Financial statements
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars)
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Notice of Disclosure of Non-auditor Review of the Condensed Interim Consolidated Financial Statements for the Three and Six Months Ended June 30, 2026 and 2025 Pursuant to National Instrument 51-102 Continuous Disclosure Obligations, part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not performed a review of the interim financial statements, they must be accompanied by a notice indicating that the interim financial statements have not been reviewed by an auditor. The accompanying unaudited condensed interim consolidated financial statements of LibertyStream Infrastructure Partners Inc. for the interim periods ended June 30, 2026 and 2025, have been prepared in accordance with International Accounting Standard 34 Interim Financial Reporting, as issued by the International Accounting Standards Board, and are the responsibility of management. The Company’s independent auditors have not performed a review of these unaudited condensed interim consolidated financial statements. August 31, 2026
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Condensed Interim Consolidated Statements of Financial Position (Unaudited - Expressed in US dollars) Note June 30, 2026 December 31, 2025 $ $ ASSETS Current Cash 591,697 7,363,808 Accounts receivable 6 63,036 35,568 Goods and sales tax receivable 112,720 49,659 Prepaid expenses and deposits 188,157 737,912 955,610 8,186,947 Intangible asset 8 1,972,675 2,118,799 Right-of-use assets 5(a) 923,539 238,754 Property, plant and equipment 7 12,806,531 3,022,608 Restricted deposit 48,731 48,731 Total assets 16,707,086 13,615,839 LIABILITIES Current Accounts payable and accrued liabilities 11, 16 2,871,617 696,873 Promissory notes 12 2,629,373 2,484,238 Current portion of lease liabilities 5(b) 254,752 90,441 Current portion of notes payable 12 25,721 - 5,781,463 3,271,552 Warrant liabilities 13 11,649,722 11,220,119 Lease liabilities 5(b) 736,268 161,106 Notes payable 12 30,040 - Total liabilities 18,197,493 14,652,777 SHAREHOLDERS’ DEFICIENCY Share capital 15(b) 33,903,861 29,030,240 Share-based payments reserve 15 6,912,774 1,605,418 Warrants reserve 15(c) - 265,185 Contributed surplus 1,063,540 1,015,187 Deficit (43,370,582) (32,952,968) Total shareholders’ deficiency (1,490,407) (1,036,938) Total liabilities and shareholders’ deficiency 16,707,086 13,615,839 Nature of operations and going concern (Note 1) Contingent liabilities (Note 20) Subsequent events (Note 21) Approved and authorized for issue on behalf of the Board of Directors: /s/ “Alex Wylie” /s/ “Andrew Leslie” Director Director The accompanying notes are an integral part of these condensed interim consolidated financial statements. 2
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Condensed Interim Consolidated Statements of Loss and Comprehensive Loss (Unaudited - Expressed in US dollars, except number of shares) Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 Note $ $ $ $ Operating expenses Amortization of intangible asset 8 73,062 73,062 146,124 146,124 Consulting fees 16 1,040,395 506,983 2,082,500 1,026,816 Depreciation 5(a), 7 246,812 125,107 384,034 244,205 Field supplies 510,731 24,629 911,390 60,905 Filing and transfer fees 147,942 20,732 295,632 50,796 General and administrative 574,768 82,248 739,146 162,568 Insurance 57,199 13,455 85,257 27,585 Management fees, salaries and wages 16 631,676 290,035 1,371,663 643,017 Marketing and promotion 103,393 52,030 276,982 95,416 Professional fees 740,810 41,752 1,136,955 59,992 Repairs and maintenance (recovery) (70) - 3,192 - Research and development, net 14, 16 1,058,561 - 3,250,497 907,780 Share-based compensation 15, 16 3,304,758 15,976 5,449,252 65,015 Travel 117,688 61,800 225,394 106,851 (8,607,725) (1,307,809) (16,358,018) (3,597,070) Other income (expenses) Accretion expense 12 (47,568) - (92,876) - Amortization of royalty interest 10 - (9,108) - (28,673) Change in fair value of warrant liabilities 13 (268,894) 941,331 6,351,991 1,168,644 Foreign exchange gain 53,424 - 32,489 - Impairment of mineral property - (3,331,034) - (3,331,034) Impairment of property, plant and equipment 7 - - (159,899) - Interest expense 5, 12 (120,077) - (191,301) (12,821) Interest income - 859 - 859 Royalty income 10 - 19,577 - 61,634 Net loss and comprehensive loss (8,990,840) (3,686,184) (10,417,614) (5,738,461) Loss per share: Basic and diluted (0.04) (0.02) (0.05) (0.03) Weighted average number of common shares: Basic and diluted 215,508,815 169,474,814 212,514,433 168,258,953 The accompanying notes are an integral part of these condensed interim consolidated financial statements. 3
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Condensed Interim Consolidated Statements of Changes in Shareholders’ Equity (Deficiency) (Unaudited - Expressed in US dollars, except number of shares) Common shares Share capital Share-based payments reserve Warrants reserve Contributed surplus Deficit Total shareholders’ equity (deficiency) # $ $ $ $ $ $ Balance, December 31, 2024 164,724,400 22,516,715 1,632,746 265,185 924,880 (17,032,328) 8,307,198 Shares issued from options exercised 750,000 168,759 (74,938) - - - 93,821 Options expired - - (26,975) - 26,975 - - Share-based compensation - - 65,015 - - - 65,015 Shares issued from warrants exercised 4,000,414 902,117 - - - - 902,117 Net loss and comprehensive loss - - - - - (5,738,461) (5,738,461) Balance, June 30, 2025 169,474,814 23,587,591 1,595,848 265,185 951,855 (22,770,789) 3,629,690 Shares issued in LIFE Offering of units, net of issuance costs 15,384,614 803,027 - - - - 803,027 Bonus shares issued with promissory notes 3,004,255 118,902 - - - - 118,902 Shares issued from options exercised 2,820,000 846,112 (406,884) - - - 439,228 Options expired - - (63,332) - 63,332 - - Shares issued from warrants exercised 6,837,399 3,674,608 - - - - 3,674,608 Share-based compensation - - 479,786 - - - 479,786 Net loss and comprehensive loss - - - - - (10,182,179) (10,182,179) Balance, December 31, 2025 197,521,082 29,030,240 1,605,418 265,185 1,015,187 (32,952,968) (1,036,938) Shares issued in LIFE Offering of units, net of issuance costs 11,363,636 525,614 - - - - 525,614 Shares issued from options exercised 485,000 204,182 (93,543) - - - 110,639 Options expired - - (48,353) - 48,353 - - Shares issued from warrants exercised 6,480,390 4,143,825 - (265,185) - - 3,878,640 Share-based compensation - - 5,449,252 - - - 5,449,252 Net loss and comprehensive loss - - - - - (10,417,614) (10,417,614) Balance, June 30, 2026 215,850,108 33,903,861 6,912,774 - 1,063,540 (43,370,582) (1,490,407) The accompanying notes are an integral part of these condensed interim consolidated financial statements. 4
