column(a))**<br> **(c)** |
| Equity compensation plans approved by the security holders<sup>(1)</sup> | 4479065<sup>(2)</sup> | C$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.11 | 134566<sup>(3)</sup> |
| Equity compensation plans not approved by the security holders |  |  |  |  |
| Total | 4479065 | C$ | 0.11 | 39565 |

---

**Notes:**

(1) The
 Shareholders replaced the Option Plan, the Directors' Share Plan and the Employee Compensation
 Plan with the Omnibus Incentive Plan at the March 15, 2018 Annual General and Special Meeting
 of the Corporation. Securities under the old Option Plan will remain outstanding until they
 are exercised, forfeited or expired, but no new securities will be issued under the former
 Option Plan.

(2) The
 amount represents the total number of Options (699,442) and RSUs (3,779,623) issued and outstanding
 at December 31, 2024 under the Corporation's Omnibus Incentive Plan and Option Plan.

(3) The
 amount represents the total number of Options, SARs, RSUs, and Common Shares available for
 future issuance at December 31, 2024, under the Corporation's Omnibus Incentive Plan.

**INDEBTEDNESS OF DIRECTORS, EXECUTIVE OFFICERS AND OTHERS**

None of the directors or officers of the Corporation, nominees for election as a director of the Corporation, or associates of such persons have been indebted to the Corporation or any of its subsidiaries at any time since the beginning of the most recently completed fiscal year. No such person has been indebted to any other entity where such indebtedness is the subject of a guarantee, support agreement, letter of credit or similar arrangement or understanding provided by the Corporation or any of its subsidiaries in respect of the purchase of securities or otherwise.

**INTEREST OF INFORMED PERSONS IN MATERIAL TRANSACTIONS**

The management of the Corporation is not aware of any material interest, direct or indirect, of any informed person or proposed director of the Corporation or any associate or affiliate of any such persons in any transaction since the commencement of the financial year ended December 31, 2024 or in any proposed transaction, which has materially affected or would materially affect the Corporation or any of its subsidiaries.

For the purposes of this Information Circular, an "informed person" means (i) a director or officer of the Corporation, (ii) a director or officer of a person or company that is itself an informed person, or (iii) any person or company who beneficially owns, directly or indirectly, and/or exercises control or direction over voting securities of the Corporation carrying more than 10% of the voting rights attaching to all outstanding voting securities of the Corporation.

**CORPORATE GOVERNANCE**

**<u>General</u>**

The Corporation and its Board of Directors are committed to maintaining a high standard of corporate governance. The Corporation continually assesses and updates its practices and believes it employs a leading system of corporate governance to ensure the interests of Shareholders are well-protected. The Corporation fully complies with all applicable regulatory requirements concerning corporate governance. In Canada, the Canadian securities regulatory authorities in all of the provinces and territories of Canada have adopted National Policy 58-201 – *Corporate Governance Guidelines* and National Instrument 58-101 – *Disclosure of Corporate Governance Practices* ("**NI 58-101**") effective June 30, 2005.

The Board of Directors and its committees evaluate and enhance the Corporation's corporate governance practices by monitoring Canadian regulatory developments affecting corporate governance, accountability and transparency of public company disclosure.

The following statement of the Corporation's existing corporate governance practices is made in accordance with Form 58-101F1 of NI 58-101.

**<u>Board of Directors</u>**

<u>General</u>

During 2024, the Corporation continued to grow its high-margin subscription-based revenue by expanding its commercial market customer base. The Corporation announced several insurance market subscription renewals for its U.S. and European software solutions. In the government sector, the Corporation began the execution of a large mapping program in Southeast Asia. The Corporation completed a private placement and completed the exercise of over four million share purchase warrants to raise capital, improving its balance sheet and capital structure.

<u>Independence</u>

During 2024, the Board was composed of four directors, three of whom are independent directors. The Board is responsible for determining whether or not each director is independent within the meaning of such term set forth in NI 58-101. In applying this definition, the Board considers all relationships of the directors with the Corporation, including business, family and other relationships. As the Chairman and Chief Executive Officer of the Corporation, Patrick A. Blott is a member of management and not considered to be independent. Mr. Blott is considered an "**insider**" and a "**related**" director. As Mr. Blott is the Chairman, the Corporation does not have an independent Chairman.

Independent directors meet at every regularly scheduled meeting of the Board without the attendance of management to discuss the affairs of the Corporation. The independent directors met at least four times without management present at formal Board meetings during the Corporation's most recently completed financial year.

The Board has also determined that Messrs. Frappier, Hild and Tongalson are independent directors on the basis that none of such directors have a direct or indirect material relationship with the Corporation which could, in the view of the Board of Directors, be reasonably expected to interfere with the exercise of their independent judgment. The independent directors constitute a majority of the Board.

<u>Board Meetings</u>

During 2024, the Corporation's Board held 7 Board meetings either in person or via telephone conference. The overall combined attendance by the Corporation's directors at Board meetings was 100 %. The Corporation's directors hold in-camera sessions, without non-independent directors and management members in attendance, at all formal Board meetings. In addition, the directors held informal meetings at least twelve times during the most recently completed financial year.

The attendance record of each of the directors of the Corporation for formal Board meetings held during 2024 is as follows:

---

| | |
|:---|:---|
| **Name of Director** | **Attendance Record** |
| Patrick A. Blott | Attended 7 of 7 meetings |
| Philippe Frappier | Attended 7 of 7 meetings |
| John (Jack) Hild | Attended 7 of 7 meetings |
| Jordan Tongalson | Attended 7 of 7 meetings |

---

**<u>Outside Directorships</u>**

The Board has not adopted a formal policy limiting the number of outside directorships of the Corporation's directors. As of December 31, 2024, there are no other public company board memberships held by director nominees of the Corporation.

