# EDGAR Filing Document

**Accession Number:** 0002100457
**File Stem:** 0001753926-26-000977
**Filing Date:** 2026-6
**Character Count:** 285251
**Document Hash:** a5e460f16aa3a06dcfb273a0ec38e1c9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001753926-26-000977.hdr.sgml**: 20260604

**ACCESSION NUMBER**: 0001753926-26-000977

**CONFORMED SUBMISSION TYPE**: 40FR12B/A

**PUBLIC DOCUMENT COUNT**: 10

**FILED AS OF DATE**: 20260604

**DATE AS OF CHANGE**: 20260604

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Bitzero Holdings Inc.
- **CENTRAL INDEX KEY:** 0002100457
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-AMUSEMENT & RECREATION SERVICES [7900]
- **ORGANIZATION NAME:** 07 Trade & Services
- **EIN:** 000000000
- **STATE OF INCORPORATION:** A6
- **FISCAL YEAR END:** 0930

**FILING VALUES:**
- **FORM TYPE:** 40FR12B/A
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-43300
- **FILM NUMBER:** 261063931

**BUSINESS ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1100 ONE BENTALL CENTRE
- **STREET 2:** 505 BURRARD STREET, SUITE 1100
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V7X 1M5
- **BUSINESS PHONE:** 44 (777) 303-0394

**MAIL ADDRESS:**
- **ADDRESS IS A NON US LOCATION:** YES
- **STREET 1:** 1100 ONE BENTALL CENTRE
- **STREET 2:** 505 BURRARD STREET, SUITE 1100
- **CITY:** VANCOUVER
- **PROVINCE COUNTRY:** A1
- **ZIP:** V7X 1M5

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

**FORM 40-F/A**

**(Amendment No. 1)**

☒ Registration statement pursuant to Section 12 of the Securities Exchange Act of 1934 <br> or <br> ☐ Annual report pursuant to Section 13(a) or 15(d) of the Securities Exchange Act of 1934

For the fiscal year ended ______________ Commission File Number ______________

**Bitzero Holdings Inc.** <br> (Exact name of Registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Ontario, Canada** | **6199** | **N/A** |
| (Province or other jurisdiction of | (Primary Standard Industrial Classification | (I.R.S. Employer |
| incorporation or organization) | Code Number) | Identification Number) |

---

**1100 One Bentall Centre** 

**505 Burrard Street, Suite 1100**<br> **Vancouver, British Columbia** <br> **44 (777) 303-0394** <br> (Address and telephone number of Registrant's principal executive offices)

**COGENCY GLOBAL INC.**

**122 East 42nd Street, 18th Floor**

**New York, NY 10168**

**1-800-221-0102**<br> (Name, address (including zip code) and telephone number (including<br> area code) of agent for service in the United States)

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

---

| | |
|:---|:---|
| <u>Title of each class</u> | <u>Name of each exchange on which registered</u> |
| **Common Shares, no par value** | **The Nasdaq Stock Market LLC** |

---

Securities registered pursuant to Section 12(g) of the Act: **None**

Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: **None** 

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

☐ Annual information form ☐ Audited annual financial statements

Indicate the number of outstanding shares of each of the registrant's classes of capital or common stock as of the close of the period covered by the annual report: **N/A** 

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Exchange Act during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days. ☐ Yes ☒ No

Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). ☐ Yes ☐ No

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

☒ Emerging growth company

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

† 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.

**EXPLANATORY NOTE**

Bitzero Holdings Inc. (the "Company", the "Registrant") is a Canadian public issuer eligible to file its registration statement pursuant to Section 12 of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), on Form 40-F pursuant to the multi-jurisdictional disclosure system of the Exchange Act. The Company is a "foreign private issuer" as defined in Rule 3b-4 under the Exchange Act. Equity securities of the Company are accordingly exempt from Sections 14(a), 14(b), 14(c), 14(f) and 16 of the Exchange Act pursuant to Rule 3a12-3.

The Company initially filed the Registration Statement on Form 40-F on May 15, 2026 (SEC file number 001-43300). The Company is filing this Amendment No. 1 to the Registration Statement to (i) amend the name of the exchange on which the Company is registered from NASDAQ Capital Market to The Nasdaq Stock Market LLC; (ii) include additional exhibits, each of which is incorporated by reference in this Registration Statement on Form 40-F; and (iii) amend the exhibit references under the heading "Principal Documents". No other amendment to the Company's Registration Statement on Form 40-F is being effected hereby.

**FORWARD LOOKING STATEMENTS** 

This Registration Statement and the Exhibits incorporated by reference into this Registration Statement of the Registrant contain forward-looking statements that reflect our management's expectations with respect to future events, our financial performance and business prospects. All statements other than statements of historical facts, contained in documents incorporated by reference in this Registration Statement that address activities, events or developments that management of the Company expect or anticipate will or may occur in the future are forward-looking statements. Although the Registrant has attempted to identify important factors that could cause actual actions, events or results to differ materially from those described in forward-looking statements, there may be other factors that cause actions, events or results not to be as anticipated, estimated or intended.

Generally, these forward-looking statements can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "proposed" "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "likely", "might", "will" or "will be taken", "occur" or "be achieved", but the absence of these words does not mean that a statement is not forward-looking. Forward-looking statements are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Registrant to be materially different from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: general business, economic, competitive, political and social uncertainties; delay or failure to receive board, shareholder or regulatory approvals; and the results of continued development, marketing and sales as well as those factors discussed under the heading "Risk Factors" in the Registrant's Annual Information Form, included as Exhibit 99.80 to this Registration Statement.

There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Although the management and of officers of the Registrant believe that the expectations reflected in such forward-looking statements are based upon reasonable assumptions and have attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking statements, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. The Registrant's forward-looking statements contained in the Exhibits incorporated by reference into this Registration Statement are made as of the respective dates set forth in such Exhibits. In preparing this Registration Statement, the Registrant has not updated such forward-looking statements to reflect any change in circumstances or in management's beliefs, expectations or opinions that may have occurred prior to the date hereof. Nor does the Registrant assume any obligation to update such forward-looking statements in the future. Consequently, all of the forward-looking statements made in documents incorporated by reference in this Registration Statement are qualified by these cautionary statements and other cautionary statements or factors contained herein and therein, and there can be no assurance that the actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, the Company. Accordingly, for the reasons set forth above, the forward-looking statements in the Exhibits incorporated by reference into this Registration Statement should not be unduly relied upon.

**DIFFERENCES IN UNITED STATES AND CANADIAN REPORTING PRACTICES**

The Registrant is permitted, under a multijurisdictional disclosure system adopted by the United States, to prepare this report in accordance with Canadian disclosure requirements, which are different from those of the United States. The Registrant currently prepares its financial statements, which are filed with this report on Form 40-F in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, and the audit is subject to Canadian auditing and auditor independence standards.

**PRINCIPAL DOCUMENTS** 

In accordance with General Instruction B.(1) of Form 40-F, the Registrant hereby incorporates by reference Exhibits 99.1 through 99.104, inclusive, as set forth in the Exhibit Index attached hereto.

In accordance with General Instruction D.(9) of Form 40-F, the Registrant has filed the written consent of certain experts named in the foregoing Exhibits 99.103 and 99.104, as set forth in the Exhibit Index attached hereto.

**TAX MATTERS**

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

**DESCRIPTION OF COMMON SHARES** 

The required disclosure is included in the Annual Information Form included as Exhibit 99.80.

**OFF-BALANCE SHEET ARRANGEMENTS**

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

**CURRENCY** 

Unless otherwise indicated, all dollar amounts in this Registration Statement on Form 40-F are in United States dollars.

**CONTRACTUAL OBLIGATIONS**

The following table lists, as of September 30, 2025, information with respect to the Registrant's known contractual obligations (in thousands):

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** | **Payments due by period** |
| <br> **Contractual Obligations** | <br>**Total** | **Less than**<br>**1 year** | <br>**1-3 years** | <br>**3-5 years** | **More than**<br>**5 years** |
| Long-Term Debt Obligations | $17510 | $2100 | $15410 | $— | $— |
| Capital (Finance) Lease Obligations | $— | $— | $— | $— | $— |
| Operating Lease Obligations | $— | $— | $— | $— | $— |
| Purchase Obligations | $— | $— | $— | $— | $— |
| Other Long-Term Liabilities Reflected on Balance Sheet | $3841 | $1800 | $2041 | $— | $— |
| **Total** | $21351 | $3900 | $17451 | $— | $— |

---

**NASDAQ CORPORATE GOVERNANCE**

A foreign private issuer that follows home country practices in lieu of certain provisions of the listing rules of the Nasdaq Stock Market LLC (the "Nasdaq Stock Market Rules") must disclose the ways in which its corporate governance practices differ from those followed by domestic companies. As required by Nasdaq Rule 5615(a)(3), the Registrant will disclose on its website, https://bitzero.com/, as of the listing date, each requirement of the Nasdaq Stock Market Rules that it does not follow and describe the home country practice followed in lieu of such requirements.

**UNDERTAKING** 

The Registrant undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to the securities registered pursuant to Form 40-F or transactions in said securities.

**CONSENT TO SERVICE OF PROCESS** 

The Registrant has concurrently filed a Form F-X in connection with the class of securities to which this Registration Statement relates.

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

**SIGNATURES** 

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

---

| | |
|:---|:---|
|  | **BITZERO HOLDINGS INC.** |
| By: | /s/ Mohammed Bakhashwain |
|  | Name: Mohammed Bakhashwain |
|  | Title: Chief Executive Officer |

---

Date: June 4, 2026

**EXHIBIT INDEX** 

The following documents are being filed with the Commission as Exhibits to this Registration Statement:

---

| | |
|:---|:---|
| &nbsp;&nbsp;**<u>Exhibit</u>** | **<u>Description</u>** |
| &nbsp;&nbsp;[99.1\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-1.htm) | [News Release dated October 4, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-1.htm) |
| &nbsp;&nbsp;[99.2\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-2.htm) | [Material Change Report dated October 8, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-2.htm) |
| &nbsp;&nbsp;[99.3\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-3.htm) | [News Release dated November 19, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-3.htm) |
| &nbsp;&nbsp;[99.4 \*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-4.htm) | [Arrangement Agreement dated November 18, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-4.htm) |
| &nbsp;&nbsp;[99.5\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-5.htm) | [Interim Order dated November 22, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-5.htm) |
| &nbsp;&nbsp;[99.6\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-6.htm) | [Management Information Circular dated November 25, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-6.htm) |
| &nbsp;&nbsp;[99.7\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-7.htm) | [Final order for Proposed Arrangement dated December 12, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-7.htm) |
| &nbsp;&nbsp;[99.8\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-8.htm) | [News Release dated December 13, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-8.htm) |
| &nbsp;&nbsp;[99.9\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-9.htm) | [Notice of Change in Corporate Structure dated December 18, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-9.htm) |
| &nbsp;&nbsp;[99.10\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-10.htm) | [News Release dated December 18, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-10.htm) |
| &nbsp;&nbsp;[99.11\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-11.htm) | [Material Change Report dated December 18, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-11.htm) |
| &nbsp;&nbsp;[99.12\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-12.htm) | [Audited Consolidated Financial Statements for the years ended October 31, 2024 and October 31, 2023](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-12.htm) |
| &nbsp;&nbsp;[99.13\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-13.htm) | [Management Discussion and Analysis for the year ended October 31, 2024 and 2023](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-13.htm) |
| &nbsp;&nbsp;[99.14\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-14.htm) | [Certification of annual filings CEO dated February 27, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-14.htm) |
| &nbsp;&nbsp;[99.15\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-15.htm) | [Certification of annual filings CFO dated February 27, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-15.htm) |
| &nbsp;&nbsp;[99.16\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-16.htm) | [News Release dated April 2, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-16.htm) |
| &nbsp;&nbsp;[99.17\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-17.htm) | [Unaudited Condensed Interim Consolidated Financial Statements for the periods ended January 31, 2025 and January 31, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-17.htm) |
| &nbsp;&nbsp;[99.18\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-18.htm) | [Management Discussion and Analysis for the periods ended January 31, 2025, and 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-18.htm) |
| &nbsp;&nbsp;[99.19\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-19.htm) | [Certification of Interim filings CFO dated April 4, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-19.htm) |
| &nbsp;&nbsp;[99.20\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-20.htm) | [Certification of Interim filings CEO dated April 4, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-20.htm) |
| &nbsp;&nbsp;[99.21\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-21.htm) | [Unaudited Condensed Interim Consolidated Financial Statements for the periods ended April 30, 2025 and April 30, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-21.htm) |
| &nbsp;&nbsp;[99.22\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-22.htm) | [Management Discussion and Analysis for the periods ended April 30, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-22.htm) |
| &nbsp;&nbsp;[99.23\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-23.htm) | [Certification of Interim filings CFO dated May 20, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-23.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;[99.24\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-24.htm) | [Certification of Interim filings CEO dated May 20, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-24.htm) |
| &nbsp;&nbsp;[99.25\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-25.htm) | [Notice of the meeting and record date dated June 23, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-25.htm) |
| &nbsp;&nbsp;[99.26\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-26.htm) | [News Release dated June 27, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-26.htm) |
| &nbsp;&nbsp;[99.27\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-27.htm) | [Notice of the Meeting and Record date (amended) dated July 16, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-27.htm) |
| &nbsp;&nbsp;[99.28\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-28.htm) | [News Release dated July 24, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-28.htm) |
| &nbsp;&nbsp;[99.29\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-29.htm) | [Material Change Report dated July 29, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-29.htm) |
| &nbsp;&nbsp;[99.30\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-30.htm) | [Management Information Circular dated August 5, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-30.htm) |
| &nbsp;&nbsp;[99.31\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-31.htm) | [Form of Proxy for Special Meeting to be held on August 25, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-31.htm) |
| &nbsp;&nbsp;[99.32\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-32.htm) | [Notice of Meeting to be held on August 25, 2025 dated August 5, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-32.htm) |
| &nbsp;&nbsp;[99.33\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-33.htm) | [News Release dated August 27, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-33.htm) |
| &nbsp;&nbsp;[99.34\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-34.htm) | [Unaudited Condensed Interim Consolidated Financial Statements for the periods ended July 31, 2025 and July 31, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-34.htm) |
| &nbsp;&nbsp;[99.35\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-35.htm) | [Management Discussion and Analysis for the periods ended July 31, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-35.htm) |
| &nbsp;&nbsp;[99.36\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-36.htm) | [Certification of Interim filings CFO dated September 12, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-36.htm) |
| &nbsp;&nbsp;[99.37\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-37.htm) | [Certification of Interim filings CEO dated September 12, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-37.htm) |
| &nbsp;&nbsp;[99.38\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-38.htm) | [Unaudited Condensed Interim Consolidated Financial Statements for the periods ended July 31, 2025 and July 31, 2024 (amended)](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-38.htm) |
| &nbsp;&nbsp;[99.39\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-39.htm) | [Certification of Refiled Interim filings CFO dated October 23, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-39.htm) |
| &nbsp;&nbsp;[99.40\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-40.htm) | [Certification of Refiled Interim filings CEO dated October 23, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-40.htm) |
| &nbsp;&nbsp;[99.41\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-41.htm) | [Management Discussion and Analysis for the periods ended July 31, 2025 and 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-41.htm) |
| &nbsp;&nbsp;[99.42\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-42.htm) | [News Release dated November 17, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-42.htm) |
| &nbsp;&nbsp;[99.43\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-43.htm) | [News Release dated November 19, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-43.htm) |
| &nbsp;&nbsp;[99.44\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-44.htm) | [Filing Statement dated November 19, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-44.htm) |
| &nbsp;&nbsp;[99.45\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-45.htm) | [Pre-Emptive Rights Agreement dated May 16, 2022](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-45.htm) |
| &nbsp;&nbsp;[99.46\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-46.htm) | [Luxor Technology Corporation Services Agreement dated May 26, 2022](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-46.htm) |
| &nbsp;&nbsp;[99.47\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-47.htm) | [Lease Agreement between Exanorth AS and Sowrer AS dated April 13, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-47.htm) |
| &nbsp;&nbsp;[99.48\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-48.htm) | [Sales and Purchase Agreement between Far Holdings Bermuda Ltd. and Bitzero Blockchain Inc. dated October 30, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-48.htm) |
| &nbsp;&nbsp;[99.49\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-49.htm) | [Contract for Supply of Electrical Power and Balance Services dated November 11, 2021](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-49.htm) |
| &nbsp;&nbsp;[99.50\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-50.htm) | [Loan and Guaranty Agreement dated June 27, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-50.htm) |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp;[99.51\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-51.htm) | [Investor Rights Agreement dated May 16, 2022](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-51.htm) |
| &nbsp;&nbsp;[99.52\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-52.htm) | [Joinder, Delayed Draw Advance and Second Amendment to Loan and Guaranty Agreement dated October 20, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-52.htm) |
| &nbsp;&nbsp;[99.53\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-53.htm) | [Settlement Agreement between Exakraft AS and Exanorth AS dated June 17, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-53.htm) |
| &nbsp;&nbsp;[99.54\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-54.htm) | [Memorandum of Limited Option Agreement dated December 29, 2022](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-54.htm) |
| &nbsp;&nbsp;[99.55\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-55.htm) | [Luxor Firmware Developer Fee Addendum Agreement (redacted) dated February 29, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-55.htm) |
| &nbsp;&nbsp;[99.56\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-56.htm) | [Convertible Subordinated Promissory Note dated October 30, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-56.htm) |
| &nbsp;&nbsp;[99.57\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-57.htm) | [Lease Agreement between Exanorth AS and Sowrer AS dated April 13, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-57.htm) |
| &nbsp;&nbsp;[99.58\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-58.htm) | [Asset Purchase Agreement between Phoenix World Electronics Trading LLC and Bitzero Blockchain Inc. dated February 2, 2022](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-58.htm) |
| &nbsp;&nbsp;[99.59\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-59.htm) | [Escrow Agreement dated November 19, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-59.htm) |
| &nbsp;&nbsp;[99.60\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-60.htm) | [Lease Agreement with Option to Buy dated September 16, 2022](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-60.htm) |
| &nbsp;&nbsp;[99.61\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-61.htm) | [Proposed Transaction between WBM Capital Corp. and BitZero Blockchain Inc. dated August 21, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-61.htm) |
| &nbsp;&nbsp;[99.62\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-62.htm) | [Right of First Refusal Agreement dated December 29, 2022](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-62.htm) |
| &nbsp;&nbsp;[99.63\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-63.htm) | [Certificate of Amalgamation dated November 19, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-63.htm) |
| &nbsp;&nbsp;[99.64\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-64.htm) | [News Release dated November 23, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-64.htm) |
| &nbsp;&nbsp;[99.65\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-65.htm) | [News Release dated November 25, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-65.htm) |
| &nbsp;&nbsp;[99.66\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-66.htm) | [Notice of Change in Corporate Structure dated December 1, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-66.htm) |
| &nbsp;&nbsp;[99.67\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-67.htm) | [Material Change Report dated December 1, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-67.htm) |
| &nbsp;&nbsp;[99.68\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-68.htm) | [Articles dated October 20, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-68.htm) |
| &nbsp;&nbsp;[99.69\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-69.htm) | [News Release dated December 2, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-69.htm) |
| &nbsp;&nbsp;[99.70\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-70.htm) | [News Release dated December 9, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-70.htm) |
| &nbsp;&nbsp;[99.71\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-71.htm) | [News Release dated December 12, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-71.htm) |
| &nbsp;&nbsp;[99.72\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-72.htm) | [Material Change Report dated December 22, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-72.htm) |
| &nbsp;&nbsp;[99.73\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-73.htm) | [News Release dated January 13, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-73.htm) |
| &nbsp;&nbsp;[99.74\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-74.htm) | [News Release dated January 19, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-74.htm) |
| &nbsp;&nbsp;[99.75\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-75.htm) | [News Release dated January 27, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-75.htm) |
| &nbsp;&nbsp;[99.76\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-76.htm) | [Audited Consolidated Financial Statements for the years ended September 30, 2025 and September 30, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-76.htm) |

---

---

| | |
|:---|:---|
| [99.77\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-77.htm) | [Management's Discussion and Analysis for the year ended September 30, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-77.htm) |
| [99.78\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-78.htm) | [Certification of Annual Filings CEO dated January 28, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-78.htm) |
| [99.79\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-79.htm) | [Certification of Annual Filings CFO dated January 28, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-79.htm) |
| [99.80\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-80.htm) | [Annual Information Form dated February 2, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-80.htm) |
| [99.81\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-81.htm) | [Certification of Annual Filings in connection with the filed AIF CFO dated February 2, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-81.htm) |
| [99.82\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-82.htm) | [Certification of Annual Filings in connection with the filed AIF CEO dated February 2, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-82.htm) |
| [99.83\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-83.htm) | [News Release dated February 10, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-83.htm) |
| [99.84\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-84.htm) | [Material Change report dated February 19, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-84.htm) |
| [99.85\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-85.htm) | [Unaudited Condensed Interim Consolidated Financial Statements for the periods ended December 31, 2025 and December 31, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-85.htm) |
| [99.86\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-86.htm) | [Management's Discussion and Analysis for the period ended December 31, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-86.htm) |
| [99.87\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-87.htm) | [Certification of Interim Filings CEO dated February 27, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-87.htm) |
| [99.88\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-88.htm) | [Certification of Interim Filings CFO dated February 27, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-88.htm) |
| [99.89\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-89.htm) | [Audited Consolidated Financial Statements for the years ended October 31, 2025 and October 31, 2024](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-89.htm) |
| [99.90\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-90.htm) | [Management's Discussion and Analysis for the period ended October 31, 2025](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-90.htm) |
| [99.91\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-91.htm) | [Certification of Annual Filings CFO dated March 6, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-91.htm) |
| [99.92\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-92.htm) | [Certification of Annual Filings CEO dated March 6, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-92.htm) |
| [99.93\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-93.htm) | [Purchase and Sale Agreement dated July 18, 2022](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-93.htm) |
| [99.94\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-94.htm) | [Data Services Agreement dated December 15, 2021](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-94.htm) |
| [99.95\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-95.htm) | [News Release dated April 24, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-95.htm) |
| [99.96\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-96.htm) | [News Release dated May 5, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-96.htm) |
| [99.97\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-97.htm) | [News Release dated May 7, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-97.htm) |
| [99.98\*](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-98.htm) | [Compensation Recovery Policy dated May 12, 2026](https://www.sec.gov/Archives/edgar/data/2100457/000175392626000899/g085467_ex99-98.htm) |
| [99.99\*\*](g085756_ex99-99.htm) | [Unaudited Interim Condensed Consolidated Financial Statements for the three and six month periods ended March 31, 2026 and March 31, 2025](g085756_ex99-99.htm) |
| [99.100\*\*](g085756_ex99-100.htm) | [Management's Discussion and Analysis for the three and six month periods ended March 31, 2026 and March 31, 2025](g085756_ex99-100.htm) |
| [99.101\*\*](g085756_ex99-101.htm) | [Certification of Interim Filings CEO dated May 27, 2026](g085756_ex99-101.htm) |
| [99.102\*\*](g085756_ex99-102.htm) | [Certification of Interim Filings CFO dated May 27, 2026](g085756_ex99-102.htm) |
| [99.103\*\*](g085756_ex99-103.htm) | [Consent of MNP LLP](g085756_ex99-103.htm) |
| [99.104\*\*](g085756_ex99-104.htm) | [Consent of SRCO Professional Corporation](g085756_ex99-104.htm) |

---

\*Previously filed.

\*\*Filed herewith.