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Condensed Interim Consolidated Statements of Cash Flows (Unaudited - Expressed in US dollars) Six months ended June 30, 2026 2025 $ $ Operating activities Net loss (10,417,614) (5,738,461) Adjustments for: Amortization of intangible asset 146,124 146,124 Depreciation 384,034 244,205 Share-based compensation 5,449,252 65,015 Accretion expense 92,876 - Amortization of royalty interest - 28,673 Change in fair value of warrant liabilities (6,351,991) (1,168,644) Interest expense 191,301 12,821 Foreign exchange gain (79,734) - Impairment of mineral property - 3,331,034 Impairment of property, plant and equipment 159,899 - Changes in non-cash working capital Accounts receivable (14,758) 14,188 Goods and services tax receivable (63,061) 119,820 Prepaid expenses and deposits 549,755 292,286 Accounts payable and accrued liabilities 1,737,494 (172,738) Deferred income - 589,613 Cash used in operating activities (8,216,423) (2,236,064) Investing activities Mineral property and rights acquisition and exploration costs - (161) Property, plant and equipment costs (9,702,169) (854,080) Restricted deposit - (28,750) Cash used in investing activities (9,702,169) (882,991) Financing activities Lease payments (107,584) (52,570) Repayment of notes payable (11,963) - Shares issued in LIFE Offering of units 9,039,825 - Share issuance costs paid in cash (70,194) - Cash received on exercise of options 110,639 93,821 Cash received on exercise of warrants 2,168,181 842,573 Subscriptions received 35,326 - Cash provided by financing activities 11,164,230 883,824 Effect of exchange rate changes on cash (17,749) - Change in cash (6,772,111) (2,235,231) Cash, beginning of period 7,363,808 2,372,121 Cash, end of period 591,697 136,890 Supplemental to cash flows information: Interest paid 2,365 - Reclassification of fair value of warrants from warrant liabilities on exercise 1,662,423 59,544 Fair value of warrants allocated to warrant liabilities on issuance of units 8,444,017 - Right-of-use assets acquired through lease liabilities 807,402 - Notes payable issued to acquire property, plant and equipment 65,820 - Accounts payable related to property, plant and equipment 437,250 460,905 The accompanying notes are an integral part of these condensed interim consolidated financial statements. 5
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 1. NATURE OF OPERATIONS AND GOING CONCERN LibertyStream Infrastructure Partners Inc. (“LibertyStream”, or the “Company”) is an emerging lithium producer and lithium extraction technology innovator aiming to initiate commercial production of lithium carbonates by utilizing oilfield brine sources in North America. The Company trades on the TSX Venture Exchange (“TSXV”) under the symbol “LIB”, the OTCQB under the symbol “VLTLF” and the Frankfurt Exchange under the symbol “I2D”. The address of the Company’s corporate office and principal place of business is Suite 520, 200 Crescent Court, Dallas, Texas 75201. On June 25, 2025, the Company changed its name from Volt Lithium Corp. to LibertyStream Infrastructure Partners Inc. The Company is an early-stage entity with no revenue from operations and is focused on developing lithium extraction technology. The business of extraction of lithium from oilfield brines involves a high degree of risk and there can be no assurance that current extraction methods will result in profitable operations. On April 17, 2026, the Company completed a re-domiciliation to the State of Texas, the United States of America. These unaudited condensed interim consolidated financial statements for the three and six months ended June 30, 2026 and 2025 (the “financial statements”) have been prepared on a going concern basis, which assumes that the Company will be able to realize its assets and discharge its liabilities in the normal course of business for at least the next twelve months. As at June 30, 2026, the Company had a working capital deficit of $4,825,853 (December 31, 2025 - working capital of $4,915,395), an accumulated deficit of $43,370,582 (December 31, 2025 - $32,952,968) and a shareholders’ deficiency of $1,490,407 (December 31, 2025 - $1,036,938). During the three and six months ended June 30, 2026, the Company incurred losses of $8,990,840 and $10,417,614, respectively (2025 - $3,686,184 and $5,738,461, respectively), and used cash in operating activities of $8,216,423 during the six months ended June 30, 2026 (2025 - $2,236,064). The Company has no source of operating income or revenue. Promissory notes of $2,629,373 (December 31, 2025 - $2,484,238) matured on August 8, 2026 and were repaid in full on August 17, 2026. The Company requires additional capital to carry out its business plan, and there can be no assurance that it will be able to complete the required financing on terms advantageous to the Company or at all. These conditions indicate the existence of a material uncertainty that may cast significant doubt upon the Company’s ability to continue as a going concern. Should the Company be unable to continue as a going concern, asset and liability realization values may be substantially different from their carrying values. These financial statements do not give effect to adjustments that would be necessary to the carrying values and classification of assets and liabilities should the Company be unable to continue as a going concern. Such adjustments could be material. 2. BASIS OF PREPARATION a) Statement of compliance These financial statements were approved by the Board of Directors and authorized for issue on August 31, 2026. These financial statements have been prepared in accordance with IAS 34 Interim Financial Reporting . These financial statements do not include all the information and disclosures required in annual financial statements. Accordingly, they should be read in conjunction with the notes to the Company’s audited financial statements for the year ended December 31, 2025 and six months ended December 31, 2024 (the “Annual Financial Statements”). b) Basis of presentation These financial statements have been prepared using the historical cost basis, except for certain financial assets and liabilities which are measured at fair value, as specified by IFRS Accounting Standards for each type of asset, liability, income, and expense as set out in the accounting policies below. 6
