Financial statements
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SAN LORENZO GOLD CORP. Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026, and 2025 NOTICE OF NO AUDITOR REVIEW In accordance with National Instrument 51 -102 Section 4.3(3)(a) released by the Canadian Securities Administrators, the Co rporation discloses that its auditors have not reviewed the unaudited Condensed Interim Consolidated Financial Statements for the three and six months ended June 30, 2026 and 2025.
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SAN LORENZO GOLD CORP. 1 Condensed Interim Consolidated Statements of Financial Position (Canadian Dollars) Signed “Kevin Baker” Kevin Baker, KC. Signed “Al J. Kroontje” Al J. Kroontje The accompanying notes are an integral part of these condensed interim consolidated financial statement June 30, December 31, Notes 2026 2025 ASSETS Current Cash $ 23,782,574 $ 5,031,574 Due from related parties 6 - 230,596 Other receivables 160,532 64,280 Total current assets 23,943,106 5,326,450 Mineral properties 4 10,682,301 7,463,366 Total Assets $ 34,625,407 $ 12,789,816 LIABILITIES Current Trade and other payables $ 121,249 $ 206,187 Subscription refunds - 461,029 Due to related parties 6 - 236,274 Accumulated interest payable 5a,b - 357,430 Convertble term loan 5d - 872,912 Note payable 5a - 1,000,000 Total current liabilities $ 121,249 $ 3,133,832 Non-current Accumulated interest payable 5c - 18,592 Credit facility 2025 5b,c - 402,160 Total Liabilities $ 121,249 $ 3,554,584 SHAREHOLDERS’ EQUITY Share capital 7 $ 29,753,384 $ 8,320,176 Equity component of debt 5b,c,d 397,484 397,484 Shares to be issued 12 - 2,360,471 Contributed surplus 11,408,950 4,830,368 Accumulated other comprehensive loss (188,220) (326,805) Deficit (6,867,440) (6,346,462) Total shareholders’ equity $ 34,504,158 $ 9,235,232 Total liabilities and shareholders’ equity $ 34,625,407 $ 12,789,816 Nature of operations 1 Commitments 4 Approved on behalf of the Board of Directors
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SAN LORENZO GOLD CORP. 2 Condensed Interim Consolidated Statements of Loss and Comprehensive Loss For the three and six months ended June 30, (Canadian dollars, except for share and per share amounts) The accompanying notes are an integral part of these condensed interim consolidated financial statements Notes 2026 2025 2026 2025 Revenue Interest $ 79,547 $ - $ 79,547 - Expenses General and administrative $ 170,573 $ 116,608 $ 315,818 $ 201,394 TSXV Fees 3,000 - 137,525 Accretion - 8,892 46,440 17,784 Share-based compensation - 1,663 - 3,326 Credit Facility interest 5 - 19,945 5,610 52,446 Loss (gain) on term loan accretion 5 - 20,000 95,132 40,000 Total expenses $ 173,573 $ 167,108 $ 600,525 $ 314,950 Net income (loss) Other Comprehensive income (loss) Foreign exchange translation adjustment 242,687 (276,601) 138,585 44,610 Net and Comprehensive Income $ 148,661 $ (443,709) $ (382,393) $ (270,340) Net income (loss) per share - basic and diluted Weighted average number of shares outstanding 7c 103,983,096 80,162,084 98,366,003 76,798,617 (0.00) (0.00) (0.01) (0.00) $ (314,950)$ (94,026) $ (167,108) $ (520,978) Three months ended Six months ended June 30, June 30,
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SAN LORENZO GOLD CORP. 3 Condensed Interim Consolidated Statements of Changes in Equity (Deficit) Unaudited (Canadian Dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements Notes Share Capital Shares to be Issued Equity Component Contributed Surplus Accumulated Other Comprehensive Income (Loss) Deficit Total Equity Balance, December 31, 2024 $ 4,640,542 $ - $ 81,305 $ 4,049,408 $ (628,706) $ (5,097,324) $ 3,045,225 Warrants exercised 7b 1,514,647 - - - - - 1,514,647 Reversal of equity component 7b 778,111 - - (778,111) - - - Private placements 7b 2,548,340 - - - - 2,548,340 Warrant component of private placement 7b (1,025,897) - - 1,025,897 - - - Share issuance costs 7b (135,567) - - 54,236 - - (81,331) Shares to be Issued 7b - 2,360,471 - - - - 2,360,471 Share-based compensation 7e - - - 478,938 - - 478,938 Equity component of debt 5cd - - 316,179 - - - 316,179 Net loss and comprehensive loss - - - - 301,901 (1,249,138) (947,237) Balance, December 31, 2025 $ 8,320,176 $ 2,360,471 $ 397,484 $ 4,830,368 $ (326,805) $ (6,346,462) $ 9,235,232 Warrants exercised 7b 4,023,516 - - - - 4,023,516 Options exercised 8,700 - - - - 8,700 Reversal of equity component of warrants exercised 2,775,925 - - (2,775,925) - - - Equity component of private placement warrants (8,586,278) - - 8,586,278 - - - Private placement 7b 23,451,657 - - - - 23,451,657 Conversion term loan 1,000,000 - - - - 1,000,000 Credit facility conversion 952,942 - - - - 952,942 Share issuance costs (2,193,254) - - 768,229 - - (1,425,025) Shares to be issued and issued - (2,360,471) - - - - (2,360,471) Equity component of debt - - - - - - - Net loss and comprehensive loss - - - - 138,585 (520,978) (382,393) Balance,June 30, 2026 $ 29,753,384 $ - $ 397,484 $ 11,408,950 $ (188,220) $ (6,867,440) $ 34,504,158
