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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

~~________________________~~____________________________

FORM 10-K

~~________________________~~____________________________

(Mark One)

☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the fiscal year ended July 31, ~~2024~~2025

☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES

EXCHANGE ACT OF 1934

For the transition period from ___________ to ___________

Commission File Number: 000-53848

RISE GOLD CORP.

(Exact name of registrant as specified in its charter)

Nevada	30-0692325
(State or other jurisdiction of incorporation)	(IRS Employer Identification Number)

~~650~~345 -Crown ~~669~~Point ~~Howe~~Circle, ~~Street~~Suite 600

~~Vancouver,~~Grass ~~British Columbia~~Valley, ~~Canada V6C~~CA ~~0B4~~95945

(Address of principal executive offices)

(~~604~~917) ~~260~~349-~~4577~~0060

(Registrant's telephone number, including area code)

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

Title of each class	Trading Symbol(s)	Name of each exchange on which registered
None	None	None

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

Common Stock, Par Value $0.001 per share

(Title of Class)

Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.
☐ Yes ☒ No

Indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934:
☐ Yes ☒ No

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

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).☒ Yes ☐ No

- 1 -

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

Large accelerated filer ☐	Smaller reporting company ☒
Accelerated filer ☐	Emerging growth company ☐
Non-accelerated filer ☒

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

Indicate by check mark whether the registrant has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report. ☐

If securities are registered pursuant to Section 12(b) of the Exchange Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements. ☐

Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensation received by any of the registrant's executive officers during the relevant recovery period pursuant to §240.10D-1(b). ☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).
☐ Yes ☒ No

State the aggregate market value of the voting and non-voting common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average bid and asked price of such common equity, as of the last business day of the registrant's most recently completed second fiscal quarter: $64,~~235~~462,~~695~~808

Indicate the number of shares outstanding of each of the registrant's classes of common stock, as of the latest practicable date: As of October 2527, ~~2024~~2025, the registrant had 55120,~~785~~370,~~106~~467 shares of common stock issued and outstanding (the "Shares").

Auditor Name:	Auditor Location:	Auditor Firm ID:
Davidson & Company LLP	Vancouver, BC Canada	731
Davidson & CompanyLLP	Vancouver, BCCanada	731

- 2 -

Table of Contents

Item	Page	~~Page~~
PART I	~~PART I~~
Item 1.	Business	4
Item 1. Business	4
Item 1A.	Risk Factors	8
Item 1A. Risk Factors	8
Item 1B.	Unresolved Staff Comments	22
Item 1B. Unresolved Staff Comments	22
Item 1C.	Cybersecurity	22
Item 1C. Cybersecurity	22
Item 2.	Properties	22
Item 2. Properties	23
Item 3.	Legal Proceedings	47
Item 3. Legal Proceedings	48
Item 4.	Mine Safety Disclosures	47
Item 4. Mine Safety Disclosures	48
PART II	~~PART II~~
Item 5.	Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	48
Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities	49
Item 6.	[Reserved]	49
Item 6. [Reserved]	50
Item 7.	Management's Discussion and Analysis of Financial Condition and Results of Operations	50
Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations	51
Item 7A.	Quantitative and Qualitative Disclosures About Market Risk	52
Item 7A. Quantitative and Qualitative Disclosures About Market Risk	53
Item 8.	Financial Statements and Supplementary Data	52
Item 8. Financial Statements and Supplementary Data	53
Item 9.	Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	78
Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure	82
Item 9A.	Controls and Procedures	78
Item 9A. Controls and Procedures	82
Item 9B.	Other Information	79
Item 9B. Other Information	83
Item 9C.	Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	79
Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections	83
PART III	~~PART III~~
Item 10.	Directors, Executive Officers and Corporate Governance	79
Item 10. Directors, Executive Officers and Corporate Governance	83
Item 11.	Executive Compensation	85
Item 11. Executive Compensation	87
Item 12.	Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	88
Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters	91
Item 13.	Certain Relationships and Related Transactions, and Director Independence	92
Item 13. Certain Relationships and Related Transactions, and Director Independence	95
Item 14.	Principal Accountant Fees and Services	93
Item 14. Principal Accountant Fees and Services	97
PART IV	~~PART IV~~
Item 15.	Exhibits and Financial Statement Schedules	94
Item 15. Exhibits and Financial Statement Schedules	98
Item 16.	Form 10-K Summary	96
Item 16. Form 10-K Summary	100
SIGNATURES	100	96

- 3 -

FORWARD-LOOKING STATEMENTS

This annual report on Form 10-K (this "Report") contains "forward-looking statements" relating to Rise Gold Corp. (the "Company" or "Rise") which represent our current expectations or beliefs, including statements concerning ~~its~~our operations, performance, financial condition and growth. For this purpose, any statements contained in this Report that are not statements of historical fact are forward-looking statements. Without limiting the generality of the foregoing, words such as "may", "anticipate", "intend", "could", "estimate", or "continue" or the negative or other comparable terminology are intended to identify forward-looking statements. These statements by their nature involve substantial risks and uncertainties, such as credit losses, dependence on management and key personnel, our ability to continue our growth strategy and competition, certain of which are beyond our control. Should one or more of these risks or uncertainties materialize or should the underlying assumptions prove incorrect, actual outcomes and results could differ materially from those indicated in the forward-looking statements.

CURRENCY

In this Report, unless otherwise indicated, all dollar amounts are expressed in U.S. dollars and references to $ are to U.S. dollars.

PART I

Item 1. Business

DESCRIPTION OF BUSINESS

We are a mineral exploration company that was incorporated in the state of Nevada in 2007. Our primary asset is our interest in the Idaho-Maryland Gold Mine property (the "I-M Mine Property"), which is a major past producing high-grade property near Grass Valley, California, United States, which we own outright through our wholly owned Nevada subsidiary, Rise Grass Valley Inc. ("Rise Grass Valley").

Our common stock is currently listed in Canada on the Canadian Securities Exchange (the "CSE") under the symbol "RISE". We are a reporting issuer in British Columbia, Alberta, and Ontario in Canada. Our common stock is also currently traded in the United States on the ~~OTCQX~~OTCQB Market under the symbol "RYES". We are an SEC reporting company by virtue of our class of common stock being registered under Section 12(g) of the Securities Exchange Act of 1934, as amended (the "Exchange Act").

Business Development

Developments in our Company's business during the July 31, ~~2024~~2025 fiscal year and subsequent to year end, include the following:

OnUpdate ~~October~~on ~~21, 2024,~~ the ~~Company~~Legal ~~granted~~Efforts ~~1,006,750~~Regarding ~~stock options to a director of~~ the ~~Company.~~Vested ~~The~~Right ~~stock~~to ~~options~~Mine ~~are exercisable~~ at athe ~~price~~I-M ofMine ~~$0.11 per share until October 21, 2029.~~Property

On ~~October~~September 106, ~~2024~~2023, the Company ~~finalized~~submitted a ~~secured~~petition ~~loan~~to ~~agreement~~Nevada ~~with Myrmikan Gold Fund~~County, ~~LLC~~California (the "~~Lender~~County") ~~for~~asserting aits ~~$500,000~~constitutionally ~~loan~~protected ~~(the~~vested ~~"Loan")~~right ~~which~~to ~~will~~mine be used for the Company's working capital. The Loan has a term of 4 years with an interest rate of 15% per annum with interest accruing and payable along with the principal upon maturity. The Company issued 2,882,514 share purchase warrants at ~~an exercise price of $0.1735 with a 4 year expiry period as additional consideration for advancing~~ the ~~Loan.~~I-M ~~The~~Mine ~~Loan~~Property ~~may~~without ~~be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. The Loan will be secured against the assets of the Company and its subsidiary. Daniel Oliver Jr.,~~ a ~~director~~use ~~of the Company (a related party), is the managing member of the Lender~~permit. ~~Mr. Oliver disclosed his interest in the transaction and abstained from voting on the Company's resolution approving the Loan.~~

On December 13 and 14, 2023, the Board of Supervisors of the County (the "Board") held a public hearing regarding the Company's petition and the Board adopted a resolution rejecting the Company's vested rights petition to operate the I-M Mine Property.

- 4 -

On ~~September~~May 2013, 2024, the Company ~~granted~~submitted ~~1,006,750~~a ~~stock~~Writ ~~options~~of Mandamus (the "Writ") to the ~~Company's~~Superior ~~President~~Court ~~and~~of ~~CEO.~~California ~~The~~for ~~stock~~the ~~options~~County ~~are~~of ~~exercisable~~Nevada at(the a"Court") ~~price~~asking the Court to compel the Board to follow applicable law and grant Rise recognition of ~~$0.10~~its ~~per~~vested ~~share~~right ~~until~~to ~~September~~operate ~~20,~~the ~~2029~~I-M Mine Property.

OnSubsequent ~~September~~to ~~10,~~filing ~~2024,~~ the ~~Company finalized the amended debt agreement with Eridanus Capital LLC ("Eridanus") to extend an existing loan by one year to September 4~~Writ, ~~2025~~Rise ~~along~~sold ~~with~~three anon-core ~~reduction~~surface inparcels ~~interest rate~~ to ~~15%~~repay ~~per~~debt ~~annum~~and ~~for~~obtain athe ~~period~~funds ofnecessary ~~12 months (commencing September 4, 2024). The Company issued 1,700,000 share purchase warrants at an exercise price of $0.115~~ to ~~Eridanus~~litigate ~~as consideration for~~ the ~~extension~~writ. The ~~share~~County ~~purchase~~brought ~~warrants have~~ a 4motion ~~year~~for ~~expiry~~summary ~~period~~judgement ~~from~~in the ~~date~~writ ofproceedings, ~~issuance.~~arguing ~~Eridanus directed~~ that ~~340,000 of~~Rise ~~the~~had ~~1,700,000~~lost ~~share~~standing ~~purchase~~because ~~warrants be issued to Daniel Oliver Jr., a member~~ of ~~Eridanus,~~the ~~and~~sale ~~a director~~ of the ~~Company~~parcels.

On ~~May~~August 138, ~~2024~~2025, the ~~Company reported that we had submitted a Writ of Mandamus to the Superior~~ Court ofrejected ~~California (~~the ~~"Court") asking the Court to compel the Board of Supervisors of Nevada~~ County's ~~(the~~motion, ~~"Board~~ruling: ~~of Supervisors~~")Rise to[has] ~~follow~~a ~~applicable~~beneficial ~~law~~interest ~~and~~in ~~grant recognition of~~ the ~~Company's~~mine ~~vested~~property ~~right~~it toowns ~~operate~~that ~~our I-M Mine Property. The Company's position in this matter~~ is ~~that~~ the ~~Board~~subject of ~~Supervisors'~~its ~~December 2023 decision to deny the Company's~~ vested ~~rights~~right petition: ~~adversely~~if ~~infringed~~its onvested ~~our~~right ~~fundamental~~to ~~and~~mine ~~constitutional property rights. The Company contends that the Court~~ is ~~compelled~~recognized, toRise ~~use~~possesses ~~its~~all ~~independent~~of ~~judgement and consider~~ the ~~administrative~~surface ~~record de novo (i.e., "afresh" or "from the beginning")~~ and ~~without~~mineral ~~deference~~estate necessary to ~~the~~begin ~~Board of Supervisors arguments or conclusions~~mining."

On ~~May~~September 112, ~~2024~~2025, the ~~Company~~Court ~~granted~~signed a ~~total~~stipulation offrom 1the County and Rise providing that Rise would submit its initial brief on the case on September 15,~~004~~ 2025,~~479~~ ~~stock~~the ~~options~~County towill ~~directors~~submit ~~and~~its anopposition ~~officer~~by ofNovember ~~the~~18, ~~Company.~~2025, ~~The~~Rise ~~stock~~will ~~options~~reply ~~are~~by ~~exercisable~~December at5, a2025, ~~price~~and oforal ~~$0.17~~arguments ~~per~~will ~~share~~take ~~until~~place ~~May~~on 1January 9, ~~2029~~2026.

OnOther ~~April~~Business 29, 2024, the Company completed a non-brokered private placement over two tranches for gross proceeds totaling $954,253 through the issuance of 10,044,765 units in total at a price of $0.095 per unit with each unit consisting of one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of common stock at an exercise price of $0.158 for a period of three years from the date of issuance. Certain directors of the Company purchased an aggregate of 5,669,478 units of the private placement for gross proceeds of $538,600. The Company paid fees of $1,995 and issued 21,000 finder's warrants where each finder's warrant entitles the holder to acquire one share at a price of $0.158 for a period of two years. The Company paid legal fees of $4,515 in connection with this financing.Development

On ~~February~~October 2024, ~~2024~~2025, the Company ~~announced~~closed ~~that~~a financing and raised US$7,000,000 through the ~~Board~~issuance of ~~Supervisors~~up ~~adopted~~to a36,585,361 ~~resolution~~units inat a ~~public~~price ~~hearing~~of onUS$0.25 ~~February~~per 16Unit, ~~2024,~~with ~~denying~~each ~~the~~unit ~~Company's~~comprising ~~application~~one ~~for~~share aof ~~Use~~common ~~Permit~~stock toand ~~allow~~one share purchase warrant. Each whole warrant entitles the ~~re-opening~~holder to acquire one share of ~~the~~common ~~I-M~~stock ~~Mine~~at ~~Property~~an ~~and~~exercise ~~not~~price ~~certifying~~of US$0.45 for a period of three years from the ~~"FEIR"~~date of issuance.

On ~~February~~May 622, ~~2024~~2025, the Company ~~entered~~granted ~~into~~ a ~~credit~~total ~~facility~~of ~~arrangement with an arm's length lender that also provides services to the Company. Pursuant to the arrangement~~3, ~~each month~~320,000 ~~the~~stock ~~lender~~options ~~will defer and add~~ to ~~the~~directors, ~~loan principal an amount equal to half of the fees billed by the lender up to $1~~officers,~~000,000.~~ ~~Amounts loaned will bear interest at a rate of 12% per annum compounded annually~~ and ~~will~~consultants ~~be due four years from the date~~ of the ~~arrangement~~Company. The ~~Company~~stock ~~may~~options ~~repay~~are any amounts owing under the credit facility at any time without penalty. In connection with the credit facility, the Company has issued 1,000,000 non-transferable share purchase warrants to the lender, with each warrant exercisable ~~into one share of common stock of the Company~~ at a price of US$0.1610 per share ~~for~~until aMay ~~period of four years from the date of issuance. In addition~~22, ~~for each $100,000 loaned under the arrangement, the Company has agreed to issue to the lender 200,000 additional non-transferable warrants ("Additional Warrants")~~2030. Each Additional Warrant will be exercisable into one share of common stock of the Company at any time within a four-year period from the date of issuance at an exercise price equal to the market price of the shares of the Company on grant.

On May 16, 2025, the Company entered into an agreement to sell its drilling equipment for a sale price of $200,000. $100,000 was received on June 6, 2025 and subsequent payments of $50,000 payable for each of the two drilling rigs sold are to be received when each rig drills its first hole to a depth of 200m.

On May 8, 2025, the Company closed a financing and raised $3,000,000 through the issuance of up to 36,585,361 units at a price of US$0.082 per Unit (~CDN$0.11), with each unit comprising one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one share of common stock at an exercise price of US$0.15 (~CDN$0.21) for a period of three years from the date of issuance.

On March 25, 2025, the Company granted a total of 1,142,410 stock options to directors and officers of the Company. The stock options are exercisable at a price of US$0.10 per share until March 25, 2030.

On November 27, 2024, the Company announced it had contracted to sell 66 acres of industrial land located adjacent to the Company's I-M Mine Property for $4.3 million. The sale transaction is subject to two sale agreements with the same, arm's length third party. The first agreement covers 16 acres of land for total consideration of $1.8 million. That contract closed on November 27, 2024 with the payment of half the sale price, minus certain deductions. The balance of the purchase price is due on November 27, 2026. The buyer will pay monthly interest at an annual rate of 5% per year on the balance of the purchase price until it is paid in full. On January 14, 2025, the Company and the Purchaser negotiated a discounted, accelerated payment with the purchaser whereby the Company received $702,000 in lieu of the second $900,000 payment due in November 2026.

- 5 -

OnThe ~~December~~second 13sale agreement covers 50 acres of land for total sale price of $2.5 million and 14closed on May 27, ~~2023~~2025, at which point half of the ~~Board~~sale price was due, with the other half due on May 27, 2027. Commencing on the closing date, the buyer is required to pay monthly interest at an annual rate of ~~Supervisors~~5% ~~held~~per ayear ~~public~~on ~~hearing~~the ~~regarding~~balance of the ~~Company's~~purchase ~~Petition~~price until it is paid in full. The Company and the ~~Board~~purchaser ofhave ~~Supervisors~~also ~~adopted~~executed aan ~~resolution~~option ~~rejecting~~agreement whereby the Company's ~~vested~~may ~~rights~~repurchase ~~petition~~the 66 acres of land being sold for the sale price plus the cost of any capital improvements plus an increase of five percent per year on the condition that Rise acquires final government approvals to ~~operate~~perform mining operations at the I-M Mine Property. ToThe ~~view~~Company retains ownership of the ~~full~~I-M ~~version~~Mine Property, which is comprised of 53 acres of land surrounding the ~~December~~New 14Brunswick shaft, ~~2023~~as ~~press~~well ~~release~~as its nearby 56-acre Centennial property, ~~please~~and ~~visit~~it ~~https://www~~retains all of its 2,585 acres of mineral rights.~~risegoldcorp.com/news_items.~~

On ~~December~~November 1220, ~~2023~~2024, the Company ~~granted~~appointed aMihai ~~total~~Draguleasa ofas ~~707,752~~the ~~stock~~Company's ~~options~~Chief ~~with~~Financial aOfficer ~~fair~~in ~~value~~place of ~~$140,624~~Vince toBoon ~~directors~~and ofCatherine Cox as the Company's Corporate Secretary in place of Eileen Au. ~~The~~On ~~stock~~October ~~options~~30, ~~are~~2024, ~~exercisable~~John atProust, aMurray ~~price~~Flanigan ofand ~~$0.25~~Benjamin ~~per~~Mossman ~~share~~resigned ~~until~~as ~~December~~directors ~~12,~~of ~~2028~~the Company.

On ~~December~~October 721, ~~2023~~2024, the Company ~~announced~~granted ~~that it had completed two tranches of non-brokered private placements that total $967~~1,~~957 through the sale of 5~~006,~~377,541~~750 ~~total units at a price of $0.18 per unit with each unit consisting of one share of common~~ stock ~~and~~options ~~one-half of one share purchase warrant. Each whole warrant entitles the holder~~ to ~~acquire one additional share of common stock at an exercise price of $0.26 for~~ a ~~period~~consultant of ~~two years from~~ the ~~date of issuance~~Company. The ~~Company~~stock ~~paid~~options ~~fees~~are ofexercisable ~~$6,480 and issued 36,000 finder's warrants where each finder's warrant entitles the holder to acquire one share~~ at a price of $0.2611 per share until ~~November~~October 721, ~~2025~~2029.

On ~~September~~October 2610, ~~2023~~2024, the Company ~~granted~~finalized a ~~total~~secured ofloan ~~397~~agreement with Myrmikan Gold Fund,~~780~~ ~~stock~~LLC ~~options~~(the to"Lender") ~~officers~~for ~~and~~a ~~directors~~$500,000 ofloan (the "Loan") which will be used for the Company's working capital. The ~~stock~~Loan ~~options~~has ~~are~~a ~~exercisable~~term of 4 years with an interest rate of 15% per annum with interest accruing and payable along with the principal upon maturity. The Company issued 2,882,514 share purchase warrants at aan exercise price of $0.261735 ~~per~~with ~~share~~a ~~until~~4 ~~September~~year 22expiry period as additional consideration for advancing the Loan. The Loan may be repaid prior to the maturity date, ~~2028~~in whole or in part, provided that all accrued interest is paid. The Loan was secured against the assets of the Company and its subsidiary. Daniel Oliver Jr., a director of the Company (a related party) is the managing member of the Lender. Mr. Oliver disclosed his interest in the transaction and abstained from voting on the Company's resolution approving the Loan. The Company repaid the loan and accrued interest in full in May 2025.

~~The~~On ~~Company~~September ~~appointed~~20, ~~Joseph~~2024, ~~Mullin as President and CEO of~~ the Company asgranted ~~at September 25~~1,006,750 ~~2023.~~stock ~~Ben~~options ~~Mossman~~to ~~will continue in his position as a director of~~ the Company's President and ~~serve as an advisor~~CEO. The ~~Company~~stock ~~also~~options ~~appointed~~are ~~two~~exercisable ~~new~~at ~~directors~~a inprice ~~Clynton~~of ~~Nauman~~$0.10 onper ~~September~~share 7,until ~~2023,~~September ~~and Daniel Oliver Jr. on July 10~~20, ~~2023~~2029.

On September 610, ~~2023~~2024, the Company ~~submitted~~finalized aan ~~Petition~~amended todebt ~~the~~agreement ~~County~~with ofEridanus ~~Nevada,~~Capital ~~California~~LLC (~~the~~ "~~County~~Eridanus") ~~asserting~~to ~~its~~extend ~~vested~~an ~~right~~existing toloan ~~mine~~by atone ~~the~~year ~~I-M~~to ~~Mine~~September ~~Property.~~4, ~~The~~2025 ~~Company's~~along ~~position~~with asa ~~demonstrated~~reduction in ~~the~~interest ~~Petition~~rate isto ~~that~~15% ~~mining~~per ~~operations~~annum onfor ~~the~~a ~~I-M~~period ~~Mine~~of ~~Property~~12 ~~are~~months a(commencing ~~vested~~September ~~use~~4, ~~protected~~2024). ~~under~~The ~~the~~Company ~~California~~issued ~~and~~1,700,000 ~~federal~~share ~~Constitutions,~~purchase ~~and~~warrants aat ~~use~~an ~~permit~~exercise isprice ~~not~~of ~~required~~$0.115 ~~for~~to ~~mining~~Eridanus ~~operations~~as toconsideration ~~continue~~for the extension. The ~~Company~~share ~~owns~~purchase ~~the~~warrants ~~I-M~~have ~~Mine~~a ~~Property~~4 ~~consisting~~year ofexpiry ~~175~~period ~~acres~~from the date of ~~surface~~issuance. ~~land~~Eridanus ~~and~~directed athat 2340,~~560~~000 ~~acre~~of ~~mineral~~the ~~estate~~1,700,000 ~~(the~~share ~~"Vested~~purchase ~~Mine~~warrants ~~Property"),~~be ~~located~~issued into ~~the~~Daniel ~~County~~Oliver Jr., ~~Before~~a ~~the~~member ~~I-M~~of ~~Mine~~Eridanus, ~~Property~~and ~~was~~a ~~consolidated~~director ~~into~~of ~~its~~the ~~current~~Company. ~~configuration~~The inCompany ~~1941,~~repaid itthe ~~existed~~Eridanus asloan ~~multiple~~in ~~historical~~full ~~mines~~in ~~and~~May ~~operations~~2025.

For the vested right to be recognized by the County, the Company needs to demonstrate the fact that mine operations were being conducted both before and immediately after the County first required a permit to mine in 1954. The Petition and its exhibits are replete with historical evidence that mining was conducted at the I-M Mine Property prior to, during, and after 1954, when the County first required a use permit.

Once vested, this right to mine endures unless it is abandoned. Abandonment only occurs if two conditions are met: (1) there is evidence of a property owner's actual intent to abandon the vested mining right; and (2) an overt act (or failure to act) demonstrating such intent. The California Supreme Court has held that a vested mining right is not abandoned merely because the mine has been inactive for periods of time, and the Court has found that cessation of use alone does not constitute abandonment of a mine. The evidence set out in the Petition establishes the various previous owners evidenced their intent to retain the vested right to mine by continuously recording mineral reservations, entering into leases, and making plans for resuming mining in the future, even when mining operations were suspended. There is no evidence that any owner of the I-M Mine Property intended to abandon the vested mining right or took an overt act demonstrating that intent (let alone both). In addition, the vested right was already confirmed in 1980 by the County. The Company is subject to the vested rights being confirmed by the County. A decision on the Petition is not discretionary, rather the Board of Supervisors must decide whether to confirm the vested rights by reviewing the historical facts in light of how the California Supreme Court has interpreted the relevant legal principles.

- 6 -

Plan of Operations

As at July 31, ~~2024~~2025, the Company had a cash balance of $~~243~~2,~~669~~783,348, compared to a cash balance of $~~758~~243,~~272~~669 as of July 31, ~~2023~~2024.

Our plan of operations for the next 12 months is to ~~review~~continue the litigation ~~options~~ in pursuit of protecting the Company's property rights under both California state and USU.S. federal laws~~, including asserting its 5th Amendment rights under the US Constitution and other due process rights under the 14th Amendment of the US Constitution~~. ~~The Company is also asking the Court to overturn the County of Nevada's decision denying the Company's Vested Mining Rights.~~

On May 13, 2024, the Company reported that we had submitted a Writ of Mandamus to the Superior Court of California (the "Court") asking the Court to compel the Board of Supervisors of Nevada County (the "Board of Supervisors") to follow applicable law and grant recognition of the Company's vested right to operate our I-M ~~Mine~~6 Property. The Company's position in this matter is that the Board of Supervisors' December 2023 decision to deny the Company's vested rights petition adversely infringed on our fundamental and constitutional property rights. The Company contends that the Court is compelled to use its independent judgement and consider the administrative record de novo (i.e., "afresh" or "from the beginning") and without deference to the Board of Supervisors arguments or conclusions.-

On May 13, 2024, the Company reported that we had submitted a Writ of Mandamus to the Court asking the Court to compel the Board of Supervisors of Nevada County (the "Board of Supervisors") to follow applicable law and grant recognition of the Company's vested right to operate our I-M Mine Property. The Company's position in this matter is that the Board of Supervisors' December 2023 decision to deny the Company's vested rights petition adversely infringed on our fundamental and constitutional property rights. The Company contends that the Court is compelled to use its independent judgement and consider the administrative record de novo (i.e., "afresh" or "from the beginning") and without deference to the Board of Supervisors' arguments or conclusions.

On September 12, 2025 the Court signed a stipulation from the County and Rise providing that Rise would submit its initial brief on the case on September 15, 2025, the County will submit its opposition by November 18, 2025, Rise will reply by December 5, 2025, and oral arguments will take place on January 9, 2026.

Project Design

The Use Permit application proposes underground mining to recommence at an average throughput of 1,000 tons per day. The existing Brunswick Shaft, which extends to ~3400 feet depth below surface, would be used as the primary rock conveyance from the I-M Mine Property. A second service shaft would be constructed by raising from underground to provide for the conveyance of personnel, materials, and equipment. Gold processing would be done by gravity and flotation to produce gravity and flotation gold concentrates. Processing equipment and operations would be fully enclosed in attractive modern buildings and numerous mature trees located on the perimeter of the Brunswick site would be retained to provide visual shielding of aboveground project facilities and operations.

