# EDGAR Filing Document

**Accession Number:** 0001346917
**File Stem:** 0001062993-26-002236
**Filing Date:** 2026-4
**Character Count:** 275221
**Document Hash:** 83108a6c7d8507a8417ef3875181404c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001062993-26-002236.hdr.sgml**: 20260430

**ACCESSION NUMBER**: 0001062993-26-002236

**CONFORMED SUBMISSION TYPE**: 20-F

**PUBLIC DOCUMENT COUNT**: 62

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260430

**DATE AS OF CHANGE**: 20260430

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** GENTOR RESOURCES INC.
- **CENTRAL INDEX KEY:** 0001346917
- **STANDARD INDUSTRIAL CLASSIFICATION:** METAL MINING [1000]
- **ORGANIZATION NAME:** 01 Energy & Transportation
- **EIN:** 202679777
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 20-F
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-130386
- **FILM NUMBER:** 26927091

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4120 YONGE STREET, SUITE 304
- **CITY:** TORONTO
- **NON US STATE TERRITORY:** ONTARIO, CANADA
- **PROVINCE COUNTRY:** A6
- **ZIP:** M2P 2B8
- **BUSINESS PHONE:** (416) 361-2510

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 4120 YONGE STREET, SUITE 304
- **CITY:** TORONTO
- **NON US STATE TERRITORY:** ONTARIO, CANADA
- **PROVINCE COUNTRY:** A6
- **ZIP:** M2P 2B8

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** GENTOR RESOURCES, INC.
- **DATE OF NAME CHANGE:** 20100518

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Gentor Resources, Inc.
- **DATE OF NAME CHANGE:** 20051214

?xml version='1.0' encoding='ASCII'? Gentor Resources Inc.: Form 20-F - Filed by newsfilecorp.com

------

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

________________

**FORM 20-F**

---

| | |
|:---|:---|
| ☐ | **REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **OR** | **OR** |
| **X** | **ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| For fiscal year ended **<u>December 31, 2025</u>** | For fiscal year ended **<u>December 31, 2025</u>** |
| **OR** | **OR** |
| ☐ | **TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **For the transition period from ____ to ______** | **For the transition period from ____ to ______** |
| **OR** | **OR** |
| ☐ | **SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934** |
| **Date of event requiring this shell company report:** | **Date of event requiring this shell company report:** |

---

Commission file number: **<u>333-130386</u>**

**<u>GENTOR RESOURCES INC.</u>**

(Exact Name of Registrant as Specified in Its Charter)

**Cayman Islands**

(Jurisdiction of Incorporation of Organization)

**<u>4120 Yonge Street, Suite 304, Toronto, Ontario, M2P 2B8, Canada</u>**

(Address of Principal Executive Offices, including Zip Code)

**<u>Contact: Arnold T. Kondrat; Phone: (416) 361-2510; Address: 4120 Yonge Street, Suite 304, Toronto, Ontario, M2P 2B8, Canada</u>**

(Name, Telephone, E-mail and/or Facsimile Number and Address of Company Contact Person)

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

**<u>None</u>**

(Title of Class)

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

**<u>None</u>**

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

**<u>Common Shares</u>**

Indicate the number of outstanding shares of each of the issuer's classes of capital or common stock as of December 31, 2025:

<u>38,906,742 common shares</u> 

------

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.

Yes No <u>**X**</u>

If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or Section 15(d) of the Securities Exchange Act of 1934.

Yes_ No<u>**X**</u>

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.

Yes <u>**X**</u> No _

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

Yes <u>**X**</u> No _

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, or an emerging growth company. See definition of "large accelerated filer," "accelerated filer," and "emerging growth company" in Rule 12b-2 of the Exchange Act.

---

| | | |
|:---|:---|:---|
| Large accelerated filer __ | Accelerated filer __ | Non-accelerated filer <u>**X**</u><br>Emerging growth company __ |

---

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

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

Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:

---

| | | |
|:---|:---|:---|
| U.S. GAAP <u>**X**</u> | International Financial Reporting <br>Standards as issued by the International<br>Accounting Standards Board | Other |

---

If "Other" has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:

__Item 17 Item 18

If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).

Yes _ No <u>**X**</u> 

(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No

-ii-

------

**GENTOR RESOURCES INC. - FORM 20-F**

**Table of Contents**

---

| | |
|:---|:---|
|  | **Page** |
| [CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS](#page_5) | [1](#page_5) |
| [CURRENCY](#page_5) | [1](#page_5) |
| [**PART 1**](#page_5) | [**PART 1**](#page_5) |
| [ITEM 1. IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISORS](#page_6) | [2](#page_6) |
| [ITEM 2. OFFER STATISTICS AND EXPECTED TIMETABLE](#page_6) | [2](#page_6) |
| [ITEM 3. KEY INFORMATION](#page_6) | [2](#page_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Selected Financial Data](#page_6) | [2](#page_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Capitalization and Indebtedness](#page_6) | [2](#page_6) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Reason for the Offer and Use of Proceeds](#page_7) | [3](#page_7) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Risk Factors](#page_7) | [3](#page_7) |
| [ITEM 4. INFORMATION ON THE COMPANY](#page_11) | [7](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. History and Development of the Company](#page_11) | [7](#page_11) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Business Overview](#page_15) | [11](#page_15) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Organizational Structure](#page_16) | [12](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Property, Plants and Equipment](#page_16) | [12](#page_16) |
| [ITEM 4A. UNRESOLVED STAFF COMMENTS](#page_16) | [12](#page_16) |
| [ITEM 5. OPERATING AND FINANCIAL REVIEW AND PROSPECTS](#page_16) | [12](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Operating Results](#page_16) | [12](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Liquidity and Capital Resources.](#page_16) | [12](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Research and Development, Patents and Licenses, etc.](#page_16) | [12](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Trend Information](#page_16) | [12](#page_16) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Off-Balance Sheet Arrangements.](#page_17) | [13](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[F. Tabular Disclosure of Contractual Obligations](#page_17) | [13](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[G. Safe Harbor](#page_17) | [13](#page_17) |
| [ITEM 6. DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES](#page_17) | [13](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Directors and Senior Management](#page_17) | [13](#page_17) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Compensation](#page_18) | [14](#page_18) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Board Practices](#page_20) | [16](#page_20) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Employees](#page_21) | [17](#page_21) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Share Ownership](#page_21) | [17](#page_21) |
| [ITEM 7. MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS](#page_23) | [19](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Major Shareholders](#page_23) | [19](#page_23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Related Party Transactions](#page_24) | [20](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Interests of Experts and Counsel](#page_24) | [20](#page_24) |
| [ITEM 8. FINANCIAL INFORMATION](#page_24) | [20](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Consolidated Statements and Other Financial Information](#page_24) | [20](#page_24) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Significant Changes](#page_24) | [20](#page_24) |
| [ITEM 9. THE OFFER AND LISTING](#page_25) | [21](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Offer and Listing Details](#page_25) | [21](#page_25) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Plan of Distribution](#page_27) | [23](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Markets](#page_27) | [23](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Selling Shareholder](#page_27) | [23](#page_27) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Dilution](#page_28) | [24](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[F. Expenses of the Issue](#page_28) | [24](#page_28) |
| [ITEM 10. ADDITIONAL INFORMATION](#page_28) | [24](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[A. Share Capital](#page_28) | [24](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[B. Memorandum and Articles of Association](#page_28) | [24](#page_28) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[C. Material Contracts](#page_30) | [26](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[D. Exchange Controls](#page_30) | [26](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[E. Certain United States and Canadian Income Tax Considerations](#page_30) | [26](#page_30) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[F. Dividends and Paying Agents](#page_40) | [36](#page_40) |

---

-iii-

------

**Table of Contents**

(continued)

---

| | |
|:---|:---|
|  | **Page** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[G. Statement By Experts](#page_40) | [36](#page_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[H. Documents on Display](#page_40) | [36](#page_40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[I. Subsidiary Information](#page_41) | [37](#page_41) |
| [ITEM 11. QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK.](#page_41) | [37](#page_41) |
| [ITEM 12. DESCRIPTIONS OF SECURITIES OTHER THAN EQUITY SECURITIES](#page_41) | [37](#page_41) |
| [**PART II**](#page_41) | [**PART II**](#page_41) |
| [ITEM 13. DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES.](#page_41) | [37](#page_41) |
| [ITEM 14. MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS.](#page_41) | [37](#page_41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[14.A.-B. Modifications to the Rights of Security Holders](#page_41) | [37](#page_41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[14.C.](#page_41) | [37](#page_41) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[14.D.](#page_42) | [38](#page_42) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[14.E.](#page_42) | [38](#page_42) |
| [ITEM 15. CONTROLS AND PROCEDURES.](#page_42) | [38](#page_42) |
| [ITEM 16. \[RESERVED\].](#page_43) | [39](#page_43) |
| [ITEM 16.A. AUDIT COMMITTEE FINANCIAL EXPERT](#page_43) | [39](#page_43) |
| [ITEM 16.B. CODE OF ETHICS.](#page_44) | [40](#page_44) |
| [ITEM 16.C. PRINCIPAL ACCOUNTANT FEES AND SERVICES](#page_44) | [40](#page_44) |
| [ITEM 16.D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEES](#page_45) | [41](#page_45) |
| [ITEM 16.E. PURCHASE OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS](#page_45) | [41](#page_45) |
| [ITEM 16.F. CHANGE IN REGISTRANT'S CERTIFYING ACCOUNTANT](#page_45) | [41](#page_45) |
| [ITEM 16.G. CORPORATE GOVERNANCE](#page_45) | [41](#page_45) |
| [ITEM 16.H. MINE SAFETY DISCLOSURE](#page_45) | [41](#page_45) |
| [ITEM 16.I. DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS](#page_45) | [41](#page_45) |
| [ITEM 16.J. INSIDER TRADING POLICIES](#page_45) | [41](#page_45) |
| [ITEM 16.K. CYBERSECURITY](#page_45) | [41](#page_45) |
| [**PART III**](#page_46) | [**PART III**](#page_46) |
| [ITEM 17. FINANCIAL STATEMENTS](#page_46) | [42](#page_46) |
| [ITEM 18. FINANCIAL STATEMENTS](#page_46) | [42](#page_46) |
| [ITEM 19. EXHIBITS](#page_46) | [42](#page_46) |

---

-iv

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**CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS**

This Form 20-F contains "forward-looking statements" within the meaning of the United States *Private Securities Litigation Reform Act* of 1995 and "forward-looking information" within the meaning of Canadian provincial securities laws (such forward-looking statements and forward-looking information are referred to herein as "forward-looking statements"). Forward-looking statements are necessarily based on a number of estimates and assumptions that are inherently subject to significant business, economic and competitive uncertainties and contingencies. All statements, other than statements which are reporting results as well as statements of historical fact, that address activities, events or developments that Gentor Resources Inc. (the "**Company**" or "**Gentor**") believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding the Company's plans and objectives) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual events or results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual events or results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: having relinquished its only project (the Karaburun project in Turkey) at the end of 2017, the Company currently does not have any commercial operations and has no material assets reflected on its balance sheet; while the Company is currently evaluating new business opportunities, the Company has only limited funds with which to identify and evaluate a potential asset or business for acquisition or participation, and no assurance can be given that a suitable asset or business will be identified and acquired on suitable terms; uncertainties relating to the availability and costs of financing in the future; changes in equity markets; inability to attract and retain key management; the Company's history of losses and expectation of future losses; activities of the Company may be adversely impacted by the outbreak of infectious diseases, including the ability of the Company to secure additional financing; and the other risks disclosed under the heading "Risk Factors" in this Form 20-F.

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

**CURRENCY**

Unless stated otherwise or the context otherwise requires, all references in this Form 20-F to "US$" are to United States dollars and all references in this Form 20-F to "Cdn$" are to Canadian dollars.

------

**PART 1**

**Item 1. Identity of Directors, Senior Management and Advisors**

This Form 20-F is being filed as an annual report under the United States *Securities Exchange Act of 1934*, as amended, (the "**U.S. Exchange Act**") and, as such, there is no requirement to provide any information under this item.

**Item 2. Offer Statistics and Expected Timetable**

This Form 20-F is being filed as an annual report under the U.S. Exchange Act and, as such, there is no requirement to provide any information under this item.

**Item 3. Key Information**

**A. Selected Financial Data** 

The selected consolidated financial information set forth below, which is expressed in United States dollars (the Company prepares its consolidated financial statements in United States dollars), has been derived from the Company's audited consolidated financial statements as at and for the financial years ended December 31, 2025, 2024, 2023, 2022 and 2021. These consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States. The selected consolidated financial information should be read in conjunction with the discussion in Item 5 of this Form 20-F and the consolidated financial statements of the Company filed as part of this Form 20-F. Historical results from any prior period are not necessarily indicative of results to be expected for any future period.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **(in US$000 except per share data)** | **(in US$000 except per share data)** | **(in US$000 except per share data)** | **(in US$000 except per share data)** | **(in US$000 except per share data)** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** |
| Revenue | $- | $- | $- | $- | $- |
| Net operating loss | (193) | (225) | (220) | (278) | (313) |
| Net income (loss) | (186) | (205) | 67 | (258) | 21 |
| Net income (loss) per share | (0.00) | (0.01) | 0.00 | (0.01) | 0.00 |
| Current assets | 1 | 4 | 46 | 25 | 20 |
| Total assets | 1 | 4 | 46 | 25 | 20 |
| Total liabilities | 1393 | 1210 | 1047 | 1093 | 830 |
| Net assets | (1392) | (1206) | (1001) | (1068) | (810) |
| Additional paid-in capital | 43325 | 43325 | 43325 | 43325 | 43325 |
| Shareholders' equity (deficiency) | (1392) | (1206) | (1001) | (1068) | (810) |
| Weighted average common shares outstanding (in thousands) <sup>(1)</sup> | 38907 | 38907 | 38907 | 38907 | 38907 |

---

**B. Capitalization and Indebtedness**

This Form 20-F is being filed as an annual report under the U.S. Exchange Act and, as such, there is no requirement to provide any information under this item.

------

**C. Reason for the Offer and Use of Proceeds**

This Form 20-F is being filed as an annual report under the U.S. Exchange Act and, as such, there is no requirement to provide any information under this item.

**D. Risk Factors**

There are a number of risks that may have a material and adverse impact on the future performance of Gentor. These include widespread risks associated with any form of business and specific risks associated with Gentor's current circumstances.

In addition to the other information presented in this Form 20-F, a prospective investor should carefully consider the risk factors set out below and the other information that Gentor files with the United States Securities and Exchange Commission (the "**SEC**") and with Canadian securities regulators before investing in the Company's common shares. The Company has identified the following non-exhaustive list of inherent risks and uncertainties that it considers to be relevant.

***Having relinquished its only project (the Karaburun project in Turkey) at the end of 2017, the Company currently does not have any commercial operations and has no material assets reflected on its balance sheet. An investment in the Company's common shares is highly speculative, and is suitable only to those investors who are prepared to risk the loss of their entire investment.***

In November 2017, the Company announced that it intended to dispose of, for nominal consideration, its subsidiary which held the Karaburun project in Turkey (which was the Company's only project). The Company has relinquished the Karaburun project and discontinued operations in Turkey effective at the end of 2017, and is currently evaluating new business opportunities. As the Company currently does not have any commercial operations and has no material assets reflected on its balance sheet, an investment in the Company's common shares is considered highly speculative and involves a very high degree of risk.

While the Company is currently evaluating new business opportunities, the Company has only limited funds with which to identify and evaluate a potential asset or business for acquisition or participation, and no assurance can be given that a suitable asset or business will be identified and acquired on suitable terms. Further, even if a proposed transaction is identified, there can be no assurance that the Company will be able to complete the transaction. The transaction may be financed in whole, or in part, by the issuance of additional securities of the Company and this may result in further dilution to investors, which dilution may be significant and which may also result in a change of control of the Company. As well, given the current economic climate and state of capital markets, the ability to raise funds may prove difficult.

The directors and officers of the Company will only devote a portion of their time to the business and affairs of the Company and some of them are or will be engaged in other projects or businesses such that conflicts of interest may arise from time to time.

As a result of these factors, an investment in the Company's common shares is suitable only to investors who are willing to rely solely on the management of the Corporation and who can afford to lose their entire investment. Those investors who are not prepared to do so should not invest in the Company's common shares.

------

***The auditor's report with respect to the financial statements included in this Form 20-F contains an explanatory paragraph in respect of there being significant doubt about the Company's ability to continue as a going concern.***

The auditor's report issued in respect of the Company's 2025 annual consolidated financial statements contains the following paragraph:

*"The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and current liabilities exceed current assets (or had a working capital deficiency of $1.4 million) that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty."*

Therefore, as indicated in the auditor's report for the fiscal year ended December 31, 2025, there is significant doubt about the Company's ability to continue as a going concern. The Company cannot guarantee its ability to continue as a going concern, and if it were to cease to continue as such, the Company's securities would have little or no value.

***The Company expects to raise additional capital through equity financing in the future, which would cause dilution and loss of voting power with respect to the Company's existing shareholders.***

The Company expects to undertake in the future additional offerings of common shares of the Company or of securities convertible into common shares of the Company. The increase in the number of common shares issued and outstanding and the possibility of sales of such common shares may depress the price of the Company's common shares. In addition, as a result of such additional common shares, the voting power and ownership interest of the Company's existing shareholders would be diluted.

Notwithstanding that the Company expects to undertake in the future additional equity fiancings, given the current economic climate and state of capital markets, the ability to raise funds may prove difficult.

***Negative market perception of junior companies could adversely affect the Company.***

Market perception of junior companies such as the Company may shift such that these companies are viewed less favourably. This factor could impact the value of investors' holdings and the ability of the Company to raise further funds, which could have a material adverse effect on the Company's business, financial condition and prospects.

***The Company's business could be adversely impacted by the outbreak of contagious diseases.***

The Company's business, operations and financial condition could be materially adversely affected by the outbreak of epidemics or pandemics or other health crises. For example, in March 2020 the World Health Organization declared COVID-19 to be a pandemic. The risks of public health crises such as COVID-19 to the Company's business include, without limitation, the ability to raise funds, employee and contractor-employee health, workforce productivity, increased insurance premiums, limitations on travel, the availability of industry experts and personnel, and other factors that will depend on future developments which are beyond the Company's control. In particular, the spread of a global pandemic, prolonged restrictive measures put in place in order to control an outbreak or other adverse public health developments could materially and adversely impact the Company's business. In addition, a pandemic or the fear thereof could adversely affect global economies and financial markets resulting in volatility or an economic downturn that could have an adverse effect on the Company's prospects. Epidemics such as COVID-19 could have a material adverse impact on capital markets and the Company's ability to raise sufficient funds to finance the ongoing exploration and development of its mineral properties. All of these factors could have a material and adverse effect on the Company's business, financial condition and results of operations. It is not always possible to fully insure against such risks, and the Company may decide not to insure such risks as a result of the high cost of premiums or other reasons. Even though the COVID-19 pandemic is over, the Company may continue to experience material adverse effects to its business, financial condition and prospects as a result of the continued disruption in the global economy and any resulting recession.

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***Various market factors, both related and unrelated to the Company's performance, could cause the market price for the Company's securities to fluctuate significantly and could have a material adverse effect on an investor's investment in the Company.***

There can be no assurance that an active market for the Company's securities will be attained or sustained. The market price of the Company's securities may fluctuate significantly based on a number of factors, some of which are unrelated to the performance or prospects of the Company. These factors include macroeconomic developments in North America and globally, market perceptions of the attractiveness of particular industries, the attractiveness of alternative investments, currency exchange fluctuation, and the Company's financial condition or results of operations as reflected in its financial statements. Other factors unrelated to the performance of the Company that may have an effect on the price of the securities of the Company include the following: lessening in trading volume and general market interest in the Company's securities may affect an investor's ability to trade significant numbers of securities of the Company; the size of the Company's public float may limit the ability of some institutions to invest in the Company's securities; the public's reaction to the Company's press releases, other public announcements and the Company's filings with the various securities regulatory authorities; the arrival or departure of key personnel; and a substantial decline in the price of the securities of the Company that persists for a significant period of time could cause the Company's securities to be delisted from any exchange on which they are listed at that time, further reducing market liquidity. If there is no active market for the securities of the Company, the liquidity of an investor's investment may be limited and the price of the securities of the Company may decline. If such a market does not develop, investors may lose their entire investment in the Company's securities.

***The Company expects that it will be treated as a U.S. domestic corporation for U.S. federal income tax purposes.***

The Company believes that it should be treated as a U.S. domestic corporation for U.S. federal income tax purposes under Section 7874 of the U.S. Internal Revenue Code and be subject to U.S. tax on its worldwide income. Treatment of the Company as a U.S. corporation for U.S. federal income tax purposes may have adverse tax consequences for non-U.S. shareholders. Holders of the Company's common shares are urged to consult their own tax advisors regarding the acquisition, ownership and disposition of the Company's common shares. This paragraph is only a brief summary of these tax rules and is qualified in its entirety by the section below entitled "Certain United States Federal Income Tax Considerations".

***The Company has a history of losses and may never achieve revenues or profitability.***

The Company has incurred losses since its inception, the Company expects to incur losses for the foreseeable future and there can be no assurance that the Company will ever achieve revenues or profitability. The Company incurred the following losses during the following periods (as well as the net income (but also a net operating loss) for fiscal 2023 and 2021 due to a writeback/adjustment of accounts payable and accrued liabilities):

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* net loss of US$185,661 for the year ended December 31, 2025 (the net operating loss for the year ended December 31, 2025 was US$192,612);

* net loss of US$204,645 for the year ended December 31, 2024 (the net operating loss for the year ended December 31, 2024 was US$224,649);

* net income of US$66,591 for the year ended December 31, 2023 (the net operating loss for the year ended December 31, 2023 was US$219,627);

* net loss of US$257,913 for the year ended December 31, 2022 (the net operating loss for the year ended December 31, 2022 was US$277,896); and

* net income of US$21,194 for the year ended December 31, 2021 (the net operating loss for the year ended December 31, 2021 was US$312,966). 

The Company had an accumulated deficit of US$44,747,977 as of December 31, 2025.

***The Company is a foreign corporation and the Company's directors and officers except one director are outside the United States, which may make enforcement of civil liabilities difficult.***

The Company is organized under the laws of the Cayman Islands, and its principal executive office is located in Toronto, Canada. All of the Company's directors and officers except one director reside outside of the United States, and all or a substantial portion of their assets and the Company's assets are located outside of the United States. As a result, it may be difficult for investors in the United States or otherwise outside of Canada to bring an action against directors or officers who are not resident in the United States. It may also be difficult for an investor to enforce a judgment obtained in a United States court or a court of another jurisdiction of residence predicated upon the civil liability provisions of federal securities laws or other laws of the United States or any state thereof or the equivalent laws of other jurisdictions outside Canada against those persons or the Company.

***Litigation may adversely affect the Company's financial position or results of operations.***

The Company is subject to litigation risks. All companies are subject to legal claims, with and without merit. Defence and settlement costs of legal claims can be substantial, even with respect to claims that have no merit. Due to the inherent uncertainty of the litigation process, the resolution of any particular legal proceeding to which the Company is or may become subject could have a material effect on its financial position or results of operations.

***Increased sales of the Company's common shares by shareholders could lower the market price of the shares.***

Sales of a large number of the Company's common shares in the public markets, or the potential for such sales, could decrease the trading price of such shares and could impair Gentor's ability to raise capital through future sales of common shares.

***Fluctuations in currency could have a material impact on the Company's financial statements.***

The Company uses the U.S. dollar as its functional currency. Fluctuations in the value of the U.S. dollar relative to other currencies could have a material impact on the Company's consolidated financial statements by creating gains or losses. No currency hedge policies are in place or are presently contemplated.