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 2. BASIS OF PREPARATION (continued) c) Functional and presentation currency Effective July 1, 2024, the Company reassessed its functional currency due to changes in underlying transactions, events, and conditions. As a result of this reassessment, the Company determined that its functional currency changed from the Canadian dollar (“C$”) to the United States dollar (“US$”). This change, accounted for prospectively, reflects the Company’s increased operations in the United States of America (the “US”) and the planned scale-up of activities in the US, considered to be the primary focus of the business going forward. Concurrent with the change in functional currency, the Company also elected to change its presentation currency from C$ to US$, effective July 1, 2024. The change in presentation currency was made to better reflect the Company’s business activities, provide consistency with its functional currency, and improve comparability of its financial results with other publicly traded businesses in the industry. The change in presentation currency was accounted for retrospectively. Comparative financial information for prior periods has been restated to reflect the US$ presentation currency. Balance sheet and profit and loss amounts previously reported in C$ were translated into US$ as at June 30, 2024 using the foreign exchange rate of 1.3687 C$/US$, which was the rate prevailing on July 1, 2024. d) Basis of consolidation These financial statements include the accounts of the Company and its subsidiaries. All intercompany transactions and balances are eliminated on consolidation. Control exists where the parent entity has power over the investee and is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. Subsidiaries are included in the financial statements from the date control commences until the date control ceases. A summary of the Company’s subsidiaries included in these financial statements is as follows: Name of subsidiary Country of incorporation Percentage of ownership Functional currency LibertyStream Operations - Canada Corp. (1) Canada 100% US$ 1330340 B.C. Ltd. Canada 100% US$ Gold Rush Caribou Inc. Canada 100% US$ Red Bluff VLT LLC US 100% US$ LibertyStream Management, LLC (2) US 100% US$ Volt Nevada Inc. US 100% US$ Aquasyn, LLC (3) US 100% US$ Xylion Technologies, LLC (4) US 100% US$ RB-VLT Payroll, LLC (5) US 100% US$ (1) On March 20, 2026, Volt Lithium Operations Corp. changed its name to LibertyStream Operations - Canada Corp. (2) On October 10, 2025, Volt Management Services USA LLC changed its name to LibertyStream Management, LLC. (3) On January 16, 2025, Aquasyn, LLC was incorporated. (4) On January 16, 2025, Xylion Technologies, LLC was incorporated. (5) On December 10, 2025, RB-VLT Payroll, LLC was incorporated. e) Reclassification of comparative figures Certain prior year amounts have been reclassified for consistency with the current year presentations. There was no impact on reported net loss and comprehensive loss or change in cash. 3. MATERIAL ACCOUNTING POLICIES 7
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) The same accounting policies and methods of computation are followed in these financial statements as compared with the Annual Financial Statements. 8
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 4. SIGNIFICANT ACCOUNTING JUDGMENTS AND SOURCES OF ESTIMATION UNCERTAINTY The preparation of financial statements under IFRS Accounting Standards requires management to make judgments in applying its accounting policies and estimates that affect the reported amounts of assets and liabilities at the period end date and reported amounts of expenses during the reporting period. Such judgments and estimates are, by their nature, uncertain. Actual outcomes could differ from these estimates. The impact of such judgments and estimates are pervasive throughout these financial statements and may require accounting adjustments based on future occurrences. These judgments and estimates are continuously evaluated and are based on management’s experience and knowledge of the relevant facts and circumstances. Revisions to accounting estimates are recognized in the period in which the estimate is revised and are accounted for prospectively. In preparing these financial statements, the Company applied the same significant judgments in applying its accounting policies and is exposed to the same sources of estimation uncertainty as disclosed in its Annual Financial Statements. 5. LEASES Commencing December 1, 2023, the Company entered into a lease agreement for the Demonstration Plant for a term of five years at a monthly base rent of $7,408 for the first three years of the lease and $7,847 for the fourth and fifth years of the lease. On December 6, 2023, the Company entered into a lease agreement for a skid steer for a term of three years at a lease payment of $1,534 per month. On January 20, 2026, the Company’s subsidiary Red Bluff VLT LLC entered into a lease for premises at 198 Solo Road, Odessa, Texas for a term of 37 months at a monthly lease payment of $10,000 and recognized a right-of-use asset and lease liability of $305,075. On April 1, 2026, the Company entered into a lease for its corporate office at Suite 520, 200 Crescent Court, Dallas, Texas for a term of 63 months at a monthly lease payment of $10,859 and recognized a right-of-use asset and lease liability of $502,327. Both leases were discounted using an incremental borrowing rate of 12%. a) Right-of-use assets A summary of the Company’s right-of-use assets is as follows: $ Balance, December 31, 2025 238,754 Additions 807,402 Depreciation (122,617) Balance, June 30, 2026 923,539 b) Lease liabilities A summary of the Company’s lease liabilities is as follows: $ Balance, December 31, 2025 251,547 Additions 807,402 Lease payments (107,584) Interest 41,777 Foreign exchange (2,122) Balance, June 30, 2026 991,020 Current portion 254,752 Non-current portion 736,268 9
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 5. LEASES (continued) A summary of the Company’s undiscounted minimum lease payments in respect of the lease liabilities and the effect of discounting at June 30, 2026 is as follows: $ Within one year 388,779 One to three years 644,043 Three to five years 286,573 Thereafter - Total future minimum lease payments 1,319,395 Effect of discounting (328,375) Present value of minimum lease payments 991,020 6. ACCOUNTS RECEIVABLE A summary of the Company’s accounts receivable is as follows: June 30, 2026 December 31, 2025 $ $ Subscriptions receivable 48,036 35,568 Other receivables 15,000 - 63,036 35,568 7. PROPERTY, PLANT AND EQUIPMENT During the six months ended June 30, 2026, the Company recorded an impairment loss of $159,899 in respect of the demonstration plant units, writing the carrying amount of those assets down to $nil (2025 - $nil). During the year ended December 31, 2025, the Company completed its pilot North Dakota project and decommissioned the related test unit, resulting in an impairment loss of $74,297. A summary of the Company’s property, plant and equipment is as follows: Motor vehicles DLE facilities and equipment Lab equipment Other equipment Total $ $ $ $ $ Cost Balance, December 31, 2025 54,343 3,375,359 68,299 18,500 3,516,501 Additions 183,896 9,688,435 213,222 119,686 10,205,239 Impairment - (201,765) - - (201,765) Balance, June 30, 2026 238,239 12,862,029 281,521 138,186 13,519,975 Accumulated depreciation Balance, December 31, 2025 14,433 477,610 - 1,850 493,893 Depreciation 5,434 283,251 - 11,712 300,397 Grant depreciation - (38,980) - - (38,980) Impairment - (41,866) - - (41,866) Balance, June 30, 2026 19,867 680,015 - 13,562 713,444 Carrying amount Balance, December 31, 2025 39,910 2,897,749 68,299 16,650 3,022,608 Balance, June 30, 2026 218,372 12,182,014 281,521 124,624 12,806,531 10