## Exhibit 99.99

**Exhibit 99.99**

**BITZERO HOLDINGS INC.**

**(FORMERLY WBM CAPITAL CORP.)**

Interim Condensed Consolidated Financial Statements

For the three and six-month

periods ended March 31, 2026 and March 31, 2025

(expressed in United States Dollars, unless otherwise stated)

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> **Table of Contents**<br> As at March 31, 2026 and September 30, 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

---

| | |
|:---|:---|
| Interim Condensed Consolidated Statements of Loss and Comprehensive Loss | 3 |
| Interim Condensed Consolidated Statements of Financial Position | 4 |
| Interim Condensed Consolidated Statements of Changes in Shareholder's Equity | 5 |
| Interim Condensed Consolidated Statements of Cash Flows | 6 |
| Notes to the Consolidated Financial Statements | 7-44 |

---

Page **2** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Interim condensed consolidated statement of financial position<br> For the three and six-month periods ended March 31, 2026 and March 31, 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

---

| | | |
|:---|:---|:---|
| | <br>Note | For the 3<br>months ended<br>2026 |
| Revenue from digital assets mined | 6 | 5320574 |
| Direct costs | 7 | (4749188) |
|  |  | 571386) |
| Administrative expenses | 8 | 1603745 |
| Finance costs | 9 | 2325242 |
| Marketing expenses | 10 | 434843 |
|  |  | 4363830 |
| Operating loss before other items |  | (3792444) |
| Share-based expenses | 11 | 2355954 |
| Foreign exchange (gain) loss |  | (888501) |
| Realized loss on disposal of assets |  | 49847 |
| Realized loss (gain) from sale of digital currency | 12 | 212366) |
| Revalution loss (gains) JGB loan | 21(c) | (1213796) |
| Revalution loss (gains) on warrants and convertible debt | 21(d) |  |
| Loss on contract settlement |  | —) |
| Realized loss from sale of options |  | 65500 |
| Gain on derivative financial instruments | 21(c),21(d) | (629968) |
|  |  | 191243) |
| Loss before income taxes |  | (3983687) |
| Income tax | 13 |  |
| **Net loss** |  | **(3983687)** |
| Revaluation loss (gains) on digital currency | 12 | 659647) |
| Revaluation (gains) on options |  | (138930) |
| (Gain) loss on translation of foreign operations |  | (400235) |
|  |  | 120482) |
| **Total comprehensive loss** |  | **(4104169)** |
| **Loss per share** |  |  |
| &nbsp;&nbsp;&nbsp;Basic | 15 | (0.08) |
| &nbsp;&nbsp;&nbsp;Diluted | 15 | (0.08) |

---

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> **Table of Contents**<br> As at March 31, 2026 and September 30, 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

---

| | | | |
|:---|:---|:---|:---|
| | <br>Note | March 31,<br>2026 | September 30,<br>2025 |
| **ASSETS** |  |  |  |
| &nbsp;&nbsp;&nbsp;*Non-current* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property, plant and equipment | 18 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Construction in progress | 16, 18 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Right-of-use assets | 19 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restricted cash | 21(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaids and deposits, non-current portion | 23 |  |  |
| &nbsp;&nbsp;&nbsp;*Current* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect taxes recoverable | 17 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaids and deposits | 23 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative financial asset |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable | 22 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital currency | 12 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash held in trust |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents |  |  |  |
| **TOTAL ASSETS** |  |  |  |
| **EQUITY AND LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;*Equity* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share capital | 23 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contributed surplus | 12,21(c),21(d) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debenture reserve | 20(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated other comprehensive loss |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accumulated losses |  |  |  |
| &nbsp;&nbsp;&nbsp;*Total equity* |  |  |  |
| &nbsp;&nbsp;&nbsp;*Non-current liabilities* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement liability, non-current portion | 21(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans payable, non-current portion | 21(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible promissory note | 21(d) |  |  |
| &nbsp;&nbsp;&nbsp;*Current liabilities* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and other payables | 20(a),21(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent consideration payable | 14 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement liability, current portion | 21(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans payable, current portion | 21(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lease liability, current portion | 21(b) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related party advances | 20(a) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Convertible debentures | 20(c) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Derivative liability | 21(c),21(d),21(e) |  |  |
| &nbsp;&nbsp;&nbsp;*Total liabilities* |  |  |  |
| **TOTAL EQUITY AND LIABILITIES** |  |  |  |
| GOING CONCERN | 2(b) |  |  |
| CONTINGENT LIABILITIES | 25 |  |  |
| SUBSEQUENT EVENTS | 28 |  |  |

---

---

| | | |
|:---|:---|:---|
| **APPROVED ON BEHALF OF THE BOARD** | **APPROVED ON BEHALF OF THE BOARD** |  |
|  | &nbsp;&nbsp;*Mohammed Salah S. Bakhashwain* | &nbsp;&nbsp;*Giovanni Gaudenzi* |

---

Page **4** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Interim condensed consolidated statement of changes in shareholders' equity<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | <br>Note |<br>Share<br>capital |<br>Contributed<br>surplus |<br>Debenture<br>reserve |
|  |  |  | $— |  |
| Balance at September 30, 2024 |  |  |  |  |
| Subscriptions | 24(a) |  |  |  |
| Exercised RSUs | 11(a) |  |  |  |
| Share based expenses | 11 |  |  |  |
| Total comprehensive loss for the year |  |  |  |  |
| Balance, at March 31, 2025 |  |  |  |  |
| Balance, at September 30, 2025 |  |  |  |  |
| Share based expenses | 11, 20(a) |  |  |  |
| Exercised RSUs | 11, 24(b) |  |  |  |
| Exercised warrants | 24(d) |  |  |  |
| Exercised convertible debt | 20(d) |  |  |  |
| Shares issued for services | 11, 24(b) |  |  |  |
| Subscriptions | 24(a) |  |  |  |
| Conversion options | 20(c),20(d),23(d) |  |  |  |
| Total comprehensive loss for the year |  |  |  |  |
| Balance, at March 31, 2026 |  |  |  |  |

---

---

| | |
|:---|:---|
| *The accompanying notes form an integral part of these consolidated financial statements* | Page **5** of **44** |

---

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Interim condensed consolidated statement of cash flows<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

---

| | | |
|:---|:---|:---|
| | For the 6 months<br>ended<br>31-Mar-26 | For the 6 months<br>ended<br>31-Mar-25 |
| **CASH FROM (USED IN) OPERATING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Net loss for the period |  |  |
| &nbsp;&nbsp;&nbsp;*Adjustment for non-cash items:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share-based expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of property, plant and equipment |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of right-of-use assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares issued for services rendered |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on long-term debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on settlement liability |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on convertible debt |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Interest on lease liability |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Payment of non-cash considerations |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gain on contract settlement |  |  |
| &nbsp;&nbsp;&nbsp;Operating cash flow before changes in non-cash working capital |  |  |
| &nbsp;&nbsp;&nbsp;*Adjustment for non-cash working capital:* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Indirect taxes recoverable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaids and deposits |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Supplemental liability non-cash investing |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Digital currencies |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts and other payables |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Settlement liability |  |  |
| **CASH (USED IN) FROM INVESTING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of property, plant, and equipment |  |  |
| &nbsp;&nbsp;&nbsp;Proceeds on sale of digital assets |  |  |
| &nbsp;&nbsp;&nbsp;Purchase of derivative assets |  |  |
| **CASH FROM (USED IN) FINANCING ACTIVITIES** |  |  |
| &nbsp;&nbsp;&nbsp;Issuance of common shares |  |  |
| &nbsp;&nbsp;&nbsp;Payment of settlement liability |  |  |
| &nbsp;&nbsp;&nbsp;Repayment on long term debt |  |  |
| &nbsp;&nbsp;&nbsp;Loan proceeds received, net |  |  |
| &nbsp;&nbsp;&nbsp;Advance (repayment) of related party balances |  |  |
| &nbsp;&nbsp;&nbsp;Repayment of lease liability |  |  |
| &nbsp;&nbsp;&nbsp;Cash interest paid |  |  |
| &nbsp;&nbsp;&nbsp;Convertible promissory note proceeds |  |  |
| **Net change in cash and cash equivalents** |  |  |
| Cash held in trust, beginning of period |  |  |
| Cash and cash equivalents, beginning of period |  |  |
| Effects of exchange rate changes on cash and cash equivalents |  |  |
| Cash held in trust, end of period |  |  |
| Cash and cash equivalents, end of period |  |  |

---

---

| | |
|:---|:---|
| *The accompanying notes form an integral part of these consolidated financial statements* | Page **6** of **44** |

---

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**1.** **GENERAL INFORMATION** 

Bitzero Holdings Inc. (the "Company" or "Bitzero") was incorporated under the Canada Business Corporations Act on August 26, 2006 and was continued into British Columbia under the Business Corporations Act (British Columbia) on June 4, 2024. The Company's head and registered office is located at Suite 1100, One Bentall Centre, 505 Burrard Street, Vancouver, British Columbia V7X 1M5.

Bitzero has cryptocurrency mining activities in Norway, solely focused on the mining of Bitcoin. The business of Bitcoin mining focuses on the utilization of specialized equipment to solve complex computational problems to validate transactions on the Bitcoin blockchain and receiving Bitcoin in return for successful services.

These mining activities are conducted by Exanorth AS ("Exanorth"), a Norwegian limited liability entity that is a wholly owned subsidiary of Bitzero Holdings Inc., which holds a data center in Norway (the "Data Center") for the provision of data processing services for the mining of digital currency.

(a) <u>Reverse takeover</u> 

On November 19, the Company completed a reverse takeover transaction pursuant to the terms of an amalgamation agreement dated November 3, 2025, among WBM Capital Corp. ("WBM"), 1555476 B.C. Ltd. ("155 BC"), a wholly owned subsidiary of WBM, and Bitzero Blockchain Inc. ("Blockchain"). Under the transaction, Blockchain amalgamated with 155 BC to form an amalgamated corporation that become a wholly owned subsidiary of WBM. In connection with the transaction, WBM changed its corporate name to "Bitzero Holdings Inc." and the Company completed a 10-for-1 common share consolidation. All share and per share information presented in these condensed interim financial statements have been adjusted retrospectively to reflect the share consolidation.

**2.** **BASIS OF PREPARATION** 

(a) <u>Statement of compliance</u> 

The interim condensed consolidated financial statements of the Company have been prepared in accordance with International Accounting Standards ("IAS") 34 – Interim Financial Reporting prepared using accounting policies consistent with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and interpretations of the IFRS Interpretations Committee ("IFRIC"). These interim condensed consolidated financial statements do not include all of the information required for full annual consolidated financial statements and should be read in conjunction with the audited consolidated financial statements for the year ended September 30, 2025. These interim condensed consolidated financial statements were approved by the Board of Directors on May 27, 2026.

(b) <u>Going concern</u> 

In assessing the Company's ability to continue as a going concern, the directors have considered the Company's current liquidity position, the trailing-three-month covenant compliance under the Section 6.12 financial covenants of the Loan and Guaranty Agreement (see Note 21(c)), the Company's expected operating cash flow over the next twelve months, and the availability of additional sources of financing.

Page **7** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**2.** **BASIS OF PREPARATION (CONT'D)** 

(b) <u>Going concern (cont'd)</u> 

As at March 31, 2026, the Company had cash and cash equivalents of $832,680, restricted cash of $2,000,000 (held to satisfy the JGB minimum cash covenant), and cash held in trust of $2,359,266. The Company is dependent on (i) generating sufficient operating cash flow from its Bitcoin mining operations, (ii) satisfying its financial covenants under the Loan and Guaranty Agreement and (iii) raising additional equity or debt financing to fund its growth and pay its obligations as they come due.

As at March 31, 2026, the Company had an accumulated deficit of $94,082,127 (2025 – $81,579,828) and has working capital deficit of $9,238,668 (2025 – deficit of $6,350,676). Whether and when the Company can generate sufficient cash flows to pay for its expenditures and settle its obligations as they fall due is uncertain.

To address the going concern considerations, the Company is (i) pursuing equity financing alternatives, subject to the constraints described below; (ii) monitoring general and administrative expenses against budget; (iii) optimizing operating processes at the Norway data centre; and (iv) engaging with the Lenders under the Loan and Guaranty Agreement on covenant compliance and any required waivers. Subsequent to March 31, 2026, the Company received a confidential pre-filing comment letter from the British Columbia Securities Commission dated April 30, 2026 in respect of the Company's preliminary short-form base shelf prospectus dated February 2, 2026 (the "BCSC Comment Letter"). Concurrent with that letter, the BCSC notified the Company that it would be placed on the Issuers in Default list effective May 4, 2026 until certain deficiencies are resolved. While on the Issuers in Default list, the Company is not eligible to file a preliminary prospectus or to conduct a financing under the listed-issuer financing exemption, which restricts the Company's ability to raise equity capital through these channels. The Company is working with its auditors and counsel to remediate the deficiencies identified in the BCSC Comment Letter (including the IFRS classification analysis for the senior secured loan referenced in the **Note 21(c)**, to refile amended financial statements and management's discussion and analysis, and to be removed from the Issuers in Default list. Refer to **Note 27** for additional information.

(c) <u>Basis of consolidation</u> 

These interim condensed consolidated financial statements include the accounts of the Company and subsidiaries. Subsidiaries are entities controlled by the Company. The financial transactions of subsidiaries are included in the consolidated financial statements from the date control is obtained. Control occurs when the Company is exposed to, or has the right to, variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee.

Intercompany balances, transactions, income, and expense are eliminated and gains or losses on intercompany transactions are eliminated. Where the Company does not own 100% of the subsidiary or associate, non-controlling interest is classified as a component of equity.

Page **8** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**2.** **BASIS OF PREPARATION (CONT'D)** 

(c) <u>Basis of consolidation (cont'd)</u> 

The accounting policies of subsidiaries are the same as those of the Company.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Subsidiary | &nbsp;&nbsp;Ownership at<br> 31-Mar-26 | &nbsp;&nbsp;Ownership at<br> 30-Sep-25 | &nbsp;&nbsp;Country of <br> incorporation |
| &nbsp;&nbsp;Bitzero Blockchain Inc. | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;Exanorth AS | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Bitzero Inc. | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;Barbados |
| &nbsp;&nbsp;Bitzero ND I | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;United States |
| &nbsp;&nbsp;Bitzero ND II | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;United States |
| &nbsp;&nbsp;Zetanorth AS | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Bitzero Finland Oy | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;Finland |

---

(d) <u>Presentation and functional currency</u> 

These interim condensed consolidated financial statements are presented in United States Dollars ("$"), which is the Company's functional currency. Foreign operations are included in accordance with the policies set out in **Note 5**. The functional currency of all subsidiaries is the United States Dollar except for Exanorth and Zetanorth AS, whose functional currency is the Norwegian Krone ("kr") and Bitzero Finland Oy, whose functional currency is the Euro ("€").

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION** 

(a) <u>New and revised IFRS Accounting Standards in issue but not yet effective</u> 

At the date of authorisation of these consolidated financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective for the Company's consolidated financial statements for the periods presented:

*IFRS 18: Presentation and Disclosure in Financial Statements*

IFRS 18 is a comprehensive new standard on presentation and disclosure that will modify the structure and content of the primary consolidated financial statements and related notes. It is expected to affect presentation and disaggregation, including new defined subtotals in the statement of profit or loss.

Application for IFRS 18 is required for annual reporting periods beginning on or after January 1, 2027. The Company does not intend to early apply IFRS 18 and plans to apply it starting on October 1, 2027.

The Company is in the process of reviewing the impact of IFRS 18 on its consolidated financial statements in future periods.

(b) <u>Critical accounting judgments and key sources of estimation uncertainty</u> 

The preparation of interim financial statements requires management to make judgments, estimates and assumptions. Critical accounting judgments and key sources of estimation uncertainty are consistent with those disclosed in the audited annual consolidated financial statements for the year ended September 30, 2025.

Page **9** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**3.** **MATERIAL ACCOUNTING POLICY INFORMATION (CONT'D)** 

(b) <u>Critical accounting judgments and key sources of estimation uncertainty (cont'd)</u> 

For the period ended March 31, 2026, management identified no new critical judgments with the exception of the re-performance of the IFRS classification analysis for the JGB senior secured loan, conversion feature, JGB Warrants and ratchet issuance provisions, as described in **Note 21(c)**.

**4.** **REVERSE TAKEOVER** 

On November 19, 2025, the Company completed a reverse takeover transaction (the "Reverse Takeover") pursuant to the terms of an amalgamation agreement dated November 3, 2025, among WBM, 155 BC, a wholly owned subsidiary of WBM, and Blockchain. The Reverse Takeover was completed by way of a triangular amalgamation under the Business Corporations Act (British Columbia) whereby Blockchain amalgamated with 155 BC to form the amalgamated corporation, which became a wholly owned subsidiary of WBM.

(a) <u>Accounting for the Reverse Takeover</u> 

Although WBM is the legal parent, Blockchain is the accounting acquirer because the former shareholders of Blockchain obtained control of the combine entity following completion of the Reverse Takeover. Accordingly, these condensed consolidated interim financial statements are presented as a continuation of Blockchain, and the comparative figures presented are those of Blockchain and its subsidiaries.

The Company determined that WBM did not meet the definition of a business for accounting purposes. As a result, the Reverse Takeover is not accounted for as a business combination. Instead, the transaction is accounted for as a share-based payment in accordance with IFRS 2, whereby Blockchain is deemed to have issued equity instruments in exchange for (i) the identifiable net assets of WBM and (ii) the service of obtaining WBM's public listing status. The excess of the fair value of the deemed equity instruments issued over the fair value of the identifiable net assets acquired is recognized as a listing expense in profit or loss.

As part of the Reverse Takeover, the Company completed a 10-for-1 common share consolidation. All share and per share information presented in these condensed consolidated interim financial statements has been adjusted retrospectively to reflect the share consolidation.

(b) <u>Deemed consideration and listing expense</u> 

For purposes of accounting for the Reverse Takeover, the fair value of the consideration deemed transferred was measured by reference to the fair value of WBM common shares held by WBM's pre-transaction shareholders immediately following completion of the Reverse Takeover. WBM had 250,000 common shares issued and outstanding immediately prior to the Reverse Takeover and issued an additional 4,112,954 common shares prior to completion of the Reverse Takeover to settle indebtedness, resulting in 4,362,954 WBM common shares outstanding.

Page **10** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**4.** **REVERSE TAKEOVER (CONT'D)** 

(b) <u>Deemed consideration and listing expense (cont'd)</u> 

The fair value of the deemed consideration was calculated as 4,362,954 WBM common shares multiplied by an estimated fair value per share of approximately $0.0355 (USD), resulting in total deemed consideration of $154,886. The Company acquired cash of $11,984 as the identifiable net assets of WBM. WBM accounts payable of $94,068 was settled as part of the transaction steps and was not assumed at the Reverse Takeover date. The excess of the deemed consideration over the identifiable net assets acquired was recognized as a listing expense.

A summary of the consideration and net assets acquired is as follows:

---

| | |
|:---|:---|
| | Amount |
|  | $ |
| Fair value of deemed consideration (WBM shares) | 154886 |
| Fair value of consideration acquired |  |
| &nbsp;&nbsp;&nbsp;Cash | 11984 |
| Excess of deemed consideration over net assets acquired | 142902 |

---

(c) <u>Equity presentation</u> 

For equity presentation purposes, the consolidated share capital structure reflects that of WBM as the legal parent, while the retained earnings (accumulated deficit) and other reserves reflect those of Blockchain immediately prior to the Reverse Takeover. WBM's pre-combination equity balances do not carry forward in the consolidated financial statements.

**5.** **OPERATING SEGMENTS** 

In measuring its performance, the Company does not distinguish or group its operations on a geographical or any other basis and accordingly has a single reportable operating segment. Management has applied judgment by aggregating its operating segments into one single reportable segment for disclosure purposes. Such judgment considers the nature of the operations and an expectation of operating segments within a reportable segment with similar long-term economic characteristics.

The Company's Chief Executive Officer is the chief operating decision-maker and regularly reviews the Company's operations and performance on an aggregate basis. The Company does not have any significant customers or any significant groups of customers.

For the three and six-month periods ended March 31, 2026 and March 31, 2025, the Company's revenue was generated entirely from its mining operations in Norway, conducted through its wholly-owned subsidiary Exanorth AS. The Company's non-current assets are located primarily in Norway, with smaller balances of land and buildings in the United States (held by Bitzero ND I, LLC) and land, equipment and prepaid deposits in Finland (held by Bitzero Finland Oy).

Page **11** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**5.** **OPERATING SEGMENTS (CONT'D)** 

Non-current assets by geographic location are summarized in the table below at March 31, 2026 and September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | | September 30, | September 30, |
| | March 31,<br>2026 | 2025 | 2025 |
|  |  | $— | $ |
| Norway |  |  | 33487901 |
| Canada |  |  | 2000000 |
| Finland |  |  |  |
| United States (North Dakota) |  |  | 37000 |
| &nbsp;&nbsp;&nbsp;Total |  |  | 35524901 |

---

Property, plant and equipment by geographic location are summarized in the table below at March 31, 2026 and September 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | | September 30, | September 30, |
| | March 31,<br>2026 | 2025 | 2025 |
|  |  | $— | $ |
| Norway |  |  | 28556661 |
| Finland |  |  |  |
| &nbsp;&nbsp;&nbsp;Total |  |  | 28556661 |

---

Non-operating liabilities and equity-financing activities are primarily located in North America. This geographic distinction does not alter management's conclusion that the Company has a single reportable operating segment for the purposes of IFRS 8.

**6.** **REVENUE** 

The Company derives its revenue from the self-mining of digital assets (Bitcoin) on the Bitcoin blockchain network. Revenue from cryptocurrency mining is recognized at a point in time, when block rewards and transaction fees are received and the Company obtains control of the digital assets, in accordance with IFRS 15 / IAS 38 (as applicable). The Company does not currently provide digital asset mining services to third parties; accordingly, no service revenue was recognized for the three and six-month periods ended March 31, 2026 or March 31, 2025.

Page **12** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**7.** **DIRECT COSTS** 

---

| |
|:---|
| Utilities |
| Depreciation of property, plant and equipment |
| Amortization of right-of-use assets |
| Salaries and wages |
| Remote monitoring and support services |
| Small equipment rental |

---

**8.** **ADMINISTRATIVE EXPENSES** 

---

| |
|:---|
| Legal fees |
| Consulting fees |
| Occupancy costs |
| Travel |
| Professional fees |
| Insurance |
| Subcontracts |
| Office and general |
| Settlements and penalties |

---

**9.** **FINANCE COSTS** 

---

| |
|:---|
| Interest on loans and other payables |
| Bank charges |
| Interest on lease liabilities |
| Finance income |

---

Page **13** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**10.** **MARKETING EXPENSES** 

---

| |
|:---|
| Public relations |
| Marketing and promotion |
| Other |
| Advertising |

---

**11.** **SHARE-BASED EXPENSES** 

---

| | |
|:---|:---|
| | Note |
| Restricted stock units | 11 (a) |
| Stock options | 24 (c) |
| Shares issued for services | 4, 21(b) |

---

(a) <u>Restricted stock units</u> 

The Company's 2022 Restricted Share Unit Plan (the "RSU Plan") allows the Company to award restricted share units to officers, employees, directors and consultants of the Company upon such conditions as the Board may establish, including the attainment of performance goals recommended by the Company's compensation committee. RSUs are equity-settled and, upon vesting, are settled through the issuance of common shares of the Company, net of any statutory withholdings, where applicable.

The purchase price for common shares of the Company issuable under each Restricted Share Unit ("RSU") award, if any, shall be established by the Board at its discretion. Common shares issued pursuant to any RSU award may be made subject to vesting conditions based upon the satisfaction of service requirements, conditions, restrictions, time periods or performance goals established by the Board.

The RSUs are recognized as share-based compensation expense over the vesting period which is the lesser of: (i) the occurrence of one of the pre-defined liquidity events in the RSU notice, and (ii) 5 or 10 years after the grant date.

In connection with the reverse takeover transaction completed during the period, outstanding RSUs were adjusted to represent rights to receive common shares of the legal parent and were subject to the 10-for-1 consolidation in accordance with the transaction terms.

Page **14** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**11.** **SHARE-BASED EXPENSES (CONT'D)** 

(a) <u>Restricted stock units (cont'd)</u> 

A continuity of RSUs is as follows:

---

| | | | |
|:---|:---|:---|:---|
| | RSUs<br>Granted | RSUs<br>Vested | Amount |
|  | # | # | $ |
| September 30, 2024 (pre-consolidation) | 34596100 | 12571233 | 12842332 |
| Issued | 2805000 |  | 5055300 |
| Vested |  | 2550000 |  |
| Exercised | (2550000) | (2550000) | (5157491) |
|  | 34851100 | 12571233 | 12740141 |
| Share consolidation ratio | 0.10 | 0.10 | 1.00 |
| **March 31, 2025** | **3485110** | **1257123** | **12740141** |
| September 30, 2025 | 4847610 | 957123 | 17255001 |
| Issued | 1295000 |  | 3066499 |
| Vested |  | 5185487 |  |
| Exercised | (5942610) | (5942610) | (19821500) |
| **March 31, 2026** | **200000** | **200000** | **500000** |

---

During the 3 month period ended March 31, 2026, share-based compensation expense for the Company's RSUs was $3,066,499 (2025 - $5,050,300). The fair value of each share-based payment transactions was estimated on the date of the grant, based on the present value of the underlying equity, with the following weighted-average assumptions:

---

| | | | |
|:---|:---|:---|:---|
| | 14-Oct-25 | 19-Jan-26 | 03-Mar-26 |
| Stock price at time of grant | $0.40 | $4.00 | $2.50 |
| Number of periods to exercise, in years | 5 | 5 | 5 |
| Compounded risk-free rate | 3.19% | 3.19% | 3.36% |
| Dividend yield | 0.00% | 0.00% | 0.00% |
| Exercise price | $4.00 | $4.00 | $2.50 |
| Volatility | 76% | 76% | 76% |
| Discount for lack of marketability | 0.00% | 0.00% | 0.00% |

---

As at March 31, 2026, a total of 5,185,487 RSUs vested during the period and 5,942,610 RSUs were exercised. There were 200,000 RSUs outstanding as at March 31, 2026 (2025 – 3,485,110 on a post-consolidation basis; 34,851,110 on a pre-consolidation basis).

**12.** **DIGITAL CURRENCY** 

The Company holds digital currencies, consisting of Bitcoin cryptocurrency, which are accounted for as intangible assets with an indefinite useful life in accordance with IAS 38. The digital currencies are initially recognized at cost and subsequently measured at fair value.

The Company revalues its digital currencies at the end of each reporting period based on their fair value.

Page **15** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**12.** **DIGITAL CURRENCY (CONT'D)** 

The fair value is determined using the quoted price in an active market at the reporting date. Any revaluation gain or loss arising from changes in the fair value is recognized in the consolidated statements of loss and comprehensive loss.

The table below reconciles the opening and ending balances of digital assets in USD:

---

| | | |
|:---|:---|:---|
| | Coins | Amount |
|  | # | $ |
| Balance, as at September 30, 2024 | 38.01 | 2490936 |
| Cryptocurrency mined, net of pool mining fees | 256.76 | 25073401 |
| Sold | (284.40) | (27836486) |
| Other<sup>1</sup> | (2.76) | (1254048) |
| Foreign exchange adjustment |  | (3580) |
| Realized gain |  | 1593273 |
| Revaluation gain |  | 689715 |
| Balance, as at September 30, 2025 | 7.61 | 753211 |
| Cryptocurrency mined, net of pool mining fees | 141.64 | 12816311 |
| Sold | (94.72) | (8551871) |
| Purchases | 4.40 | 116578 |
| Foreign exchange adjustment |  |  |
| Realized gain |  | (233664) |
| Revaluation gain |  | (987908) |
| Balance, as at March 31, 2026 | 58.93 | 3912657 |

---

<sup>1</sup>In December 2024, a lender paid $917,075 in the form of 9.21 BTC to a supplier on behalf of the Company. In June 2025, the Company repaid the lender $1,254,048 in the form of 11.97 BTC which included interest of $336,973.

**13.** **INCOME TAX** 

The Company has assessed its tax position as at September 30, 2025, and for the year then ended. Based on this assessment, the Company has determined that there is no income tax expense for the current reporting period.

Page **16** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**13.** **INCOME TAX (CONT'D)** 

The reconciliation of the Canadian statutory income tax rate to the effective tax rate is as follows:

---

| |
|:---|
| Net loss before income taxes |
| Statutory tax rate |
| Statutory income tax recovery |
| Non-deductible expenses |
| Non-taxable income |
| Tax loss carry forward |
| Non-recognition of income tax recovery on loss |
| Income tax expense |

---

The Company performs its income tax reconciliation using the effective income tax rate of the parent, which is 26.5%. The Company's operating subsidiary's effective income tax rate is 22%. A continuity of losses at the parent level is as follows:

---

| | | |
|:---|:---|:---|
| Year of losses | Year of expiry | Amount |
|  |  | $|
| 2021 | 2041 | 4251671 |
| 2022 | 2042 | 10096810 |
| 2023 | 2043 | 3235798 |
| 2024 | 2044 | 3313109 |
| 2025 | 2045 | 4385311 |
| 2026 | 2046 | 3313109 |
|  |  | 28595808 |

---

The Company recognizes a valuation allowance in the full amount of the tax loss carry forward as at March 31, 2026 and 2025.