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***The loss of key management personnel or the inability to recruit additional qualified personnel may adversely affect the Company's business.***

The success of the Company depends on the good faith, experience and judgment of the Company's management and advisors in supervising and providing for the effective management of the business of the Company. The Company is dependent on a small number of key personnel, the loss of any one of whom could have an adverse effect on the Company. The Company currently does not have key person insurance on these individuals. The Company may need to recruit additional qualified personnel to supplement existing management and there is no assurance that the Company will be able to attract such personnel.

***The Company has never paid and does not intend to pay dividends.***

The Company has not paid out any cash dividends to date and has no plans to do so in the immediate future. As a result, an investor's return on investment in the Company's common shares will be solely determined by his or her ability to sell such shares in the secondary market.

**Item 4. Information on the Company**

**A. History and Development of the Company**

Gentor Resources Inc. is a company continued under the *Companies Law (2011 Revision)* of the Cayman Islands on February 28, 2012. The executive office of the Company is located at 4120 Yonge Street, Suite 304, Toronto, Ontario, M2P 2B8, Canada, the telephone number of such office is (416) 361-2510, and the registered office of the Company is located at Highvern Cayman Limited, Elgin Court, Elgin Avenue, George Town, Grand Cayman, KY1-1106, Cayman Islands.

In March 2010, the Company completed the acquisition of all of the outstanding shares of APM Mining Limited (which subsequently changed its name to Gentor Resources Limited) ("**Oman Holdco**"), a British Virgin Islands company, in exchange for the issuance by the Company of a total of 1,295,250 common shares. In connection with this acquisition, the Company issued an additional 312,500 common shares pursuant to an amendment to the earn-in agreement between Al Fairuz Mining Company, LLC and Oman Holdco (the "**Block 5 Earn-In Agreement**"), which increased from 50% to 65% the equity interest in Al Fairuz Mining Company, LLC that Oman Holdco had the right to earn. Also in connection with the acquisition of Oman Holdco, the Company reconstituted its board of directors and appointed new officers.

As a result of the acquisition of Oman Holdco, the Company, through Oman Holdco, acquired the earn-in rights to the Block 5 and Block 6 properties in Oman. Al Fairuz Mining Company, LLC held the exploration licence for the Block 5 property. Pursuant to the Block 5 Earn-In Agreement, the Company, through Oman Holdco, acquired a 65% equity position in Al Fairuz Mining Company, LLC. Pursuant to an earn-in agreement between Al Zuhra Mining Company, LLC and Oman Holdco, the Company, through Oman Holdco, had the right to earn up to a 70% equity position in Al Zuhra Mining Company, LLC, which held the exploration licence for the Block 6 property.

In April 2010, the Company completed a private placement financing for total gross proceeds of US$2,000,000.

In July 2010, Gentor commenced an initial 3,000 metre drilling program on its Oman properties. The drilling program was designed to test a portion of the 56 targets which were identified by the airborne VTEM survey flown in March/April 2010. In November 2010, Gentor announced preliminary findings from its initial drilling program at its Oman properties.

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During the last three months of 2010, the Company completed private placement financings for total gross proceeds of US$8,016,505.

In January 2011, Gentor announced further findings from its initial drilling program at its Oman properties.

During the first three months of 2011, the Company completed private placement financings for total gross proceeds of US$4,887,500.

In May, July and November 2011 and January and April 2012, Gentor announced findings from its second drilling program at its Oman properties.

In November 2011, the Company's common shares commenced trading on the TSX Venture Exchange under the trading symbol "GNT". Also in November 2011, the Company completed (a) a brokered private placement financing for total gross proceeds of Cdn$2,163,000 (GMP Securities L.P. acted as the Company's agent in respect of this financing), and (b) a non-brokered private placement financing for total gross proceeds of Cdn$1,222,500.

In February 2012, Gentor completed a corporate reorganization (the "**Corporate Reorganization**"), as a result of which Gentor's corporate jurisdiction was moved from Florida to the Cayman Islands. The Corporate Reorganization was effected by a two-step process involving a merger of Gentor Resources, Inc. (the Florida company) with and into its wholly-owned Wyoming subsidiary, followed by a continuation of the surviving company into the Cayman Islands. Shareholders approved the Corporate Reorganization at the special meeting of shareholders held on February 24, 2012. Gentor believes that the change in its corporate jurisdiction to the Cayman Islands exposes the Company to business and financial advantages that may not otherwise have been as accessible to the Company. In particular, Gentor believes that the Corporate Reorganization resulted in simplification of the Company's compliance with regulatory requirements and an enhanced ability to raise capital in Canadian, U.S. and international markets. As the Corporate Reorganization was effected solely to change the corporate jurisdiction of the Company, it did not result in any change in the Company's daily business operations, management, location of the principal executive offices or its assets or liabilities.

As used in this document, the "Company" and "Gentor" refer to the existing Cayman Islands entity, Gentor Resources Inc., as well as the predecessor Florida entity, Gentor Resources, Inc. (incorporated on March 24, 2005).

In April 2012, the Company announced that it had entered into an agreement with a Turkish company pursuant to which the Company was granted a 12 month option period (the "**Hacimeter Option**") for the purposes of funding and carrying out the exploration for copper and base metals on properties (the "**Hacimeter Project**") located in northeastern Turkey.

In August and September 2012, the Company announced drilling results from the Hacimeter Project. This drilling program outlined significant high-grade massive sulphide extensions to the shallow stringer type volcanogenic massive sulphide ("**VMS**") system initially discovered at the Hacimeter Project.

In June 2012, the Company announced maiden Canadian National Instrument 43-101 mineral resource estimates for the Mahab 4 and Maqail South prospects at the Company's Block 5 property in Oman.

In October 2013, the Company announced that (a) the Company's search for Cyprus-type VMS deposits in Turkey has resulted in the identification in northern Turkey of several surface gossans in distal VMS settings and led to the signing by the Company's local subsidiary in Turkey of two new joint venture option agreements with local Turkish groups (one of these agreements relates to the Company's relinquished Karaburun project, which is discussed below), (b) having discovered further VMS mineralisation, but of insufficient size to eventually establish a commercial mining operation at the Hacimeter Project, Gentor allowed the Hacimeter Option to expire without continuing to form a joint venture, and (c) in light of continued depressed market conditions, Gentor was proposing to undertake a strategic review of its Oman properties over the coming months.

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Gentor determined during fiscal 2013 that it would not continue with its molybdenum-tungsten project in east-central Idaho, U.S. and relinquished its rights in respect of this project. The Company had not carried out any exploration work at this project since fiscal 2008.

In January 2014, the Company completed a non-brokered private placement for total gross proceeds of Cdn$393,750. Arnold T. Kondrat (a director and officer of the Company) was the sole purchaser under this financing.

In February 2014, Arnold T. Kondrat was appointed President and Chief Executive Officer of the Company replacing Dr. Peter Ruxton (Mr. Kondrat was Executive Vice-President of the Company prior to this appointment), and two new directors, Richard J. Lachcik and William R. Wilson, were appointed to Gentor's board of directors, replacing David Twist and Rudolph de Bruin.

Also in February 2014, the Company completed a non-brokered arm's length private placement for total gross proceeds of Cdn$150,000.

In April 2014, the Company announced that it had entered into an agreement with Savannah Resources plc ("**Savannah**") to sell all of Gentor's properties in Oman to Savannah (the "**Oman Sale**"). The Oman Sale was completed in July 2014. The Oman Sale was effected by way of the sale to Savannah of all of Gentor's shares in Oman Holdco. The interests of Gentor in its properties in Oman were held through Oman Holdco. The Oman Sale reflected Gentor's focus on its copper exploration properties in Turkey. The consideration for the Oman Sale was comprised of a cash payment of US$800,000 paid to the Company on closing, together with the following deferred consideration (the "**Deferred Consideration**"):

(a) The sum of US$1,000,000, payable to the Company upon a formal final investment decision being made to proceed with the development of a mine at the Block 5 project in Oman.

(b) The sum of US$1,000,000, payable to the Company upon the production of the first saleable concentrate or saleable product from ore derived from the Block 5 project in Oman.

(c) The sum of US$1,000,000, payable to the Company within six months of the payment of the Deferred Consideration in (b) above.

Savannah could elect to pay up to 50% of the above Deferred Consideration by the issue to the Company of ordinary shares of Savannah. Where Savannah's shares were so issued in satisfaction of Deferred Consideration, the number of shares to be issued would be determined by reference to the volume weighted average price of Savannah's ordinary shares as traded on the AIM market of the London Stock Exchange plc ("**AIM**") for the 30 trading days prior to the date upon which the relevant Deferred Consideration was payable.

In August 2014, the Company completed a non-brokered private placement for total gross proceeds of Cdn$180,000. Arnold T. Kondrat, who is Chief Executive Officer, President and a director of the Company, was the sole purchaser under this financing.

In September 2014, Gentor announced that, as a result of a Government tender process, it had acquired a new mineral exploration licence covering the remaining portion of the Karaburun VMS project in northern central Turkey, the southern part of which was already held by the Company under an existing Turkish joint venture agreement.

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In October 2014, the Company completed a non-brokered private placement for total gross proceeds of Cdn$500,000. Richard J. Lachcik (a director of the Company) purchased Cdn$100,000 of this placement and Geoffrey G. Farr (Corporate Secretary of the Company) purchased Cdn$50,000 of this placement.

In December 2014, Gentor announced that it had received the final forestry drill permit from the Ministry of Forestry and Water Resources in Turkey enabling the Company to undertake its planned phase one diamond drilling program at its Karaburun project. The drill permit allowed Gentor to prepare access roads and drill at up to 27 locations.

In May 2015, Gentor closed a non-brokered private placement for total gross proceeds of Cdn$900,000. Arnold T. Kondrat, who is Chief Executive Officer, President and a director of the Company, purchased Cdn$486,000 of this placement, Richard J. Lachcik, who is a director of the Company, purchased Cdn$60,000 of this placement, Donat K. Madilo, who is Chief Financial Officer of the Company, purchased Cdn$30,000 of this placement, and Geoffrey G. Farr, who is Corporate Secretary of the Company, purchased Cdn$30,000 of this placement.

In July 2015, Gentor reported the assay results for its phase one drilling at its Karaburun project in Turkey. Under the phase one diamond drilling program, Gentor completed seven drill holes for a total of 1,707.80 metres.

In February 2016, Gentor announced that it had signed a letter of intent ("**LOI**") with Lidya Madencilik Sanayi ve Ticaret A.S. ("**Lidya**") (a Turkish mining company) for a proposed joint venture to further explore and develop Gentor's Karaburun project. The LOI set out the intention to grant to Lidya an option ("**Option**") to acquire an 80% interest in the Karaburun project. The Option was subject to the negotiation and execution of a definitive agreement for the Option contemplated to be signed within 120 days from the signing of the LOI. The LOI provided that the Option period shall be 24 months from the date of signing the definitive agreement, and that upon signing the LOI Lidya shall make a cash payment to Gentor for US$50,000.

In May 2016, Gentor announced that its proposed joint venture with Lidya to further explore and develop the Karaburun project would not be proceeding, following notification from Lidya that Lidya decided to not pursue the proposed joint venture.

In September 2016, Gentor announced that Dr. Ruxton has resigned from the board of directors of the Company.

In September 2017, the Company consolidated its outstanding common shares on an eight to one basis.

In November 2017, the Company closed a non-brokered private placement of 10,000,000 units of the Company at a price of Cdn$0.05 per unit for total gross proceeds of Cdn$500,000. Each such unit consisted of one common share of the Company and one-half of one warrant of the Company, with each full warrant entitling the holder to purchase one common share of the Company at a price of Cdn$0.075 for a period of two years. Directors and officers of the Company purchased 2,500,000 of the units issued under the financing.

Also in November 2017, the Company announced that it intended to dispose of, for nominal consideration, its subsidiary which held the Karaburun project in Turkey (this was the Company's only project). The Company relinquished the Karaburun project and discontinued operations in Turkey effective at the end of 2017, and is currently evaluating new business opportunities.

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In June 2018, the Company closed a non-brokered private placement of 8,000,000 common shares of the Company at a price of Cdn$0.05 per share for total gross proceeds of Cdn$400,000. Mr. Arnold T. Kondrat (who is Chief Executive Officer, President and a director of the Company) purchased all of the shares issued under this financing.

In October 2018, the Company effected an increase in the authorized share capital of the Company by changing the authorized share capital of the Company from US$50,000 divided into 62,500,000 common shares with a par value of US$0.0008 per share to US$400,000 divided into 500,000,000 common shares with a par value of US$0.0008 per share.

Also in October 2018, the Company closed a non-brokered private placement of 4,000,000 common shares of the Company at a price of Cdn$0.05 per share for total gross proceeds of Cdn$200,000. Directors and officers of the Company purchased 3,075,000 of the shares issued under this financing.

In May 2019, the Company closed a non-brokered private placement of 5,000,000 common shares of the Company at a price of Cdn$0.05 per share for gross proceeds of Cdn$250,000. Mr. Kondrat purchased 3,000,000 of the said shares.

In June 2019, the Company entered into a settlement agreement (the "**Settlement Agreement**") with Savannah relating to the Deferred Consideration payable to Gentor pursuant to the terms of the Oman Sale (see above). Savannah at the time was an AIM-listed resource development company. Under the Settlement Agreement, the Company and Savannah agreed to fully settle the Deferred Consideration in exchange for (a) the payment by Savannah to the Company of US$100,000 (with US$50,000 being payable 30 days from the date of signing the Settlement Agreement and US$50,000 being payable six months from the date of signing the Settlement Agreement), and (b) the issuance to the Company by Savannah of US$200,000 worth of Savannah shares (being 3,008,025 shares). Such shares were subject to a six-month orderly market restriction.

On February 23, 2023, Gentor's listing was transferred by the TSX Venture Exchange (the "**TSXV**") from Tier 2 of the TSXV to the NEX Board of the TSXV ("**NEX**"). The transfer of the listing to NEX was made by the TSXV as a result of the Company not meeting the TSXV's Tier 2 continued listing requirements. NEX is a separate trading board of the TSXV which provides a trading forum for companies that have fallen below the TSXV's ongoing listing standards.

The SEC maintains a website that contains reports, proxy and information statements and other information regarding the Company that has been filed electronically with the SEC at http://www.sec.gov. The Company's website is <u>www.gentorresources.com</u><u>.</u>

**B. Business Overview**

In November 2017, the Company announced that it intended to dispose of, for nominal consideration, its subsidiary which held the Karaburun project in Turkey (this was the Company's only project). The Company relinquished the Karaburun project and discontinued operations in Turkey at the end of 2017, and is currently evaluating new business opportunities.

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**C. Organizational Structure**

The Company has a wholly-owned subsidiary, Gentor International Limited, which was incorporated under the laws of the British Virgin Islands.

**D. Property, Plants and Equipment**

The Company does not have any material tangible fixed assets.

The Company relinquished its only project, the Karaburun project in Turkey, and discontinued operations in Turkey at the end of 2017. The Company is currently evaluating new business opportunities.

**Item 4A. Unresolved Staff Comments**

Not applicable.

**Item 5. Operating and Financial Review and Prospects**

See the management's discussion and analysis of the Company for the year ended December 31, 2025 incorporated by reference into this Form 20-F as Exhibit 15.1.

**A. Operating Results**

See the management's discussion and analysis of the Company for the year ended December 31, 2025 incorporated by reference into this Form 20-F as Exhibit 15.1.

**B. Liquidity and Capital Resources**

See the management's discussion and analysis of the Company for the year ended December 31, 2025 incorporated by reference into this Form 20-F as Exhibit 15.1.

**C. Research and Development, Patents and Licenses, etc.**

The Company does not carry on any research and development activities. The Company does not hold any patents.

**D. Trend Information**

The Company relinquished its only project, the Karaburun project in Turkey, and discontinued operations in Turkey at the end of 2017. The Company is currently evaluating new business opportunities.

Additionally, any outbreaks of contagious diseases and other adverse public health developments could have a material and adverse effect on the Company. For example, the outbreak of COVID-19 resulted in significant restrictive measures being implemented by governments of various countries to control the spread of COVID-19. Restrictions and related disruptions such as those experienced during the COVID-19 pandemic, including for employees, experts and suppliers across different industries, may negatively impact the Company's activites. In addition, the outbreak of epidemics may result in a widespread health crisis that adversely affects the economies and financial markets of many countries (as was the case during the COVID-19 pandemic), resulting in an economic downturn that could affect the Company's ability to access or raise capital through issuances of the Company's securities and the ability of the Company to identify and acquire a suitable business.

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**E. Off-Balance Sheet Arrangements.** 

The Company does not have any off-balance sheet arrangements.

**F. Tabular Disclosure of Contractual Obligations**

The Company does not have any contractual obligations (within the meaning of Form 20-F) requiring disclosure under this item.

**G. Safe Harbor**

Not applicable.

**Item 6. Directors, Senior Management and Employees**

**A. Directors and Senior Management**

The directors and officers of the Company, their ages and term of continuous service are as follows:

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| | | | |
|:---|:---|:---|:---|
| **Name** | &nbsp;&nbsp;**Age** | &nbsp;&nbsp;**Current Position(s)**<br><u>**with the Company**</u> | &nbsp;&nbsp;**Served Since** |
| Arnold T. Kondrat <sup>(</sup><sup>1</sup><sup>)</sup> | &nbsp;&nbsp;73 | &nbsp;&nbsp;President, Chief Executive Officer and a director | &nbsp;&nbsp;July 31, 2007<br>(director and officer) |
| Donat K. Madilo | &nbsp;&nbsp;64 | &nbsp;&nbsp;Chief Financial Officer | &nbsp;&nbsp;March 8, 2010 |
| Geoffrey G. Farr | &nbsp;&nbsp;59 | &nbsp;&nbsp;Corporate Secretary | &nbsp;&nbsp;April 7, 2011 |
| Richard J. Lachcik <sup>(</sup><sup>1</sup><sup>)</sup> | &nbsp;&nbsp;68 | &nbsp;&nbsp;Director | &nbsp;&nbsp;February 13, 2014 |
| William R. Wilson <sup>(</sup><sup>1</sup><sup>)</sup> | &nbsp;&nbsp;83 | &nbsp;&nbsp;Director | &nbsp;&nbsp;February 13, 2014 |

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(1) Member of the audit committee of the board of directors of the Company.

**Arnold T. Kondrat** - Mr. Kondrat is the Company's principal founder and has over 30 years of management experience in the resource exploration industry. During this time he has been a senior officer and director of a number of publicly-traded resource exploration companies, in both Canada and the United States, including principal founder of several of these companies. In addition to his positions with Gentor, Mr. Kondrat is also presently Chief Exeuctive Officer and President of KGL Resources Ltd. (a publicly traded company), and President of Sterling Portfolio Securities Inc. (a private venture capital firm based in Toronto). Mr. Kondrat was a senior officer of Banro Corporation ("**Banro**") (a publicly-traded mining company with gold mines in the Democratic Republic of the Congo (the "**DRC**")) from 1994 to 2017, and a senior officer (including, most recently, Executive Chairman of the Board) of Loncor Gold Inc. ("**Loncor**") (a publicly traded gold exploration company) from 2008 until the sale of Loncor in Februuary 2026.

**Donat K. Madilo** - Mr. Madilo has over 30 years of experience in accounting, administration and finance in the DRC and North America. He held senior officer positions with Banro from 1996 to 2018 (including Senior Vice President, Commercial & DRC Affairs and Chief Financial Officer). In addition to being Chief Financial Officer of Gentor, he is also presently Chief Financial Officer of KGL Resources Ltd. (a publicly traded company). Mr. Madilo's previous experience includes director of finance of Coocec-ceaz (a credit union chain in the DRC) and senior advisor at Conseil Permanent de la Comptabilité au Congo, the accounting regulation board in the DRC. He holds a Bachelor of Commerce (Honours) degree from Institut Supérieur de Commerce de Kinshasa, a B.Sc. (Licence) in Applied Economics from University of Kinshasa and a Masters of Science in Accounting (Honours) from Roosevelt University in Chicago.

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**Geoffrey G. Farr** - Mr. Farr has been a partner of the law firm Dickinson Wright LLP (which acts as legal counsel to Gentor) from July 2019 to present. He practices corporate and securities law. From February 2011 to June 2019, Mr. Farr was General Counsel to and Corporate Secretary of each of Gentor and Loncor (he remains Corporate Secretary of Gentor). From February 2011 to October 2018, Mr. Farr was Vice President, General Counsel and Corporate Secretary of Banro, and from June 2017 to January 2019, he was General Counsel to and Corporate Secretary of Kuuhubb Inc. (a company listed on the TSX Venture Exchange focused on lifestyle and mobile video game applications). Prior to February 2011, Mr. Farr practised corporate and securities law in Toronto for 17 years, which included extensive experience in representing public companies. He holds a LL.B. from the University of Ottawa and a B.Comm. from Queen's University.

**Richard J. Lachcik** - Prior to his retirement in 2017, Mr. Lachcik practiced corporate and securities law in Toronto, Canada for over 30 years. His practice included extensive experience in representing public companies, as well as acting for a number of investment dealers. He has been an officer and director of a number of Canadian public resource companies.

**William R. Wilson** - Mr. Wilson has created and managed 14 mining companies over 25 years with properties in the U.S., Canada, Russia, the DRC and Ukraine. Mr. Wilson is a Qualified Professional in Mining, Metallurgy/Processing and Environmental Compliance (Member no. 01063QP) of the Mining and Metallurgical Society of America. He has a degree in Metallurgical Engineering from the Colorado School of Mines, a Masters of Business Administration degree from the University of Southern California, and is a retired Professor of Practice Colorado School of Mines Mining Department. Mr. Wilson has been involved in the mining industry for more than 40 years. He has been a director and senior officer of a number of public companies in both Canada and the United States, and has been a member of the audit committee of several of these companies.

There are no family relationships among any of the Company's directors or senior management.

There is no arrangement or understanding with major shareholders, customers, suppliers or others, pursuant to which any person referred to above was selected as a director or officer of the Company.

The directors of the Company are presently not directors of other issuers that are public companies.

Other than the board of directors, the Company does not have an administrative, supervisory or management body.

**B. Compensation**

<u>***Named Officers***</u> 

Summary Compensation Table

The following table sets forth certain information with respect to the compensation of the officers of the Company set out in the following table (the "**Officers**") for the financial year ended December 31, 2025.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Principal<br>Position** | &nbsp;&nbsp;**Salary**<br>**(US$)** | &nbsp;&nbsp;**Share-based<br>awards**<br>**(US$)** | &nbsp;&nbsp;**Total<br>Compensation**<br>**(US$)** |
| &nbsp;&nbsp;Arnold T. Kondrat<br>Chief Executive Officer | &nbsp;&nbsp;$85866 | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;$85866 |
| &nbsp;&nbsp;Donat K. Madilo<br>Chief Financial Officer | &nbsp;&nbsp;$50000 | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;$50000 |

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(1) The Company did not grant any stock options in 2025.

Incentive Plan Awards

As at December 31, 2025, the Company did not have outstanding any option or share-based awards,

During the year ended December 31, 2025, the Company did not have any option-based awards, share-based awards or non-equity incentive plan compensation which vested or was earned.

***Non-Executive Directors***

The directors of the Company were not paid any fees by the Company during the financial year ended December 31, 2025 for their services in their capacity as directors.

The Company's directors are eligible to receive stock option grants under the Company's stock option plan, as determined by the board of directors of the Company (the "**Board**"). The exercise price of such stock options is determined by the Board, but shall in no event be less than the last closing price of the Company's common shares on NEX prior to the date the stock options are granted.