The Company would produce barren rock from underground tunnelling and sand tailings as part of the project which would be used for creation of approximately 58 acres of level and useable industrial zoned land for future economic development in the County.

A water treatment plant and pond, using conventional processes, would ensure that groundwater pumped from the mine is treated to regulatory standards before being discharged to the local waterways.

Detailed studies by professionals in the fields of civil and electrical engineering, biology, hydrology, cultural resources, traffic, air quality, human health, vibration, and sound have guided the design of the project.

Approximately 300 employees would be required if the mine reaches full production.

- 7 -

Employees

During the prior year ended July 31, ~~2023~~2024, ~~and~~from ~~until~~August 1, 2023 to September 23, 2023, the Company had one full-time employee, which was the former Chief Executive Officer and President, who now serves as an advisor to the Company. Our current Chief Executive Officer and President provides services pursuant to a consulting agreement, and other officers and directors provide services to us on an as-needed basis. We plan to rely on their efforts, as well as those of a number of independent consultants, to manage our operations for the foreseeable future.

- 7 -

Government Regulations

We plan to engage in mineral exploration and development activities and will accordingly be exposed to environmental risks associated with mineral exploration activity. We are the operator of the I-M Mine Property.

Our exploration and development activities will be subject to extensive federal, state and local laws, regulations and permits governing protection of the environment. Among other things, our operations must comply with the provisions of the Federal Mine Safety and Health Act of 1977 as administered by the United States Department of Labor.

Our plan is to conduct our operations in a way that safeguards public health and the environment. We believe that our operations comply with applicable environmental laws and regulations in all material respects.

The costs associated with implementing and complying with environmental requirements can be substantial and possible future legislation and regulations could cause us to incur additional operating expenses, capital expenditures, restrictions and delays in developing or conducting operations on our properties, including the I-M Mine Property, the extent of which cannot be predicted with any certainty.

Item 1A. Risk Factors

Risks Related to Our Business

Increased levels of volatility or a rapid destabilization of global economic conditions could have a material adverse effect on our operations and financial condition.

In recent years, global financial conditions have been characterized by increased volatility which has impacted many industries, including the mining industry. Global financial conditions are subject to sudden and rapid destabilization in response to current and future events, as governmental authorities may have limited resources to respond to such events. Global capital markets continue to experience increased volatility in response to global events such as the significant increase in the rate of inflation in recent years, and the effects of certain countermeasures taken by central banks including increased interest rates. Future economic crises may be precipitated by any number of causes, including natural disasters, epidemics (such as the COVID-19 virus pandemic), geopolitical instability and war (such as the Russian invasion of Ukraine and the Israel-Palestine conflict), the failure of financial institutions, terrorism, material changes in the price of oil, the volatility of metal prices, and the volatility of global financial markets. Continued increased levels of volatility or a sudden or rapid destabilization of global economic conditions could negatively impact our ability to obtain equity or debt financing or to make other suitable arrangements to finance our Idaho-Maryland Mine Project which, in turn, could have a material adverse effect on our operations and financial condition.

- 8 -

Our ability to continue to operate as a going concern depends on our ability to obtain adequate financing in the future.

The ability of the Company to continue as a going concern is dependent on the Company's ability to maintain continued support from its shareholders and creditors and to raise additional capital and implement its business plan.

- 8 -

There is no assurance that the Company will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. However, management believes that the Company can raise sufficient working capital to meet its projected minimum financial obligations for the next fiscal year. The accompanying financial statements have been prepared under the assumption that we will continue as a going concern. We are an exploration stage company and we have incurred losses since our inception.

We will require significant additional capital to fund our business plan.

We will be required to expend significant funds to determine whether proven and probable mineral reserves exist at our properties, to continue exploration and, if warranted, to develop our existing properties, and to identify and acquire additional properties to diversify our property portfolio. We anticipate that we will be required to make substantial capital expenditures for the continued exploration and, if warranted, development of our I-M Mine Property. We have spent and will be required to continue to expend significant amounts of capital for drilling, geological, and geochemical analysis, assaying, permitting, and feasibility studies with regard to the results of our exploration at our I-M Mine Property. We may not benefit from some of these investments if we are unable to identify commercially exploitable mineral reserves.

In addition, the Company may incur significant legal costs going forward should it decide to litigate in pursuit of protecting its property rights under both California state and USU.S. federal laws, including asserting its 5th Amendment rights under the USU.S. Constitution and other due process rights under the 14th Amendment of the U.S. Constitution, amongst other legal remedies that are available to the Company.

Our ability to obtain necessary funding for these purposes, in turn, depends upon a number of factors, including the status of the national and worldwide economy and the price of metals. Capital markets worldwide were adversely affected by substantial losses by financial institutions, caused by investments in asset-backed securities and remnants from those losses continue to impact the ability for us to raise capital. We may not be successful in obtaining the required financing or, if we can obtain such financing, such financing may not be on terms that are favorable to us.

Our inability to access sufficient capital for our operations could have a material adverse effect on our financial condition, results of operations, or prospects. Sales of substantial amounts of securities may have a highly dilutive effect on our ownership or share structure. Sales of a large number of shares of our common stock in the public markets, or the potential for such sales, could decrease the trading price of those shares and could impair our ability to raise capital through future sales of common stock. We have not yet commenced commercial production at any of our properties and, therefore, have not generated positive cash flows to date and have no reasonable prospects of doing so unless successful commercial production can be achieved at our I-M Mine Property. We expect to continue to incur negative investing and operating cash flows until such time as we enter into successful commercial production. This will require us to deploy our working capital to fund such negative cash flow and to seek additional sources of financing. There is no assurance that any such financing sources will be available or sufficient to meet our requirements. There is no assurance that we will be able to continue to raise equity capital or to secure additional debt financing, or that we will not continue to incur losses.

- 9 -

We have a limited operating history on which to base an evaluation of our business and prospects.

Since our inception, we have had no revenue from operations. We have no history of producing products from any of our properties. Our Idaho-Maryland Mine Project is a historic, past-producing mine which, apart from the exploration work that we have completed since 2016, has had very little recent exploration work since 1956. We would require further exploration work in order to reach the development stage. Advancing our I-M Mine Property into the development stage will require significant capital and time, and successful commercial production from the I-M Mine Property will be subject to completing feasibility studies, permitting and re-commissioning of the mine, constructing processing plants, and other related works and infrastructure. As a result, we are subject to all of the risks associated with developing and establishing new mining operations and business enterprises including:

- 9 -

completion of feasibility studies to verify reserves and commercial viability, including the ability to find sufficient ore reserves to support a commercial mining operation;
the timing and cost, which can be considerable, of further exploration, preparing feasibility studies, permitting and construction of infrastructure, mining and processing facilities;
the availability and costs of drill equipment, exploration personnel, skilled labor, and mining and processing equipment, if required;
the availability and cost of appropriate smelting and/or refining arrangements, if required;
compliance with stringent environmental and other governmental approval and permit requirements;
the availability of funds to finance exploration, development, and construction activities, as warranted;
potential opposition from non-governmental organizations, local groups or local inhabitants that may delay or prevent development activities;
potential increases in exploration, construction, and operating costs due to changes in the cost of fuel, power, materials, and supplies; and
potential shortages of mineral processing, construction, and other facilities related supplies.

The costs, timing, and complexities of exploration, development, and construction activities may be increased by the location of our properties and demand by other mineral exploration and mining companies. It is common in exploration programs to experience unexpected problems and delays during drill programs and, if commenced, development, construction, and mine start-up. In addition, our management and workforce will need to be expanded, and sufficient support systems for our workforce will have to be established. This could result in delays in the commencement of mineral production and increased costs of production. Accordingly, our activities may not result in profitable mining operations, and we may not succeed in establishing mining operations or profitably producing metals at any of our current or future properties, including our I-M Mine Property.

We have a history of losses and expect to continue to incur losses in the future.

We have incurred losses since inception, have had negative cash flow from operating activities, and expect to continue to incur losses in the future. We have incurred the following losses from operations during each of the following periods:

$3,260,358 for the year ended July 31, 2025
$3,565,631 for the year ended July 31, 2024
$3,660,382 for the year ended July 31, 2023
$3,464,127 for the year ended July 31, 2022

$1,603,878 for the year ended July 31, 2021

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We expect to continue to incur losses unless and until such time as one of our properties enters into commercial production and generates sufficient revenues to fund continuing operations. We recognize that if we are unable to generate significant revenues from mining operations and/or dispositions of our properties, we will not be able to earn profits or continue operations. At this early stage of our operation, we also expect to face the risks, uncertainties, expenses, and difficulties frequently encountered by companies at the start-up stage of their business development. We cannot be sure that we will be successful in addressing these risks and uncertainties and our failure to do so could have a materially adverse effect on our financial condition.

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Damage to our reputation could adversely affect our company's operations and financial condition.

Our relationship with the communities where we operate is critical to ensure the future success of our existing operations and the construction and development of our I-M Mine Property. Reputational damage can be the result of the actual or perceived occurrence of any number of events, and could include any negative publicity, whether true or not. There is an increasing level of public concern relating to the perceived effect of mining activities on the environment and on communities impacted by such activities. Certain individuals and groups who oppose resource development can often be vocal critics of the mining industry and its practices, including the use of hazardous substances in processing activities and effects on the environment. The increased use of social media and other web-based tools used to generate, publish and discuss user-generated content and to connect with other users has made it increasingly easier for such individuals and groups to communicate and share their opinions and views regarding our company and our activities. Adverse publicity generated by such persons related to extractive industries generally, or our operations or development activities specifically, could have an adverse effect on our reputation. Reputation loss, including reputation loss by other similar mining companies, may result in decreased investor confidence, increased challenges in developing and maintaining community and stakeholder relations and an impediment to our overall ability to advance our I-M Mine Property (including our ability to obtain permits), which could have a material adverse impact on our results of operations, financial condition and prospects. While we are committed to operating in a socially responsible manner, there is no guarantee that our efforts in this respect will mitigate this potential risk. We do not ultimately have direct control over how we are perceived by others and reputational damage could adversely affect our operations and financial condition.

We rely on information systems that may become subject to security threats.

We have entered into agreements with third parties for hardware, software, telecommunications and other information technology ("IT") services in connection with our operations. Our operations depend, in part, on how well we and our suppliers protect networks, equipment, IT systems and software against damage from a number of threats, including, but not limited to, cable cuts, natural disasters, terrorism, fire, power loss, hacking, phishing schemes, computer viruses, vandalism, fraud and theft. Our operations also depend on the timely maintenance, upgrade and replacement of networks, equipment, IT systems and software, as well as preemptive interventions and expenditures to mitigate the risks of failures and other IT system disruptions. Any of these and other events could result in information systems failures, delays and increases in capital expenses and which would negatively impact the Company's ability to operate. The failure of any part of our information systems could, depending on the nature and degree of any such failure, adversely impact our reputation and results of operations. Our risk and exposure to these matters cannot be fully mitigated because of, among other things, the evolving nature of these threats. As a result, cybersecurity and the continued development and enhancement of controls, processes and practices designed to protect our systems, computers, software, data and networks from attack, damage or unauthorized access remain a priority. As cyber threats continue to evolve, we may be required to expend additional resources to continue to modify or enhance protective measures or to investigate and remediate any security vulnerabilities.

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Increasing attention to environmental, social, and governance (ESG) matters may impact our business.

Increasing attention to ESG matters, including those related to climate change and sustainability, and increasing societal, investor and legislative pressure on companies to address ESG matters may result in increased costs, increased investigations and litigation or threats thereof, negative impacts on our stock price and access to capital markets, and damage to our reputation. Increasing attention to climate change, for example, may result in additional governmental investigations and private litigation, or threats thereof, against our company. In addition, some organizations that provide information to investors on corporate governance and related matters have developed ratings processes for evaluating companies on their approach to ESG matters, including climate change and climate-related risks. Such ratings are used by some investors to inform their investment and voting decisions. Unfavorable ESG ratings may lead to negative investor sentiment toward our company and to the diversion of investment to other industries, which could have a negative impact on our stock price and our access to and costs of capital. Additionally, evolving expectations on various ESG matters, including biodiversity, waste, and water, may increase costs, require changes in how we operate and lead to negative stakeholder sentiment.

Risks Related to Mining and Exploration

The I-M Mine Property is in the exploration stage. There is no assurance that we can establish the existence of any mineral reserve on the I-M Mine Property or any other properties we may acquire in commercially exploitable quantities. Unless and until we do so, we cannot earn any revenues from these properties and if we do not do so we will lose all of the funds that we expend on exploration. If we do not establish the existence of any mineral reserve in a commercially exploitable quantity, the exploration component of our business could fail.

We have not established that any of our mineral properties contain any mineral reserve according to recognized reserve guidelines, nor can there be any assurance that we will be able to do so.

A mineral reserve is defined in subpart 1300 of Regulation S-K under the Securities Act of 1933, as amended (the "Securities Act") and the Exchange Act ("Subpart 1300") as an estimate of tonnage and grade or quality of "indicated mineral resources" and "measured mineral resources" (as those terms are defined in Subpart 1300) that, in the opinion of a "qualified person" (as defined in Subpart 1300), can be the basis of an economically viable project. In general, the probability of any individual prospect having a "reserve" that meets the requirements of Subpart 1300 is small, and our mineral properties may not contain any "reserves" and any funds that we spend on exploration could be lost. Even if we do eventually discover a mineral reserve on one or more of our properties, there can be no assurance that they can be developed into producing mines and that we can extract those minerals. Both mineral exploration and development involve a high degree of risk, and few mineral properties that are explored are ultimately developed into producing mines.

The commercial viability of an established mineral deposit will depend on a number of factors including, by way of example, the size, grade, and other attributes of the mineral deposit, the proximity of the mineral deposit to infrastructure such as processing facilities, roads, rail, power, and a point for shipping, government regulation, and market prices. Most of these factors will be beyond our control, and any of them could increase costs and make extraction of any identified mineral deposit unprofitable.

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The nature of mineral exploration and production activities involves a high degree of risk and the possibility of uninsured losses.

Exploration for and the production of minerals is highly speculative and involves greater risk than many other businesses. Most exploration programs do not result in mineralization that may be of sufficient quantity or quality to be profitably mined. Our operations are, and any future development or mining operations we may conduct will be, subject to all of the operating hazards and risks normally incidental to exploring for and development of mineral properties, such as, but not limited to:

economically insufficient mineralized material;
fluctuation in production costs that make mining uneconomical;
labor disputes;
unanticipated variations in grade and other geologic problems;
environmental hazards;
water conditions;
difficult surface or underground conditions;
industrial accidents;
metallurgic and other processing problems;
mechanical and equipment performance problems;
failure of dams, stockpiles, wastewater transportation systems, or impoundments;
unusual or unexpected rock formations; and
personal injury, fire, flooding, cave-ins and landslides.

Any of these risks can materially and adversely affect, among other things, the development of properties, production quantities and rates, costs and expenditures, potential revenues, and production dates. If we were to determine that capitalized costs associated with any of our mineral interests are not likely to be recovered, we would incur a write-down of our investment in these interests. All of these factors may result in losses in relation to amounts spent that are not recoverable, or that result in additional expenses.

Commodity price volatility could have dramatic effects on the results of operations and our ability to execute our business plan.

The price of commodities varies daily. Our future revenues, if any, will likely be derived from the extraction and sale of base and precious metals. The price of those commodities has fluctuated widely, particularly in recent years, and is affected by numerous factors beyond our control, including economic and political trends, expectations of inflation, currency exchange fluctuations, interest rates, global and regional consumptive patterns, speculative activities and increased production due to new extraction developments and improved extraction and production methods. The effect of these factors on the price of base and precious metals, and therefore the economic viability of our business, could negatively affect our ability to secure financing or our results of operations.

Estimates of mineralized material and resources are subject to evaluation uncertainties that could result in project failure.

Our exploration and future mining operations, if any, are and would be faced with risks associated with being able to accurately predict the quantity and quality of mineralized material and resources/reserves within the earth using statistical sampling techniques. Estimates of any mineralized material or resource/reserve on any of our properties would be made using samples obtained from appropriately placed trenches, test pits, underground workings, and intelligently designed drilling. There is an inherent variability of assays between check and duplicate samples taken adjacent to each other and between sampling points that cannot be reasonably eliminated. Additionally, there also may be unknown geologic details that have not been identified or correctly appreciated at the current level of accumulated knowledge about our properties. This could result in uncertainties that cannot be reasonably eliminated from the process of estimating mineralized material and resources/reserves. If these estimates were to prove to be unreliable, we could implement an exploitation plan that may not lead to commercially viable operations in the future.

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Any material changes in mineral resource/reserve estimates and grades of mineralization will affect the economic viability of placing a property into production and a property's return on capital.

As we have not completed feasibility studies on our I-M Mine Property and have not commenced actual production, we do not have mineral resources and any estimates may require adjustments or downward revisions. In addition, the grade of ore ultimately mined, if any, may differ from that indicated by future feasibility studies and drill results. Minerals recovered in small scale tests might not be duplicated in large scale tests under on-site conditions or in production scale.

Our exploration activities on our properties may not be commercially successful, which could lead us to abandon our plans to develop our properties and our investments in exploration.

Our long-term success depends on our ability to identify mineral deposits on our I-M Mine Property and other properties we may acquire, if any, that we can then develop into commercially viable mining operations. Mineral exploration is highly speculative in nature, involves many risks, and is frequently non-productive. These risks include unusual or unexpected geologic formations, and the inability to obtain suitable or adequate machinery, equipment, or labor. The success of commodity exploration is determined in part by the following factors:

the identification of potential mineralization;
availability of government-granted exploration permits;
the quality of our management and our geological and technical expertise; and
the capital available for exploration and development work.

Substantial expenditures are required to establish proven and probable reserves through drilling and analysis, to develop metallurgical processes to extract metal, and to develop the mining and processing facilities and infrastructure at any site chosen for mining. Whether a mineral deposit will be commercially viable depends on a number of factors that include, without limitation, the particular attributes of the deposit, such as size, grade, and proximity to infrastructure; commodity prices; and government regulations, including, without limitation, regulations relating to prices, taxes, royalties, land tenure, land use, importing and exporting of minerals, and environmental protection. We may invest significant capital and resources in exploration activities and may find it necessary to abandon such investments if we are unable to identify commercially exploitable mineral reserves. The decision to abandon a project may have an adverse effect on the market value of our securities and the ability to raise future financing.

We are subject to significant governmental regulations that affect our operations and costs of conducting our business and may not be able to obtain all required permits and licenses to place our properties into production.

We believe that mining operations on the I-M Mine Property are a vested use, protected under the California and federal Constitutions, and that a use permit is not required for mining operations to continue. The Company owns the I-M Mine Property, consisting of 175 acres of surface land and a 2,560 acre mineral estate, located in the County. Before the I-M Mine Property was consolidated into its current configuration in 1941, it existed as multiple historical mines and operations.

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We believe that mining operations on the I-M Mine Property are a vested use, protected under the California and federal Constitutions, and that a use permit is not required for mining operations to continue. The Company owns the I-M Mine Property, consisting of 109 acres of surface land and a 2,560 acre mineral estate, located in the County. Before the I-M Mine Property was consolidated into its current configuration in 1941, it existed as multiple historical mines and operations. The Company also has the option of repurchasing the 66 acres of land sold in November 2024 and May 2025, should the Company get all the approvals needed to perform mining operations.

For the vested right to be recognized by the County, the Company needs to demonstrate that mine operations were being conducted both before and immediately after the County first required a permit to mine in 1954. The Petition and its exhibits are replete with historical evidence that mining was conducted at the I-M Mine Property prior to, during, and after 1954, when the County first required a use permit.

Once vested, this right to mine endures unless it is abandoned, which the Company contends has not occurred. Abandonment only occurs if two conditions are met: (1) there is evidence of a property owner's actual intent to abandon the vested mining right; and (2) an overt act (or failure to act) demonstrating such intent. The California Supreme Court has held that a vested mining right is not abandoned merely because the mine has been inactive for periods of time, and the Court has found that cessation of use alone does not constitute abandonment of a mine. The evidence set out in the Petition establishes the various previous owners evidenced their intent to retain the vested right to mine by continuously recording mineral reservations, entering into leases, and making plans for resuming mining in the future, even when mining operations were suspended. There is no evidence that any owner of the I-M Mine Property intended to abandon the vested mining right or took an overt act demonstrating that intent (let alone both). We are subject to the vested rights being confirmed by the County. On September 6, 2023, the Company submitted a Petition to the County asserting its vested right to mine at the I-M Mine Property. The Board of Supervisors held a public hearing regarding the Company's Petition on December 13 and 14, 2023. The Board of Supervisors denied recognition of the Company's assertion of its vested right. There is no assurance that the Courts to which we propose to appeal this determination will recognize the Company's rights.

As previously applied by the Company, under the Use Permit process, the Company's operations, including exploration and, if warranted, development of the I-M Mine Property, require permits from governmental authorities and will be governed by laws and regulations, including:

laws and regulations governing mineral concession acquisition, prospecting, development, mining, and production;
laws and regulations related to exports, taxes, and fees;
labor standards and regulations related to occupational health and mine safety; and
environmental standards and regulations related to waste disposal, toxic substances, land use reclamation, and environmental protection.

Companies engaged in exploration activities often experience increased costs and delays in production and other schedules as a result of the need to comply with applicable laws, regulations, and permits. Failure to comply with applicable laws, regulations, and permits may result in enforcement actions, including the forfeiture of mineral claims or other mineral tenures, orders issued by regulatory or judicial authorities requiring operations to cease or be curtailed, and may include corrective measures requiring capital expenditures, installation of additional equipment, or costly remedial actions. We cannot predict if all permits that we may require for continued exploration, development, or construction of mining facilities and conduct of mining operations will be obtainable on reasonable terms, if at all. Costs related to applying for and obtaining permits and licenses may be prohibitive and could delay our planned exploration and development activities. We may be required to compensate those suffering loss or damage by reason of our mineral exploration or our mining activities, if any, and may have civil or criminal fines or penalties imposed for violations of, or our failure to comply with, such laws, regulations, and permits.

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Existing and possible future laws, regulations, and permits governing operations and activities of exploration companies, or more stringent implementation of such laws, regulations and permits, could have a material adverse impact on our business and cause increases in capital expenditures or require abandonment or delays in exploration. Our I-M Mine Property is located in California, which has numerous clearly defined regulations with respect to permitting mines, which could potentially impact the total time to market for the project.

Subsurface mining is allowed in the County M1 Zoning District, where the I-M Mine Property is located, with approval of a "Use Permit". Approval of a Use Permit for mining operations requires a public hearing before the County Planning Commission, whose decision may be appealed to the Board of Supervisors. Use Permit approvals include conditions of approval, which are designed to minimize the impact of conditional uses on neighboring properties.

On November 21, 2019, the Company submitted an application for a Use Permit to the County. On April 28, 2020, with a vote of 5-0, the Board of Supervisors approved the contract for Raney to prepare an EIR and conduct contract planning services on behalf of the County for the proposed Idaho-Maryland Mine Project. The Planning Commission held a public hearing on May 10 and May 11, 2023 to consider the FEIR. At the conclusion of the public hearing, the Planning Commission recommended to the Board of Supervisors that the FEIR not be certified and that the Use Permit be denied.

On February 20, 2024, the Company announced that the Nevada County Board of Supervisors adopted a resolution in a public hearing on February 16, 2024 (the "Hearing"), denying the Company's application for a Use Permit to allow the re-opening of the Idaho Maryland Gold Mine and not certifying the Final Environmental Impact Report.

The Use Permit application proposes underground mining to recommence at the I-M Mine Property at an average throughput of 1,000 tons per day. The existing Brunswick Shaft, which extends to ~3400 feet depth below surface, would be used as the primary rock conveyance from the I-M Mine Property. A second service shaft would be constructed by raising from underground to provide for the conveyance of personnel, materials, and equipment. Processing would be done by gravity and flotation to produce gravity and flotation gold concentrates.

We propose to produce barren rock from underground tunneling and sand tailings as part of the project which would be used for creation of approximately 58 acres of level and useable industrial zoned land for future economic development in the County. A water treatment plant and pond, using conventional processes, would ensure that groundwater pumped from the mine is treated to regulatory standards before being discharged to the local waterways. There is no assurance our Use Permit application will be accepted as submitted. If substantial revisions are required, our ability to execute our business plan will be further delayed.

In 1975, the California Legislature enacted the Surface Mining and Reclamation Act ("SMARA"), which required that all surface mining operations in California have approved reclamation plans and financial assurances. SMARA was adopted to ensure that land used for mining operations in California would be reclaimed post-mining to a useable condition. Pursuant to SMARA, we would be required to obtain approval of a Reclamation Plan from and provide financial assurances to the County for any surface component of the underground mining operation before mining operations could commence. Approval of a Reclamation Plan will require a public hearing before the Planning Commission.

To approve a Reclamation Plan and Use Permit, the County would need to satisfy the requirements of California Environmental Quality Act ("CEQA"). CEQA requires that public agency decision makers study the environmental impacts of any discretionary action, disclose the impacts to the public, and minimize unavoidable impacts to the extent feasible. CEQA is triggered whenever a California governmental agency is asked to approve a "discretionary project". The approval of a Reclamation Plan is a "discretionary project" under CEQA. Other necessary ancillary permits like the California Department of Fish and Wildlife ("CDFW") Streambed Alteration Agreement (if applicable) also triggers CEQA compliance.

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In this situation, the lead agency for the purposes of CEQA would be the County. Other public agencies in charge of administering specific legislation will also need to approve aspects of the Project, such as the CDFW (the California Endangered Species Act), the Air Pollution Control District (Authority to Construct and Permit to Operate), and the Regional Water Quality Control Board (National Pollutant Discharge Elimination System (authorized to state governments by the U.S. Environmental Protection Agency) and Report of Waste Discharge). However, CEQA's Guidelines provide that if more than one agency must act on a project, the agency that acts first is generally considered the lead agency under CEQA. All other agencies are considered "responsible agencies." Responsible agencies do need to consider the environmental document approved by the lead agency, but they will usually accept the lead agency's document and use it as the basis for issuing their own permits. There is no assurance that other agencies will not require additional assessments in their decision-making process. If such assessments are required, additional time and costs will delay the execution of, and may even require us to re-evaluate the feasibility of, our business plan.

Our activities are subject to environmental laws and regulations that may increase our costs of doing business and restrict our operations.

All phases of our operations are subject to environmental regulation in the jurisdictions in which we operate. Environmental legislation is evolving in a manner that may require stricter standards and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects, and a heightened degree of responsibility for companies and their officers, directors, and employees. These laws address emissions into the air, discharges into water, management of waste, management of hazardous substances, protection of natural resources, antiquities and endangered species, and reclamation of lands disturbed by mining operations. Compliance with environmental laws and regulations, and future changes in these laws and regulations, may require significant capital outlays and may cause material changes or delays in our operations and future activities. It is possible that future changes in these laws or regulations could have a significant adverse impact on our properties or some portion of our business, causing us to re-evaluate those activities at that time.