In accordance with IAS 12, Income Taxes, the Company recognizes deferred tax assets only when it is probable that sufficient taxable profit will be available against which the deductible temporary differences and the carry-forward of unused tax credits can be utilized. As of the reporting date, the Company concluded that such criteria were not met. Due to the uncertainty regarding the realization of deferred tax assets in future periods, the Company

**14.** **ACQUISITIONS** 

(a) <u>Exanorth AS</u> 

On August 6, 2021, the Company entered into an arrangement with a third party to acquire call options on the issued and outstanding shares of Exanorth AS, along with various rights to lease real estate property on which Exanorth AS conducted its operations, for aggregate consideration of $12,556,913. The Company used the Black-Scholes option pricing model to determine the fair value of the call options as follows: exercise prices of €15,504 to €65,804 (15,192 USD to 64,481 USD) per share; the expected volatility of its common shares was set at 20 to 42% using historical volatility of comparable public companies; the risk-free interest rate was set at -0.04 to 0.54% based on the yield available on government benchmark bonds; the expected life was set at 1.1577 to 1.1761 years; and the dividend yield was set at 0%.

Page **17** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**14.** **ACQUISITIONS (CONT'D)** 

(a) <u>Exanorth AS (cont'd)</u> 

Call options on 66% of Exanorth AS were exercised in conjunction with a Share Purchase Agreement and its subsequent amendments dated October 22, 2021 and included transfers of common shares of the Company, deferred cash consideration, settlement of pre-existing loans, and transaction costs, totaling $8,457,415 in aggregate fair market value.

The remaining 34% was acquired by way of execution of a call option on the remaining 102 shares in Exanorth AS on October 29, 2021 which required the Company to pay $2,547,160 prior to February 25, 2022. Considering the short amount of time before execution of the option and the payment of consideration, no discount was applied.

As part of consideration in the acquisition of the 34%, contingent consideration, dependent on future performance of the Company in the public market, was included and presented as a liability. As the contingent consideration would only result in additional cash consideration to be paid in such an event, management concluded that the acquisition of Exanorth AS had completed.

Its fair value was determined to be $1,552,338 based on a third-party valuation report along with management's best estimate of the likelihood of occurrence of said future performance at the reporting date. The contingent consideration was revalued during 2023 to $1,760,547 resulting in a gain of $139,453.

As at March 31, 2026 (2025 – nil), there has been no further change to the fair value of the contingent consideration, as there have been no changes in the underlying circumstances affecting management's previous estimate of fair value.

(b) <u>Bitzero Finland Oy</u> 

On January 23, 2025, the Company purchased 100 shares of Bitzero Finland Oy (formerly Ahold XVIII Oy), domiciled in Finland, representing 100% of issued share capital of the acquiree. The Company's intent is to expand its operations into Finland at a later date.

**15.** **LOSS PER SHARE** 

---

| |
|:---|
| Basic net loss per share |
| &nbsp;&nbsp;&nbsp;Net loss attributable to shareholders) |
| &nbsp;&nbsp;&nbsp;Weighted-average common shares outstanding |
| Basic net loss per share |
| Diluted net loss per share |

---

All per share amounts and weighted-average common shares outstanding have been adjusted retrospectively to reflect the 10-for-1 share consolidation effected during the period.

Page **18** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**16.** **CONSTRUCTION IN PROGRESS** 

Construction in progress consists of buildings, utilities and other infrastructure which is in the process of being constructed for use in continuing operations. As at and for the period ended March 31, 2026, these assets have not yet been deployed in the active business, and as such have not been amortized.

Refer to **Note 18** for these details.

**17.** **INDIRECT TAXES RECOVERABLE** 

Indirect taxes recoverable consists of all accounts tracking value-added taxes payable and recoverable:

---

| | |
|:---|:---|
| | September 30,<br>2025 |
| GST/HST recoverable |  |
| Advance tax withholding) |  |
| VAT recoverable |  |

---

The VAT recoverable was derived from the business operations of Exanorth. The GST/HST recoverable is derived from the portion of sales taxes paid by Bitzero Blockchain Inc. that are eligible for recovery in connection with its role as a management company providing services to the Company during the period ended March 31, 2026 and 2025.

Page **19** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**18.** **PROPERTY, PLANT AND EQUIPMENT** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| |<br>Land |<br>Buildings | Private<br>utilities | TechnologyMining<br>infrastructure |
|  | $| $| $| $|
| **COST** |  |  |  |  |
| **Balance, September 30, 2024** | **452000** | **1399019** | **9478650** | **1155866** |
| Additions *(Note (a))* | 145334 | 184172 | 1237353 | 14297) |
| Translation adjustments | 38633 | 19717 | 328916 | 3800) |
| **Balance, September 30, 2025** | **635967** | **1602908** | **11044919** | **1173963** |
| Additions | 1716743 | 336095 | 260450 | 16105 |
| Disposals |  |  |  | —) |
| Translation adjustments | 456350 | 89342 | 69233 | 4281 |
| **Balance, March 31, 2026** | **2809060** | **2028345** | **11374602** | **1194349** |
| **ACCUMULATED AMORTIZATION** |  |  |  |  |
| **Balance, September 30, 2024** | **—** | **575353** | **1334178** | **125978** |
| Additions |  | 74205 | 654719 | 71893 |
| Translation adjustments |  | 15733 | 138814 | 15243 |
| **Balance, September 30, 2025** | **—** | **665291** | **2127711** | **213114** |
| Additions |  | 47471 | 359923 | 38403 |
| Translation adjustments |  | 4494 | 34072 | 3635 |
| **Balance, March 31, 2026** | **—** | **717256** | **2521706** | **255152** |
| **ACCUMULATED IMPAIRMENT** |  |  |  |  |
| **Balance, September 30, 2024** | **—** | **60** | **217698** | **7835** |
| **Balance, September 30, 2025** | **—** | **60** | **217698** | **7835** |
| **Balance, March 31, 2026** | **—** | **60** | **217698** | **7835** |
| **NET BOOK VALUE** |  |  |  |  |
| **Balance, September 30, 2024** | **452000** | **823606** | **7926774** | **1022053** |
| **Balance, September 30, 2025** | **635967** | **937557** | **8699510** | **953014** |
| **Balance, March 31, 2026** | **2809060** | **1311029** | **8635198** | **931362** |

---

Page **20** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**19.** **RIGHT-OF-USE ASSETS** 

Exanorth AS previously held a right-of-use asset arises from a contract to lease equipment to be deployed and utilized at the data mining center. This right-of-use asset was depreciated using straight-line method from the commencement date of the lease to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term, which is 34 months. This lease was cancelled as part of the settlement agreement with the customer during the period ended September 30, 2025.

The Company's right-of-use assets also includes office leases entered into by Bitzero ND I, LLC and Bitzero ND II, LLC. These office leases are for the North Dakota office space locations which have been leased for a period of 60 months. The lease for Bitzero ND II, LLC was cancelled during the year ended September 30, 2024. The lease for Bitzero ND I LLC was cancelled during the year ended September 30, 2025, resulting in a loss of $113,089.

The following tables summarize the Company's right-of-use assets:

---

| | | | |
|:---|:---|:---|:---|
| *March 31, 2026* | Opening<br> balance | Additions<br> (dispositions) | Closing<br> balance |
|  |  | $— |  |
| **COST** |  |  |  |
| &nbsp;&nbsp;Mining equipment |  |  |  |
| &nbsp;&nbsp;Transformer housing and container for Exanorth |  |  |  |
| &nbsp;&nbsp;Office space for ND I |  |  |  |
| &nbsp;&nbsp;Office space for ND II |  |  |  |
| **ACCUMULATED AMORTIZATION** |  |  |  |
| &nbsp;&nbsp;Mining equipment |  |  |  |
| &nbsp;&nbsp;Transformer housing and container for Exanorth |  |  |  |
| &nbsp;&nbsp;Office space for ND I |  |  |  |
| &nbsp;&nbsp;Office space for ND II |  |  |  |
| **NET BOOK VALUE** |  |  |  |
| &nbsp;&nbsp;Mining equipment |  |  |  |
| &nbsp;&nbsp;Transformer housing and container for Exanorth |  |  |  |
| &nbsp;&nbsp;Office space for ND I |  |  |  |
| &nbsp;&nbsp;Office space for ND II |  |  |  |

---

Page **21** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**19.** **RIGHT-OF-USE ASSETS (CONT'D)** 

---

| | | | |
|:---|:---|:---|:---|
| *September 30, 2025* | Opening<br> balance | Additions<br> (dispositions) | Closing<br> balance |
|  |  | $— | $|
| COST |  |  |  |
| &nbsp;&nbsp;&nbsp;Transformer housing and container for Exanorth |  |  |  |
| &nbsp;&nbsp;&nbsp;Office space for ND I |  |  |  |
| &nbsp;&nbsp;&nbsp;Office space for ND II |  |  |  |
| ACCUMULATED AMORTIZATION |  |  |  |
| &nbsp;&nbsp;&nbsp;Transformer housing and container for Exanorth |  |  |  |
| &nbsp;&nbsp;&nbsp;Office space for ND I |  |  |  |
| &nbsp;&nbsp;&nbsp;Office space for ND II |  |  |  |
| NET BOOK VALUE |  |  |  |
| &nbsp;&nbsp;&nbsp;Transformer housing and container for Exanorth |  |  |  |
| &nbsp;&nbsp;&nbsp;Office space for ND I |  |  |  |
| &nbsp;&nbsp;&nbsp;Office space for ND II |  |  |  |

---

The key terms of the Company's material lease arrangements are summarized below:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Mining-equipment lease: Exanorth AS leased certain mining hardware (containers and ancillary infrastructure) for deployment at the data mining centre in Namsskogan, Norway. The lease was depreciated on a straight-line basis from the lease commencement date over the shorter of the useful life of the asset and the lease term. The lease was settled during the period; refer to the right-of-use asset roll-forward in Note 19 and the lease liability roll-forward in **Note 21(b)**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Office leases: Bitzero ND I, LLC and Bitzero ND II, LLC entered into office leases for North Dakota office space, each for an initial term of 60 months. The Bitzero ND II, LLC lease was cancelled during the period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Discount rate: The weighted-average incremental borrowing rate applied at lease commencement was 15% per annum for the period ended March 31, 2026 (2025 — 15%). The rate was determined based on the Company's third-party borrowing cost, adjusted for the term and security profile of each lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Renewal, purchase and termination options: Management considered whether the Luxor hosted mining equipment arrangement included renewal, purchase or termination options that should be reflected in the lease term under IFRS 16. The December 2025 arrangement had an initial term from December 1, 2025 to March 31, 2026 and included renewal optionality at Bitzero's discretion. Management evaluates such arrangements on a month-to-month basis based on market economics, mining profitability and operating conditions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Statement of profit or loss classification: Depreciation of right-of-use assets is classified within direct costs (mining-related leases) and administrative expenses (office leases). Interest on lease liabilities is classified within finance costs.

Page **22** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**20.** **RELATED PARTY DISCLOSURES** 

(a) <u>Key management personnel transactions</u> 

Key management includes the Company's directors, officers and any consultants with the authority and responsibility for planning, directing, and controlling the activities of an entity, directly or indirectly, and includes Chief Executive Officer, Chief Financial Officer, Chief Technical Officer. Amounts owing to related parties consists of amounts due to key management.

Management assessed its related-party obligations under IAS 24 in respect of the JGB Lenders (JGB Capital LP, JGB Partners LP, Deepdale Investors LLC and JGB Collateral LLC). Based on this assessment, the JGB Lenders are not related parties of the Company as defined under IAS 24 as at March 31, 2026, and accordingly no additional disclosure is required in this Note in respect of the JGB financing arrangement described in **Note 21(c).**

During the periods ended March 31, 2026 and 2025, key management personnel compensation consisted of short-term and long-term benefits and remuneration, and was classified as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | For the 3<br> months<br> ended<br> 31-Mar-26 | For the 6<br> months<br> ended<br> 31-Mar-26 | For the 3<br> months<br> ended<br> 31-Mar-25 | For the 6<br> months<br> ended<br> 31-Mar-25 |
| Cash compensation: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mohammed Salah Bakhashwain |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Giovanni Gardenzi | 60000 | 140000 | 80000 | 120000 |
| &nbsp;&nbsp;&nbsp;Frank Aadnevik | 77250 | 163683 | 75000 | 158888 |
| Total cash compensation | 137250 | 303683 | 155000 | 278888 |
| Share-based payments: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mohammed Salah Bakhashwain | 1000000 | 1000000 | 2000000 | 2000000 |
| &nbsp;&nbsp;&nbsp;Giovanni Gardenzi |  |  | 500000 | 500000 |
| &nbsp;&nbsp;&nbsp;Frank Aadnevik | 625000 | 625000 | 500000 | 500000 |
| Total share-based payments | 1625000 | 1625000 | 3000000 | 3000000 |
| Other forms of remuneration: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mohammed Salah Bakhashwain |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Giovanni Gardenzi |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Frank Aadnevik |  |  |  |  |
| Total other forms of remuneration |  |  |  |  |
| Reimbursements or settlements paid: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Mohammed Salah Bakhashwain |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Giovanni Gardenzi |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Frank Aadnevik |  |  |  |  |
| Total reimbursements or settlements |  |  |  |  |
| Total compensation | 1762250 | 1928683 | 3155000 | 3278888 |

---

Page **23** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**20.** **RELATED PARTY DISCLOSURES (CONT'D)** 

(a) <u>Key management personnel transactions (cont'd)</u> 

As of March 31, 2026 and September 30, 2025, amounts due to related parties consisted of the following:

---

| | | | |
|:---|:---|:---|:---|
| | March 31, <br>2026 | September 30, <br>2025 | September 30, <br>2025 |
|  |  | $— | $|
| Balances included in accounts and other payables |  |  | 95758 |
| Related party advances |  |  | 150784 |

---

The balances are unsecured, due on demand and bear no interest, unless otherwise disclosed.

(b) <u>Key management dispute</u> 

The Company filed a lawsuit against its former CEO, for employment-related matters. The former CEO has filed a countersuit for damages against the Company. The likelihood and magnitude of the amounts in dispute are not determinable as at the date of these consolidated financial statements and, as such, no provision has been recorded thereon.

(c) <u>Convertible debentures</u> 

On August 10, 2021, the Company obtained an unsecured convertible loan from the Company's CEO, ("CEO Loan"), in the principal amount of $1,000,000. The CEO Loan shall bear no interest prior to the maturity date. As and from the maturity date, any outstanding balance of the loan shall bear interest at an annual rate of 15% per annum, compounded semi-annually. The Company must repay the loan immediately upon the earliest of the date (the "Maturity Date") of the occurrence of the following events: (i) the Company receiving gross funds from investors participating in the Company's current round of equity financing totaling $10,000,000 or more, or (ii) the Company having public market value/capitalization on a recognized Canadian stock exchange of at least $50,000,000 or (iii) CEO ceasing to be the Chairman and CEO of the Company for any reason whatsoever, other than his voluntary resignation.

After the Maturity Date, the Company may also elect, at its sole discretion, to convert the amount of the loan in whole or in part into common shares of the Company at a price of CAD $0.40 per common share.

The Company allocated the proceeds of $1,000,000 as follows: first to liability component for $945,267, with the residual value to the equity component for $54,733. The debenture has not been converted or repaid subsequent to the period end.

During the period-ended March 31, 2026, interest expense of $60,345 (2025 - $52,219) was recorded on this balance.

Page **24** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**21.** **BORROWINGS AND PAYABLES** 

(a) <u>Accounts and other payables</u> 

---

| | | |
|:---|:---|:---|
| | March 31, <br> 2026 | September 30, <br> 2025 |
|  | $ | $ |
| Trade payable | 7411941 | 4818584 |
| Accrued liabilities | 2168517 | 2456989 |
| Wages and remittances payable | 57820 | 34128 |
| Settlement amount due, current portion | 1217599 | 1222364 |
| Settlement amount due, non-current portion | 986014 | 1641501 |
|  | 11841891 | 10173566 |

---

The Company entered into a settlement agreement with a customer, for hosting services, relating to deposits received in advance amounting to $5.1 million approximately. The deposit related to increase in megawatt supply and related services. The Company has paid $500,000 in March 2025, $561,680 upon receipt of deposits from the Company's energy provider, and the remaining amount in 27 monthly installments of $150,000 until July 2027; the impact of discounting amounting to $nil (2025 – nil) is presented in statement of loss and comprehensive loss as a separate line item (see **Note 22** for other terms of settlement).

The undiscounted payment schedule, discounted value, and segregation between current and non-current portions of the settlement amount are as follows:

---

| | |
|:---|:---|
| Year | Amount |
|  | $ |
| &nbsp;&nbsp;&nbsp;2026 | 1050000 |
| &nbsp;&nbsp;&nbsp;2027 | 1450000 |
| Settlement value, undiscounted | 2500000 |
| Discount rate | 20% |
| Settlement value, discounted | 2203613 |
| Current portion | 1217599 |
| Non-current portion | 986014 |

---

Page **25** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**21.** **BORROWINGS AND PAYABLES (CONT'D)** 

(b) <u>Lease liabilities</u> 

The Company has entered into several lease agreements in accordance with IFRS 16, Leases, pertaining to its right-of-use assets (**Note 19**). As of March 31, 2026, the liabilities arising from these leases were assessed as follows:

---

| |
|:---|
| Recognition of lease liability |
| Cancellations) |
| Interest) |
| Repaid during the year |
| Closing aggregate lease liability |
| Current portion |
| Non-current portion |

---

The weighted average incremental rates during the period ended March 31, 2026 is 15% (2025 – 15%) per annum.

(c) <u>Senior secured loan</u> 

In June 2025, Bitzero Blockchain Inc. entered into a senior secured loan and guaranty agreement with a syndicate of lenders providing for up to $25 million in debt financing, to be advanced in two tranches. The initial tranche of $17,510,000 was approved and net proceeds of $16,190,944 were received on August 1, 2025, after deducting the original issue discount and professional fees.

The delayed draw advance of $8,000,000 was funded on November 24, 2025. The lenders were not obligated to fund the delayed draw, and the advance was subject to (i) timely delivery of a borrowing notice, (ii) total delayed draw borrowings not exceeding the available capacity, (iii) completion of due diligence, site visits and underwriting and receipt of credit approval, and (iv) the absence of any default or event of default at the time of funding.

The senior secured loan is governed by the Loan and Guaranty Agreement dated June 27, 2025 (the "LGA") together with: (i) the First Amendment to Loan and Guaranty Agreement dated October 1, 2025; (ii) the Joinder, Delayed Draw Advance and Second Amendment to Loan and Guaranty Agreement dated October 20, 2025; (iii) the Joint Amendment Agreement dated October 20, 2025; and (iv) the Supplement to Amendment and Joinder to Loan and Guaranty Agreement dated November 17, 2025 (collectively, the "Loan Documents"). The conversion mechanics are set out in Section 15 of the Loan Documents (as supplemented). The warrant terms are evidenced by separate executed warrant certificates dated June 27, 2025 (the JGB First Warrants) and October 20, 2025 (the JGB Second Warrants).

In connection with the financing, the Company issued warrants to the Lenders to purchase common shares (the "JGB Warrants"). The JGB First Warrants — issued on June 27, 2025 in connection with the initial tranche — provide for the purchase of 4% of the Company's shares on a fully-diluted basis (19,559,862 warrants on a pre-consolidation basis) at an exercise price of US$0.01 per share pre-consolidation.

Page **26** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**21.** **BORROWINGS AND PAYABLES (CONT'D)** 

(c) <u>Senior secured loan (cont'd)</u> 

The JGB Second Warrants — issued on October 20, 2025 in connection with the delayed draw advance — provide for the purchase of 1% of the Company's shares on a fully-diluted basis (5,974,930 warrants on a pre-consolidation basis) at an exercise price of US$0.01 per share pre-consolidation. In connection with the Reverse Takeover, both tranches of warrants were exchanged for warrants of the Resulting Issuer and adjusted to reflect the 10-for-1 share consolidation, resulting in 2,553,479 JGB Warrants outstanding at an exercise price of US$0.10 per share post-consolidation. The JGB Warrants are exercisable for a period of five years from the completion of the Reverse Takeover.

Each tranche of JGB Warrants is subject to a ratchet issuance provision: if the Company issues or sells any common shares, convertible securities or, in the case of the JGB First Warrants, options, after the relevant reference date (June 27, 2025 for the JGB First Warrants and October 20, 2025 for the JGB Second Warrants) at a price per share less than the fair market value at that reference date, the number of common shares issuable on exercise of the affected warrants will be increased so that — after giving effect to the issuance — the holder's ownership on a fully-diluted basis is not less than 4% (JGB First Warrants) or 1% (JGB Second Warrants) of the Company's common shares. Issuances under the Company's equity incentive plans and strategic transactions approved by the Board are excluded from the ratchet.

The JGB Warrants may be exercised on a cash basis or on a cashless (net-share-settlement) basis. During the period, on December 16, 2025, 50,000 JGB Warrants were exercised on a cashless basis, resulting in 50,000 net common shares being issued to the Lenders. No cash consideration was received in connection with the exercise.

Under Section 15 of the Loan Documents (as supplemented), US$10,245,000 of the principal loan balance is convertible, at the option of each Lender, into common shares of the Company at a conversion price of US$0.40 per share pre-consolidation (US$4.00 per share post-consolidation), being the equivalent of 2,561,250 common shares of the Resulting Issuer. The conversion price is subject to standard adjustments for share dividends, share splits, combinations, reclassifications and similar events.

The number of common shares issuable to any Lender on conversion is subject to a Beneficial Ownership Limitation of 4.99% of the common shares outstanding immediately following the issuance, on the basis of the most recent publicly-disclosed share count. A Lender may, on prior written notice to the Company, elect to increase or decrease the Beneficial Ownership Limitation, provided that the limit may not exceed 9.99% in any case. The Lender retains discretion to determine compliance with the limitation in connection with each Notice of Conversion.

The Lenders have agreed not to convert any portion of the term loan until three months following the exercise of the JGB Warrants in full, unless the market price of the common shares exceeds 300% of the Conversion Price, in which case the standstill period is shortened to 15 Business Days.

The loan bears interest at the greater of (i) Term SOFR plus 11% per annum and (ii) 14% per annum, payable monthly in arrears. It matures 36 months from closing, with principal amortization commencing six months after the initial funding date.

Page **27** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**21.** **BORROWINGS AND PAYABLES (CONT'D)** 

(c) <u>Senior secured loan (cont'd)</u> 

The Loan Documents require the Company to maintain, at all times, a minimum cash balance of US$2,000,000 in one or more bank accounts that are subject to account-control arrangements specified by JGB Collateral LLC, as administrative and collateral agent for the Lenders, pursuant to the Cash Collateral Agreement dated June 27, 2025. At March 31, 2026, the Company held US$2,000,000 in a JGB-controlled deposit account at JPMorgan Chase Bank to satisfy this covenant. This US$2,000,000 is presented as restricted cash on the statement of financial position and is not available for general corporate purposes because its use would cause a breach of the covenant. The US$2,000,000 minimum cash balance is separate from the US$2,359,266 disclosed as "cash held in trust" at March 31, 2026, which is held in a trust account administered by the Company's external Canadian legal counsel and is associated with the Company's general escrow and trust arrangements.

No portion of the required minimum balance was held in Bitcoin at the reporting date. The requirement to maintain this balance will continue for so long as the loan remains outstanding or until the covenant is amended or waived.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

The loan is secured by a pledge of the $2,000,000 cash minimum in a lender controlled deposit account, account control agreements over specified deposit accounts, a blanket first priority lien on substantially all assets of the Company and certain subsidiaries, first priority pledges of 100 percent of the equity interests in Exanorth AS and Zetanorth AS, first priority fixed charges over Exanorth AS assets including a mortgage over real estate in Namsskogan, Norway, and a mortgage over North Dakota real estate owned by Bitzero ND I, LLC.

Under Section 6.12 of the Loan Documents (as amended by the First Amendment dated October 1, 2025), the Company is subject to the following financial covenants, tested on a trailing-three-month basis at the end of each calendar quarter:

● Minimum cash balance of US$2,000,000 (Section 6.12(a)) — see disclosure above regarding the JGB-controlled deposit account.

● Minimum trailing three-month EBITDA — US$750,000 through June 2026, increasing to US$825,000 from July 2026 through June 2027, and to US$900,000 from July 2027 onwards. The covenant definition of EBITDA was amended by the First Amendment dated October 1, 2025 and is materially different from the Adjusted EBITDA measure presented in the Company's MD&A.

● Minimum trailing three-month consolidated revenue — US$3,000,000 through June 2026, increasing to US$3,300,000 from July 2026 through June 2027, and to US$3,630,000 from July 2027 onwards.

As at March 31, 2026, management assessed the Company's compliance with the financial covenants under the JGB financing arrangement based on the covenant calculations prepared by management. The Company was in compliance with the minimum cash balance covenant and the minimum trailing-three-month consolidated revenue covenant as at March 31, 2026. With respect to the minimum trailing-three-month EBITDA covenant, the Company obtained a waiver from the Lenders for the period ended December 31, 2025.