All directors of the Company are entitled to receive reimbursement for reasonable out-of-pocket expenses related to their attendance at meetings or other expenses incurred for Company purposes.

Director Summary Compensation Table

The following table sets out certain information with respect to compensation of each of the Company's directors in the year ended December 31, 2025, other than Mr. Kondrat. See "Named Officers - Summary Compensation Table" above for details regarding the compensation of Mr. Kondrat during 2025.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Name** | &nbsp;&nbsp;**Share-based<br>awards**<br>**(US$)** | &nbsp;&nbsp;**Non-equity<br>incentive plan<br>compensation**<br>**(US$)** |
| &nbsp;&nbsp;Richard J. Lachcik &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil |
| &nbsp;&nbsp;William R. Wilson &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil | &nbsp;&nbsp;N/A &nbsp;&nbsp;Nil |

---

____________________

(1) The Company did not grant any stock options in 2025.

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Incentive Plan Awards

As at December 31, 2025, the Company did not have outstanding any option or share-based awards,

During the year ended December 31, 2025, the Company did not have any option-based awards, share-based awards or non-equity incentive plan compensation which vested or was earned.

***Other Information***

Neither the Company nor its subsidiaries provides pension, retirement or similar benefits.

**C. Board Practices**

Each director of the Company holds office until the close of the next annual meeting of shareholders of the Company following his election or appointment, unless his office is earlier vacated in accordance with the articles of association of the Company. See Item 6.A. of this Form 20-F for the dates the directors of the Company were first elected or appointed to the Company's Board. No director of the Company has any service contract with the Company or any subsidiary of the Company providing for benefits upon termination of service. However, the terms of the Company's stock option plan accelerate the vesting of stock options granted under such plan in the event of a take-over bid in respect of the Company (see Item 6.E. of this Form 20-F). See Item 6.B. of this Form 20-F for information in respect of any stock options of the Company held by the Company's directors and officers.

The Board does not have any standing committees other than an audit committee (the "**Audit Committee**"). Given the size of the Company and the number of directors on the Board, the Board performs the functions of a compensation committee itself.

There is no contract, agreement, plan or arrangement that provides for payments to an officer of the Company at, following or in connection with any termination (whether voluntary, involuntary or constructive), resignation, retirement, a change in control of the Company or a change in an executive officer's responsibilities.

***Audit Committee***

The members of the Audit Committee are Arnold T. Kondrat, Richard J. Lachcik and William R. Wilson.

Summary of Terms of Reference for the Audit Committee

The Audit Committee must be comprised of at least three directors, each of whom must satisfy the financial literacy, experience and other requirements of applicable corporate and securities laws and applicable stock exchange requirements and guidelines. The Audit Committee must (a) review the annual financial statements of the Company and the related management's discussion and analysis before they are approved by the Board, and (b) review all interim financial statements of the Company and the related management's discussion and analysis and, if thought fit, approve all interim financial statements and the related management's discussion and analysis. In addition, the Audit Committee is responsible for:

* making recommendations to the Board as to the appointment or re-appointment of the external auditor;

* pre-approving all non-audit services to be provided by the external auditor to the Company;

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* overseeing the work of the external auditor in performing its audit or review services and overseeing the resolution of any disagreements between management and the external auditor; and

* having direct communication channels with the Company's external auditors.

The Audit Committee is empowered to retain independent counsel and other advisors as it determines necessary to carry out its duties.

**D. Employees**

The following sets out the number of employees which the Company and its subsidiaries had as at December 31, 2025, December 31, 2024 and December 31, 2023:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; <br><u>**Location**</u> | &nbsp;&nbsp;**Dec. 31,**<br><u>**2025**</u> | &nbsp;&nbsp;**Dec. 31,**<br><u>**2024**</u> | &nbsp;&nbsp;**Dec. 31,**<br><u>**2023**</u> |
| Gentor executive office in<br>Toronto, Canada | &nbsp;&nbsp; <br>3 | &nbsp;&nbsp; <br>3 | &nbsp;&nbsp; <br>3 |
| &nbsp;&nbsp;**Totals:** | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 | &nbsp;&nbsp;3 |

---

Neither the Company nor any of its subsidiaries has any unionized employees.

Neither the Company nor any of its subsidiaries employ a significant number of temporary employees.

**E. Share Ownership**

The following table sets out the number of common shares held by the Company's directors and officers as of April 24, 2026 (including the percentage of the Company's outstanding common shares represented by such shares). As of April 24, 2026, the Company did not have outstanding any stock options or common share purchase warrants.

---

| | | |
|:---|:---|:---|
| <br><u>**Name**</u> | &nbsp;&nbsp;**Number of<br>Common**<br><u>**Shares Owned**</u> | &nbsp;&nbsp;**Percentage of<br>Outstanding**<br><u>**Common Shares**</u> |
| Geoffrey G. Farr | &nbsp;&nbsp;350000 | &nbsp;&nbsp; 0.9% |
| Donat K. Madilo | &nbsp;&nbsp;212500 | &nbsp;&nbsp;0.55% |
| Arnold T. Kondrat | &nbsp;&nbsp;20033188 | &nbsp;&nbsp;51.49% |
| Richard J. Lachcik | &nbsp;&nbsp;600000 | &nbsp;&nbsp;1.54% |
| William R. Wilson | &nbsp;&nbsp;70000 | &nbsp;&nbsp;0.18% |

---

***Equity Compensation Plans***

The Company has a stock option plan (the "**Option Plan**"). As of April 24, 2026, there were no stock options outstanding under the Option Plan. The following is a summary of certain terms of the Option Plan.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Stock options may be granted from time to time by the Board to such directors, officers, employees and consultants of the Company or a subsidiary of the Company, and in such numbers, as are determined by the Board at the time of the granting of the stock options.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The total number of common shares of the Company issuable upon the exercise of all outstanding stock options granted under the Option Plan shall not at any time exceed 10% of the total number of outstanding common shares, from time to time.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The exercise price of each stock option shall be determined in the discretion of the Board at the time of the granting of the stock option, provided that the exercise price shall not be lower than the "Market Price". "**Market Price**" means the last closing price of the common shares on NEX prior to the date the stock option is granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) At no time shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the number of common shares reserved for issuance pursuant to stock options granted to insiders of the Company exceed 10% of the outstanding common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the number of stock options granted to insiders of the Company, within a 12 month period, exceed 10% of the outstanding common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) the number of common shares reserved for issuance pursuant to stock options or pursuant to any other stock purchase or option plans of the Company granted to any one optionee exceed 5% of the outstanding common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) the number of common shares issued pursuant to stock options to any one optionee, within a one-year period, exceed 5% of the outstanding common shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) the number of stock options granted to any one consultant in a 12 month period exceed 2% of the outstanding common shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) the aggregate number of stock options granted to persons employed in investor relations activities exceed 2% of the outstanding common shares in any 12 month period without the express consent of NEX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) In the event a "take-over bid" (as such term is defined under Ontario securities laws) is made in respect of the Company's common shares, all unvested stock options shall become exercisable (subject to any necessary regulatory approval) so as to permit the holders of such stock options to tender the common shares received upon exercising such stock options pursuant to the take-over bid.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) All stock options shall be for a term determined in the discretion of the Board at the time of the granting of the stock options, provided that no stock option shall have a term exceeding five years and, unless the Board at any time makes a specific determination otherwise (but subject to the terms of the Option Plan), a stock option and all rights to purchase common shares pursuant thereto shall expire and terminate immediately upon the optionee who holds such stock option ceasing to be at least one of a director, officer or employee of or consultant to the Company or a subsidiary of the Company, as the case may be.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Unless otherwise determined by the Board at the time of the granting of the stock options, one-quarter of the stock options granted to an optionee vest on each of the 6 month, 12 month, 18 month and 24 month anniversaries of the grant date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Except in limited circumstances in the case of the death of an optionee, stock options shall not be assignable or transferable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Disinterested shareholder approval is required prior to any reduction in the exercise price of a stock option if the optionee holding such stock option is an insider of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) The Company may amend from time to time the terms and conditions of the Option Plan by resolution of the Board. Any amendments shall be subject to the prior consent of any applicable regulatory bodies, including NEX (to the extent such consent is required).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(k) The Board has full and final discretion to interpret the provisions of the Option Plan, and all decisions and interpretations made by the Board shall be binding and conclusive upon the Company and all optionees, subject to shareholder approval if required by NEX.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(l) The Option Plan does not provide for financial assistance by the Company to an optionee in connection with an option exercise.

A copy of the Option Plan is incorporated by reference into this Form 20-F as Exhibit 4.1.

**Item 7. Major Shareholders and Related Party Transactions**

**A. Major Shareholders**

To the knowledge of management of the Company, based on a review of publicly available filings, the following is the only person or company who beneficially owns 5% or more of the outstanding common shares of the Company.

---

| | | |
|:---|:---|:---|
| <br><u>**Name of Shareholder**</u> | &nbsp;&nbsp;**Number of Shares**<br><u>**Beneficially Owned**</u> <sup>**(1)**</sup> | &nbsp;&nbsp;**Percentage of Outstanding**<br><u>**Common Shares**</u> <sup>**(1)**</sup> |
| Arnold T. Kondrat <sup>(2)</sup> | &nbsp;&nbsp;20033188 | &nbsp;&nbsp;51.49% |

---

____________________

(1) The information in these columns of the table is as at April 24, 2026.

(2) Mr. Kondrat is Chief Executive Officer, President and a director of the Company.

The shareholder disclosed above does not have any voting rights with respect to his common shares of the Company that are different from any other holder of common shares of the Company.

As of April 24, 2026, based on the Company's shareholders' register, there were 23 shareholders of record of the Company's common shares in the United States, holding 16.74% of the outstanding common shares of the Company.

------

***Control by Foreign Government or Other Persons***

To the best of the knowledge of management of the Company, other than as disclosed in this Form 20-F, the Company is not directly or indirectly owned or controlled by another corporation, any foreign government, or any other natural or legal person, severally or jointly.

***Change of Control***

As of the date of this Form 20-F, there are no arrangements known to the Company which may at a subsequent date result in a change in control of the Company.

**B. Related Party Transactions**

See Item 4 of this Form 20-F for information with respect to the private placement financings carried out by the Company in 2018 and 2019 involving directors and officers of the Company.

**C. Interests of Experts and Counsel**

This Form 20-F is being filed as an annual report under the U.S. Exchange Act and, as such, there is no requirement to provide any information under this item.

**Item 8. Financial Information**

**A. Consolidated Statements and Other Financial Information**

***Consolidated Financial Statements***

The consolidated financial statements of the Company are filed as part of this annual report under Item 18.

***Legal or Arbitration Proceedings***

The Company is not aware of any current or pending material legal or arbitration proceeding to which it is or is likely to be a party or of which any of its properties are or are likely to be the subject.

The Company is not aware of any material proceeding in which any director, member of senior management or affiliate of the Company is either a party adverse to the Company or any of its subsidiaries or has a material interest adverse to the Company or any of its subsidiaries.

***Dividend Policy***

The Company has not paid any dividend or made any other distribution in respect of its outstanding shares and management does not anticipate that the Company will pay dividends or make any other distribution in respect on its shares in the foreseeable future. The Company's Board, from time to time, and on the basis of any earnings and the Company's financial requirements or any other relevant factor, will determine the future dividend or distribution policy of the Company with respect to its shares.

**B. Significant Changes** 

There have been no significant changes in the affairs of the Company since the date of the audited annual consolidated financial statements of the Company as at and for the year ended December 31, 2025.

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**Item 9. The Offer and Listing**

**A. Offer and Listing Details**

On February 23, 2023, the listing of the Company's common shares was transferred by the TSX Venture Exchange (the "**TSXV**") from Tier 2 of the TSXV to the NEX Board of the TSXV. The trading symbol of such shares on NEX is "GNT.H". The Company's common shares were listed on Tier 2 of the TSXV from November 7, 2011 to February 22, 2023.

The Company's common shares are also quoted in the United States on the OTC Pink tier of the OTC Link (the "**OTC Pink**") under the trading symbol "GNTOF", and have been so quoted since May 1, 2015. Prior to May 1, 2015, such shares were quoted in the United States on the OTCQB tier of the OTC Link.

***NEX/TSXV***

The following table discloses the annual high and low sales prices in Canadian dollars for the common shares of the Company for the five most recent financial years of the Company as traded on Tier 2 of the TSX-V or NEX, as applicable.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Year** | &nbsp;&nbsp; **High (Cdn$)** | &nbsp;&nbsp; **Low (Cdn$)** |
| &nbsp;&nbsp; 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.025 |
| &nbsp;&nbsp; 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.04 |
| &nbsp;&nbsp; 2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.115 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.045 |
| &nbsp;&nbsp; 2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.135 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.04 |
| &nbsp;&nbsp; 2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.11 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.08 |

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The following table discloses the high and low sales prices in Canadian dollars for the common shares of the Company for each quarterly period within the two most recent financial years of the Company, and for the most recently completed fiscal quarter of the Company, all as traded on Tier 2 of the TSX-V or NEX, as applicable.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Quarter Ended** | &nbsp;&nbsp;**High (Cdn$)** | &nbsp;&nbsp;**Low (Cdn$)** |
| &nbsp;&nbsp;March 31, 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.025 |
| &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.025 |
| &nbsp;&nbsp;September 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.05 |
| &nbsp;&nbsp;June 30, 2025<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;March 31, 2025<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;December 31, 2024<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;September 30, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.04 |
| &nbsp;&nbsp;June 30, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.04 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.04 |
| &nbsp;&nbsp;March 31, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.08 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.08 |

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____________________

(1) The common shares of the Company did not trade on NEX during these periods.

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The following table discloses the monthly high and low sales prices in Canadian dollars for the common shares of the Company for the most recent six months as traded on NEX.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Month** | &nbsp;&nbsp;**High (Cdn$)** | &nbsp;&nbsp;**Low (Cdn$)** |
| &nbsp;&nbsp;April 2026 (to April 24)<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;March 2026<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;February 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.095 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.045 |
| &nbsp;&nbsp;January 2026 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.035 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.025 |
| &nbsp;&nbsp;December 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.025 |
| &nbsp;&nbsp;November 2025<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.025 |

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____________________

(1) The common shares of the Company did not trade on NEX during these periods.

***OTC Pink***

The following table discloses the annual high and low market prices in United States dollars for the common shares of the Company for the five most recent financial years of the Company as traded on the OTC Pink.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Year** | &nbsp;&nbsp;**High (US$)** | &nbsp;&nbsp;**Low (US$)** |
| &nbsp;&nbsp;2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.02 |
| &nbsp;&nbsp;2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.029 |
| &nbsp;&nbsp;2023 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0.06 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.038 |
| &nbsp;&nbsp;2022 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.111 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.111 |
| &nbsp;&nbsp;2021 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.068 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.059 |

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The following table discloses the high and low market prices in United States dollars for the common shares of the Company for each quarterly period within the two most recent financial years of the Company and the most recently completed fiscal quarter of the Company, as traded on the OTC Pink.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Quarter Ended** | &nbsp;&nbsp;**High (US$)** | &nbsp;&nbsp;**Low (US$)** |
| &nbsp;&nbsp;March 31, 2026<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;December 31, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 |
| &nbsp;&nbsp;September 30, 2025<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;June 30, 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 |
| &nbsp;&nbsp;March 31, 2025<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;December 31, 2024<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;September 30, 2024<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;June 30, 2024 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.029 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.029 |
| &nbsp;&nbsp;March 31, 2024<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |

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____________________

(1) The common shares of the Company did not trade on the OTC Pink during these periods.

The following table discloses the monthly high and low sales prices in Canadian dollars for the common shares of the Company for the most recent six months as traded on the OTC Pink.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Month** | &nbsp;&nbsp;**High (Cdn$)** | &nbsp;&nbsp;**Low (Cdn$)** |
| &nbsp;&nbsp;April 2026 (to April 24) <sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;March 2026<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;February 2026<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;January 2026<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;December 2025<sup>(1)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- |
| &nbsp;&nbsp;November 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 |
| &nbsp;&nbsp;October 2025 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;$0.02 |

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(1) The common shares of the Company did not trade on the OTC Pink during these periods.

**B. Plan of Distribution**

This Form 20-F is being filed as an annual report under the U.S. Exchange Act and, as such, there is no requirement to provide any information under this item.

**C. Markets**

The Company's outstanding common shares are listed on the NEX Board of the TSXV and are also quoted in the United States on the OTC Pink.

**D. Selling Shareholder**

Not applicable.

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**E. Dilution**

Not applicable.

**F. Expenses of the Issue**

Not applicable.

**Item 10. Additional Information**

**A. Share Capital**

This Form 20-F is being filed as an annual report under the U.S. Exchange Act and, as such, there is no requirement to provide any information under this item.

**B. Memorandum and Articles of Association**

Copies of the articles of association and amended memorandum of association of the Company are incorporated by reference into this Form 20-F as Exhibit 1.1 and Exhibit 1.2, respectively.

The Company is a corporation governed by the *Companies Act (2025 Revision)* of the Cayman Islands (the "**Companies Law**") and is registered with the Registrar of Companies for the Cayman Islands under registration number 266618. Under the Companies Law, the memorandum of association of the Company may, by "special resolution" (see below for definition), be amended with respect to any objects, powers or other matters specified therein. Under the Companies Law, "special resolution" means a resolution passed at a general meeting by a majority of not less than two-thirds of the votes cast by the shareholders who are entitled to vote in respect of that resolution or, if so authorized by the Company's articles of association, a resolution in writing signed by all the shareholders entitled to vote on that resolution.

The Company's memorandum of association provides that the Company's objects are unrestricted.

The Company's authorized share capital consists of US$400,000 divided into 500,000,000 common shares with a par value of US$0.0008 per share, of which 38,906,742 common shares were issued and outstanding as of April 24, 2026. The following is a summary of the material provisions attaching to the common shares:

The holders of the Company's common shares are entitled to receive notice of and to attend all meetings of the shareholders of the Company and shall have one vote for each common share held at all meetings of the shareholders of the Company, except for meetings at which only holders of another specified class or series of shares are entitled to vote separately as a class or series. Holders of the common shares are not entitled to preemptive rights, and the common shares are not subject to conversion rights, redemption provisions, or sinking fund provisions. Subject to the prior rights of any shares ranking senior to the common shares (of which there are also presently none), the holders of the common shares are entitled to (i) receive any dividends as and when declared by the Board, out of the assets of the Company properly applicable to the payment of dividends, in such amount and in such form as the Board may from time to time determine, and (ii) receive the remaining property of the Company in the event of any liquidation, dissolution or winding-up of the Company.

Under the Company's articles of association, a director of the Company may only be (a) a party to, or otherwise interested in, any transaction or arrangement with the Company or in which the Company is or may otherwise be interested, or (b) be interested in another corporation in which the Company is interested, if the director discloses the nature and extent of his interest to the other directors of the Company and such other directors resolve to approve the director's interest. Such a director may vote on any resolution concerning a matter in which the director has an interest so long as the director disclosed such interest in accordance with the Company's articles of association.

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Also under the Company's articles of association, the Company's directors may be paid such remuneration for their services as the Board may from time to time determine. The directors are also be entitled to be reimbursed for travelling and other expenses properly incurred by them in attending meetings of the Board or any committee thereof.

With respect to borrowing powers, the Company's articles of association provide that the directors of the Company may by resolution exercise all the powers of the Company to incur indebtedness, liabilities or obligations and to secure indebtedness, liabilities or obligations whether of the Company or of any third party.

A director of the Company need not be a shareholder of the Company.

The annual meeting of shareholders of the Company is held at such time in each year (but not later than 15 months after holding the last preceding annual meeting of shareholders) and at such place as the Board may from time to time determine. The Board has the power to call a special meeting of shareholders of the Company at any time.

The only persons entitled to be present at a meeting of shareholders are those entitled to vote thereat, the directors and, if the Company's financial statements are to be presented, the auditor of the Company and others who, although not entitled to vote, are entitled or required under any provision of the Companies Law or the articles of association of the Company to be present at the meeting. Any other person may be admitted only on the invitation of the chairperson of the meeting or with the consent of the meeting.

A quorum for the transaction of business at any meeting of shareholders is two persons present in person or by proxy representing not less than 5% of the votes of the shares entitled to vote on resolutions to be considered at the meeting.

*Disclosure of Share Ownership*

In general, under applicable securities regulation in Canada, a person or company who beneficially owns, directly or indirectly, voting securities of an issuer or who exercises control or direction over voting securities of an issuer or a combination of both, carrying more than 10% of the voting rights attached to all the issuer's outstanding voting securities is an insider and must, within 10 days of becoming an insider, file a report in the required form effective the date on which the person became an insider. The report must disclose any direct or indirect beneficial ownership of, or control or direction over, securities of the reporting issuer. Additionally, securities regulation in Canada provides for the filing of a report by an insider of a reporting issuer whose holdings change, which report must be filed within five days from the day on which the change takes place.

The rules in the U.S. governing the ownership threshold above which shareholder ownership must be disclosed are more stringent than those discussed above. Section 13 of the U.S. Exchange Act imposes reporting requirements on persons who acquire beneficial ownership (as such term is defined in Rule 13d-3 under the U.S. Exchange Act) of more than 5% of a class of an equity security registered under Section 12 of the U.S. Exchange Act. In general, such persons must file, within 10 days after such acquisition, a report of beneficial ownership with the SEC containing the information prescribed by the regulations under Section 13 of the U.S. Exchange Act. This information is also required to be sent to the issuer of the securities and to each exchange where the securities are traded.

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**C. Material Contracts**

Except for contracts entered into in the ordinary course of business and other than as may be referred to elsewhere in this Form 20-F, there are no material contracts to which the Company is currently a party that were entered into by the Company or any of its subsidiaries during the two years immediately preceding the date of this Form 20-F.

**D. Exchange Controls**

There are no governmental laws, decrees, regulations or other legislation, including foreign exchange controls, in Canada or the Cayman Islands which may affect the export or import of capital or that may affect the remittance of dividends, interest or other payments to non-resident holders of the Company's securities.

**E. Certain United States and Canadian Income Tax Considerations**

**(1) Certain United States Federal Income Tax Considerations**

The following is a general summary of certain material U.S. federal income tax considerations applicable to a shareholder arising from and relating to the acquisition, ownership and disposition of common shares of the Company ("**Common Shares**").

This summary is for general information purposes only and does not purport to be a complete analysis or listing of all potential U.S. federal income tax considerations that may apply to a particular shareholder arising from and relating to the acquisition, ownership and disposition of Common Shares. In addition, this summary does not take into account the individual facts and circumstances of any particular shareholder that may affect the U.S. federal income tax consequences to such shareholder, including specific tax consequences to a shareholder under an applicable tax treaty. Accordingly, this summary is not intended to be, and should not be construed as, legal or U.S. federal income tax advice with respect to any shareholder. This summary does not address the U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and Non-U.S. tax consequences to shareholders of the acquisition, ownership and disposition of Common Shares. Except as specifically set forth below, this summary does not discuss applicable tax reporting requirements. Each prospective shareholder should consult its own tax advisor regarding the U.S. federal, U.S. federal net investment income, U.S. federal alternative minimum, U.S. federal estate and gift, U.S. state and local, and non-U.S. tax consequences relating to the acquisition, ownership and disposition of Common Shares.

No legal opinion from U.S. legal counsel or ruling from the Internal Revenue Service (the "**IRS**") has been requested, or will be obtained, regarding the U.S. federal income tax consequences of the acquisition, ownership and disposition of Common Shares. This summary is not binding on the IRS, and the IRS is not precluded from taking a position that is different from, and contrary to, the positions taken in this summary. In addition, because the authorities on which this summary is based are subject to various interpretations, the IRS and the U.S. courts could disagree with one or more of the conclusions described in this summary.