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 8. INTANGIBLE ASSET On April 1, 2023, after the successful conclusion of bench scale testing, the Company initiated the amortization of the DLE Technology as an intangible asset (intellectual property). The amortization is being carried out on a straight-line basis, spanning an estimated 10-year useful life for the DLE Technology based on current assumptions and considering the prevailing technological landscape. Given the rapid pace of technological advancements, it is anticipated that the effectiveness of the present DLE Technology may diminish after this 10-year period, rendering it potentially obsolete. A summary of the Company’s amortization of the DLE Technology intangible asset is as follows: $ Balance, December 31, 2025 2,118,799 Amortization (146,124) Balance, June 30, 2026 1,972,675 9. MINERAL PROPERTY AND RIGHTS ACQUISITION COSTS Rainbow Lake The Rainbow Lake property is in northwest Alberta and is defined by 20 contiguous Alberta Metallic and Industrial Mineral Permits (173,990 hectares) for which the Company had 100% mineral interest ownership (the “Rainbow Lake Property”). Due to the permits lapsing during the year ended December 31, 2025, the property was impaired to $nil. 10. ROYALTY AGREEMENT On December 9, 2022, the Company entered into an amending agreement to the overriding royalty agreement, which was previously entered into on September 19, 2022, by LibertyStream Operations - Canada Corp. The overriding royalty agreement with a producing oil and gas entity is calculated at 3% of the production. The rate will be reduced to a non-convertible 2% overriding royalty subsequent to the Company receiving 100% of its original investment. Once the Company receives 300% of its original investment the royalty agreement is terminated. As part of this agreement, the Company agreed to, and has made, the following payments: C$125,000 on execution of the agreement (paid); C$125,000 upon execution of the definitive agreement (paid); and C$250,000 due within 5 business days of the Company’s shares being listed on the TSXV (paid). On December 12, 2025, the Company received notice that the counterparty to the Royalty Agreement had received protection pursuant to the Companies’ Creditors Arrangement Act and determined collection of royalty receivables is not probable. As a result, the Company recorded impairment loss on royalty receivables of $119,851 during the year ended December 31, 2025. In addition, the Company recorded impairment on the balance of its royalty interest of $305,505 during the year ended December 31, 2025 because the future royalty cash flows are considered highly uncertain as a result of the financial difficulty of the counterparty. For the three and six months ended June 30, 2026, the Company recognized royalty income of $nil and $nil, respectively (2025 - $19,577 and $61,634, respectively) and amortization of the royalty interest of $nil and $nil, respectively (2025 - $9,108 and $28,673, respectively). 11. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES A summary of the Company’s accounts payable and accrued liabilities is as follows: June 30, 2026 December 31, 2025 $ $ Accounts payable 2,744,301 638,394 Accrued liabilities 127,316 58,479 2,871,617 696,873 11
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 12. PROMISSORY NOTES AND NOTES PAYABLE On August 8, 2025, the Company issued promissory notes for aggregate gross proceeds of $2,569,000 (C$3,530,000 ). The promissory notes bear simple interest at a rate of 12% per annum with interest and principal payable at the maturity date of August 8, 2026. The Company has the right to redeem and repay the promissory notes at any time prior to August 8, 2026. Total issuance costs were $70,796 (C$97,516). Of the gross proceeds, principal of $2,474,391 (C$3,400,000) was issued to a third party and is senior and secured against the Company’s present and after-acquired property. The remaining $94,609 (C$130,000) of principal was issued to the Company’s Chief Executive Officer (“CEO”). In connection with the promissory notes issued, the Company issued an aggregate of 3,004,255 common shares in the capital of the Company (the “Bonus Shares”) to the promissory note holders. The Bonus Shares represent a value equal to 20% of the principal amount of the promissory notes, calculated based on the market price at the time of issuance of C$0.235 per Bonus Share. The Bonus Shares are subject to a four-month hold period commencing from the date of issuance, in accordance with applicable Canadian securities laws and the policies of TSXV. The promissory notes were discounted at a rate of 14% which the Company estimates is the market rate of a promissory note with similar terms without the Bonus Shares. The present value of the promissory notes net of transaction costs was $2,379,300 (C$3,269,112). Residual proceeds of $118,902 (C$163,372) were allocated to share capital. On December 23, 2025, the Company repaid the promissory note due to the CEO. Repayment was comprised of principal of $94,906 (C$130,000), translated at the repayment date rate. Interest of $4,090 (C$5,684) was accrued over the period the note was outstanding and translated at the rates then prevailing. The promissory notes matured on August 8, 2026 and was repaid in full on August 17, 2026 (Note 21). A summary of the Company’s continuity of the promissory notes is as follows: $ Balance, December 31, 2025 2,484,238 Interest accrued on promissory notes 147,636 Accretion expense 92,876 Foreign exchange (95,377) Balance, June 30, 2026 2,629,373 Notes payable During the six months ended June 30, 2026, the Company’s subsidiary Red Bluff VLT LLC financed the purchase of two motor vehicles through vendor loans with an aggregate principal of $65,820. The loans bear effective interest at 5% and 10% per annum and are repayable in monthly instalments over 36 months and 24 months, respectively. As at June 30, 2026, the carrying amount of the notes payable was $55,761 (December 31, 2025 - $nil), of which $25,721 was classified as current. 13. WARRANT LIABILITIES Warrants classified from warrant liability to warrant reserve On May 1, 2024, in connection with a non-brokered private placement, the Company issued 3,409,091 warrants with an exercise price of $0.35 and expiry date of May 1, 2026. Prior to July 1, 2024, the Company’s functional currency was Canadian dollars; as such, the Company recorded a derivative warrant liability on the warrants outstanding with US$ exercise prices. This warrant liability was being revalued at each reporting period. Upon the change in the Company’s functional currency on July 1, 2024, the exercise price denominated in US$ resulted in a reclassification of these warrants as equity. The fair value of the 3,409,091 outstanding warrants was remeasured using the Black-Scholes option pricing model (“BSM”) and fair value of $265,185 was reclassified from warrant liabilities to equity as an increase in warrant reserves of $265,185. The fair value of these warrants was reclassified to share capital on the exercise of 3,409,091 warrants during the six months ended June 30, 2026 (Note 15). 12