Page **28** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**21.** **BORROWINGS AND PAYABLES (CONT'D)** 

(c) <u>Senior secured loan (cont'd)</u> 

---

| |
|:---|
| Loan balance, undiscounted, September 30, 2024 |
| Additions |
| Payments |
| Loan balance, undiscounted, September 30, 2025 |
| Delated draw |
| Payments |
| Loan balance, undiscounted, March 31, 2026 |
| &nbsp;&nbsp;&nbsp;2026 |
| &nbsp;&nbsp;&nbsp;2027 |
| &nbsp;&nbsp;&nbsp;2028 |
| Loan balance, undiscounted, March 31, 2026 |

---

---

| |
|:---|
| Balance, September 30, 2024 |
| Proceeds |
| Interest |
| Accretion |
| Principal repayment |
| Interest payments |
| Balance, September 30, 2025 |
| Proceeds |
| Original issue discount (OID) |
| Interest |
| Accretion |
| Principal repayment) |
| Interest payments) |
| Host loan valuation reallocation) |
| Classification of warrants - FVTPL) |
| Classification of conversion option - equity component |
| Balance, March 31, 2026 |
| Current portion |
| Non-current portion |

---

Page **29** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**21.** **BORROWINGS AND PAYABLES (CONT'D)** 

(d) <u>Convertible promissory note</u> 

*FAR convertible promissory note*

During the period ended December 31, 2025, the Company issued a subordinated convertible promissory note with a principal of $2,853,990, bearing interest at 10% per annum and maturing 18 months after issuance. At the holder's option, the note is convertible into the Company's common shares at a conversion price of $4.00 per share, based on the outstanding amount (principal and accrued interest). Interest is contractually intended to be settled via equity at maturity.

 

The FAR convertible promissory note is accounted for as a compound financial instrument under IAS 32. On initial recognition, the liability component was measured at the fair value of a similar non-convertible instrument and is subsequently measured at amortized cost using the effective interest method. The residual conversion option was recognized in equity (debenture reserve) and is not subsequently remeasured. Management's assessment is that the FAR Note conversion feature is fixed-for-fixed and qualifies as an equity component under IAS 32.

---

| | | | |
|:---|:---|:---|:---|
| | Liability<br>component | Equity<br>component |<br>Total |
|  | $ | $ | $ |
| Balance, September 30, 2025 |  |  |  |
| Carrying amount at inception Oct. 2025 | 2445271 | 408719 | 2853990 |
| Accretion | 202185 |  | 202185 |
| Carrying amount at March 31, 2026 | 2647456 | 408719 | 3056175 |

---

*October convertible debt issuance*

During the period ended December 31, 2025, the Company issued convertible promissory notes in the aggregate principal amount of $1,075,000, with a 36-month term, convertible into common shares at a conversion price of $4.00 per share, and bearing interest at 15% per annum. Each promissory note was issued with an associated warrant allowing the lender to acquire such number of common shares as is equal to the note's principal amount divided by the $5.00 exercise price per share.

The conversion feature embedded in the October 2025 brokered convertible debentures is accounted for as a derivative liability under IFRS 9, measured at fair value through profit or loss at each reporting date. The detachable warrants issued in connection with the debentures are also accounted for as derivative liabilities under IFRS 9, measured at fair value through profit or loss. The basis for derivative-liability classification is that the conversion terms and the warrant exercise terms do not satisfy the IAS 32 fixed-for-fixed condition. The host-debt component is measured at amortized cost using the effective interest method.

Page **30** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**21.** **BORROWINGS AND PAYABLES (CONT'D)** 

(d) <u>Convertible promissory note (cont'd)</u> 

*October convertible debt issuance (cont'd)*

---

| |
|:---|
| Initial principal issued in Oct. 2025 |
| Fair value at inception |
| Day-one financing loss |
| Carrying amount at inception |
| Converted during the period) |
| Conversion feature derecognized on conversio |
| Revaluation gain recognized in profit or loss |
| Carrying amount at March 31, 2026 |

---

(e) <u>Warrants</u> 

The Company issued warrants in connection with the senior secured loan discussed in Note 21(c) and the convertible promissory notes described in Note 21(d). The warrants issued in connection with the convertible promissory notes were classified as a derivative liability and were revalued as at March 31, 2026.

In connection with the reverse takeover transaction completed during the period, outstanding warrants were adjusted to represent rights to acquire common shares of the legal parent and were further adjusted to reflect the 10-for-1 common share consolidation. Accordingly, the number of options outstanding and the related weighted-average exercise prices presented below are shown on a post-consolidated basis.

A summary of warrants is as follows:

---

| | | |
|:---|:---|:---|
| |<br>Number | Weighted-<br>average exercise<br>price |
|  | # |  |
| Balance, September 30, 2025 |  |  |
| Granted | 32934800 |  |
| Balance, pre-Reverse Takeover | 32934800 |  |
| Share consolidation ratio | 0.10 |  |
| Balance, post-Reverse Takeover | 3293480 |  |
| Exercised | (250000) |  |
| Fair value changes |  |  |
| Balance, March 31, 2026 | 3043480 |  |
| Exercisable | 3043480 |  |

---

Page **31** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**21.** **BORROWINGS AND PAYABLES (CONT'D)** 

(e) <u>Warrants (cont'd)</u> 

The fair value of the warrants was estimated at the grant date, exercise date, and Q2 remeasurement date using a binomial option pricing model with the following assumptions:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Instrument** | **Measurement** | **Measurement<br> date** | **Expiry / maturity** | **Quantity** | **Spot price** | **Strike price** | **Strike price** |
|  |  |  |  | *#* |  | $— | *$* |
| JGB First Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-06-27 | 2030-11-19 | 19559862 |  |  | 0.01 |
| JGB First Warrants | Cashless exercise-date value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-12-16 | 2030-11-19 | 50000 |  |  | 0.10 |
| JGB First Warrants | Q2 remeasurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 2030-11-19 | 1705986 |  |  | 0.10 |
| JGB Second Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-10-20 | 2030-11-19 | 5974930 |  |  | 0.01 |
| JGB Second Warrants | Q2 remeasurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 2030-11-19 | 597493 |  |  | 0.10 |
| October Convertible Notes - Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-10-06 | 2027-10-06 | 875000 |  |  | 0.50 |
| October Convertible Notes - Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-10-07 | 2027-10-07 | 62500 |  |  | 0.50 |
| October Convertible Notes - Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-10-08 | 2027-10-08 | 1500000 |  |  | 0.50 |
| October Convertible Notes - Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-10-09 | 2027-10-09 | 250000 |  |  | 0.50 |
| October Convertible Notes - Warrants | Q2 measurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 2026-03-31 | 87500 |  |  | 5.00 |
| October Convertible Notes - Warrants | Q2 measurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 2026-03-31 | 6250 |  |  | 5.00 |
| October Convertible Notes - Warrants | Q2 measurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 2026-03-31 | 150000 |  |  | 5.00 |
| October Convertible Notes - Warrants | Q2 measurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 2026-03-31 | 25000 |  |  | 5.00 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Instrument** | **Measurement** | **Measurement<br> date** | **Volatility** | **Risk-free rate** | **Dividend yield** |
|  |  |  | *%* | *%* | *%* |
| JGB First Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-06-27 | 115.00% | 4.29% | 0% |
| JGB First Warrants | Cashless exercise-date value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-12-16 | 63.46% | 4.15% | 0% |
| JGB First Warrants | Q2 remeasurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 75.39% | 4.30% | 0% |
| JGB Second Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-10-20 | 115.00% | 4.00% | 0% |
| JGB Second Warrants | Q2 remeasurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 75.39% | 4.30% | 0% |
| October Convertible Notes - Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-10-06 | 115.00% | 4.18% | 0% |
| October Convertible Notes - Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-10-07 | 115.00% | 4.14% | 0% |
| October Convertible Notes - Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-10-08 | 115.00% | 4.13% | 0% |
| October Convertible Notes - Warrants | Grant-date fair value | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2025-10-09 | 115.00% | 4.14% | 0% |
| October Convertible Notes - Warrants | Q2 measurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 75.39% | 4.30% | 0% |
| October Convertible Notes - Warrants | Q2 measurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 75.39% | 4.30% | 0% |
| October Convertible Notes - Warrants | Q2 measurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 75.39% | 4.30% | 0% |
| October Convertible Notes - Warrants | Q2 measurement | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2026-03-31 | 75.39% | 4.30% | 0% |

---

(f) <u>Conversion options</u> 

The Company issued conversion options in connection with the convertible promissory notes described in **Note 21(d)**. The conversion options were classified as derivative liabilities and measured at fair value through profit or loss. The fair value of the conversion options was determined at the grant date using a binomial option pricing model and was remeasured as at March 31, 2026.

During the period, US$209,486 of convertible promissory note principal was converted into common shares. The related conversion option derivative liabilities were derecognized on conversion and included in the amount recorded to share capital. The remaining conversion option derivative liabilities relate to convertible promissory notes that remained outstanding as at March 31, 2026.

In connection with the reverse takeover transaction completed during the period, the conversion rights were adjusted to represent rights to acquire common shares of the legal parent and were further adjusted to reflect the 10-for-1 common share consolidation.

Page **32** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**21.** **BORROWINGS AND PAYABLES (CONT'D)** 

(f) <u>Conversion options (cont'd)</u> 

---

| | | |
|:---|:---|:---|
| |<br>Number | Weighted-<br>average<br>conversion price |
|  | # |  |
| Balance, September 30, 2025 |  |  |
| Granted | 2687500 |  |
| Balance, pre-Reverse Takeover | 2687500 |  |
| Share consolidation ratio | 0.10 |  |
| Balance, post-Reverse Takeover | 268750 |  |
| Exercised | 217974) |  |
| Fair value changes |  |  |
| Balance, December 31, 2025 | 486724 |  |
| Exercisable | 486724 |  |

---

The conversion options were valued at the grant date using a binomial option pricing model. The key inputs used to determine the issue-date fair value and the Q2 measurement-date fair value are presented below. These inputs reflect the terms on a pre-consolidation basis at issuance and on a post-consolidation basis as at the Q2 measurement date.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Instrument** | **Measurement** | **Measurement<br> date** | **Expiry / maturity** | **Quantity** | **Strike price** |
|  |  |  |  | *#* | *$* |
| Convertible Notes - Conversion Feature | Issue-date fair value | 2025-10-06 | 2028-10-06 | 875000 | $0.40 |
| Convertible Notes - Conversion Feature | Issue-date fair value | 2025-10-07 | 2028-10-07 | 62500 | $0.40 |
| Convertible Notes - Conversion Feature | Issue-date fair value | 2025-10-08 | 2028-10-08 | 1500000 | $0.40 |
| Convertible Notes - Conversion Feature | Issue-date fair value | 2025-10-09 | 2028-10-09 | 250000 | $0.40 |
| Convertible Notes - Conversion Feature | Q2 measurement | 2025-10-06 | 2028-10-06 | 93829 | $4.00 |
| Convertible Notes - Conversion Feature | Q2 measurement | 2025-10-07 | 2028-10-07 | 6699 | $4.00 |
| Convertible Notes - Conversion Feature | Q2 measurement | 2025-10-08 | 2028-10-08 | 160726 | $4.00 |
| Convertible Notes - Conversion Feature | Q2 measurement | 2025-10-09 | 2028-10-09 | 26777 | $4.00 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Instrument** | **Measurement** | **Measurement<br> date** | **Volatility** |  | **Risk-free rate** |  | **Dividend<br> yield** |
|  |  |  | *%* | | *%* | | *%* |
| Convertible Notes - Conversion Feature | Issue-date fair value | 2025-10-06 | 115 | % | 4.18 | % | 0.00% |
| Convertible Notes - Conversion Feature | Issue-date fair value | 2025-10-07 | 115 | % | 4.14 | % | 0.00% |
| Convertible Notes - Conversion Feature | Issue-date fair value | 2025-10-08 | 115 | % | 4.13 | % | 0.00% |
| Convertible Notes - Conversion Feature | Issue-date fair value | 2025-10-09 | 115 | % | 4.14 | % | 0.00% |
| Convertible Notes - Conversion Feature | Q2 measurement | 2025-10-06 | 75 | % | 4.30 | % | 0.00% |
| Convertible Notes - Conversion Feature | Q2 measurement | 2025-10-07 | 75 | % | 4.30 | % | 0.00% |
| Convertible Notes - Conversion Feature | Q2 measurement | 2025-10-08 | 75 | % | 4.30 | % | 0.00% |
| Convertible Notes - Conversion Feature | Q2 measurement | 2025-10-09 | 75 | % | 4.30 | % | 0.00% |

---

**22.** **ACCOUNTS RECEIVABLE** 

In March 2025, Exanorth entered into a settlement agreement with a customer, as described in Note 21(a). Under this agreement, an amount of $3,064,555, corresponding to the invoiced amounts excluded VAT, was written off as a provision for settlement in fiscal 2024. As part of the terms of the settlement, Exanorth received equipment valued at $678,138 in March 2025.

Page **33** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**

Notes to the interim condensed consolidated financial statements

For the three and six-month periods ended March 31, 2026 and 2025

*(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**22.** **ACCOUNTS RECEIVABLE (CONT'D)** 

The remaining balance of $831,187, relating to VAT previously charged, was recognized as a receivable as at September 30, 2024, and was fully collected by September 30, 2025.

For the year ended September 30, 2025, the Company recognized trade receivables of $993,579. Included in trade receivables was $766,857, of which $613,486 was recognized in change in provision for uncollectible receivables. The remaining balance was collected during the period ended December 31, 2025.

---

| |
|:---|
| Total outstanding invoiced balance (incl. VAT) |
| &nbsp;&nbsp;Allocated to mining assets and VAT recoverable) |
| &nbsp;&nbsp;Loss on settlement) |
| &nbsp;&nbsp;Provision for settlement |
| Balance as at September 30, 2024 |
| &nbsp;&nbsp;Receipt of equipment) |
| &nbsp;&nbsp;Collection of VAT receivable) |
| &nbsp;&nbsp;Trade receivable |
| &nbsp;&nbsp;Provision for uncollectible receivables |
| Balance as at September 30, 2025 |
| &nbsp;&nbsp;Collection of VAT receivable |
| Balance as at March 31, 2026 |

---

**23.** **PREPAIDS AND DEPOSITS** 

As at March 31, 2026, prepaids and deposits consisted of deposits and advance payments related to transformer and related equipment purchases, power infrastructure and electricity deposits, prepaid insurance, prepaid lease and hosting costs, and other prepaid operating costs. Current prepaids and deposits are expected to be expensed, applied against future services or refunded within twelve months. Non-current prepaids and deposits are expected to be capitalized into property, plant and equipment, applied against future infrastructure or equipment costs, or refunded beyond twelve months, depending on the nature of the underlying arrangement.

As at March 31, 2026, non-current prepaids and deposits included $3,282,089 related to the FAR Transformer Sales Agreement, consisting of $2,853,990 of convertible promissory note consideration and $428,099 of cash prepayments. These amounts are presented within prepaids and deposits until delivery, title transfer and acceptance of the related equipment, at which point they will be transferred to property, plant and equipment in accordance with IAS 16. Refer to Note 21(d) for further details of the FAR convertible promissory note.

Page **34** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**23.** **PREPAIDS AND DEPOSITS (CONT'D)** 

A summary of prepaids and deposits as at March 31, 2026 and September 30, 2025 is as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | | September 30, | September 30, |
| | March 31,<br>2026 | 2025 | 2025 |
|  |  | $— | $ |
| Non-current portion: |  |  |  |
| Power infrastructure / prepaid electricity |  |  | 1590551 |
|  |  |  | 1590551 |
| Current portion: |  |  |  |
| FAR Transformer and related equipment deposits |  |  |  |
| Power infrastructure / prepaid electricity |  |  |  |
| Prepaid insurance |  |  | 42899 |
| Prepaid lease / hosting |  |  | 5630 |
| Other prepaid expenses |  |  | 23506 |
|  |  |  | 72035 |
|  |  |  | 1662586 |

---

**24.** **EQUITY** 

(a) <u>Authorized share capital</u> 

The Company is authorized to issue an unlimited number of common shares, with no par values.

---

| | | |
|:---|:---|:---|
| Share issuances | Shares | Share capital |
|  | # | $|
| Balance, pre-Reverse Takeover | 477022330 | 113775486 |
| Share consolidation ratio | 0.10 | 1.00 |
| Balance, post-Reverse Takeover | 47702233 | 113775486 |
| November 19, 2025 | 4362954 | 154886 |
| December 1, 2025 | 38434 | 36537 |
| December 15, 2025 | 127773 | 120353 |
| December 16, 2025 | 50000 | 108500 |
| January 6, 2026 | 25945 | 26093 |
| January 14, 2026 | 26026 | 26502 |
| January 19, 2026 | 400000 | 875197 |
| January 21, 2026 | 200000 | 734352 |
| January 26 2026 | 25000 | 54700 |
| March 6, 2026 | 995000 | 2318350 |
| Balance, March 31, 2026 | 53953365 | 118230956 |

---

(b) <u>Issued and outstanding share capital</u> 

During the six-month period ended March 31, 2026, the Company completed a brokered private placement of 375,000 units for gross proceeds of $1,500,000. Each unit comprised one common share and one common share purchase warrant, with each warrant exercisable to acquire one common share at an exercise price of $4.00 for two years from the date of issuance.

Page **35** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**24.** **EQUITY (CONT'D)** 

(b) <u>Issued and outstanding share capital (cont'd)</u> 

Proceeds were allocated between the common shares and warrants based on their relative fair values, with $892,293 allocated to the warrant component and $607,707 allocated to share capital

During the period, the Company issued 5,942,610 common shares upon the settlement of vested RSUs for a non-cash increase in share capital of $14,701,711, representing the reclassification of amounts recognized in equity for share-based compensation. The Company also issued 175,000 common shares as a finder's fee, increasing share capital by $700,000.

In November 2025, the Company completed a go-public transaction in Canada structured as a triangular amalgamation under the Business Corporations Act (British Columbia) with WBM Capital Corp. ("WBM") and its wholly owned subsidiary, 1555476 B.C. Ltd, pursuant to an amalgamation agreement dated November 3, 2025. In connection with the transaction, the Company effected a 10-for1 consolidation of its common shares, resulting in a decrease in the number of issued and outstanding shares from 477,295,923 to 47,729,592, with no impact on total share capital.

Immediately prior to the transaction, WBM had 250,000 common shares issued and outstanding and issued an additional 4,112,954 common shares to settle indebtedness, resulting in 4,362,954 WBM common shares outstanding. Upon completion of the transaction, the consolidated share capital reflects the legal share capital of WBM.

Following the transaction, the Company issued 218,207 common shares upon the conversion of debt and 250,000 common shares upon the exercise of warrants, increasing share capital by $324,543 and $979,365, respectively.

As at March 31, 2026, the Company had 53,953,365 (2025 - 392,726,663 pre-consolidation or 39,272,666 post consolidation) common shares issued and outstanding with total share capital of $118,230,956 (2025 - $93,672,936).

Details regarding the shares issuances during the period are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | Shares | Price | Proceeds | Share capital | Share capital |
|  | # |  | $— | $— | $|
| Subscriptions | 375000 |  |  |  | 607707 |
| Exercised RSUs | 5942610 |  |  |  | 14701710 |
| Advisory shares | 175000 |  |  |  | 700000 |
| Shares issued for services | 4362955 |  |  |  | 154885 |
| Excerised convertible debt | 218207 |  |  |  | 209485 |
| Excerised warrants | 250000 |  |  |  | 842852 |
|  | 11323772 |  |  |  | 17216640 |

---

Page **36** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**24.** **EQUITY (CONT'D)** 

(c) <u>Options (cont'd)</u> 

The Company has a stock option plan (the "Stock Option Plan") under which the Board of Directors may grant to directors, officers, employees and technical consultants to the Company non-transferable options to purchase common shares, exercisable for periods of 3 to 5 years from the date of the grant.

In connection with the reverse takeover transaction completed during the period, outstanding options were adjusted to represent rights to acquire common shares of the legal parent and were further adjusted to reflect the 10-for-1 common share consolidation. Accordingly, the number of options outstanding and the related weighted-average exercise prices presented below are shown on a post-consolidated basis. Comparative information is adjusted for the consolidation for comparability.

A summary of the stock options is as follows:

---

| | | |
|:---|:---|:---|
| |<br>Number | Weighted-<br>average exercise<br>price |
|  | # |  |
| Balance, September 30, 2024 | 11063935 |  |
| Exercised | (1983602) |  |
| Balance, September 30, 2025 | 9080333 |  |
| Granted, November 19, 2025 | 1600000 |  |
| Balance, pre-Reverse Takeover | 10680333 |  |
| Share consolidation ratio | 0.10 |  |
| Balance, post-Reverse Takeover | 1068033 |  |
| Balance, March 31, 2026 | 1068033 |  |
| Exercisable | 1068033 |  |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | Weighted- | Weighted- | Weighted- |
| March 31, 2026 | Options | average exercise | average | average |
| Vesting Conditions | outstanding | price | remaining life | remaining life |
|  | # |  | $— | $|
| Immediately | 603033 |  |  | 0.72 |
| 1/3 per year from grant date | 305000 |  |  | 0.10 |
| Date of the corporation's RTO | 160000 |  |  | 4.64 |
| Outstanding, December 31, 2025 | 1068033 |  |  | 1.13 |
| Exercisable, December 31, 2025 | 1068033 |  |  | 1.13 |

---

Page **37** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**24.** **EQUITY (CONT'D)** 

(c) <u>Options (cont'd)</u> 

The fair value of each share-based payment transaction was estimated on the date of the grant, as determined by using the Black-Scholes option pricing model with the following weighted average assumptions:

---

| | |
|:---|:---|
| | 19-Nov-25 |
| Estimated stock price at time of grant | $4.00 |
| Exercise price of the option | $4.00 |
| Number of period to exercise, in year | 5.00 |
| Compounded risk-free rate | 2.73% |
| Expected volatility | 115% |
| Dividend yield | 0% |

---

(d) <u>Convertible debt conversion feature</u> 

The Company issued conversion options in connection with the senior secured loan discussed in Note 21(c).

The conversion option issued in connection with the senior secured loan was classified as an equity component and recorded in debenture reserve. The equity component was measured at its grant-date fair value and is not subsequently remeasured. During the period, the Company recognized $6,939,401 in debenture reserve related to the senior secured loan conversion feature, consisting of $1,400,787 related to the initial conversion option and $5,538,614 related to the second conversion option.

In connection with the reverse takeover transaction completed during the period, conversion rights were adjusted to represent rights to acquire common shares of the legal parent and were further adjusted to reflect the 10-for-1 common share consolidation.

The fair value of the senior secured loan conversion feature was estimated at the grant dates using a binomial option pricing model with the following assumptions:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Instrument** | **Measurement**<br> **date** | **Quantity** | **Spot price** | **Spot price** | **Strike price** | **Strike price** |
| **Instrument** | **Measurement**<br> **date** | *#* | *$* | *$* | *$* | *$* |
| JGB Loan - Initial Conversion Feature | 2025-06-27 | 5000000 | $| 0.40 | $| 0.40 |
| JGB Loan - Second Conversion Feature | 2025-10-20 | 20612500 | $| 0.40 | $| 0.40 |
| **Instrument** | **Measurement**<br> **date** | **Volatility** | **Risk-free rate** | **Risk-free rate** | **Dividend** <br> **yield** | **Dividend** <br> **yield** |
| **Instrument** | **Measurement**<br> **date** | *%* | *%* | *%* | *%* | *%* |
| JGB Loan - Initial Conversion Feature | 2025-06-27 | 115% |  | 4.29% |  | 0.00% |
| JGB Loan - Second Conversion Feature | 2025-10-20 | 115% |  | 4.00% |  | 0.00% |

---

**25.** **CONTINGENT LIABILITIES** 

In addition to the matter outlined in Note 20, the Company is involved in the following legal proceedings:

The Company filed a lawsuit against its former CEO, for employment-related matters. The Company seeks to cancel the issuance of shares and other equity instruments in the Company.

Page **38** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**25.** **CONTINGENT LIABILITIES (CONT'D)** 

The former CEO has filed a countersuit for damages against the Company. The likelihood and magnitude of the amounts in dispute are not determinable as at the date of these consolidated financial statements and, as such, no provision has been recorded thereon.

On February 7, 2024, a lawsuit was filed in North Dakota against the Company alleging breach of an unsigned employment contract, with claims totaling $1,258,567 plus interest and costs. The Company is contesting the matter, and the outcome cannot presently be determined.

On May 14, 2025, a construction lien dispute was filed in North Dakota seeking $131,545 for work performed prior to the Company's property acquisition. The claim has since been settled, pursuant to an agreement signed on October 29, 2025. For further details, refer to Note 27.

Management has concluded that the outcome of these proceedings, with the exception of the matter settled on October 29, 2025, cannot be determined and no provisions have been recorded.

**26.** **FINANCIAL INSTRUMENTS** 

(a) <u>Classes and categories of financial instruments and their fair values</u> 

The following table combines information about: (i) Classes of financial instruments based on their nature and characteristics, (ii) The carrying amounts of financial instruments, (iii) Fair values of financial instruments, and (iv) Fair value hierarchy levels of financial assets and financial liabilities for which fair value was disclosed.

Fair value hierarchy levels 1 to 3 are based on the degree to which the fair value is observable: (i) Level 1 fair value measurements are those derived from quoted prices (unadjusted) in active markets for identical assets or liabilities, (ii) Level 2 fair value measurements are those derived from inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly (i.e. as prices) or indirectly (i.e. derived from prices), and (iii) Level 3 fair value measurements are those derived from valuation techniques that include inputs for the asset or liability that are not based on observable market data (unobservable inputs).