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SAN LORENZO GOLD CORP. 4 Condensed Interim Consolidated Statements of Cash Flows For the three and six months ended June 30, 2026 and 2025 (Canadian Dollars) The accompanying notes are an integral part of these condensed interim consolidated financial statements Notes 2026 2025 2026 2025 Cash provided by (used in) Net loss and comprehensive loss $ (94,026) $ (167,108) $ (520,978) $ (314,950) Add (deduct) items not affecting cash flow: Cash interest payable payment (376,022) Non-cash interest expense - 72,446 - 92,446 Accretion of note payable 5 (38,604) 8,892 46,440 17,784 Stock-based compensation - 1,663 - 3,326 Trade and other payables 98,281 (61,088) (84,938) (199,470) Due from related parties 370,105 - 230,596 - Other receivables (98,698) (2,077) (96,252) (4,676) Cash flow used in operating activities $ 237,058 $ (147,272) $ (801,154) $ (405,540) INVESTING Exploration and evaluation expenditures 4 $ (1,958,831) $ (160,255) $ (3,080,350) $ (608,873) Cash flow provided by (used in) investing activities $ (1,958,831) $ (160,255) $ (3,080,350) $ (608,873) FINANCING Proceeds from private placements $ - $ - $ 23,451,657 $ - Share issue costs (200,000) - (1,425,024) - Shares to be issued - - (2,360,471) - Refunds re: private placements - - (461,029) - Advance from a director - 250,689 - 250,689 Gross proceeds from warrants exercised 4,010,916 - 4,023,516 1,505,646 Proceeds from options exercised 8,700 - 8,700 - Advance from related party - 85,270 (236,274) 91,980 Credit facility 2025 7,039 (1,227,188) 536,298 (863,445) Term Loan 29,565 1,000,000 (904,869) 1,000,000 Cash flow provided by financing activities $ 3,856,220 $ 108,771 $ 22,632,504 $ 1,984,870 Increase (decrease) in cash $ 2,134,447 $ (198,756) $ 18,751,000 $ 970,457 Cash, beginning of each period 21,648,127 1,231,194 5,031,574 61,981 Cash, end of period $ 23,782,574 $ 1,032,438 $ 23,782,574 $ 1,032,438 OPERATING Three months ended Six months ended June 30, June 30,
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5 SAN LORENZO GOLD CORP. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Canadian dollars, except for share and per share amounts) 1. Nature of operation and going concern San Lorenzo Gold Corp. (“San Lorenzo” or t he “Corporation”) is incorporated in the Province of Alberta, Canada and its principal business activities are the acquisition and development of mining properties in Chile . Its common shares trade on the TSX Venture Exchange under the symbol “SLG” and on the OTC-QB under the symbol ( “SNLGF”). The head office and the registered office of the Corporation is located at 2 10, 396 – 11th Avenue SW, Calgary, Alberta, Canada T2R 0C5. 2. Basis of Presentation a. Basis of measurement (continued) These unaudited Condensed Interim Consolidated Financial Statements (“the “Interim Statements”), including required comparative information, have been prepared in accordance and compliance with IFRS as issued by the International Accounting Standards Board (“IASB”) and interpretations of the International Reporting Interpretations Committee (“IFRIC”) in effect at January 1, 2026. These Interim Statements, and the policies applied herein, were authorized for issue by the Board of Directors on August 29, 2026. Certain information and footnote disclosures normally included in the annual audited financial statements prepared in accordance with International Financial Reporting Standards (“IFRS”), as issued by the International Accounting Standards Board (“IASB”) and interpretations issued by the International Financial Reporting Interpretations Committee (“IFRIC”) in effect on January 1, 2026, have been omitted or condensed. These Interim Statements should be read in conjunction with San Lorenzo’s December 31, 2025 audited financial statements. The results reported in these Interim Statements should not be regarded as necessarily indicative of results that may be expected for an entire year. The policies set out below are consistently applied to all periods presented, unless otherwise noted. These Interim Statements have been prepared under the historical