**<u>Board Mandate</u>**

The Corporation's Board has not adopted a formal written mandate. The fundamental responsibility of the Board is to appoint a competent executive team, approve a strategic and compensation plan, and to oversee the management of the business in accordance with the Act and with a view to maximizing Shareholder value and ensuring corporate conduct in an ethical and legal manner via an appropriate system of corporate governance and internal controls. The Board is also charged with approving guidelines, policies and goals for the Corporation. The Corporation has three committees to assist the Board of Directors in effectively carrying out its responsibilities. Each of these committees has the responsibilities described below. The Corporation has no written description for its committee chair positions; however, the Corporation has a mandate for each committee and the roles and responsibilities of each committee chair position are implied therein.

**<u>Compensation Committee - Charter and Composition</u>**

The charter of the Compensation Committee provides that the committee make recommendations regarding the compensation of officers, directors and employees. The Compensation Committee reviews all proposed agreements between executives and the Corporation and provides recommendations to the Board of Directors. The Compensation Committee is also responsible for administration of the Omnibus Incentive Plan and performance assessment. The Compensation Committee is comprised of Philippe Frappier (Chairman), Patrick Blott, John Hild and Jordan Tongalson. A majority of the Compensation Committee's members are independent. The independent members of the Compensation Committee meet at each regular Board meeting, without the presence of management, to address any topics related to compensation of the non-independent member.

**<u>Audit Committee - Charter and Composition</u>**

The charter of the Audit Committee is to assist the Board of Directors in fulfilling its responsibilities in respect of the Corporation's financial reporting process, financial statements, management controls and systems, and the audit process. The Audit Committee also has oversight responsibility for certain aspects of risk management of the Corporation. The Audit Committee is comprised of Messrs. Tongalson (Chairman), Frappier and Hild. All of the Audit Committee's members are independent.

Additional information regarding the Audit Committee may be found in the Corporation's Annual Information Form for the year ended December 31, 2024 filed on SEDAR at <u>www.sedarplus.ca</u>.

**<u>Nominating and Governance Committee - Charter and Composition</u>**

The charter of the Nominating and Governance Committee ("**NGC**") is to review and advance the governance of the Corporation and ensure that the Corporation maintains a culture of good governance practice. The NGC is responsible for constitution of the Board of Directors; nominations to the Board of Directors; Board member and chairman evaluation; Board education; Board committee charters; disclosure; conflicts of interest and insider trading; and officer appointments. The NGC is comprised of John Hild (Chairman), Patrick Blott, Philippe Frappier and Jordan Tongalson. A majority of the NGC's members are independent. The independent members of the NGC meet at each regular Board meeting, without the presence of management. In addition, each independent member meets throughout the year with potential Board of Director candidates.

**<u>Position Descriptions</u>**

The Corporation does not have written position descriptions for the Chairman and Chief Executive Officer, or any committee Chairman. The Board is responsible for monitoring the Chief Executive Officer's performance to ensure that it is consistent with defined strategic, operational, and financial initiatives and goals, as well as the policies, guidelines and governance goals approved by the Board. As part of this process, the Board reviews and approves corporate goals and objectives relevant to the Chairman and Chief Executive Officer's compensation and evaluates the Chairman and Chief Executive Officer's and other senior management's performance in light of these corporate goals and objectives.

**<u>Orientation and Continuing Education of Directors</u>**

While the Corporation does not currently have a formal orientation and education program for new recruits to the Board of Directors, the Corporation has historically provided such orientation and education on an ad hoc and informal basis, including the use of internal published guideline material, personal education through the periodic use of a subject matter expert, and regular briefings that provide the Board with pertinent information on current corporate governance issues. All incoming directors are provided with materials summarizing the nature and operation of the Corporation's business.

Certain of the directors have visited various locations where the business of the Corporation is conducted.

Finally, in addition to these specific events and other ongoing internal continuing education programs, directors are encouraged to attend external educational programs to assist in their development as a director of the Corporation.

**<u>Ethical Business Conduct</u>**

The Corporation has adopted a Corporate Code of Business Conduct and Ethics (the "**Code**") which sets out the basis on which the Corporation will operate as a principled corporation. The Code establishes the Corporation's commitment to conducting business ethically and legally. The Code applies to all officers, employees, contractors, consultants, (collectively, "**staff**") and directors. The Code makes specific reference to the maintenance of an ethical corporate climate and a compliance with legal and regulatory obligations. All staff and the directors of the Corporation are asked to review the Code confirming that they understand their individual responsibilities and will conform to the requirements of the Code. The Audit Committee monitors any reports pursuant to the Code at each of its quarterly meetings and if necessary, a special meeting of the Audit Committee, the Board and/or executive management can be held to manage or resolve any matters brought forth under the Code.

The Chairman and Chief Executive Officer and other executive officers of the Corporation are required to foster a corporate culture that promotes ethical practices and encourages individual integrity and social responsibility, all of which is monitored by the Board. The Code outlines that any "**reportable activity**" of an unethical nature may be reported through one or more of the following channels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 employee's immediate supervisor or manager;

(ii) any
 member of senior management;

(iii) the
 Chairman of the Audit Committee; and/or

(iv) External
 Corporate Secretary (legal counsel) for "sensitive" activities or issues that
 the individual is uncomfortable reporting internally.