*Financial assets* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | FVTPL - | | | | |
| *March 31,* |  | mandatorily |  | FVOCI - | Amortized | Amortized |
| *2026* | Level | measured | FVOCI | designated | cost | cost |
|  | # |  | $— | $— | $— | $|
| Restricted cash | N/A |  |  |  |  | 2000000 |
| Derivative financial asset | Level 2 |  |  |  |  | 1571516 |
| Cash held in trust | N/A |  |  |  |  | 2359266 |
| Cash and cash equivalents | N/A |  |  |  |  | 832680 |
|  |  |  |  |  |  | 6763462 |

---

Page **39** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**26.** **FINANCIAL INSTRUMENTS (CONT'D)** 

(a) <u>Classes and categories of financial instruments and their fair values (cont'd)</u> 

*Financial assets (cont'd)* 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  |  | FVTPL - | | | | |
| *September 30,* |  | mandatorily |  | FVOCI - | Amortized | Amortized |
| *2025* | Level | measured | FVOCI | designated | cost | cost |
|  | # |  | $— | $— | $— | $|
| Restricted cash | N/A |  |  |  |  | 2000000 |
| Cash held in trust | N/A |  |  |  |  | 2973500 |
| Cash and cash equivalents | N/A |  |  |  |  | 2501986 |
|  |  |  |  |  |  | 7855579 |
|  |  |  |  |  |  | 15711158 |

---

*Financial liabilities*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | | FVTPL - | | |
| *March 31,* |  | FVTPL - | mandatorily | Amortized | Amortized |
| *2026* | Level | designated | measured | cost | cost |
|  | # |  | $— | $— | $|
| Accounts and other payables | N/A |  |  |  | 9638278 |
| Settlement liability | N/A |  |  |  | 2203613 |
| Contingent consideration payable | Level 3 |  |  |  |  |
| Lease liability | N/A |  |  |  | 1892265 |
| Related party advances | N/A |  |  |  | 152203 |
| Loans payable | N/A |  |  |  | 6288678 |
| Convertible debentures | N/A |  |  |  | 1692586 |
| Derivative liability | Level 2 |  |  |  |  |
|  |  |  |  |  | 21867623 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  |  | | FVTPL - | | |
| *September 30,* |  | FVTPL - | mandatorily | Amortized | Amortized |
| *2025* | Level | designated | measured | cost | cost |
|  | # |  | $— | $— | $|
| Accounts and other payables | N/A |  |  |  | 7309701 |
| Settlement liability | N/A |  |  |  | 2863865 |
| Contingent consideration payable | Level 3 |  |  |  |  |
| Lease liability | N/A |  |  |  |  |
| Related party advances | N/A |  |  |  | 150794 |
| Loans payable | N/A |  |  |  | 16236880 |
| Convertible debentures | N/A |  |  |  | 1568220 |
|  |  |  |  |  | 28129460 |

---

(b) <u>Transfers</u> 

There were no transfers between Level 1, 2 and 3 during the current or prior period.

Page **40** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**26.** **FINANCIAL INSTRUMENTS (CONT'D)** 

(c) <u>Financial risk management</u> 

The Company has exposure to credit risk, liquidity risk, and market risk arising from financial instruments. Management considers credit risk and market risk to be low.

The Company's risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

*Liquidity risk*

Liquidity risk is the risk that the Company will be unable to meet its financial obligations as they fall due. The Company manages liquidity risk by maintaining adequate cash and cash equivalents, monitoring expected operating cash flow against budget, and managing the maturity profile of its financial liabilities. The Company's principal sources of liquidity at March 31, 2026 are operating cash flow from Bitcoin mining, available cash and cash equivalents of $832,680, and the digital-currency holdings of $3,912,657 (58.93 BTC).

The Company's principal financial liabilities are the JGB senior secured loan (Note 21(c); contractual undiscounted balance of $25,405,000 maturing through June 27, 2028), the convertible promissory notes (Note 21(d)), the lease liabilities (Note 21(b)) and trade and other payables.

The Company aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on liabilities (other than trade payables) over the next 60 days.

The Company also monitors the level of expected cash inflows on trade and other receivables, together with the expected outflows on trade and other payables.

The Company's exposure to liquidity risk is $31,535,706 as at March 31, 2026 (2025 – $29,890,007), for which the Company has cash of $5,191,946 on hand to satisfy its liabilities (2025 – $5,475,486). There have been no changes to the method for managing liquidity risk.

*Credit risk*

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. In order to reduce its credit risk, the Company reviews a new customer's credit history before extending credit and conducts regular reviews of its existing customers' credit performance. Allowance for doubtful accounts of nil was recorded in the period ended March 31, 2026 (fiscal 2025 - $613,486) (see Note 22).

Cash and cash equivalents and restricted cash are held with reputable financial institutions. Counterparty exposure is monitored and considered low. Cash held in trust represents amounts held with the Company's lawyers which is restricted as per the loan agreement and are current in nature. Digital currencies are not financial assets and are outside expected credit loss measurement. Credit exposure is considered low as the Company extracts digital currencies from its mining pool on a daily basis.

Page **41** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**26.** **FINANCIAL INSTRUMENTS (CONT'D)** 

(c) <u>Financial risk management (cont'd)</u> 

Prepaids and deposits consist of advances to vendors and refundable deposits. Counterparties are assessed and monitored, and no loss allowance has been recognized.

*Market risk*

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency rate risk, interest rate risk and other price risk. The Company is mainly exposed to interest rate and currency risk.

*Foreign currency risk* 

The Company is exposed to foreign currency risk primarily through its operations in multiple jurisdictions and transactions denominated in currencies other than its functional currency. Foreign currency risk arises from recognized assets and liabilities, as well as future commercial transactions that are denominated in a currency different from the functional currency of the Company entities.

The Company monitors its exposure to foreign currency risk on an ongoing basis and uses derivative financial instruments, such as forward exchange contracts, to hedge significant foreign currency exposures when considered appropriate and as when required. The effectiveness of these hedging instruments is assessed regularly. However, the Company does not hedge all of its foreign currency exposures, and fluctuations in exchange rates could have a material impact on the Company's financial performance and position.

*Interest rate risk*

The Company's exposure to interest rate risk arises primarily from its variable-rate borrowings and lease liabilities. Changes in market interest rates can affect the Company's interest expense and the value of its financial liabilities. To manage interest rate risk, the Company may enter into interest rate swap agreements to convert variable-rate debt into fixed-rate debt, thereby reducing exposure to fluctuations in interest rates. Management regularly reviews the interest rate exposure and considers the potential impact of interest rate movements on its financial performance. However, there can be no assurance that these measures will fully mitigate the impact of interest rate fluctuations.

*Digital currency risk*

The Company is exposed to digital currency risk due to its holdings and transactions in cryptocurrencies. Digital currency risk arises from the volatility in the market prices of cryptocurrencies, which can fluctuate significantly due to various factors, including market demand, regulatory developments, and macroeconomic trends.

The Company manages its digital currency risk by monitoring market conditions and may engage in hedging activities, such as entering into derivative contracts, to mitigate the impact of adverse price movements. However, given the inherent volatility and the relatively nascent nature of digital currency markets, there remains a significant risk that the value of the Company's digital assets could experience substantial fluctuations, which could materially affect the Company's financial performance and position.

Page **42** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**26.** **FINANCIAL INSTRUMENTS (CONT'D)** 

(c) <u>Financial risk management (cont'd)</u> 

*Custody risk*

The Company mines digital assets through a pool and transfers rewards from the pool to Company-controlled private wallets on a daily basis, and safeguards these holdings through a tiered wallet structure. Transactions are subject to segregation of duties and role-based approvals. Private keys are generated in controlled environments with encrypted, geographically separated backups and periodically refreshed. The Company does not use a third-party custodian to hold digital assets and exposure to the pool is minimized through daily withdrawals and monitoring. Wallet activity is reconciled and reviewed by management.

*Loss of access risk* 

The loss of access to the private keys associated with the Company's Bitcoin holdings may be irreversible and could adversely affect an investment. An amount of Bitcoin is spendable only by whoever possesses the private key associated with the address on which the Bitcoin is held. To the extent a private key is lost, destroyed, or otherwise compromised, and no backup is accessible, the Company may be unable to access the associated Bitcoin. To mitigate this, the wallets are designed such that no single key, device, or individual is critical, encrypted back-ups and/or key-share arrangements are maintained in secure locations to enable controlled recovery.

Management reviews recoverability regularly. As of March 31, 2026, 58.93 Bitcoin equivalent to $3,912,657 is held in private wallets (September 30, 2025 – 7.61 Bitcoin equivalent to $753,211) (**Note 12**).

**27.** **CAPITAL MANAGEMENT** 

The Company defines capital as its equity. The Company's objective when managing capital is: (i) to safeguard the ability to continue as a going concern so that it can continue to provide returns to shareholders and benefits to other stakeholders; and (ii) to provide an adequate return to shareholders by obtaining an appropriate amount of financing commensurate with the level of risk. The Company sets the amount of capital in proportion to the risk. The Company manages its capital structure and adjusts in light of the changes in economic conditions and the characteristic risk of underlying assets.

The Company is subject to externally imposed capital requirements under Section 6.12 of the JGB Loan and Guaranty Agreement. As described in **Note 21(c)**, these requirements include financial covenants relating to minimum cash, minimum trailing-three-month EBITDA, and minimum trailing-three-month consolidated revenue. The Company manages capital in light of these covenants by monitoring actual and forecast liquidity and operating results, aligning expenditures and capital commitments with forecast cash flows, and considering financing, refinancing, asset sales, waiver, amendment or other alternatives when necessary.

As at March 31, 2026, the Company was in compliance with the minimum cash covenant and the minimum trailing-three-month consolidated revenue covenant. The Company obtained a waiver from the Lenders for the minimum trailing-three-month EBITDA covenant for the period ended December 31, 2025.

Page **43** of **44**

**BITZERO HOLDINGS INC. (formerly WBM Capital Corp.)**<br> Notes to the interim condensed consolidated financial statements<br> For the three and six-month periods ended March 31, 2026 and 2025<br> *(Unaudited – Expressed in United States Dollars, unless otherwise noted)*

**27.** **CAPITAL MANAGEMENT (CONT'D)** 

As at the latest practicable date prior to refiling, the Company was in compliance with the minimum cash covenant and the minimum trailing-three-month consolidated revenue covenant.

To maintain or adjust the capital structure, the Company may repurchase shares, return capital to shareholders, issue new shares, or sell assets to reduce debt. The Company's objective is met by retaining adequate liquidity to provide for the possibility that cash flows from assets will not be sufficient to meet operational, investing, and financing requirements. There have been no changes to the Company's capital management policies during the periods ended March 31, 2026 and 2025.

**28.** **SUBSEQUENT EVENTS** 

(a) <u>Re-performance of IFRS classification analysis for the JGB financing</u> 

Subsequent to March 31, 2026, in connection with the BCSC review and following identification of internal inconsistencies in the disclosure of the senior secured loan, management is re-performing the IFRS classification analysis for the host loan, the embedded conversion feature, the JGB First Warrants, the JGB Second Warrants and the related ratchet issuance provisions, with support from an external IFRS specialist and SRCO Professional Corporation (the Company's auditors). The corrected analysis may result in (i) the reclassification of one or more components of the senior secured loan and (ii) a determination under IAS 8 of whether prior-period error correction is required for the September 30, 2025 Bitzero Blockchain Inc. annual financial statements. See **Note 21(c)**.

(b) <u>JGB loan activity</u> 

Subsequent to March 31, 2026, the Company continued to make scheduled payments under the JGB financing arrangement. From January 2026 through April 2026, the Company received monthly payment requests from the JGB Agent totaling approximately $2,616,577, consisting of $1,216,577 of interest and $1,400,000 of principal paydowns.

Management continues to assess covenant compliance under the JGB financing arrangement. The Company obtained a waiver from the Lenders in respect of the minimum trailing-three-month EBITDA covenant for the period ended December 31, 2025.

As at March 31, 2026 and the date of this MD&A, the Company was in compliance with the minimum cash balance covenant and the minimum trailing-three-month consolidated revenue covenant. Refer to Note 21(c) to the interim condensed consolidated financial statements.

Page **44** of **44**

## Exhibit 99.100

**Exhibit 99.100**

**BITZERO HOLDINGS INC.**

**(FORMERLY WBM CAPITAL CORP.)**

Management's Discussion and Analysis

For the three and six-month

periods ended March 31, 2026 and March 31, 2025

*(expressed in United States Dollars, unless otherwise stated)*

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**1.** **MANAGEMENT'S DISCUSSION AND ANALYSIS** 

This Management's Discussion and Analysis (this "MD&A") provides a review of the results of operations, financial condition and cash flows for Bitzero Holdings Inc. ("Bitzero" or the "Company"), on a consolidated basis, for the three and six-month periods ended March 31, 2026 and March 31, 2025.

This document should be read in conjunction with the information contained in the Company's unaudited interim condensed consolidated financial statements and related notes for the three and six-month periods ended March 31, 2026 and March 31, 2025 (the "Q2 Financial Statements"), which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB"). Unless otherwise indicated, all dollar ("$") and "USD" amounts and references in this MD&A are in United States dollars.

Unless otherwise stated, in preparing this MD&A the Company has taken into account information available to it up to the date of this MD&A, May 27, 2026, being the date the Company's board of directors (the "Board") approved this MD&A and the corresponding financial statements. All quarterly information contained herein is unaudited.

This MD&A was written to comply with the requirements of National Instrument 51-102 – Continuous Disclosure Obligations. This MD&A contains information up to and including May 27, 2026.

**2.** **CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION** 

This MD&A contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, but is not limited to, statements with respect to our objectives and the strategies to achieve these objectives, expected hashrate growth and fleet efficiency; anticipated expansion of capacity at the Norwegian facility; expected economies of hosting arrangements; liquidity and capital resources; the impact of the April 2028 Bitcoin halving on mining economics; and the timing and magnitude of planned equipment purchases, as well as information with respect to our beliefs, plans, expectations, anticipations, estimates and intentions. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects" or "does not expect", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that infer actions, events or results with terminology such as "may", "could", "would", "might", "will be taken", "occur" or "be achieved".

Forward-looking information is provided for the purposes of assisting the reader in understanding the Company and its business, operations, prospects and risks at a point in time in the context of historical and possible future developments and, therefore, the reader is cautioned that such information may not be appropriate for other purposes.

Forward-looking information is based upon numerous assumptions and is subject to a number of known and unknown risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those that are disclosed in or implied by such forward-looking information. These risks and uncertainties include, but are not limited to, the risk factors that are discussed in greater detail under "Risk Factors and Uncertainties".

Although the forward-looking information contained herein is based upon what we believe are reasonable assumptions, readers are cautioned against placing undue reliance on this information since actual results may vary from the forward-looking information.

Page **2** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**2.** **CAUTIONARY NOTE REGARDING FORWARD LOOKING INFORMATION (CONT'D)** 

Certain assumptions were made in preparing the forward-looking information concerning availability of capital resources, business performance, market conditions, and customer demand.

Forward looking information is based on the following material factors and assumptions: (i) average BTC prices and transaction fees within management's planning ranges; (ii) network difficulty consistent with recent trends; (iii) stable access to competitively priced hydroelectric power and grid availability in NO4; (iv) fleet uptime and curtailment consistent with historical performance and grid flexibility agreements; (v) the availability of mining equipment on disclosed timelines and budget; (vi) hosting customer demand and adherence to contractual terms. Actual results may differ materially due to risks and uncertainties described under "Risk Factors and Uncertainties".

Consequently, all of the forward-looking information contained herein is qualified by the foregoing cautionary statements, and there can be no guarantee that the results or developments that we anticipate will be realized or, even if substantially realized, that they will have the expected consequences or effects on our business, financial condition or results of operation.

Forward-looking information is subject to the risks and uncertainties described under "Risk Factors and Uncertainties" in this MD&A. Unless otherwise noted or the context otherwise indicates, the forward-looking information contained herein is provided as of the date hereof, and we do not undertake to update or amend such forward-looking information whether as a result of new information, future events or otherwise, except as may be required by applicable law.

**3.** **OVERVIEW AND SIGNIFICANT EVENTS** 

(a) <u>General information</u> 

Bitzero Holdings Inc. (the "Company" or "Bitzero") was incorporated under the Canada Business Corporations Act on August 26, 2006 and was continued into British Columbia under the Business Corporations Act (British Columbia) on June 4, 2024. The Company's head and registered office is located at Suite 1100, One Bentall Centre, 505 Burrard Street, Vancouver, British Columbia V7X 1M5.

Bitzero has cryptocurrency mining activities in Norway, solely focused on the mining of Bitcoin. The business of Bitcoin mining focuses on the utilization of specialized equipment to solve complex computational problems to validate transactions on the Bitcoin blockchain and receiving Bitcoin in return for successful services.

These mining activities are conducted by Exanorth AS ("Exanorth"), a Norwegian limited liability entity that is a wholly owned subsidiary of Bitzero Holdings Inc., which holds a data center in Norway (the "Data Center") for the provision of data processing services for the mining of digital currency.

(b) <u>Reverse takeover</u> 

On November 19, 2025, the Company completed a reverse takeover transaction pursuant to the terms of an amalgamation agreement dated November 3, 2025, among WBM Capital Corp. ("WBM"), 1555476 B.C. Ltd. ("155 BC"), a wholly owned subsidiary of WBM, and Bitzero Blockchain Inc. ("Blockchain"). Under the transaction, Blockchain amalgamated with 155 BC to form an amalgamated corporation that become a wholly owned subsidiary of WBM.

Page **3** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**3.** **OVERVIEW AND SIGNIFICANT EVENTS (CONT'D)** 

(b) <u>Reverse takeover (cont'd)</u> 

In connection with the transaction, WBM changed its corporate name to "Bitzero Holdings Inc." and the Company completed a 10-for-1 common share consolidation. All share and per share information presented in these condensed interim financial statements have been adjusted retrospectively to reflect the share consolidation.

(c) <u>Basis of consolidated reporting</u> 

The interim condensed consolidated financial statements include the accounts of the Company and subsidiaries. Subsidiaries are entities controlled by the Company. The financial transactions of subsidiaries are included in the consolidated financial statements from the date control is obtained. Control occurs when the Company is exposed to, or has the right to, variable returns from its involvement with an investee and has the ability to affect those returns through its power over the investee.

Intercompany balances, transactions, income, and expense are eliminated and gains or losses on intercompany transactions are eliminated. Where the Company does not own 100% of the subsidiary or associate, non-controlling interest is classified as a component of equity. The accounting policies of subsidiaries are the same as those of the Company.

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;Subsidiary | &nbsp;&nbsp;Ownership at<br> 31-Mar-26 | &nbsp;&nbsp;Ownership at<br> 30-Sep-25 | &nbsp;&nbsp;Country of<br> incorporation |
| &nbsp;&nbsp;Bitzero Blockchain Inc. | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;Canada |
| &nbsp;&nbsp;Exanorth AS | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Bitzero Inc. | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;Barbados |
| &nbsp;&nbsp;Bitzero ND I | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;United States |
| &nbsp;&nbsp;Bitzero ND II | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;United States |
| &nbsp;&nbsp;Zetanorth AS | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;Norway |
| &nbsp;&nbsp;Bitzero Finland Oy | &nbsp;&nbsp;100% | &nbsp;&nbsp;100% | &nbsp;&nbsp;Finland |

---

(d) <u>Description of the business</u> 

Data centers are physical facilities that are used to house computer systems and associated components, IT infrastructure, critical applications, and data for applications and services. Data centers can be used for a variety of purposes and support the needs of large-scale applications, including but not limited to Bitcoin mining, cloud computing, web hosting, processing large data sets, providing the foundation for artificial intelligence, machine learning, and more. Data center designs are based on computing and networking solutions and include components such as routers, switches, firewalls, storage systems, and more.

Bitcoin mining is the process by which new Bitcoins are created and transactions are verified and added to the public ledger known as the Bitcoin Blockchain (the "Blockchain"). Mining is conducted by miners using hardware and software to generate a cryptographic number that is equal to or less than a number set by the Bitcoin network's algorithm. Bitcoin self-mining refers to the process by which a miner validates Bitcoin transactions and adds them to the Blockchain ledger without relying on a trusted third party.

"Hashrate" is a measure of the computational power used in the mining process of cryptocurrencies, it indicates how many hash functions a miner can perform per second.

Page **4** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**3.** **OVERVIEW AND SIGNIFICANT EVENTS (CONT'D)** 

(d) <u>Description of the business (cont'd)</u> 

Generally, the higher the Hashrate, the more attempts a miner can make to add new blocks to the Blockchain. Bitcoin Hashrates are generally measured through exahashes per second (EH/S); one exahash equals 1018 hashes, which means EH/S indicates how many quintillion hash calculations can be performed in one second. EH/S represent high levels of computational power associated with large-scale mining operations or data centers.

Data center hosting is a service where companies and organizations store and manage their IT infrastructure in third-party data centers, enabling them to use the same the services, features, and capabilities of a data center without building their own infrastructure.

Data center hosting comes in various forms, including the following: (i) dedicated hosting: a client rents an entire server, giving them full control over its resources; (ii) shared hosting: multiple clients share the same server and its resources, making it more cost-effective but with limited control; (iii) virtual private server hosting: a server is divided into multiple servers, offering more control and resources than shared hosting; and (iv) cloud hosting: resources are distributed across multiple servers, allowing for scalability and flexibility.

Bitzero was created to disrupt and innovate in the Blockchain and data center spaces to move markets away from unsustainable data and mining practices. It is engaged in the development and operation of data centers and related energy infrastructure, Bitcoin self-mining, and high performance computing ("HPC") hosting.

Bitzero's primary objective is to address the increasing demand for IT energy infrastructure driven by the growth of Blockchain technology and other HPC applications by leveraging advanced technology and energy-efficient solutions. By creating harmony with local authorities, investors, and customers, Bitzero aims to become a leader in Blockchain mining and HPC hosting in a sustainable fashion and set a new global standard for best practices in clean energy sourcing, heat capture, and sustainability within local communities.

The Company's strategic objective is to become a leader in sustainable blockchain mining and high-performance computing hosting, leveraging advanced technology and energy-efficient solutions.

(e) <u>Products and services</u> 

On February 21, 2024, Exanorth entered into a flexibility services agreement (the "Flexibility Services Agreement") in connection with its First Norway Property. Through the Flexibility Services Agreement, Exanorth adjusts energy usage at the First Norway Property to stabilize the power grid. When Exanorth engages in stabilization efforts, it is compensated under the terms of the Flexibility Services Agreement while also supporting sustainability.

Page **5** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**3.** **OVERVIEW AND SIGNIFICANT EVENTS (CONT'D)** 

(e) <u>Products and services (cont'd)</u> 

The First Norway Property provides Bitzero with an advantageous location for cryptocurrency mining for the following key reasons: (i) Norway is committed to large scale expansion of data center businesses; (ii) low temperatures reduce server cooling costs, significantly lowering the dependency on excessive energy use; (iii) clean outside air limits the maintenance required to keep machines in working condition; (iv) the First Norway Property is located next to the local power grid which supplies energy to the Data Center located in Norway. Since the grid is so close to the First Norway Property, the grid fee is low, and energy produced is conserved; (v) fast and reliable internet connection enables dependable communications; and (vi) hydropower accounts for 90% of Norwegian electricity production, which is considered to be the cheapest source of renewable energy.

The First Norway Property has approximately 320MW total capacity. 40MW of active capacity at the First Norway Property is being used by the Data Center in Norway, and the remaining capacity is expected to be activated through development and grid updates in two phases. Exanorth intends to expand active capacity at the First Norway Property over the coming months and has approval to support expansion of 70MW, adding up to a total of 110MW in phase 1, with a subsequent phase expected to add 210MW, bringing total active capacity to 320MW upon completion.

In August 2024, Exanorth received approval from the Norwegian Water Resources and Energy Directorate to operate as a utility, which means that Exanorth can control the First Norway Property's own electrical supply, and energy distribution and grid costs.

The Data Center is located on the First Norway Property. Currently, the Data Center operates as Bitzero's self-mining revenue-generating operations and is the focal point of Bitzero's operations.

All the Bitcoin that is self-mined at the Data Center is rewarded from the Luxor Mining Pool (as defined above) and owned by the Barbadian Subsidiary.

ND I, LLC acquired a property located at 81<sup>st</sup> Street, Nekoma, County of Cavelier, and State of North Dakota (the "North Dakota Property") in July 2022 pursuant to an agreement with Cavelier County Job Development Authority dated July 18, 2022 (the "North Dakota Property Purchase Agreement"). The North Dakota Property is over 184 acres and benefits from a diversified energy mix including wind, natural gas, and grid sources, ensuring reliability and efficiency.

The North Dakota Property has total capacity of approximately 200MW-300MW. Currently, there is 2.5MW of active capacity that is immediately available but not currently being used, and further inactive capacity that can be accessed once studies are conducted, facilities are built, and investments in system upgrades are made. Additionally, on the North Dakota Property, there is an 80,000-gallon diesel tank and additional liquid storage tank, which can provide large-scale back-up power supplies, enabling the North Dakota Property to operate independently of other electrical suppliers.

The North Dakota Property houses a currently non-operational data center (the "Nekoma Pyramid").

Page **6** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)*<br>|  |

---

**3.** **OVERVIEW AND SIGNIFICANT EVENTS (CONT'D)** 

(e) <u>Products and services (cont'd)</u> 

The Nekoma Pyramid was initially built in the late 1960s with initial commissioning occurring in 1975 during the cold war. It consequently has desirable security characteristics well suited for storing highly sensitive information.

The Nekoma Pyramid's special features and competitive advantages are summarized as follows: (i) Potential to offer customers an extremely high level of physical security due to its original design as a government defense installation, making it useful for clients with strict requirements in the areas of data protection and physical security; (ii) Fully reinforced concrete and steel, designed to protect building contents; and (iii) There are redundant power feeds available, which are built to work into the redundant power systems in datacenters and ensure that power gets delivered to all functional server components and acts as physical power supplies sample space for onsite generation and fuel storage.

ND I, LLC and Bitzero are in the process of developing the North Dakota Property and planning the use of the Nekoma Pyramid for their operations. On August 1, 2024, ND I, LLC entered into an agency agreement with Cushman & Wakefield U.S., Inc. (the C&W Agency Agreement"). Pursuant to the C&W Agency Agreement, the North Dakota Property may be sold or leased to a third-party, or ND I, LLC may retain the North Dakota Property for its own use.

Another central component of Bitzero's business model is Bitcoin mining. Bitzero is focused on Bitcoin mining because it is the most efficient way for Bitzero to convert energy into sustainable cash flows. This method is predictable, straightforward to manage, and not excessively capital-intensive, with relatively low upfront costs. It involves directly converting energy into cash flows through capital expenditure and infrastructural projects. Currently, all of Bitzero's Bitcoin mining operations are conducted at the Data Center. Bitzero and its subsidiaries do not mine any other cryptocurrency assets. On December 15, 2021, the Barbadian Subsidiary entered into a data services agreement with Exanorth (the "Barbadian-Exanorth Data Services Agreement"). Pursuant to the Barbadian-Exanorth Data Services Agreement, all Bitcoin that is self-mined at the Data Center is owned by the Barbadian Subsidiary.

The process by which cryptocurrency coins or tokens are created and transactions are verified is called mining. A user or miner operates a publicly distributed mining client, which turns the user's computer into a "node" on the network that validates blocks. In order to add blocks to the Bitcoin Blockchain, a miner must map an input data set (i.e., the Blockchain plus a block of the most recent transactions and an arbitrary number called a "nonce") to a desired output data set of a predetermined length using an algorithm. As more miners join the network and its processing power increases, the network adjusts the complexity of the block solving equation to maintain a pace of adding a new block to the Blockchain approximately every 10 minutes. Below is further disclosure on the specific steps taken in Bitcoin mining operations, including how Bitzero currently engages in Bitcoin mining.