cost method except for share -based transactions and certain financial instruments which are measured at fair value. The Interim Statements are presented in Canadian dollars, which is the Corporation’s functional currency. The functional currency of the Corporation’s subsidiary, Compañía Minera San Lorenzo Limitada (“Minera San Lorenzo”) is the Chilean Peso. b. Consolidation The Interim Statements include the accounts of the Corporation and Minera San Lorenzo, which is a limited liability partnership. The Corporation has consolidated the assets, liabilities, and expenses of Minera San Lorenzo after the elimination of inter -corporate transactions and balances. Minera San Lorenzo was incorporated in Chile on May 17, 2016 and the principal business is the acquisition and development of mineral properties. c. Use of judgments and estimates The preparation of the Interim Statements in conformity with IFRS requires management to make judgements, estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the Interim Statements and the reported amounts of revenues and expenses during the reporting period. Although these estimates are based on management‘s best knowledge of the amount, event or actions, actual results ultimately may differ from those estimates. d. Unrealized foreign exchange on translation of Chilean subsidiary Foreign currency translation is used to convert the results of a parent company’s foreign subsidiaries to its reporting currency. In compliance with IAS 21 (IFRS), foreign currency monetary and non -monetary accounts are converted using three different exchange rates: 1) Closing rate at the end of the reporting period; 2) Historical cost at the date of the transaction; and, 3) Average rate throughout the reporting period. Asset properties are converted to the reporting currency using the closing rate at the end of the reporting period.
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6 SAN LORENZO GOLD CORP. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Canadian dollars, except for share and per share amounts) 3. Summary of Significant Accounting Policies These Interim Statements have been prepared for all periods presented, following the same accounting policies, estimates and judgements and methods of computation as used in the Corporation’s audited annual financial statements for the year ended December 31, 2025. 4. Mineral properties - exploration and evaluation expenditures The Corporation’s exploration and evaluation expenditures relate to mineral properties in Chile and are as follows: As at June 30, 2026 and 2025, management assessed and determined there were no indicators of impairment. Mineral Property Description The Corporation currently holds 100% title interest in mineral claims comprising three discrete packages with exploration potential to discover commercial deposits of copper and/or gold and/or silver through its Chilean subsidiary . The packages of mineral claims are hereinafter referred to as the “mineral properties”. Mineral Property Expenditure Commitments The mineral properties do not require any minimum work or expenditure commitments. The Corporation is obligated to make annual tax payments to the Chilean government in relation to the mineral properties. The tax is calculated by the government using an internal tax unit, Unidad Tributaria Mensual “UTM”. These tax payments are payable in the first quarter of the year and have been made during the current and prior years. 5. Note Payable, Credit Facilities and Convertible Term Loan a) Note Payable is comprised of the following: On December 31, 2022, the Lithium Chile Inc. (“LITH”) note payable of $1,000,000 was renegotiated to extend the repayment term from November 30, 2022 to December 31, 2025, and the Corporation may, at its option pay to LITH, interest at 8.0% per annum payable annually with common shares in the capital of the Corporation at the 20 -day weighted average trading price before the date of payment. The loan has been discounted using a market rate of interest of 12.5%. On January 13, 2026, the principal amount of $1,000,000 was repaid to LITH in cash and on March 16, 2026, the accrued interest of $270,299 was repaid to LITH in cash. Balance, December 31, 2024 $ 5,306,414 Addition 1,855,051 Foreign exchange effect 301,901 Balance, December 31, 2025 $ 7,463,366 Addition 3,080,350 Foreign exchange effect 138,585 Balance, June 30, 2026 $ 10,682,301 Balance, December 31, 2023 928,868$ Accretion 35,568 Balance, December 31, 2024 964,436$ Accretion 35,564 Balance, December 31, 2025 1,000,000$ Repayment on January 13, 2026 (1,000,000) Balance, June 30, 2026 -$