The Code ensures that any employee, who in good faith reports what it believes to be unethical activity, will be protected from threats of retaliation, discharge or other adverse actions or discrimination as a result of such a report.

The Board exercises independent judgment in considering transactions and agreements in respect of which a director or executive officer has a material interest and any such director does not vote on any issue in which he has a material interest and is usually excused from the Board meeting while the matter is discussed.

There have been no material change reports filed since the beginning of the Corporation's most recently completed financial year that pertain to any conduct of a director or executive officer that constitutes a departure from the Code.

A copy of the Code may be obtained from the Corporation website at <u>www.intermap.com</u>, and is also available on SEDAR at <u>www.sedarplus.ca</u>.

**<u>Nomination of Directors</u>**

The Board has established the NGC which is comprised of all of the directors. The NGC's mandate includes assessing and recommending new nominees to the Board, although all Board members are encouraged to recommend new candidates. In assessing new nominees, the Board seeks to ensure that there is a sufficient range of skills, expertise and experience to ensure that the Board can carry out its mandate and functions effectively. The NGC receives and evaluates suggestions for candidates from individual directors, the Chairman and Chief Executive Officer and, if needed or deemed advisable, from professional search organizations. The NGC gives consideration to the appropriate size of the Board for the ensuing year and, on a periodic basis, oversees the evaluation of, and assesses and considers the effectiveness of, the Board as a whole, the committees of the Board and the contribution of individual members.

The NGC is also responsible for reviewing, reporting and providing recommendations for improvement to the Board with respect to all aspects of corporate governance. The NGC monitors best practices among major Canadian and U.S. companies to help ensure the Corporation continues to adhere to high standards of corporate governance.

**<u>Compensation</u>**

The Board has appointed the Compensation Committee which is comprised of all the directors. The Compensation Committee has a written mandate which establishes the responsibilities of the Compensation Committee. The Compensation Committee may engage outside resources if deemed advisable and has the authority to retain and terminate any consultant used in the evaluation of senior officer compensation. The primary function of the Compensation Committee is to assist the Board in carrying out its responsibilities by reviewing compensation and human resources issues in support of the achievement of the Corporation's business strategy and making recommendations to the Board as appropriate. In particular, the Compensation Committee is responsible for reviewing and approving corporate goals and objectives relevant to Chief Executive Officer compensation, evaluating the Chief Executive Officer's performance against those goals and objectives and making recommendations to the Board with respect to the Chairman and Chief Executive Officer's compensation. The Compensation Committee also approves and reports to the Board on compensation for the Corporation's other senior officers.

The Compensation Committee also reviews, comments on, and approves the Statement of Executive Compensation contained in this Information Circular.

**<u>Assessments of the Board</u>**

The Board is required to establish appropriate practices for the regular evaluation of the effectiveness of the Board, its committees and its members. The NGC is responsible for assessing the effectiveness of the Board and committees of the Board. The assessments include a review of an individual directors' knowledge, skills, experience and meaningful contributions and are returned to the NGC for review. The NGC assesses the adequacy of information given to directors, communication between the Board and management and the processes of the Board and committees. The NGC recommends to the Board any changes that would enhance the performance of the Board based on all of the NGC's assessments.

The Corporation has not adopted term limits for the directors on its Board. When considering the composition of the Board, the Chairman and the other members of the Board take into consideration the skill matrix of all Board members, as prepared and approved by the NGC, to ensure that the Board possesses the requisite experience, expertise, and business and operational insight to effectively guide the Corporation.

The Corporation has not adopted a written policy relating to the identification and nomination of women directors. The Corporation is committed to a merit-based system for Board composition, while recognizing the benefits of providing diversity on its Board, be it in the form of gender, age, cultural heritage, or geographic representation. The NGC, when considering and recommending qualified director nominees, takes the background and diversity of all directors and nominees into consideration.

The NGC includes the gender of a potential candidate as one component in the overall list of factors it considers when evaluating director nominations for election and re-election. As in the director selection process, the gender of a potential senior executive candidate is one component in the overall factors that the NGC, the Chairman and Chief Executive Officer considers when selecting candidates. The Board has not adopted a target regarding women on the Board or in senior executive positions. Given the size of the Corporation, the number of senior executives, and the state of the Corporation's development, the Board is committed to selecting candidates for executive officer positions that the Board considers is best suited to the Corporation's strategy, risk and operations. As of the date of this this Information Circular, there are currently no women on the Board and one female executive officer in the Corporation, which represents 50% of the executive officers of the Corporation.

**ADDITIONAL INFORMATION**

Additional information relating to the Corporation is available under the Corporation's profile on SEDAR at <u>www.sedarplus.ca</u>. Financial information is provided in the Corporation's comparative financial statements and MD&A for the year ended December 31, 2024. Copies of the audited annual financial statements and MD&A for the year ended December 31, 2024 are available on SEDAR (<u>www.sedarplus.ca</u>) under the Corporation's profile. Specifically, additional information regarding the Corporation's Audit Committee may be found in the Corporation's Annual Information Form for the year ended December 31, 2024 filed on SEDAR at <u>www.sedarplus.ca</u>.

A Shareholder who wishes to receive annual and/or interim financial statements is encouraged to send the enclosed mail card, together with the completed form of proxy, in the addressed envelope provided, to the Corporation's transfer agent, Odyssey Trust Company, Trader's Bank Building, 702, 67 Yonge Street, Toronto, Ontario, M5E 1J8. The Corporation will maintain a supplemental mailing list of persons or companies wishing to receive annual and/or interim financial statements.