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***Scope of This Disclosure***

<u>Authorities</u> 

This summary is based on the Internal Revenue Code of 1986 (the "**Code**"), U.S. Treasury Regulations (whether final, temporary, or proposed), published rulings of the IRS, published administrative positions of the IRS, and U.S. court decisions that are applicable and, in each case, as in effect and available, as of the date of this summary. Any of the authorities on which this summary is based could be changed in a material and adverse manner at any time, and any such change could be applied on a retroactive or prospective basis which could affect the U.S. federal income tax considerations described in this summary. This summary does not discuss the potential effects, whether adverse or beneficial, of any proposed legislation that, if enacted, could be applied on a retroactive or prospective basis.

U.S. Holders

For purposes of this summary, the term "**U.S. Holder**" means a beneficial owner of Common Shares that is for U.S. federal income tax purposes:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) an individual who is a citizen or resident of the U.S.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the U.S., any state thereof or the District of Columbia;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) an estate whose income is subject to U.S. federal income taxation regardless of its source; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) a trust that (A) is subject to the primary supervision of a court within the U.S. and the control of one or more U.S. persons for all substantial decisions or (B) has a valid election in effect under applicable U.S. Treasury Regulations to be treated as a U.S. person.

Non-U.S. Holders

For purposes of this summary, a "**non-U.S. Holder**" is a beneficial owner of Common Shares that is not a U.S. Holder and is not treated as a partnership (or entity or arrangement classified as a partnership) for U.S. federal income tax purposes.

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U.S. Holders Subject to Special U.S. Federal Income Tax Rules Not Addressed

This summary does not address the U.S. federal income tax considerations to Company shareholders that are subject to special provisions under the Code, including the following: (i) shareholders that are tax-exempt organizations, qualified retirement plans, individual retirement accounts, or other tax-deferred accounts; (ii) shareholders that are financial institutions, underwriters, insurance companies, real estate investment trusts, or regulated investment companies; (iii) shareholders that are broker-dealers, dealers, or traders in securities or currencies that elect to apply a mark-to-market accounting method; (iv) shareholders that have a "functional currency" other than the U.S. dollar; (v) shareholders that own Common Shares as part of a straddle, hedging transaction, conversion transaction, constructive sale, or other integrated transaction; (vi) shareholders that acquired Common Shares in connection with the exercise of employee stock options or otherwise as compensation for services; (vii) shareholders that hold Common Shares other than as a capital asset within the meaning of Section 1221 of the Code (generally, property held for investment purposes); (viii) U.S. expatriates or former long-term residents of the United States; (ix) controlled foreign corporations and passive foreign investment companies; (x) shareholders subject to special tax accounting rules; (xi) shareholders that are partnerships or other pass-through entities (and investors in such partnerships and entities); (xii) shareholders that are subject to the alternative minimum tax; (xiii) shareholders that are S corporations (and shareholders thereof); (xiv) shareholders which are corporations organized outside the U.S., any state thereof or the District of Columbia that are nonetheless treated as U.S. taxpayers for U.S. federal income tax purposes; and (xv) shareholders that own or have owned, directly, indirectly, or by attribution, 5% or more, by voting power or value, of the outstanding Common Shares. Shareholders that are subject to special provisions under the Code, including shareholders described immediately above, should consult their own tax advisor regarding the U.S. federal, U.S. federal estate and gift, U.S. state and local tax, and non-U.S. tax consequences relating to the ownership and disposition of Common Shares.

If an entity or arrangement that is classified as a partnership (or a "pass-through" entity) for U.S. federal income tax purposes holds Common Shares, the U.S. federal income tax consequences to such partnership and the partners of such partnership of the ownership and disposition of Common Shares generally will depend in part on the activities of the partnership and the status of such partners. This summary does not address the tax consequences to any such partner or partnership. Partners of entities or arrangements that are classified as partnerships for U.S. federal income tax purposes should consult their own tax advisors regarding the U.S. federal income tax consequences of the ownership and disposition of Common Shares.

***Treatment of the Company as a U.S. Corporation***

The Company believes that it should be treated as a U.S. domestic corporation for U.S. federal income tax purposes under Section 7874 of the Code and be subject to U.S. tax on its worldwide income. The Company has not sought or obtained an opinion of legal counsel or a ruling from the IRS regarding the treatment of the Company as a U.S. domestic corporation. Accordingly, there can be no assurance that the IRS will not challenge the treatment of the Company as a U.S. domestic corporation or that the U.S. courts will uphold the status of the Company as a U.S. domestic corporation in the event of an IRS challenge. This summary assumes that the Company will be treated as a U.S. domestic corporation for U.S. federal income tax purposes.

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***General U.S. Federal Income Tax Consequences Related to the Ownership and Disposition of Common Shares by U.S. Holders***

Distributions on Common Shares

The Company does not intend to pay any dividends on the Common Shares in the foreseeable future. In the event that the Company pays dividends on the Common Shares, a U.S. Holder that receives a distribution, including a constructive distribution, with respect to a Common Share will be required to include the amount of such distribution in gross income as a dividend to the extent of the current or accumulated "earnings and profits" of the Company, as computed for U.S. federal income tax purposes. To the extent that a distribution exceeds the current and accumulated "earnings and profits" of the Company, such distribution will be treated first as a tax-free return of capital to the extent of a U.S. Holder's tax basis in the Common Shares and thereafter as gain from the sale or exchange of such shares taxable as described under "Sale or Other Taxable Disposition of Common Shares" below. Subject to applicable limitations and requirements, dividends received on the Common Shares generally should be eligible for the "dividends received deduction" available to corporate shareholders.

A dividend paid to a U.S. Holder who is an individual, estate or trust by the Company generally will be taxed at the preferential tax rates applicable to long-term capital gains if certain holding period and other requirements are met. The dividend rules are complex and each U.S. Holder should consult its own tax advisor regarding the application of such rules.

Sale or Other Taxable Disposition of Common Shares

Upon the sale or other taxable disposition of Common Shares, a U.S. Holder generally will recognize a capital gain or loss in an amount equal to the difference between (i) the amount of cash plus the fair market value of any property received and (ii) such U.S. Holder's tax basis in the shares sold or otherwise disposed of. Gain or loss recognized on such sale or other disposition generally will be long-term capital gain or loss if, at the time of the sale or other disposition, the shares have been held for more than one year.

Preferential tax rates apply to long-term capital gains of a U.S. Holder that is an individual, estate, or trust. There are currently no preferential tax rates for long-term capital gains of a U.S. Holder that is a corporation. Deductions for capital losses are subject to significant limitations under the Code.

Receipt of Foreign Currency

Amounts paid to a U.S. Holder in foreign currency generally will be equal to the U.S. dollar value of such distribution based on the exchange rate applicable on the date of receipt. A U.S. Holder that does not convert foreign currency received into U.S. dollars on the date of receipt generally will have a tax basis in such foreign currency equal to the U.S. dollar value of such foreign currency on the date of receipt. Such U.S. Holder generally will recognize ordinary income or loss on the subsequent sale or other taxable disposition of such foreign currency (including an exchange for U.S. dollars), which generally would be treated as U.S. source ordinary income for foreign tax credit purposes. Different rules apply to U.S. Holders who use the accrual method of tax accounting.

Backup Withholding and Information Reporting

Information reporting requirements generally will apply to payments of dividends on Common Shares and to the proceeds of a sale of Common Shares paid to a U.S. Holder unless the U.S. Holder is an exempt recipient (such as a corporation). Payments made within the U.S. or by a U.S. payor or U.S. middleman, of dividends on, and proceeds arising from the sale or other taxable disposition of, Common Shares will generally be subject to information reporting and backup withholding tax, at the rate of 24%, if a U.S. Holder (i) fails to furnish such U.S. Holder's correct U.S. taxpayer identification number (generally on Form W-9), (ii) furnishes an incorrect U.S. taxpayer identification number, (iii) is notified by the IRS that such U.S. Holder has previously failed to properly report items subject to backup withholding tax, or (iv) fails to certify, under penalty of perjury, that such U.S. Holder has furnished its correct U.S. taxpayer identification number and that the IRS has not notified such U.S. Holder that it is subject to backup withholding tax. However, certain exempt persons generally are excluded from these information reporting and backup withholding rules. Backup withholding is not an additional tax. Any amounts withheld under the U.S. backup withholding tax rules will be allowed as a credit against a U.S. Holder's U.S. federal income tax liability, if any, or will be refunded, if such U.S. Holder furnishes required information to the IRS in a timely manner. U.S. Holders should consult with their own tax advisors regarding the information reporting and backup withholding rules.

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***General U.S. Tax Consequences Related to the Ownership and Disposition of Common Shares by Non-U.S. Holders***

Distributions on Common Shares

The Company does not intend to pay any dividends on the Common Shares in the foreseeable future. In the event that the Company pays dividends on the Common Shares, a non-U.S. Holder that receives a distribution, including a constructive distribution, with respect to a Common Share will be required to treat such distribution as a dividend to the extent of the current or accumulated "earnings and profits" of the Company, as computed for U.S. federal income tax purposes. To the extent that a distribution exceeds the current and accumulated "earnings and profits" of the Company, such distribution will be treated (i) as a tax-free return of capital to the extent of a non-U.S. Holder's tax basis in the Common Shares and (ii) thereafter as gain from the sale or exchange of such shares. Any such distributions would also be subject to the discussions below regarding backup withholding and FATCA (as defined below).

Any amount treated as a dividend generally will be subject to withholding tax at a 30% gross rate, subject to any exemption or lower rate under an applicable treaty if the non-U.S. Holder provides the Company with a properly executed IRS Form W-8BEN or W-8BEN-E, unless the non-U.S. Holder instead supplies a properly executed IRS Form W-8ECI (or other applicable form) relating to income effectively connected with the conduct of a trade or business within the U.S. To the extent a distribution from the Company is treated as a dividend effectively connected with the conduct of a trade or business within the U.S. and includible in the non-U.S. Holder's gross income, it will not be subject to the withholding tax (assuming proper certification and disclosure), but instead will be subject to U.S. federal income tax on a net income basis at applicable graduated individual or corporate rates. Any such effectively connected income received by a non-U.S. corporation may, under certain circumstances, be subject to an additional branch profits tax at a 30% rate, subject to any exemption or lower rate as may be specified by an applicable income tax treaty.

A non-U.S. Holder who wishes to claim the benefit of an applicable treaty rate or exemption is required to satisfy certain certification and other requirements. If a non-U.S. Holder is eligible for an exemption from or a reduced rate of U.S. withholding tax pursuant to an income tax treaty, it may obtain a refund of any excess amounts withheld by timely filing an appropriate claim for refund with the IRS. Amounts taxable to a non-U.S. Holder as gain from the sale or exchange of Common Shares will be taxable as described under "Sale or Other Taxable Disposition of Common Shares" below.

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Sale or Other Taxable Disposition of Common Shares

In general, a non-U.S. Holder of Common Shares will not be subject to U.S. federal income tax on gain recognized from a sale, exchange, or other taxable disposition of such shares, unless one of the circumstances described below exist.

If the gain is effectively connected with a U.S. trade or business carried on by the non-U.S. Holder (and, where an income tax treaty applies, is attributable to U.S. permanent establishment of the non-U.S. Holder), such holder will be subject to tax on the net gain derived from the sale or other taxable disposition of Common Shares under regular graduated U.S. federal income tax rates. If a non-U.S. Holder is a non-U.S. corporation, it will be subject to tax on its net gain from such a sale or other taxable disposition generally in the same manner as if it were a U.S. person as defined under the Code and, in addition, it may be subject to the branch profits tax at a gross rate equal to 30% of its effectively connected earnings and profits for that taxable year, subject to any exemption or lower rate as may be specified by an applicable income tax treaty.

If a non-U.S. Holder is an individual who is present in the U.S. for 183 days or more in the taxable year of disposition and certain other conditions are met, such holder will be subject to tax at a rate of 30% (or subject to any exemption or lower rate as may be specified by an applicable income tax treaty) on the gain derived from the sale or other taxable disposition of Common Shares even though such holder is not considered a resident of the U.S. The amount of such gain may be offset by the non-U.S. Holder's U.S. source capital losses.

If the Common Shares qualify as a "United States real property interest" ("**USRPI**"), gain from the sale or disposition of a non-U.S. Holder's shares will be subject to special U.S. federal income tax rules applicable to dispositions of U.S. real estate by foreign persons. If at any time during the shorter of the non-U.S. Holder's holding period or the 5-year period ending on the date of disposition of the Common Shares, the Company (or a predecessor entity) qualifies as a "United States Real Property Holding Corporation" ("**USRPHC**"), a non-U.S. Holder will be treated as having disposed of a USRPI and, thus, will be subject to U.S. federal net income tax on gain from a sale of Common Shares at graduated rates as if the gain or loss were effectively connected with the conduct of a U.S. trade or business unless an exception applies for shares of a USRPHC which are "regularly traded on an established securities market" within the meaning of Section 897 of the Code (the "**Regularly Traded Exception**"). A "**USRPHC**" is a U.S. domestic corporation whose trade or business and real property assets consist primarily of USRPIs. For purposes of these rules, a "**USRPI**" includes land, buildings and other improvements, growing crops and timber, and mines, wells and other natural deposits (including, oil and gas properties and mineral deposits) located in the United States as well as equity interests in a USRPHC.

Under the Regularly Traded Exception, a disposition of stock of a USRPHC that is regularly traded on an established securities market will only be subject to U.S. federal income taxation in the case of a person who, directly or constructively, at any time during the five year period ending on the date of the disposition of stock, held more than 5% of that class of stock. There can be no assurance that the Common Shares will satisfy the Regularly Traded Exception at any particular point in the future.

The Company does not believe that it is currently a USRPHC for U.S. federal income tax purposes, though it could become a USRPHC in the future. Non-U.S. Holders are urged to consult with their own tax advisors regarding the consequences if the Company is, has been or will be a USRPHC.

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Information Reporting and Withholding

Generally, the Company must report annually to the IRS and to non-U.S. Holders the amount of dividends paid to non-U.S. Holders and the amount of tax, if any, withheld with respect to those payments. Copies of the information returns reporting such dividends and withholding may also be made available to the tax authorities in the country in which a non-U.S. Holder resides under the provisions of an applicable income tax treaty.

In general, a non-U.S. Holder will not be subject to backup withholding with respect to payments of dividends paid, provided the Company receives a statement meeting certain requirements to the effect that the non-U.S. Holder is not a U.S. person and that the Company does not have actual knowledge or reason to know that the holder is a U.S. person, as defined under the Code, that is not an exempt recipient. The requirements for the statement will be met if (i) the non-U.S. Holder provides its name and address and certifies, under penalty of perjury, that it is not a U.S. person (which certification may be made on IRS Form W-8BEN or W-8BEN-E) or (ii) a financial institution holding the instrument on behalf of the non-U.S. Holder certifies, under penalty of perjury, that such statement has been received by it and furnishes the Company or its paying agent with a copy of the statement. In addition, a non-U.S. Holder will be subject to information reporting and, depending on the circumstances, backup withholding with respect to payments of the proceeds of a sale of Common Shares within the U.S. or conducted through certain U.S.-related financial intermediaries, unless the statement described above has been received, and the Company does not have actual knowledge or reason to know that a holder is a U.S. person, as defined under the Code, or that it is not an exempt recipient, or the non-U.S. Holder otherwise establishes an exemption. Any amounts withheld under the backup withholding rules will be allowed as a refund or a credit against a non-U.S. Holder's U.S. federal income tax liability provided the required information is furnished timely to the IRS.

Sections 1471 through 1474 of the Code (commonly referred to as "**FATCA**") impose a reporting regime and potentially a 30% withholding tax on certain payments made to or through (i) a "foreign financial institution" (as specifically defined in the Code) that does not enter into an agreement with the IRS to provide the IRS with certain information in respect of its account holders and investors or (ii) a "non-financial foreign entity" (as specifically defined in the Code) that does not provide sufficient information with respect to its substantial U.S. owners (if any). The United States has entered into, and continues to negotiate, intergovernmental agreements (each, an "IGA") with a number of other jurisdictions to facilitate the implementation of FATCA. An IGA may significantly alter the application of FATCA and its information reporting and withholding requirements with respect to any particular investor.

FATCA withholding may apply to payments of dividends in respect of the Common Shares if the payee does not provide documentation (typically IRS Form W-9 or the relevant IRS Form W-8) providing the required information or establishing compliance with, or an exemption from, FATCA. FATCA is particularly complex and its application remains uncertain. In addition, subject to the discussion regarding proposed U.S. Treasury Regulations, the FATCA withholding tax would apply to the gross proceeds payable upon the sale, exchange or other disposition of the Common Shares. Proposed U.S. Treasury Regulations eliminate the FATCA withholding tax on payments of gross proceeds and taxpayers may rely on these proposed Treasury regulations until final U.S. Treasury Regulations are issued. There can be no assurance that final U.S. Treasury Regulations would provide an exemption from the FATCA withholding tax for gross proceeds. Non-U.S. Holders should consult their own tax advisors regarding how these rules may apply in their particular circumstances.

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**(2) Certain Canadian Federal Income Tax Considerations**

The following is a general summary, as of the date hereof, of the principal Canadian federal income tax considerations under the *Income Tax Act* (Canada) and the regulations thereunder, as amended (collectively, the "**Tax Act**"), generally applicable to a holder who, for the purposes of the Tax Act and at all relevant times, holds common shares in the capital of the Company (the "**Common Shares**") as capital property and deals at arm's length with, and is not affiliated with, the Company (a "**Holder**"). Common Shares will generally be considered to be capital property to a Holder unless the Holder holds such Common Shares in the course of carrying on a business of buying and selling securities or has acquired them in one or more transactions considered to be an adventure or concern in the nature of trade.

This summary is not applicable to a Holder: (i) with respect to whom the Company is or will be a "foreign affiliate" within the meaning of the Tax Act, (ii) that is a "financial institution" for the purposes of the mark-to-market rules under the Tax Act, (iii) an interest in which is a "tax shelter" or a "tax shelter investment" as defined in the Tax Act, (iv) that is a "specified financial institution" as defined in the Tax Act, (v) who has made a "functional currency" election under section 261 of the Tax Act, or (vi) that has entered into or will enter into, with respect to the Common Shares, a "derivative forward agreement" as defined in the Tax Act. Any such Holder should consult its own tax advisor.

This summary is based on the current provisions of the Tax Act and an understanding of the current published administrative policies and assessing practices of the Canada Revenue Agency (the "**CRA**") released prior to the date hereof. This summary takes into account all proposed amendments to the Tax Act that have been publicly announced by or on behalf of the Minister of Finance (Canada) ("**Finance**") prior to the date hereof (the "**Proposed Amendments**") and assumes that such Proposed Amendments will be enacted in the form proposed, although no assurance can be given that the Proposed Amendments will be enacted in their current form or at all. Except for the Proposed Amendments, this summary does not take into account or anticipate any other changes in law or any changes in the CRA's administrative policies and assessing practices, whether by judicial, governmental or legislative action or decision, nor does it take into account other federal or any provincial, territorial or foreign tax legislation or considerations, which may differ from the Canadian federal income tax considerations described herein. This summary assumes that the Company is not resident in Canada for the purposes of the Tax Act.

**This summary is of a general nature only and is not intended to be, nor should it be construed to be, legal or tax advice to any particular Holder, and no representations are made with respect to the income tax considerations applicable to any particular Holder. Accordingly, Holders are urged to consult their own tax advisors about the specific tax consequences to them of acquiring, holding and disposing of Common Shares.**

**Currency Conversion**

For purposes of the Tax Act, all amounts relating to the acquisition, holding or disposition of securities (including dividends, adjusted cost base and proceeds of disposition) must generally be expressed in Canadian dollars. Amounts denominated in foreign currencies must be converted into Canadian dollars generally based on the exchange rate quoted by the Bank of Canada on the date such amounts arise or such other rate of exchange as is acceptable to the Minister of National Revenue (Canada).

***Residents of Canada***

The following discussion applies to a Holder who, for the purposes of the Tax Act and any applicable income tax treaty or convention, and at all relevant times, is resident in Canada (a "**Resident Holder**").

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Dividends on Common Shares

A Resident Holder will be required to include in computing such Holder's income for a taxation year the amount of dividends, if any, received on Common Shares. Gentor is not a "taxable Canadian corporation". Therefore, dividends received on Common Shares by a Resident Holder who is an individual will not be subject to the gross-up and dividend tax credit rules in the Tax Act normally applicable to taxable dividends received from taxable Canadian corporations. A Resident Holder that is a corporation will not be entitled to deduct the amount of dividends received on Common Shares in computing its taxable income.

Disposition of Common Shares

A disposition or deemed disposition of Common Shares by a Resident Holder will generally result in a capital gain (or capital loss) to the extent that the proceeds of disposition, net of any reasonable costs of the disposition, exceed (or are less than) the adjusted cost base to the Resident Holder of the Common Shares immediately before the disposition. See "*Taxation of Capital Gains and Capital Losses*" below.

Taxation of Capital Gains and Capital Losses

Generally, one-half of any capital gain (a "**taxable capital gain**") realized by a Resident Holder will be included in the Resident Holder's income for the year of disposition. One-half of any capital loss (an "**allowable capital loss**") realized by a Resident Holder in a taxation year is generally required to be deducted by the Holder against taxable capital gains in that year (subject to, and in accordance with, the provisions of the Tax Act). Any excess of allowable capital losses over taxable capital gains of a Resident Holder realized in a taxation year may be carried back up to three taxation years or forward indefinitely and deducted against net taxable capital gains realized in such years, to the extent and under the circumstances provided in the Tax Act.

Capital gains realized by an individual or trust, other than certain specified trusts, may give rise to a liability for alternative minimum tax under the Tax Act.

Offshore Investment Fund Property Rules

The Tax Act contains provisions (the "**OIF Rules**") which, in certain circumstances, may require a Resident Holder to include an amount in income in each taxation year in respect of the acquisition and holding of Common Shares if (1) the value of such Common Shares may reasonably be considered to be derived, directly or indirectly, primarily from portfolio investments in: (i) shares of the capital stock of one or more corporations, (ii) indebtedness or annuities, (iii) interests in one or more corporations, trusts, partnerships, organizations, funds or entities, (iv) commodities, (v) real estate, (vi) Canadian or foreign resource properties, (vii) currency of a country other than Canada, (viii) rights or options to acquire or dispose of any of the foregoing, or (ix) any combination of the foregoing (collectively, "**Investment Assets**"); and (2) it may reasonably be concluded that one of the main reasons for the Resident Holder acquiring, holding or having the Common Shares was to derive a benefit from portfolio investments in Investment Assets in such a manner that the taxes, if any, on the income, profits and gains from such Investment Assets for any particular year are significantly less than the tax that would have been applicable under Part I of the Tax Act if the income, profits and gains had been earned directly by the Resident Holder.

In making this determination, the OIF Rules provide that regard must be had to all of the circumstances, including (i) the nature, organization and operation of any non-resident entity, including the Company, and the form of, and the terms and conditions governing, the Resident Holder's interest in, or connection with, any such non-resident entity, (ii) the extent to which any income, profit and gains that may reasonably be considered to be earned or accrued, whether directly or indirectly, for the benefit of any such non-resident entity, including the Company, are subject to an income or profits tax that is significantly less than the income tax that would be applicable to such income, profits and gains if they were earned directly by the Resident Holder, and (iii) the extent to which any income, profits and gains of any such non-resident entity, including the Company, for any fiscal period are distributed in that or the immediately following fiscal period.

