NOTE 10 – PROPERTY CONCESSIONS

The following is a summary of the Company’s property concessions in Sierra Mojada, Mexico as at January 31, 2026, October 31, 2025 and 2024:

During the fiscal year ended October 31, 2025, the Company recorded an impairment charge of $5,004,386 to write down the capitalized costs of the Sierra Mojada property concessions, reflecting management’s conclusion that these costs were no longer recoverable in light of the continuing illegal blockade preventing access to the site since 2019, the resulting prolonged suspension of exploration activities, and recent Mexican court decisions potentially impacting ownership of the concessions (refer to Note 15); the concessions remain subject to an ongoing international arbitration against the United Mexican States in respect of the Sierra Mojada project (refer to Note 4).

As of January 31, 2026, the Company still maintains the mineral concession rights, but at a $nil carrying value.