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7 SAN LORENZO GOLD CORP. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Canadian dollars, except for share and per share amounts) b) Credit Facility 2024, which converted to a convertible term loan June 30, 2025, was comprised of the following: The Debenture issued in 2023 to a director of the Corporation in the principal amount of $500,000 (plus accrued interest) together with advances made subsequently by that director, were converted into a credit facility on November 14, 2024 (the “Credit Facility 2024”), which received TSX Venture Exchange approval. The Credit Facility 2024 provided that the maximum amount that may be drawn was $1,000,000, was secured by a general security agreement, and bears interest at a rate of 8% per annum. On June 30, 2025, the Credit Facility 2024 exceeded the $1,000,000 maximum resulting in the conversion to a convertible term loan (“Convertible Term Loan”) in the amount of $1,000,000 with the excess drawn amount of $277,188 applied against the new credit facility (“Credit Facility 2025”). c) Credit Facility 2025 is comprised of the following: Credit Facility 2025 was converted into common shares in accordance with the terms of the facility on May 26, 2026. Balance, December 31, 2023 -$ Conversion of debenture into credit facility 500,000 Conversion of due to shareholder into credit facility 295,000 Advances from credit facility 174,750 Equity component (81,305) Recognition of gain on modification (25,000) Balance, December 31, 2024 863,445$ Payments on credit facility (396,845) Withdrawal from credit facility 760,588 Conversion to Convertible Term Loan (Note 5(d)) (1,000,000) Applied to Credit Facility 2025 (Note 5(c)) (227,188) Balance, December 31, 2025 -$ Balance, December 31, 2024 -$ Conversion from Credit Facility 2024 (Note (b)) 227,188 Payments on credit facility (423,418) Advances from credit facility 702,438 Accretion 23,523 Equity component (127,570) Balance, December 31, 2025 402,160$ Accretion 14,484 Advances from credit facility 424,965 Payment of accumulated interest - term loan 79,992 Payment of accumulated interest - Credit Facility 2025 31,341 Repayment via conversion on May 26, 2026 (952,942) Balance, June 30, 2026 -
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8 SAN LORENZO GOLD CORP. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Canadian dollars, except for share and per share amounts) d) Convertible Term Loan is comprised as follows: During the period, the principal amount of the Convertible Term Loan ($1,000,000) was converted to common shares of the Corporation in accordance with the provisions of the loan documents. The common shares are subject to a contractual hold period of 1 year from the date of issuance. 6. Related Party Transactions`` During the period ended June 30, 2026, the Corporation incurred expenses included in the unaudited Condensed Interim Consolidated Statements of Loss and Comprehensive Loss, as follows: The related party amounts included in the unaudited Condensed Interim Consolidated Statement of Financial Position are as follows: The amounts that are due to/from related parties are unsecured, non -interest bearing and due on demand. Transactions with related parties are incurred in the normal course of operations and initially recorded at fair value. Related party transactions are substantially related to advances for mineral property expenses that are reconciled after the period. 7. Share Capital a) Authorized: Unlimited number of common voting shares and preferred shares without nominal or par value. The preferred shares may be issued in one or more series, and the directors are authorized to fix the number of shares in each series and to determine the designation, rights, privileges, restrictions, and conditions attached to the shares of each series. No preferred shares have been issued since the Corporation’s inception. Balance, December 31, 2024 -$ Conversion from Credit Facility 2024 (Note 5(b)) 1,000,000 Accretion 61,522 Equity component (188,610) Balance, December 31, 2025 872,912 Accretion for quarter 1 31,956 Loss (gain) on term loan accretion 95,132 Conversion to common shares on March 30, 2026 (1,000,000) Balance, June 30, 2026 -$ Six months ended June 30, 2026 2025 Administrative services (accounting) provided by an officer in Canada $ 46,000 $ 18,838 Administrative services (exploration) provided by an officer in Chile $ 41,388 $ 40,929 As at June 30, 2026 2025 Note payable $ - $ 982,220 Term loan $ - $ 1,000,000 Due to a director $ - $ 250,689 Due to related parties $ - $ 215,789