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 13. WARRANT LIABILITIES (continued) Warrants classified from warrant reserve to warrant liability On July 1, 2024, the Company’s functional currency changed to the US$ from the C$; as such, the Company recorded the warrants as financial liabilities for those warrants outstanding and previously issued in C$ exercise prices. The warrant liabilities are being revalued at fair value through profit and loss (“FVTPL”) at each reporting period. As at July 1, 2024, the Company charged $1,200,222 to warrants reserve to reclassify the warrant liabilities for the warrants with exercise prices denominated in C$ using the BSM. On July 1, 2024, 26,649,331 warrants were re-valued which resulted in $1,200,222 of the warrant liabilities being reclassified from warrants reserve. A summary of the Company’s continuity of warrant liabilities is as follows: Number of warrants Fair value # $ Balance, December 31, 2025 21,586,548 11,220,119 Warrants issued 11,363,636 8,444,017 Warrants exercised and transferred to share capital (3,071,299) (1,662,423) Change in fair value of warrants outstanding - (6,351,991) Balance, June 30, 2026 29,878,885 11,649,722 Upon exercise of warrants classified as warrant liabilities, the fair value as measured at the exercise date is transferred from warrant liabilities to share capital. During the six months ended June 30, 2026, 3,071,299 warrants with a fair value of $1,662,423 were exercised for proceeds of $1,023,035 (C$1,407,372), and total share capital additions from exercises of warrants classified as warrant liabilities totalled $2,685,458. As at June 30, 2026, warrants outstanding were re-measured at a fair value of $11,649,722 (December 31, 2025 - $11,220,119). For the three and six months ended June 30, 2026, the change in fair value of warrant liabilities was a loss of $268,894 and a gain of $6,351,991, respectively (2025 - gains of $941,331 and $1,168,644, respectively), all of which related to warrants outstanding at the period end. A summary of the weighted average inputs used in the BSM to revalue the warrants classified as liabilities is as follows: June 30, 2026 Share price C$0.97 Exercise price C$1.13 Risk-free interest rate (1) 2.72% Expected life (years) 2.27 Expected volatility (2) 106% Forfeiture rate 0% Dividend rate 0% (1) The risk-free interest rate of periods within the expected life of the warrants is based on the Canadian government bond rate. (2) The computation of expected volatility was based on the Company’s historical price volatility, over a period which approximates the expected life of the warrant. A summary of the Company’s warrant activity is as follows: Warrants outstanding Weighted average exercise price # C$ Balance, December 31, 2025 21,586,548 0.84 Issued 11,363,636 1.50 Exercised (3,071,299) 0.46 Balance, June 30, 2026 29,878,885 1.13 13
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 13. WARRANT LIABILITIES (continued) A summary of the Company’s outstanding warrants as at June 30, 2026, is as follows: Date of expiry Number of warrants Weighted average exercise price Weighted average remaining life # C$ Years November 19, 2026 3,067,855 0.44 0.39 November 19, 2026 (1) 48,000 0.31 0.39 November 19, 2026 114,780 0.44 0.39 December 11, 2028 15,284,614 1.00 2.45 January 23, 2029 11,363,636 1.50 2.57 29,878,885 1.13 2.27 (1) These broker warrants are exercisable into one unit exercisable into one common share and one-half share purchase warrant with an exercise price of C$0.44. The weighted average share price on the dates that warrants were exercised during the six months ended June 30, 2026 was C$1.18 (year ended December 31, 2025 - C$0.39). 14. NORTH DAKOTA FIELD STUDY GRANT On November 27, 2024, the Company entered into a field study agreement with Triple 8 LLC dba Wellspring Hydro (“WSH”) to deploy and test LibertyStream’s proprietary Direct Lithium Extraction (“DLE”) field unit in North Dakota’s Bakken formation. As part of this initiative, the State of North Dakota, through the Industrial Commission’s Research and Renewable Energy Program, provided grant funding to support equipment procurement and operational testing. The Company has received an initial cash grant of $450,000 (the “Grant”) through WSH, with an additional $50,000 expected upon submission and approval of a final deployment report. The total funding of $500,000 is designated to support the assessment of DLE technology viability in field operations and promote the use of renewable energy and development of the North Dakota workforce. The grant proceeds are being applied toward both capital expenditure and operating costs. On March 18, 2025, the Company entered into another Development Agreement with WSH. This agreement is supported by a follow-on government grant of $2,028,493 awarded by the State of North Dakota through the Clean Sustainable Energy Authority Program and Renewable Energy Program. The funding was provided to support the deployment and scaling of LibertyStream’s proprietary DLE technology in the Bakken formation. On October 8, 2025 and November 6, 2025, the Company received a grant in the amount of $775,722 (previously awarded on August 11, 2025), to fund a portion of the previously announced commercial lithium carbonate refining unit. This follow-on support comes via LibertyStream’s partnership with WSH and is consistent with the state’s commitment to accelerating critical minerals development within the U.S. In accordance with IAS 20, the portion of the grant related to capital equipment has been deducted from the carrying amount of the related assets. The portion relating to testing and field operations has been recognized as a reduction to research and development expenses in the period in which the related costs were incurred. Management has assessed that all grant conditions have been met or are expected to be met, and there is reasonable assurance of full entitlement to the grant. A summary of the Company’s allocation of the grant funding received is as follows: $ Balance, December 31, 2024 - Grant received 2,804,215 Grant applied to research and development expense (2,414,414) Grant applied to the carrying amount of the DLE field unit (Note 7) (389,801) Balance, December 31, 2025 and June 30, 2026 - 14