Regulations and pending legislation governing issues involving climate change and our obligation to monitor and report on how our operations may impact climate change could result in increased operating costs, which could have a material adverse effect on our business.

A number of governments or governmental bodies have introduced or are contemplating legislative and/or regulatory changes in response to concerns about the potential impact of climate change. Legislation and increased regulation regarding climate change could impose significant costs on us, on our future venture partners, if any, and on our suppliers, including costs related to increased energy requirements, capital equipment, environmental monitoring and reporting, and other costs necessary to comply with such regulations. Many governments and other stakeholders are seeking enhanced disclosure and are moving to enact climate change legislation and treaties at the international, national, state, provincial and local levels. In the United States, the U.S. Securities and Exchange Commission (the "SEC") has proposed climate-related disclosure rules: "The Enhancement and Standardization of Climate-Related Disclosures for Investors". In Canada, the Canadian Securities Administrators have proposed their own climate-related disclosure rules in National Instrument 51-107 - Disclosure of Climate-related Matters. The International Sustainability Standards Board has two proposed international standards for disclosure ("General Requirements for Disclosure of Sustainability Related Information" and "Climate Related Disclosures") which were developed to provide a global baseline of financial reporting disclosure rules for reporting environmental, social and governance (ESG) related issues. Any adopted future climate change regulations and our obligations to report on them could also negatively impact our ability to compete with companies situated in areas not subject to such limitations. Given the emotional and political significance and uncertainty surrounding the impact of climate change and how it should be dealt with, we cannot predict how legislation and regulation will ultimately affect our financial condition, operating performance, and ability to compete. Furthermore, even without such regulation, increased awareness and any adverse publicity in the global marketplace about potential impacts on climate change by us or other companies in our industry could harm our reputation. The potential physical impacts of climate change on our operations are highly uncertain, could be particular to the geographic circumstances in areas in which we operate and may include changes in rainfall and storm patterns and intensities, water shortages, changing sea levels, and changing temperatures. Extreme weather events, such as forest fires, severe storms, floods, drought or more extreme temperatures, all of which may be more frequent and more extreme due to climate change, may affect our operations. Our operations could be adversely affected in various ways, including through damage to our facilities or from increased costs for insurance. Such extreme weather events can also lead to community evacuations, temporary labour shortages, and delays in receiving critical supplies. Water will be a key resource for our operations and inadequate water management and stewardship could have a material adverse effect on our company and our operations. While certain aspects relating to water management are within our ability to control, extreme weather events, resulting in too much or too little water, can negatively impact our water management practices. The effects of climate change may adversely impact the cost, production, and financial performance of our operations.

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Land reclamation requirements for our properties may be burdensome and expensive.

Although variable depending on location and the governing authority, land reclamation requirements are generally imposed on mineral exploration companies (as well as companies with mining operations) in order to minimize long term effects of land disturbance.

Reclamation may include requirements to:

control dispersion of potentially deleterious effluents;
treat ground and surface water to drinking water standards; and
reasonably re-establish pre-disturbance landforms and vegetation.

In order to carry out reclamation obligations imposed on us in connection with our potential development activities, we must allocate financial resources that might otherwise be spent on further exploration and development programs. We plan to set up a provision for our reclamation obligations on our properties, as appropriate, but this provision may not be adequate. If we are required to carry out unanticipated reclamation work, our financial position could be adversely affected.

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We face intense competition in the mining industry.

The mining industry is intensely competitive in all of its phases. As a result of this competition, some of which is with large established mining companies with substantial capabilities and with greater financial and technical resources than ours, we may be unable to acquire additional properties, if any, or financing on terms we consider acceptable. We also compete with other mining companies in the recruitment and retention of qualified managerial and technical employees. If we are unable to successfully compete for qualified employees, our exploration and development programs may be slowed down or suspended. We compete with other companies that produce our planned commercial products for capital. If we are unable to raise sufficient capital, our exploration and development programs may be jeopardized or we may not be able to acquire, develop, or operate additional mining projects.

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A shortage of equipment and supplies could adversely affect our ability to operate our business.

We are dependent on various supplies and equipment to carry out our mining exploration and, if warranted, development operations. Any shortage of such supplies, equipment, and parts could have a material adverse effect on our ability to carry out our operations and could therefore limit, or increase the cost of, production.

Joint ventures and other partnerships, including offtake arrangements, may expose us to risks.

We may enter into joint ventures, partnership arrangements, or offtake agreements, with other parties in relation to the exploration, development, and production of the properties in which we have an interest. Any failure of such other companies to meet their obligations to us or to third parties, or any disputes with respect to the parties' respective rights and obligations, could have a material adverse effect on us, the development and production at our properties, including the I-M Mine Property, and on future joint ventures, if any, or their properties, and therefore could have a material adverse effect on our results of operations, financial performance, cash flows and the price of our common stock.

We may experience difficulty attracting and retaining qualified management to meet the needs of our anticipated growth, and the failure to manage our growth effectively could have a material adverse effect on our business and financial condition.

We are dependent on a relatively small number of key employees, including our Chief Executive Officer and Chief Financial Officer. The loss of any officer could have an adverse effect on us. We have no life insurance on any individual, and we may be unable to hire a suitable replacement for them on favorable terms, should that become necessary.

Our results of operations could be affected by currency fluctuations.

Our properties are currently all located in the United States and, while most costs associated with these properties are paid in U.S. dollars, a significant amount of our administrative expenses are payable in Canadian dollars. There can be significant swings in the exchange rate between the U.S. dollar and the Canadian dollar. There are no plans at this time to hedge against any exchange rate fluctuations in currencies.

Title to our properties may be subject to other claims that could affect our property rights and claims.

There are risks that title to our properties may be challenged or impugned. Our I-M Mine Property is located in California and may be subject to prior unrecorded agreements or transfers and title may be affected by undetected defects.

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We may be unable to secure surface access or purchase required surface rights.

Although we obtain the rights to some or all of the minerals in the ground subject to the mineral tenures that we acquire, or have the right to acquire, in some cases we may not acquire any rights to, or ownership of, the surface to the areas covered by such mineral tenures. In such cases, applicable mining laws usually provide for rights of access to the surface for the purpose of carrying on mining activities; however, the enforcement of such rights through the courts can be costly and time consuming. It is necessary to negotiate surface access or to purchase the surface rights if long-term access is required. There can be no guarantee that, despite having the right at law to carry on mining activities, we will be able to negotiate satisfactory agreements with any such existing landowners/occupiers for such access or purchase of such surface rights, and therefore we may be unable to carry out planned mining activities. In addition, in circumstances where such access is denied, or no agreement can be reached, we may need to rely on the assistance of local officials or the courts in such jurisdiction the outcomes of which cannot be predicted with any certainty. Our inability to secure surface access or purchase required surface rights could materially and adversely affect our timing, cost, or overall ability to develop any mineral deposits we may locate.

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Our properties and operations may be subject to litigation or other claims.

From time to time our properties or operations may be subject to disputes that may result in litigation or other legal claims. We may be required to take countermeasures or defend against these claims, which will divert resources and management time from operations. The costs of these claims or adverse filings may have a material effect on our business and results of operations.

We do not currently insure against all the risks and hazards of mineral exploration, development, and mining operations.

Exploration, development, and mining operations involve various hazards, including environmental hazards, industrial accidents, metallurgical and other processing problems, unusual or unexpected rock formations, structural cave-ins or slides, flooding, fires, and periodic interruptions due to inclement or hazardous weather conditions. These risks could result in damage to or destruction of mineral properties, facilities, or other property, personal injury, environmental damage, delays in operations, increased cost of operations, monetary losses, and possible legal liability. We may not be able to obtain insurance to cover these risks at economically feasible premiums or at all. We may elect not to insure where premium costs are disproportionate to our perception of the relevant risks. The payment of such insurance premiums and of such liabilities would reduce the funds available for exploration and production activities.

Risks Related to Our Common Stock

Our share price may be volatile and as a result you could lose all or part of your investment.

In addition to volatility associated with equity securities in general, the value of your investment could decline due to the impact of any of the following factors upon the market price of our common stock:

Disappointing results from our exploration efforts;
Decline in demand for our common stock;
Downward revisions in securities analysts' estimates or changes in general market conditions;
Technological innovations by competitors or in competing technologies;
Investor perception of our industry or our prospects; and
General economic trends.

Our share price on the CSE and the OTCQX has experienced significant price and volume fluctuations. Stock markets in general have experienced extreme price and volume fluctuations, and the market prices of securities have been highly volatile. These fluctuations are often unrelated to operating performance and may adversely affect the market price of the Shares. As a result, you may be unable to sell any Shares you acquire at a desired price.

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Our share price on the CSE and the OTCQB has experienced significant price and volume fluctuations. Stock markets in general have experienced extreme price and volume fluctuations, and the market prices of securities have been highly volatile. These fluctuations are often unrelated to operating performance and may adversely affect the market price of the Shares. As a result, you may be unable to sell any Shares you acquire at a desired price.

We have never paid dividends on our common stock.

We have not paid dividends on our common stock to date, and we do not expect to pay dividends for the foreseeable future. We intend to retain our initial earnings, if any, to finance our operations. Any future dividends on common stock will depend upon our earnings, our then-existing financial requirements, and other factors, and will be at the discretion of the Board.

Investors' interests in our company will be diluted and investors may suffer dilution in their net book value per share of common stock if we issue additional employee/director/consultant options or if we sell additional common stock and/or warrants to finance our operations.

In order to further expand our operations and meet our objectives, any additional growth and/or expanded exploration activity will likely need to be financed through sale of and issuance of additional common stock, including, but not limited to, raising funds to explore the I-M Mine Property. Furthermore, to finance any acquisition activity, should that activity be properly approved, and depending on the outcome of our exploration programs, we likely will also need to issue additional common stock to finance future acquisitions, growth, and/or additional exploration programs of any or all of our projects or to acquire additional properties. We will also in the future grant to some or all of our directors, officers, and key employees and/or consultants options to purchase common stock as non-cash incentives. The issuance of any equity securities could, and the issuance of any additional common stock will, cause our existing stockholders to experience dilution of their ownership interests.

If we issue additional common stock or decide to enter into joint ventures with other parties in order to raise financing through the sale of equity securities, investors' interests in our company will be diluted and investors may suffer dilution in their net book value per share of common stock depending on the price at which such securities are sold.

The issuance of additional shares of common stock may negatively impact the trading price of our securities.

We have issued common stock in the past and will continue to issue common stock to finance our activities in the future. In addition, newly issued or outstanding options, warrants, and broker warrants to purchase common stock may be exercised, resulting in the issuance of additional common stock. Any such issuance of additional common stock would result in dilution to our stockholders, and even the perception that such an issuance may occur could have a negative impact on the trading price of the common stock.

We are subject to the continued listing criteria of the CSE, and our failure to satisfy these criteria may result in delisting of our common stock from the CSE.

Our common stock is currently listed for trading on the CSE. In order to maintain the listing on the CSE or any other securities exchange we may trade on, we must maintain certain financial and share distribution targets, including maintaining a minimum number of public shareholders. In addition to objective standards, these exchanges may delist the securities of any issuer if, in the exchange's opinion, our financial condition and/or operating results appear unsatisfactory; if it appears that the extent of public distribution or the aggregate market value of the security has become so reduced as to make continued listing inadvisable; if we sell or dispose of our principal operating assets or cease to be an operating company; if we fail to comply with the listing requirements; or if any other event occurs or any condition exists which, in their opinion, makes continued listing on the exchange inadvisable.

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If the CSE or any other exchange or market were to delist the common stock, investors may face material adverse consequences, including, but not limited to, a lack of trading market for the common stock, reduced liquidity, decreased analyst coverage, and/or an inability for us to obtain additional financing to fund our operations.

Item 1B. Unresolved Staff Comments

None.

Item 1C. Cybersecurity

Risk Management and Strategy

We have policies and processes for assessing, identifying, and managing material risk from cybersecurity threats and have integrated these processes into our overall risk management systems and processes. We assess material risks from cybersecurity threats, including any potential unauthorized occurrence on or conducted through our information systems that may result in adverse effects on the confidentiality, integrity, or availability of our information systems or any information residing therein.

We conduct periodic risk assessments to identify cybersecurity threats, as well as assessments in the event of a material change in our business practices that may affect information systems that are vulnerable to such cybersecurity threats. These risk assessments include identification of reasonably foreseeable internal and external risks, the likelihood and potential damage that could result from such risks, and the sufficiency of existing policies, procedures, systems, and safeguards in place to manage such risks.

Governance

One of the key functions of our Board of Directors is informed oversight of our risk management process, including risks from cybersecurity threats. Our Board is responsible for monitoring and assessing strategic risk exposure, and management is responsible for the day-to-day management of any material risks that may arise. We do not believe that there are currently any known risks from cybersecurity threats that are reasonably likely to materially affect us or our business strategy, results of operations, or financial condition.

Cybersecurity Threats

As of July 31, ~~2024~~2025, we have not identified an indication of a cybersecurity incident that would have a material impact on our business and consolidated financial statements. For further discussion of cybersecurity risks, please refer to Item 1A. Risk Factors.

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Item 2. Properties

Selective Glossary of Technical Terms

accretion - Process by which material is added to a tectonic plate or landmass. This material may be sediment, volcanic arcs, seamounts or other igneous features.

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albite - A kind of plagioclase mineral within the feldspar group with formula NaAlSi₃O₈. Its colour is white to grey.

amphibolite - A gneiss or schist largely made up of amphibole and plagioclase minerals.

ankerite - A calcium, iron, magnesium, manganese carbonate mineral of the group of rhombohedral carbonates.

arsenic - Chemical element with the symbol As and occurs in many minerals, usually in combination with sulfur and metals, but also as a pure elemental crystal.

carbonate - Class of sedimentary rocks composed primarily of carbonate minerals; the two major types are limestone and dolomite.

chalcopyrite - A sulphide mineral of copper common in the zone of secondary enrichment.

chlorite - Group name for about 10 related minerals and a member of the mica group of minerals. Chlorite is very common and is often an uninteresting green mineral coating the surface of more important minerals.

en-echelon - Roughly parallel but staggered structures.

epizonal - Depth of formation of an orogenic deposit (<6 km / <3.7 mi).

facies - The characteristics of a rock unit that reflect its environment of deposition and allow it to be distinguished from rock deposited in an adjacent environment.

foliation - Repetitive layering in metamorphic rocks; the thickness of the layers can vary.

footwall - The rock on the underside of a vein or mineralized structure.

free gold - Gold, uncombined with other minerals, found in a pure state.

free milling - Mineralized material of gold from which the precious metals can be recovered by concentrating methods without resorting to pressure leaching or other chemical treatment.

gabbro - A dark, coarse-grained igneous rock.

galena - Lead sulphide, the most common form of lead.

gangue - The worthless minerals in an mineralized deposit.

greenschist - Metamorphic rocks that formed under the lowest temperatures and pressures usually produced by regional metamorphism, typically 300-450 °C (570-840 °F) and 2-10 kilobars (14,500-58,000 psi).

hanging wall - The rock on the upper side of an inclined vein or mineralized deposit.

hydrothermal - Relating to hot fluids circulating in the earth's crust.

hydrothermal gold deposit - During the reaction between mineral-bearing hydrothermal fluids and wall-rocks, some elements are concentrated in specific locations to form hydrothermal gold deposits. They are usually controlled by faults or shear structures, occurring as veins and stockworks, or by strata.

hypozonal - Depth of Formation of an orogenic deposit (>12 km / >7.5 mi).

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intrusive - A body of igneous rock formed by the consolidation of magma intruded into other rocks, in contrast to lavas, which are extruded upon the surface.

Jura-Triassic arc belt - One of the geologic packages of the Sierra Nevada Foothills belt which consists of a Paleozoic basement of disrupted ophiolite, serpentinite mélange, and ultra-mafic rocks overlain by uppermost Triassic-Early Jurassic arc volcanics and coeval 200 Ma intrusive rocks.

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lithology - Description of its physical characteristics of a rock unit at outcrop, in hard or core samples or with microscopy, such as colour, texture, grain size, or composition.

low-sulphide Au-quartz vein - Gold-bearing quartz veins and veinlets with minor sulphides crosscutting a wide variety of host rocks and are localized along major regional faults and related splays. The wall rock is typically altered to silica, pyrite and muscovite within a broader carbonate alteration halo.

mafic - Igneous rocks composed mostly of dark, iron- and magnesium-rich minerals.

mariposite - A mineral which is a chromium-rich variety of mica, which imparts an attractive green colour to the generally white dolomitic marble in which it is commonly found.

mélange - A large-scale breccia, a mappable body of rock characterized by a lack of continuous bedding and the inclusion of fragments of rock of all sizes, contained in a fine-grained deformed matrix.

matrix - Finer-grained mass of material wherein larger grains, crystals or clasts are embedded.

meta-volcanic rocks - A type of metamorphic rock that was first produced by a volcano, either as lava or tephra and then buried underneath subsequent rock and subjected to high pressure and temperatures, causing the rock to recrystallize.

mesothermal quartz vein - Also known as and are type-examples of low-sulfide Au-quartz vein deposits.

mesozonal - Depth of formation of an orogenic deposit (6-12 km / 3.7-7.5 mi).

metamorphosed - Rocks which have undergone a change in texture or composition as the result of heat and/or pressure.

mill head grade - The grade of the mineralized material which is fed into the processing plant to be concentrated into gold bullion. The mill head grade includes mining dilution from un-mineralized rock adjacent to the veins. The mill head grade does not account for metallurgical recovery of gold during the processing of the mineralized material.

ophiolitic rock - An assemblage of the Earth's oceanic crust and the underlying upper mantle that has been uplifted and exposed above sea level and often emplaced onto continental crustal rocks.

orogeny - An episode of intense deformation of the rocks in a region, generally accompanied by metamorphism and plutonic activity.

orogenic gold deposit - Dominantly form in metamorphic rocks in the mid- to shallow crust (5-15 km depth), at or above the brittle-ductile transition, in compressional settings that facilitate transfer of hot gold bearing fluids from deeper levels. The term "orogenic" is used because these deposits likely form in accretionary and collisional orogens.

Paleozoic - Geological era that followed the Precambrian and during which began with the appearance of complex life, as indicated by fossils (from 245 to 570 million years ago).

pyrite - A yellow iron sulphide mineral, normally of little value. It is sometimes referred to as "fool's gold".

quartz - Common rock-forming mineral consisting of silicon and oxygen.

sedimentary rock - Secondary rocks formed from material derived from other rocks and laid down under water. Examples are limestone, shale, and sandstone.

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serpentinite - Type of metamorphic rock composed mostly of mineral serpentine. It is usually dark green to greenish-black in colour, massive and macroscopically dense.

schistosity - Geological foliation (metamorphic arrangement in layers) with medium to large-grained flakes in a preferred sheetlike orientation.

scheelite - A variously colored mineral, CaWO4, found in igneous rocks and a common form of tungsten.

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sericite - A fine grained mica and a common alteration mineral of orthoclase or plagioclase feldspars in areas that have been subjected to hydrothermal alteration typically associated with hydrothermal deposits.

splay - A series of branching faults near the termination of a major fault which spread the displacement over a large area.

stope - An excavation in a mine from which mineralized material is or has been extracted.

tectonism - Geological term used to describe major structural features and the processes that create them, including compressional or tensional movements on a planetary surface that produce faults, mountains, ridges, or scarps.

terrane - A crustal block or fragment that is typically bounded by faults and that has a geologic genesis distinct from those of surrounding areas.

Tertiary - Former term for the geologic period from 65 million to 2.6 million years ago, a timespan that occurs between the Cretaceous and the Quaternary.

thermal gradient - Rate of increasing temperature with respect to increasing depth in the Earth's interior.

ton - A unit of mass equal to 2,000 pounds

tonne - A unit of mass equal to 1,000 kilograms

ultra-mafic - Igneous and meta-igneous rocks with a very low silica content, composed entirely or almost entirely of ferromagnesian minerals, and are composed of usually greater than 90% mafic minerals.

Abbreviations

Imperial		Metric

AC	acres	m	meter
SF	square foot	km	kilometer
lb	pound	ha	hectare
oz	ounce	g	grams
mi	mile	kg	kilogram
ft	foot	gpt	grams per tonne

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Conversions

Imperial to Metric		Metric to Imperial
Imperial Measure	Metric Unit	Metric Measure	Imperial Unit
2.47 acres	1 hectare	0.4047 hectare	1 acre
3.28 feet	1 metre	0.3048 metre	1 foot
0.62 mile	1 kilometre	1.609 kilometres	1 mile
0.03215 troy ounce	1 gram	31.1035 grams	1 troy ounce
0.02917 troy ounce per ton	1 gpt	34.2857 gpt	1 troy ounce per ton
1.102 short ton	1 tonne	0.907 tonne	1 short ton
2.2046 pounds	1 kilogram	0.4536 kilogram	1 pound

I-M Mine Property, California

Our principal mineral property is the I-M Mine Property.

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I-M Mine Project Location, Description and Access

Property Location

The I-M Mine Property comprises approximately 175 acres (71 hectares) (109 acres owned by the Company and 66 acres that can be repurchased by the Company) surface land and 2,560 acres (1,036 hectares) of mineral rights located near Grass Valley in the County in northern California, USA. The I-M Mine Property is situated in the Grass Valley-Nevada City Mining District along the western slope of the Sierra Nevada, as shown on the overview map and regional map in Figure 1 and Figure 2, respectively and is located approximately 60 miles northeast of Sacramento, CA and 90 miles west of Reno, NV.

Property Description

The recorded owner of the surface land and mineral rights associated with the I-M Mine Property is Rise Grass Valley, a Nevada Corporation and subsidiary of Rise Gold Corp. Rise Grass Valley purchased the I-M Mine Property, inclusive of its mineral rights from the Grantors of the BET Group Estate, as described in the Quitclaim Deed (Document #: 20170001985), on the 25^th of January 2017 and additional surface land described as the Mill Site in 2018.

Figure 1: Idaho-Maryland Mine Property Location Overview

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Figure 1: Idaho-Maryland Mine Property Location Overview

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Figure 2: Idaho-Maryland Mine Property, Regional Map

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Surface Rights

The I-M Mine Property surface rights include three parts of fee simple land, (1) Idaho land representing 56 acres (23 hectares), (2) Brunswick land representing 37 acres (15 hectares), and (3) the Mill Site property representing 82 acres (33 hectares) as displayed in Figure 3.

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The I-M Mine Property consists of parcels of surface land located in portions of Section 26 and 36, Township 16 North - Range 8 East Mount Diablo Base and Meridian (MDM) and Section 31, Township 16 North - Range 9 East MDM as detailed in Table 1 and displayed in Figure 3.

Table 1: Idaho-Maryland Mine Property - Surface Land Legal Description

ParcelNumber	Description	Lot Size
09-550-32	SEC 26, TWN 16N, RNG 8E, MDM, PTN N 1/2 26-16-8	20,908 SF(0.48 AC)
09-550-37	SEC 26, TWN 16N, RNG 8E, MDM, PTN NE 1/4 26-16-8	4.47 AC
09-550-38	SEC 26, TWN 16N, RNG 8E, MDM, PTN NE 1/4 26-16-8	40.1 AC
09-550-39	SEC 26, TWN 16N, RNG 8E, MDM, PTN NE 1/4 26-16-8	42,668 SF
	344 CENTENNIAL DRIVE GRASS VALLEY, CA 95945	(0.98 AC)
09-550-40	SEC 26, TWN 16N, RNG 8E, MDM, PTN NE 1/4 26-16-8	5,662 SF(0.13 AC)
09-560-36	SEC 26, TWN 16N, RNG 8E, MDM, PTN N 1/2 SE 1/4 26-16-8	10.25 AC
09-630-37	SEC 36, TWN 16N, RNG 8E, MDM, LOT 6 BET ACRES	21.8 AC
09-630-39	SEC 36, TWN 16N, RNG 8E, MDM & SEC 31, TWN 16N, RNG 9E, MDM,LOT 7 BET ACRES	15.07 AC
06-441-03	SEC 36, TWN 16N, RNG 8E, MDM & SEC 31, TWN 16N, RNG 9E (not currently owned by Rise, it can be repurchased should approvals to perform mining activities are obtained)	15.19 AC
06-441-04	SEC 36, TWN 16N, RNG 8E, MDM & SEC 31, TWN 16N, RNG 9E (not currently owned by Rise, it can be repurchased should approvals to perform mining activities are obtained)	0.85 AC
06-441-05	SEC 36, TWN 16N, RNG 8E, MDM & SEC 31, TWN 16N, RNG 9E (not currently owned by Rise, it can be repurchased should approvals to perform mining activities are obtained)	50.01 AC
06-441-34	SEC 36, TWN 16N, RNG 8E, MDM & SEC 31, TWN 16N, RNG 9E	16.01 AC

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Figure 3: Idaho-Maryland Mine Property, Surface and Mineral Land Holdings

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Figure 3: Idaho-Maryland Mine Property, Surface and Mineral Land Holdings

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Surface Land Obligations

Fee simple ownership entitles the owner to all rights of a property, which are only restricted by law or private restrictions, such as zone ordinances or covenants. Fee simple owners retain possession of their property permanently, assuming all obligations to the land are met.

The surface land is subject to a tax lien imposed by and payable to the County. The parcels comprising the surface land are currently assessed by the County at a total of approximately US$45.9 million (US$2.8 million for the 109 acres owned by the Company and US$3.1 million for the 66 acres that can be repurchased) and have a combined annual property tax of US$4864,~~426~~089 (US $30,397 for the ~~2025~~109 acres owned by the Company and US$33,692 for the 66 acres that can be repurchased) for the 2026 tax year. The total amount includes County taxes and Agency taxes. The I-M Mine Property remains in good standing with property taxes for the ~~2024~~2025 tax year paid in full. Property taxes for the ~~2025~~2026 tax year ofare ~~$24,213~~payable ison two equal instalments due on November 1, ~~2024,~~2025 and ~~$24,213 is due on~~ February 1, ~~2025~~2026.

The Nevada Irrigation District supplies treated water to the I-M Mine Property. Water to the Brunswick land is delivered from the Loma Rica System, while water to the Idaho land is delivered from the E. George System. A nominal service fee is charged.

~~The~~During ~~secured~~the fiscal year ended July 31, 2025, the loans from Eridanus and Myrmikan ~~are~~were registered against the property by a Deed of Trust filed with the Nevada County Recorder. In ~~There~~May 2025, the loans were fully repaid and there are no further interests registered against the title of the surface rights.

Land Designation

The Brunswick land and Mill Site is located approximately 1 to 2 miles southeast of the city limits of the City of Grass Valley in the County. The Idaho land is located on Idaho-Maryland Rd adjacent to the city limits of the City of Grass Valley in the County. The I-M Mine Property in relation to city limits is shown on Figure 3. Due to its proximity, the I-M Mine Property is located within the City of Grass Valley's planning area boundary, with Brunswick and Mill Site land located in the "Long-term Annexation" and Idaho land located in the "Near-term Annexation" Sphere of Influence. Based on the City of Grass Valley 2020 General Plan, the planned land use designation for the Brunswick land remains "M-1" Manufacturing/Industrial, while the planned land use designation for the Idaho land is "BP" Business Park (CoGV-CDD, 2009).