**OTHER MATTERS**

As of the date of this Information Circular, the Board of Directors and management know of no amendment, variation or other matter to come before the Meeting other than the matters referred to in the Notice of Meeting. However, if any other matter properly comes before the Meeting, proxies in favor of management nominees will be voted on such matter in accordance with the best judgment of the person or persons voting the proxy.

The delivery of this Information Circular has been approved by the directors of the Corporation. Unless otherwise stated, the information contained herein is given as of May 28, 2025.

**SCHEDULE "A"**

**SUMMARY OF OMNIBUS INCENTIVE PLAN**

Capitalized terms used in this Schedule "A" but not otherwise defined shall have the meaning ascribed thereto in the accompanying Management Information Circular (the "**Information Circular**"). The Omnibus Incentive Plan contemplates the granting of Options, SARs, RSUs and Other Awards under a single plan. Non-U.S. participants may be granted Tandem SARs and/or Stand-alone SARs. U.S. participants may only be granted Stand-alone SARs. A "**Tandem SAR**" means a SAR granted in connection with an Option whereas a "**Stand-alone SAR**" means a SAR not granted in tandem with an Option.

**Purpose**

The purpose of the Omnibus Incentive Plan is to advance the interests of the Corporation by enabling grants of Awards to be made to selected participants so as to provide an additional incentive to such participants, encourage share ownership by them and thereby increase their proprietary interest in the Corporation's success and their desire to remain with the Corporation. The Omnibus Incentive Plan will also assist the Corporation in attracting and retaining key employees and directors.

**Eligible Participants**

Participation in the Omnibus Incentive Plan is determined by the compensation committee (the "**Committee**") and is both discretionary and voluntary. The Committee may grant Awards under the Omnibus Incentive Plan to employees, officers, non-employee directors of the Corporation and its subsidiaries (provided that the director does not, directly or indirectly, own or control 10% or more of the Common Shares of the Corporation or would not otherwise be an "insider" under the TSX rules) and consultants to the Corporation and its subsidiaries (each a "**Participant**").

In selecting Participants and in granting Awards, the Committee may give consideration to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the
 functions and responsibilities of the Participant;

(ii) his
 or her past, present and potential contributions to the profitability and growth of the Corporation
 and its subsidiaries;

(iii) the
 value of his or her services to the Corporation and its subsidiaries; and

(iv) other
 factors deemed relevant by the Committee.

However, neither the Omnibus Incentive Plan nor any Award thereunder shall give any Participant any right with respect to continuance of employment or appointment by the Corporation or its subsidiaries, nor shall the Plan or any Award thereunder impose a limitation in any way on the right of the Corporation or its subsidiaries to terminate any Participant's employment or appointment at any time.

**Maximum Number of Shares Reserved; Restrictions**

The maximum number of Common Shares that can be issued under the Omnibus Incentive Plan is 4,613,631, or approximately 7.8% of the current issued and outstanding Common Shares, subject to certain customary adjustments for consolidations, stock dividends, subdivisions, rights offerings and other corporate events and the addition of Common Shares as described below. As of the date of the Information Circular, 1,047,253 Common Shares have been issued under the Omnibus Incentive Plan. There are no restrictions on the maximum number or percentage of Common Shares that can be awarded to (i) any one Participant or (ii) insiders under the Omnibus Incentive Plan.

Any Common Share issuable pursuant to an outstanding Award under the Omnibus Incentive Plan or an outstanding award under any of the Predecessor Plans that is, for any reason, cancelled, expired, forfeited or terminated without having been exercised in full shall be available for future grants under the Omnibus Incentive Plan. As described in the Information Circular, the maximum number of Common Shares issuable under the Omnibus Incentive Plan includes 696,637 Common Shares underlying Options that previously expired or were cancelled, forfeited or terminated. There are a further 699,442 Common Shares reserved for Options granted pursuant to the Option Plan, and no outstanding grants under the Employee Share Plan or Director Share Plan. Accordingly, there is a total of 4,613,631 Common Shares that could be issued under the Omnibus Incentive Plan, if all 699,442 outstanding Options expire or are cancelled, forfeited or terminated without being exercised. See "*Matters to be acted upon at the Meeting – Amendment to the Omnibus Incentive Plan*" in the Information Circular for more information about the current number of Common Shares issuable under the Omnibus Incentive Plan.

**Award of Options**

The Committee may, from time to time, grant Options to any Participant. The Committee shall establish the exercise price at the time that each Option is granted pursuant to the Omnibus Incentive Plan. The exercise price shall in all cases not be less than 100% of the Fair Market Value of the Common Shares as of the date of the Award. The exercise price may be established in Canadian dollars, U.S. dollars, British pounds sterling or other currency that is determined by the Committee. Upon exercise of an Option and payment of the aggregate exercise price, the Participant shall receive the number of underlying Common Shares to which such Option has been exercised.

"**Fair Market Value**" on any day means the most recent closing price in Canadian dollars of a Common Share on the TSX on the last trading day prior thereto, or if there is no closing trading price on such date, the average of the closing bid and ask prices on such exchange for that date; provided, however, that if the Common Shares are not traded on the TSX then "Fair Market Value" shall mean the closing price in the applicable trading currency of a Common Share on another stock exchange where the majority of the trading volume and value of the Common Shares occurs, such closing price to be converted into Canadian dollars (based on the daily average exchange rate quoted by the Bank of Canada on such day) and if the Common Shares are not traded on the TSX or on any other trading market, the Committee shall determine in its sole discretion in good faith a method for determining "Fair Market Value" as of a particular date.