------

The CRA has taken the position that the term "portfolio investments" should be given a broad interpretation. Nevertheless the Company does not believe that the value of its Common Shares should be regarded as being derived, directly or indirectly, from portfolio investments. Nevertheless it is possible that the CRA or a Court could take a different view, in which case the applicability of the provision may depend on the determination referred to in the immediately preceding paragraph regarding the reasons for the acquisition and holding of the Common Shares.

If applicable, the OIF Rules can result in a Resident Holder being required to include in its income for each taxation year in which such Resident Holder owns the Common Shares the amount, if any, by which (i) an imputed return based on the Resident Holder's "designated cost" (as defined in the Tax Act) of the Common Shares exceeds (ii) any dividends or other amounts included in computing such Holder's income for the year (other than a capital gain) in respect of the Common Shares determined without reference to the OIF Rules. Any amount required to be included in computing a Resident Holder's income under these provisions will be added to the adjusted cost base of the Common Shares.

**The OIF Rules are complex and their application will potentially depend, in part, on the reasons for a Resident Holder acquiring or holding Common Shares. Resident Holders should consult their own tax advisors regarding the application and consequences of the OIF Rules in their own particular circumstances.**

Additional Refundable Tax

A Resident Holder that is, throughout its taxation year, a "Canadian-controlled private corporation" ("CCPC") or "Substantive CCPC" (as defined in the Tax Act) may be liable to pay a refundable tax in respect of its "aggregate investment income" (as defined in the Tax Act), including taxable capital gains and certain dividends.

Foreign Property Information Reporting

A Resident Holder that is a "specified Canadian entity" for a taxation year or a fiscal period and whose total "cost amount" of "specified foreign property" (as such terms are defined in the Tax Act), including Common Shares, at any time in the year or fiscal period exceeds Cdn$100,000 will be required to file an information return with the CRA for the year or period disclosing prescribed information in respect of such property. The Common Shares will be "specified foreign property" for this purpose. Substantial penalties may apply where a Resident Holder fails to file the required information return in respect of its specified foreign property on a timely basis in accordance with the Tax Act.

The foreign information reporting rules in the Tax Act are complex and this summary does not purport to address all circumstances in which reporting may be required by a Resident Holder. Resident Holders should consult their tax advisors regarding these rules.

***Shareholders Not Resident in Canada***

The following discussion applies to a Holder who at all relevant times: (i) has not been, is not, and will not be resident or deemed to be resident in Canada for purposes of the Tax Act or any applicable tax treaty; and (ii) does not and will not use or hold, and is not and will not be deemed to use or hold, Common Shares in connection with, or in the course of, carrying on a business in Canada (a "**Non-Resident Holder**"). Special rules, which are not discussed in this summary, may apply to a Non-Resident Holder that is an insurer carrying on business in Canada and elsewhere. Such a non-resident insurer should consult its own tax advisors.

------

Dividends on Common Shares

Dividends paid in respect of Common Shares to a Non-Resident Holder will not be subject to Canadian withholding tax or other income tax under the Tax Act.

Disposition of Common Shares

A Non-Resident Holder who disposes or is deemed to dispose of Common Shares will not be subject to Canadian income tax in respect of any capital gain realized on the disposition unless such Common Shares constitute "taxable Canadian property" for the purposes of the Tax Act and no exemption is available under an applicable income tax convention between Canada and the jurisdiction in which the Non-Resident Holder is resident.

Generally, Common Shares will not be taxable Canadian property at a particular time to a Non-Resident Holder provided that the Common Shares are listed on a designated stock exchange (which includes NEX) at that time, unless at any time during the sixty month period immediately preceding the disposition of the Common Shares by such Non-Resident Holder both (a) (i) the Non-Resident Holder, (ii) persons not dealing at arm's length with such Non-Resident Holder, (iii) partnerships in which the Non-Resident Holder or a person mentioned in (a) (ii) holds a membership interest directly or indirectly through one or more partnerships, or (iv) any combination of (a) (i) to (iii), owned 25% or more of the issued shares of any class or series of the capital stock of the Company; and (b) at that time more than 50% of the value of such shares was attributable to resource properties or real properties situated in Canada. The Company has advised that, based on the historical and contemplated assets of the Company, the Common Shares should not be taxable Canadian property to a Non-Resident Holder.

**F. Dividends and Paying Agents**

This Form 20-F is being filed as an annual report under the U.S. Exchange Act and, as such, there is no requirement to provide any information under this item.

**G. Statement By Experts**

This Form 20-F is being filed as an annual report under the U.S. Exchange Act and, as such, there is no requirement to provide any information under this item.

**H. Documents on Display**

The documents referred to and/or incorporated by reference in this Form 20-F can be viewed at the office of the Company at 4120 Yonge Street, Suite 304, Toronto, Ontario, M2P 2B8, Canada. The Company is required to file financial statements and other information with the securities regulatory authorities in each of the Canadian provinces of Ontario, British Columbia and Alberta, electronically through the Canadian System for Electronic Document Analysis and Retrieval (SEDAR+), which can be viewed at <u>www.sedarplus.ca</u>. The Company is subject to the informational requirements of the U.S. Exchange Act and files reports and other information with the SEC. The SEC maintains a website that contains reports, proxy and information statements and other information regarding registrants that file electronically with the SEC at http://www.sec.gov.

------

**I. Subsidiary Information**

Not applicable.

**Item 11. Quantitative and Qualitative Disclosures About Market Risk.**

See Note 8 to the Company's audited consolidated financial statements filed as part of this Form 20-F under Item 18.

**Item 12. Descriptions of Securities Other than Equity Securities**

Not applicable.

**PART II**

**Item 13. Defaults, Dividend Arrearages and Delinquencies.**

Not applicable.

**Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds.**

**14. A.-B. Modifications to the Rights of Security Holders**

In February 2012, the Company completed a corporate reorganization, as a result of which Gentor's corporate jurisdiction was moved from Florida to the Cayman Islands. This corporate reorganization was carried out by a two-step process involving a merger of Gentor Resources, Inc. (the Florida company) with and into its wholly-owned Wyoming subsidiary, followed by a continuation of the surviving company into the Cayman Islands. Accordingly, the rights of the Company's common shares became governed by its memorandum and articles of association and the laws of the Cayman Islands. The rights attaching to each common share remained substantially equivalent. For a detailed comparison of shareholder rights under the laws of Florida and under the laws of the Cayman Islands, you may refer to the section titled "Material Differences of the Rights of Our Shareholders After the Reorganization" in the Company's Information Circular/Proxy Statement filed as Exhibit 99.3 to the Form 8-K of the Company filed on January 11, 2012, which section is incorporated herein by reference.

By amended memorandum of association effective on September 12, 2017, the Company's outstanding common shares were consolidated on an eight to one basis.

By amended memorandum of association effective on October 10, 2018, the authorized share capital of the Company was increased by changing the authorized share capital of the Company from US$50,000 divided into 62,500,000 common shares with a par value of US$0.0008 per share to US$400,000 divided into 500,000,000 common shares with a par value of US$0.0008 per share.

**14. C.** 

Not applicable.

------

**14. D.** 

Not applicable.

**14. E. Use of Proceeds**

Not applicable.

**Item 15. Controls and Procedures.**

***(a)*** <u>***Disclosure Controls and Procedures***</u>

Under the supervision and with the participation of the Company's management, including its Chief Executive Officer and Chief Financial Officer, the Company evaluated the effectiveness of the design and operation of its disclosure controls and procedures (as defined in Rule 13a-15(e) or 15d-15(e) under the U.S. Exchange Act) for the year ended December 31, 2025. Based upon that evaluation, the Chief Executive Officer and Chief Financial Officer concluded that, as of the end of the period covered by this report, the Company's disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports it files or submits under the U.S. Exchange Act is recorded, processed, summarized and reported within the time periods specified in applicable rules and forms.

In addition, the Company's Chief Executive Officer and Chief Financial Officer have determined that the disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that are filed under the U.S. Exchange Act is accumulated and communicated to management, including the Chief Executive Officer and Chief Financial Officer, to allow timely decisions regarding required disclosure.

***(b)*** <u>***Management's Annual Report on Internal Control over Financial Reporting***</u>

The Company's management is responsible for establishing and maintaining adequate internal control over financial reporting as defined in Rules 13a-15(f) and 15d-15(f) under the U.S. Exchange Act. The Company's management has employed a framework consistent with U.S. Exchange Act Rule 13a-15(c), to evaluate the Company's internal control over financial reporting described below. The Company's internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation and fair presentation of financial statements for external purposes in accordance with generally accepted accounting principles.

Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

Management conducted an evaluation of the design and operation of the Company's internal control over financial reporting as of December 31, 2025 based on the criteria set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission. This evaluation included review of the documentation of controls, evaluation of the design effectiveness of controls, testing of the operating effectiveness of controls and a conclusion on this evaluation. Based on this evaluation, management has concluded that the Company's internal control over financial reporting was effective as of December 31, 2025 and no material weaknesses were discovered.

------

***(c)*** <u>***Attestation Report of the Registered Public Accounting Firm***</u>

This Form 20-F does not include an attestation report of the Company's independent auditors regarding internal control over financial reporting. Management's report was not subject to attestation by the Company's independent auditors as the Company qualifies as a non-accelerated filer.

***(d)*** <u>***Changes in Internal Control over Financial Reporting***</u>

There were no changes in the Company's internal control over financial reporting during the year ended December 31, 2025, that management believes have materially affected, or are reasonably likely to materially affect, the Company's internal control over financial reporting.

The Company's management, including the Chief Executive Officer and Chief Financial Officer, does not expect that its disclosure controls and procedures or internal controls and procedures will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within the Company have been detected. These inherent limitations include the realities that judgments in decision-making can be faulty, and that breakdowns can occur because of simple error or mistake. Additionally, controls can be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the control. The design of any system of controls also is based in part upon certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions; over time, control may become inadequate because of changes in conditions, or the degree of compliance with the policies or procedures may deteriorate. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and not be detected.

**Item 16. [Reserved]**

**Item 16. A. Audit Committee Financial Expert**

The Company's Board has determined that William R. Wilson satisfies the requirements as an audit committee financial expert, in that he has an understanding of generally accepted accounting principles and financial statements; is able to assess the general application of such principles in connection with the accounting for estimates, accruals and reserves; has experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that can reasonably be expected to be raised by the Company's financial statements (or experience actively supervising one or more persons engaged in such activities); has an understanding of internal controls over financial reporting; and has an understanding of audit committee functions.

Mr. Wilson is also independent within the meaning of Section 803A of the NYSE American Company Guide and Rule 10A-3 of the U.S. Exchange Act (although the Company's common shares are not listed on the NYSE American but are quoted on the OTC Pink).

------

**Item 16. B. Code of Ethics.**

The Company has adopted a code of business conduct and ethics for directors, officers and employees (including the Company's principal executive officer, principal financial officer and principal accounting officer) (the "**Code**"). A copy of the Code is incorporated by reference into this Form 20-F as Exhibit 11.1. A copy of the Code may also be obtained from the Chief Financial Officer of the Company at (416) 361-2510 and is also available on SEDAR+ at www.sedarplus.ca and EDGAR at <u>www.sec.gov</u>. Each director, officer and employee of the Company is provided with a copy of the Code and is required to confirm annually that he or she has complied with the Code. Any observed breaches of the Code must be reported to the Company's Chief Executive Officer.

No amendment was made to the Code during the Company's most recently completed financial year and no waiver from a provision of the Code was granted by the Company during the Company's most recently completed financial year.

In accordance with the articles of association of the Company, a director of the Company may only be (a) a party to, or otherwise interested in, any transaction or arrangement with the Company or in which the Company is or may otherwise be interested, or (b) interested in another corporation in which the Company is interested, if the director discloses the nature and extent of his interest to the other directors of the Company and such other directors resolve to approve the director's interest. In addition, in certain cases, an independent committee of the Company's Board may be formed to deliberate on such matters in the absence of the interested party.

The Company has also adopted a "whistleblower" policy which provides employees, consultants, officers and directors with the ability to report, on a confidential and anonymous basis, violations within the Company's organization including, (but not limited to), questionable accounting practices, disclosure of fraudulent or misleading financial information, instances of corporate fraud, or harassment. The Company believes that providing a forum for such individuals to raise concerns about ethical conduct and treating all complaints with the appropriate level of seriousness fosters a culture of ethical business conduct.

**Item 16. C. Principal Accountant Fees and Services**

The following summarizes the total fees billed by Kreston GTA LLP, Markham, Ontario, Canada (PCAOB ID 6644), the external auditors of the Company, for each of the years ended December 31, 2025 and December 31, 2024. All dollar amounts are exclusive of applicable taxes.

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| | | |
|:---|:---|:---|
|  | &nbsp;&nbsp;<u>**2025**</u> | &nbsp;&nbsp;<u>**2024**</u> |
| &nbsp;&nbsp;Audit Fees | &nbsp;&nbsp;US$14,556 | &nbsp;&nbsp;US$12,550 |
| &nbsp;&nbsp;Audit-Related Fees | &nbsp;&nbsp;- | &nbsp;&nbsp;- |
| &nbsp;&nbsp;Tax Fees | &nbsp;&nbsp;US$4,000 | &nbsp;&nbsp;US$4,000 |
| &nbsp;&nbsp;All Other Fees | &nbsp;&nbsp;- | &nbsp;&nbsp;- |

---

In accordance with existing Audit Committee policy and the requirements of the Sarbanes-Oxley Act of 2002, all services to be provided by the external auditors of the Company are subject to pre-approval by the Audit Committee. This includes audit services, audit-related services, tax services and other services. In some cases, pre-approval is provided by the full Audit Committee for up to a year, and relates to a particular category or group of services and is subject to a specific budget. All of the fees listed above have been approved by the Audit Committee.

------

**Item 16. D. Exemptions from the Listing Standards for Audit Committees**

Not applicable.

**Item 16. E. Purchase of Equity Securities by the Issuer and Affiliated Purchasers**

The Company did not purchase any of its common shares during the financial year ended December 31, 2025.

**Item 16. F. Change in Registrant's Certifying Accountant**

Not applicable.

**Item 16. G. Corporate Governance**

Not applicable.

**Item 16. H. Mine Safety Disclosure** 

Not applicable.

**Item 16. I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.**

Not applicable.

**Item 16. J. Insider Trading Policies**

The Company has adopted insider trading policies and procedures (the "**Insider Trading Policy**") that govern the purchase, sale, and other dispositions of the Company's securities by directors, officers, employees and consultants that are designed to promote compliance with applicable insider trading laws, rules and regulations, and any other securities legislation applicable to the Company. The Insider Trading Policy is filed hereto as Exhibit 11.3 to this Form 20-F.

**Item 16. K. Cybersecurity**

Risk Management and Strategy

The Company uses a third-party information technology support service provider to manage its information system, including cybersecurity risk assessment procedures to ensure effectiveness in cybersecurity management, strategy and governance and reporting cybersecurity risks.

As of the date of this Form 20-F, the Company has not experienced any material cybersecurity incidents or identified any material cybersecurity threats that have affected or are reasonably likely to materially affect the Company, including its business strategy, results of operations or financial condition.

Cybersecurity Governance

The Company's Chief Financial Officer (the "**CFO**") is responsible for assessing and managing material risks from cybersecurity threats. The CFO oversees the Company's efforts to monitor the prevention, detection, mitigation, and remediation of cybersecurity incidents.

------

The Company's board of directors (the "**Board**") has specific responsibility for overseeing cybersecurity risk management and evaluation and being informed on risks from cybersecurity threats. The CFO reports to the Board on cybersecurity risk management matters as needed. Any material cybersecurity incidents would be reported to the Board by the CFO. In the case of a material cybersecurity incident, the Board is responsible for ensuring that the proposed action and disclosure of the incident is adequate and that measures are put in place to prevent further incidents.

**PART III**

**Item 17. Financial Statements**

Not applicable.

**Item 18. Financial Statements**

The financial statements appear on pages F-1 through F-17.

**Item 19. Exhibits** 

The following exhibits are filed as part of this Form 20-F:

---

| | |
|:---|:---|
| **EXHIBIT**<br><u>**NUMBER**</u> | **DESCRIPTION** |
| [1.1](http://www.sec.gov/Archives/edgar/data/1346917/000091228212000231/ex99_2.htm) | [Articles of association of the Company (incorporated by reference from Exhibit 99.2 to the Company's current report on Form 6-K filed with the SEC on March 9, 2012)](http://www.sec.gov/Archives/edgar/data/1346917/000091228212000231/ex99_2.htm) |
| [1.2](http://www.sec.gov/Archives/edgar/data/1346917/000106299318004828/exhibit99-1.htm) | [Amended memorandum of association of the Company (incorporated by reference from Exhibit 99.1 to the Company's current report Form 6-K filed with the SEC on November 27, 2018)](http://www.sec.gov/Archives/edgar/data/1346917/000106299318004828/exhibit99-1.htm) |
| [2.1](exhibit2-1.htm) | [Description of the registered securities](exhibit2-1.htm) |
| [4.1](exhibit4-1.htm) | [Company's Stock Option Plan](exhibit4-1.htm) |
| [8.1](exhibit8-1.htm) | [Subsidiary](exhibit8-1.htm) |
| [11.1](http://www.sec.gov/Archives/edgar/data/1346917/000107938211000018/ethics.htm) | [Company's Business Conduct Policy (incorporated by reference from the Company's Form 10-Q for the Quarter Ending September 30, 2011)](http://www.sec.gov/Archives/edgar/data/1346917/000107938211000018/ethics.htm) |
| [11.2](http://www.sec.gov/Archives/edgar/data/1346917/000107938211000018/whistleblower.htm) | [Whistleblower Policy (incorporated by reference from the Company's Form 10-Q for the Quarter Ending September 30, 2011)](http://www.sec.gov/Archives/edgar/data/1346917/000107938211000018/whistleblower.htm) |
| [11.3](exhibit11-3.htm) | [Insider Trading Policy](exhibit11-3.htm) |
| [12.1](exhibit12-1.htm) | [Certification of the President and Chief Executive Officer of the Company pursuant to Section 302 of Sarbanes-Oxley Act of 2002](exhibit12-1.htm) |
| [12.2](exhibit12-2.htm) | [Certification of the Chief Financial Officer of the Company pursuant to Section 302 of Sarbanes-Oxley Act of 2002](exhibit12-2.htm) |

---

------

---

| | |
|:---|:---|
| **EXHIBIT**<br><u>**NUMBER**</u> | **DESCRIPTION** |
| [13.1](exhibit13-1.htm) | [Certification of the President and Chief Executive Officer of the Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit13-1.htm) |
| [13.2](exhibit13-2.htm) | [Certification of the Chief Financial Officer of the Company pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](exhibit13-2.htm) |
| [15.1](exhibit15-1.htm) | [Management's discussion and analysis of the Company for the year ended December 31, 2025](exhibit15-1.htm) |
|  | **XBRL** |
| 101.INS | Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document |
| [101.SCH](gntof-20251231.xsd) | [Inline XBRL Taxonomy Extension Schema Document](gntof-20251231.xsd) |
| [101.CAL](gntof-20251231_cal.xml) | [Inline XBRL Taxonomy Extension Calculation Linkbase Document](gntof-20251231_cal.xml) |
| [101.DEF](gntof-20251231_def.xml) | [Inline XBRL Taxonomy Extension Definition Linkbase Document](gntof-20251231_def.xml) |
| [101.LAB](gntof-20251231_def.xml) | [Inline XBRL Taxonomy Extension Label Linkbase Document](gntof-20251231_def.xml) |
| [101.PRE](gntof-20251231_pre.xml) | [Inline XBRL Taxonomy Extension Presentation Linkbase Document](gntof-20251231_pre.xml) |
| 104 | Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101). |

---

**SIGNATURES**

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.

Date: April 30, 2026.

---

| | |
|:---|:---|
| **GENTOR RESOURCES INC.** | **GENTOR RESOURCES INC.** |
| (Registrant) | (Registrant) |
| By: | (signed) *"Arnold T. Kondrat"* |
|  | Arnold T. Kondrat |
|  | President and Chief Executive Officer |

---

------

![exhibit99-2x001.jpg](form20fxz001.jpg)

**GENTOR RESOURCES INC.**

**CONSOLIDATED FINANCIAL STATEMENTS**

**As at December 31, 2025 and 2024 and for the years ended December 31, 2025, 2024 and 2023**

**(Stated in US dollars)**

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![kreston.jpg](form20fxz002.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

To the Board of Directors and Shareholders of Gentor Resources Inc.

**Opinion on the Consolidated Financial Statements**

We have audited the accompanying consolidated balance sheets of Gentor Resources Inc. (the "Company") as of December 31, 2025 and 2024, and the related consolidated statements of (loss) income and comprehensive (loss) income, shareholders' deficiency, and cash flows for each of the years in the three-year period ended December 31, 2025, 2024, and 2023, and the related notes (collectively referred to as the financial statements). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows for each of the years in the three-year period ended December 31, 2025, in conformity with accounting principles generally accepted in the United States of America.

**Material Uncertainty Related to Going Concern**

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company has suffered recurring losses from operations and current liabilities exceed current assets (or had a working capital deficiency of $1.4 million) that raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

**Basis for Opinion**

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

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

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| | | |
|:---|:---|:---|
| **knowing you.** | 2108 N. ST. #7535<br>Sacramento, CA 9581 | An independent member of the Kreston Global network |
| Kreston GTA PC is a professional<br>corporation registered in California, USA | krestongta.com | ![member.jpg](form20fxz004.jpg) |

---

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![kreston.jpg](form20fxz002.jpg)

**Basis for Opinion (continued)**

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

**Critical Audit Matters**

The critical audit matters are matters arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective, or complex judgments. The communication of critical audit matters does not alter in any way our opinion on the financial statements, taken as a whole. We determined that there are no critical audit matters.

![krestonsig.jpg](form20fxz003.jpg)

***Kreston GTA LLP***

We have served as the Company's auditor since 2019.