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9 SAN LORENZO GOLD CORP. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Canadian dollars, except for share and per share amounts) b) Issued: During the period ended March 31, 2025, proceeds totaling $1,473,000 were received from the exercise of warrants and $32,646 from the exercise of brokers’ warrants. An amount of $778,711 was reclassed from contributed surplus which represents the original fair value of these warrants. On December 19, 2025, the Corporation completed the first tranche of a non-brokered private placement of units of the Corporation at a price of $0.62 per unit. This involved an issuance of 4,110,226 units for gross proceeds of $2,548,340. Each unit was comprised of one common share of the Corporation and one half of a purchase warrant. Each full warrant entitles the holder to acquire an additional common share at a price of $0.80 for a period of two (2) years from the date of issuance. These warr ants have a fair value of $1,025,897 as specified below under “Warrants”. The Corporation paid cash commissions totaling $81,330 and issued 131,177 brokers warrants. The broker warrants have a fair value of $54,237. Each broker warrant entitles the holder to acquire a common share at a price of $0.80 for a period of one (1) year from the date of issuance. The second tranche of the financing was closed after the December 31, 2025, year-end. The Corporation received gross proceeds of $2,548,340 but due to oversubscriptions, additional funds were received in December that prompted a second issuance of shares on January 20, 2026. This amount is identified in the financial statements as “Shares to be issued” for $2,360,471. On January 20, 2026, the Corporation completed the second tranche of a non-brokered private placement of units of the Corporation at a price of $0.62 per unit and issued 5,567,193 units for gross proceeds of $3,451,659.66, bringing the total raised under the first and second tranche to $5,999,999.78. Each unit is comprised of one common share of the Corporation and one half of a share purchase warrant . Each full warrant entitles the holder to acquire an additional common share at a price of $0.80 for a period of two (2) years from the date of issuance, subject to acceleration (for further details, please see the Corporation's news release dated December 11, 2025). In connection with the second closing, the Corporation paid cash commissions totaling $179,408.90 and issued 15,862 brokers warrants. Each broker warrant entitles the holder to acquire a common share at a price of $0.80 for a period of one (1) year from the date of issuance. Common Shares Number of Shares $Cdn Balance, December 31, 2024 and 2023 71,706,701 $ 4,640,542 Warrants exercised 8,233,328 1,482,000 Broker warrants exercised 272,050 32,647 Private placement 4,110,226 2,548,340 Reversal of equity component of warrants exercised - 778,111 Warrants valuation granted with Private Placement - (1,025,897) Share issue costs - (135,567) Balance, December 31, 2025 84,322,305 $ 8,320,176 Warrants exercised 3,037,295 4,023,516 Options exercised 75,000 8,700 Reversal of equity component of warrants exercised - 2,775,925 Equity component of private placement warrants - (8,586,278) Private placement 13,437,227 23,451,657 Conversion term loan 5,000,000 1,000,000 Credit facility conversion 2,722,691 952,942 Share issuance costs - (2,193,254) Balance, June 30, 2026 108,594,518 $ 29,753,384
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10 SAN LORENZO GOLD CORP. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Canadian dollars, except for share and per share amounts) On March 5, 2026, the Corporation completed two private placements for aggregate gross proceeds of $19,999,997.41. The private placements consisted of 5,976,095 units at a price of $2.51 per unit for gross proceeds of $14,999,998.45 and an additional 1,893,939 units at a price of $2.64 per unit, for additional gross proceeds of $4,999,998.96. Each unit is comprised of one common share of the Corporation and one half of a share purchase warrant. Each full warrant entitles the holder to acquire an additional common share at a price of $3.50 for a period of one (1) year from the date of issuance. In connection with the $2.51 units, the Corporation paid cash compensation totaling $709,199.87 and issued 282,549 broker warrants. Each broker warrant entitles the holder to acquire a common share at a price of $2.51 for a period of one (1) year from the date of issuance. In connection with the $2.64 units, the