The Omnibus Incentive Plan does not provide any specific vesting provisions for Options granted thereunder. At the time of grant, the Committee may determine the terms, conditions and restrictions applicable to the Option, including any terms of vesting or early termination (including in connection with a termination of employment), which shall be set out in the agreements evidencing such Options. The term of any Option shall not exceed 10 years.

In connection with the exercise of an Option, the exercise price may be paid:

&nbsp;&nbsp;&nbsp;&nbsp;(i) in
 cash or by certified cheque, bank draft or money order;

(ii) with
 the consent of the Committee, through the delivery of freely tradeable Common Shares having
 an aggregate Fair Market Value on the date of payment equal to the aggregate exercise price;
 provided that any Common Shares delivered by a Participant must have been held for a period
 of not less than six (6) months if received by the Participant through the exercise of an
 Option;

&nbsp;&nbsp;&nbsp;&nbsp;(iii) through
 any "cashless exercise" procedure acceptable to the Committee; or

(iv) by
 any other method of payment approved by the Committee.

No financial assistance is provided in connection with the exercise of Options.

**Award of SARs**

The Committee may, from time to time, grant Stand-alone or Tandem SARs to any Participant. The value of a SAR is the Fair Market Value as of the date of the Award. Upon the exercise of a Stand-alone SAR, the Participant shall receive such number of Common Shares that in the aggregate have a Fair Market Value equal to the excess, if any, of (i) the Fair Market Value of the Common Shares underlying the SAR as of the date of exercise over (ii) the Fair Market Value of the Common Shares as of the date of the Award, net of applicable taxes.

A Participant may only exercise a Tandem SAR at the same time, and to the same extent, that the Option related thereto is exercisable. Upon the exercise by a Participant of any Tandem SAR, the corresponding portion of the related Option shall be surrendered to the Corporation. On the exercise of a Tandem SAR, the Participant shall be entitled to receive an amount in cash (net of applicable taxes) equal to the excess, if any, of (i) the Fair Market Value of the Common Shares underlying such Tandem SAR as of the date of exercise over (ii) the exercise price of such Tandem SAR.

The Omnibus Incentive Plan does not provide any specific vesting provisions for SARS granted thereunder. At the time of grant, the Committee may determine the terms, conditions and restrictions applicable to the SARs, including any terms of vesting, the term of Stand-alone SARs and any early termination provisions for Stand-alone or Tandem SARs (including in connection with a termination of employment), which shall be set out in the agreements evidencing such SARs. Tandem SARs shall terminate and cease to be exercisable upon the termination of the related Option.

**Award of RSUs**

The Committee may, from time to time, grant RSUs to any Participant. Each RSU is a right granted to a Participant to receive one Common Share upon specified vesting dates and subject to any additional terms and conditions as set forth in the agreements evidencing the RSUs. RSUs may include time-based conditions and/or performance conditions. The Omnibus Incentive Plan does not provide any specific vesting provisions for RSUs granted thereunder. At the time of grant, the Committee may determine the terms, conditions and restrictions applicable to the RSUs, including any terms of vesting and early termination (including in connection with a termination of employment).

The Corporation will issue Common Shares to the Participant in settlement of the vested RSUs as soon as practicable following the date of vesting of such RSUs, but in no event later than March 15 of the calendar year following the calendar year in which such RSUs become vested.

**Other Awards**

The Committee may also grant Awards of Common Shares, cash-denominated awards, and awards that are valued in whole or in part by reference to, or are otherwise based on the Fair Market Value at the day of the grant of, Common Shares. Such Awards shall be in such form, and dependent on such conditions, as the Committee shall determine, including, without limitation, the right to receive one or more Common Shares, cash or the equivalent cash value of such Common Shares, upon the completion of a specified period of service, the occurrence of an event or the attainment of specified performance objectives. Such Awards may be granted alone or in addition to any other Awards granted under the Omnibus Incentive Plan.

The Committee shall determine to whom and when such Awards will be made, the number of Common Shares or cash value to be awarded under (or otherwise related to) such Awards, whether share- denominated Awards shall be settled in cash, Common Shares (issued from treasury or purchased on the open market) or a combination of cash and Common Shares, the currency in which any payments shall be made or any Awards shall be denominated and all other terms and conditions of such Awards. All Awards of Common Shares as "Other Awards" shall reduce the number of Common Shares that may otherwise be issued under the Omnibus Incentive Plan.

The Committee may grant certain Other Awards in terms of, or based on, one or more pre-established objective the Corporation, segment, business unit, divisional, or operational criteria. Performance goals may be based on the performance of the Corporation or a segment, business unit or division generally, in the absolute or in relation to peers, or the performance of a particular Participant. In establishing performance goals, the Committee may establish different performance goals for individual Participants or groups of Participants. Performance goals may be weighted to reflect relative significance for the performance period. Such criteria or measures may be, but are not required to be, calculated in accordance with generally accepted accounting principles applicable to the Corporation.

**Assignment and Transferability**

No Award (including Tandem SARs) may be sold, assigned, transferred, pledged or otherwise encumbered by a Participant otherwise than by will or the laws of descent and distribution, a transfer by a Participant to an entity which is controlled by a Participant or, subject to the receipt of applicable regulatory approval, a transfer to a former spouse or domestic partner of a Participant in connection with a legal obligation or settlement.

**Participant Ceasing to be an Employee**

Subject to the provision set out under "Extension of Term due to Blackout Period" below, in the event that a Participant ceases to be an employee of the Corporation, any Options, Stand-alone SARs and RSUs shall expire based upon the terms set forth in the agreement setting out the terms and conditions applicable to the Award, or as may be determined by the Committee.