Bitcoin miners must first secure land with allocated energy resources, typically measured in MW. After that, the Bitcoin mining site must be prepared for site construction. At the Data Center, substantiation construction took place which required building a 40MW substation to convert high-voltage grid power to low voltage. The necessary electrical cabling was installed and then contracts with the local energy grid providers were entered into to secure fixed energy prices for 5 years. On January 1, 2023, Exanorth and an energy provider entered into two power delivery agreement (the "Energy Provider Power Agreement"), whereby the energy provider provides physical power delivery and additional services to the First Norway Property.

Page **7** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)*<br>|  |

---

**3.** **OVERVIEW AND SIGNIFICANT EVENTS (CONT'D)** 

(e) <u>Products and services (cont'd)</u> 

All electricity and power supplied to the Data Center is through the energy provider through the Energy Provider Power Agreement.

Bitcoin mining containers are used so that owners and investors can move mining rigs easily. In essence, Bitcoin mining containers are shipping containers equipped with the necessary components to conduct mining operations, including power supply units, cooling systems, security measures, and fire suppression systems. Each Bitcoin mining container houses several mining computers in racks, consuming approximately 1MW of power each. The number of mining units per container varies (typically between 200 and 312), depending on the equipment. The containers include racks for miners, power distribution units (PDUs), cooling systems to maintain optimal temperatures, and fire suppression systems.

Every 10 minutes, a new block is added to the Blockchain ledger by all the mining computing power existing in the world, comprising approximately 4,500 Bitcoin transactions. Every 10 minutes, the global Bitcoin network rewards miners with 3.125 Bitcoins. This results in a total daily reward of 450 Bitcoins for all miners combined. This reward amount halves approximately every four years (once the right block height is reached). The Bitcoin reward per unit of mining equipment is predictable at the time of purchase but varies over time based on market share. For example, if there are 9 equally powerful mining units globally and Bitzero adds one more, Bitzero would receive 10% of the daily 450 Bitcoin reward. Currently, the total network computing power is over 1,000 Exahash per second (EH/s), while the most efficient single miner operates at approximately 0.00025 EH/s.

Bitzero focuses on self-mining at the Data Center and earns revenue through the amount of Bitcoin mined. On May 26, 2022, Bitzero and Luxor Technology Corporation ("Luxor") entered into a services agreement (the "Luxor Services Agreement") pursuant to which Bitzero engaged Luxor to set up a mining pool (the "Luxor Mining Pool") and provide maintenance of the Luxor Mining Pool on a cloud host that Luxor and Bitzero have access to. Pursuant to the Luxor Services Agreement, Luxor also shall provide maintenance of the software underlying the Luxor Mining Pool, that has the specification of a commercially standard cryptocurrency Mining Pool (the "Luxor Software"), which is licensed by Luxor to Bitzero.

The Luxor Software includes any other software intentionally delivered to Bitzero, such as updates delivered pursuant to maintenance and support services and/or hosting services provided by Luxor. The Luxor Agreement references a block reward, consistent of a combination of: (a) the amount of newly minted Bitcoins in each block as fixed by the Bitcoin protocol (the "Block Subsidy"), and (b) fees paid by users of the Bitcoin network to have their transactions included in the current block (the "Transaction Fees". These fees are aggregated per block and typically paid out to the miner who solved the block by being combined with the Block Subsidy into one transaction output (the "Block Reward"). The aggregate Block Reward paid to all miners is aggregated for calculation purposes (the "Total Miner Reward"). Pursuant to the Luxor Services Agreement, Luxor receives 0.20% of each Total Miner Reward and Bitzero will receive the remaining 99.80% of each Total Miner Reward. Currently, the Block Subsidy of newly minted Bitcoins in each block is 3.125 Bitcoin per block.

Transaction fees are a crucial component of the Bitcoin network's incentive structure, ensuring that miners prioritize certain transactions and continue to maintain the network even after Block Rewards diminish over time.

Page **8** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**3.** **OVERVIEW AND SIGNIFICANT EVENTS (CONT'D)** 

(e) <u>Products and services (cont'd)</u> 

Miners receive transaction fees as an additional incentive, supplementing the Block Reward (the newly created Bitcoins given to the miner who finds a new block). Users can attach fees to their transactions to incentivize miners to prioritize their transactions over others. Higher Transaction Fees typically result in faster confirmation times. The total Transaction Fees paid depends on the transaction size in bytes and the fee rate set by the user.

The demand for data centers is increasing across the globe among cryptocurrency miners, cloud service providers, and artificial intelligence companies. There has been a significant increase in governmental regulation around carbon emissions from high-energy consuming data centers, including in Norway which has become a popular destination for cryptocurrency miners. Additionally, security concerns are of a high degree of importance since data centers handle extremely sensitive, large volumes of information.

With these considerations, identifying new data center opportunities for Bitzero's ecosystem partners to provide efficient and low-cost energy solutions is a core part of its business model. While Bitzero currently has the Data Center and the non-operational Nekoma Pyramid, it also is undergoing negotiations to expand its facilities in the North American and Scandinavian regions.

(f) <u>Acquisition of options to purchase Exanorth AS</u> 

On August 6, 2021, the Company entered into an arrangement with a third party to acquire call options on the issued and outstanding shares of Exanorth, along with various rights to lease real estate property on which Exanorth conducted its operations, for aggregate consideration of $2,969,303.

At the time of the transaction, the Company had intended to build and operate a data center for its digital currency mining operations using the infrastructure existing at Exanorth.

The Company used the Black-Scholes option pricing model to determine the fair value of the call options as follows: exercise prices of €15,504 to €65,804 (15,192 USD to 64,481 USD) per share; the expected volatility of its common shares was set at 20 to 42% using historical volatility of comparable public companies; the risk-free interest rate was set at -0.04 to 0.54% based on the yield available on government benchmark bonds; the expected life was set at 1.16 to 1.18 years; and the dividend yield was set at 0%.

As a result, the Company recorded the investment asset on account of this transaction as at and for the year ended September 30, 2021:

---

| |
|:---|
| Purchase of call options over common shares of investee |
| Fair value adjustment on call options held for the year |
| Foreign exchange loss component pertaining to fair value adjustment for the year |

---

Page **9** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**3.** **OVERVIEW AND SIGNIFICANT EVENTS (CONT'D)** 

(f) <u>Acquisition of options to purchase Exanorth AS (cont'd)</u> 

On October 22, 2021, Bitzero and Exakraft AS entered into a share purchase agreement, as amended on November 10, 2021, January 14, 2022, January 31, 2022, February 10, 2022, and March 1, 2022 (together, the "SPA") through which Bitzero exercised certain call options, resulting in the Company acquiring 66% of the issued and outstanding shares of Exanorth.

Aggregate consideration paid for the acquisition, along with the allocation of consideration to the fair value of net identifiable assets of Exanorth was calculated as follows:

---

| | | |
|:---|:---|:---|
| | Note | 2022 |
|  |  | $|
| <u>Consideration transferred</u> |  |  |
| &nbsp;&nbsp;Exercise of call options | (i) | 3558595 |
| &nbsp;&nbsp;Cash consideration | (ii) | 2547160 |
| &nbsp;&nbsp;Common shares issued to vendor | (iii) | 2250000 |
| &nbsp;&nbsp;Contingent cash consideration | (iv) | 1900000 |
| &nbsp;&nbsp;Deferred cash consideration |  | 1382476 |
| &nbsp;&nbsp;Settlement of pre-existing loans |  | 1059746 |
| &nbsp;&nbsp;Transaction costs |  | 206598 |
| Fair value of total consideration transferred |  | 12904575 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The
 value of the call options increased from $3,291,343 as at September 30, 2021 to $3,558,595
 as a result of a foreign exchange gain, refer to **Note 14(a)** in the financial statements.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The
 cash consideration relates to the remaining 34% of the shares in Exanorth.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) As
 part of consideration in the acquisition, the SPA included a delivery of 5,000,000 common
 shares of the Company. The common shares were valued at $2,250,000 using a combination
 of previous equity raises and a 25% discount for lack of marketability.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) As
 part of consideration in the acquisition, contingent consideration was included and was
 the fair value was determined based on the management's best estimate at the reporting
 date. The contingent consideration was subsequently revalued to $1,760,547 resulting
 in a gain of $139,453. As at March 31, 2026, there has been no further remeasurement,
 as there have been no changes in the underlying circumstances affecting the Management's
 best estimate.

Page **10** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**3.** **OVERVIEW AND SIGNIFICANT EVENTS (CONT'D)** 

(f) <u>Acquisition of options to purchase Exanorth AS (cont'd)</u> 

---

| |
|:---|
| <u>Fair value of identifiable net assets acquired</u> |
| &nbsp;&nbsp;&nbsp;Technology infrastructure |
| &nbsp;&nbsp;&nbsp;Land |
| &nbsp;&nbsp;&nbsp;Cash and cash equivalents |
| &nbsp;&nbsp;&nbsp;Accounts payable) |
| &nbsp;&nbsp;&nbsp;Due to Bitzero) |
| &nbsp;&nbsp;&nbsp;Other liabilities |
| Fair value of total identifiable net assets |
| &nbsp;&nbsp;&nbsp;Goodwill |
| &nbsp;&nbsp;&nbsp;Non-controlling interest |
| Total |

---

(g) <u>Acquisition of Bitzero Finland Oy</u> 

On January 23, 2025, the Company purchased 100 shares of Bitzero Finland Oy (formerly Ahold XVIII Oy), domiciled in Finland, representing 100% of issued share capital of the acquiree. The Company's intent is to expand its operations into Finland at a later date.

(h) <u>Senior secured loan</u> 

In June 2025, Bitzero Blockchain Inc. entered into a senior secured loan and guaranty agreement with a syndicate of lenders providing for up to $25 million in debt financing, to be advanced in two tranches. The initial tranche of $17,510,000 was approved and net proceeds of $16,190,944 were received on August 1, 2025, after deducting the original issue discount and professional fees.

The delayed draw advance of $8,245,000 was funded on November 24, 2025. The lenders were not obligated to fund the delayed draw, and the advance was subject to (i) timely delivery of a borrowing notice, (ii) total delayed draw borrowings not exceeding the available capacity, (iii) completion of due diligence, site visits and underwriting and receipt of credit approval, and (iv) the absence of any default or event of default at the time of funding.

In connection with the financing, the Company issued warrants to the lenders to purchase common shares. The warrants issued in connection with the initial tranche provide for the purchase of 4% of the Company's shares on a fully diluted basis at an exercise price of $0.10 per share. The warrants issued in connection with the delayed draw advance provide for the purchase of 1% of the Company's shares on a fully diluted basis at an exercise price of $0.10 per share. The warrants are exercisable for a period of 5 years following the completion of the reverse takeover. In December 2025, 50,000 of these warrants were exercised. The warrants issued in connection with the first and second draw were classified as equity instruments on initial recognition and are not subsequently remeasured (see Note 24(d), Note 21(c) and Note 21(e) to the interim condensed consolidated financial statements).

In addition, under the terms of the loan agreement, $10,245,000 of the principal loan balance is convertible into common shares at a conversion price of $4.00 per share (post consolidation, pre-consolidation price was $0.40). The conversion option issued in connection with the senior secured loan was classified as an equity component and recorded in debenture reserve. The equity component was measured at its grant-date fair value and is not subsequently remeasured.

Page **11** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**3.** **OVERVIEW AND SIGNIFICANT EVENTS (CONT'D)** 

(h) <u>Senior secured loan (cont'd)</u> 

The number of common shares issuable to any lender on conversion is subject to a Beneficial Ownership Limitation of 4.99% of the common shares outstanding immediately following the issuance, which may be increased to a maximum of 9.99% on prior written notice from the lender.

The loan bears interest at the greater of (i) Term SOFR plus 11% per annum and (ii) 14% per annum, payable monthly in arrears. It matures 36 months from closing, with principal amortization commencing six months after the initial funding date.

The loan agreement requires the Company to maintain, at all times, a minimum cash balance of $2,000,000 in one or more bank accounts that are subject to account control arrangements specified by the lenders. At the reporting date, the Company held $2,000,000 as cash in trust to satisfy this covenant. This amount is shown as restricted cash on the statement of financial position and is not available for general corporate purposes because its use would cause a breach of the covenant.

No portion of the required minimum balance was held in Bitcoin at the reporting date. The requirement to maintain this balance will continue for so long as the loan remains outstanding or until the covenant is amended or waived.

The loan is secured by a pledge of the $2,000,000 cash minimum in a lender controlled deposit account, account control agreements over specified deposit accounts, a blanket first priority lien on substantially all assets of the Company and certain subsidiaries, first priority pledges of 100 percent of the equity interests in Exanorth AS and Zetanorth AS, first priority fixed charges over Exanorth AS assets including a mortgage over real estate in Namsskogan, Norway, and a mortgage over North Dakota real estate owned by Bitzero ND I, LLC.

Under Section 6.12 of the Loan Documents (as amended by the First Amendment dated October 1, 2025), the Company is also subject to (i) a minimum trailing-three-month EBITDA covenant of US$750,000 through June 2026, increasing to US$825,000 from July 2026 through June 2027 and to US$900,000 from July 2027 onwards; and (ii) a minimum trailing-three-month consolidated revenue covenant of US$3,000,000 through June 2026, increasing to US$3,300,000 from July 2026 through June 2027 and to US$3,630,000 from July 2027 onwards. As at March 31, 2026, the Company was in compliance with the minimum cash balance covenant and the minimum trailing-three-month consolidated revenue covenant. The Company obtained a waiver from the lenders for the minimum trailing-three-month EBITDA covenant for the period ended December 31, 2025. The covenant definition of EBITDA was amended by the First Amendment dated October 1, 2025 and is materially different from the Adjusted EBITDA measure presented in this MD&A. Refer to Note 21(c) to the interim condensed consolidated financial statements for further details, including the full chain of amendments (the First Amendment dated October 1, 2025; the Joinder, Delayed Draw Advance and Second Amendment dated October 20, 2025; the Joint Amendment Agreement dated October 20, 2025; and the Supplement dated November 17, 2025), the ratchet issuance provisions applicable to the JGB First Warrants and JGB Second Warrants and the cashless exercise mechanics.

Page **12** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**3.** **OVERVIEW AND SIGNIFICANT EVENTS (CONT'D)** 

(i) <u>Go-public transaction</u> 

In November 2025, Bitzero completed a go-public transaction in Canada structured as a triangular amalgamation under the Business Corporations Act (British Columbia) with WBM Capital Corp. ("WBM") and its wholly owned subsidiary, 1555476 B.C. Ltd ("Subco"), pursuant to an amalgamation agreement dated November 3, 2025. Under the Amalgamation Agreement, Bitzero amalgamated with 1555476 B.C. Ltd. to form a new corporation that became a wholly owned subsidiary of WBM.

All issued and outstanding Bitzero common and non-voting shares were exchanged for fully-paid and non-assessable WBM common and non-voting shares on the basis of ten Bitzero shares for one WBM share. Outstanding Bitzero options, RSUs and warrants were adjusted to provide rights to acquire WBM common shares in accordance with their terms.

As control of the combined entity resides with the former owners of Bitzero, the transaction is accounted for as a reverse acquisition with Bitzero as the accounting acquirer and WBM as the accounting acquiree. The transaction was accounted for in accordance with IFRS 2, with any excess of the fair value of the deemed consideration over the fair value of WBM's identifiable net assets recognized as a listing expense in profit or loss in the period of closing.

On November 24, 2025, Bitzero's common shares began trading on the Canadian Securities Exchange under the ticker "BITZ.U".

**4.** **SUBSEQUENT EVENTS** 

(a) <u>Re-performance of IFRS classification analysis for the JGB financing</u> 

Subsequent to December 31, 2025 financial statements, in connection with the BCSC review and following identification of internal inconsistencies in the disclosure of the senior secured loan, management is re-performing the IFRS classification analysis for the host loan, the embedded conversion feature, the JGB First Warrants, the JGB Second Warrants and the related ratchet issuance provisions, with support from an external IFRS specialist and SRCO Professional Corporation (the Company's auditors). The corrected analysis may result in (i) the reclassification of one or more components of the senior secured loan and (ii) a determination under IAS 8 of whether prior-period error correction is required for the September 30, 2025 Bitzero Blockchain Inc. annual financial statements. See Note 21(c) to the interim condensed consolidated financial statements.

(b) <u>JGB loan activity</u> 

Subsequent to March 31, 2026, the Company continued to make scheduled payments under the JGB financing arrangement. From January 2026 through April 2026, the Company received monthly payment requests from the JGB Agent totaling approximately $2,616,577, consisting of $1,216,577 of interest and $1,400,000 of principal paydowns.

Management continues to assess covenant compliance under the JGB financing arrangement. The Company obtained a waiver from the Lenders in respect of the minimum trailing-three-month EBITDA covenant for the period ended December 31, 2025.

Page **13** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**4.** **SUBSEQUENT EVENTS (CONT'D)** 

(b) <u>JGB loan activity (cont'd)</u> 

As at March 31, 2026 and the date of this MD&A, the Company was in compliance with the minimum cash balance covenant and the minimum trailing-three-month consolidated revenue covenant. Refer to Note 21(c) to the interim condensed consolidated financial statements.

**5.** **PRESENTATION OF FINANCIAL INFORMATION AND NON-IFRS MEASURES** 

(a) <u>Presentation of financial information</u> 

Unless otherwise specified herein, financial results, including historical comparatives, contained in this MD&A are based on the Company's Annual Financial Statements, which have been prepared in accordance with International Financial Reporting Standards ("IFRS") as issued by the International Accounting Standards Board ("IASB") and the interpretations of the IFRS Interpretations Committee ("IFRIC"). Unless otherwise specified, amounts are in thousands of United States dollars and percentage changes are calculated using whole numbers.

(b) <u>Non-IFRS measures</u> 

In addition to the reported IFRS measures, industry practice is to evaluate entities giving consideration to certain non-IFRS performance measures, such as earnings before interest, taxes, depreciation and amortization ("EBITDA") or adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA").

These measures are not in accordance with IFRS and have no standardized definitions, and as such, our computations of these non-IFRS measures may not be comparable to measures by other reporting issuers. In addition, Company's method of calculating non-IFRS measures may differ from other reporting issuers, and accordingly, may not be comparable.

A reconciliation of EBITDA and Adjusted EBITDA to IFRS net income is presented below.

*Earnings Before Interest, Taxes, Depreciation and Amortization ("EBITDA")* 

EBITDA is used as an alternative to net income because it includes major non-cash items such as interest, taxes and amortization, which management considers non-operating in nature. A reconciliation of EBITDA to IFRS net income is presented under the section **Results from Operations** of this MD&A.

*Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA")* 

Adjusted EBITDA is used as an alternative to net income because it excludes major non-cash items such as amortization, stock-based compensation, current and deferred income tax expenses and other items management considers non-operating in nature. A reconciliation of adjusted EBITDA to IFRS net income is presented under section **Results from Operations** of this MD&A.

EBITDA and Adjusted EBITDA are used by management as inputs in our internal metrics and in evaluating our ability to satisfy the Company's obligations. EBITDA and Adjusted EBITDA are used as alternatives to IFRS net income (loss) because it excludes major non-cash items (including depreciation and amortization, interest, taxes and share-based payments) and other items that management considers non-operating in nature.

Page **14** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**5.** **PRESENTATION OF FINANCIAL INFORMATION AND NON-IFRS MEASURES (CONT'D)** 

(b) <u>Non-IFRS measures (cont'd)</u> 

*Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization ("Adjusted EBITDA") (cont'd)* 

Management believes that these measures are helpful to investors because they are widely recognized measures of Company's performance and provides a relevant basis of comparison to other entities. In addition to IFRS results, these measures are also used internally to measure the operating performance of the Company.

(c) <u>New and revised IFRS accounting standards in issue but not yet effective</u> 

At the date of authorization of these interim condensed consolidated financial statements, the Company has not applied the following new and revised IFRS Accounting Standards that have been issued but are not yet effective for the Company's consolidated financial statements for the periods presented:

*IFRS 18: Presentation and Disclosure in Financial Statements* 

IFRS 18 is a comprehensive new standard on presentation and disclosure that will modify the structure and content of the primary consolidated financial statements and related notes. It is expected to affect presentation and disaggregation, including new defined subtotals in the statement of profit or loss.

Application for IFRS 18 is required for annual reporting periods beginning on or after January 1, 2027. The Company does not intend to early apply IFRS 18 and plans to apply it starting on October 1, 2027.

The Company is in the process of reviewing the impact of IFRS 18 on its consolidated financial statements in future periods.

**6.** **CRITICAL JUDGMENTS AND ESTIMATION UNCERTAINTY** 

There have been no changes to the Company's critical judgments and responses to estimation uncertainty in the period since the Company's audited annual consolidated financial statements and accompanying annual MD&A.

Page **15** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**7.** **SELECTED FINANCIAL INFORMATION** 

(a) <u>Select annual information from the statements of profit or loss</u> 

The following table provides selected financial information from the statement of loss and comprehensive loss of the Company for the three and six-months ended March 31, 2026 and March 31, 2025:

**7.** **SELECTED FINANCIAL INFORMATION (CONT'D)** 

(a) <u>Select annual information from the statements of profit or loss (cont'd)</u> 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Three months<br> ended | Six months<br> ended | Three months<br> ended | Six months<br> ended |
| Revenue from digital assets mined | 5320574 | 12816312 | 6082739 | 11009110 |
| Direct costs | (4749188) | (11582691) | (5996666) | (12059469) |
| Operating expenses | (4363830) | (9883365) | (1370013) | (3058838) |
| Operating loss before other items | (3792444) | (8649744) | (1283940) | (4109197) |
| Other items | (311725) | (3985213) | 2098512 | (1643911) |
| Total comprehensive loss | (4104169) | (12634957) | 814572 | (5753108) |

---

*(i)* *Revenue from digital assets mined* 

 

Revenue from digital assets mined was $5.3 million in Q2 2026 compared to $6.0 million in Q2 2025. The Company mined 65.93 BTC in Q2 2026 compared with 65.81 BTC in Q2 2025, reflecting higher average and period-end hashrate at the Norway data centre following additional miner deployments. The average realized price per BTC, including transaction fees, was approximately $80,700 in Q2 2026 (Q2 2025: $93,423).

*(iii)* *Direct costs* 

 

Direct costs for the three-months ended March 31, 2026 fell 21% to $4.7 million (Q2 2025: $5.9 million), primarily due to reduced utilities costs. Depreciation of tangible assets increased slightly, while amortization of right-of-use assets trended up due to new lease agreements entered in the current quarter.

 

*(iv)* *Operating expenses* 

 

Operating expenses were $4.3 million (Q2 2026: $1.3 million). The increase was driven primarily by higher finance costs of $2.3 million (Q2 2025: $0.1 million) due to interest on long-term debt and other payables.

 

Administrative expenses rose to $1.6 million (Q2 2025: $1.0 million), including higher legal fees of $0.8 million (Q2 2025: $0.4 million) and higher professional fees of $0.2 million (Q2 2025: $0.1 million.

 

Finance costs increased to $3.6 million (Q2 2025: $0.1 million), comprised mainly of interest on loans and other payables. The period-over-period increase primarily reflects the senior secured loan entered into in June 2025.

 

*(v)* *Other income / loss* 

 

Other losses were $0.3 million (Q2 2025: $2.0 million). The decrease was driven primarily by FX impacts of $0.8M (Q2 2025: $3.1 million) and lower realized gains on translation of foreign operations, and was partially offset by gains on derivative financial instruments of $0.6M (Q2 2025: nil), a gain on financing instrument of $1.2M (Q2 2025: nil), and share based expenses of $2.4M ((Q2 2025: $4.4 million) largely related to equity instruments that vested or were issued in connection with corporate activities during the period.

Page **16** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**7.** **SELECTED FINANCIAL INFORMATION (CONT'D)** 

(a) <u>Select annual information from the statements of profit or loss (cont'd)</u> 

*(v)* *Other income (cont'd)* 

 

Share-based expenses in Q2 2026 of $2.4 million were comprised of:

● $2,355,954 from RSUs vested upon the reverse takeover of the Company (a significant, largely non-cash charge recognized upon vesting/acceleration at the transaction date);

● $11,887 from common shares issued for services rendered, representing non-cash consideration measured at fair value and expensed as the related services were received.

(b) <u>Digital currency operations</u> 

For the three months ended March 31, 2026, revenue for digital assets mined was $5.3 million (Q2 2025: $6.0 million).

The change reflects 65.93 BTC mined during Q2 2026 as compared to 65.81 BTC in Q2 2025, driven primarily by differences in average hashrate, network difficulty and power prices.

Average hashrate for the period was 1.32 EH/s (period-end installed hashrate 1.74 EH/s), across 38 containers and 11,195 miners.

Average realized price of 80,700 $/BTC (including transaction fees) as compared to 93,423 $/BTC in the comparative period, consistent with our policy to recognize mining revenue at the fair value of digital assets upon receipt.

Existing rigs (installed prior to the beginning of the reporting period): approximately 99% of mining revenue. New rigs (placed in service during the reporting period): approximately 1% of mining revenue.

For Q2 2026, direct costs were $4.7 million (Q2 2025: $5.9 million). Electricity and grid services: 57,572 MWh consumed at an average tariff of $26.29/MWh, for total electricity and grid services costs of approximately $1,513,568 (For the comparative period: 73,957 MWh consumed at an average tariff of $51.53MWh, totalling approximately $3,811,004). Utilities decreased period-over-period, reflecting lower consumption during higher-uptime periods and network conditions.