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 15. SHARE CAPITAL a) Authorized 500,000,000 common shares without par value and 500,000,000 preferred shares issuable in series. No preferred shares were issued or outstanding as at June 30, 2026 or December 31, 2025. b) Issued and outstanding During the six months ended June 30, 2026, the Company had the following common share transactions: On January 23, 2026, the Company closed a prospectus-exempt offering (the “LIFE Offering”) of units for gross proceeds of $9,039,825 (C$12,500,000). The Company issued 11,363,636 units at a price of $0.80 (C$1.10) per unit. Each unit consisted of one common share and one common share purchase warrant, with each warrant entitling the holder to acquire one additional common share at an exercise price of C$1.50 until January 23, 2029. The warrants had a fair value of $8,444,017, which was allocated from share capital to warrant liabilities. The Company incurred share issuance costs of $70,194 (C$95,762). During the six months ended June 30, 2026, the Company issued 3,071,299 common shares from the exercise of 3,071,299 warrants with C$ exercise prices for gross proceeds of $1,023,035 (C$1,407,372) of which $48,036 was unreceived at June 30, 2026 and included in accounts receivable. Fair value of $1,662,423 was transferred from warrant liabilities to share capital (Note 13). During the six months ended June 30, 2026, the Company issued 3,409,091 common shares on the exercise of 3,409,091 warrants with US$ exercise prices at a weighted average exercise price of $0.35 for proceeds of $1,193,182. Accordingly, $265,185 was transferred from warrants reserve to share capital (Note 13). During the six months ended June 30, 2026, the Company issued 485,000 common shares on the exercise of 485,000 stock options at a weighted average exercise price of C$0.31 for gross proceeds of $110,639 (C$151,500). Accordingly, $93,543 was transferred from share-based payments reserve to share capital. c) Share purchase warrants As at June 30, 2026, the Company had no share purchase warrants outstanding with US$ exercise prices (December 31, 2025 - 3,409,091). d) Stock options The Company has a stock option plan (the “Option Plan”) to provide employees, directors, officers and consultants with stock options to purchase Common Shares. Under the Option Plan, options are issued at an exercise price equal to the market price of the Common Shares on the day of grant and expire a maximum five years from the date of grant. The maximum number of Common Shares that may be issued under the Option Plan will not exceed 10% of the issued and outstanding Common Shares. A summary of the Company’s stock option activity is as follows: Number of options outstanding Weighted average exercise price # C$ Balance, December 31, 2025 8,160,000 0.25 Granted 2,500,000 0.96 Exercised (485,000) 0.31 15
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) Expired (400,000) 0.41 Balance, June 30, 2026 9,775,000 0.42 On April 12, 2026, the Company granted 2,500,000 stock options at an exercise price of C$0.96, expiring April 12, 2031. The fair value of the options granted was estimated at $1,420,173 using the BSM with a share price of C$0.96, an exercise price of C$0.96, a risk-free interest rate of 3.02%, an expected life of 5.00 years, expected volatility of 115.55%, and no expected dividends or forfeitures. The weighted average share price on the dates that options were exercised during the six months ended June 30, 2026 was C$1.58 (2025 - C$0.59). 15. SHARE CAPITAL (continued) A summary of the Company’s stock options outstanding and exercisable as at June 30, 2026 are as follows: Expiry date Number of options outstanding Number of options exercisable Weighted average exercise price Weighted average remaining life # # C$ Years December 15, 2026 2,150,000 2,150,000 0.155 0.46 September 5, 2027 2,200,000 2,200,000 0.30 1.18 June 11, 2028 400,000 400,000 0.25 1.95 August 23, 2028 75,000 75,000 0.44 2.15 January 16, 2029 200,000 200,000 0.30 2.55 August 11, 2029 250,000 250,000 0.23 3.12 October 7, 2030 2,000,000 1,000,000 0.245 4.27 April 12, 2031 2,500,000 625,000 0.96 4.79 Balance, June 30, 2026 9,775,000 6,900,000 0.42 2.69 e) Performance share units (“PSU”) On December 18, 2025, the Company granted 6,500,000 performance share units (“PSU”) to certain directors, officers and employees of the Company. There were no PSUs granted, vested, exercised or cancelled during the six months ended June 30, 2026, and 6,500,000 PSUs were outstanding at both June 30, 2026 and December 31, 2025. If the performance conditions are met, each vested PSU entitles the holder to receive one common share of the Company. The fair value of each PSU was determined to be the Company’s share price on the date of grant, resulting in $3,846,014 that is being recognized in share-based payments over the vesting period. The PSUs vest as follows: 50% will vest upon the Company successfully signing its first off-take agreement (satisfied on July 8, 2026, subsequent to the period end - Note 21); and 50% will vest upon the announcement of a commercial agreement with a major operator in Texas or North Dakota to supply oilfield brine for the Company’s commercial lithium carbonate production (satisfied in February 2026) The PSUs will vest no earlier than December 19, 2026. The performance condition relating to a commercial brine supply agreement was satisfied in February 2026 on the Company entering into the Select Agreement. The performance condition relating to the Company’s first off-take agreement was satisfied on July 8, 2026, subsequent to the period end (Note 21). Notwithstanding the satisfaction of the performance conditions, in accordance with the policies of the TSX Venture Exchange the PSUs are subject to a minimum vesting period of twelve months from the date of grant and accordingly will not vest before December 19, 2026. As a result, the Company continues to estimate that the PSUs will vest on December 19, 2026 and continues to recognize share-based payments related to the PSUs over the period to that date. A summary of the Company’s PSUs outstanding as at June 30, 2026 is as follows: Date of expiry Number of PSUs Weighted average fair value Weighted average remaining life # $ Years December 31, 2029 6,500,000 0.59 3.51 16
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) During the three and six months ended June 30, 2026, the Company recognized $956,249 and $1,901,991, respectively (2025 - $nil and $nil, respectively) in share-based payments in respect of the PSUs. 17