**Extension of Term due to Blackout Period**

The Omnibus Incentive Plan also includes a provision that should an Option or SAR expiration date fall within a period when the Participant is prohibited from exercising the Option or SAR under applicable laws (a "**Blackout Period**"), the expiration date will automatically be extended for a period up to ten (10) business days immediately following the end of the Blackout Period, subject to certain limitations applicable to U.S. Participants.

**Amendment and Termination**

The Board or the Committee may amend, suspend or terminate the Omnibus Incentive Plan or any portion thereof, at any time, subject to those provisions of applicable law (including the rules, regulations and policies of the TSX), if any, that require the approval of shareholders or any governmental or regulatory body.

The Board or the Committee may make amendments to the Omnibus Incentive Plan or to any Award outstanding hereunder without seeking Shareholder approval except for amendments which:

&nbsp;&nbsp;&nbsp;&nbsp;(i) increase
 the number of Common Shares reserved for issuance under the Omnibus Incentive Plan, including
 an increase to a fixed number of Common Shares or a change from a fixed number of Common
 Shares to a fixed maximum percentage;

(ii) increase
 the maximum number of Common Shares which may be issued under Awards held by a Participant;

(iii) reduce
 the exercise price of an Award (including the cancellation and re-grant of an Award, constituting
 a reduction of the exercise price of the Award), except pursuant to the antidilution provisions
 of the Omnibus Incentive Plan;

(iv) extend
 the term of an Award beyond its original expiry date, except as relates to a Blackout Period;

(v) change
 the provisions relating to the transferability of an Award, other than for a transfer by
 will or the laws of descent and distribution, to an entity which is controlled by a Participant
 or to a former spouse or domestic partner of a Participant in connection with a legal obligation
 or settlement;

(vi) amend
 the "adjustment" provisions of the Omnibus Incentive Plan which apply to prevent
 dilution in connection with any stock dividend or split, spinoff, recapitalization, merger,
 amalgamation, consolidation, combination or exchange of Common Shares or other corporate
 change affecting the Common Shares;

(vii) change
 the rights attaching to the Common Shares;

(viii) amend
 the "amendment" provisions of the Omnibus Incentive Plan; or

(ix) are
 required to be approved by shareholders under applicable laws, regulations or stock exchange
 rules.

Subject to the foregoing, the Board of Directors shall have the power and authority to approve amendments relating to the Omnibus Incentive Plan or to Awards, without further approval of the shareholders, including, without limitation, to the extent that such amendment:

&nbsp;&nbsp;&nbsp;&nbsp;(i) is
 for the purpose of curing any ambiguity, error or omission in the Omnibus Incentive Plan
 or to correct or supplement any provision of the Omnibus Incentive Plan that is inconsistent
 with any other provision of the Omnibus Incentive Plan;

(ii) is
 necessary to comply with applicable law or the requirements of any stock exchange on which
 the Common Shares are listed;

(iii) is
 an amendment to the Omnibus Incentive Plan respecting administration and eligibility for
 participation under the Omnibus Incentive Plan;

(iv) alters,
 extends or accelerates the terms of vesting or other installment provisions applicable to
 any Award;

(v) changes
 the termination provisions of an Award or the Omnibus Incentive Plan which does not entail
 an extension beyond the original expiry date; or

(vi) is
 an amendment to the Omnibus Incentive Plan of a "housekeeping nature".

**SCHEDULE "B"**

**CHANGE OF AUDITOR NOTICE**

**Intermap Technologies Corporation**

**NOTICE OF CHANGE OF AUDITOR**

(National Instrument 51-102)

---

| | |
|:---|:---|
| **TO:** | Alberta Securities Commission |
|  | British Columbia Securities Commission |
|  | Financial and Consumer Affairs Authority of Saskatchewan |
|  | Manitoba Securities Commission |
|  | Ontario Securities Commission |
|  | Autorité des marchés financiers (Québec) |
|  | Nova Scotia Securities Commission |
|  | Financial and Consumer Services Commission (New Brunswick) |
|  | Office of the Superintendent of Securities Service Newfoundland and Labrador Financial and Consumer Services Division (Prince Edward Island) |

---

---

| | |
|:---|:---|
| **AND TO:** | KPMG LLP ("**KPMG**") |

---

Pursuant to Section 4.11 of National Instrument 51-102 – *Continuous Disclosure Obligations* ("**NI 51-102**"), Intermap Technologies Corporation (the "**Company**") hereby gives notice of the following:

1. On
 May 5, 2025, KPMG notified the Company of its decision, of its own initiative, to decline
 to stand for reappointment as the auditor of the Company in respect of the year ended December
 31, 2025.

2. The
 decision of KPMG to decline to stand for reappointment as auditor of the Company was not
 considered or approved by the audit committee or the board of directors of the Company.

3. There
 have been no modified opinions in KPMG's report on any of the financial statements
 of the Company relating to the period commencing at the beginning of the Company's
 two most recently completed financial years and ending on the date of KPMG's decision
 to decline to stand for reappointment as auditor of the Company.