Each of the parcels of Brunswick land and Idaho land are positioned within the County's "M1" Light Industrial Zone. Within the "M1" District, surface access to subsurface mining (e.g., vent and escape shafts) is allowed with a Use Permit (County Code § L-II 3.21.). Mineral exploration, however, is distinct from the definitions of "subsurface mining" and "surface mining." Exploration involves the search for economic minerals through the use of geological surveys, geophysical or geochemical prospecting, bore holes and trial pits, and surface or underground headings, drifts, or tunnels (NCC § L-II 3.22(B)(5).). Exploration diamond drilling on M1-Industrial Land is an allowed use and does not require a discretionary permit provided that no water is discharged offsite and disturbance per site is less than 1 acre and 1,000 yd³ material (NCC, 2017).

The Idaho-Maryland Mine Project area is private land and no permits or consultations with the USU.S. Bureau of Land Management (BLM) or the USU.S. Forest Service (USFS) are required.

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Mineral Rights

The I-M Mine Property consists of mineral rights on 10 parcels, including 55 sub parcels, totaling 2,560 acres (1,036 hectares), of full or partial interest, as detailed in Table 2 and displayed in Figure 4. The mineral rights encompass the past producing I-M Mine Property which includes the Idaho and Brunswick underground gold mines.

The original mineral rights were granted at various times since 1851. Through various patents and agreements since the original grants, there has been a succession of ownership of the mineral rights.

The Quitclaim Deed describes the mineral rights as follows:

The I-M Mine Property consists of all rights to minerals within, on, and under the land shown upon the Subdivision Map of BET ACRES, No. 85-7, filed in the Office of the County Records, Nevada County, California, on February 24, 1987, in Book 7 of Subdivisions, at Page 75 et seq.

The I-M Mine Property consists of all rights to minerals within, on, and under the land located in portions of Sections 23, 24, 25, 26, 35, and 36 in Township 16 North - Range 8 East MDM, Sections 19, 29, 30, and 31 in Township 16 North - Range 9 East MDM, and Section 6 in Township 15 North - Range 9 East MDM and all other mineral rights associated with the Idaho-Maryland Mine.

The mineral rights are defined as parcels and sub parcels in a Quitclaim Deed (Document #: 20170001985). All property is described in that Quitclaim Deed by Idaho Maryland Industries Inc. in favor of William Ghidotti and Marian Ghidotti, his wife as tenants in common, dated June 10, 1963. The Quitclaim deed is located at vol. 337, pp. 175-196 in the official records of the County, as recorded on June 12, 1963.

Mineral rights pertain to all minerals, gas, oil and mineral deposits of every kind and nature beneath the surface of all such real property, together with all necessary and convenient rights to explore for, develop, produce, extract and take the same, subject to the express limitation that the fore-going exception and reservation shall not include any right of entry upon the surface of said land without the consent of the owner of such surface of said land, as excepted in the Quitclaim Deed recorded the 26^th of January 2017 (Document #: 20170001985). Mineral rights are severed from surface rights at a depth of 200 ft (61 m) below surface, with all mineral rights being contiguous below 200 ft (61 m) of surface.

~~The~~During ~~secured~~the fiscal year ended July 31, 2025, the loans from Eridanus and Myrmikan ~~are~~were registered against the property by a Deed of Trust filed with the Nevada County Recorder. In ~~There~~May 2025, the loans were fully repaid and there are no other known interests registered against or obligations required of the mineral rights of the I-M Mine Property.

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Figure 4: Idaho-Maryland Mine Property, Surface and Mineral Rights

Property Access

The I-M Mine Property is situated east of the City of Grass Valley and south of Nevada City, in the western part of the County. State Route 49, State Route 20, and State Route 174 (state highways) connect the Grass Valley area regionally. The Brunswick land and the adjacent Mill Site are situated on the southwestern quadrant of the intersection of the East Bennett Road and Brunswick Road, a road connecting Grass Valley with State Highway 174. Access to the Brunswick land is on East Bennet Road, approximately 2.8 miles east of Grass Valley Center. The Idaho land can be accessed by Idaho Maryland Road or Centennial Drive.

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Agreements

Rise owns a 100% interest in the mineral rights at the I-M Mine Property and there are no known royalties on future gold production. The ~~secured~~surface ~~loans~~land ~~from~~at ~~Eridanus~~the ~~and~~I-M ~~Myrmikan~~Mine ~~are~~Property ~~registered~~comprises ~~against~~approximately ~~the~~175 ~~property~~acres (71 hectares) (109 acres owned by athe ~~Deed~~Company ofand ~~Trust~~66 ~~filed~~acres ~~with~~that ~~the~~can ~~County~~be ~~Recorder~~repurchased by the Company). There are no other known agreements or encumbrances to which the I-M Mine Property is subject.

Environmental Liabilities

Environmental studies have been completed on all the surface holdings owned by Rise. The environmental studies were completed prior to Rise purchasing the Idaho land and Brunswick land.

Idaho Land

In 2016, a Draft Preliminary Endangerment Assessment (PEA) report on the Idaho Land was prepared for the City of Grass Valley by Geocon Consultants Inc. This report provided conclusions and recommendations to support redevelopment of this site for commercial and industrial use. Geocon noted the metal of greatest concern with respect to potential health risks for future site occupants is arsenic which is present in mine tailings and waste berms located on the site. Geocon noted that the presence of arsenic in mine waste on the site does not currently appear to pose a significant risk to public health or the environment in its current state and that an expedited response action does not appear warranted at this time (Geocon, 2016).

On behalf of Rise Grass Valley, NV5 prepared a Draft Final Preliminary Endangerment Assessment (PEA) report that summarizes the findings of additional investigation and presents the results of risk assessment as required by the California EPA. The Draft Final PEA report was conditionally approved by the California EPA in a letter dated June 11, 2020. NV5 addressed the conditions of approval and issued the Final PEA report on June 12, 2020.

On behalf of Rise Grass Valley, NV5 prepared a Draft Remedial Action Plan (RAP, July 1, 2020)) to outline procedures for excavation, on-site transport and consolidation of mine waste as engineered fill in a 5.6-acre area on the eastern edge of the property. The RAP is based on the findings of the Final PEA and risk assessment (NV5, June 12, 2020). The RAP presents the findings of engineering evaluation, cost analysis and remedial action planning, and includes procedures for remedial implementation, verification sampling and analysis, and reporting. The 5.6-acre mine waste consolidation area will be subject to a land use covenant that restricts future disturbance of the consolidated mine waste. The mine waste consolidation area is to be covered with additional material from future mining operations that will be used to prepare the property for future commercial/industrial uses. The RAP was reviewed by Cal EPA, and approval of the Final RAP is currently in progress.

Brunswick & Mill Site Land

In 2007, a Phase I Environmental Site Assessment (ESA) for the Round-Hole and New Brunswick Mine Sites was prepared by Engineering/Remediation Resources Group, Inc. ("ERRG") for Idaho-Maryland Mining Corporation. The report concluded that there were no current recognized environmental conditions on the I-M Mine Property at the time, although there are suspect environmental concerns regarding spills of hydrocarbons from vandalism at the New Brunswick Shaft, roofing asphalt on the property, debris from illegal dumping on the property boundaries, and the potential for naturally occurring asbestos in serpentinite rocks on the property. ERRG did not complete an analysis to determine if contamination from historic mining and mineral processing was present, although ERRG has recommended further sampling and studies to determine this (ERRG, 2007).

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In 2006 a Phase II Environmental Site Assessment (ESA) for the Mill Site was completed by Geomatrix Consultants Inc. for Sierra Pacific Industries, Inc. Extensive reclamation and environmental work had previously taken place on the Mill Site. There is mine waste rock on the property which has elevated arsenic levels however Geomatrix concluded that this rock is not discharging elevated metals into the local watershed. Ground water samples taken on the site as part of the ESA had residual Volatile Organic Compounds (VOC). The evaluation concluded that the residual VOC contamination presents no threat to human health from vapor migration to indoor air. The property has a deed restriction which restricts the use of groundwater for any domestic purpose and the construction of wells for the purpose of extracting water unless expressly permitted by the Regional Water Board (Geomatrix, 2006).

On behalf of Rise Grass Valley, NV5 prepared a Phase I/II ESA (June 16, 2020) presenting the results of additional investigation and addressing historical conditions identified in previous reports. Results indicated that the mine waste fill was generally less than five feet deep except at locations south of the New Brunswick Shaft and in the central-eastern portion of the property. Laboratory test results indicated that arsenic concentrations detected in mine waste samples were relatively low except for the mixed soil and rock fill located at a paved area in the southeastern portion of the property. This soil and rock fill was generally located beneath pavement and was typically less than five feet deep. This mine waste is believed to have originated from offsite rather than from the New Brunswick shaft.

Exploration Permits

All parcels included in the I-M Mine Property are within the "M1" Light Industrial Zoning District of the County. Mineral exploration is allowed in M1 Districts subject to zoning compliance and building permit issuance, if required. Under a Use Permit process, a Use Permit is only required for mineral exploration if one of the following conditions are triggered, as per NCC § L-II 3.22(D)(2):

(a) Overburden or mineral deposits in excess of 1,000 cubic yards are disturbed, or

(b) The operation in any one location exceeds one acre in size, or

Additionally, all exploratory operations shall require a reclamation plan and secure adequate financial assurances to ensure site reclamation unless:

(a) Less than 1,000 cubic yards of overburden are disturbed, and

(b) The size of the operation in any one location is one acre or less.

In those instances where a reclamation plan is not required, an erosion control plan as per NCC § L-V 13.14., approved by the County Planning Department, and a grading permit shall be required for those operations in which 50 cubic yards or more of overburden are disturbed as per NCC § L-II 3.22(D)(2) (NCC, 2017).

A building permit, issued by the County, may be required for construction or installation of drilling facilities. A building permit is a ministerial approval. Ministerial approval is a non-discretionary approval.

Surface exploration drilling will be subject to County Noise Regulations. The Noise Element of the County General Plan (2014) establishes maximum allowable exterior noise levels for various land use categories (NC-BOS, 2014).

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Subsurface and Surface Mining Permits

Subsurface mining is allowed in the M1 District with approval of a Use Permit. (NCC § L-II 3.21.) Under a Use Permit process, approval of a Use Permit for mining operations requires a noticed public hearing before the Planning Commission, which decision may be appealed to the Board of Supervisors. (NCC § L-II 5.6.) Use Permit approvals include conditions of approval, which are designed to minimize the impact of conditional uses on neighboring properties.

Subsurface mining, including ancillary surface uses, would require the following permits and approvals under a Use Permit process:

County Approvals

A. Use Permit for surface and subsurface mining activities

B. Reclamation Plan for surface disturbance

C. Mitigated Negative Declaration or Environmental Impact Report in compliance with the California Environmental Quality Act ("CEQA") to analyze and mitigate environmental impacts

D. Water Well Permit by the County for the drilling of any well

E. Building Permits for construction of any structures

F. Spill Prevention Control and Countermeasures Plan for underground storage of more than 42,000 gallons of petroleum or above ground storage of more than 10,000 gallons of petroleum

The following permits and approvals may also be required depending on the configuration of the Idaho-Maryland Mine Project and the characteristics of the natural resources found in the Project-vicinity:

California Department of Fish and Wildlife ("CDFW") Approvals

G. Streambed Alteration Agreement

H. Incidental Take Permit for take of any species listed under the California Endangered Species Act ("CESA")

State Water Resources Control Board ("SWRCB") and/or Central Valley Regional Water Quality Control Board ("RWQCB") Approvals

I. National Pollution Discharge Elimination System ("NPDES") permit for discharges of stormwater

J. Report of Waste Discharge for any discharges of water from mining processes

K. Clean Water Act Section 401 Water Quality Certification from the RWQCB (only if a CWA Section 404 permit is required from the U.S. Army Corps of Engineers)

U.S. Army Corps of Engineers ("Corps")

L. Clean Water Act Section 404 permit for any discharge of dredge or fill material into the waters of the United States,

M. Environmental Assessment compliant with the National Environmental Policy Act by either the Corps or the USFWS

United States Fish and Wildlife Service ("USFWS")

N. Issuance of a Biological Opinion and Incidental Take Statement for take of any species listed under the Endangered Species Act

Northern Sierra Air Quality Management District ("AQMD")

O. Authority to Construct and Permit to Operate for any regulated air pollutant emitting sources such as diesel generators

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History

The I-M Mine Property located in the Grass Valley mining district of northern California was one of the most productive and best-known gold mines in the Unites States, with gold production from the I-M Mine Property dating back to 1863.

The I-M Mine Property, as it now exists, represents a consolidation of a number of important early day producing mines including Eureka, Idaho, Maryland, Brunswick, and Union Hill Mines. Based on historic production records, the I-M Mine Property produced a total of 2.4 Moz of gold at an average mill head grade of approximately 0.5 oz/ton (17.1 gpt). The I-M Mine Property was reportedly the second largest gold mine in the United States in 1941 (Clark, 2005), producing up to 129,000 oz gold per year before being forced to shut down by the USU.S. government in 1942 (Shore, 1943). Due to lack of development, a decline in gold production was experienced and recovery from war-time shutdown never occurred.

Historic Exploration & Mine Development

The I-M Mine Property has a rich history of mining work completed between 1863 and 1956 by various operators. Extensive exploration and underground mine development were completed during that time on the I-M Mine Property. The I-M Mine Property and its comprehensive collection of original documents was rediscovered in 1990 by Consolidated Del Norte Ventures Inc., the predecessor company of Emgold Mining Corporation ("Emgold"), and efforts were made to reopen the historic mine.

Exploration & Mine Development 1851-1956

Exploration by historic operators from 1851 through to 1956 was mainly completed by lateral exploration (drift development) and raise or winze development. Levels were driven along the strike of the veins to determine their extent. Raises were developed upwards following the inclination of the vein and winzes were sunk down along the dip of the vein. Chip samples were assayed for mineralization of the quartz vein. In 1923, the first prospect drill was purchased. Following that, exploration holes were completed ahead of mine development to confirm vein locations and to locate vein extensions.

The I-M Mine Property encompasses a system of underground tunnels, many raises, numerous winzes, four inclined shafts, and two vertical shafts. An estimated equivalent of 72.8 miles (117 km) of underground tunnel occur at the I-M Mine Property, assuming typical drift dimensions of 7.5 ft x 8.5 ft (W x H).

Based on available historic records, 883 exploratory holes totaling approximately 234,100 ft (71,354 m) were diamond drilled at a diameter of 7/8" (EX-size). Historic drill logs were not available for review and no historic drill core was preserved from past mining operations at the I-M Mine Property.

Exploration & Mine Development 2003-2004

Emgold and its former entities leased the I-M Mine Property from 1990 to 2013. Development work during this period included completion of a preliminary investigation of the mine records, publishing various technical reports on the I-M Mine Property, leasing or purchasing adjacent properties, various permit applications and associated environmental studies, development of a ceramics technology process, and completion of an exploration program. Emgold was unsuccessful in reopening the historic mine due to inability to raise necessary funding in the midst of unfavourable market conditions.

Emgold completed an exploration program on the I-M Mine Property in 2003 and 2004. Gold exploration consisted of 31 diamond drill holes totaling 21,335 ft (6,502 m) and 7 drill holes totaling 3,537 ft (1,078 m) were completed for geotechnical and ceramics feedstock work.

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The surface exploration drill program focused on the westernmost portion of what Emgold termed the Idaho Deformation Corridor, along the Idaho Fault Zone. Exploration drilling was mainly conducted from two sites: 1) west of the Eureka shaft and 2) west of the Idaho shaft, both targeting near surface mineralization around historic workings.

The Emgold diamond drill hole database was acquired by Rise in the purchase of the I-M Mine Property. As per the purchase agreement with the BET Group, ownership transfer of the I-M Mine Property included all historical documents to which the BET Group held rights, inclusive of Emgold data.

Production History

Rise has completed a compilation of the mine production data of the I-M Mine Property during historic operation from 1866 through 1955, the final year of production from the mine. Rise estimates that the I-M Mine Property produced a total of 2,414,000 oz of gold from 5,298,000 tons of mill feed and that the life of mine average mill head-grade averaged approximately 0.50 oz/ton (17.1 gpt). Total production for the I-M Mine is detailed in Table 3.

Table 3: Total Idaho-Maryland Mine Production from 1866-1955*

	Mined & Milled		Mill Head Grade		MetallurgicalRecovery	Yield	~~GoldProduced~~Gold Produced
	Tons	tonnes	oz/ton	gpt	%	oz/ton	oz
Idaho Mine
#1 Vein	978,000	887,000	1.12	38.6	85%	0.96	935,000
3 Vein system	1,215,000	1,102,000	0.60	20.4	95%	0.56	686,000
Total	2,193,000	1,989,000	0.83	28.4	89%	0.74	1,621,000
Brunswick Mine
Old Brunswick	41,000	37,000	0.56	19.3	85%	0.49	20,000
Union Hill	35,000	32,000	1.21	41.5	85%	1.03	36,000
New Brunswick	3,029,000	2,748,000	0.26	8.8	95%	0.24	737,000
Total	3,105,000	2,817,000	0.27	9.3	94%	0.26	793,000
Total I-M Mine	5,298,000	4,806,000	0.50	17.1	91%	0.46	2,414,000

*Details regarding data verification are presented under the heading "Data Verification" below.

In 1926, Errol MacBoyle took over management of the I-M Mine and, as President and General Manager, led the mine into its most successful period of production. A graph of production from the Idaho and Brunswick Mines from 1926 to 1955 is displayed in Figure 5. The historic mine workings of the I-M Mine are displayed in Figure 6.

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Figure 5: I-M Mine Gold Production from 1926-1955*

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Figure 65: ~~Idaho~~I-~~Maryland~~M Mine ~~Workings,~~Gold ~~Plan~~Production ~~View~~from 1926-1955*

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Figure 6: Idaho-Maryland Mine Workings, Plan View

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Mill Head Grade

The mill head grade is the grade of the mineralized material which is fed into the processing plant to be concentrated into gold bullion. The mill head grade includes mining dilution from un-mineralized rock adjacent to the veins. The mill head grade does not account for metallurgical recovery of gold during the processing of the mineralized material.

Data Verification

Detailed production information from the internal records of the I-M Mine property is available for the period from 1926 through 1955. Whenever possible, mill reports were reconciled against financial statements and submissions by Rise to the USU.S. Bureau of Mines. Where reconciliation between documents was possible, only minor variations in production reporting were noted. The entire library of documents is no longer fully complete but there is sufficient material to make an accurate estimate of historic production during this period. The following materials were used to prepare an estimate during the period from 1926-1955:

Idaho Maryland Mines Co. Financial Statements (1926-1932, 1934-1942)
Idaho Maryland Mines Co. Mill Reports (1933-1942, 1946-1950)
Idaho Maryland Mines Co. Final Distributions Sheets (1944, 1945)
Idaho Maryland Mines Co. Breakdown of Income and Expenses (1946-1949)
Idaho Maryland Mines Co. Cost Data & Cost Sheets from (1946-1949)
Idaho Maryland Mines Corp. Lode Mine Production Report to USU.S. Bureau of Mines (1944-1945, 1947-1948, 1950, 1952, 1953, 1955)

For the period prior to 1926 there are no internal corporate records regarding historic production. The following documents were used to prepare an estimate during the period from 1866-1925:

Lindgren, Waldemar. The Gold Quartz Veins of Nevada City and Grass Valley Districts, California (1896)
Hamilton, Fletcher. Mines and Mineral Resources of Nevada County (1918)
Clark, Jack. Gold in Quartz: The Legendary Idaho Maryland Mine (2005)

Detailed records of metallurgical recoveries from the I-M Mine prior to 1924 are also not available. From 1924-1930 gold recoveries ranged from 72% to 89% using a similar process to that used in the years prior to 1924. Lindgren (1896) estimated that gold mills in the Grass Valley mines averaged 75% metallurgical gold recovery but noted that the I-M Mine was unique in that it treated the tailings from its concentrates by secondary processes. Rise has assumed a metallurgical recovery of 85% for the pre-1924 processing at the I-M Mine which it believes is the best estimate possible given the information available.

Geological Setting, Mineralization and Deposit Types

Geology

The I-M Mine Property is located in the Grass Valley area of the Western Sierra Nevada Foothills of Northern California. This belt of rocks consists of late Paleozoic marine sedimentary and ophiolitic rocks, and early and late Mesozoic submarine volcanic-arc and basinal terranes.

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The Jura-Triassic arc belt has yielded the majority of gold production in the Western Sierra Nevada Foothills. Gold deposits in Jura-Triassic arc belt are associated with second, third, and fourth-order faults related to the regionally significant Wolf Creek/Bear Mountain and Melones faults.

The Grass Valley area is dominated by blocks of variably metamorphosed volcanic, mafic plutonic, and minor sedimentary rocks hosted in a serpentinite matrix. The whole package of rocks exhibits a region foliation and is interpreted as a serpentinite-matrix tectonic mélange. These rocks were variably metamorphosed from lower greenschist to amphibolite facies during and after accretion to the continental margin. Two distinct gold vein groups exist within the Grass Valley district: steeply dipping E-W-trending veins in the northern and generally N-S trending veins with gentler dips averaging 35° in the southern part of the district. The most important E-W veins are associated with the I-M Mine Property. Both vein sets have extraordinary vertical and lateral persistence; individual veins extend for kilometers.

Mineralization

All of the significant gold production from the I-M Mine was localized within and around the Brunswick Block, which consists of variably metamorphosed volcanic and intrusive, and minor sedimentary rocks. The Brunswick Block is surrounded to the west, north, and east by gabbro and serpentinite rocks. Overlying Tertiary volcanic rocks mask rock units along the southern boundary of the Brunswick Block. The contacts between the Brunswick Block and surrounding gabbro and serpentinite are dominated by the 6-3, the Idaho, and the Morehouse Fault domains. Mineralization is closely associated with these significant second or third order structures close to the contact between the Brunswick block and serpentinite contact. Gold in the quartz veins occurs as native gold, ranging from very fine grains to large nuggets within the quartz. Sulfide minerals, primarily pyrite with lesser galena, chalcopyrite, from 1% to 4% are commonly associated with gold mineralization. Scheelite is common in the Union Hill area near the Brunswick mine. Gangue minerals include quartz, carbonate, sericite, chlorite, mariposite, and albite. Ankerite is a common alteration mineral and may occur in the mafic and ultra-mafic rocks and the meta-volcanic rocks. The mineralized wall rock is strongly carbonate altered.

Gold mineralization on the I-M Mine Property can be divided into three significant vein systems: the Idaho, the Brunswick, and the Morehouse systems.

Idaho System

The #1 Vein, #2 Vein, and 3 Vein System comprise the Idaho Vein System.

The Eureka discovery showing outcropped at the western end of the #1 Vein system but had only minor gold concentration and could not be traced on surface east or west. High grade mineralization plunging to the southeast was intersected starting at approximately 100 ft (30 m) below surface at this showing. Follow-up exploration and mining led to the development of the prolific Eureka-Idaho ore shoot which plunges at approximately 30° to the southeast and has a pitch length of almost 1 mile (1.6 km) and a breadth of 500 ft to 1,000 ft (152 m to 305 m). The width of the vein within the ore shoot averaged approximately 3 ft (~1 m) and in places ranged up to 8 ft (~2.4 m). The average insitu grade of the #1 Vein would likely have been slightly higher than the estimated mill head grade of 1.12 oz/ton (39 gpt). The trend of the shoot is approximately parallel to an expected trend of the intersection of the Idaho and Morehouse faults suggesting the interaction of the Idaho and Morehouse faults may have played a role on the formation of the rich mineralization encountered in the Eureka-Idaho stope. Alternatively, the shape of the Brunswick Block may have influenced this trend.

The Idaho #1 Vein occurs coincident with a diabase dike hosted in ankerite, in close proximity to the serpentinite-Brunswick Block contact. Just west of the Idaho shaft, at the western end of the Idaho #1 Vein, the diabase dike bends in an arc to the south mimicking a fold around the nose of the Brunswick Block. The Eureka-Idaho ore shoot pinches out at the I1500 Level but significant gold grades coincident with a diabase dike hosted in serpentinite in close proximity to the serpentinite-Brunswick contact were exposed in workings on the I2400 Level suggesting the vein may open up again or a second vein is present. To the east, the Eureka-Idaho ore shoot pinches out near the #2 Vein. All rocks are highly altered and contain much ankerite. The cross section in Figure 7 shows the general form and relationship of the #1 Vein with the serpentinite and diabase dike.

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Figure 7: #1 Vein Cross Section, Section looking East (Lindgren, 1896)

The #2 Vein is a disrupted zone of quartz veins trending northeast and dipping steeply to the southeast. This vein system is hosted in the serpentinite approximately coincident with where the serpentinite-Brunswick Block contact bends abruptly to the north before turning east again. #2 Vein trends northeast into the 3 Vein System.

The 3 Vein System, like the #1 Vein system, hosts a prolific ore shoot. The 3 Vein System comprises an Idaho fault split into four main branches. Connecting diagonal structures between the four fault branches were also mineralized. As with the #1 Vein, gold mineralization is associated with a diabase dike sub parallel to the serpentine-Brunswick Block contact. The main 3 Vein was mined continuously over a vertical distance of approximately 1,500 ft (457 m) and an average horizontal strike length of approximately 700 ft (213 m). There were several important veins which splayed from the main 3 Vein, forming the larger 3 Vein System. The most important of which were named the 5 Vein, 13 Vein, and 22 Vein. Minor splays from the main 3 Vein included 19 Vein, 4 Vein, and 6 Vein. The 3 Vein ranged in dip from 45° to 70°, with an average dip of approximately 55°. An average vein width of approximately 5 ft (1.5 m) was typical but in places reached widths of over 20 ft (6 m).

In the 3 Vein System, the best mineralization was typically found in quartz veins where the Idaho structures intersected areas where diabase dikes or Brunswick Block rocks are in contact with the serpentinite unit. Veins hosted solely in serpentinite were rarely of economic importance due to the ductile nature of the serpentinite which typically does not allow wide or continuous open structures to form from faulting. The 23 Vein is an exception. Also known as the Rose Garden, it was intersected by exploration drifting 2,000 ft (610 m) east of the main 3 Vein System on I2000 Level. The mine operator was following the Idaho #5 Vein towards the 6-3 Fault and located the 23 Vein by diamond drilling. The 23 Vein dips to the northwest as opposed to the southwest and is hosted entirely in ankerite/serpentinite. It is quite narrow but was noted to contain abundant visible gold. The 23 Vein was followed along strike to the southeast directly to its intersection with the 6-3 Fault.