Markham, Ontario, Canada

April 29, 2026

------

**GENTOR RESOURCES INC.**

**(An Exploration Stage Company)**

**CONSOLIDATED BALANCE SHEETS**

**(Stated in US dollars)**

------

---

| | | |
|:---|:---|:---|
|  | **As at** | **As at** |
|  | **December 31, 2025** | **December 31, 2024** |
| **ASSETS** |  |  |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Cash | $1022 | $1558 |
| &nbsp;&nbsp;&nbsp;&nbsp;Advances receivable (note 3) |  | 2851 |
| **Total current assets** | 1022 | 4409 |
| **Total assets** | $1022 | $4409 |
| **LIABILITIES** |  |  |
| **Current** |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | $59232 | $81570 |
| &nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | 62280 | 63445 |
| &nbsp;&nbsp;&nbsp;&nbsp;Due to related parties (note 4) | 1271090 | 1065313 |
| **Total current liabilities** | 1392602 | 1210328 |
| **Total liabilities** | $1392602 | $1210328 |
| **SHAREHOLDERS' DEFICIENCY** |  |  |
| ***Authorized*** |  |  |
| 500,000,000 Common Shares, $0.0008 per share par value (note 6a) |  |  |
| ***Issued and outstanding*** |  |  |
| 38,906,742 Common Shares (December 31, 2024 - 38,906,742) (note 6b) | $31125 | $31125 |
| Additional paid-in capital | 43325272 | 43325272 |
| Deficit accumulated during the exploration stage | (44747977) | (44562316) |
| **Total shareholders' deficiency** | (1391580) | (1205919) |
| **Total liabilities and shareholders' deficiency** | $1022 | $4409 |

---

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

*Environmental contingency (note 9)*

*See accompanying notes to the consolidated financial statements*

------

**GENTOR RESOURCES INC.**

**(An Exploration Stage Company)**

**CONSOLIDATED STATEMENTS OF (LOSS) INCOME AND COMPREHENSIVE (LOSS) INCOME**

**(Stated in US dollars)**

------

---

| | | | |
|:---|:---|:---|:---|
|  | **For the year** | **For the year** | **For the year** |
|  | **ended December** | **ended December** | **ended December** |
|  | **31, 2025** | **31, 2024** | **31, 2023** |
| **Expenses** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Professional fees | $27921 | $44323 | $50952 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee benefits | 135866 | 137673 | 142971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder's information | 15760 | 14375 | 11304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;General and administrative expenses | 13065 | 12996 | 13502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion expense |  |  | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts |  | 15282 |  |
| **Net operating loss** | (192612) | (224649) | (219627) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest income | 4 | 7196 | 2 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign exchange (loss)/ gain | (3538) | 12808 | (2058) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Writeback / adjustment of accounts payable and accrued liabilities | 10485 |  | 288274 |
| **Net (loss) income and comprehensive (loss) income** | $(185661) | $(204645) | $66591 |
| Net (loss) income and comprehensive (loss) income per share - basic | $(0.00) | $(0.01) | $0.00 |
| Net (loss) income and comprehensive (loss) income per share - diluted | $(0.00) | $(0.01) | $0.00 |
| Weighted average number of shares - basic | 38906742 | 38906742 | 38906742 |
| Weighted average number of shares - diluted | 38906742 | 38906742 | 38906742 |

---

*See accompanying notes to the consolidated financial statements*

------

**GENTOR RESOURCES INC.**

**(An Exploration Stage Company)**

**CONSOLIDATED STATEMENTS OF CASH FLOWS**

**(Stated in US dollars)**

------

---

| | | | |
|:---|:---|:---|:---|
|  |  | **For the year** | **For the year** |
|  | **For the year** | **ended** | **ended** |
|  | **ended December** | **December 31,** | **December 31,** |
|  | **31, 2025** | **2024** | **2023** |
| **Operating activities:** |  |  |  |
| **Net (loss) income** | $(185661) | $(204645) | $66591 |
| **Adjustments required to reconcile net (loss) income with net cash flows from operating activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accretion expense on government loan (note 5) |  |  | 898 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Writeback of accounts payable | (10485) |  | (288274) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Unrealized foreign exchange |  |  | 8358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Allowance for doubtful accounts |  | 15282 |  |
| **Changes in non-cash working capital balances** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties | 284944 | 170683 | 88665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advances receivable | 2851 | 858 | (3709) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | (11853) | (25642) | (8764) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued liabilities | (80332) | 45193 | 34905 |
| **Cash (used) generated by operating activities** | (536) | 1729 | (101330) |
| **Financing activities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to related parties |  |  | 118230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loan repayment |  | (26874) |  |
| **Cash flows from financing activities** |  | (26874) | 118230 |
| **Net cash (outflow) inflow** | (536) | (25145) | 16900 |
| **Cash, beginning of the year** | 1558 | 26703 | 9803 |
| **Cash, end of the year** | $1022 | $1558 | $26703 |

---

*See accompanying notes to the consolidated financial statements*

------

**GENTOR RESOURCES INC.**

**(An Exploration Stage Company)**

**CONSOLIDATED STATEMENTS OF SHAREHOLDERS' DEFICIENCY**

**(Stated in US dollars)**

------

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Number of** | **Common** | **Additional** |  | **Total** |
|  | **common** | **shares** | **paid-in** | **Accumulated** | **shareholders'** |
|  | **shares** | **amount** | **capital** | **deficit** | **deficiency** |
| Balance at January 1, 2023 | 38906742 | $31125 | $43325272 | $(44424262) | $(1067865) |
| Net income for the year |  |  |  | 66591 | 66591 |
| Balance at December 31, 2023 | 38906742 | $31125 | $43325272 | $(44357671) | $(1001274) |
| Net loss for the year |  |  |  | (204645) | (204645) |
| Balance at December 31, 2024 | 38906742 | $31125 | $43325272 | $(44562316) | $(1205919) |
| Net loss for the year |  |  |  | (185661) | (185661) |
| Balance at December 31, 2025 | 38906742 | $31125 | $43325272 | $(44747977) | $(1391580) |

---

*See accompanying notes to the consolidated financial statements*

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

1. NATURE OF OPERATIONS AND GOING CONCERN

NATURE OF OPERATIONS

Gentor Resources Inc. (the "Company" or "Gentor"), a Cayman Islands corporation, is an exploration stage corporation formed for the purpose of prospecting and developing mineral properties.

The business of exploring for minerals involves a high degree of risk. Few properties that are explored are ultimately developed into producing mines. Major expenses may be required to establish ore reserves, to develop metallurgical processes, to acquire construction and operating permits and to construct mining and processing facilities. Having relinquished its only project (the Karaburun project in Turkey) effective at the end of 2017, the Company currently does not have any commercial operations and has no material assets. The Company is currently evaluating new business opportuntiues.

GOING CONCERN

The accompanying audited consolidated financial statements have been prepared assuming that the Company will continue as a going concern, which contemplates the realization of assets and satisfaction of liabilities in the normal course of business. For the year ended December 31, 2025, the Company had a net loss and comprehensive loss of $185,661 (2024 - net loss and comprehensive loss of $204,645 and 2023 - net income and comprehensive income of $66,591, repectively). The Company also had a deficit accumulated during the exploration stage of $44,747,977 as at December 31, 2025 (December 31, 2024 - $44,562,316), and a working capital deficiency of $1,391,580 as at December 31, 2025 (December 31, 2024 - working capital deficiency of $1,205,919).

The Company intends to fund operations through equity financing arrangements. Such financings may be insufficient to fund its ongoing working capital and other cash requirements. The Company's continued existence is dependent upon it emerging from the exploration stage, obtaining additional financing to continue operations, exploring and developing mineral properties and the discovery, development and sale of ore reserves.

These circumstances represent material uncertainties which cast substantial doubt on the Company's ability to continue on a going concern basis. These audited consolidated financial statements do not include any adjustments to reflect the possible future effects on the recoverability and classification of assets or the amounts and classification of liabilities that may result from the possible inability of the Company to continue as a going concern. Such adjustments may be material.

2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

These audited consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America ("US GAAP").

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) BASIS OF CONSOLIDATION

The Company's audited consolidated financial statements include the accounts of the Company and its wholly-owned subsidiary Gentor International Limited ("Gentor International"). Gentor International was incorporated on December 12, 2011 under the laws of the British Virgin Islands. Intercompany balances and transactions have been eliminated in preparing the consolidated financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) STOCK-BASED COMPENSATION

The Company has a stock option plan, which is described in note 6(c). The Company uses the fair value method of accounting for stock options granted to directors, officers and employees whereby the fair value of options granted measured at the grant date is recorded as a compensation expense in the financial statements on a straight line basis over the requisite employee service period (usually the vesting period). Compensation expense on stock options granted to non-employees is measured at the earlier of the completion of performance and the date the options are vested using the fair value method and is recorded as an expense in the same period as if the Company had paid cash for the goods or services received. Any consideration paid by directors, officers, employees and consultants on exercise of stock options or purchase of shares is credited to capital stock. Shares are issued from treasury upon the exercise of stock options. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. As the stock options are exercisable in Canadian dollars, and the Company's shares trade on a Canadian exchange, stock options are determined to be equity instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) CASH

Cash consists of bank balances. The Company maintains cash in bank deposit accounts in Canada that at times may exceed Canadian federally insured limits. The Company has not experienced any losses in such accounts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) FOREIGN EXCHANGE

The Company's functional and reporting currency is United States dollars. The functional currency of any foreign operations is United States dollars. Amounts in other than the functional currency are translated as follows: monetary assets and liabilities are translated at the spot rates of exchange in effect at the end of the period; non-monetary items are translated at historical exchange rates in effect on the dates of the transactions. Revenues and expense items are translated at average rates of exchange in effect during the period, except for depreciation, which is translated at its corresponding historical rate. Realized and unrealized exchange gains and losses are included in the consolidated statements of (loss) income and comprehensive (loss) income.

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) USE OF ESTIMATES

The preparation of financial statements in accordance with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from management's best estimates as additional information becomes available in the future. The Company bases its estimates and assumptions on historical experience, current facts, and various other factors that it believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying values of assets and liabilities and the accrual of costs and expenses that are not readily apparent from other sources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f) FAIR VALUE OF FINANCIAL INSTRUMENTS

Financial Instruments

The Company classifies financial assets and liabilities as held-for-trading, available-for-sale, held-to-maturity, loans and receivables or other financial liabilities depending on their nature. Financial assets and financial liabilities are recognized at fair value on their initial recognition, except for those arising from certain related party transactions which are accounted for at the transferor's carrying amount or exchange amount. Financial instruments consist of cash, accounts payables, accrued liabilities, advances receiveable, due to related parties.

Financial assets and liabilities classified as held-for-trading are measured at fair value, with gains and losses recognized in any net income. Financial assets classified as held-to-maturity, loans and receivables, and financial liabilities other than those classified as held-for-trading are measured at amortized cost, using the effective interest method of amortization. Financial assets classified as available-for-sale are measured at fair value, with unrealized gains and losses being recognized as other comprehensive income until realized, or if an unrealized loss is considered other than temporary, the unrealized loss is recorded in operations.

Fair Value

The Company follows "Accounting Standards Codification" ASC 820-10 *Fair Value Measurements and Disclosures* for its financial assets and financial liabilities that are re-measured and reported at fair value at each reporting period.

Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable in the market such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability and include situations where there is little, if any, market activity.

Derivative Financial Instruments

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

The Company reviews the terms of its equity instruments and other financing arrangements to determine whether or not there are embedded derivative instruments that are required to be accounted for separately as a derivative financial instrument. Also, in connection with the issuance of financing instruments, the Company may issue freestanding options or warrants that may, depending on their terms, be accounted for as derivative instrument liabilities, rather than as equity. The Company may also issue options or warrants to non-employees in connection with consulting or other services.

Derivative financial instruments are measured at their fair value. For derivative financial instruments that are accounted for as liabilities, the derivative instrument is initially recorded at its fair value and is then re-valued at each reporting date, with changes in the fair value reported as charges or credits to profit or loss. For warrant-based derivative financial instruments, the Company uses the Black-Scholes option pricing model to estimate fair value of the derivative instruments. For more complex derivative financial instruments, the Company uses acceptable pricing models to estimate fair value of the derivative instrument.

The classification of derivative instruments, including whether or not such instruments should be recorded as liabilities or as equity, is reassessed at the end of each reporting period. If reclassification is required, the fair value of the derivative instrument, as of the determination date, is reclassified. Any previous charges or credits to income for changes in the fair value of the derivative instrument are not reversed. Derivative instrument liabilities are classified in the balance sheet as current or non-current based on whether net-cash settlement of the derivative instrument could be required within 12 months of the balance sheet date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g) INCOME TAXES

Deferred income taxes are reported for temporary differences between items of income or expense reported in the financial statements and those reported for income tax purposes, which require the use of the asset / liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, and for the tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes deferred taxes for the estimated future tax effects attributable to deductible temporary differences and loss carryforwards when realization is more likely than not. The deferred taxes for the Company amount to $nil at the balance sheet date.

ASC 740, "Income Taxes" requires that the Company recognize the impact of a tax position in its financial statements if the position is more likely than not of being sustained upon examination and on the technical merits of the position. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months.

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h) (LOSS) INCOME PER SHARE

Basic (loss) income per share calculations are based on the weighted-average number of common shares issued and outstanding during the period. Diluted earnings per share is calculated using the treasury method. The treasury method assumes that outstanding stock options and warrants with an average exercise price below market price of the underlying shares are exercised and the assumed proceeds are used to repurchase common shares of the Company at the average market price of the common shares for the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i) ACCOUNTING PRONOUNCEMENTS NOT YET EFFECTIVE

Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning on or after January 1, 2025. For the year ended December 31, 2025, there were no updates that are applicable or are consequential to the Company.

3. ADVANCES RECEIVABLE

The advances receivable as at December 31, 2025 included $nil of prepaid expenses and $nil of an unsecured loan from third party (December 31, 2024 - $2,851 and an allowance for doubtful accounts of $15,282 was recorded reducing the loan balance to $nil as a result of uncertainties surrounding the recoverability of this loan).

4. RELATED PARTY TRANSACTIONS

As of December 31, 2025, an amount of $719,331 (December 31, 2024 - $633,465) was owed to Arnold Kondrat, a director, Chief Executive Officer and President of the Company, which includes both salary and management fees in arrears and advances.

As of December 31, 2025, an amount of $422,592 was owed to Loncor Gold Inc. (December 31, 2024 - $352,681), a company with common directors, in relation to the payment of common general and administrative expenses.

As of December 31, 2025, an amount of $129,167 was owed to Donat Madilo (December 31, 2024 - $79,167), Chief Financial Officer of the Company, which includes salary in arrears.

All of the above related party transactions occurred in the normal course of operations and are unsecured, non-interest bearing, due on demand, and measured at the exchange amount as determined by management.

5. LOAN

In May 2020, the Company received a $28,668 (Cdn$40,000) line of credit ("CEBA LOC") with Toronto-Dominion Bank under the Canada Emergency Business Account ("CEBA") program funded by the Government of Canada. The CEBA LOC is non-interest bearing and can be repaid at any time without penalty.

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

On January 1, 2021, the outstanding balance of the CEBA LOC automatically converted to a 2-year interest free term loan ("CEBA Term Loan"). The CEBA Term Loan may be repaid at any time without notice or the payment of any penalty. If 75% of the CEBA Term Loan is repaid on or before December 31, 2023, the repayment of the remining 25% of such CEBA Term Loan shall be forgiven. The amount of the CEBA Term Loan outstanding on January 18, 2024 shall bear an interest rate of 5% per annum and shall be repayable in full by December 2025.

The Company recorded the CEBA LOC upon initial recognition at its fair value of $23,584 (Cdn$32,906) as at May 5th, 2020 using an effective interest rate of 3.45%. The difference of $5,084 between the fair value and the total amount of the CEBA LOC received has been recorded as a fair value gain on loans advanced in the consolidated statement of (loss) income and comprehensive (loss) income. During the year ended December 31, 2025, interest of $nil has been accreted on the CEBA LOC and is included in the consolidated statement of (loss) income and comprehensive (loss) income (years ended December 31, 2024 and 2023 - $nil and $898, respectively).The CEBA LOC was fully repaid in 2024.

6. SHARE CAPITAL

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Authorized Share Capital

The authorized share capital of the Company consists of 500,000,000 common shares with a par value of $0.0008 per share. Each common share entitles the holder to one vote and no holder of the common shares shall be entitled to any right of cumulative voting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Issued Share Capital

As of December 31, 2025, the Company had 38,906,742 issued and outstanding common shares (December 31, 2024 - 38,906,742).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Stock-Based Compensation

The Company has a stock option plan (the "Plan"). Stock options may be granted under the Plan from time to time by the board of directors of the Company to such directors, officers, employees and consultants of the Company or a subsidiary of the Company, and in such numbers, as are determined by the board at the time of the granting of the stock options. The total number of common shares of the Company issuable upon the exercise of all outstanding stock options granted under the Plan shall not at any time exceed 10% of the total number of outstanding common shares, from time to time. The exercise price of each stock option granted under the Plan shall be determined in the discretion of the board of directors of the Company at the time of the granting of the stock option, provided that the exercise price shall not be lower than the last closing price of the Company's common shares on the TSX Venture Exchange prior to the date the stock option is granted.

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

In June 2019, 1,000,000 stock options were granted under the Plan to the Company's officers and directors. Each such stock option entitles the holder to purchase one common share of the Company at a purchase price of $0.05 (Cdn$0.065) for a period of 5 years. The options vested on the four month anniversary of the grant date. These options expired in June 2024.

In July 2019, 40,000 stock options were granted under the Plan. Each such stock option entitles the holder to purchase one common share of the Company at a purchase price of $0.05 (Cdn$0.065) for a period of 5 years. The options vested on the four month anniversary of the grant date. These options expired in July 2024.

The following table summarizes the stock option information for the years ended December 31, 2025 and 2024:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  |  | **Weighted** | **Weighted average** |
|  |  | **Weighted** | **average** | **remaining** |
|  | **Number of** | **average exercise** | **fair value** | **contractual life (in** |
|  | **options** | **price ($Cdn)** | **($Cdn)** | **years)** |
| Closing Balance, December 31, 2023 | 1040000 | 0.065 | 0.065 | 0.51 |
| Expired | (1040000) | 0.065 |  |  |
| Closing Balance, December 31, 2024 | - | - | - | - |
| Closing Balance, December 31, 2025 |  |  |  |  |

---

The Black-Scholes option-pricing model was used to estimate values of all stock options granted based on the following assumptions for the options granted in June and July 2019:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Risk-free interest rates: 1.40% - 1.53%, which are based on the Bank of Canada benchmark bonds, average yield 5-year rate in effect at the time of grant for bonds with maturity dates at the estimated term of the options ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Expected volatility: 119.33% - 119.56%, which is based on the Company's historical stock prices;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Expected life: 5 years; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Expected dividends: $nil

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) (Loss) Income Per Share

Basic (loss) income per share was calculated on the basis of the weighted average number of common shares outstanding for the year ended December 31, 2025, amounting to 38,906,742 common shares (years ended December 31, 2024 and 2023 - 38,906,742).

For the years ended December 31, 2024 and 2023, the income calculation excludes, respectively, the nil and 1,040,000 stock options since the trading price of those common shares was below the exercise price of such stock options.

7. INCOME TAXES

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) The reconciliation of income taxes at statutory income tax rates in the United States of 21% (2024 - 21% and 2023 - 21%) to the income tax expense is as follows:

---

| |
|:---|
| Year ended December 31, |
| Gain(Loss) for the year before income tax |
| Expected income tax recovery based on statutory rate |
| Adjustment to expected income tax benefit: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Permanent differences |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in tax rate |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Change in benefit of tax assets not recognized |
| Income tax charge / benefit |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Deferred income tax

Deferred income tax assets have not been recognized in respect of the following deductible temporary differences:

---

| |
|:---|
| Year ended December 31, |
| Non-capital loss carryforwards |
| Capital loss carryforwards |
| Capital assets |
| Other |
| Total deferred tax assets |
| Valuation allowance |
| Total |

---

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

The Company has non-capital losses in the United States of approximately $14.86 million available, which may be applied against future taxable income and which expire as follows:

---

| | |
|:---|:---|
| **Year of** | **Amount** |
| **expire** | **Amount** |
| **expire** | **Amount** |
| 2025 | 76000 |
| 2026 | 224000 |
| 2027 | 1874000 |
| 2028 | 3340000 |
| 2029 | 504000 |
| 2030 | 1017000 |
| 2031 | 1810000 |
| 2032 | 1690000 |
| 2033 | 865000 |
| 2034 | 667000 |
| 2035 | 520000 |
| 2036 | 238000 |
| 2037 | 276000 |
| Indefinite | 1756000 |
|  | **14,857,000** |

---

8. FINANCIAL RISK MANAGEMENT

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) FOREIGN CURRENCY RISK

Foreign currency risk is the risk that a variation in exchange rates between the United States dollar and other foreign currencies will affect the Company's operations and financial results. A portion of the Company's transactions are denominated in Canadian dollars. The Company is also exposed to the impact of currency fluctuations on its monetary assets and liabilities. Significant foreign currency gains or losses are reflected as a separate component in the consolidated statement of (loss) income and comprehensive (loss) income. The Company has not used derivative instruments to reduce its exposure to foreign currency risk.

The following table indicates the impact of foreign currency risk on net working capital as at December 31, 2025. The table below also provides a sensitivity analysis of a 10 percent strengthening of the US dollar against the Canadian dollar which would have increased (decreased) the Company's net (loss) income by the amounts shown in the table below. A 10 percent weakening of the US dollar against the Canadian dollar would have had an equal but opposite effect as at the year ending December 31, 2025, 2024 and 2023.

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

---

| | | | |
|:---|:---|:---|:---|
|  | **Canadian** | **Canadian** | **Canadian** |
|  | **Dollars** | **Dollars** | **Dollars** |
|  | **2025** | **2024** | **2023** |
| **Cash** | $728 | 1723 | 32733 |
| Accounts payable | (72262) | (87597) | (49300) |
| Loan |  |  | (40000) |
| Total foreign currency working capital | (71534) | (85874) | (56567) |
| US$ exchange rate | 0.7296 | 0.6950 | 0.7561 |
| Total foreign currency net working capital in US$ | (52191) | (59683) | (42770) |
| ***Impact of a 10% strengthening of the US$ on net loss*** | (5219) | (5968) | (4277) |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) MARKET RISK

Market risk is the potential for financial loss from adverse changes in underlying market factors, including foreign-exchange rates, commodity prices and stock based compensation costs.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) CREDIT RISK

Credit risk is the risk that a counterparty will not meet its obligations under a financial instrument. Financial instruments that potentially subject the Company to credit risks are limited to cash. The Company does not have significant credit risk related to cash as the Company transacts with a bank with a high credit rating assigned by international credit-rating agencies.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) LIQUIDITY RISK

Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they fall due. The Company is exposed to liquidity risk due to its limited cash resources.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e) DISCLOSURES OF FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES

The Company's financial assets and liabilities are carried at amortised cost and belong to Level 2 of the fair value hierarchy. During the year ended December 31, 2025, there were no transfers between levels of the fair value hierarchy. The carrying amounts of these financial instruments are a reasonable estimate of their fair values because of their current nature.

9. ENVIRONMENTAL CONTINGENCY

Any exploration and evaluation activities of the Company are subject to laws and regulations governing the protection of the environment. These laws and regulations are continually changing and generally becoming more restrictive. The Company believes its activities are materially in compliance with all applicable laws and regulations. The Company has made, and expects to make in the future, expenditures to comply with such laws and regulations.

------

**GENTOR RESOURCES INC.<br>(An Exploration Stage Company)<br>NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**<br>**(Stated in US dollars)**<br>**For the years ended December 31, 2025, 2024 and 2023**<br>

10. SUBSEQUENT EVENTS

Subsequent to the year end, Arnold Kondrat ("Kondrat"), the Chief Executive Officer, President and a director of the Company, agreed to waive $633,465 of accrued but unpaid salary. This waiver reduces the Company's outstanding liabilities and will be recognized as a contribution to equity.

Also subsequent to the year end, Kondrat acquired from Loncor Gold Inc. ("Loncor") the full amount owed by the Company to Loncor ($422,592 - see Note 4), such that such amount is now due to Kondrat.

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## Exhibit 2.1

------

**EXHIBIT 2.1**

**Description of the Registered Securities**

The rights of shareholders of Gentor Resources Inc. (the "**Company**") are governed by the *Companies Act (2025 Revision)* of the Cayman Islands, as well as the Company's memorandum of association (as amended) and articles of association. The Company's authorized share capital consists of US$400,000 divided into 500,000,000 common shares with a par value of US$0.0008 per share.

<u>**Item 9.A.3**</u>

The Company's common shares do not contain any pre-emptive purchase rights.

<u>**Item 9.A.5**</u>

The Company's class of common shares are registered with the U.S. Securities and Exchange Commission. The Company may issue 500,000,000 common shares with a par value of US$0.0008 per share. Other than under applicable securities laws, there are no restrictions on the transferability of common shares.

<u>**Item 9.A.6**</u>

The Company's common shares are the only class of shares the Company is authorized to issue.