4. There
 have been no "reportable events" (as defined in NI 51-102).

DATED: May 8, 2025

**INTERMAP TECHNOLOGIES CORPORATION**

---

| | |
|:---|:---|
| By: | /s/ Jennifer Bakken |
| Name: | Jennifer Bakken |
| Title: | Chief Financial Officer |

---

![](ex4-6_003.jpg)

KPMG LLP

150 Elgin Street, Suite 1800

Ottawa ON K2P 2P8 Canada

Telephone 613-212-5764

Fax 613-212-2896

Alberta Securities Commission

British Columbia Securities Commission

Financial and Consumer Affairs Authority of Saskatchewan

Manitoba Securities Commission

Ontario Securities Commission

Autorité des marchés financiers (Québec)

Nova Scotia Securities Commission

Financial and Consumer Services Commission (New Brunswick)

Office of the Superintendent of Securities Service Newfoundland & Labrador Financial and Consumer Services Division (Prince Edward Island)

**May 9, 2025**

**Re: Notice of Change of Auditor of Intermap Technologies Corporation**

We have read the Notice of Change in Auditor submitted to KPMG LLP by Intermap Technologies Corporation (the "Company") dated May 8, 2025 (the "Notice"), and are in agreement with the statements contained in the Notice except that we are not in a position to agree or disagree with the following statement: *The decision of KPMG to decline to stand for reappointment as auditor of the Company was not considered or approved by the audit committee or the board of directors of the Company*.

Yours truly,

---

| |
|:---|
| ![](ex4-6_004.jpg) |
| Chartered Professional Accountants, Licensed Public Accountants |

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## Exhibit 4.7

**Exhibit 4.7**

**FORM 51-102F3**

***MATERIAL CHANGE REPORT***

 ****

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

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Intermap Technologies Corporation ("**Intermap**" or the "**Company**")

385 Inverness Pkwy, Suite 105

Englewood, CO 80112

USA

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| | |
|:---|:---|
| **Item 2** | **Date of Material Change** |

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February 20, 2025

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| | |
|:---|:---|
| **Item** **3** | **News Release** |

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A news release disclosing the material change was disseminated on February 20, 2025 through the services of Globe Newswire.

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| | |
|:---|:---|
| **Item 4** | **Summary of Material Change** |

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On February 20, 2025, Intermap announced the closing of its private placement of a total of 5,304,225 Class A common shares of the Company (the "**Common Shares**") for aggregate gross proceeds of $11,934,506.25, of which 2,957,000 Common Shares (the "**LIFE Offering Shares**") were issued pursuant to the listed issuer financing exemption under Part 5A.2 of National Instrument 45-106 – *Prospectus Exemptions* ("**NI 45-106**") and 2,347,225 Common Shares (the "**Concurrent Private Placement Shares**") were issued pursuant to the "accredited investor exemption" under NI 45-106 and/or pursuant to the "distribution out" exemption under Alberta Securities Commission Rule 72-501 – *Distribution to Purchasers Outside of Alberta.*

 

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| | |
|:---|:---|
| **Item 5.1** | **Full Description of Material Change** |

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On February 20, 2025, Intermap announced the closing of its previously announced private placement of 5,304,225 Common Shares at a price of $2.25 per Common Share for aggregate gross proceeds of $11,934,506.25 (the "**Offering**"). The Concurrent Private Placement Shares are subject to a statutory restricted period of four months and one day expiring on June 21, 2025. The LIFE Offering Shares are not subject to a statutory hold period. Beacon Securities Limited acted as the underwriter and agent for the Offering (the "**Underwriter**").

The Company intends to use the net proceeds of the Offering for working capital and execution of government contracts. With increased capital, Intermap plans to accelerate its programs and augment its services.

In connection with the Offering, each of Patrick Blott, Jack Schneider, Jennifer Bakken, Philippe Frappier, John Hild, and Jordan Tongalson entered into a lock-up agreement pursuant to which they agreed with Intermap and the Underwriter not to directly or indirectly, offer, sell, contract to sell, lend, swap or enter into any other agreement to transfer the economic consequences of, or otherwise dispose of or deal with, or publicly announce an intention to do any of the foregoing, any of their respective securities of Intermap for a period of 90 days from the date of the closing of the Offering (February 20, 2025), without the prior written consent of the Underwriter (the "**Lock-Up**"). The Lock-Up is subject to certain exemptions, including: (a) the right of the shareholder to (i) transfer, sell or tender any or all of their respective securities pursuant to a take-over bid or any other transaction involving a change of control of the Company (provided that all securities not transferred, sold or tendered remain subject to the Lock-Up) and provided further that it shall be a condition of transfer that if such take-over bid or other transaction is not completed, any such securities shall remain subject to the Lock-Up, (ii) transfer any or all of their respective securities to any nominee or custodian where there is no change in beneficial ownership, (iii) transfer any or all of their respective securities for tax planning purposes, including in connection with charitable activities or with a trust whose sole beneficiaries are related parties of the shareholder who agrees to be bound by the terms of the Lock-Up, or (iv) transfer any or all of their respective securities pursuant to a pledge as security for indebtedness owing to a bona fide lender and/or any sale of the securities upon such lender realizing on such security, provided that any such transferee or pledgee shall first execute a lock-up agreement in substantially the same form as the Lock-Up which lock-up agreement shall remain in force for the remainder of the lock-up period; or (b) as a result of the death of the shareholder.

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| | |
|:---|:---|
| **Item** **5.2** | **Disclosure for Restructuring Transaction** |

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Not applicable.

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

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Not applicable.

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| | |
|:---|:---|
| **Item** **7** | **Omitted Information** |

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Not applicable.

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| | |
|:---|:---|
| **Item** **8** | **Executive Officer** |

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Jennifer Bakken

Executive Vice President and CFO

<u>CFO@intermap.com</u>

+1 (303) 708-0955

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| | |
|:---|:---|
| **Item 9** | **Date of Report** |

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March 3, 2025.