Corporation paid cash compensation totaling $236,399.96 and issued 89,545 broker warrants. Each broker warrant entitles the holder to acquire a common share at a price of $2.64 for a period of one (1) year from the date of issuance During the period ended June 30, 2026, proceeds totaling $4,023,516 were received from the exercise of warrants. An amount of $2,775,925 was reclassed from contributed surplus which represents the original fair value of these warrants. Loss per share The basic and diluted loss per share as calculated is based on the weighted average number of shares outstanding during the six months ended June 30, is as follows: c) Escrow Shares At June 30, 2026, and June 30, 2025 there were no common shares held in escrow. d) Stock Options The Corporation has adopted an incentive stock option plan which provides that the Board of Directors of the Corporation may from time to time, in its discretion, and in accordance with the TSX Venture Exchange’s requirements, grant to directors, officers, employees and consultants of the Corporation, non-transferable options to purchase common shares, provided that the number of common shares reserved for issuance will not exceed 10% of the issued and outstanding common shares from time to time. Share based compensation recognized in the interim condensed consolidated statements of loss and comprehensive loss during the period ended June 30, 2026 was nil (2025 - $3,326) using a graded vesting method. At June 30, 2026 2025 Weighted average number of common shares 98,366,003 76,798,617 Options Number of Options Exercise price Remaining Life (years) Balance, December 31, 2023 3,363,330 $ 0.13 - 0.16 3.4 - 7.2 Cancelled during 2024 (518,885) - - Granted November 1, 2024 500,000 $0.12 contractual basis Balance, December 31, 2024 3,344,445 Granted December 11, 2025 1,000,000 $0.80 1.00 Balance, December 31, 2025 4,344,445 Exercised Options April 10, 2026 (75,000) $ 0.13 - 0.16 Balance, June 30, 2026 4,269,445
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11 SAN LORENZO GOLD CORP. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Canadian dollars, except for share and per share amounts) e) Warrants Upon closing the private placement warrants and broker warrants were issued to Unit holders and to brokers, respectively, as follows: The fair value of the stock options and warrants issued during the past two calendar years have been estimated at the date of grant using the Black-Scholes option pricing model based on the following assumptions: 8. Management of Capital The Corporation's capital currently consists of common shares. The Corporation's capital management objectives are to have sufficient capital to be able to explore and develop mineral properties in Chile. The Corporation manages the capital structure and adjusts it in light of changes in economic conditions and the risk characteristics of the underlying assets. The Corporation does not have any externally imposed capital requirements to which it is subject. 9. Financial instruments and risk management The Corporation, as part of its operations, carries financial instruments consisting of cash, due from related party, other receivables, trade and other payables, notes payable due to related parties, and due to shareholders. It is management's opinion that the Corporation is not exposed to significant credit, interest, or currency risks arising from this financial instrument. Exercise Remaining Warrants held by Unit Holders and Brokers Granted Exercised Remaining Price Life (years) Balance, December 31, 2024 & 2023 Issued September 13, 2023 - Unit holders 8,333,333 (8,233,328) 100,005 0.18 - Expired September 13, 2023 - Unit holders (100,005) - (100,005) 0.18 - Issued September 13, 2023 - Brokers 272,050 (272,050) - 0.12 - Issued December 19, 2025 - Unit holders 2,055,113 (943,144) 1,111,969 0.80 1.5 Issued December 19, 2025 - Brokers 131,177 (131,177) - 0.80 0.5 Issued January 20, 2026 - Unit holders 2,783,597 (1,369,360) 1,414,237 0.80 1.6 Issued January 20, 2026 - Brokers 15,862 (15,862) - 0.80 0.6 Issued March 5, 2026 - Unit holders $2.51 2,988,048 (448,207) 2,539,841 3.50 0.7 Issued March 5, 2026 - Brokers $2.51 282,549 - 282,549 2.51 0.7 Issued March 5, 2026 - Unit holders $2.64 946,970 (142,045) 804,925 3.50 0.7 Issued March 5, 2026 - Brokers $2.64 89,545 - 89,545 2.64 0.7 Balance, June 30, 2026 17,798,239 (11,555,173) 6,243,066 Warrants Options Unit Holders Brokers Unit Holders Brokers Unit Holders Brokers Dividend yield - - - - Share price 0.69$ 0.72$ 0.72$ 1.00$ 1.00$ 3.18$ 3.18$ Strike price 0.80$ 0.80$ 0.80$ 0.80$ 0.80$ 3.50$ 3.50$ Expected volatility 147% 147% 165% 147% 165% 147% 165% Risk free rate 2.59% 2.58% 2.58% 2.52% 2.52% 2.57% 2.57% Expected life (years) 2 2 1 2 1 1 1 Forfeiture rate - - - - - - - December 11, 2025 January 20, 2026December 19, 2025 March 5, 2026 Warrants Warrants Warrants