Brunswick System

The Brunswick vein system constitutes a distinct vein system within meta-volcanic rocks of the Brunswick Block. The veins strike northwesterly and have a southwesterly dip. These parallel, vertically dipping mineralized veins were mined above 1600L along continuous strike lengths ranging from 430 ft (131 m) to 1,000 ft (305 m) with continuous vertical heights reaching up to 1,000 ft (305 m). These veins generally range from several inches up to 8 ft (2.4 m) in width. A few veins with opposite strike and dip occur. The veins are most numerous and have the highest grades near the 6-3 Fault. The veins nearest to the fault turn to the north on the footwall side, suggesting a northward component of movement of the hanging wall. A quartz-carbonate stockwork develops near the fault. The quartz stringers dip from the veins toward the fault and many have connecting diagonals extending from an upper to a lower stringer toward the fault. The Brunswick veins generally pinch out before rarely coming in contact with the fault footwall. No significant mineralization is present in the fault. Only a few unimportant veins are known beyond its hanging wall.

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In the area of the Brunswick veins there are layers of meta-sedimentary rocks within the meta-volcanic rocks that exhibit the regional N-W schistosity dipping very steeply to the north. Where the Brunswick veins cross these meta-sedimentary rocks vein splitting and en-echelon crossings occur forming what is known in the historical records as "Zebra Rock." The "Zebra Rock" produced "fair" to "good" grades of large tonnage and the presence of free gold was reported. A large "Zebra Rock" zone was intersected and mined along the western extents of 16 Vein from levels 1300L to 1000L. Mining in this zone occurred over strike lengths from 360 ft to 525 ft (110 m to 160 m) and reached widths of up to 110 ft (34 m) on 1100 level.

Morehouse System

The Morehouse vein system is not as well understood as the Idaho #1, #2, 3 Vein System, and Brunswick vein systems. It is defined by fault and quartz-vein and quartz stockwork intersections in workings and drill holes in only a few areas such as the Morehouse, 16 Vein, 52 Vein, and 60 Winze. There is little historic production from the Morehouse Vein system.

The Morehouse vein is associated with the serpentinite-hosted diabase dike wrapping around the western end of the Brunswick Block. Underground working show the Morehouse connects directly to the Idaho #1 Vein. The extension of the Idaho shaft in 1923 to I1500 Level intersected the Morehouse splay and the shaft station on I1500 Level is right above the #1 Vein.

The best Morehouse mineralization intersected to date, and the only significant production, occurs within the Brunswick Block at the 52 Vein and 60 Winze areas. There is very little other exploration of this vein in the Brunswick Block.

Mineral Deposit Type

The Idaho System deposits on the I-M Mine Property can be described as an orogenic gold deposit. Orogenic gold deposits encompass a broad range of depth of formation and different host lithologies; however, common to orogenic gold deposits is a spatial association with compressional to transpressional deformation processes at convergent plate margins in accretionary and collisional orogens. Most ores are post-orogenic with respect to tectonism of their immediate host rocks but are simultaneously syn-orogenic with respect to ongoing deep-crustal, subduction-related thermal gradient. Depth of formation of orogenic deposits are best subdivided into epizonal (<6 km / <3.7 mi), mesozonal (6-12 km / 3.7-7.5 mi), and hypozonal (>12 km / >7.5 mi).

The gold deposits on the I-M Mine Property have been classified as Mesothermal Quartz Veins (Lindgren, 1894), are also known as and are type-examples of low-sulfide Au-quartz vein deposits (Berger, 1986), and gold quartz vein deposits (Ash, 2001). These classifications are sub-groups of orogenic gold deposit type.

Exploration

Rise has completed an exploration drilling program on the I-M Mine Property in June of 2019. Rise has completed seventeen drill holes, B-17-01, B-18-02 thru B-18-07, Z-18-08 & Z-18-09, I-18-10-I-18-12, I-19-13, I-1913A, I-19-12A, I-19-12B, I-19-14, & I-19-14A. Total drilling completed to July 31, 2019 by Rise Gold is ~20,584 meters. Assay results for all drill holes have been released as of July 31, 2019.

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Exploration drilling at the Brunswick portion of the Idaho-Maryland Gold project has been successful with numerous gold-bearing veins intersected and previously released in 2018 on January 3rd, June 28th, July 23rd, August 7th and December 13th and in 2019 on March 19, May 21st, and June 28th, 2019. A summary of drill highlights for the program released through July 31th, 2019 is presented in the table.

Drill Intercept Highlights Released to July 30th 2019
Hole	From(m)	To (m)	Gold(gpt)	InterceptLength(m)	EstimatedTrueWidth(m)	Vein
B-17-01	638.89	653.80	12.2	14.90	7.8	B1
Including	643.74	646.48	62.7	2.74		B1 Center
Including	644.96	645.57	266.0	0.61
B-17-01	1111.61	1126.85	4.5	15.24	?	?
Including	1112.06	1113.59	40.6	1.52
B-18-02	578.42	582.78	7.9	4.36	1.0 - 3.4	B116 or B1
B-18-03	516.64	518.62	6.0	1.98	1.7	B1 East
B-18-04	516.94	520.96	8.0	4.02	3.0	B32
Including	516.94	518.01	23.0	1.07
B-18-04	625.27	628.04	4.0	2.77	2.1	B10 HW
B-18-04	637.03	640.08	4.4	3.05	2.3	B10 FW
B-18-04	711.92	715.21	5.1	3.29	1.8	B18
B-18-05	667.88	671.38	5.9	3.51	2.0	B10 HW
Including	670.32	671.38	13.0	1.07
B-18-05	682.90	690.37	2.4	7.47	4.1	B10 FW
B-18-05	748.28	763.58	2.6	15.30	11.0	B41
B-18-05	899.59	905.53	2.5	5.94	3.4	B39
B-18-05	978.10	983.28	22.4	5.18	2.6	B40
Including	978.10	979.32	93.2	1.22
B-18-05	1590.14	1594.56	23.7	4.42	3.2	IB30
Including	1593.59	1594.01	230.0	0.43
B-18-05	1887.47	1890.43	10.9	2.96	2.0	IB50
Including	1889.36	1889.85	61.0	0.49
B-18-06	682.75	688.54	2.6	5.79	4.1	B10
B-18-06	766.54	775.50	4.9	8.96	8.2	B41
B-18-07	733.35	736.40	3.0	3.05	2.4	B6
B-18-07	746.49	750.14	4.0	3.66	2.8	B10 HW
B-18-07	756.97	760.78	1.9	3.81	5.4	B10 FW
Z-18-08	No Significant Intercepts
Z-18-09	309.68	316.38	3.3	6.71	?	Zebra
I-18-10	171.08	174.60	4.7	3.52	?	Zebra

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I-18-10	958.02	965.61	1.8	7.59	?	52 HW
I-18-10	965.61	972.01	3.2	6.40	?	52
I-18-10	977.98	978.44	97.3	0.46	?	52 FW
I-18-10	987.77	994.58	149.3	6.81	?	52 FW
Including	993.42	993.88	2190.0	0.46
I-18-11	259.16	262.04	8.5	2.88	?	?
Including	261.14	262.04	18.8	0.90
I-18-11	975.50	976.70	19.2	1.20	?	52
I-18-11	992.25	993.88	15.4	1.63	?	52
Including	992.70	993.22	35.6	0.52
I-18-11	1046.17	1052.58	3.9	6.42	?	52
I-18-11	1142.33	1144.08	5.4	1.75	?	52
I-18-11	1381.86	1384.33	3.6	2.47	?	I1
I-18-12	950.50	960.49	2.6	9.98	?
I-19-12B	1367.27	1373.22	9.4	5.94	?	I1
Including	1367.27	1370.11	18.5	2.83	?	I1
Including	1369.04	1370.11	46.3	1.07	?	I1
Including	1369.74	1370.11	111.5	0.37	?	I1
I-19-13	1007.97	1013.09	5.5	5.12	?	I1
I-19-13A	1005.31	1009.57	90.4	4.27	?	I1
Including	1008.77	1009.57	458.0	0.81
I-19-14A	1014.42	1029.31	1.4	14.9	13.59	I2
Including	1014.42	1016.36	6.2	1.9	1.77	I2

Exploration drilling at the Brunswick portion of the Idaho-Maryland Gold project has been successful with numerous gold-bearing veins intersected and previously released in 2018 on January 3rd, June 28th, July 23rd, August 7^th and December 13^th and in 2019 on March 19, May 21^st, and June 28^th, 2019. A summary of drill highlights for the program released through July 31^th, 2019 is presented in the table.

Drill Intercept Highlights Released to July 30th 2019
Hole	From (m)	To (m)	Gold (gpt)	Intercept Length (m)	Estimated True Width (m)	Vein
B-17-01	638.89	653.80	12.2	14.90	7.8	B1
Including	643.74	646.48	62.7	2.74		B1 Center
Including	644.96	645.57	266.0	0.61
B-17-01	1111.61	1126.85	4.5	15.24	?	?
Including	1112.06	1113.59	40.6	1.52
B-18-02	578.42	582.78	7.9	4.36	1.0 - 3.4	B116 or B1
B-18-03	516.64	518.62	6.0	1.98	1.7	B1 East
B-18-04	516.94	520.96	8.0	4.02	3.0	B32
Including	516.94	518.01	23.0	1.07
B-18-04	625.27	628.04	4.0	2.77	2.1	B10 HW
B-18-04	637.03	640.08	4.4	3.05	2.3	B10 FW
B-18-04	711.92	715.21	5.1	3.29	1.8	B18
B-18-05	667.88	671.38	5.9	3.51	2.0	B10 HW
Including	670.32	671.38	13.0	1.07
B-18-05	682.90	690.37	2.4	7.47	4.1	B10 FW
B-18-05	748.28	763.58	2.6	15.30	11.0	B41
B-18-05	899.59	905.53	2.5	5.94	3.4	B39
B-18-05	978.10	983.28	22.4	5.18	2.6	B40
Including	978.10	979.32	93.2	1.22
B-18-05	1590.14	1594.56	23.7	4.42	3.2	IB30
Including	1593.59	1594.01	230.0	0.43
B-18-05	1887.47	1890.43	10.9	2.96	2.0	IB50
Including	1889.36	1889.85	61.0	0.49
B-18-06	682.75	688.54	2.6	5.79	4.1	B10
B-18-06	766.54	775.50	4.9	8.96	8.2	B41
B-18-07	733.35	736.40	3.0	3.05	2.4	B6
B-18-07	746.49	750.14	4.0	3.66	2.8	B10 HW
B-18-07	756.97	760.78	1.9	3.81	5.4	B10 FW
Z-18-08	No Significant Intercepts
Z-18-09	309.68	316.38	3.3	6.71	?	Zebra
I-18-10	171.08	174.60	4.7	3.52	?	Zebra

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Drill Intercept Highlights Released to July 30th 2019
Hole	From (m)	To (m)	Gold (gpt)	Intercept Length (m)	Estimated True Width (m)	Vein
I-18-10	958.02	965.61	1.8	7.59	?	52 HW
I-18-10	965.61	972.01	3.2	6.40	?	52
I-18-10	977.98	978.44	97.3	0.46	?	52 FW
I-18-10	987.77	994.58	149.3	6.81	?	52 FW
Including	993.42	993.88	2190.0	0.46
I-18-11	259.16	262.04	8.5	2.88	?	?
Including	261.14	262.04	18.8	0.90
I-18-11	975.50	976.70	19.2	1.20	?	52
I-18-11	992.25	993.88	15.4	1.63	?	52
Including	992.70	993.22	35.6	0.52
I-18-11	1046.17	1052.58	3.9	6.42	?	52
I-18-11	1142.33	1144.08	5.4	1.75	?	52
I-18-11	1381.86	1384.33	3.6	2.47	?	I1
I-18-12	950.50	960.49	2.6	9.98	?
I-19-12B	1367.27	1373.22	9.4	5.94	?	I1
Including	1367.27	1370.11	18.5	2.83	?	I1
Including	1369.04	1370.11	46.3	1.07	?	I1
Including	1369.74	1370.11	111.5	0.37	?	I1
I-19-13	1007.97	1013.09	5.5	5.12	?	I1
I-19-13A	1005.31	1009.57	90.4	4.27	?	I1
Including	1008.77	1009.57	458.0	0.81
I-19-14A	1014.42	1029.31	1.4	14.9	13.59	I2
Including	1014.42	1016.36	6.2	1.9	1.77	I2

Rise has prepared a drill hole database derived from information contained in the collection of historic documents and records acquired through the purchase of the I-M Mine Property. The drill hole database is divided into I-M Mine drilling completed before the mine shut down in 1956 and Emgold drilling completed in 2004.

Sampling, Analysis and Data Verification

Sample Preparation and Analysis

Rise Gold has implemented a quality control program for our drill program to ensure best practices in the sampling and analysis of the drill core. This includes the insertion of blind blanks, duplicates, and certified standards. HQ- and NQ-sized drill core is saw cut with half of the drill core sampled at intervals based on geological criteria including lithology, visual mineralization, and alteration. The remaining half of the core is stored on-site at our warehouse in Grass Valley, California. Drill core samples are transported in sealed bags to ALS Minerals analytical assay lab in Reno, Nevada.

All gold assays were obtained using a method of screen fire assaying. The historic I-M Mine project is known to contain 'coarse' gold, for which a screen fire assay is the best way to obtain a definitive result. This procedure involves screening a large, pulverized sample of up to 1 kg at 100 microns. The entire oversize (including the disposable screen) is fire assayed as this contains the 'coarse' gold and a duplicate determination is made on the 'minus' 100-micron fraction. A calculation can then be made to determine the total weight of gold in the sample. Any +100-micron material remaining on the screen is retained and analyzed in its entirety by fire assay with gravimetric finish and reported as the Au (+) fraction result. The -100-micron fraction is homogenized and two sub-samples of 50 grams are analyzed by fire assay with AAS finish. If the grade of the material exceeds 10 gpt the sample is re-assayed using a gravimetric finish. The average of the two results is taken and reported as the Au (-) fraction result. All three values are used in calculating the combined gold content of the plus and minus fractions.

- 4546 -

There is no detailed information describing sample preparation, analysis and security procedures applied by mine operators prior to 2002. The historical samples were reportedly fire-assayed at former mine site laboratories. No records exist of any QA/QC program.

Emgold sample preparation, analysis and security procedures for core collected by Emgold are described in a 2009 Technical Report prepared by Robert Pease, P.G., for Emgold titled "Idaho-Maryland Mine Project, Grass Valley CA". Three-foot core samples were cut in half by a wet saw. The half core samples were put in a sample bag, tagged, and shipped to a laboratory. All samples were crushed to 80% passing -10 mesh, rotary split to a 500 g subsample which was pulverized to 95% passing -150 mesh. All samples were analyzed using screened metallics fire assay methods. The QAQC program used Standard Reference Materials, blank samples, coarse reject and pulp duplicate samples, and third-party laboratory check assays. Insertion rate of SRMs and duplicates was approximately 1 in 20 samples. Blanks were only inserted immediately following mineralized intervals. The control samples were reportedly used to successfully control the assay quality process.

Historical Data Verification

Although Rise has carefully digitized and checked the locations and values of drill hole results from level plans and other documents, the absence of drill hole related documentation, such as drill logs, drill hole deviation, core recovery and density measurements, assay certificates, and possible channel sample grade biases, could materially impact the accuracy and reliability of the reported results.

Mineral Processing and Metallurgical Testing

Rise has conducted mineral processing and metallurgical testing analyses on recent drill core from the I-M Mine Property for the purpose of environmental study in conjunction with permitting efforts.

A significant amount of production has occurred on the I-M Mine Property which confirms that gold can be recovered, mainly by gravity and flotation methods. Nearly all gold at the I-M Mine Property is free milling, as demonstrated by cyanide leaching of concentrates and tailings by the I-M Mine during past production.

Mineral Resource and Mineral Reserve Estimates

No estimates of mineral resources have been prepared for the I-M Mine Property. We are not treating historical mineral resource estimates as current mineral resource estimates. In addition, there are no mineral reserves estimates for the I-M Mine Project.

References

American Society for Testing Materials (ASTM). (2013). ASTM E1527-13, Standard Practice for Environmental Site Assessments: Phase 1 Environmental Site Assessment Process. ASTM International, West Conshohocken, PA. Retrieved at http://www.astm.org/cgi-bin/resolver.cgi?E1527-13

Ash, Chris. (June 2001). Bulletin 108: Relationship Between Ophiolites and Gold-Quartz Veins in the North American Cordillera. Chapter 8. Geological Survey Branch. Victoria, BC. Retrieved at http://www.empr.gov.bc.ca/Mining/Geoscience/PublicationsCatalogue/BulletinInformation/BulletinsAfter1940/Pages/Bulletin108.aspx

California Department of Conservation (CDC). (April 2017). SMARA Mines - AB 3098 List, Listing as of April 7, 2017). Retrieved at http://www.conservation.ca.gov/dmr/SMARA%20Mines/ab_3098_list/Pages/Index.aspx

Cal. Pub. Res. Code (CPRC). California Public Resources Code. Chapter 9 - Surface Mining and Reclamation Act of 1975. 1975.

Cal. Pub. Res. Code (CPRC). California Public Resources Code. Division 13 - Environmental Quality. 1979.

- 4647 -

California Environmental Quality Act (CEQA). (February 1992). City of Sacramento v. State Water Resources Control Board. Retrieved at http://resources.ca.gov/ceqa/cases/1992/sac_swrcb.html

City of Grass Valley Community Development Dept. (CoGV-CDD). City of Grass Valley 2020 General Plan Map. Grass Valley, CA. November 2009.

Clark, Jack. Gold In Quartz - The Legendary Idaho Maryland Mine. Grass Valley, CA. 2005.

Engineering/Remediation Resources Group, Inc. (ERRG). Phase 1 Environmental Site Assessment Round-Hole and New Brunswick Mine Sites. Concord, CA. March 2007.

Geocon Consultants, Inc. (Geocon). Draft Preliminary Endangerment Assessment Report. Rancho Cordova, CA. August 2016.

Geomatrix Consultants Inc. (Geomatrix). Summary - Phase II Investigation: Data Collection and Analysis, Brunswick Lumber Mill Site Nevada County, CA. September 2006.

Groves, D.I., Goldfarb, R.J., Gebre-Mariam, M., Hagemann, S.G., Robert, F. Orogenic gold deposits: A proposed classification in the context of their crustal distribution and relationship to other gold deposit types. Ore Geol. Rev. Special Issue, 13, 7-27. 1998.

Kleinschmidt. City of Grass Valley Sphere of Influence Plan. Prepared for Nevada Local Agency Formation Commission (LAFCo). April 2011.

Lindgren, W. USU.S. Geological Survey Grass Valley Special Map. 1894.

Lindgren, Waldemar. The Gold Quartz Veins of Nevada City and Grass Valley Districts, California (1896).

Nevada County Code (NCC). (March 2017). Article 3 Specific Land Uses. Retrieved from http://qcode.us/codes/nevadacounty/?view=desktop&topic=3-ii-2-l__2

Pease, Robert C. Idaho-Maryland Mine Project, Grass Valley CA Technical Report. December 2009.

Shore, F.M for United States Bureau of Mines. Mineral Yearbook 1941. Pg. 252. Washington, D.C. 1943. Retrieved at http://digital.library.wisc.edu/1711.dl/EcoNatRes.MinYB1941

Item 3. Legal Proceedings

Not applicable.

Item 4. Mine Safety Disclosures

None.

- 4748 -

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities

Market Information

Our common stock is listed for trading in Canada on the CSE under the symbol "RISE" and is quoted in the United States on the ~~OTCQX~~OTCQB Market under the symbol "RYES".

Holders

As of the date of this Report, there are approximately ~~177~~185 registered holders of our common stock.

Recent Sales of Unregistered Securities

Other than as disclosed in previous quarterly reports on Form 10-Q and current reports on Form 8-K, we have not offered and sold any equity securities that were not registered under the Securities Act during the fiscal year ended July 31, ~~2024~~2025.

- 4849 -

Item 6. [Reserved]

Not applicable

- 4950 -

Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations.

The following discussion provides information regarding the results of operations for the years ended July 31, ~~2024~~2025 and ~~2023~~2024 and our financial condition, liquidity and capital resources as of July 31, ~~2024~~2025 and July 31, ~~2023~~2024.

The following discussion and analysis should be read in conjunction with the information set forth in our audited financial statements and the notes thereto as of and for the years ended July 31, ~~2024~~2025 and July 31, ~~2023~~2024.

Results of Operations

For the Years Ended July 31, ~~2024~~2025 and ~~2023~~2024

Our operating results for the years ended July 31, ~~2024~~2025 and ~~2023~~2024 are summarized as follows:

FOR THE YEAR ENDED JULY 31,		~~2024~~2025			~~2023~~2024
EXPENSES
Accretion expense	$	122,920		$	149,505
Accretion expense (Note 10 and 12)	$	230,478		$	122,920
Consulting		~~310~~221,~~718~~925			~~565~~310,~~885~~718
Directors' fees		~~118~~90,~~022~~000			81118,~~209~~022
Filing and regulatory		3849,~~910~~840			5738,~~751~~910
Foreign exchange loss		15,421			45,134
Foreign exchange (gain) loss		6,771			15,421
General and administrative		~~445~~254,~~028~~456			~~363~~445,~~287~~028
Geological, mineral, and prospect costs		808,832			772,636
Geological, mineral, and prospect costs (Note 6)		96,520			808,832
Interest expense		306,246			328,097
Interest expense (Note 10 and 12)		232,113			306,246
Professional fees		1549,~~000,394~~923			~~757~~1,~~769~~000,394
Promotion and shareholder communication		5854,~~361~~073			~~183~~58,~~340~~361
Salaries		~~89,296~~-			~~135~~89,~~000~~296
Share-based payments		345,507			466,527
Share-based compensation (Note 13)		697,122			345,507
Loss before other items	$	(3,659,655	)	$	(3,906,140	)
Loss	$	(2,483,221	)	$	(3,659,655	)
Gain on fair value adjustment on derivative liability		140,015			233,895
Gain on fair value adjustment on derivative liability (Note 11)		-			140,015
Write-off of receivable		(64,356	)		-
Gain on accounts payable settlement		66,871			-
Other income		18,365			11,863
Loss on sale of assets (Note 7)		(411,530	)		-
Net loss and comprehensive loss for the year		(3,565,631	)		(3,660,382	)
Loss on note receivable (Note 6)		(155,727	)		-
Basic and diluted loss per common share	$	(0.08	)	$	(0.10	)
Loss on settlement of loans (Note 10)		(312,939	)		-
Weighted average number of common shares outstanding (basic and diluted)		46,995,567			36,393,029
Write-off of receivable		-			(64,356	)
Other income		36,188			18,365
Net loss and comprehensive loss for the year	$	(3,260,358	)	$	(3,565,631	)

- 5051 -

~~Our~~For ~~operating expenses decreased during~~ the ~~year~~notes ~~ended~~referenced ~~July 31~~above, ~~2024~~please ~~compared~~see ~~to the prior year primarily as a result of decreased activities by~~ our ~~Company.~~audited ~~These~~financial ~~activities~~statements ~~include salaries, filing~~ and ~~regulatory, general and administrative, professional fees, driven by~~ the ~~need~~notes for ~~expenses~~the ~~related~~years toended ~~Vested~~July ~~Rights~~31, ~~and~~2025 ~~Use Permit application~~ and ~~hearings~~July ~~while~~31, ~~lowering consulting costs relating to planning and researching our mineral properties~~2024, ~~along~~included ~~with~~below ~~activities~~under ~~relating~~Item ~~to raising funds in the recent private placements~~8.

AsOur operating expenses decreased during the year ended July 31, 2025 compared to the prior year primarily as a result of ~~the~~decreased ~~ongoing~~activities by our Company. These activities include consulting, ~~significant~~filing ~~expenses~~and ~~during~~regulatory, general and administrative, professional fees, driven by the ~~year~~need ~~ended~~for ~~July~~expenses 31related to Vested Rights and Use Permit application and hearings while lowering consulting costs relating to planning and researching our mineral properties, ~~2024~~along ~~include:~~with activities relating to raising funds in the recent private placements.

~~Increase~~As ina ~~mineral~~result ~~exploration~~of ~~costs~~the toongoing ~~$808~~activities,~~832~~ ~~(2023~~significant -expenses ~~$772,636)~~during ~~related to activities surrounding~~ the ~~Vested~~year ~~Rights~~ended ~~and~~July ~~Use~~31, ~~Permit~~2025 ~~application and hearings;~~include:

Decrease in ~~share-based~~mineral ~~payments~~exploration costs to $~~345~~96,~~507~~520 (~~2023~~2024 - $~~466~~808,~~527~~832) ~~for~~related ~~the~~to ~~grant~~activities ofsurrounding ~~options~~the ~~pursuant~~Vested toRights ~~our~~and ~~stock~~Use ~~option~~Permit ~~plan~~application ~~to incentivize management~~ and ~~certain consultants~~hearings;
~~Decrease~~Increase in ~~consulting~~share-based ~~but~~payments ~~increase~~to ~~professional fees~~ $~~310~~697,~~718~~122 ~~and $1,000,394 respectively~~ (~~2023~~2024 - $~~565~~345,~~885 and $757,769, respectively~~507) ~~due~~for to the ~~shift~~grant inof ~~strategy~~options aspursuant ~~the~~to ~~Company~~our ~~reviews~~stock ~~its~~option ~~litigation~~plan ~~options~~to ~~relating~~incentivize tomanagement ~~its~~and ~~Vested~~certain ~~Rights~~consultants;
~~Increase~~Decrease in ~~other~~consulting ~~income~~and professional fees to $18221,~~365~~925 and $549,923 respectively (~~2022~~2024 - $11310,~~863)~~718 asand ~~there~~$1,000,394, ~~was~~respectively) ~~more~~as ~~rental~~the ~~income~~Company ~~for~~incurred ~~property~~fewer ~~use~~advisory fees in 2025 compared to 2024 when the Company reviewed its litigation options relating to its Vested Rights;
Significant non-operating items include write down of the value of the drilling equipment (loss of $411,530; 2024 - $Nil); note receivable sold at a discount to generate cash (loss of $155,727; 2024 - $Nil); accounting loss recognized with the repayment of the loans in May 2025 on the value of the warrants recorded as loan issuance costs (loss of $312,939; 2024 - $Nil).

Liquidity and Capital Resources

As of July 31, ~~2024~~2025, the Company had $~~243~~2,~~669~~783,348 in cash, $~~894~~2,~~638~~980,679 in current assets, $54,~~155~~442,~~398~~507 in total assets, $21,~~661~~050,~~598~~421 in current liabilities and $21,~~777~~179,~~728~~422 in total liabilities, working capital ~~deficit~~surplus of $1,~~766~~930,~~960~~258 and an accumulated deficit of $3033,~~234~~494,~~617~~975.