Page **17** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**8.** **QUARTERLY RESULTS** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | For the three months ended (unaudited) | For the three months ended (unaudited) | For the three months ended (unaudited) |
|  | | June 30, | September 30, | December 31, |
| |<br>March 31,<br>2023 | 2023 | 2023 | 2023 |
| Revenue | 424478 | 1297062 | 9408300 | 4253730 |
| Total comprehensive loss | 553831 | 2838400 | 2534802 | 1596588 |
| Total assets | 53321816 | 50704069 | 29850652 | 46213966 |
| Total liabilities | 7727148 | 7659137 | 9993673 | 9679369 |
| Basic and diluted loss per share | 0.02 | 0.09 | 0.08 | 0.05 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | For the three months ended (unaudited) | For the three months ended (unaudited) | For the three months ended (unaudited) |
|  | | June 30, | September 30, | December 31, |
| |<br>March 31,<br>2024 | 2024 | 2024 | 2024 |
| Revenue | 1939302 | 6850336 | 9567913 | 4926371 |
| Total comprehensive loss | 649685 | 1346820 | 10177157 | 6567680 |
| Total assets | 47641574 | 58800331 | 29850652 | 27796229 |
| Total liabilities | 7798355 | 13417570 | 16025622 | 14977179 |
| Basic and diluted loss per share | 0.02 | 0.04 | 0.31 | 0.18 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | For the three months ended (unaudited) | For the three months ended (unaudited) | For the three months ended (unaudited) |
|  | | June 30, | September 30, | December 31, |
| |<br>March 31,<br>2025 | 2025 | 2025 | 2025 |
| Revenue | 6240872 | 6326175 | 7402272 | 7495738 |
| Total comprehensive loss (income) | 5525789 | 5065541 | (1185467) | 12096767 |
| Total assets | 35723697 | 29206650 | 42740718 | 56625858 |
| Total liabilities | 14997600 | 12048090 | 29890007 | 30380223 |
| Basic and diluted loss (income) per share | 0.14 | 0.13 | (0.03) | 0.23 |

---

---

| | |
|:---|:---|
| For the three months ended (unaudited) | For the three months ended (unaudited) |
|  | March 31, |
|  | 2026 |
| Revenue | 5320574 |
| Total comprehensive loss (income) | 4104169 |
| Total assets | 55835949 |
| Total liabilities | 31535706 |
| Basic and diluted loss per share | 0.08 |

---

All quarterly financial information is unaudited.

Page **18** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**9.** **MATERIAL TRANSACTIONS** 

(a) <u>Issued and outstanding share capital</u> 

---

| | | |
|:---|:---|:---|
| Share issuances | Shares | Share capital |
|  | # | $ |
| Balance, pre-Reverse Takeover | 477022330 | 113775486 |
| Share consolidation ratio | 0.10 | 1.00 |
| Balance, post-Reverse Takeover | 47702233 | 113775486 |
| November 19, 2025 | 4362954 | 154886 |
| December 1, 2025 | 38434 | 36537 |
| December 15, 2025 | 127773 | 120353 |
| December 16, 2025 | 50000 | 108500 |
| January 6, 2026 | 25945 | 26093 |
| January 14, 2026 | 26026 | 26502 |
| January 19, 2026 | 400000 | 875197 |
| January 21, 2026 | 200000 | 734352 |
| January 26 2026 | 25000 | 54700 |
| March 6, 2026 | 995000 | 2318350 |
| Balance, March 31, 2026 | 53953365 | 118230956 |

---

During the three-month period ended March 31, 2026, no new shares were issued by way of subscription or private placement. During the six-month period ended March 31, 2026, the Company completed a brokered private placement (which closed on November 25, 2025) of 375,000 units for gross proceeds of $1,500,000. Each unit comprised one common share and one common share purchase warrant, with each warrant exercisable to acquire one common share at an exercise price of $4.00 for two years from the date of issuance. Proceeds were allocated between the common shares and warrants based on their relative fair values, with $892,293 allocated to the warrant component and $607,707 allocated to share capital.

During the six-month period ended March 31, 2026, the Company issued 5,942,610 common shares upon the settlement of vested RSUs for a non-cash increase in share capital of $14,701,710, representing the reclassification of amounts recognized in equity for share-based compensation. Of these RSU settlements, 4,522,610 shares ($11,088,558) were issued during the three months ended March 31, 2026 and 1,420,000 shares ($8,732,942) were issued during the three months ended December 31, 2025.

In November 2025, the Company completed a go-public transaction, as described in Note 3(i). In connection with the transaction, the Company effected a 10-for1 consolidation of its common shares, resulting in a decrease in the number of issued and outstanding shares from 477,295,923 to 47,702,203, with no impact on total share capital.

Immediately prior to the transaction, WBM had 250,000 common shares issued and outstanding and issued an additional 4,112,954 common shares to settle indebtedness, resulting in 4,362,954 WBM common shares outstanding. Upon completion of the transaction, the consolidated share capital reflects the legal share capital of WBM.

Following the transaction, the Company issued 218,207 common shares upon the conversion of debt and 250,000 common shares upon the exercise of warrants, increasing share capital by $324,543 and $979,365, respectively.

Page **19** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**9.** **MATERIAL TRANSACTIONS (CONT'D)** 

(a) <u>Issued and outstanding share capital (cont'd)</u> 

As at March 31, 2026, the Company had 53,953,365 (Sept 30, 2025 - 42,629,593) common shares issued and outstanding with total share capital of $118,230,956 (Sept 30, 2025 - $93,672,936).

(a) <u>Issued and outstanding share capital</u> 

Details regarding the Q2 2026 shares issuances are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Shares | Price | Proceeds | Share capital |
|  | # | $ | $ | $ |
| Subscriptions | 375000 | 1.62 | 607500 | 607707 |
| Exercised RSUs | 5942610 | 2.47 | n/a | 14701710 |
| Advisory shares | 175000 | 4.00 | n/a | 700000 |
| Shares issued for services | 4362955 | 0.04 | n/a | 154885 |
| Excerised convertible debt | 218207 | 4.00 | 872712 | 209485 |
| Excerised warrants | 250000 | 0.10 | 25000 | 842852 |
|  | 11323772 |  | 1505212 | 17216640 |

---

(b) <u>Options</u> 

The Company has a stock option plan (the "Stock Option Plan") under which the Board of Directors may grant to directors, officers, employees and technical consultants to the Company non-transferable options to purchase common shares, exercisable for periods of 3 to 5 years from the date of the grant.

A summary of the stock options is as follows:

---

| | | |
|:---|:---|:---|
| |<br>Number | Weighted-<br>average exercise<br>price |
|  | # | $ |
| Balance, September 30, 2024 | 11063935 | 0.16 |
| Exercised | (1983602) | 0.05 |
| Balance, September 30, 2025 | 9080333 | 0.16 |
| Granted, November 19, 2025 | 1600000 | 0.40 |
| Balance, pre-Reverse Takeover | 10680333 | 0.22 |
| Share consolidation ratio | 0.10 | 0.10 |
| Balance, post-Reverse Takeover | 1068033 | 2.21 |
| Balance, March 31, 2026 | 1068033 | 2.21 |
| Exercisable | 1068033 | 2.21 |

---

Page **20** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**9.** **MATERIAL TRANSACTIONS (CONT'D)** 

(b) <u>Options (cont'd)</u> 

---

| | | | |
|:---|:---|:---|:---|
|  | | Weighted- | Weighted- |
| March 31, 2026 | Options | average exercise | average |
| Vesting Conditions | outstanding | price | remaining life |
|  | # | $ | $ |
| Immediately | 603033 | 2.65 | 0.72 |
| 1/3 per year from grant date | 305000 | 0.50 | 0.10 |
| Date of the corporation's RTO | 160000 | 4.00 | 4.64 |
| Outstanding, December 31, 2025 | 1068033 | 2.21 | 1.13 |
| Exercisable, December 31, 2025 | 1068033 | 2.21 | 1.13 |

---

The fair value of each share-based payment transaction was estimated on the date of the grant, as determined by using the Black-Scholes option pricing model with the following weighted average assumptions:

---

| | |
|:---|:---|
| | 19-Nov-25 |
| Estimated stock price at time of grant | $4.00 |
| Exercise price of the option | $4.00 |
| Number of period to exercise, in year | 5.00 |
| Compounded risk-free rate | 2.73% |
| Expected volatility | 115% |
| Dividend yield | 0% |

---

(c) <u>Restricted stock units</u> 

The 2022 Restricted Share Unit Plan (the "RSU Plan") allows the Company to award restricted share units to officers, employees, directors and consultants of the Company upon such conditions as the Board may establish, including the attainment of performance goals recommended by the Company's compensation committee.

The purchase price for common shares of the Company issuable under each Restricted Share Unit ("RSU") award, if any, shall be established by the Board at its discretion. Common shares issued pursuant to any RSU award may be made subject to vesting conditions based upon the satisfaction of service requirements, conditions, restrictions, time periods or performance goals established by the Board.

The RSUs are recognized as share-based compensation expense over the vesting period which is the lesser of: (i) the occurrence of one of the pre-defined liquidity events in the RSU notice, and (ii) 5 years after the grant date.

Page **21** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**9.** **MATERIAL TRANSACTIONS (CONT'D)** 

(c) <u>Restricted stock units</u> 

A continuity of RSUs is as follows:

---

| | | |
|:---|:---|:---|
| | RSUs<br>Granted | RSUs<br>Vested |
|  | # | # |
| September 30, 2024 (pre-consolidation) | 34596100 | 12571233 |
| Issued | 2805000 |  |
| Vested |  | 2550000 |
| Exercised | (2550000) | (2550000) |
|  | 34851100 | 12571233 |
| Share consolidation ratio | 0.10 | 0.10 |
| **March 31, 2025** | **3485110** | **1257123** |
| September 30, 2025 | 4847610 | 957123 |
| Issued | 1295000 |  |
| Vested |  | 5185487 |
| Exercised | (5942610) | (5942610) |
| **March 31, 2026** | **200000** | **200000** |

---

During the 3 month period ended March 31, 2026, share-based compensation expense for the Company's RSUs was $3,066,499 (2025 - $5,050,300). The fair value of each share-based payment transactions was estimated on the date of the grant, based on the present value of the underlying equity, with the following weighted-average assumptions:

---

| | | | |
|:---|:---|:---|:---|
| | 14-Oct-25 | 19-Jan-26 | 03-Mar-26 |
| Stock price at time of grant | $0.40 | $4.00 | $2.50 |
| Number of periods to exercise, in years | 5 | 5 | 5 |
| Compounded risk-free rate | 3.19% | 3.19% | 3.36% |
| Dividend yield | 0.00% | 0.00% | 0.00% |
| Exercise price | $4.00 | $4.00 | $2.50 |
| Volatility | 76% | 76% | 76% |
| Discount for lack of marketability | 0.00% | 0.00% | 0.00% |

---

As at March 31, 2026, a total of 5,185,487 RSUs vested during the period and 5,942,610 RSUs were exercised. There were 200,000 RSUs outstanding as at March 31, 2026 (2025 – 3,485,110 on a post-consolidation basis; 34,851,110 on a pre-consolidation basis).

(d) <u>Warrants</u> 

The Company issued warrants in connection with the senior secured loan discussed in Note 21(c) of the Q2 Financial Statements and the convertible promissory notes described in Note 21(d) of the Q2 Financial Statements. The warrants issued in connection with the convertible promissory notes were classified as a derivative liability and were revalued as at March 31, 2026.

Page **22** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**9.** **MATERIAL TRANSACTIONS (CONT'D)** 

(d) <u>Warrants (cont'd)</u> 

In connection with the reverse takeover transaction completed during preceding three-month period, outstanding warrants were adjusted to represent rights to acquire common shares of the legal parent and were further adjusted to reflect the 10-for-1 common share consolidation. Accordingly, the number of options outstanding and the related weighted-average exercise prices presented below are shown on a post-consolidated basis.

A summary of warrants is as follows:

---

| | | |
|:---|:---|:---|
| |<br>Number | Weighted-<br>average exercise<br>price |
|  | # | $ |
| Balance, September 30, 2025 |  |  |
| Granted | 32934800 | 0.09 |
| Balance, pre-Reverse Takeover | 32934800 | 0.09 |
| Share consolidation ratio | 0.10 | 0.10 |
| Balance, post-Reverse Takeover | 3293480 | 0.86 |
| Exercised | (250000) | 0.10) |
| Fair value changes |  |  |
| Balance, March 31, 2026 | 3043480 | 0.93 |
| Exercisable | 3043480 | 0.93 |

---

The fair value of the warrants were estimated on the date of the grant, as determined by using the Black-Scholes option pricing model with the following weighted average assumptions:

---

| | | |
|:---|:---|:---|
| |<br>Warrants,<br>equity | Warrants,<br>derivative<br>liability |
| Estimated stock price at time of grant | $4.00 | $4.00 |
| Exercise price of the warrant | $0.10 | $5.00 |
| Number of period to exercise, in year | 5.00 | 3.00 |
| Compounded risk-free rate | 2.86% | 3.01% |
| Expected volatility | 115% | 83% |
| Dividend yield | 0% | 0% |

---

Page **23** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**9.** **MATERIAL TRANSACTIONS (CONT'D)** 

The fair value of the warrants classified as a derivative liability were estimated as at March 31, 2026 , as determined by using the Black-Scholes option pricing model with the following weighted average assumptions:

(d) <u>Warrants (cont'd)</u> 

---

| | |
|:---|:---|
| | Warrants,<br>derivative<br>liability |
| Stock price at reporting date | $2.30 |
| Exercise price of the warrant | $5.00 |
| Number of period to exercise, in year | 2.24 |
| Compounded risk-free rate | 3.03% |
| Expected volatility | 75% |
| Dividend yield | 0% |

---

**10.** **RECONCILIATION OF EBITDA** 

The following table outlines the reconciliations of adjusted EBITDA and adjusted EBITDA margin to its nearest IFRS measure:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | For the three and six-months ended (unaudited) | For the three and six-months ended (unaudited) | For the three and six-months ended (unaudited) | For the three and six-months ended (unaudited) |
|  | March 31, | March 31, | March 31, | March 31, |
| | 2026 | 2026 | 2025 | 2025 |
|  | *3 mo.* | *6 mo.* | *3 mo.* | *6 mo.* |
| Net loss | (3983687) | (12502299) | (797825) | (6961155) |
| Interest expenses | 2356633 | 5969033 | 141855 | 196350 |
| Interest income | (27) | (951) | (2554) | (4108) |
| Income taxes |  |  |  |  |
| Depreciation | 3424340 | 6677230 | 2097077 | 5342804 |
| **EBITDA** | **1797259** | **143013** | **1438553** | **(1426109)** |
| Stock-based compensation | 2355954 | 15076282 | 4450000 | 4500000 |
| Foreign exchange gain | (888501) | (1735306) | (3117359) | 1406704 |
| Gain on derivative financial instruments | (629968) | (6671823) |  |  |
| **Adjusted EBITDA** | **837485** | **6669153** | **1332641** | **5906704** |
| Revenue | 5320574 | 12816312 | 6082739 | 11009110 |
| Adjusted EBITDA | 837485 | 6669153 | 1332641 | 5906704 |
| **Adjusted EBITDA margin** | **16%** | **52%** | **22%** | **54%** |

---

Adjustments to EBITDA are described in detail in the notes to the financial statements. In accordance with the BCSC Comment Letter received, the Adjusted EBITDA reconciliation has been revised to add back the gain on derivative financial instruments (Q2 2026: $629,968; six-month period: $6,671,823 including the previously-disclosed $4,328,146 for the three months ended December 31, 2025), consistent with the Company's description of Adjusted EBITDA as excluding "major non-cash items such as amortization, stock-based compensation, current and deferred income tax expenses and other items management considers non-operating in nature". The Company has reviewed the presentation and disclosure of Adjusted EBITDA against NI 52-112 — Non-GAAP and Other Financial Measures Disclosure. The covenant definition of EBITDA in the JGB Loan Documents is materially different from the Adjusted EBITDA measure presented in this MD&A.

Page **24** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**10.** **RECONCILIATION OF EBITDA (CONT'D)** 

The Company issued warrants in connection with the senior secured loan discussed in Note 21(c) in the interim financial statements and the convertible promissory notes described in Note 21(d) in the interim financial statements. The warrants issued in connection with the convertible promissory notes were classified as a derivative liability and were revalued as at March 31, 2026. Also, the Company issued conversion options in connection with the convertible promissory notes described in Note 21(d) of the interim financial statements. The conversion options were classified as derivative liabilities and measured at fair value through profit or loss. The fair value of the conversion options was determined at the grant date using a binomial option pricing model and was remeasured as at March 31, 2026.

**11.** **LIQUIDITY AND CAPITAL RESOURCES** 

(a) <u>Liquidity</u> 

As at March 31, 2026, the Company held cash of $0.8 million, compared to $2.5 million as at September 30, 2025. In addition, the Company maintained digital assets valued at $3.9 million (September 30, 2025 – $0.8 million), which may serve as a supplemental source of liquidity depending on prevailing market conditions. The Company's working capital deficit as at period-end was $9.2 million (September 30, 2025 – $6.4 million deficit).

As at March 31, 2026, the Company had an accumulated deficit of $94,082,241 (September 30, 2025 – $81,579,828). Whether and when the Company can generate sufficient cash flows to pay for its expenditures and settle its obligations as they fall due is uncertain. These conditions, taken together with the matters described in Note 2(b) to the interim condensed consolidated financial statements, indicate the existence of a material uncertainty that may cast significant doubt on the Company's ability to continue as a going concern. To address the going concern considerations, the Company is (i) pursuing equity financing alternatives; (ii) monitoring general and administrative expenses against budget; (iii) optimizing operating processes at the Norway data centre; and (iv) engaging with the Lenders under the Loan and Guaranty Agreement on covenant compliance and any required waivers. These interim condensed consolidated financial statements do not include any adjustments that would result if the going concern assumption were no longer appropriate.

(b) <u>Contractual obligations</u> 

The Company is party to various contractual obligations, including loans payable, settlement liabilities, convertible debentures, and lease liabilities. As at March 31, 2026, loans payable amounted to $6.2 million, of which $2.9 million is classified as current. Convertible debentures and promissory notes of $4.3 million are outstanding, of which $1.6 million are classified as a current liability, which is inclusive of the interest accretion on this debt. There were no off-balance sheet arrangements reported. The Company continues to service these obligations through available cash resources and ongoing capital management efforts.

(c) <u>Capital resources</u> 

The Company's capital resources primarily consist of shareholders' equity, which totaled $25.6 million at March 31, 2026, compared to $12.9 million at September 30, 2025. The increase was attributable to additional equity financings during the period, partially offset by the net loss for the period and other comprehensive losses. The Company's share capital increased to $118.2 million (March 31, 2025 – $90.2 million) as a result of equity issuances during the period, which provided important financing for operations.

Page **25** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**11.** **LIQUIDITY AND CAPITAL RESOURCES (CONT'D)** 

(c) <u>Capital resources (cont'd)</u> 

Management defines its capital structure as shareholders' equity, debt instruments (including loans payable, convertible debentures and lease liabilities), and other financing arrangements. The Company's objective is to preserve a flexible capital structure that allows it to respond to changing economic and industry conditions, while minimizing the overall cost of capital.

(d) <u>Digital currency</u> 

The Company holds Bitcoin primarily to support working capital needs. In managing liquidity risk, management targets maintaining cash and cash equivalents in excess of expected cash outflows over the next sixty days. When forecasts indicate a shortfall against this target, the Company disposes of Bitcoin to bridge the gap.

Disposals are sized using weekly cash flow forecasts that consider near-term power, payroll, lease and debt-service obligations and expected customer collections; timing is aligned to settlement dates for these obligations and market trading windows that provide sufficient depth.

The Company continues to treat Bitcoin as a supplemental source of liquidity and will adjust the timing and amount of future sales in line with forecast cash needs and prevailing market conditions. Please refer to the corresponding financial statements for a continuity schedule of Bitcoin balances and disposals, and Financial Instruments and Risk Management for the Company's 60-day liquidity risk framework.

**12.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT** 

The Company has exposure to credit risk, liquidity risk, and market risk arising from financial instruments. Management considers credit risk and market risk to be low. The following summarizes the Company's financial instruments and associated risks.

*Risk management framework* 

The Company's board of directors has overall responsibility for the establishment and oversight of the Company's risk management framework. The board of directors has established the risk management committee, which is responsible for developing and monitoring the Company's risk management policies. The committee reports regularly to the board of directors on its activities.

The Company's risk management policies are established to identify and analyze the risks faced by the Company, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Company's activities. The Company, through its training and management standards and procedures, aims to maintain a disciplined and constructive control environment in which all employees understand their roles and obligations.

*Liquidity risk* 

Liquidity risk is the risk that the Company will encounter difficulty in meeting the obligations associated with its financial liabilities that are settled by delivering cash or another financial asset.

Page **26** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**12.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONT'D)** 

*Liquidity risk (cont'd)* 

The Company's approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to meet its liabilities when they are due, under both normal and stressed conditions, without incurring unacceptable losses or risking damage to the Company's reputation.

The Company aims to maintain the level of its cash and cash equivalents at an amount in excess of expected cash outflows on liabilities (other than trade payables) over the next 60 days.

The Company also monitors the level of expected cash inflows on trade and other receivables, together with the expected outflows on trade and other payables.

The Company's exposure to liquidity risk, calculated as total liabilities, is $31,535,706 as at March 31, 2026 (fiscal 2025 – $29,890,007), for which the Company has cash of $5,191,946 (comprising cash and cash equivalents of $832,680, restricted cash of $2,000,000 and cash held in trust of $2,359,266) on hand to satisfy its liabilities (fiscal 2025 – $5,475,486). There have been no changes to the method for managing liquidity risk.

*Credit risk* 

Credit risk is the risk that one party to a financial instrument will cause a financial loss for the other party by failing to discharge an obligation. In order to reduce its credit risk, the Company reviews a new customer's credit history before extending credit and conducts regular reviews of its existing customers' credit performance. An allowance for doubtful accounts is established based upon factors surrounding the credit risk of specific accounts, historical trends and other information.

*Market risk* 

Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency rate risk, interest rate risk and other price risk. The Company is mainly exposed to interest rate and currency risk.

*Foreign currency risk* 

The Company is exposed to foreign currency risk primarily through its operations in multiple jurisdictions and transactions denominated in currencies other than its functional currency.

Foreign currency risk arises from recognized assets and liabilities, as well as future commercial transactions that are denominated in a currency different from the functional currency of the Company entities. The Company monitors its exposure to foreign currency risk on an ongoing basis and uses derivative financial instruments, such as forward exchange contracts, to hedge significant foreign currency exposures when considered appropriate and as when required. The effectiveness of these hedging instruments is assessed regularly.

However, the Company does not hedge all of its foreign currency exposures, and fluctuations in exchange rates could have a material impact on the Company's financial performance and position.

Page **27** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**12.** **FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (CONT'D)** 

*Interest rate risk* 

The Company's exposure to interest rate risk arises primarily from its variable-rate borrowings and lease liabilities. Changes in market interest rates can affect the Company's interest expense and the value of its financial liabilities. To manage interest rate risk, the Company may enter into interest rate swap agreements to convert variable-rate debt into fixed-rate debt, thereby reducing exposure to fluctuations in interest rates. Management regularly reviews the interest rate exposure and considers the potential impact of interest rate movements on its financial performance. However, there can be no assurance that these measures will fully mitigate the impact of interest rate fluctuations.

*Digital currency risk* 

The Company is exposed to digital currency risk due to its holdings and transactions in cryptocurrencies. Digital currency risk arises from the volatility in the market prices of cryptocurrencies, which can fluctuate significantly due to various factors, including market demand, regulatory developments, and macroeconomic trends.

The Company manages its digital currency risk by monitoring market conditions and may engage in hedging activities, such as entering into derivative contracts, to mitigate the impact of adverse price movements. However, given the inherent volatility and the relatively nascent nature of digital currency markets, there remains a significant risk that the value of the Company's digital assets could experience substantial fluctuations, which could materially affect the Company's financial performance and position.

*Custody risk* 

The Company mines digital assets through a pool and transfers rewards from the pool to Company-controlled private wallets on a daily basis, and safeguards these holdings through a tiered wallet structure.

Transactions are subject to segregation of duties and role-based approvals. Private keys are generated in controlled environments with encrypted, geographically separated backups and periodically refreshed.

The Company does not use a third-party custodian to hold digital assets and exposure to the pool is minimized through daily withdrawals and monitoring. Wallet activity is reconciled and reviewed by management.

*Loss of access risk* 

The loss of access to the private keys associated with the Company's Bitcoin holdings may be irreversible and could adversely affect an investment. An amount of Bitcoin is spendable only by whoever possesses the private key associated with the address on which the Bitcoin is held.

To the extent a private key is lost, destroyed, or otherwise compromised, and no backup is accessible, the Company may be unable to access the associated Bitcoin. To mitigate this, the wallets are designed such that no single key, device, or individual is critical, encrypted back-ups and/or key-share arrangements are maintained in secure locations to enable controlled recovery.

Page **28** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**13.** **RELATED PARTY TRANSACTIONS** 

The Company defines related parties in accordance with the definitions in IAS 24 - Related Party Disclosures. As they pertain to the Company, related parties comprise: (i) Key management personnel as described below, and (ii) entities within the Company's reporting group as described in Note 3(b).

(a) <u>Key management personnel transactions</u> 

Key management includes the Company's directors, officers and any consultants with the authority and responsibility for planning, directing, and controlling the activities of an entity, directly or indirectly, and includes Chief Executive Officer, Chief Financial Officer, Chief Technical Officer. Amounts owing to related parties consists of amounts due to key management.

During the periods ended March 31, 2026 and 2025, key management personnel compensation consisted of short-term and long-term benefits and remuneration, and was classified as follows:

A detailed breakdown of the key management personnel compensation for the three and six-month periods ended March 31, 2026 and March 31, 2025 is as follows:

---

| |
|:---|
| Cash compensation: |
| &nbsp;&nbsp;&nbsp;Mohammed Salah Bakhashwain |
| &nbsp;&nbsp;&nbsp;Giovanni Gardenzi |
| &nbsp;&nbsp;&nbsp;Frank Aadnevik |
| Total cash compensation |
| Share-based payments: |
| &nbsp;&nbsp;&nbsp;Mohammed Salah Bakhashwain |
| &nbsp;&nbsp;&nbsp;Giovanni Gardenzi |
| &nbsp;&nbsp;&nbsp;Frank Aadnevik |
| Total share-based payments |
| Other forms of remuneration: |
| &nbsp;&nbsp;&nbsp;Mohammed Salah Bakhashwain |
| &nbsp;&nbsp;&nbsp;Giovanni Gardenzi |
| &nbsp;&nbsp;&nbsp;Frank Aadnevik |
| Total other forms of remuneration |
| Reimbursements or settlements paid: |
| &nbsp;&nbsp;&nbsp;Mohammed Salah Bakhashwain |
| &nbsp;&nbsp;&nbsp;Giovanni Gardenzi |
| &nbsp;&nbsp;&nbsp;Frank Aadnevik |
| Total reimbursements or settlements |
| Total compensation |

---

Page **29** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**13.** **RELATED PARTY TRANSACTIONS (CONT'D)** 

(a) <u>Key management personnel transactions (cont'd)</u> 

As of March 31, 2026 and September 30, 2025, amounts due to related parties consisted of the following:

---

| | | |
|:---|:---|:---|
| | March 31,<br>2026 | September 30,<br>2025 |
|  | $ | $ |
| Balances included in accounts and other payables |  | 95758 |
| Related party advances | 152203 | 150784 |

---

The balances are unsecured, due on demand and bear no interest, unless otherwise disclosed.