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12 SAN LORENZO GOLD CORP. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Canadian dollars, except for share and per share amounts) The carrying amount of cash, due from related party, other receivable, trade and other payables, due to related parties and due to shareholder approximates its fair value due to its short-term maturity. The carrying amount of notes payable approximate its fair value due to market rate of interest being applied to this financial instrument. Credit Risk Credit risk is the risk of loss associated with the counterparty's inability to fulfill its payment obligations. The Corporat ion believes it has no significant credit risk as cash is held with reputable banks in both Canada and Chile. Liquidity Risk The Corporation's approach to managing liquidity risk is to ensure that it will have sufficient liquidity to meet current liabilities when due. As at June 30, 2026 the Corporation had a cash balance of $ 23,782,574 (2025 - $1,032,438) to settle current obligations of $121,249 (2025 - $1,465,928). Due to the nature of the mining industry, additional financing will be required in due course. Management will seek additional forms of financing through the issuance of new equity or debt instruments to continue its operations and there can be no assurance it will be able to do so. The following are the financial liabilities: Market Risk Market risk is the risk of loss that may arise from changes in market factors such as interest rates, foreign exchange rates, and commodity and equity prices. (1) Interest rate risk The Corporation believes it has negligible interest rate risk due to its cash balances and fixed rate interest - bearing debt. (2) Foreign currency risk The Corporation is exposed to the risk of changes in the Canadian/U.S. dollar exchange rate and in the U.S./Chilean Peso exchange rate for services and geological costs that are denominated in Chilean Pesos and converted to U.S. dollars or directly influenced by U.S. dollar benchmark prices. A hypothetical change of 10% to the foreign exchange rate between Canadian/U.S. and U.S/Chilean Peso would have a material impact of the Corporation’s loss during the year. (3) Commodity risk The Corporation is exposed to commodity price risk. The risks associated with commodity investments include such uncontrollable factors as inflation, weather, political unrest, foreign events, new technologies and even rumors can have significant consequences to the price of a commodity. June 30, 2026 Less than 1 year 1-3 years 3+ years Total Trade and other payables $ 121,249 $ - $ - $ 121,249 $ 121,249 $ - $ - $ 121,249 June 30, 2025 Less then 1 year 1-3 years 3+ years Total Trade and other payables $ 17,230 $ - $ - $ 17,230 Due to director 250,689 - - 250,689 Due to related party 215,789 - - 215,789 Note payable 982,220 - - 982,220 Accumulated Interest on Note Payable - 289,884 - 289,884 Term Loan - 1,000,000 - 1,000,000 $ 1,465,928 $ 1,289,884 $ - $ 2,755,812
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13 SAN LORENZO GOLD CORP. Notes to the Condensed Interim Consolidated Financial Statements For the three and six months ended June 30, 2026 and 2025 (Canadian dollars, except for share and per share amounts) 10. Segmented information The Corporation reports its financial results as one reportable segment as this is how the financial information is reviewed by the chief decision makers of the Corporation. The following table provides information regarding the location of the Corporation’s non-current assets on a geographic basis. 11. Subsequent Event During the period July 1, 2026, to August 29, 2026, proceeds totaling $1,069,006 were received from the exercise of unit holder warrants and $ 179,997 from the exercise of brokers’ warrants. An amount of $ 822,437 will be reclassed from contributed surplus, which represents the original Black Scholes calculated fair value of these warrants. CORPORATE INFORMATION CONTACT AUDITORS Head Office MNP LLP San Lorenzo Gold Corp. Calgary, Alberta 210, 396 – 11th Avenue S.W. Calgary, Alberta T2R 0C5 BANKERS Tel: (403) 617-9169 ATB Financial E-Mail:johna@slgold.ca Calgary, Alberta DIRECTORS LEGAL COUNSEL Kevin Baker, KC. Prelia Canada LLP Al J. Kroontje Calgary, Alberta Terrence Walker Kelly Kimbley