**Cautionary Note Regarding Forward-Looking Information**

*Certain information provided in this material change report, including reference to the intended use of the net proceeds of the Offering, constitutes forward-looking statements. The words "will", "intends", "expected to", "subject to" and similar expressions are intended to identify such forward-looking statements. Although Intermap believes that these statements are based on information and assumptions which are current, reasonable and complete, these statements are necessarily subject to a variety of known and unknown risks and uncertainties. Intermap's forward- looking statements are subject to risks and uncertainties pertaining to, among other things, cash available to fund operations, availability of capital, revenue fluctuations, the nature of government contracts, including changing political circumstances in the relevant jurisdictions, economic conditions, loss of key customers, retention and availability of executive talent, competing technologies, common share price volatility, loss of proprietary information, software functionality, internet and system infrastructure functionality, information technology security, breakdown of strategic alliances, and international and political considerations, as well as those risks and uncertainties discussed Intermap's Annual Information Form for the year ended December 31, 2023 and other securities filings. While the Company makes these forward-looking statements in good faith, should one or more of these risks or uncertainties materialize, or should underlying assumptions prove incorrect, actual results may vary significantly from those expected. Accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur, or if any of them do so, what benefits that the Company will derive therefrom. All subsequent forward-looking statements, whether written or oral, attributable to Intermap or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. The forward- looking statements contained in this material change report are made as at the date of this material change report and the Company does not undertake any obligation to update publicly or to revise any of the forward-looking statements made herein, whether as a result of new information, future events or otherwise, except as may be required by applicable securities law.*

## Exhibit 5.1

**Exhibit 5.1**

**Consent of Independent Registered Public Accounting Firm**

The Board of Directors

Intermap Technologies Corporation<br>

We, KPMG LLP, consent to the use of our report dated March 31, 2025, with respect to the consolidated financial statements of Intermap Technologies Corporation (the "Corporation"), which comprise the consolidated statements of financial position as at December 31, 2024 and December 31, 2023, the consolidated statements of income (loss) and other comprehensive income (loss), changes in shareholders' equity (deficiency), and cash flows for each of the years in the two-year period ended December 31, 2024, and the related notes incorporated herein by reference in the Registration Statement on Form F-10 dated September 15, 2025 of the Corporation.

/s/ KPMG LLP

Chartered Professional Accountants, Licensed Public Accountants

September 15, 2025

Ottawa, Canada

## Ex-Filing

?xml version='1.0' encoding='ASCII'?

**Exhibit 107**

**Calculation of Filing Fee Table**

(Form Type)

Intermap Technologies Corporation

(Exact Name of Registrant as Specified in its Charter)

<u>Table 1: Newly Registered and Carry Forward Securities</u>

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Security**<br> **Type**  | **Security Class <br> Title** | **Fee**<br> **Calculation<br> or Carry<br> Forward<br> Rule**  | **Amount <br> Registered** | **Proposed Maximum Offering Price Per Unit** | **Maximum <br> Aggregate <br> Offering <br> Price(1)(2)** |  | **Fee Rate** |  | **Amount of Registration <br> Fee(2)** |  |
| **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** | **Newly Registered Securities** |
| Fees to Be <br>Paid | Equity | Common Shares, without par value | 457(o) | (1) | (1) |  |  |  |  |  |  |
|  | Equity | Preferred Shares, without par value | 457(o) | (1) | (1) |  |  |  |  |  |  |
|  | Debt | Debt Securities | 457(o) | (1) | (1) |  |  |  |  |  |  |
|  | Other | Subscription Receipts | 457(o) | (1) | (1) |  |  |  |  |  |  |
|  | Other | Warrants | 457(o) | (1) | (1) |  |  |  |  |  |  |
|  | Other | Units | 457(o) | (1) | (1) |  |  |  |  |  |  |
|  | Unallocated (Universal) Shelf |  | 457(o) | (1) | (1) | $100000000 | (2) | 0.00015310 | (3) | $15310 | (4) |
| Fees Previously <br>Paid |  |  |  |  |  |  |  |  |  |  |  |
|  | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** | **Total Offering Amounts** |  | $100000000 | (2) |  |  | $15310 | (4) |
|  | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** | **Total Fees Previously Paid** |  |  |  |  |  |  |  |
|  | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** | **Total Fee Offsets** |  |  |  |  |  |  |  |
|  | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** | **Net Fee Due** |  |  |  |  |  | $15310 | (4) |

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(1) There are being registered under the Registration Statement to which this exhibit pertains (the "**Registration Statement**") such indeterminate number of common shares, preferred shares, debt securities, subscription receipts, warrants and units of Intermap Technoligies Corporation (the "**Registrant**") as shall have an aggregate initial offering price not to exceed $100,000,000 in the United States (or its equivalent in any other currency used to denominate the securities). Any securities registered by this Registration Statement may be sold separately or as units with other securities registered under this Registration Statement. The proposed maximum initial offering price per security will be determined, from time to time, by the Registrant in connection with the sale of the securities under this Registration Statement.

(2) Estimated solely for the purpose of calculating the amount of the registration fee pursuant to Rule 457(o) under the Securities Act of 1933 with respect to the securities to be sold by the Registrant. In no event will the aggregate offering price of all securities sold by the Registrant from time to time pursuant to this Registration Statement in the United States exceed $600,000,000

(3) Based on the SEC's registration fee of $153.10 per $1,000,000 of securities registered.

(4) The estimated registration fee for the securities has been calculated pursuant to Rule 457(o) of the U.S. Securities Act.