<u>**Item 9.A.7**</u>

N/A

<u>**Item 10.B.3**</u>

The following is a summary of the material provisions attaching to the Company's common shares (the common shares are the only class of shares the Company is authorized to issue):

The holders of the Company's common shares are entitled to receive notice of and to attend all meetings of the shareholders of the Company and shall have one vote for each common share held at all meetings of the shareholders of the Company, except for meetings at which only holders of another specified class or series of shares are entitled to vote separately as a class or series. Holders of the common shares are not entitled to preemptive rights, and the common shares are not subject to conversion rights, redemption provisions, or sinking fund provisions. Subject to the prior rights of any shares ranking senior to the common shares (of which there are also presently none), the holders of the common shares are entitled to (i) receive any dividends as and when declared by the Board, out of the assets of the Company properly applicable to the payment of dividends, in such amount and in such form as the Board may from time to time determine, and (ii) receive the remaining property of the Company in the event of any liquidation, dissolution or winding-up of the Company.

<u>**Item 10.B.4**</u>

The Company is a corporation governed by the *Companies Act (2025 Revision)* of the Cayman Islands (the "**Companies Law**"). Under the Companies Law, the memorandum of association (as amended) of the Company may, by "special resolution" (see below for definition), be amended with respect to any objects, powers or other matters specified therein. Under the Companies Law, "special resolution" means a resolution passed at a general meeting by a majority of not less than two-thirds of the votes cast by the shareholders who are entitled to vote in respect of that resolution or, if so authorized by the Company's articles of association, a resolution in writing signed by all the shareholders entitled to vote on that resolution.

------

<u>**Item 10.B.6**</u>

There are no limitations in the Company's memorandum of association (as amended) or articles of association on the right of foreigners to hold or vote securities of the Company.

<u>**Item 10.B 7**</u>

There are no provisions in the Company's memorandum of association (as amended) or articles of association that would have the effect of delaying, deferring or preventing a change in control of the Company and that operate only with respect to a merger, acquisition or corporate restructuring involving the Company (or any of its subsidiaries).

<u>**Item 10.B 8**</u>

There are no provisions in the Company's memorandum of association (as amended) or articles of association requiring disclosure of share ownership.

In general, under applicable securities regulation in Canada, a person or company who beneficially owns, directly or indirectly, voting securities of an issuer or who exercises control or direction over voting securities of an issuer or a combination of both, carrying more than 10% of the voting rights attached to all the issuer's outstanding voting securities is an insider and must, within 10 days of becoming an insider, file a report in the required form effective the date on which the person became an insider. The report must disclose any direct or indirect beneficial ownership of, or control or direction over, securities of the reporting issuer. Additionally, securities regulation in Canada provides for the filing of a report by an insider of a reporting issuer whose holdings change, which report must be filed within five days from the day on which the change takes place.

The rules in the U.S. governing the ownership threshold above which shareholder ownership must be disclosed are more stringent than those discussed above. Section 13 of the U.S. Exchange Act imposes reporting requirements on persons who acquire beneficial ownership (as such term is defined in Rule 13d-3 under the U.S. Exchange Act) of more than 5% of a class of an equity security registered under Section 12 of the U.S. Exchange Act. In general, such persons must file, within 10 days after such acquisition, a report of beneficial ownership with the SEC containing the information prescribed by the regulations under Section 13 of the U.S. Exchange Act. This information is also required to be sent to the issuer of the securities and to each exchange where the securities are traded.

<u>**Item 10.B 9**</u>

See Items 10.B 3 10.B 6 and 10.B.8 above.

<u>**Item 10.B.10**</u>

There are no conditions imposed by the Company's memorandum of association (as amended) or articles of association governing changes in the Company's capital, where such provisions are more stringent than those required by law.

<u>**Items 12.A; 12.B.; 12.C.; 12.D.1; 12.D.2**</u>

N/A

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## Exhibit 4.1

------

**EXHIBIT 4.1**

**GENTOR RESOURCES INC.**

**Stock Option Plan**

The board of directors of Gentor Resources Inc. (the "Corporation") wishes to establish a stock option plan (the "Plan") governing the issuance of stock options (the "Stock Options") to directors, officers and employees of the Corporation or subsidiaries of the Corporation and persons or corporations who provide services to the Corporation or its subsidiaries on an on-going basis, or have provided or are expected to provide a service or services of considerable value to the Corporation or its subsidiaries. Capitalized terms, not otherwise defined herein, have the meanings ascribed thereto in the TSX Venture Exchange Corporate Finance Manual.

The terms and conditions of the Plan for issuance of Stock Options are as follows:

1. <u>**Purposes**</u>

The principal purposes of the Plan are:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) to retain and attract qualified directors, officers, employees and service providers which the Corporation and its subsidiaries require;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) to promote a proprietary interest in the Corporation and its subsidiaries;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) to provide an incentive element in compensation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) to promote the profitability of the Corporation and its subsidiaries.

2. <u>**Reservation of Shares**</u>

The total number of common shares in the capital of the Corporation ("Common Shares") issuable upon the exercise of all outstanding Stock Options granted under this Plan shall not at any time exceed 10% of the total number of outstanding Common Shares, from time to time.

3. <u>**Eligibility**</u>

Stock Options shall be granted only to persons, firms or corporations ("Eligible Optionees") who are Directors, Employees, Consultants or Management Company Employees of the Corporation or a subsidiary of the Corporation. Where the Eligible Optionee is an Employee, Consultant or Management Company Employee, the board of directors of the Corporation (the "Board") shall confirm that the Eligible Optionee is a bona fide Employee, Consultant or Management Company Employee, as the case may be, of the Corporation or a subsidiary of the Corporation prior to any grant of Stock Options.

Stock Options may also be granted to a corporation which is wholly-owned by an Eligible Optionee if the corporation agrees not to effect or permit any transfer of ownership or option of shares of the corporation, nor to issue further shares of any class in the corporation to any other individual or entity as long as any Stock Options granted to the corporation remain outstanding, without the prior written consent of the TSX Venture Exchange. Unless the context otherwise requires, the term Eligible Optionee as used herein, shall include any such corporation.

------

4. <u>**Granting of Stock Options**</u>

The Board may from time to time grant Stock Options to Eligible Optionees. At the time a Stock Option is granted, the Board shall determine the number of Common Shares of the Corporation available for purchase under the Stock Option, the date when the Stock Option is to become effective and, subject to the other provisions of this Plan, all other terms and conditions of the Stock Option. An Eligible Optionee may hold more than one Stock Option at any time, however, at no time shall:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the number of Common Shares reserved for issuance pursuant to stock options granted to Insiders under this Plan and under any other stock purchase or option plans of the Corporation, exceed 10% of the outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the number of stock options granted to Insiders under this Plan and under any other stock purchase or option plans of the Corporation, within a 12 month period, exceed 10% of the outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the number of Common Shares reserved for issuance pursuant to stock options granted to any one person, firm or corporation under this Plan and under any other stock purchase or option plans of the Corporation, exceed 5% of the outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the number of Common Shares issued pursuant to stock options under this Plan and under any other stock purchase or option plans of the Corporation to any one person, firm or corporation, within a one-year period, exceed 5% of the outstanding Common Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) the number of Stock Options granted to any one Consultant in a 12 month period exceed 2% of the outstanding Common Shares; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) the aggregate number of Stock Options granted to persons employed in Investor Relations Activities exceed 2% of the outstanding Common Shares in any 12 month period without the express consent of the TSX Venture Exchange.

Any Stock Options granted to a corporation referred to in Section 3 hereof shall be included in the calculation of the Stock Options held by an Eligible Optionee.

5. <u>**Exercise Price**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The exercise price (the "Exercise Price") of each Stock Option shall be determined in the discretion of the Board at the time of the granting of the Stock Option, provided that the exercise price shall not be lower than the "Market Price". "Market Price" shall mean the last closing price of the Common Shares on the TSX Venture Exchange prior to the date the Stock Option is granted; provided that in the event the Common Shares are not listed on the TSX Venture Exchange but are listed on another stock exchange or stock exchanges, the foregoing reference to the TSX Venture Exchange shall be deemed to be a reference to such other stock exchange, or if more than one, to such one as shall be designated by the Board, and to the extent that the Common Shares are not listed on any exchange, the Market Price shall be such price as is determined by the Board in good faith.

6. <u>**Term and Exercise Periods**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All Stock Options shall be for a term determined in the discretion of the Board at the time of the granting of the Stock Options, provided that no Stock Option shall have a term exceeding five years and, unless the Board at any time makes a specific determination otherwise, a Stock Option and all rights to purchase Common Shares pursuant thereto shall expire and terminate immediately upon the Eligible Optionee who holds such Stock Option ceasing to be at least one of a Director, Employee, Management Company Employee or Consultant of the Corporation or a subsidiary of the Corporation.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Unless otherwise determined by the Board at the time of the granting of the Stock Options pursuant to clause 6(c)(iii) below, 1/4 of the Stock Options granted pursuant hereto will vest on each of the 6 month, 12 month, 18 month and 24 month anniversaries of the date of the grant of the Stock Options (the "Grant Date"). For greater clarity, unless otherwise determined pursuant to the terms hereof, all Stock Options granted to an Eligible Optionee will be available to exercise and purchase Common Shares on the 24 month anniversary of the Grant Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) By way of example, without limiting the generality of the foregoing or the discretion of the Board, the Board may, at the time of the granting of the Stock Option, determine:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) that a Stock Option is exercisable only while the Eligible Optionee remains at least one of a Director, Employee, Management Company Employee or Consultant and for a limited period of time ("Additional Period") after the Eligible Optionee ceases to be at least one of a Director, Employee, Management Company Employee or Consultant (which Additional Period may not exceed 90 days or, in the case of an Eligible Optionee engaged in Investor Relations Activities, 30 days);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) that a Stock Option can be exercisable for an Additional Period or for its remaining term (which Additional Period or remaining term may not exceed one year) after the death, disability or incapacity of an Eligible Optionee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) that a Stock Option has a different vesting schedule than that specified in subsection 6(b) above; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) that a Stock Option may provide for early exercise and/or termination or other adjustment in the event of a death of a person and in other circumstances, such as if the Corporation shall resolve to sell all or substantially all of its assets, to liquidate or dissolve, or to merge, amalgamate, consolidate or be absorbed with or into any other corporation.

7. <u>**Non-Assignability**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other than a limited right of assignment, subject to the terms upon which the Stock Option is granted, in the event of the death of an Eligible Optionee to allow the exercise of Stock Options by the Eligible Optionee's legal representative, Stock Options shall not be assignable or transferable by the Eligible Optionees.

8. <u>**Payment of Exercise Price**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All shares issued pursuant to the exercise of a Stock Option shall be paid for in full at the time of exercise of the Stock Option and prior to the issue of the shares. All Common Shares issued in accordance with the foregoing shall be issued as fully paid and non-assessable Common Shares.

------

9. <u>**Non-Exercise**</u>

If any Stock Option granted pursuant to the Plan is not exercised for any reason whatsoever, upon the expiry of the Stock Options pursuant to the terms of its grant or the terms hereof, the shares reserved and authorized for issuance pursuant to such Stock Option shall revert to the Plan and shall be available for other Stock Options. Notwithstanding the foregoing, at no time shall there be outstanding Stock Options exceeding, in the aggregate, the number of Common Shares reserved for issuance pursuant to Stock Options under this Plan.

10. <u>**Adjustment in Certain Circumstances**</u>

In the event:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) of any change in the Common Shares through subdivision, consolidation, reclassification, amalgamation, merger or otherwise; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) of any stock dividend to holders of Common Shares (other than such stock dividends issued at the option of shareholders of the Corporation in lieu of substantially equivalent cash dividends); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) that any rights are granted to holders of Common Shares to purchase Common Shares at prices substantially below fair market value; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) that as a result of any recapitalization, merger, consolidation or otherwise the Common Shares are converted into or exchangeable for any other shares;

then in any such case the Board may make such adjustment in the Plan and in the Stock Options granted under the Plan as the Board may in its sole discretion deem appropriate to prevent substantial dilution or enlargement of the rights granted to, or available for, holders of Stock Options, and such adjustments may be included in the Stock Options.

11. <u>**Expenses**</u>

All expenses in connection with the Plan shall be borne by the Corporation.

12. <u>**Compliance with Laws**</u>

The Corporation shall not be obliged to issue any shares upon exercise of Stock Options if the issue would violate any law or regulation or any rule of any governmental authority or stock exchange. The Corporation shall not be required to issue, register or qualify for resale any shares issuable upon exercise of Stock Options pursuant to the provisions of a prospectus or similar document, provided that the Corporation shall notify the TSX Venture Exchange or any other stock exchange on which the shares of the Corporation are listed and any other appropriate regulatory bodies of the existence of the Plan and the issuance and exercise of Stock Options.

In addition to any resale restrictions that may be applicable under applicable securities laws, all Stock Options and any shares issued on the exercise of Stock Options shall be legended with a four month hold period from the date the Stock Options are granted.

------

13. <u>**Disinterested Shareholder Approval**</u>

Disinterested shareholder approval shall be obtained by the Corporation prior to any reduction in the Exercise Price if the Optionee is an Insider of the Corporation at the time of a proposed reduction of the Exercise Price.

14. <u>**Form of Stock Option Agreement**</u>

All Stock Options shall be issued by the Corporation in a form which meets the general requirements and conditions set forth in this Plan and the requirements of the TSX Venture Exchange or such other exchange on which the shares of the Corporation are listed from time to time.

15. <u>**General Offer for Common Shares**</u>

If a bona fide offer (the "Offer") for the Common Shares is made to shareholders generally, which Offer, if accepted in whole or in part, would result in the offeror exercising control over the Corporation within the meaning of subsection 1(3) of the *Securities Act* (Ontario), then the Corporation shall, immediately upon receipt of notice of the Offer, notify each Eligible Optionee then holding Stock Options of the Offer, with full particulars thereof, whereupon, notwithstanding clause 6(b) hereof but subject to any necessary regulatory approval, such Stock Options may be exercised in whole or in part by the Eligible Optionee so as to permit the Eligible Optionee to tender the Common Shares received upon such exercise (the "Optioned Shares") pursuant to the Offer. If:

&nbsp;&nbsp;&nbsp;&nbsp;(a) the Offer is not completed within the time specified therein; or

&nbsp;&nbsp;&nbsp;&nbsp;(b) the Eligible Optionee does not tender the Optioned Shares pursuant to the Offer; or

&nbsp;&nbsp;&nbsp;&nbsp;(c) all of the Optioned Shares tendered by the Eligible Optionee pursuant to the Offer are not taken up and paid for by the offeror in respect thereof,

then the Optioned Shares or, in the case of clause (c) above, the Optioned Shares that are not taken up and paid for, shall be returned by the Eligible Optionee to the Corporation and reinstated as authorized but unissued Common Shares and the terms of the Stock Options as set forth in clause 6(b) hereof shall again apply to the Stock Options. If any Optioned Shares are returned to the Corporation under this Section 15, the Corporation shall refund the Exercise Price to the Eligible Optionee for such Optioned Shares. In no event shall the Eligible Optionee be entitled to sell the Optioned Shares otherwise than pursuant to the Offer.

16. <u>**Amendments and Termination**</u>

The Corporation shall retain the right to (a) amend from time to time the terms of the Plan or to terminate the Plan by resolution of the Board, and (b) amend from time to time the terms of outstanding Stock Options by resolution of the Board. Any such amendments or termination shall be subject to the consent of any applicable regulatory body, including any stock exchange on which the Corporation's shares are listed (to the extent such consent is required). Any amendment to the terms of outstanding Stock Options shall be subject to the consent of the Eligible Optionee holding such Stock Options. Any amendment to the terms of the Plan shall take effect only with respect to Stock Options granted thereafter, provided that such amendment may apply to any Stock Options previously granted with the consent of the Eligible Optionees holding such Stock Options.

------

17. <u>**Delegation of Administration of the Plan**</u>

Subject to the legislation governing the Corporation, the Board may delegate to one or more directors of the Corporation, on such terms as it considers appropriate, all or any part of the powers, duties and functions relating to the granting of Stock Options and the administration of the Plan.

18. <u>**Applicable Law**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This Plan shall be governed by and construed in accordance with the laws in force in the Province of Ontario, Canada.

19. <u>**Stock Exchange**</u>

To the extent applicable, the issuance of any shares of the Corporation pursuant to Stock Options issued pursuant to this Plan is subject to approval of the Plan by the TSX Venture Exchange or other stock exchange upon which the Common Shares are listed, and the Plan shall be subject to the ongoing requirements of such exchange.

20. <u>**Administration**</u>

This Plan shall be administered by the Board. The Board shall have full and final discretion to interpret the provisions of this Plan and to prescribe, amend, rescind and waive rules and regulations to govern the administration and operation of this Plan. All decisions and interpretations made by the Board shall be binding and conclusive upon the Corporation and on all persons eligible to participate in this Plan, subject to shareholder approval if required by any stock exchange on which the Corporation's shares are listed.

------

## Exhibit 8.1

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**EXHIBIT 8.1**

**Subsidiary**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name of Subsidiary** | &nbsp;&nbsp; **Place of Incorporation** | &nbsp;&nbsp; **Proportion of<br>Ownership Interest** |
| &nbsp;&nbsp; Gentor International Limited | &nbsp;&nbsp; British Virgin Islands | &nbsp;&nbsp; 100% |

---

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## Exhibit 11.3

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**EXHIBIT 11.3**

**Insider Trading Policy**

**Gentor Resources Inc.**

Policy on Trading in Securities by<br>Directors, Officers, Employees and Consultants

(Insider Trading and Blackout Policy)

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<u>**Purpose**</u>

The purpose of this Policy is to ensure (a) compliance with applicable Canadian and other securities laws governing trading in securities of Gentor Resources Inc. ("**Gentor**" or the "**Company**") while in possession of material non-public information concerning the Company, and tipping or disclosing material non-public information to outsiders; and (b) avoidance of embarrassment by preventing the appearance of improper trading or tipping.

In conjunction with regulatory requirements, it is the policy of Gentor that, once a person becomes a "Reporting Insider" (as described below), his or her security holdings in Gentor, and any change therein, must be reported to the appropriate securities commissions. The responsibility for compliance with insider reporting obligations rests with the insiders and not with Gentor. However, Gentor has an interest in monitoring the holdings of its insiders and ensuring that insider holdings are accurately reported, as the identity of insiders and the size of their holdings may be relevant in determining whether Gentor is permitted, under applicable securities laws and stock exchange rules, to undertake certain types of transactions.

<u>**Scope**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. This Policy covers all directors, officers, employees and consultants of Gentor and its subsidiaries. Directors, officers, employees and consultants are responsible for ensuring compliance by their families and other members of their households.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. This Policy applies to any transactions in any securities of Gentor, including common shares, debentures, stock options, warrants and any other debt or equity securities of the Company, as well as any other instruments, agreements or securities the market price, value or payment obligations of which are derived from, referenced to or based on the value of securities of the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. This Policy applies not only to the securities of Gentor which a director, officer, employee or consultant owns, but also those over which control or direction is exercised directly or indirectly and also to the securities of Gentor that are indirectly owned (for example by a corporation controlled by a director, officer, employee or consultant or by an immediate family member of a director, officer, employee or consultant).

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. This Policy applies not only during the course of a director's, officer's, employee's or consultant's service to Gentor, but also after the completion of such service to the extent the relevant person possesses material non-public information at the time such service is completed.

<u>**Insiders**</u>

The directors and officers of the Company are considered to be insiders of Gentor pursuant to applicable Canadian securities laws and as such are subject to a higher standard of scrutiny and disclosure requirements than other people who may trade in securities of Gentor. *Insiders should contact the Chief Executive Officer, the Chairman of the Board, the Chief Financial Officer or the Corporate Secretary of the Company when considering a transaction in securities of* Gentor *to ensure that there is no material non-public information which has not been widely disseminated.*

<u>**Reporting by Insiders - Canadian Requirements**</u>

Applicable Canadian securities laws define certain insiders of the Company as "Reporting Insiders". Reporting Insiders are required to prepare and file a report of every trade they make in securities of the Company (which includes the granting and exercise of stock options or any other rights to acquire securities), as well as in respect of any interest in, or right or obligation associated with, a "related financial instrument" (as such term is defined in applicable Canadian securities laws) involving a security of the Company. Such reports are required to be filed using the System for Electronic Disclosure by Insiders ("**SEDI**") (reference is made to the internet website for SEDI at <u>www.sedi.ca</u>). Reporting Insiders are personally responsible for ensuring they report changes in their security holdings within 5 calendar days. As well, a Reporting Insider must file a report on SEDI within 10 calendar days of becoming a Reporting Insider disclosing, if applicable, securities of the Company he or she owns, controls or directs or his or her interest in, or right or obligation associated with, a "related financial instrument" (as such term is defined in applicable Canadian securities laws) involving a security of the Company.

Assistance with filing the said reports on the SEDI website may be obtained from the Corporate Secretary of the Company.

<u>**Prohibition on Hedging**</u>

Directors and officers of the Company are prohibited from purchasing financial instruments, including, for greater certainty, prepaid variable forward contracts, equity swaps, collars, or units of exchange funds, that are designed to hedge or offset a decrease in market value of equity securities granted as compensation or held, directly or indirectly, by the director or officer.

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<u>**Definition of Material Non-Public Information and Non-Public Information**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Material Information</u>

Securities legislation and this Policy make frequent reference to material information. In this Policy, material information is any information relating to the business and affairs of Gentor that would reasonably be expected to affect the investment decisions of a reasonable holder of securities of Gentor or an investor or if the information would reasonably be expected to affect the market price or value of any of the securities of Gentor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Non-Public Information</u>

Material information is "non-public" if it has not been generally disclosed. Information is considered to have been generally disclosed if: (i) the information has been disseminated in a manner calculated to effectively reach the marketplace, and (ii) public investors have been given a reasonable amount of time to analyze the information. For the purposes of this Policy, *information will be considered public (i.e., no longer non-public) after information has been generally disclosed by means of a broadly disseminated press release and the trading has closed on the first full trading day following such press release.*

If you are unsure whether the information that you possess is material or non-public, the Chief Executive Officer, Chairman of the Board, Chief Financial Officer or Corporate Secretary of the Company should be consulted before trading in any securities of Gentor.

<u>**Statement of Policy and Procedures**</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Prohibited Activities</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. No insider, employee or consultant may trade in securities of Gentor while in possession of material non-public information concerning Gentor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. No insider, employee or consultant may trade in securities of Gentor outside of the "trading windows" described below, or during any designated special trading blackout periods.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. No insider, employee or consultant may trade in securities of Gentor during any trading blackout period imposed on employees and consultants of Gentor generally.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. No insider, employee or consultant may disclose material non-public information concerning Gentor to any outside person (including, but not limited to, family members, analysts, individual investors and members of the investment community and news media) unless such disclosure is necessary in the course of business and in accordance with Gentor's Disclosure Policy. In any instance where such information is disclosed to outsiders, the outsider must be advised that they must not disclose the information to anyone else, other than in the necessary course of business, and they may not trade in securities of Gentor until the information has been generally disclosed.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. No insider, employee or consultant may give trading advice of any kind relating to securities of Gentor to anyone while possessing material non- public information about Gentor, except that insiders, employees and consultants should advise others not to trade securities of Gentor if such trade might violate the law or this Policy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. No insider, employee or consultant may (a) trade in securities of any other public company, trust, partnership or other entity (a "company") while possessing material non-public information concerning that company; (b) "tip" or disclose material non-public information concerning any company to anyone; or (c) give trading advice of any kind to anyone concerning any other company while possessing material non-public information about that company that such insider, employee or consultant learned in the course of service to Gentor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. In order to avoid possible inadvertent conflict with this Policy, it is recommended that, outside of any stock option plans, no insider leave with a broker any outstanding sell or purchase orders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. No insider, employee or consultant may (a) engage in short sales of securities of Gentor, or (b) buy or sell puts, calls or other derivatives in respect of securities of Gentor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Trading Windows and Blackout Periods</u>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. *Definition of Blackout Period and Trading Window*

A "blackout period" is any time where an insider, employee or consultant is restricted by the terms of this Policy or applicable securities law from trading in securities of Gentor. Alternatively, a "trading window" is the period of time between blackout periods where an insider, employee or consultant is not restricted by the terms of this Policy or applicable securities law from trading in securities of Gentor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. *Designation of Blackout Periods*

Gentor will use reasonable efforts to notify insiders, employees and consultants by e-mail when a general blackout period is in effect. However, it is the obligation of every insider, employee and consultant to ensure, prior to effecting a trade, that a blackout period is not in effect or such person is not otherwise restricted from trading in securities of Gentor. In the event that an insider, employee or consultant is unsure whether they may trade in securities of Gentor, they should contact the Chief Executive Officer, Chairman of the Board, Chief Financial Officer or the Corporate Secretary of the Company to determine if a general blackout period is in effect or if the insider, employee or consultant is in possession of material non-public information.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. *Trading Windows for Insiders*

Insiders may trade in securities of Gentor only during the period beginning after the close of business one day following widespread public release of quarterly or year-end operating results and ending at the close of trading on the fifth day preceding a meeting of the board of directors of the Company or the Audit Committee (as applicable) to approve any distribution or earnings press release or any financial statements reflecting Gentor's operating results. However, such trading windows may be modified at any time by the Company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. *Trading Windows for Employees and Consultants*

All other employees and consultants who are not insiders may trade in securities of Gentor at any time, provided they are not in possession of material non-public information and no blackout period applicable to such employee or consultant is in place.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. *No Trading While in Possession of Material Non-public Information or During Blackout Periods*

No insider, employee or consultant possessing material non-public information concerning Gentor may trade in securities of Gentor even during applicable trading windows. Persons possessing such information may trade during a trading window only after the close of trading on the next full trading day following the widespread public release of the information.