During the year ended July 31, ~~2024~~2025, the Company used $21,~~213~~169,~~199~~386 in net cash on operating activities, compared to $2,~~476~~213,~~478~~199 in net cash on operating activities during the prior year. The ~~difference~~higher inamount of net cash used in operating activities during the prior year was due mainly to ~~the~~higher ~~difference~~professional ~~between~~fees ~~the gain of the revaluation adjustment of the derivative liability, share-based compensation for options granted during the period,~~ and ~~professional~~associated ~~fees~~costs related to the Use Permit and Vested Rights petition.

During the year ended July 31, ~~2024~~2025, ~~we used~~ received net cash of $~~Nil~~2,612,699 (~~2023~~2024 - $Nil) infrom investing activities ~~for~~of the Company (i.e. sale of parcels of land).

During the year ended July 31, ~~2024~~2025, the Company received cash ~~from financing activities~~ of $12,~~698~~990,~~598~~936 (~~2023~~2024 - $2 1,~~762~~898,~~832~~596) from financing activities related to the private placements. Proceeds received from loans during the year ended July 31, 2025 were $500,000 (2024 - $Nil). The cash paid by the Company to settle the outstanding loans during the year ended July 31, 2025 was $2,394,570 (2024 - $200,000). Net cash flow received from financing activities was $1,096,366 during the year ended July 31, 2025 (2024 - $1,698,596).

The Company expects to operate at a loss for at least the next 12 months. On October 24, 2025, the Company raised $7,000,000 through issuance of securities. Based on working capital at year end, and subsequent equity financing of $7,000,000, management estimates that it does have sufficient funds to continue as a going concern. It has no agreements for additional financing and cannot provide any assurance that additional funding will be available to finance its operations on acceptable terms in order to enable it to carry out its business plan long term. There are no assurances that the Company will be able to complete further sales of its common stock or any other form of additional financing. If the Company is unable to achieve the financing necessary to continue its plan of operations, then it will not be able to carry out any exploration work on the I-M Mine Property or the other properties in which it owns an interest and its business may fail. As such, these material uncertainties cast a substantial doubt regarding the Company's ability to continue as a going concern.

- 52 -

Off-Balance Sheet Arrangements

We have no off-balance sheet arrangements that have or are reasonably likely to have a current or future effect on its financial condition, changes in financial condition, revenues or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

- 51 -

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.

Not required.

Item 8. Financial Statements and Supplementary Data.

- 5253 -

CONSOLIDATED FINANCIAL STATEMENTS

(Expressed in United States Dollars)

FOR THE YEAR ENDED JULY 31, ~~2024~~2025

- 5354 -

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

To the Shareholders and Directors of

Rise Gold Corp.

Opinion on the Consolidated Financial Statements

We have audited the accompanying consolidated balance sheets of Rise Gold Corp. (the “Company”), as of July 31, ~~2024~~2025 and ~~2023~~2024, and the related consolidated statements of operations and comprehensive loss, ~~changes in~~ stockholders’ equity, and cash flows for the years ended July 31, ~~2024~~2025, and ~~2023~~2024, and the related notes and schedules (collectively referred to as the “financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of ~~the~~Rise ~~Company~~Gold Corp. as of July 31, ~~2024~~2025 and ~~2023~~2024, and the results of its operations and its cash flows for the ~~year~~years ended July 31, ~~2024~~2025, and ~~2023~~2024, in conformity with accounting principles generally accepted in the United States of America.

Going Concern

The accompanying financial statements have been prepared assuming that the Company will continue as a going concern. As discussed in Note 1 to the financial statements, the Company incurred a loss of $3,565,631 for the year ended July 31, 2024, and as of that date, had an accumulated deficit of $30,234,617. These events and conditions raise substantial doubt about its ability to continue as a going concern. Management's plans in regard to these matters are also described in Note 1. The financial statements do not include any adjustments that might result from the outcome of this uncertainty.

Basis for Opinion

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

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

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

Critical Audit Matters

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

~~Assessment~~We ofhave ~~impairment~~served ~~indicators~~as ofthe ~~mineral~~Company’s ~~property~~auditor ~~interests~~since 2013.

As described in Note 6 to the financial statements, the carrying amount of the Company’s mineral property interests was $4,149,053 as at July 31, 2024. As more fully described in Note 3, management applies judgment to evaluate its mineral property interests for indicators of impairment whenever events or changes in circumstance indicate that the carrying amount of the asset may not be recoverable.

	/s/ DAVIDSON & COMPANY LLP

Vancouver, Canada	Chartered Professional Accountants
(PCAOB ID: 731)
October 27, 2025

~~The~~- ~~principal~~55 considerations for our determination that the assessment of impairment indicators of the mineral property interests is a critical audit matter is that there was judgment made by management when assessing whether there were indicators of impairment for the mineral property interests. This in turn led to a high degree of auditor judgment, subjectivity and effort in performing procedures to evaluate audit evidence relating to the judgments made by management in their assessment of indicators of impairment that could give rise to the requirement to prepare an estimate of the recoverable amount of the mineral property interests.-

Addressing the matter involved performing procedures and evaluating audit evidence in connection with forming our overall opinion on the financial statements. These procedures include, among others:

evaluating management's assessment of indicators of impairment;

evaluation of future commodity pricing;

assessing good standing of mineral property rights; and

evaluating the Company's current, past, and planned exploration expenditures and ability to carry out future exploration activity.

We have served as the Company's auditor since 2013.

	/s/ DAVIDSON & COMPANY LLP
Vancouver, Canada	Chartered Professional Accountants
October 29, 2024

RISE GOLD CORP.

(An Exploration Stage Company)

CONSOLIDATED BALANCE SHEETS

(Expressed in United States Dollars)

AS AT		July 31, ~~2024~~2025			July 31, ~~2023~~2024
ASSETS
Current
Cash and cash equivalents (Note 4)	$	~~243~~2,~~669~~783,348		$	~~758~~243,~~272~~669
Receivables		2123,~~971~~057			8221,~~529~~971
Prepaid expenses (Note 5)		~~117~~74,~~468~~274			~~140~~117,~~042~~468
Assets held for sale (Note 7)		~~511~~100,~~530~~000			-511,530
Total current assets		~~894~~2,~~638~~980,679			~~980~~894,~~843~~638
Non-current
Mineral property interests (Note 6)		4197,~~149,053~~499			4,149,053
Equipment (Note 7)		-			528,465
Note receivable (Note 6)		1,188,701			-
Deferred financing asset (Note 12)		111,707			-
Deferred financing assset (Note 12)		75,628			111,707
Total assets	$	54,~~155~~442,~~398~~507		$	5,~~658~~155,~~361~~398
LIABILITIES AND STOCKHOLDERS' EQUITY
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current
Accounts payable and accrued liabilities	$	~~874~~762,~~589~~620		$	~~457~~874,~~412~~589
Loan payable (Note 10)		1,658,060			-
Deposit liability (Note 7)		100,000			-
Payable to related parties (Note 9)		128,949			51,159
Loan payable (Note 10)		-			1,658,060
Total current liabilities		2,661,598			508,571
Payable to related parties (Note 9)		187,801			128,949
Total current liabilities		1,050,421			2,661,598
Non-current
Loan payable (Note 10)		-			1,437,914
Credit facility (Note 12)		129,001			116,130
Credit facility (Note 12)		116,130			-
Total liabilities		1,179,422			2,777,728
Derivative liability (Note 11)		-			140,015
Stockholders’ equity
Total liabilities		2,777,728			2,086,500
Stockholders' equity
Capital stock, $0.001 par value, 400,000,000 shares authorized;
55,785,106 (July 31, 2023 - 40,362,800) shares issued and outstanding (Note 13)		55,785			40,363
92,370,467 (July 31, 2024 - 55,785,106) shares issued and outstanding (Note 13)		92,370			55,785
Additional paid-in capital (Note 13)		3236,~~660~~769,~~586~~774			3032,~~304~~660,~~568~~586
Cumulative translation adjustment		(104,084	)		(104,084	)
Deficit		(3033,~~234~~494,~~617~~975	)		(2630,~~668~~234,~~986~~617	)
Total stockholders' equity		23,~~377~~263,~~670~~085			32,~~571~~377,~~861~~670
Total liabilities and stockholders' equity	$	54,~~155~~442,~~398~~507		$	5,~~658~~155,~~361~~398

Nature and continuance of operations (Note 1)

Contingency (Note 8)

Subsequent events (Note 17)

Approved and authorized by the Board on October 2527, ~~2024~~2025

"~~Benjamin~~Daniel ~~Mossman~~Oliver" Director "~~Murray~~Lawrence ~~Flanigan~~Lepard" Director ~~Benjamin~~Daniel ~~Mossman~~Oliver ~~Murray~~Lawrence ~~Flanigan~~Lepard

The accompanying notes are an integral part of these consolidated financial statements.

- 56 -

RISE GOLD CORP.

(An Exploration Stage Company)

CONSOLIDATED ~~STATEMENT~~STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Expressed in United States Dollars)

FOR THE YEAR ENDED JULY 31,		~~2024~~2025			~~2023~~2024
EXPENSES
Accretion expense (Note 10 and 12)	$	~~122~~230,~~920~~478		$	~~149~~122,~~505~~920
Consulting		~~310~~221,~~718~~925			~~565~~310,~~885~~718
Directors' fees		~~118~~90,~~022~~000			81118,~~209~~022
Filing and regulatory		3849,~~910~~840			5738,~~751~~910
Foreign exchange loss		15,421			45,134
Foreign exchange (gain) loss		6,771			15,421
General and administrative		~~445~~254,~~028~~456			~~363~~445,~~287~~028
Geological, mineral, and prospect costs (Note 6)		~~808~~96,~~832~~520			~~772~~808,~~636~~832
Interest expense (Note 10 and 12)		~~306~~232,~~246~~113			~~328~~306,~~097~~246
Professional fees		1549,~~000,394~~923			~~757~~1,~~769~~000,394
Promotion and shareholder communication		5854,~~361~~073			~~183~~58,~~340~~361
Salaries		~~89,296~~-			~~135~~89,~~000~~296
Share-based payments (Note 13)		345,507			466,527
Share-based compensation (Note 13)		697,122			345,507
Loss before other items		(3,659,655	)		(3,906,140	)
Loss	$	(2,483,221	)	$	(3,659,655	)
Gain on fair value adjustment on derivative liability (Note 11)		~~140,015~~-			~~233~~140,~~895~~015
Write-off on receivable		(64,356	)		-
Gain on accounts payable settlement		66,871			-
Other income		18,365			11,863
Loss on sale of assets (Note 7)		(411,530	)		-
Net loss and comprehensive loss for the year		(3,565,631	)		(3,660,382	)
Loss on note receivable (Note 6)		(155,727	)		-
Basic and diluted loss per common share	$	(0.08	)	$	(0.10	)
Loss on settlement of loans (Note 10)		(312,939	)		-
Weighted average number of common shares outstanding (basic and diluted)		46,995,567			36,393,029
Write-off of receivable		-			(64,356	)
Other income		36,188			18,365
Net loss and comprehensive loss for the year	$	(3,260,358	)	$	(3,565,631	)
Basic and diluted loss per common share	$	(0.05	)	$	(0.08	)
Weighted average number of common shares outstanding (basic and diluted)		64,104,517			46,995,567

The accompanying notes are an integral part of these consolidated financial statements.

- 57 -

RISE GOLD CORP.

(An Exploration Stage Company)

CONSOLIDATED ~~STATEMENT~~STATEMENTS OF CASH FLOWS

(Expressed in United States Dollars)

FOR THE YEAR ENDED JULY 31,		~~2024~~2025			~~2023~~2024
CASH FLOWS FROM OPERATING ACTIVITIES
Loss for the year	$	(3,~~565~~260,~~631~~358	)	$	(3,~~660~~565,~~382~~631	)
Items not involving cash:
Items not involving cash
Interest expense		306,246			328,097
Depreciation		-			16,935
Depreciation		16,935			22,971
Loss on assets held for sale		411,530			-
Share-based payment		345,507			466,527
Interest expense		232,113			306,246
Accretion expense		122,920			149,505
Share-based compensation		697,122			345,507
Gain on fair value adjustment on warrant derivatives		(140,015	)		(233,895	)
Accretion expense		230,478			122,920
Interest income note receivable amortization		(5,573	)		-
Loss (gain) on fair value adjustment on derivative liability		-			(140,015	)
Loss on settlement of loans		312,939			-
Loss on settlement of note receivable		155,727			-
Non-cash working capital item changes:
Receivables		60(1,~~558~~086	)		260,~~828~~558
Prepaid expenses		2243,~~574~~194			~~289~~22,~~260~~574
Accounts payables and accrued liabilities		539,917			135,470
Deposit for assets held for sale		100,000			-
Payable to related parties		77,790			23,141
Accounts payable and accrued liabilities		(144,324	)		539,917
Net cash used in operating activities		(2,213,199	)		(2,476,478	)
Related party payables		58,852			77,790
Net cash used in operating activities		(1,169,386	)		(2,213,199	)
CASH FLOWS FROM INVESTING ACTIVITIES
Proceeds from mineral property contracted for sale		2,612,699			-
Net cash provided by investing activities		2,612,699			-
CASH FLOWS FROM FINANCING ACTIVITIES
Private placement, net of issuance cost		12,~~898~~990,~~596~~936			21,~~985~~898,~~423~~596
Loan repayment		(200,000	)		(250,000	)
Proceeds from loan		500,000			-
Proceeds from exercise of options		-			27,409
Loan repayment		(2,394,570	)		(200,000	)
Net cash provided by financing activities		1,~~698~~096,~~596~~366			21,~~762~~698,~~832~~596
Change in cash and cash equivalents for the year		~~(514~~2,~~603~~539,679	)		~~286~~(514,~~354~~603	)
Cash and cash equivalents, beginning of year		~~758~~243,~~272~~669			~~471~~758,~~918~~272
Cash and cash equivalents, end of year	$	~~243~~2,~~669~~783,348		$	~~758~~243,~~272~~669

Supplemental disclosure with respect to cash flows (Note 15)

The accompanying notes are an integral part of these consolidated financial statements.

- 58 -

RISE GOLD CORP.

(An Exploration Stage Company)

CONSOLIDATED ~~STATEMENT~~STATEMENTS OF STOCKHOLDERS' EQUITY

(Expressed in United States Dollars)

	Capital Stock				~~Additional Paid-inCapital~~		CumulativeTranslationAdjustment
	Number		Amount		Additional Paid-in Capital					Deficit			Total
Balance as at July 31, 2022	32,787,798	$	32,788	$	26,678,566	$	(104,084	)	$	(23,008,604	)	$	3,598,666
Shares issued for cash, net of issuance cost	7,500,002		7,500		2,977,923		-			-			2,985,423
Options exercise	75,000		75		27,334		-			-			27,409
Warrants issued for loan modification	-		-		154,218		-			-			154,218
Share-based compensation	-		-		466,527		-			-			466,527
Loss for the year	-		-		-		-			(3,660,382	)		(3,660,382	)
Balance as at July 31, 2023	40,362,800	$	40,363	$	30,304,568	$	(104,084	)	$	(26,668,986	)	$	3,571,861
Shares issued for cash, net of issuance cost	15,422,306		15,422		1,883,174		-			-			1,898,596
Warrants issued for credit facility	-		-		127,337		-			-			127,337
Share-based compensation	-		-		345,507		-			-			345,507
Loss for the year	-		-		-		-			(3,565,631	)		(3,565,631	)
Balance as at July 31, 2024	55,785,106	$	55,785	$	32,660,586	$	(104,084	)	$	(30,234,617	)	$	2,377,670
Shares issued for cash, net of issuance cost	36,585,361		36,585		2,923,291		-			-			2,959,876
Warrants issued for loans	-		-		488,775		-			-			488,775
Share-based compensation	-		-		697,122		-			-			697,122
Loss for the year	-		-		-		-			(3,260,358	)		(3,260,358	)
Balance as at July 31, 2025	92,370,467	$	92,370	$	36,769,774	$	(104,084	)	$	(33,494,975	)	$	3,263,085

The accompanying notes are an integral part of these consolidated financial statements.

- 59 -

RISE GOLD CORP. (An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2025(Expressed in United States Dollars)

1. NATURE AND CONTINUANCE OF OPERATIONS

Rise Gold Corp. (the "Company" or "Rise") was originally incorporated as Atlantic Resources Inc. in the State of Nevada on February 9, 2007 and is in the exploration stage. On April 11, 2012, the Company merged its wholly-owned subsidiary, Patriot Minefinders Inc., a Nevada corporation, in and to the Company to effect a name change to Patriot Minefinders Inc. On January 14, 2015, the Company completed a name change to Rise Resources Inc. in the same manner. On March 29, 2017, the Company changed its name to Rise Gold Corp. These mergers were carried out solely for the purpose of effecting these changes of names.

On September 18, 2020, the Company increased its authorized capital from 40,000,000 shares to 400,000,000 shares.

On January 29, 2016, the Company completed an initial public offering in Canada and began trading on the Canadian Securities Exchange ("CSE") on February 1, 2016.

The Company is in the early stages of exploration and as is common with any exploration company, it raises financing for its acquisition activities. The accompanying consolidated financial statements have been prepared on the going concern basis, which presumes that the Company will continue operations for the foreseeable future and will be able to realize its assets and discharge its liabilities in the normal course of business. The Company has incurred a loss of $3,~~565~~260,~~631~~358 for the year ended July 31, ~~2024~~2025 and has accumulated a deficit of $3033,~~234~~494,~~617~~975. The ability of the Company to continue as a going concern is dependent on the Company'’s ability to maintain continued support from its shareholders and creditors and to raise additional capital and implement its business plan. There is no assurance that the Company will be able to obtain adequate financing in the future or that such financing will be on terms advantageous to the Company. ~~These~~Based ~~events~~on ~~and~~working ~~conditions~~capital ~~cast~~at ~~substantial~~year ~~doubt~~end, ~~about~~and ~~the~~subsequent ~~Company's~~equity ~~ability~~financing toof ~~continue~~$7,000,000, asmanagement aestimates ~~going~~that ~~concern.~~it ~~The~~does ~~consolidated~~have ~~financial~~sufficient ~~statements~~funds doto ~~not~~continue operations ~~include~~for ~~any~~the ~~adjustments~~ensuing ~~that~~12 ~~might~~months befrom ~~necessary if~~ the ~~Company~~date isof ~~unable~~these tofinancial ~~continue as a going concern~~statements.

At July 31, ~~2024~~2025, the Company had working capital ~~deficit~~surplus of $1,~~766~~930,~~960~~258 (~~2023~~2024 - working capital deficit of $~~472~~1,~~272~~766,960).

2. BASIS OF PREPARATION

Generally accepted accounting principles

These consolidated financial statements have been prepared in conformity with generally accepted accounting principles of the United States of America ("USU.S. GAAP") for financial information and with the instructions to Form 10-K and Regulation S-K.

- 60 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, ~~2024~~2025(Expressed in United States Dollars)

2. BASIS OF PREPARATION (continued)

Basis of Consolidation

These consolidated financial statements include the accounts of the Company and its wholly owned subsidiary, Rise Grass Valley Inc. All significant intercompany accounts and transactions have been eliminated on consolidation.

Subsidiaries

Subsidiaries are all entities over which the Company has exposure to variable returns from its involvement and has the ability to use power over the investee to affect its returns. The existence and effect of potential voting rights that are currently exercisable or convertible are considered when assessing whether the Company controls another entity. Subsidiaries are fully consolidated from the date on which control is transferred to the Company until the date on which control ceases.

The accounts of subsidiaries are prepared for the same reporting period as the parent company, using consistent accounting policies. Intercompany transactions, balances and unrealized gains or losses on transactions are eliminated upon consolidation.

Use of Estimates

The preparation of these financial statements in conformity with USU.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates. Significant areas requiring the use of estimates include the carrying value and recoverability of mineral properties and the recognition of deferred tax assets based on the change in unrecognized deductible temporary tax differences. Actual results could differ from those estimates and would impact future results of operations and cash flows.

Functional and reporting currency

The Company and its wholly owned subsidiary, Rise Grass Valley Inc. functional and reporting currency is the United States dollar. Transactions in currencies other than the functional currency of the Company are initially translated into the functional currency by applying the exchange rates prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate prevailing at the date of the statement of financial position. Non-monetary assets and liabilities are translated at historical exchange rates, unless the item is carried at fair value, in which case it will be translated at the exchange rate in effect at the date when the fair value was determined. Resulting foreign exchange gains and losses are recognized in income or loss.

- 61 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, ~~2024~~2025(Expressed in United States Dollars)

3. SIGNIFICANT ACCOUNTING POLICIES

Derivative liability

Derivatives are initially recognized at the fair value on the date the derivative contract is entered into and transaction costs are expensed. The Company's derivatives are subsequently re-measured at their fair value at each balance sheet date with changes in fair value recognized in profit or loss. As the exercise price of the Company's warrants are in Canadian Dollars, and the functional currency of the Company is the United States Dollar, these warrants are considered a derivative as a variable amount of cash in the Company's functional currency will be received upon exercise.

Receivables and note receivable

The Company reviews all receivables that exceed terms and establishes an allowance for doubtful accounts based on management's assessment of the collectability of trade and other receivables. Note receivable is valued at market rate of interest.

Mineral property

The costs of acquiring mineral rights are capitalized at the date of acquisition. After acquisition, various factors can affect the recoverability of the capitalized costs. If, after review, management concludes that the carrying amount of a mineral property is impaired, it will be written down to estimated fair value. Exploration costs incurred on mineral properties are expensed as incurred. Development costs incurred on proven and probable reserves will be capitalized. Upon commencement of production, capitalized costs will be amortized using the unit-of-production method over the estimated life of the ore body based on proven and probable reserves (which exclude non-recoverable reserves and anticipated processing losses). When the Company receives an option payment related to a property, the proceeds of the payment are applied to reduce the carrying value of the exploration asset.

Long-lived assets

Long-lived assets, consisting of equipment held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. For purposes of evaluating the recoverability of long-lived assets, the recoverability test is performed using undiscounted net cash flows related to the long-lived assets. If such assets are considered to be impaired, the impairment recognized is measured by the amount by which the carrying amount of the assets exceeds the fair value of the assets. Assets to be disposed of are reported at the lower of the carrying amount or fair value less costs to sell.

Equipment

Equipment is recorded at cost less accumulated depreciation. Depreciation is provided over the assets' useful lives on a straight-line basis. Equipment purchased by the Company is depreciated over 15 years.

Asset retirement obligations

The Company records the fair value of an asset retirement obligation as a liability in the period in which it incurs a legal obligation associated with the retirement of tangible long-lived assets that result from the acquisition, construction, development, and/or normal use of the long-lived assets. The Company also records a corresponding asset which is amortized over the life of the asset. Subsequent to the initial measurement of the asset retirement obligation, the obligation is adjusted at the end of each period to reflect the passage of time (accretion expense) and changes in the estimated future cash flows underlying the obligation (asset retirement cost).

- 62 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, ~~2024~~2025(Expressed in United States Dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Loss per share

Basic loss per common share is computed using the weighted average number of common shares outstanding during the year. To calculate diluted loss per share, the Company adjusts net income (loss) attributable to common shareholders and the weighted average number of common shares outstanding for the effects of all dilutive potential common shares such as stock options and warrants. As at July 31, ~~2024~~2025, 58,~~578~~740,~~511~~371 outstanding options and 1631,~~711~~679,~~575~~931 outstanding warrants were excluded from the diluted calculation. In reporting periods when a loss is incurred, potential issuance of shares would be anti-dilutive and, therefore, basic and diluted loss per share are the same.

Financial instruments

The Company's financial instruments consist of cash, receivables, note receivable, accounts payable and accrued liabilities, credit facility, loan payable and payable to related parties. It is management's opinion that the Company is not exposed to significant interest, currency or credit risks arising from its financial instruments. The fair values of these financial instruments approximate their carrying values unless otherwise noted.

Fair value of financial assets and liabilities

The Company measures the fair value of financial assets and liabilities based on USU.S. GAAP guidance which defines fair value, establishes a framework for measuring fair value, and expands disclosures about fair value measurements.

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

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

The following indicates the fair value hierarchy of the valuation techniques the Company utilizes to determine the fair value of financial assets that are measured at fair value on a recurring basis.

Level 1 - Unadjusted quoted prices in active markets for identical assets and 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.

Cash and cash equivalents is considered level 1 and classified as cash on hand and held at banks. The derivative liability is recognized at fair value using level 2 inputs as the fair value of derivatives was determined using a Black-Scholes option pricing formula .

Financial instruments, including payable to related parties and accounts payable are classified as other financial liabilities and are carried at cost, which management believes approximates fair value due to the short-term nature of these instruments. Credit facility and loan payable are considered to approximate fair value as they are subject to a market rate of interest.

- 63 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, ~~2024~~2025(Expressed in United States Dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Fair value of financial assets and liabilities (continued)

Concentration of credit risk

The financial instrument which potentially subjects the Company to concentration of credit risk is cash. The Company maintains cash in bank accounts that, at times, may exceed federally insured limits ~~However~~however, the Company has not experienced any losses in such accounts and believes it is not exposed to any significant risks on its cash in bank accounts.

Stock-based compensation

The Company accounts for share-based compensation under the provisions of ASC 718, "Compensation-Stock Compensation". Under the fair value recognition provisions, stock-based compensation expense is measured at the fair value of the consideration received, or the fair value of the equity instruments issued, or liabilities incurred, whichever is more reliably measured. Share-based compensation for all stock-based awards to employees and directors is recognized as an expense over the requisite service period, which is generally the vesting period. The Black-Scholes option valuation model is used to calculate fair value.

Receivables and note receivable

Receivables are initially measured at its fair value or transaction price, and subsequently measured at amortized cost. Note receivables are valued at market rate of interest. For notes receivable with cash flows of principal and interest, they are subsequently measured at amortized cost, which is the initial amount minus principal payments, plus the amortization of any discount or premium, using the effective interest method.

Income taxes

The Company accounts for income taxes under the asset and liability method, whereby deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases. Current income taxes are recognized for the estimated income taxes payable or receivable on taxable income or loss from the current year and any adjustment to income taxes payable related to previous years. Current income taxes are determined using tax rates and ~~tax~~ laws that have been enacted or subsequently enacted by the year-end date.

Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. Under the asset and liability method the effect on deferred tax assets and liabilities of a change in tax rates is recognized in income in the period that includes the enactment date. A valuation allowance is recognized if it is more likely than not that some portion or all of the deferred tax asset will not be recognized.