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 15. SHARE CAPITAL (continued) f) Restricted share units A summary of the Company’s restricted share units (“RSUs”) activity is as follows: # Balance, December 31, 2025 7,595,000 Granted 3,500,000 Forfeited (570,000) Balance, June 30, 2026 10,525,000 On April 12, 2026, the Company granted 3,500,000 RSUs to certain directors, officers, employees and consultants of the Company, vesting on April 12, 2027, with a fair value of $2,430,380. During the six months ended June 30, 2026, 570,000 RSUs granted on December 18, 2025 were cancelled on the termination of a consultant and the resignation of two employees. All RSUs are accounted for as equity-settled share-based payments, and the fair value of each RSU was determined to be the Company’s share price on the date of grant. A summary of the Company’s RSUs outstanding as at June 30, 2026 is as follows: Expiry date Vesting date Number of RSUs outstanding Number of RSUs exercisable Weighted average fair value Weighted average remaining life # # $ Years December 31, 2029 December 19, 2026 6,525,000 - 0.59 3.51 October 15, 2030 October 15, 2026 500,000 - 0.28 4.30 April 12, 2031 April 12, 2027 3,500,000 - 0.69 4.79 10,525,000 - 0.61 3.97 During the three and six months ended June 30, 2026, the Company recognized $1,517,585 and $2,492,890, respectively (2025 - $nil and $nil, respectively) in share-based payments in respect of the RSUs. 16. RELATED PARTY TRANSACTIONS Key management personnel are those who have authority and responsibility for planning, directing and controlling the activities of the Company or its subsidiaries, directly or indirectly. Key management personnel include the Company’s directors, executive officers and their close relatives. A summary of the Company’s related party transactions is as follows: Three months ended June 30, Six months ended June 30, 2026 2025 2026 2025 $ $ $ $ Management fees, salaries and wages 239,311 239,748 561,560 422,799 Technical and consulting services - 265,686 - 470,853 Research and development - 48,708 - 309,411 Share-based compensation 2,421,287 - 3,461,602 - 2,660,598 554,142 4,023,162 1,203,063 Management fees, salaries and wages include amounts allocated for services rendered by the Chief Executive Officer, the Chief Financial Officer and their close relatives. Sterling Chemicals Ltd. (“Sterling”), a wholly owned subsidiary of Camber Resources Services Ltd (“Camber”), provided technical services to the Company under a technical services agreement dated April 12, 2022, as amended on September 1, 2023. Amounts recorded under technical and consulting services were paid to Sterling. The agreement was terminated on August 31, 2025. 18
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 16. RELATED PARTY TRANSACTIONS (continued) Martin Scase, a former director and officer of the Company, holds in excess of 10% of the issued and outstanding shares of Camber and is a director and officer of Camber and of Sterling. Mr. Scase resigned as a director and officer of the Company in August 2025. Sterling ceased to be a related party of the Company on his resignation. As at June 30, 2026, accounts payable and accrued liabilities included $39,427 (December 31, 2025 - $13,790) payable to related parties. These amounts are non-interest bearing, unsecured and due on demand. 17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT a)Fair value of financial instruments The Company’s financial instruments consist of cash, accounts receivable, restricted deposit, accounts payable and accrued liabilities, promissory notes, notes payable, lease liabilities and warrant liabilities. Warrant liabilities are measured at FVTPL. Cash, accounts receivable, restricted deposit, accounts payable and accrued liabilities, promissory notes, notes payable, and lease liabilities are measured at amortized cost. Financial instruments measured at fair value are classified into one of three levels in the fair value hierarchy according to the relative reliability of the inputs used to estimate the fair values. The classification of each measurement within this hierarchy is based on the lowest-level significant input used in valuation. The three levels of the fair value hierarchy are: Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 - Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and Level 3 - Inputs that are not based on observable market data. The Company’s warrant liabilities are classified within Level 3 of the fair value hierarchy as their measurement depends on inputs that are not based on observable market data. During the six months ended June 30, 2026, there were no transfers between levels of the fair value hierarchy. b)Financial instruments risk The Company's financial instruments are exposed in varying degrees to a variety of financial risks. The Board of Directors approves and monitors the risk management processes: Credit risk Credit risk exposure primarily arises with respect to the Company's cash and receivables. The risk exposure is limited because the Company places its instruments in major financial institutions and continuously monitors the collection of other receivables. Liquidity risk Liquidity risk is the risk that the Company cannot meet its financial obligations as they become due. The Company’s approach to managing liquidity is to ensure, as far as possible, that it will have sufficient liquidity to settle obligations and liabilities when they become due. As at June 30, 2026, the Company had cash of $591,697 (December 31, 2025 - $7,363,808), a working capital deficit of $4,825,853 (December 31, 2025 - working capital of $4,915,395) and total liabilities of $18,197,493 (December 31, 2025 - $14,652,777). There can be no assurance that the Company will be able to obtain adequate financing in the future or that such financing will be on terms acceptable to the Company (Note 1). 19
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 17. FINANCIAL INSTRUMENTS AND RISK MANAGEMENT (continued) Contractual undiscounted cash flow requirements for financial liabilities as at June 30, 2026, are as follows: Less than 1 year 1 - 3 years 3 - 5 years More than 5 years Total $ $ $ $ $ Accounts payable and accrued liabilities 2,871,617 - - - 2,871,617 Promissory notes 2,768,970 - - - 2,768,970 Lease liabilities 388,779 644,043 286,573 - 1,319,395 Notes payable 25,721 31,145 - - 56,866 6,055,087 675,188 286,573 - 7,016,848 As warrant liabilities are settled through the issuance of common shares rather than cash, they are excluded from the table above. Market risk Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. A change of 100 basis points in the interest rates would not be material to the consolidated financial statements. Foreign currency risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company had no hedging agreements in place with respect to foreign exchange rates. Foreign exchange risk Foreign exchange risk arises on financial instruments that are denominated in a currency other than the functional currency of the Company. The summary of the foreign exchange exposure on the financial assets and financial liabilities of the Company and its subsidiaries against their respective functional currencies as at June 30, 2026, expressed in the presentation currency is as follows: $ Financial assets Cash 221,610 Accounts receivable 48,036 Goods and sales tax receivable 81,186 350,832 Financial liabilities Accounts payable and accrued liabilities (862,445) Promissory notes (2,629,373) Warrant liabilities (11,649,722) Lease liabilities (205,395) (15,346,935) Net financial liabilities (14,996,103) Assuming all other variables remain constant, a 10% increase or decrease in the value of the United States dollar against the Canadian dollar would have changed the Company’s net loss and shareholders’ deficiency for the six months ended June 30, 2026 by approximately $1,499,610. 20