No insider, employee or consultant may trade in securities of Gentor outside of applicable trading windows or during any designated blackout periods. No insider, employee or consultant may disclose to any outside third party that a special blackout period has been designated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Priority of Statutory or Regulatory Trading Restrictions</u>

The trading prohibitions and restrictions set forth in this Policy will be superseded by any greater prohibition or restrictions prescribed by applicable securities laws or stock exchange rules and policies.

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<u>**Consequences of Non-Compliance with this Policy**</u>

Anyone subject to this Policy who violates this Policy may face disciplinary action up to and including termination for cause and without notice. Violation of this Policy may also constitute a breach of applicable securities laws and stock exchange rules, including laws against tipping and insider trading, and the Company may refer any such breach to the appropriate regulatory authority. Accordingly, violation of this Policy could lead to fines, penalties, imprisonment and liability to investors and the Company for damages.

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## Exhibit 12.1

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**CERTIFICATION**

I, Arnold T. Kondrat, certify that:

1. I have reviewed this annual report on Form 20-F of Gentor Resources Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026. | By: | /s/ Arnold T. Kondrat |
|  |  | Arnold T. Kondrat |
|  |  | President and Chief Executive Officer |

---

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## Exhibit 12.2

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**CERTIFICATION**

I, Donat K. Madilo, certify that:

1. I have reviewed this annual report on Form 20-F of Gentor Resources Inc.;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;

4. The company's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and

(d) Disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and

5. The company's other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: April 30, 2026. | By: | /s/ Donat K. Madilo |
|  |  | Donat K. Madilo |
|  |  | Chief Financial Officer |

---

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## Exhibit 13.1

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CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of Gentor Resources Inc. (the "Company") on Form 20-F for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Arnold T. Kondrat, President and Chief Executive Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| April 30, 2026 | /s/ Arnold T. Kondrat |
|  | Arnold T. Kondrat |
|  | President and Chief Executive Officer |

---

A signed original of this written statement required by Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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## Exhibit 13.2

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CERTIFICATION PURSUANT TO

18 U.S.C. §1350,

AS ADOPTED PURSUANT TO

SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002

In connection with the annual report of Gentor Resources Inc. (the "Company") on Form 20-F for the period ended December 31, 2025 as filed with the Securities and Exchange Commission on the date hereof (the "Report"), I, Donat K. Madilo, Chief Financial Officer of the Company, certify, pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1) The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2) The information contained in this Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

---

| | |
|:---|:---|
| April 30, 2026 | /s/ Donat K. Madilo |
|  | Donat K. Madilo |
|  | Chief Financial Officer |

---

A signed original of this written statement required by Rule 13a-14(b) of the Securities Exchange Act of 1934 and 18 U.S.C. Section 1350 has been provided to the Company and will be retained by the Company and furnished to the Securities and Exchange Commission or its staff upon request.

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## Exhibit 15.1

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![](exhibit15-1x001.jpg)

GENTOR RESOURCES INC.

**MANAGEMENT'S DISCUSSION AND ANALYSIS** 

**FOR THE YEAR ENDED DECEMBER 31, 2025**

The following management's discussion and analysis ("**MD&A**"), which is dated as of April 29, 2026, provides a review of the activities, results of operations and financial conditions of Gentor Resources Inc. (the "**Company**" or "**Gentor**") as at and for the financial year of the Company ended December 31, 2025 ("**fiscal 2025**") in comparison with those as at and for the financial years of the Company ended December 31, 2024 ("**fiscal 2024**") and December 31, 2023 ("**fiscal 2023**"), as well as future prospects of the Company. This MD&A should be read in conjunction with the audited consolidated financial statements of the Company for fiscal 2025, fiscal 2024 and fiscal 2023 (the "**Annual Financial Statements**"). As the Company's consolidated financial statements are prepared in United States dollars, all dollar amounts in this MD&A are expressed in United States dollars unless otherwise specified. Additional information relating to the Company, including the Company's annual report on Form 20-F, is available on SEDAR+ at <u>www.sedarplus.ca</u> and on EDGAR at <u>www.sec.gov</u>.

**Forward-Looking Statements**

The following MD&A contains forward-looking statements. All statements, other than statements of historical fact, that address activities, events or developments that the Company believes, expects or anticipates will or may occur in the future (including, without limitation, statements regarding future plans and objectives of the Company) are forward-looking statements. These forward-looking statements reflect the current expectations or beliefs of the Company based on information currently available to the Company. Forward-looking statements are subject to a number of risks and uncertainties that may cause the actual results of the Company to differ materially from those discussed in the forward-looking statements, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on the Company. Factors that could cause actual results or events to differ materially from current expectations include, among other things: having relinquished its only project (the Karaburun project in Turkey) effective at the end of 2017, the Company currently does not have any commercial operations and has no material assets; while the Company is currently evaluating new business opportunities, the Company has only limited funds with which to identify and evaluate a potential asset or business for acquisition or participation, and no assurance can be given that a suitable asset or business will be identified and acquired on suitable terms; uncertainties relating to the availability and costs of financing in the future; changes in equity markets; the Company's history of losses and expectation of future losses; activities of the Company (including the Company's ability to secure financing) may be adversely impacted the other risks disclosed under the heading "Risk Factors" in the Company's annual report on Form 20-F.

------

Any forward-looking statement speaks only as of the date on which it is made and, except as may be required by applicable securities laws, the Company disclaims any intent or obligation to update any forward-looking statement, whether as a result of new information, future events or results or otherwise. Although the Company believes that the assumptions inherent in the forward-looking statements are reasonable, forward-looking statements are not guarantees of future performance and accordingly undue reliance should not be put on such statements due to the inherent uncertainty therein.

**General**

As described in the Going Concern note to the Annual Financial Statements (Note 1), the Company intends to fund operations through equity financing arrangements, which may be insufficient to fund its cash requirements. The Company's continued existence is dependent upon it emerging from the exploration stage, obtaining additional financing to continue operations, exploring and developing mineral properties and the discovery, development and sale of ore reserves. Thus, management uses its judgment in determining whether the Company is able to continue as a going concern. See also the "Liquidity and Capital Resources" section of this MD&A.

**Results of Operations**

For fiscal 2025, the Company reported net loss and comprehensive loss of $185,661 ($0.00 loss per share), as compared to a net loss and comprehensive loss of $204,645 ($0.01 loss per share) and a net income and comprehensive income of $66,591 ($0.00 per share) for fiscal 2024 and 2023, respectively. During fiscal 2025, variances in expenses occurred in the expense categories described below as compared to fiscals 2024 and 2023.

*Professional fees*

Professional fees, which include legal and audit fees, decreased to $27,921 during fiscal 2025 compared to $44,323 during fiscal 2024 and from $50,952 during fiscal 2023. The fluctuation in professional fees in fiscal 2025 as compared to fiscal 2024 and fiscal 2023 was mainly related to fluctuations in legal expenses in connection with corporate activities.

*Employee benefits*

The Company's employee benefits expense was $135,866 for fiscal 2025 and $137,673 for fiscal 2024 as compared to $142,971 during fiscal 2023. The Company's personnel are paid out of the Canadian corporate office.

*Shareholder's information* 

The Company incurred expenses related to shareholder's information of $15,760 during fiscal 2025 as compared to $14,375 during fiscal 2024 and $11,304 during fiscal 2023. The fluctuations are mainly due to fluctuations in usage charges for these services.

*General and administrative expenses*

The Company incurred during fiscal 2025 general and administrative expenses of $13,065 (2024- $12,996 and 2023 - $13,502). This cost of general and administrative expenses stayed consistent overall for the Company.

------

*Foreign exchange loss / gain*

The Company recorded a foreign exchange loss of $3,538 during fiscal 2025, a foreign exchange gain of $12,808 for fiscal 2024 and a foreign exchange loss of $2,058 during fiscal 2023, due to fluctuations in the value of the United States dollar relative to the Canadian dollar.

*Writeback of accounts payable and accrued liabilities*

The Company recorded a gain of $10,485 during fiscal 2025 as a result of a write-back of certain accounts payable and accrued liabilities (as compared to fiscal 2024 - $nil and fiscal 2023 - $288,274).

*Interest income*

The Company recorded interest income of $4 during fiscal 2025 compared to $7,196 for fiscal 2024 and $2 for fiscal year 2023. The 2024 income is a result of a recognition of the realized gain on repayment of the CEBA loan.

**Selected Annual Information**

The following financial data is derived from the Company's Annual Financial Statements for each of the three most recently completed financial years. This data has been prepared in accordance with accounting principles generally accepted in the United States of America ("**US GAAP**").

---

| | | | |
|:---|:---|:---|:---|
|  | <u>**2025**</u><br> **$** | **<u>2024</u><br>$** | **<u>2023</u><br>$** |
| &nbsp;&nbsp;Net (loss) income and comprehensive (loss) income | $(185661) | $(204645) | $66591 |
| &nbsp;&nbsp;Net (loss) income and comprehensive (loss) income per share | $(0.00) | $(0.01) | $0.00 |
| &nbsp;&nbsp;Total assets | $1022 | $4409 | $45694 |
| &nbsp;&nbsp;Total current liabilities | $1392602 | $1210328 | $1020094 |
| &nbsp;&nbsp;Total non-current liabilities | $- | $- | $26874 |

---

For fiscal 2025, the Company had net loss and comprehensive loss of $185,661 compared to a net loss and comprehensive loss of $204,645 in fiscal 2024. The decrease is largely due to the decrease in professional fees of $16,402 during fiscal 2025. Also, an allowance for doubtful accounts of $nil was recorded for 2025 compared to $15,282 during the year ended December 31, 2024. This was slightly offset by the foreign exchange loss of $3,538 in fiscal 2025 compared to foreign exchange gain of $12,808 the previous year.

For fiscal 2024, the Company had net loss and comprehensive loss of $204,645 compared to a net income and comprehensive income of $66,591 in fiscal 2023. The difference is mainly due to $nil writeback of accounts payable and accrued liabilities in fiscal 2024 compared to $288,274 in 2023. Also, an allowance for doubtful accounts of $15,282 was recorded during the year ended December 31, 2024 (compared to $nil in fiscal 2023). This was slightly offset by the foreign exchange gain of $12,808 in 2024 compared to foreign exchange loss of $2,058 the previous year.

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For fiscal 2023, the Company had net income and comprehensive income of $66,591 compared to a net loss and comprehensive loss of $257,913 in fiscal 2022. The difference is mainly due to the writeback of accounts payable and accrued liabilities of $288,274, lower rent, lower employee benefits and reduction in general and administrative expenses in 2023 being offset by higher professional fees and a foreign exchange loss $2,058 compared to, in 2022, foreign exchange gain of $6,605.

**Summary of Quarterly Results**

The following table sets out certain consolidated financial information of the Company for each of the last eight quarters, from the first quarter of fiscal 2024 to the fourth quarter of fiscal 2025. This financial information has been prepared in accordance with U.S. generally accepted accounting principles ("**US GAAP**"). The Company's presentation and functional currency is the United States dollar.

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| | | | | |
|:---|:---|:---|:---|:---|
|  | **2025** | **2025** | **2025** | **2025** |
|  | **4th Quarter** | **3rd Quarter** | **2nd Quarter** | **1st Quarter** |
| &nbsp;&nbsp;Net loss | $(50360) | $(38921) | $(57168) | $(39212) |
| &nbsp;&nbsp;Net loss per share | $(0.00) | $(0.00) | $(0.00) | $(0.00) |
|  | **2024** | **2024** | **2024** | **2024** |
|  | **4th Quarter** | **3rd Quarter** | **2nd Quarter** | **1st Quarter** |
| &nbsp;&nbsp;Net loss | $(75829) | $(43854) | $(45934) | $(39028) |
| &nbsp;&nbsp;Net loss per share | $(0.01) | $(0.00) | $(0.00) | $(0.00) |

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The Company reported a net loss of $50,360 during the fourth quarter of 2025 compared to a net loss of $38,921 during the third quarter of 2025, mostly due to an increase in professional fees of $20,485 which includes both legal and audit fees and an increase in general and administrative expenses of $3,332 during the fourth quarter of 2025, compared to the third quarter of 2025. This increase was offset by writeback of accounts payable of $10,485 in the fourth quarter of 2025.

The Company reported a net loss of $38,921 during the third quarter of 2025 compared to a net loss of $57,168 in the second quarter of 2025. The decrease in net loss was mainly due to a decrease in professional fees of $5,375 which includes both legal and audit fees, a decrease in shareholder's information fees of $4,578 and a decrease of $5,582 in general and administrative expenses during the third quarter of 2025 as compared to second quarter of 2025.

The Company reported a net loss of $57,168 during the second quarter of 2025 compared to a net loss of $39,212 during the first quarter of 2025. The net loss in the second quarter of 2025 was mainly impacted by an increase in professional fees of $3,314, an increase in shareholder's information of $7,217 and an increase of $5,622 in general and administrative expenses compared to the first quarter of 2025.

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The Company reported a net loss of $39,212 during the first quarter of 2025 compared to a net loss of $75,829 in the fourth quarter of 2024, with the decrease in net loss due in part to the allowance for doubtful account expense in the fourth quarter of $15,pril 2 for a loan to third party. The decrease in net loss was also due to a decrease in professional fees of $27,561, which was offset by an increase of $8,482 in foreign exchange loss during the first quarter of 2025 as compared to the fourth quarter of 2024.

The Company reported a net loss of $75,829 during the fourth quarter of 2024 compared to a net loss of $43,854 in the third quarter of 2024, due in part to the allowance for doubtful account expense in the fourth quarter of $15,282 for a loan to third party. The increase in net loss was also due to an increase in professional fees of $29,622 which includes both legal and audit fees, which was offset by a decrease of $5,977 in shareholder information expenses during the fourth quarter of 2024 as compared to the third quarter of 2024.

The Company reported a net loss of $43,854 during the third quarter of 2024 which remained consistent with the previous quarter's net loss of $45,934. The net loss in the third quarter of 2024 was mainly impacted by a decrease in shareholder's information of $2,674 and a decrease in general and administrative expenses of $1,827. This was offset by an increase of foreign exchange loss of $2,194 during the third quarter of 2024 compared to the second quarter of 2024.

The Company reported a net loss of $45,934 during the second quarter of 2024 compared to a net loss of $39,028 during the first quarter of 2024. The net loss in the second quarter of 2024 was mainly impacted by an increase in shareholder's information of $9,179, a decrease in interest

income of $7,182 and a decrease in foreign exchange gain of $5,532. This was offset by a decrease in professional fees of $14,701 incurred during the second quarter of 2024 compared to the first quarter of 2024.

**Liquidity and Capital Resources**

The Company has historically relied primarily on equity financing to fund its activities. Although the Company has been successful in completing equity financing in the past, there is no assurance that the Company will secure the necessary financing in the future.

The Company's cash balance at December 31, 2025 was $1,022 as compared to $1,558 at December 31, 2024.

The Company expects to raise additional funds through additional offerings of its equity securities to funds its activities. However, there is no assurance that such financing will be available on acceptable terms, if at all. If the Company raises additional funds by issuing additional equity, the ownership percentages of existing shareholders will be reduced and the securities that the Company may issue in the future may have rights, preferences or privileges senior to those of the current holders of the Company's common shares. Such securities may also be issued at a discount to the market price of the Company's common shares, resulting in possible further dilution to the book value per share of common shares. If the Company is unable to raise sufficient funds through equity offerings, the Company may need to sell an interest in any property held by it. There can be no assurance the Company would be successful in selling any such property.

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**Outstanding Share Data**

The authorized share capital of the Company consists of 500,000,000 common shares, with a par value of $0.0008 per share. As of April 29, 2026, the Company had 38,906,742 common shares and no stock options or warrants outstanding.

**Related Party Transactions**

As of December 31, 2025, an amount of $719,331 (December 31, 2024 - $633,465) was owed to Arnold Kondrat, a director, Chief Executive Officer and President of the Company, which includes both salary and management fees in arrears and advances. Subsequent to the year end, Arnold Kondrat, the Chief Executive Officer, President and director of the Company, agreed to waive $633,465 of accrued but unpaid salary. This waiver reduces the Company's outstanding liabilities and will be recognized as a contribution to equity.

As of December 31, 2025, an amount of $422,592 was owed to Loncor Gold Inc. (December 31, 2024 - $352,681), a company with common directors, in relation to the payment of common general and administrative expenses. In addition, on February 11, 2026, the Company reached an agreement with Loncor Gold Inc. pursuant to which, the full amount of $422,592 due to Loncor will be due to Arnold Kondrat, the Chief Executive Officer, President and director of the Company.

As of December 31, 2025, an amount of $129,167 was owed to Donat Madilo (December 31, 2024 - $79,167), Chief Financial Officer of the Company, which includes salary in arrears.

All of the above related party transactions occurred in the normal course of operations and are unsecured, non-interest bearing, due on demand, and measured at the exchange amount as determined by management.

**Accounting Pronouncements Not Yet Effective** 

Certain new standards, interpretations, amendments and improvements to existing standards were issued that are mandatory for accounting periods beginning on or after January 1, 2025. For the year ended December 31, 2025, there were no updates that are applicable or are consequential to the Company.

**Significant Accounting Estimates**

The preparation of the Company's Annual Financial Statements in conformity with US GAAP requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the Company's Annual Financial Statements include the following:

Income taxes

Deferred income taxes are reported for timing differences between items of income or expense reported in the financial statements and those reported for income tax purposes, which require the use of the asset/liability method of accounting for income taxes. Deferred income taxes and tax benefits are recognized for the future tax consequences attributable to differences between the financial statements carrying amounts of existing assets and liabilities and their respective tax bases, and for the tax loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the enacted rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The Company recognizes deferred taxes for the estimated future tax effects attributable to deductible temporary differences and loss carryforwards when realization is more likely than not. The deferred taxes for the Company amount to $nil as at December 31, 2025.

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Accounting Standards Codification 740, "Income Taxes" requires that the Company recognize the impact of a tax position in its financial statements if the position is more likely than not of being sustained upon examination and on the technical merits of the position. At December 31, 2025 the Company had no material unrecognized tax benefits. The Company does not anticipate any material change in the total amount of unrecognized tax benefits to occur within the next twelve months.

Stock-based compensation

The Company has a stock option plan, which is described in note 6(c) of the Annual Financial Statements. The Company uses the fair value method of accounting for stock options granted to directors, officers and employees whereby the fair value of options granted measured at the grant date is recorded as a compensation expense in the financial statements on a straight-line basis over the requisite employee service period (usually the vesting period). Compensation expense on stock options granted to non-employees is measured at the earlier of the completion of performance and the date the options are vested using the fair value method and is recorded as an expense in the same period as if the Company had paid cash for the goods or services received. Any consideration paid by directors, officers, employees and consultants on exercise of stock options or purchase of shares is credited to capital stock. Shares are issued from treasury upon the exercise of stock options. Forfeitures are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. As at December 31, 2025 all stock options previously granted had expired unexercised.

Fair value of financial instruments

The Company follows "Accounting Standards Codification" ASC 820-10 *Fair Value Measurements and Disclosures* for its financial assets and financial liabilities that are re-measured and reported at fair value at each reporting period.

Fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability and include situations where there is little, if any, market activity for the asset or liability.

At December 31, 2025 and December 31, 2024, the carrying values of the Company's cash, amounts due to related parties, advances receivable, accounts payable and accrued liabilities approximate fair value.

**Financial Risk Management**

Foreign Currency Risk

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Foreign currency risk is the risk that a variation in exchange rates between the United States dollar and other foreign currencies will affect the Company's operations and financial results. A portion of the Company's transactions are denominated in Canadian dollars. The Company is also exposed to the impact of currency fluctuations on its monetary assets and liabilities. Significant foreign currency gains or losses are reflected as a separate component of the consolidated statement of income (loss) and comprehensive income (loss). The Company has not used derivative instruments to reduce its exposure to foreign currency risk.

The following table indicates the impact of foreign currency risk on net working capital as at December 31, 2025. The table below also provides a sensitivity analysis of a 10 percent strengthening of the US dollar against the Canadian dollar which would have increased (decreased) the Company's net loss by the amounts shown in the table below. A 10 percent weakening of the US dollar against the Canadian dollar would have had the equal but opposite effect as at December 31, 2025 and December 31, 2024.

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| | | | |
|:---|:---|:---|:---|
|  | **Canadian** | **Canadian** | **Canadian** |
|  | **Dollars** | **Dollars** | **Dollars** |
|  | **2025** | **2024** | **2023** |
| **Cash** | $728 | 1723 | 32733 |
| Accounts payable | (72262) | (87597) | (49300) |
| Total foreign currency working capital | (71534) | (85874) | (16567) |
| US$ exchange rate | 0.7296 | 0.6950 | 0.7561 |
| Total foreign currency net working capital in US$ | (52191) | (59683) | (12526) |
| ***Impact of a 10% strengthening of the US$ on net loss*** | (5219) | (5968) | (1253) |

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Market Risk

Market risk is the potential for financial loss from adverse changes in underlying market factors, including foreign-exchange rates, commodity prices and stock-based compensation costs.

**Other Risks and Uncertainties**

Effective at the end of 2017, the Company relinquished its Karaburun project in Turkey (which was the Company's only project). The Company is currently evaluating new business opportunities. As the Company currently does not have any commercial operations and has no material assets, an investment in the Company's common shares is considered highly speculative and involves a very high degree of risk. While the Company is currently evaluating new business opportunities, the Company has only limited funds with which to identify and evaluate a potential asset or business for acquisition or participation, and no assurance can be given that a suitable asset or business will be identified and acquired on suitable terms. Further, even if a proposed transaction is identified, there can be no assurance that the Company will be able to complete the transaction. The transaction may be financed in whole, or in part, by the issuance of additional securities of the Company and this may result in further dilution to investors, which dilution may be significant, and which may also result in a change of control of the Company.

Reference is made to the Company's annual report on Form 20-F for additional risk factor disclosure (a copy of such document can be obtained from SEDAR+ at www.sedarplus.ca and EDGAR at www.sec.gov).

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