- 64 -

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

3. SIGNIFICANT ACCOUNTING POLICIES (continued)

Recently adopted and recently issued accounting standards

The ~~Company~~following ~~has~~amendments ~~determined~~to ~~that~~existing ~~other~~standards ~~significant~~have ~~newly~~been issued ~~accounting~~up ~~pronouncements~~to ~~are~~and ~~either~~including ~~not applicable to~~ the ~~Company's~~date ~~business~~of orissuance ~~that~~of nothese ~~material effect is expected on the~~ financial statements, ashowever aare ~~result~~not ofyet ~~future~~effective ~~adoption.~~for the Company:

Accounting Standards Update 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments in this update require that public business entities on an annual basis (1) disclose specific categories in the rate reconciliation and (2) provide additional information for reconciling items that meet a quantitative threshold (if the effect of those reconciling items is equal to or greater than 5 percent of the amount computed by multiplying pretax income or loss by the applicable statutory income tax rate). This ASU is effective for fiscal years beginning after December 15, 2024, with early adoption permitted.
Accounting Standards Update 2024-03, Income statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expense. The amendments in this update requires public business entities to disclose, on an annual and interim basis, disaggregated information about certain income statement expense line items in the notes to the financial statements. Public business entities are required to apply the guidance prospectively and may elect to apply it retrospectively. This ASU is effective for fiscal years beginning after December 15, 2026 and interim periods within fiscal years beginning after December 15, 2027.

The Company is still evaluating the impact of implementing the above improvements to its consolidated financial statements.

4. CASH AND CASH EQUIVALENTS

As at July 31, ~~2024~~2025, the balance of cash and cash equivalents is $~~243~~2,~~669~~783,348 (July 31, ~~2023~~2024: $~~758~~243,~~272~~669) of which $Nil (July 31, ~~2023~~2024: $~~682,807~~Nil) is cash equivalents related to Guaranteed Investment Certificates (GICs) held during the year.

- 64 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)

5. PREPAID EXPENSES

		July 31, 2024		July 31, 2023
		July 31, 2025		July 31, 2024
Insurance	$	~~56,922~~-	$	7956,~~758~~922
Deposits		4863,~~226~~399		5048,~~539~~226
Investor relations		1210,~~320~~875		912,~~745~~320
	$	~~117~~74,~~468~~274	$	~~140~~117,~~042~~468

- 65 -

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

6. MINERAL PROPERTY INTERESTS

The Company's mineral properties balance consists of:

Idaho-Maryland, California		~~Idaho-Maryland, California~~
Ending balance, July 31, 2024 and 2023	$	4,149,053
July 31, 2024 and 2023	$	4,149,053
Proceeds from land contracted for sale		(3,951,554	)
July 31, 2025	$	197,499

Title to mineral properties

Title to mineral properties involves certain inherent risks due to the difficulties of determining the validity of certain mineral titles as well as the potential for problems arising from the frequently ambiguous conveying history characteristic of many mineral properties. As at July 31, ~~2024~~2025, the Company holds title to the Idaho-Maryland Gold Mine Property.

As of July 31, ~~2024~~2025, ~~based~~the on management's ~~review~~does ofnot ~~the~~consider ~~carrying~~that ~~value~~there ofare ~~mineral~~events ~~rights,~~or ~~management~~changes ~~determined~~in ~~that~~circumstances ~~there~~to isindicate ~~no evidence~~ that the ~~cost~~carrying amount of ~~these~~the ~~acquired~~asset ~~mineral~~group ~~rights~~may ~~will~~ not be ~~fully recovered and accordingly, the Company determined that no adjustment to the carrying value of mineral rights was required~~recoverable. As of the date of these consolidated financial statements, the Company has not established any proven or probable reserves on its mineral properties and has incurred only acquisition and exploration costs.

Idaho-Maryland Gold Mine Property, California

On August 30, 2016, the Company entered into an option agreement with three parties to purchase a 100% interest in and to the Idaho-Maryland Gold Mine property located near Grass Valley, California, United States. Pursuant to the option agreement, in order to exercise the option, the Company was required to pay $2,000,000 by November 30, 2016. Upon execution of the option agreement, the Company paid the vendors a non-refundable cash deposit in the amount of $25,000, which would be credited against the purchase price of $2,000,000 upon exercise of the option. On November 30, 2016, the Company negotiated an extension on the closing date of the option agreement to December 26, 2016, in return for a cash payment of $25,000, which would be credited against the purchase price of $2,000,000 upon exercise of the option. On December 28, 2016, the Company negotiated a further no-cost extension of the closing date of the option agreement to April 30, 2017. On January 25, 2017, the Company exercised the option by paying $1,950,000 and acquired a 100% interest in the Idaho-Maryland Gold Mine property.

In connection with the option agreement, the Company agreed to pay a cash commission of $140,000 equal to 7% of the purchase price of $2,000,000. The commission was settled on January 25, 2017 through the issuance of 92,000 units valued at $1.16 (C$2.00) per unit. Each unit consisted of one share of common stock and one transferable share purchase warrant exercisable into one share of common stock at a price of $3.04 (C$4.00) for a period of two years from the date of issuance. The Company also incurred additional transaction costs of $109,053, which have been included in the carrying value of the Idaho-Maryland Gold Mine.

- 6566 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, ~~2024~~2025(Expressed in United States Dollars)

6. MINERAL PROPERTY INTERESTS (continued)

Idaho-Maryland Gold Mine Property, California ~~(continued)~~

On January 6, 2017, the Company entered into an option agreement with Sierra Pacific Industries Inc. ("Sierra") to purchase a 100% interest in and to certain surface rights located near Grass Valley, California, United States, contiguous to the Idaho-Maryland Gold Mine property acquired by the Company on January 25, 2017. Pursuant to the option agreement, in order to exercise the option, the Company was required to pay $1,900,000 by March 31, 2017. Upon execution of the option agreement, the Company paid the vendors a non-refundable cash deposit in the amount of $100,000, which was credited against the purchase price of $1,900,000 upon exercise of the option. On April 3, 2017, the Company negotiated an extension of the closing date of the option agreement to June 30, 2017, in return for a cash payment of $200,000, at which time a payment of $1,600,000 was due in order to exercise the option. On June 7, 2017, the Company negotiated an extension of the closing date of the option agreement to September 30, 2017, in return for a cash payment of $300,000, at which time a payment of $1,300,000 was due in order to exercise the option.

On May 14, 2018, the Company completed the purchase of the surface rights by making final payments totalling $1,300,000.

As at July 31, ~~2024~~2025, the Company has incurred cumulative exploration expenditures of $9,~~539~~636,~~814~~334 on the Idaho-Maryland Gold Mine property as follows:

		Year ended July 31, 2024		Year ended July 31, 2023
		Year ended July 31, 2025		Year ended July 31, 2024
Idaho-Maryland Gold Mine expenditures:
Opening balance	$	89,~~730~~539,~~982~~814	$	78,~~958~~730,~~346~~982
Consulting		~~715~~64,~~108~~000		~~629~~715,~~183~~108
Depreciation		~~16,935~~-		2216,~~971~~935
Engineering		~~4,622~~-		204,~~370~~622
Exploration		~~1,405~~-		~~(28~~1,~~183~~405	)
Logistics		~~5,269~~-		215,~~815~~269
Rent		5328,~~432~~473		9753,~~332~~432
Supplies		114,~~251~~047		911,~~148~~251
Sampling		~~810~~-		-810
Total expenditures for the year		~~808~~96,~~832~~520		~~772~~808,~~636~~832
Closing balance	$	9,~~539~~636,~~814~~334	$	89,~~730~~539,~~982~~814

-On October 1, 2024, the Company contracted to sell 66 acres of surface rights located adjacent to the Company's Idaho-Maryland Mine Property.

~~RISE~~- ~~GOLD~~67 ~~CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)~~-

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

6. MINERAL PROPERTY INTERESTS (continued)

Idaho-Maryland Gold Mine Property, California

The sale transaction is subject to two sale agreements with the same, arm's length third party. The first agreement covers 16 acres of land for total consideration of $1,800,000 and that contract closed on November 27, 2024 with the payment of half the sale price, minus certain deductions. The Company paid $816,941 of the proceeds towards the Eridanus loan. The other half of the purchase price ($900,000) is due on November 27, 2026. The buyer will pay monthly interest at an annual rate of 5% per year on the balance of the purchase price until it is paid in full. The $900,000 note receivable, which was secured by surface rights, had a fair value of $851,852 on November 27, 2024, calculated based on an estimated 8% market interest rate. On January 14, 2025, the Company and the buyer negotiated a discounted, accelerated payment whereby the Company received $702,000 in settlement of the second $900,000 payment due in November 2026. The carrying value of the note receivable on settlement date was $857,727, resulting in a loss on settlement of $155,727.

The second sale agreement covers 50 acres of land for total sale price of $2,500,000 and closed on May 27, 2025, at which point half of the sale price was paid, with the other half due on May 27, 2027. The buyer paid $12,500 per month until closing, with the payments applied against the purchase price. Commencing on the closing date, the buyer will pay monthly interest at an annual rate of 5% per year on the balance of the purchase price until it is paid in full. Rise and the purchaser have also executed an option agreement whereby the Company may repurchase the 66 acres of land being sold for the sale price plus the cost of any capital improvements plus an increase of five percent per year on the condition that Rise acquires final government approvals to perform mining operations at the I-M Mine Property.

At July 31, 2025 the following is the continuity of the $1,250,000 note receivable:

Discounted fair value on May 27, 2025	$1,183, 128
Interest income earned to July 31, 2025	$ 5,573
Balance at July 31, 2025	$1,188,701

The estimated market interest rate used to discount the note receivable secured by the surface rights was 8%.

7. EQUIPMENT

Cost		Drilling equipment
At July 31, 2022	$	644,847
At July 31, 2023	$	644,847
At July 31, 2024	$	644,847
At July 31, 2025	$	-
Accumulated depreciation
At July 31, 2022	$	93,411
Depreciation	$	22,971
At July 31, 2023	$	116,382
Depreciation	$	16,935
At July 31, 2024	$	133,317
Depreciation	$	-
At July 31, 2025	$	-
Total carrying value, July 31, 2023	$	528,465
Total carrying value, July 31, 2024	$	511,530
Assets held for sale	$	(511,530	)
Total carrying value, July 31, 2024	$	-
Total carrying value, July 31, 2025	$	-

- 68 -

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

7. EQUIPMENT (continued)

Assets Held for Sale

During the year ended July 31, 2024, the Company approved a plan to sell its drilling equipment. ~~The Company intends to sell the equipment within the next twelve months.~~ No impairment loss was recognized on reclassification to asset held for sale as the Company ~~expects~~estimated the fair value (estimated based on recent market prices of similar assets) less cost to sell isto be higher than the carrying amount. As a result, the net carrying amount of $511,530 ~~has~~was ~~been~~ reclassified. On May 16, 2025, the Company entered into an agreement to sell its drilling equipment for a sale price of $100,000 plus $100,000 in contingent payments. $100,000 was received on June 6, 2025 and subsequent payments of $50,000 payable for each of the two drilling rigs sold may be received when each rig drills its first hole to a depth of 200m, no later than four months following delivery. A loss of $411,530 on the sale of assets was recognized for the year ended July 31, 2025. The sale closed subsequent to year end and, as at July 31, 2025, the Company recorded a deposit liability of $100,000 pertaining to the first payment of $100,000 received on June 6, 2025.

8. CONTINGENCY

During the year ended July 31, 2014, the Company entered into a binding letter of intent ("LOI") with Wundr Software Inc. ("Wundr"). Under the terms of the LOI, the Company would acquire 100% of the issued and outstanding common shares of Wundr. Due to unforeseen circumstances, the Company did not complete the transactions contemplated in the LOI, which the Company announced had expired on January 10, 2014. On September 17, 2014, the Company learned that it was the subject, along with a number of additional defendants, of a notice of civil claim (the "Claim") filed in the Supreme Court of British Columbia by Wundr, under which Wundr is seeking general damages from the Company as well as damages for conspiracy to cause economic harm. None of the allegations contained in the Claim have been proven in court. Management has determined that the probability of the Claim resulting in an unfavourable outcome and financial loss to the Company is unlikely.

OnIn September 172024, ~~2014,~~ the Company ~~learned~~received ~~that~~a itnotice ~~was~~from the ~~subject,~~Community ~~along~~Environmental ~~with~~Advocates aFoundation ~~number~~ of ~~additional~~intent ~~defendants,~~to offile a ~~notice~~citizen ofsuit ~~civil~~against ~~claim (~~the ~~"Claim")~~Company ~~filed~~for inalleged violations of the ~~Supreme~~Clean ~~Court~~Water ofAct. ~~British~~The ~~Columbia~~Company bywas ~~Wundr,~~not ~~under~~served ~~which~~with ~~Wundr~~a issummons ~~seeking~~and ~~general~~complaint ~~damages~~filed ~~from~~in the citizen suit, and the Company aswas ~~well~~dismissed. asThe ~~damages~~citizen ~~for~~suit ~~conspiracy~~proceeds, tohowever, ~~cause~~against ~~economic~~Rise ~~harm.~~Grass ~~None~~Valley Inc, the subsidiary of the ~~allegations~~Company. ~~contained~~Litigation inis ~~the~~ongoing. ~~Claim~~Rise ~~have~~Grass ~~been~~Valley ~~proven~~denies all allegations made in ~~court~~the citizen suit. Management has determined that ~~the~~no ~~probability~~estimate of ~~the~~a ~~Claim~~loss ~~resulting~~event incan anbe ~~unfavourable~~determined ~~outcome~~at ~~and~~this ~~financial~~time ~~loss~~in toconnection with the ~~Company is unlikely~~notice.

In- ~~September~~69 2024, the Company received a notice from the Community Environmental Advocates Foundation of intent to file a citizen suit against the Company for alleged violations of the Clean Water Act. No claim has yet to be filed and none of the allegations contained in the notice have been proven in court. Management has determined that no estimate of a loss event can be determined in connection with the notice.-

-RISE 67GOLD -CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2025(Expressed in United States Dollars)

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)

9. RELATED PARTY TRANSACTIONS

Key management personnel consist of the Chief Executive Officer, Chief Financial Officer, and the directors of the Company. The remuneration of the key management personnel is as follows:

a) Salaries of $~~89,296~~Nil (~~2023~~2024 - $~~135~~89,~~000~~296) to the previous CEO of the Company. Consulting fees of $~~113~~132,~~649~~000 and $~~88,487~~Nil (~~2023~~2024 - $~~Nil~~113,649 and $~~Nil~~88,487) to the CEO and an advisor of the Company.

b) Directors' fees of $~~118~~90,~~022~~000 (~~2023~~2024 - $81118,~~209~~022) to directors of the Company.

c) During the year ended July 31, ~~2024~~2025, the Company paid $~~132~~64,~~421~~539 (~~2023~~2024 - $~~134~~132,~~140~~421) in professional fees to a company controlled by a former director of the Company.

d) ~~Share-based~~During ~~compensation~~the ofyear ended July 31, 2025, the Company paid $~~338~~53,~~692~~474 (~~2023~~2024 - $~~421,883~~Nil) ~~for~~in ~~options~~professional ~~granted~~fees ~~during~~to ~~the~~a ~~year~~company ~~ended~~controlled ~~July~~by ~~31,~~the ~~2024~~CFO of the Company.

e) AsShare-based atcompensation ~~July~~of ~~31, 2024,~~ $~~128~~685,~~949~~983 (~~2023~~2024 - $51338,~~159~~692) ~~was~~for ~~owed~~options togranted ~~related~~and ~~parties~~vested during the year ended July 31, 2025.

f) ~~During~~As ~~fiscal~~at ~~2024~~July 31, ~~certain directors of the Company purchased an aggregate of 8~~2025,~~201,698~~ ~~units of the private placement for gross proceeds of~~ $~~994~~187,~~400~~801 (~~2023~~2024 - ~~purchased 2~~$128,~~394,299~~949) ~~units~~was ~~for~~owed ~~$957,720)~~to related parties.

g) ADuring ~~director~~fiscal 2025, certain directors and officers of ~~the~~Rise, ~~Company~~directly, isthrough aentities ~~manager~~controlled ofby athem, ~~private~~or ~~company~~through entities for which ~~manages~~they ~~Eridanus~~exercise ~~Capital,~~control ~~LLC,~~or adirection ~~company~~over ~~that~~investment ~~provided~~decisions apurchased ~~secured~~an ~~loan~~aggregate toof 9,904,196 units of the ~~Company's~~private ~~wholly~~placement ~~owned~~for ~~subsidiary~~gross proceeds of $812,144 ~~Rise~~(2024 ~~Grass~~- ~~Valley~~purchased in8,201,698 ~~2019~~units for $994,400).

h) A director of the Company is a manager of a private company which manages Eridanus Capital, LLC, a company that provided a secured loan to the Company's wholly owned subsidiary, Rise Grass Valley Inc. in 2019 (see note 10 (a) below for details). Myrmikan Gold Fund, LLC is another company controlled by a director of the Company that provided a loan to Rise Grass Valley Inc. in 2024 (see note 10 (b) below for details).

- 70 -

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

10. LOAN PAYABLE

~~On September 3, 2019, the Company completed~~ a ~~debt financing with~~ ) Eridanus Capital LLC (the "Lender") for $1,000,000 (the "Loan"). The Loan has a term of 4 years and an annual interest rate of 10% for the first two years increasing to 20% in year 3 and to 25% in year 4. Interest will accrue and be paid along with the principal upon the maturity date. The Lender received 1,150,000 bonus share purchase warrants as additional consideration for advancing the Loan. The fair value of these warrants was calculated to be $444,942 which was netted against the loan payable balance along with $15,000 paid to the lender for a total of $459,942 in issuance costs. Each warrant entitles the holder to acquire one share of common stock at an exercise price of $0.80 (C$1.00) for a period of three years from the date of issuance. The Loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. In addition, if total interest payments are less than $200,000, the difference will be paid to the Lender as prepayment compensation. The Loan is secured against the assets of the Company and its subsidiary and will be used for permitting, engineering, and working capital at the Company's Idaho Maryland Gold Project.

		Loan Payable
Balance, July 31, 2022	$	1,364,530
Interest expense		328,097
Accretion expense		149,505
Issuance costs		(154,218	)
Repayment		(250,000	)
Balance, July 31, 2023	$	1,437,914
Interest expense		299,228
Accretion expense		120,918
Repayment		(200,000	)
Balance, July 31, 2024	$	1,658,060
Interest expense		179,759
Accretion expense		139,667
Issuance costs		(154,351	)
Loss on settlement of loan		24,089
Repayment		(1,847,224	)
Balance, July 31, 2025		-

-On 68September -3, 2019, the Company completed a debt financing with Eridanus Capital LLC ("Eridanus") for $1,000,000. The Eridanus loan has a term of 4 years and an annual interest rate of 10% for the first two years increasing to 20% in year 3 and to 25% in year 4. Interest will accrue and be paid along with the principal upon the maturity date. Eridanus received 1,150,000 bonus share purchase warrants as additional consideration for advancing the Eridanus loan. The fair value of these warrants was calculated to be $444,942 which was netted against the loan payable balance along with $15,000 paid to the lender for a total of $459,942 in issuance costs. Each warrant entitles the holder to acquire one share of common stock at an exercise price of $0.80 (C$1.00) for a period of three years from the date of issuance. The Eridanus loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. In addition, if total interest payments are less than $200,000, the difference will be paid to the Lender as prepayment compensation. The Eridanus loan is secured against the assets of the Company and its subsidiary.

~~RISE~~In ~~GOLD~~February ~~CORP.(An~~2023, ~~Exploration~~the ~~Stage~~Company renegotiated its debt agreement with Eridanus whereby the Company~~)NOTES~~ TOagreed ~~THE~~to ~~CONSOLIDATED~~pay ~~FINANCIAL~~$250,000 ~~STATEMENTSFOR~~applied ~~THE~~against ~~YEAR~~unpaid ~~ENDED~~and ~~JULY~~accrued 31interest and issue 575,000 share purchase warrants to Eridanus. The maturity date of the Eridanus loan has been extended by one year to September 4, 2024~~(Expressed~~ inand ~~United~~the ~~States~~interest ~~Dollars)~~rate has been reduced to 15% compounding monthly for a period of 12 months after which it reverts to 25% per annum, compounding monthly. The renegotiation of the debt was accounted for as a non - substantial debt modification.

Accordingly, no gain or loss was recorded and a new effective interest rate of 32.67% was established based on the carrying value of the debt and the revised cash flow. Each warrant entitles the holder to acquire one share at an exercise price of $0.60 for a period of two years from the date of issuance. The fair value of these warrants was calculated to be $154,218 which was netted against the loan payable balance.

In September 2024, the Company amended its debt agreement with Eridanus to extend an existing loan by one year to September 4, 2025, along with a reduction in interest rate to 15% per annum for a period of 12 months commencing September 4, 2024. Given that the renegotiation of the debt resulted in a change of the present value of the cash flow of less than 10%, the transaction has been recorded as a non-substantial debt modification for accounting purposes. The Company issued 1,700,000 share purchase warrants at an exercise price of US$0.115 to Eridanus as consideration for the extension. The share purchase warrants have a 4 year expiry period from the date of issuance. The fair value of these warrants was calculated to be $154,351 which was netted against the loan payable balance.

- 71 -

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

10. LOAN PAYABLE (continued)

In February 2023, the Company renegotiated its debt agreement with the Lender whereby the Company agreed to pay $250,000 applied against unpaid and accrued interest and issue 575,000 share purchase warrants to the Lender. The maturity date of the loan was extended by one year to September 4, 2024 and the interest rate was reduced to 15% compounding monthly for a) Eridanus period of 12 months after which it reverted to 25% per annum, compounding monthly. The renegotiation of the debt was accounted for as a non - substantial debt modification. Accordingly, no gain or loss was recorded and a new effective interest rate of 32.67% was established based on the carrying value of the debt and the revised cash flow. Each warrant entitles the holder to acquire one share at an exercise price of $0.60 for a period of two years from the date of issuance. The fair value of these warrants was calculated to be $154,218 which was netted against the loan ~~payable balance.~~(continued)

The following weighted average assumptions were used for the Black-Scholes pricing model valuation of warrants:

	February 17, 2023
	September 12, 2024
Risk-free interest rate	42.1572%
Expected life of warrants	24 years
Expected annualized volatility	99133.0299%
Share price at grant date	$0.5311
Exercise price	$0.60115
Fair value	$0.27091
Dividend	Nil
Forfeiture rate	0%

In May 2025, the Company repaid the entire balance of the Eridanus loan.

b) Myrmikan loan

On October 10, 2024, the Company finalized a secured loan agreement with Myrmikan Gold Fund, LLC ("Myrmikan") for a $500,000 loan which will be used for the Company's working capital. The Myrmikan loan has a term of 4 years with an interest rate of 15% per annum with interest accruing and payable along with the principal upon maturity. The Company issued 2,882,514 share purchase warrants at an exercise price of $0.1735 with a 4 year expiry period as additional consideration for advancing the Myrmikan loan. The fair value of these warrants was calculated to be $334,423 which was netted against the loan payable balance. The Myrmikan loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. The Myrmikan loan will be secured against the assets of the Company and its subsidiary.

Balance, July 31, 2024	$	-

Proceeds		500,000
Interest expense		47,346
Accretion expense		45,573
Issuance costs		(334,423	)
Loss on settlement of loan		288,850
Repayment		(547,346	)
Balance, July 31, 2025	$	-

In May 2025, the Company repaid the entire balance of the Myrmikan loan.

- 72 -

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

10. LOAN PAYABLE (continued)

b) Myrmikan loan (continued)

The following weighted average assumptions were used for the Black-Scholes pricing model valuation of warrants:

	October 10, 2024

Risk-free interest rate	2.98%
Expected life of warrants	4 years
Expected annualized volatility	139.40%
Share price at grant date	$0.14
Exercise price	$0.1735
Fair value	$0.116
Dividend	Nil
Forfeiture rate	0%

11. DERIVATIVE LIABILITY

The exercise price of certain of the Company's share purchase warrants is fixed in Canadian dollars and the functional currency of the Company is the USU.S. dollar. These warrants are considered to be a derivative as a variable amount of cash in the Company's functional currency that will be received on exercise of the warrants. Accordingly, the share purchase warrants issued as part of past financings, are classified, and accounted for as warrant derivative. Share purchase warrants with a compensatory nature are not included in this calculation.

The following table shows a continuity of the Company's fair value of warrant derivative:

		Warrant derivative		Number of warrantsaccounted for asderivative liability
				Number of warrants
Balance, July 31, 2022	$	373,910		4,991,645
				accounted for as
Fair value adjustment		(233,895	)	-
		Warrant derivative		derivative liability
Balance, July 31, 2023	$	140,015		4,991,645
Fair value adjustment		(140,015	)	-
Balance, July 31, 2024	$	-		2,291,322

During the year ended July 31, ~~2024~~2025, the Company recorded ano gain or loss on the fair value adjustment onof the derivative liability ~~of $140,015~~ (July 31, ~~2023~~2024 - gain of $~~233~~140,~~895~~015). During the year ended July 31, 2025, the 2,291,322 warrants expired unexercised.

-The 69following weighted average assumptions were used for the Black-Scholes pricing model valuation of warrants derivative as at July 31, 2024:

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)

	July 31, 2024
Risk-free interest rate	3.46%
Expected life of warrants	0.05 years
Expected annualized volatility	33.73%
Dividend	Nil
Forfeiture rate	0%

~~11. DERIVATIVE~~- ~~LIABILITY~~73 ~~(continued)~~-

~~The~~RISE ~~following~~GOLD ~~weighted~~CORP.(An ~~average~~Exploration ~~assumptions~~Stage ~~were~~Company)NOTES ~~used~~TO ~~for~~THE ~~the~~CONSOLIDATED ~~Black-Scholes~~FINANCIAL ~~pricing~~STATEMENTSFOR ~~model~~THE ~~valuation~~YEAR ofENDED ~~warrants~~JULY ~~derivative as at July~~ 31, ~~2024~~2025(Expressed ~~and~~in ~~July~~United ~~31,~~States ~~2023:~~Dollars)

	July 31, 2024	July 31, 2023
Risk-free interest rate	3.46%	4.67%
Expected life of warrants	0.05 years	0.93 to 1.05 years
Expected annualized volatility	33.73%	151.04% to 154.60%
Dividend	Nil	Nil
Forfeiture rate	0%	0%

12. CREDIT FACILITY

On February 6, 2024, the Company entered into a credit facility arrangement with an arm's length lender that also provides services to the Company. Pursuant to the arrangement, each month, the lender will defer and add to the loan principal an amount equal to half of the fees billed by the lender up to $1,000,000. Amounts loaned will bear interest at a rate of 12% per annum compounded annually and will be due four years from the date of the arrangement. The Company may repay any amounts owing under the credit facility at any time without penalty. In connection with the credit facility, the Company has issued 1,000,000 non-transferable share purchase warrants to the lender, with each warrant exercisable into one share of common stock of the Company at a price of $0.16 per share for a period of four years from the date of issuance. The fair value of these warrants was calculated to be $127,336. In addition, for each $100,000 loaned under the arrangement, the Company has agreed to issue to the lender 200,000 additional non-transferable warrants ("Additional Warrants"). Each Additional Warrant will be exercisable into one share of common stock of the Company at any time within a four-year period from the date of issuance at an exercise price equal to the market price of the shares of the Company on grant.