(b) <u>Key management dispute</u> 

The Company filed a lawsuit against its former CEO, for employment-related matters. The former CEO has filed a countersuit for damages against the Company. The likelihood and magnitude of the amounts in dispute are not determinable as at the date of these consolidated financial statements and, as such, no provision has been recorded thereon.

(c) <u>Convertible debentures</u> 

On August 10, 2021, the Company obtained an unsecured convertible loan from the Company's CEO, ("CEO Loan"), in the principal amount of $1,000,000. The CEO Loan shall bear no interest prior to the maturity date. As and from the maturity date, any outstanding balance of the loan shall bear interest at an annual rate of 15% per annum, compounded semi-annually.

The Company must repay the loan immediately upon the earliest of the date (the "Maturity Date") or the occurrence of the following events: (i) the Company receiving gross funds from investors participating in the Company's current round of equity financing totaling $10,000,000 or more, or (ii) the Company having public market value/capitalization on a recognized Canadian stock exchange of at least $50,000,000 or (iii) CEO ceasing to be the Chairman and CEO of the Company for any reason whatsoever, other than his voluntary resignation.

After the Maturity Date, the Company may also elect, at its sole discretion, to convert the amount of the loan in whole or in part into common shares of the Company at a price of CAD $0.40 per common share.

The Company allocated the proceeds of $1,000,000 as follows: first to liability component for $945,267, with the residual value to the equity component for $54,733. The debenture has not been converted or repaid subsequent to the period end.

**14.** **OFF-BALANCE-SHEET ARRANGEMENTS** 

As at March 31, 2026, the Company had no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on the Company's financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that is material to investors.

Page **30** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**15.** **RISK FACTORS AND UNCERTAINTIES** 

The Company's operations involve numerous risks and uncertainties, many of which are beyond its control. The risks outlined below are not exhaustive. Additional risks—currently unknown to the Company or considered immaterial by management—could materially and adversely affect the Company's business, operations, financial condition, results of operations, or share price. Investors should carefully evaluate the following risks together with the other information contained in this MD&A and the Company's financial statements before making an investment decision. A number of the Company's risks are entity specific, including concentration of operations at a single facility in Norway's NO4 region, reliance of a third party mining pool provider (Luxor), exposure to a limited number of hosting customers, and the potential impact of Norwegian regulatory or grid policy changes on power costs and uptime.

(a) <u>Technology, digital asset custody & operational continuity</u> 

*(i)* *Cryptocurrency security and code vulnerabilities* 

The Company's digital asset holdings are inherently vulnerable to cybersecurity incidents, source code flaws, and network exploits. Cryptocurrencies rely on complex and constantly evolving open-source software, and despite peer review, errors in the codebase have occasionally been identified and exploited by malicious actors. While material exploits remain relatively rare, the possibility exists that undiscovered vulnerabilities could enable unauthorized transfers or the creation of counterfeit assets, potentially resulting in significant financial losses for the Company. The very nature of cryptocurrencies—as bearer assets accessible only through private keys—exacerbates this risk, as stolen or compromised assets are virtually impossible to recover.

*(ii)* *Custodial, wallet, and exchange risks* 

The Company's reliance on custodial solutions, both internal and external, presents additional risks of theft, mismanagement, or insolvency of service providers. Cryptocurrency exchanges, although a key source of liquidity, remain less regulated and more prone to fraud, hacking, and operational failures than traditional financial institutions. High-profile collapses of exchanges in recent years underscore the vulnerability of counterparties in this space.

Any exchange failure or wallet compromise could lead to unrecoverable losses of the Company's inventory, directly harming its financial condition and potentially affecting investor confidence.

*(iii)* *Systems failures and cyber incidents* 

Maintaining continuous mining and treasury operations requires resilient IT infrastructure. Risks include cyber intrusions, malware attacks, denial-of-service incidents, and failures due to fire, flood, or other disasters. The Company invests in redundancies, backup power, and ongoing upgrades to infrastructure; however, no system is infallible.

Extended downtime could impair mining output, disrupt treasury functions, and materially reduce revenues. Moreover, reputational harm may arise if customers, partners, or regulators perceive inadequacies in the Company's controls.

*(iv)* *Access to economical and reliable power* 

Cryptocurrency mining is energy intensive. The Company's operations depend on reliable, large-scale, and competitively priced electricity. Any material increase in power tariffs, supply curtailments, or unfavourable regulatory actions by utilities could erode operating margins.

Page **31** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**15.** **RISK FACTORS AND UNCERTAINTIES (CONT'D)** 

*(iv)* *Access to economical and reliable power (cont'd)* 

For example, regional energy regulators such as Hydro-Québec have previously imposed moratoria and considered imposing surcharges or operational requirements on cryptomining firms. Similar actions in the future could materially impact the Company's cost base and profitability.

*(v)* *Hardware sourcing, pricing and technological obsolescence* 

The Company's competitiveness depends on the timely acquisition of state-of-the-art mining machines at reasonable cost. Global demand for mining hardware is highly cyclical, and shortages or supply chain disruptions can lead to inflated prices and delivery delays.

Rapid technological advancement further compounds this risk, as newer models quickly supersede older ones, reducing efficiency and revenue potential. If the Company cannot secure updated hardware, it risks being outcompeted by better-capitalized peers.

*(vi)* *Insurance limitations* 

Insurance tailored to cryptocurrency mining and custody remains nascent, with limited coverage options available at significant cost. Events such as theft, hacking, or catastrophic facility damage may fall outside standard policies or within exclusions. If uninsured or underinsured losses occur, the Company could experience material financial and operational setbacks.

*(vii)* *Permits and licenses* 

Mining and hosting operations may require governmental permits and environmental, zoning, or regulatory approvals.

Inability to obtain or maintain these approvals could restrict growth or increase compliance costs. Unexpected changes in licensing regimes could also impose delays or additional capital requirements.

*(viii)* *Third-party service providers and software dependencies* 

The Company's operations rely on a wide network of third-party vendors, including software developers, cloud computing providers, and specialized contractors. Many of these service providers operate outside of traditional regulatory frameworks, and their internal controls may not be transparent. If such third parties fail to deliver services, suffer outages, or experience breaches of their own systems, the Company may face significant disruptions to its mining, treasury, and reporting functions. Replacing or renegotiating with these providers can be costly and time-consuming, and prolonged service interruptions could materially impair financial performance.

*(ix)* *Physical facility risks and environmental hazards* 

Mining operations are highly sensitive to the physical integrity of their facilities. Fire hazards, water damage, structural weaknesses, and HVAC failures present ongoing risks to the safety and continuity of operations.

Page **32** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**15.** **RISK FACTORS AND UNCERTAINTIES (CONT'D)** 

*(ix)* *Physical facility risks and environmental hazards (cont'd)* 

Furthermore, increasing scrutiny of environmental impact, particularly regarding noise levels, heat emissions, and recycling of obsolete hardware, may expose the Company to community opposition or compliance costs. Any incident or regulatory non-compliance could result not only in financial losses but also in reputational harm, hindering the Company's ability to expand operations.

*(x)* *Data integrity and disaster recovery limitations* 

The Company's business model requires the storage and processing of vast amounts of financial and technical data. A failure in backup protocols, inadequate disaster recovery systems, or corruption of key data sets could materially impair operations and reporting accuracy.

Although the Company has instituted redundancy systems and periodic testing, full resilience cannot be guaranteed. If critical data is lost or compromised, the Company could face operational delays, compliance failures, and increased risk of fraud or misrepresentation, any of which could erode investor and customer confidence.

(b) <u>Regulatory, market structure & digital asset economics</u> 

*(i)* *Regulatory change and policy actions* 

The global regulatory environment for cryptocurrencies remains fragmented and dynamic. Some jurisdictions actively support digital asset innovation, while others impose outright bans or restrictive frameworks. The Company faces uncertainty around potential new laws in Canada and internationally that could directly impact mining, ownership, transfer, or taxation of cryptocurrencies. Regulatory shifts could also extend indirectly to the Company's shares if authorities classify them as linked to restricted activities. In the worst case, regulations could force liquidation of inventories at unfavourable prices, curtail access to exchanges, or prohibit ongoing operations.

*(ii)* *Banking and payments de-risking* 

A persistent challenge for cryptocurrency-related businesses is limited access to banking services. Many financial institutions perceive heightened compliance risks, particularly with respect to anti-money laundering and counter-terrorist financing. If the Company's banking partners reduce or withdraw services, treasury management could be impaired, increasing operational complexity and reputational risk.

*(iii)* *Exchange and trading-venue fragility* 

Digital asset markets are young and only partially regulated. Major exchanges have experienced insolvencies, hacks, and abrupt shutdowns. Smaller exchanges may lack sufficient capitalization, while larger venues are attractive targets for cyberattacks or regulatory scrutiny. Because cryptocurrency prices are determined primarily on these venues, any disruption could trigger significant volatility and impair liquidity.

Page **33** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**15.** **RISK FACTORS AND UNCERTAINTIES (CONT'D)** 

*(iv)* *Adoption and utility uncertainty* 

Despite increased awareness, mainstream adoption of cryptocurrencies as a payment method remains limited. Use in retail and commercial markets is small compared with speculative trading. If adoption stalls or reverses, the result may be greater price volatility and diminished long-term value. Since cryptocurrencies have no intrinsic legal tender status, their worth depends on user and merchant acceptance. A collapse in acceptance could render them illiquid or valueless.

*(v)* *Price volatility and momentum dynamics* 

Cryptocurrency prices are highly volatile, often driven by sentiment, leverage, or speculative momentum rather than fundamentals.

*(vi)* *Price volatility and momentum dynamics* 

This amplifies the risk of sharp value swings in short periods, leading to potential mark-to-market losses on the Company's inventory. Momentum pricing creates a feedback loop that can exacerbate both rapid appreciation and sudden crashes.

*(vii)* *Network economics, reward structure and transaction fees* 

Mining economics depend on rewards issued by protocols. As block rewards halve approximately every four years, transaction fees are expected to play a larger role. If total rewards prove insufficient to incentivize miners, overall network participation could decline, reducing security and increasing susceptibility to attacks. Lower participation may also reduce block production speed, undermining confidence in the network and indirectly affecting the Company's revenues.

*(viii)* *Network difficulty and competition* 

Bitcoin's self-adjusting difficulty mechanism means that rising global hash rates dilute per-unit rewards. As competitors with greater scale and efficiency join the network, the Company's output may decrease despite unchanged costs, potentially eroding profitability. This dynamic could render operations uneconomical if difficulty rises faster than anticipated.

*(ix)* *Supply and demand shocks, including actions by investment vehicles* 

The emergence of cryptocurrency investment vehicles, such as exchange-traded funds and trusts, concentrates significant market influence in institutional hands.

Large inflows or redemptions from these vehicles can amplify volatility. Should such entities sell large holdings in a short period, digital asset prices could fall sharply, negatively affecting the Company's inventory value.

*(x)* *Geopolitical and macroeconomic events* 

Crises such as wars, sanctions, or economic recessions may drive speculative demand for cryptocurrencies as alternative stores of value. These inflows can temporarily inflate prices but are often followed by corrections. Conversely, geopolitical instability may reduce confidence in cryptocurrencies as viable alternatives to fiat, further complicating demand forecasts. The unpredictability of such events creates additional uncertainty in planning and risk management.

Page **34** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**15.** **RISK FACTORS AND UNCERTAINTIES (CONT'D)** 

*(xi)* *Forced sales to fund operations* 

The Company may need to liquidate digital assets to meet operational obligations or fund expansion, regardless of prevailing market conditions. If such sales occur during periods of depressed prices, they may crystallize losses and adversely affect cash flow and profitability.

*(xii)* *Cross-border regulatory inconsistencies* 

The Company operates in a global marketplace where digital assets frequently cross jurisdictions. Inconsistent or conflicting international rules on mining, custody, taxation, and transfer of cryptocurrencies create ongoing uncertainty.

*(xii)* *Cross-border regulatory inconsistencies (cont'd)* 

For example, assets legally mined in one country may face restrictions or penalties if transferred or sold in another. Navigating these regulatory patchworks requires significant legal resources and exposes the Company to inadvertent non-compliance risks. Future regulatory divergence may also hinder the Company's ability to scale internationally.

*(xiii)* *Market manipulation and integrity concerns* 

Digital asset markets are less regulated than traditional securities exchanges, leaving them vulnerable to practices such as wash trading, spoofing, pump-and-dump schemes, and the influence of large "whale" investors. Such manipulative behaviour can distort pricing, reduce transparency, and undermine confidence in the market as a whole. If manipulation is widespread or persistent, the Company may experience unexpected valuation swings in its inventory, limiting its ability to plan operations, raise capital, or secure counterparties.

*(iv)* *Shifts in energy policy and carbon regulation* 

Governments worldwide are increasingly focused on sustainability and carbon reduction. Mining, as an energy-intensive activity, could be targeted with taxes, levies, or outright restrictions intended to reduce greenhouse gas emissions. Jurisdictions that once welcomed mining may pivot toward more restrictive stances as public pressure mounts. If regulators impose carbon pricing, renewable energy quotas, or limitations on power usage specific to cryptocurrency miners, the Company's cost structure and long-term viability could be materially affected.

(c) <u>Financial, corporate, legal & governance</u> 

*(i)* *Liquidity and additional financing* 

Execution of the Company's business strategy depends on raising and maintaining adequate capital. There is no guarantee that financing will be available on favourable terms—or at all—when required. Equity financings may dilute existing shareholders, while debt could impose restrictive covenants. Failure to secure necessary funding could result in scaling back or abandoning strategic initiatives and, in extreme cases, threaten the Company's ability to continue as a going concern.

*(ii)* *Key personnel* 

The Company relies heavily on its senior management team and specialized technical staff.

Page **35** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**15.** **RISK FACTORS AND UNCERTAINTIES (CONT'D)** 

(c) <u>Financial, corporate, legal & governance (cont'd)</u> 

*(ii)* *Key personnel (cont'd)* 

Retaining and attracting individuals with cryptocurrency, finance, and technology expertise is highly competitive. Departure of key personnel without suitable replacements could materially disrupt strategy execution and growth.

*(iii)* *Strategy execution, acquisitions and integrations* 

As part of its strategy, the Company may pursue acquisitions, joint ventures, or partnerships. Each transaction carries risks related to due diligence, financing, cultural integration, and realization of synergies. Missteps in execution could result in financial losses or distraction from core operations.

*(iv)* *Conflicts of interest* 

Some directors and officers may hold positions in or investments in other entities engaged in cryptocurrency or technology businesses. While legal safeguards require disclosure and abstention from conflicted decisions, the perception or reality of conflicts could raise governance concerns or complicate decision-making.

*(v)* *Litigation and regulatory proceedings* 

The Company may face legal or regulatory claims in the ordinary course of business. Even if ultimately resolved favourably, such proceedings can consume management resources and generate costs. Adverse rulings may result in penalties, damages, or operational restrictions.

*(vi)* *Intellectual property claims* 

Third parties may assert that the Company's activities infringe upon their intellectual property rights. Defending such claims, regardless of merit, can be costly and disruptive. Unfavourable outcomes could affect the Company's ability to operate or diminish confidence in cryptocurrencies generally.

*(vii)* *Dividend policy* 

The Company has not declared dividends and does not expect to do so in the foreseeable future. Future dividend decisions, if any, will depend on profitability, liquidity, and Board discretion. Shareholders should not expect income from dividends in the near term.

*(viii)* *Tax attributes and compliance risks* 

The Company has approximately $24 million of tax loss carryforwards that may offset future taxable income. Utilization depends on continued profitability and acceptance by the Canada Revenue Agency. If disallowed, future tax liabilities may increase.

Furthermore, uncertainty remains regarding the treatment of cryptocurrency mining under commodity tax regimes such as GST, HST, and QST. Adverse assessments or interpretive changes could delay refunds or reduce working capital.

Page **36** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**15.** **RISK FACTORS AND UNCERTAINTIES (CONT'D)** 

(c) <u>Financial, corporate, legal & governance (cont'd)</u> 

*(ix)* *Income and commodity tax uncertainty* 

Complex and evolving tax rules pose ongoing risks. Disputes with authorities may result in additional taxes, penalties, or interest. Even with proactive compliance, interpretations may shift, creating potential liabilities.

*(x)* *Competition and market perception* 

The Company competes with other miners and digital asset firms for resources, customers, and investor attention. Negative industry events—such as exchange failures, hacks, or regulatory crackdowns—can tarnish sentiment and reduce valuations across the sector, affecting the Company even if it is not directly implicated.

*(xi)* *Dependence on capital markets sentiment* 

As a publicly traded entity, the Company's valuation and access to capital are closely tied to investor sentiment toward the digital asset sector. Market downturns, scandals involving other blockchain companies, or broader declines in technology stocks may limit the Company's ability to issue equity or debt on acceptable terms. A sudden contraction in available financing could force the Company to curtail growth initiatives, restructure operations, or sell assets at distressed values.

*(xii)* *Internal control and financial reporting risks* 

The complexity of accounting for digital assets, coupled with evolving standards under IFRS, creates heightened risk of errors or misstatements in the Company's financial disclosures. Inadequate internal controls, resource constraints in finance teams, or reliance on manual reconciliation processes could result in delayed filings, restatements, or regulatory scrutiny. Such outcomes would undermine credibility with investors and may limit access to financing or strategic partners.

*(xiii)* *Reputational exposure and stakeholder confidence* 

The Company operates in a sector that is often subject to intense media attention and public debate. Negative coverage—whether linked to cybersecurity incidents, environmental concerns, or unrelated events in the digital asset industry—can affect the Company's reputation even in the absence of direct involvement. Erosion of stakeholder confidence may impair the Company's ability to attract and retain employees, customers, and investors, creating a self-reinforcing cycle that hampers growth and long-term resilience.

**16.** **DISCLOSURE CONTROLS AND PROCEDURES/ INTERNAL CONTROL OVER FINANCING REPORTING** 

As a venture issuer, the Company has filed basic certificates under National Instrument 52-109 Certification of Disclosure in Issuers' Annual and Interim Filings ("NI 52-109").

Page **37** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**16.** **DISCLOSURE CONTROLS AND PROCEDURES/ INTERNAL CONTROL OVER FINANCING REPORTING (CONT'D)** 

The certifying officers do not make representations relating to the establishment and maintenance of disclosure controls and procedures ("DC&P") and internal control over financial reporting ("ICFR"), as defined in NI 52-109. Inherent limitations on the ability of management to design and implement DC&P and ICFR may result in misstatements or omissions that are not prevented or detected. There has been no change in the Company's ICFR during the period that has materially affected, or is reasonably likely to materially affect, the Company's ICFR. Inherent limitations on the ability of management to design and implement DC&P and ICFR may result in misstatements or omissions that are not prevented or detected.

**17.** **OUTLOOK** 

Management expects post halving mining economics to remain challenging and highly sensitive to BTC price, transaction fees and network difficulty. The Company's near term priorities are: (i) increasing energy efficiency and hashrate per MW through new miner deployments; (ii) expanding hosting revenue to improve cash flow stability; (iii) optimizing grid flexibility revenues in Norway; and (iv) maintaining disciplined capital allocation (v) reviewing options to utilize power capacity for AI or cloud compute workloads. These expectations constitute forward looking information and are based on the assumptions described under "Forward Looking Information.". See 'Cautionary Note Regarding Forward-Looking Information' for important assumptions and risk factors.

**18.** **OUTSTANDING SHARE DATA** 

As at May 27, 2026, being the latest practicable date prior to the date of this MD&A, the Company's outstanding share data is as follows:

● Common shares outstanding: 53,953,365

● Stock options outstanding: 1,068,033

○ Weighted average exercise price: $2.21

○ Weighted average remaining life: 1.1 years

○ Options exercisable: 1,018,033

● Restricted Share Units (RSUs) outstanding: 200,000

● Convertible debentures and promissory notes outstanding: $14,523,990 principal amount.

○ $10,245,000 convertible at $4.00 per share at the holders' option

○ $1,000,000 convertible at CAD $4.00 per share at the Company's option after maturity

○ $425,000 convertible at USD $4.00 per share at the holders' option

○ $2,853,990 convertible at USD $4.00 per the vendor's option, plus accrued interest

● Common share purchase warrants outstanding: 3,043,480

○ Weighted average exercise price: $0.93

○ Weighted average remaining life: 4.21 years

○ Warrants exercisable: 3,043,480

For a detailed breakdown of the Company's outstanding securities, including exercise prices, expiry dates, vesting conditions, and any changes subsequent to period end, please refer to Section 4 (Subsequent Events) and Section 9 (Material Transactions).

Page **38** of **39**

---

| | |
|:---|:---|
| **Management's Discussion and Analysis** | **BITZERO HOLDINGS INC.** |
| For the three and six-month periods ended | **(formerly WBM Capital Corp.)** |
| March 31, 2026 and March 31, 2025 |  |
| *(Expressed in United States Dollars, unless otherwise noted)* |  |

---

**19.** **FILING** 

These documents have been filed electronically with the Canadian securities regulators through the System for Electronic Document Analysis and Retrieval + ("SEDAR+") and may be accessed through SEDAR+'s website at <u>www.sedarplus.ca</u>.

Page **39** of **39**

## Exhibit 99.101

**Exhibit 99.101** 

**Form 52-109FV2** 

***Certification of Interim Filings***

***Venture Issuer Basic Certificate***

I, Igor Kostioutchenko, the Chief Financial Officer of Bitzero Holdings Inc., certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together,
 the "interim filings") of Bitzero Holdings Inc. (the "issuer")
 for the interim period ended March 31, 2026.

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

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

Date: May 27, 2026

*/s/ Igor Kostioutchenko*

Igor Kostioutchenko

Chief Financial Officer

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

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

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

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

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

## Exhibit 99.102

**Exhibit 99.102** 

**Form 52-109FV2** 

**Certification of Interim Filings**

***Venture Issuer Basic Certificate***

I, Mohammed Bakhashwain, the Chief Executive Officer of Bitzero Holdings Inc., certify the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.  ***Review:*** I have reviewed the interim financial report and interim MD&A (together,
 the "interim filings") of Bitzero Holdings Inc. (the "issuer")
 for the interim period ended March 31, 2026.

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

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

Date: May 27, 2026

*/s/ Mohammed Bakhashwain*

Mohammed Bakhashwain

Chief Executive Officer

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

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

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

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

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

## Exhibit 99.103

**Exhibit 99.103**

 **<br> ![](image_003.jpg)** 

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We consent to the incorporation in the Registration Statement on Form 40-F (the "Form 40-F") of our auditor's report dated February 27, 2025 relating to the consolidated financial statements of WBM Capital Corp. (formerly, Tiidal Gaming Group Corp.) consisting of the consolidated statement of financial position as at October 31, 2024 and 2023 and the related consolidated statements of net (loss) income and comprehensive (loss) income, changes in shareholders' equity and cash flows for the years then ended, which appears as Exhibit 99.12 to the Form 40-F being filed with the United States Securities and Exchange Commission.

We consent to the incorporation in the Registration Statement on Form 40-F (the "Form 40-F") of our auditor's report dated February 8, 2024 relating to the consolidated financial statements of Tiidal Gaming Group Corp. (formerly GTA Finance Corp. Inc.) consisting of the consolidated statement of financial position as at October 31, 2023 and 2022 and the related consolidated statements of net income (loss) and comprehensive income (loss), changes in shareholders' equity and cash flows for the years then ended, which appears as Exhibit 99.6 to the Form 40-F being filed with the United States Securities and Exchange Commission.

We also consent to reference to us under the heading Interests of Experts in the Management Information Circular, filed as Exhibit 99.6, the Listing Statement, filed as Exhibit 99.44 and Annual Information Form, filed as Exhibit 99.80 to the Form 40-F.

![](image_001.jpg)

Chartered Professional Accountants <br> Licensed Public Accountants <br> June 4, 2026 <br> Mississauga, Canada

## Exhibit 99.104

**Exhibit 99.104**

![](image_005.jpg)

**<u>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

We hereby consent to the use of:

&nbsp;&nbsp;&nbsp;&nbsp;• our
 report dated March 6, 2026, on the consolidated financial statements of WBM Capital Corp.
 and its subsidiaries comprising the consolidated statement of financial position as of September
 30, 2025, and the related consolidated statement of loss and comprehensive loss, changes
 in shareholders' (deficiency) equity, and cash flow for the year then ended and related
 notes,

&nbsp;&nbsp;&nbsp;&nbsp;• our
 report dated January 28, 2026, on the consolidated financial statements of Bitzero Blockchain
 Inc. and its subsidiaries (the Company) comprising the consolidated statement of financial
 position as of September 30, 2025, and the related consolidated statement of loss and comprehensive
 loss, changes in shareholders' equity, and cash flow for the year then ended and related
 notes, and

&nbsp;&nbsp;&nbsp;&nbsp;• our
 report dated November 17, 2025, on the consolidated financial statements of the Company and
 its subsidiaries comprising the consolidated statements of financial position as of September
 30, 2024, and 2023, and the related consolidated statements of loss and comprehensive loss,
 changes in shareholders' equity, and cash flows for each of the years in the two-year
 period ended September 30, 2024 and related notes.

each of which is incorporated by reference in this Registration Statement on Form 40-F.

We also consent to the reference to our Firm under the caption "Experts" in the Registration Statement.

*/s/ SRCO Professional Corporation*

 

CHARTERED PROFESSIONAL ACCOUNTANTS

Authorized to practice public accounting by the Chartered Professional Accountants of Ontario

Richmond Hill, Ontario, Canada

June 04, 2026