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 18. CAPITAL MANAGEMENT The Company's objectives when managing capital are: To safeguard the Company's financial capacity and liquidity for future earnings in order to continue to provide an appropriate return to shareholders and other stakeholders. To maintain a flexible capital structure that optimizes the cost of capital at an acceptable risk. To enable the Company to maximize growth by meeting its capital expenditure budget, to expand its budget to accelerate projects, and to take advantage of acquisition opportunities. The Company regularly monitors and reviews the amount of capital in proportion to the risk and future development and feedstock opportunities. The Company manages the capital structure and makes adjustments to it in the light of changes in economic conditions and the risk characteristics of the underlying assets. In order to maintain or adjust the capital structure, the Company may issue new debt, equity or similar instruments to reduce debt levels or make adjustments to its capital expenditure program. There were no changes in the Company’s approach to capital management during the six months ended June 30, 2026. The Company is not subject to any externally imposed capital requirements. 19. SEGMENT INFORMATION The Chief Operating Decision Maker (“CODM”) of the Company has been identified as the CEO, who makes strategic decisions and allocates resources across operating segments. The CODM determines the reportable segments of the Company based on the availability of discrete financial results and the nature of operations relating to each operating segment. The CODM has identified one reportable operating segment: lithium production and extraction in the United States of America. 20. CONTINGENT LIABILITIES In late 2025, Sterling and Sandberg Welding Ltd. commenced legal proceedings against the Company for alleged amounts owing under prior service agreements. The legal proceedings relating to alleged amounts owing are in preliminary stages; management continues to assess these matters and has not recorded a provision as the likelihood and amount of any potential obligation cannot yet be determined. Management is of the opinion that these proceedings have no merit. 21. SUBSEQUENT EVENTS On July 8, 2026, the Company entered into a five-year Lithium Sales and Purchase Agreement with an American industrial customer for the supply of 150 tonnes of lithium carbonate per calendar quarter, being 600 tonnes per annum, commencing in the first calendar quarter of 2027. Commencement is subject to the successful completion of a testing trial of one tonne and an industrial trial of 20 tonnes. From the effective date through December 31, 2028, the contract price per tonne is linked to the Fastmarkets CJK battery-grade lithium carbonate spot price assessment. On July 8, 2026, the Company entered into a Consulting Agreement with the same customer for advisory services, as compensation for which the Company agreed to grant restricted share units under its Amended and Restated Omnibus Security Based Incentive Plan, subject to the achievement of the vesting criteria set out in the applicable grant agreement. In July 2026, the Company commissioned the permanent, fully automated Generation 6 direct lithium extraction field unit at its Big Spring site in Howard County, Texas. On July 28, 2026, the Company completed a non-brokered private placement of 25,000,000 units at a price of C$0.80 per unit for gross proceeds of $14,182,385 (C$20,000,000). Each unit consisted of one common share and one-half of one common share purchase warrant, each whole warrant exercisable at C$1.10 for 24 months from closing. The Company paid cash finder’s fees of $121,532 (C$171,384) and issued 214,230 non-transferable compensation warrants exercisable for one unit at C$1.10 for two years. Insiders of the Company and their affiliates participated in the July 2026 private placement in the aggregate amount of $1,545,108 (C$2,178,912). 21
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LIBERTYSTREAM INFRASTRUCTURE PARTNERS INC. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Unaudited - Expressed in US dollars, except where noted) 21. SUBSEQUENT EVENTS (continued) On August 3, 2026, the Company granted an aggregate of 665,000 stock options and 740,000 RSUs to certain employees, consultants, senior management and directors pursuant to the Company's Amended and Restated Omnibus Security Based Incentive Plan. The stock options vest 25% per quarter following the end of the first quarter after the grant date, are exercisable at a price of C$0.80 per share, and expire on August 3, 2030. The RSUs vest on August 3, 2027. Effective August 7, 2026, Lisa Paulk Bohls was appointed to the Board of Directors and was granted 500,000 restricted share units vesting on August 7, 2027. Warner Uhl and Kyle Hookey retired from the Board effective the same date. On August 7, 2026, the Company confidentially submitted a draft registration statement on Form S-1 to the United States Securities and Exchange Commission in respect of a proposed initial public offering of common stock in the United States. The number of shares to be offered and the price range for the proposed offering have not been determined. On August 17, 2026, the Company repaid the outstanding principal balance and accrued interest of the promissory notes totalling $2,768,970 (C$3,819,078). Subsequent to June 30, 2026, the Company issued 484,000 common shares pursuant to the exercise of 484,000 share purchase warrants with an exercise price of $0.32 (C$0.44) for proceeds of $154,678 (C$212,960). Subsequent to June 30, 2026, the Company issued 2,000,000 common shares pursuant to the exercise of 2,000,000 stock options with an exercise price of $0.18 (C$0.245) for proceeds of $353,102 (C$490,000). 22