		Credit Facility
Balance, July 31, 2023	$	-
Principal amount		122,739
Interest expense		7,018
Issuance costs		(15,629	)
Accretion expense		2,002
Balance, July 31, 2024	$	116,130
Reclassification to accounts payable		(63,796	)
Principal amount		58,031
Interest expense		5,008
Issuance costs		(31,610	)
Accretion expense		45,238
Balance, July 31, 2025	$	129,001
		Deferred Financing Asset
Balance, July 31, 2023	$	-
Issuance costs 1,000,000 warrants		127,336
Allocation to credit facility		(15,629	)
Balance, July 31, 2024	$	111,707
Allocation to credit facility		(36,079	)
Balance, July 31, 2025	$	75,628

- 70 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)

12. CREDIT FACILITY (continued)

The following weighted average assumptions were used for the Black-Scholes pricing model valuation of warrants:

	February 5, 2024

Risk-free interest rate	3.67%
Expected life of warrants	4 years
Expected annualized volatility	122.71%
Share price at grant date	$0.16
Exercise price	$0.16
Fair value	$0.13
Dividend	Nil
Forfeiture rate	0%

~~Subsequent to the year ended July 31, 2024,~~ 200,000 additional warrants are yet to be issued to the lender pursuant to the agreement.

- 74 -

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

13. CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL

Private Placements

On May 8, 2025, the Company completed a non-brokered private placement of $3,000,000 through the issuance of 36,585,361 units at a price of US$0.082 per unit, with each unit comprising one share of common stock and one-half of one share purchase. Each whole warrant entitles the holder to acquire one share of common stock at an exercise price of US$0.15 for a period of three years from the date of issuance. Certain directors and officers of Rise, directly, through entities controlled by them, or through entities for which they exercise control or direction over investment decisions, purchased an aggregate of 9,904,196 units for gross proceeds of $812,144. The Company paid finder's fees of $3,000 and issued a total of 36,585 finder's warrants, with each finder's warrant entitling the holder to acquire one share of common stock at a price of US$0.15 until May 8, 2028. The Company paid legal fees and other share issuance costs of $37,124 in connection with this financing.

On April 29, 2024, the Company completed a non-brokered private placement over two tranches for gross proceeds totaling $954,253 through the issuance of 10,044,765 units in total at a price of $0.095 per unit with each unit consisting of one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of common stock at an exercise price of $0.158 for a period of three years from the date of issuance. Certain directors of the Company purchased an aggregate of 5,669,478 units of the private placement for gross proceeds of $538,600. The Company paid fees of $1,995 and issued 21,000 finder's warrants where each finder's warrant entitles the holder to acquire one share at a price of $0.158 for a period of two years. The Company paid legal fees of $4,515 in connection with this financing.

On December 7, 2023, the Company completed a non-brokered private placement over two tranches for gross proceeds totaling $967,957 through the issuance of 5,377,541 units in total at a price of $0.18 per unit with each unit consisting of one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of common stock at an exercise price of $0.26 for a period of two years from the date of issuance. Certain directors of the Company purchased an aggregate of 2,532,220 units of the private placement for gross proceeds of $455,800. The Company paid fees of $6,480 and issued 36,000 finder's warrants where each finder's warrant entitles the holder to acquire one share at a price of $0.26 until November 7, 2025. The Company paid legal fees of $10,624 in connection with this financing.

On February 17, 2023, the Company completed a non-brokered private placement over two tranches for gross proceeds totaling $3,000,000 through the issuance of 7,500,000 units in total at a price of $0.40 per unit, where each unit consisted of one share of common stock and one-half of one share purchase warrant. Each whole warrant entitles the holder to acquire one additional share of common stock at an exercise price of $0.60 until January 31, 2025 and February 17, 2025. Certain directors of the Company purchased an aggregate of 2,394,299 units of the private placement for gross proceeds of $957,720. The Company paid fees of $4,014 and issued 10,440 finder's warrants relating to the first tranche, where each finder's warrant entitles the holder to acquire one share of common stock at a price of $0.60 until January 31, 2025 and February 17, 2025. The Company paid legal fees of $10,563 in connection with this financing.

- 71 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)

13. CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL (continued)

Stock Options

On May 122, ~~2024~~2025, the Company granted ~~412~~a total of 3,~~241~~320,000 stock options to andirectors, ~~officer~~officers, and consultants of the Company. The stock options are exercisable ~~into~~at ~~common~~a ~~shares~~price of ~~the Company at~~ US$0.1710 (CCAD$0.2314) per share ~~for~~until aMay ~~period of five years from the date of grant~~22, ~~subject to vesting, 25% vesting on the date of grant and 12% vesting every 3 months thereafter~~2030. InThe ~~connection with this grant, the~~ Company ~~recorded~~recognized a share-based compensation expense of $31366,~~849~~870 onin ~~the~~connection ~~statement~~with ofthis ~~operations and comprehensive loss~~grant.

On ~~May~~March 125, ~~2024,~~2025 the Company granted a total of ~~592~~1,~~238~~142,410 stock options ~~with~~to adirectors ~~fair~~and ~~value~~officers of ~~$82,673 to directors of~~ the Company. The stock options have a fair value of $81,455 and are exercisable at a price of US$0.1710 (CCAD$0.2314) per share until March 25, 2030. 533,103 stock options were vested immediately, and 609,307 stock options originally vested over six calendar quarters but were accelerated to fully vest on May 122, ~~2029~~2025. The Company recognized a share-based compensation expense of $81,455 in connection with this grant.

On- ~~December~~75 12, 2023, the Company granted a total of 707,752 stock options with a fair value of $140,624 to directors of the Company. The stock options are exercisable at a price of $0.25 (C$0.34) per share until December 12, 2028.-

OnRISE ~~September~~GOLD ~~22,~~CORP.(An ~~2023,~~Exploration ~~the~~Stage Company)NOTES ~~granted~~TO aTHE ~~total~~CONSOLIDATED ofFINANCIAL ~~397,780~~STATEMENTSFOR ~~stock~~THE ~~options~~YEAR ~~with~~ENDED aJULY ~~fair value of $90~~31,~~361~~ ~~to officers and directors of the Company. The stock options are exercisable at a price of $0.26~~ 2025(~~C$0.35)~~Expressed ~~per~~in ~~share~~United ~~until~~States ~~September 22, 2028.~~Dollars)

On February 21, 2023, the Company granted a total of 1,045,000 stock options with a fair value of $466,527 to employees, officers, directors and consultants of the Company, exercisable at a weighted average price of $0.53 (C$0.72) per share until February 21, 2028.

The following incentive stock options were outstanding and exercisable as at July 31, 2024:

Number of Options outstanding	WeightedAverageExercise Price (C$)	Expiry Date
280,000	0.70	August 21, 2024
1,338,500	1.20	September 22, 2025
805,000	0.82	February 7, 2027
1,045,000	0.72	February 21, 2028
397,780	0.35	September 22, 2028
707,752	0.34	December 12, 2028
592,238	0.23	May 1, 2029
412,241	0.23	May 1, 2029
5,578,511	0.69

As at July 31, 2024, the aggregate intrinsic value of the Company's stock options is $Nil (2023 - $Nil). As at July 31, 2024, the Company has 5,578,511 options issued and outstanding where 5,269,330 options are exercisable as at July 31, 2024 with a weighted average exercise price of C$0.71.

- 72 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)

13. CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL (continued)

On October 21, 2024, the Company granted a total of 1,006,750 stock options with a fair value of $106,859 to a consultant of the Company. The stock options are exercisable at a price of $0.11 (C$0.16) per share until October 21, 2029.

On September 20, 2024, the Company granted 1,006,750 stock options to an officer of the Company. The stock options are exercisable at a price of US$0.10 (C$0.14) per share for a period of five years from the date of grant, subject to vesting, 25% vesting on the date of grant and 12% vesting every 3 months thereafter. On May 22, 2025 all unvested options were accelerated to fully vest. The Company recorded share-based compensation of $116,240 in connection with this grant.

On May 1, 2024, the Company granted a total of 1,004,479 stock options with a fair value of $140,220 to directors of the Company. The stock options are exercisable at a price of $0.17 (C$0.25) per share for a period of five years from the date of grant, subject to vesting, 25% vesting on the date of grant and 12% vesting every 3 months thereafter. On May 22, 2025 all unvested options were accelerated to fully vest. As at July 31, 2025, the Company recorded share-based compensation of $140,220 of which $25,698 was recognized during the year ended July 31, 2025.

On December 12, 2023, the Company granted a total of 707,752 stock options with a fair value of $140,624 to directors of the Company. The stock options are exercisable at a price of $0.25 (C$0.36) per share until December 12, 2028.

On September 22, 2023, the Company granted a total of 397,780 stock options with a fair value of $90,361 to officers and directors of the Company. The stock options are exercisable at a price of $0.26 (C$0.38) per share until September 22, 2028.

The following incentive stock options were outstanding and exercisable as at July 31, 2025:

Number of Options outstanding	Weighted Average Exercise Price ($)	Expiry Date

200,000	0.65	February 7, 2027
260,000	0.53	February 21, 2028
217,780	0.26	September 22, 2028
612,202	0.25	December 12, 2028
974,479	0.17	May 1, 2029
1,006,750	0.10	September 20, 2029
1,006,750	0.11	October 21, 2029
1,142,410	0.10	March 25, 2030
3,320,000	0.10	May 22, 2030
8,740,371	0.15

As at July 31, 2025, the aggregate intrinsic value of the Company's stock options is $443,246 (2024 - $Nil). As at July 31, 2025, the Company has 8,740,371 options issued and outstanding where 8,740,371 options are exercisable as at July 31, 2025 with a weighted average exercise price of $0.15.

- 76 -

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

13. CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL (continued)

Stock Options (continued)

Stock option transactions are summarized as follows:

	Number of Options			Weighted ~~AverageExercise~~Average Exercise Price ($C)
Balance outstanding, July 31, 2022	3,038,500			1.02
Balance outstanding and exercisable, July 31, 2023	3,638,500			0.71
Options granted	12,~~045~~110,~~000~~011			0.7221
Options cancelled	(60,000	)		1.08
Options expired	(170,000	)		0.76
Options expired	(310,000	)		1.20
Balance outstanding, July 31, 2024	5,578,511			0.52
Options exercised	(75,000	)		0.50
Options granted	6,475,910			0.10
Balance outstanding, July 31, 2023	3,638,500			0.93
Options expired and cancelled	(3,314,050	)		0.68
Options granted	2,110,011			0.29
Balance outstanding and exercisable, July 31, 2025	8,740,371		$	0.15
Options expired	(170,000	)		1.00
Balance outstanding, July 31, 2024	5,578,511		$	0.69

The following weighted average assumptions were used for the Black-Scholes pricing model valuation of stock options issued during the ~~year~~years ended July 31. 2025 and 2024:

May 1,2024

December 12,2023

September 22,2023

February 21,2023

May 22, 2025

March 25,2025

October 21, 2024

Risk-free interest rate

2.96%

32.8172%

2.98%

~~3.53%~~

~~4.21%~~

~~3.58%~~

Expected life of stock options

5 years

~~5 years~~

Expected annualized volatility

149.96%

~~133~~145.3338%

135.38%

~~131.16%~~

~~131.87%~~

~~122.01%~~

Dividend

Nil

~~Nil~~

Forfeiture rate

	September 20, 2024	May 1, 2024	December 12, 2023

Risk-free interest rate	2.73%	3.81%	3.53%
Expected life of stock options	5 years	5 years	5 years
Expected annualized volatility	132.92%	133.33%	131.16%
Dividend	Nil	Nil	Nil
Forfeiture rate	0%	0%	0%

- 77 -

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

13. CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL (continued)

Share-Based Payments

The Company has a stock option plan under which it is authorized to grant options to executive officers and directors, employees and consultants enabling them to acquire up to 10% of the issued and outstanding common stock of the Company. Under the plan the exercise price of each option equals the market price of the Company's stock, less any applicable discount, as calculated on the date of grant. The options can be granted for a maximum term of 5 years with vesting determined by the board of directors.

Warrants

OnThe ~~June~~following ~~14, 2022, the Company amended the term of 6,308,310 common share purchase~~ warrants by extending their expiry dates by two years and adding an accelerated expiry provision. Between July 3, 2019 and September 21, 2020 the Company issued a total of 6,308,310 warrants to purchase shares of common stock of the Company in connection with various private placement financings and debt financings. 3,959,727 of these warrants were ~~granted~~outstanding ~~with~~as anat ~~exercise price of CAD$1.00 per share ("CAD Priced Warrants") or optional currency settlement choice with amended expiry dates ranging from~~ July ~~3, 2024 to September 9, 2024, and 2,348,583 of these warrants were granted with an exercise price of US$1.00 per share ("USD Priced Warrants") with amended expiry dates ranging from July~~ 31, ~~2024 to September 21, 2024. All other terms and conditions of the warrants remain unchanged.~~2025:

- 73 -

Number of Warrants	Exercise Price ($)	Expiry Date

1,623,214	0.26	November 7, 2025
36,000	0.27	November 7, 2025
1,065,555	0.26	December 7, 2025
1,000,000	0.16	February 5, 2028
9,000	0.16	April 9, 2026
2,873,170	0.16	April 9, 2027
12,000	0.16	April 29, 2026
2,149,212	0.16	April 29, 2027
1,700,000	0.12	September 12, 2028
2,882,514	0.17	October 10, 2028
18,329,266	0.15	May 8, 2028
31,679,931	0.16

~~RISE~~- ~~GOLD~~78 ~~CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)~~-

RISE GOLD CORP.
(An Exploration Stage Company)
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED JULY 31, 2025
(Expressed in United States Dollars)

13. CAPITAL STOCK AND ADDITIONAL PAID-IN CAPITAL (continued)

The following warrants were outstanding as at July 31, 2024:

Number of Warrants	Exercise Price (C$)	Expiry Date
2,291,321	1.00	August 19, 2024
1,150,000	1.00	September 9, 2024
166,666	1.36	September 21, 2024
2,231,429	0.80	January 31, 2025
1,529,008	0.80	February 17, 2025
575,000	0.80	February 17, 2025
1,659,214	0.36	November 7, 2025
1,065,555	0.36	December 7, 2025
1,000,000	0.22	February 5, 2028
2,873,170	0.21	April 9, 2027
9,000	0.21	April 9, 2026
2,149,212	0.21	April 29, 2027
12,000	0.21	April 29, 2026
16,711,575	0.56

Warrant transactions are summarized as follows:

	Number of Warrants			Weighted ~~AverageExercise~~Average Exercise Price (C$)
Balance, July 31, 2022	12,337,006		$	0.95
Balance outstanding and exercisable, July 31, 2023	16,661,247			0.69
Warrants issued	4,335,437			0.80
Warrants granted	8,768,151			0.19
Warrants expired	(118,~~196~~717,823	)		10.0070
Balance, July 31, 2023	16,661,247			0.91
Balance outstanding, July 31, 2024	16,711,575			0.41
Warrants issued	8,768,151			0.26
Warrants granted	22,911,780			0.15
Warrants expired	(87,~~717~~943,~~823~~424	)		0.9266
Balance, July 31, 2024	16,711,575			0.56
Balance outstanding, July 31, 2025	31,679,931		$	0.16

- 74 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)

14. INCOME TAXES

A reconciliation of income taxes (recovery) at statutory rates with the reported taxes is as follows:

		2024			2023
		2025			2024
Loss before income taxes	$	(3,~~565~~260,~~631~~358	)	$	(3,~~660~~565,~~382~~631	)
Expected income tax (recovery) at statutory tax rates	$	(~~998~~913,000	)	$	(~~978~~998,000	)
Change in statutory, foreign tax, foreign exchange rates and other		2773,000			~~703~~27,000
Permanent differences		76196,000			~~125~~76,000
Adjustment to prior years provision versus statutory tax returns and expiry of non-capital losses		(~~350~~527,000	)		(1350,~~391,~~000	)
Change in unrecognized deductible temporary difference		1,~~245~~171,000			1,~~541~~245,000
Income tax recovery	$	-		$	-

Significant components of deferred tax assets (liabilities) that have not been included on the Company's consolidated balance sheet are as follows:

		2024			2023
		2025			2024
Deferred tax assets (liabilities):
Mineral property interests	$	~~477~~1,074,000		$	~~310~~477,000
Equipment	$	(116,000	)	$	(87,000	)
Share issuance costs		19,000			-
Non-capital losses available for future period		5,232,000			4,125,000
Property and equipment		(27,000	)		(116,000	)
		5,593,000			4,348,000
Non-capital losses available for future period		5,698,000			5,232,000
Unrecognized deferred tax assets		(5,593,000	)		(4,348,000	)
		6,764,000			5,593,000
Unrecognized deferred tax assets		(6,764,000	)		(5,593,000	)
Net deferred tax assets	$	-		$	-

~~The Company has approximately $18,696,000 (2023~~ - ~~$15,434,000)~~79 ~~in net operating losses which may be carried forward and applied against taxable income in future years.~~-

~~The~~RISE ~~significant~~GOLD ~~components~~CORP.(An ofExploration ~~the~~Stage Company's)NOTES ~~temporary~~TO ~~differences,~~THE ~~unused~~CONSOLIDATED ~~tax~~FINANCIAL ~~credits~~STATEMENTSFOR ~~and~~THE ~~unused~~YEAR ~~tax~~ENDED ~~losses~~JULY ~~that~~31, ~~have~~2025(Expressed ~~not~~in ~~been~~United ~~included~~States ~~on the consolidated statement of financial position are as follows:~~Dollars)

		2024		Expiry Date Range		2023		Expiry Date Range
Temporary Differences
Mineral property interests	$	1,706,000		No expiry date	$	1,161,000		No expiry date
Equipment		(416,000	)	No expiry date		(326,000	)	No expiry date
Non-capital losses available for future period		18,696,000		2027 to Indefinite		15,434,000		2027 to Indefinite
USA	$	19,986,000		2027 to Indefinite	$	16,269,000		2027 to Indefinite

14. INCOME TAXES (continued)

The Company has approximately $20,360,000 (2024 - $18,696,000) in net operating losses which may be carried forward and applied against taxable income in future years.

The significant components of the Company’s temporary differences, unused tax credits and unused tax losses that have not been included on the consolidated statement of financial position are as follows:

		2024		Expiry Date Range		2024		Expiry Date Range
Temporary Differences
Mineral property interests	$	3,834,000		No expiry date	$	1,706,000		No expiry date
Property and equipment		(97,000	)	No expiry date		(416,000	)	No expiry date
Share issuance costs		69,000		No expiry date		-		No expiry date
Non-capital losses available for future period		20,360,000		2027 to Indefinite		18,696,000		2027 to Indefinite
USA	$	24,166,000		2027 to Indefinite	$	19,986,000		2027 to Indefinite

Tax attributes are subject to review and potential adjustments by tax authorities.

- 75 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)

15. SUPPLEMENTAL DISCLOSURE WITH RESPECT TO CASH FLOWS

During the years ended July 31, ~~2024~~2025 and ~~2023~~2024, the Company had the following non-cash financing and investing activities:

For the year ended July 31, 2025:

a) The Company accrued $5,008 of interest expense as part of the outstanding balance of the credit facility

b) The Company issued a total of 1,700,000 share purchase warrants, as consideration for loan extension, entitling the holder to acquire one share at an exercise price of $0.115 until September 12, 2028 with a total fair value of $154,351.

c) The Company issued 2,882,514 share purchase warrants for a secured loan agreement entitling the holder to acquire one share at an exercise price of $0.1735 until October 10, 2028 with a total fair value of $334,423.

d) The Company allocated $36,079 from deferred financing asset.

e) Share issuance costs of $31,061are included in accounts payable at July 31, 2025.

f) Note receivable of $1,183,128 at July 31, 2025 is for mineral property recovery.

For the year ended July 31, 2024:

a) The Company accrued $306,246 of interest expense as part of the outstanding balance of loan payable.

b) The Company issued $127,336 warrants issued for deferred financing asset.

~~For~~c) The ~~the~~Company ~~year~~allocated ~~ended~~$111,707 ~~July~~to ~~31,~~deferred ~~2023:~~financing asset.

~~a) The~~- ~~Company~~80 ~~accrued $328,097 of interest expense as part of the outstanding balance of loan payable.~~-

~~b) The~~RISE ~~Company~~GOLD ~~issued~~CORP.(An aExploration ~~total~~Stage ofCompany)NOTES ~~575,000~~TO ~~share~~THE ~~purchase~~CONSOLIDATED ~~warrants~~FINANCIAL ~~for~~STATEMENTSFOR ~~loan~~THE ~~modification~~YEAR ~~entitling~~ENDED ~~the~~JULY ~~holder to acquire one share an exercise price of $0.60 until May 17~~31, 2025(Expressed ~~with~~in aUnited ~~total~~States ~~fair value of $154,218.~~Dollars)

16. SEGMENTED INFORMATION

16. SEGMENTED INFORMATION

A reporting segment is defined as a component of the Company that:

- Engages in business activities from which it may earn revenues and incur expenses;

- Operating results are reviewed regularly by the entity's chief operating decision maker; and

- Discrete financial information is available

The Company has determined that it operates its business in one geographical segment located in California, United States, where all of its equipment and mineral property interests are located.

17. SUBSEQUENT EVENTS

Subsequent to the year ended July 31, ~~2024~~2025, the Company: raised on October 24, 2025 a total of $7,000,000 through the sale of 28,000,000 units at a price of $0.25 per unit. Each unit consists of one share of common stock and one common share purchase warrant. Each warrant entitles the holder to purchase an additional share of the Company at an exercise price of $0.45 until October 24, 2028.

~~a) finalized~~- a81 secured loan agreement with Myrmikan Gold Fund, LLC (the "Lender") for a $500,000 loan. The loan has a term of 4 years with an interest rate of 15% per annum with interest accruing and payable along with the principal upon maturity. The Company issued 2,882,514 share purchase warrants at an exercise price of $0.1735 with a 4 year expiry period as additional consideration for advancing the loan. The loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. The loan will be secured against the assets of the Company and its subsidiary. Daniel Oliver Jr., a director of the Company, is the managing member of the Lender.-

b) granted 1,006,750 stock options to the Company's President & CEO. The stock options are exercisable at a price of US$0.10 (C$0.14) per share until September 20, 2029. A total of 2,013,500 in stock options held by a director of the Company were cancelled.

- 76 -

RISE GOLD CORP.(An Exploration Stage Company)NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTSFOR THE YEAR ENDED JULY 31, 2024(Expressed in United States Dollars)

17. SUBSEQUENT EVENTS (continued)

c) amended the debt agreement with Eridanus Capital LLC ("Eridanus") to extend an existing loan by one year to September 4, 2025 along with a reduction in interest rate to 15% per annum for a period of 12 months (commencing September 4, 2024). The Company issued 1,700,000 share purchase warrants at an exercise price of $0.115 to Eridanus as consideration for the extension. The share purchase warrants have a 4 year expiry period from the date of issuance.

d) had 3,607,987 warrants with a weighted average exercise price of C$1.02 expired unexercised.

e) had 280,000 stock options with a weighted average exercise price of C$0.70 expired unexercised.

f) granted 1,006,750 stock options to a director of the Corporation pursuant to the terms of the Company's Stock Option Plan. The stock options are exercisable at a price of US$0.11 (C$0.155) per share until October 21, 2029.

- 77 -

Item 9. Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.

None.

Item 9A. Controls and Procedures

Evaluation of Disclosure Controls and Procedures

The Securities and Exchange Commission (the "SEC") defines the term "disclosure controls and procedures" to mean controls and other procedures of an issuer that are designed to ensure that information required to be disclosed in the reports that it files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC's rules and forms. Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer's management, including its principal executive and principal financial officers, or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

As of the end of the period covered by this Report, our management carried out an evaluation, with the participation of its Chief Executive Officer and Chief Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures. Based on this evaluation, management concluded that our disclosure controls and procedures were not effective as of July 31, ~~2024~~2025 because of a material weakness in internal control over financial reporting that existed as of that date, as more fully described below.

Management's Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting. Internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company's internal control over financial reporting includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of the company's assets that could have a material effect on the financial statements.

We carried out an evaluation, with the participation of our Chief Executive Officer and Chief Financial Officer, of the effectiveness of its internal control over financial reporting as of July 31, ~~2024~~2025. In making this assessment, management used the criteria set forth by the Committee of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control-Integrated 2013 Framework. Management concluded that our company's internal control over financial reporting was not effective as of July 31, ~~2024~~2025 because a material weakness in internal control over financial reporting existed as of that date as a result of a lack of segregation of incompatible duties due to insufficient personnel. A material weakness is a deficiency or a combination of control deficiencies in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of annual or interim financial statements will not be prevented or detected on a timely basis.

- 7882 -

This annual report does not include an attestation report of our independent registered public accounting firm regarding internal control over financial reporting. Management's report was not subject to attestation by our independent registered public accounting firm pursuant to a provision under the Dodd-Frank Wall Street Reform and Consumer Protection Act which grants a permanent exemption for non-accelerated filers from complying with Section 404(b) of the Sarbanes-Oxley Act of 2002.

Changes in Internal Control over Financial Reporting

There were no changes in our company's internal control over financial reporting during the period ended July 31, ~~2024~~2025 that have materially affected, or are reasonably likely to materially affect, its internal control over financial reporting.

Item 9B. Other Information.

None.

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Not applicable.

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

The names, ages and titles of the members of our Board of Directors and our executive officers are as follows:

Name	Age	Position
Joseph Mullin	5152	President and Chief Executive Officer
Vince W. Boon	43	Chief Financial Officer, Treasurer
Mihai Draguleasa	45	Chief Financial Officer, Treasurer
Murray G. Flanigan	58	Director
Thomas I. Vehrs	78	Director
John G. Proust	65	Director
Lawrence W. Lepard	68	Director
Benjamin Mossman	47	Director
Daniel Oliver Jr.	53	Director
Thomas I. Vehrs	77	Director
Clynton R. Nauman	76	Director
Lawrence W. Lepard	67	Director
Daniel Oliver Jr.	52	Director
Clynton R. Nauman	75	Director

Directors serve as such until our next annual stockholder meeting, or until their successors are elected and qualified. Officers hold their positions at the will of the Board of Directors. As of July 31, ~~2024~~2025, there were no arrangements, agreements or understandings between non-management security holders and management under which non-management security holders may directly or indirectly participate in or influence the management of our company's affairs other than as disclosed in this Report.

Joseph Mullin, President and Chief Executive Officer

Joseph Mullin, age 52, was appointed Chief Executive Officer and President of the Company on September 23, 2023. Mr Mullin has over 25 years of experience in corporate finance, private equity, restructuring, and early-stage mineral exploration. Mr. Mullin is the Managing Member of Mount Arvon Partners LLC, and is currently the CEO, President and a Director of Pure Energy Minerals Ltd and an Independent Director of FireFox Gold Corp. and. Mr. Mullin has been involved in the mining industry in the United States, Canada, Brazil, and Europe. Mr. Mullin holds a B.A. from Harvard University.

- 7983 -

~~Vince~~Mihai ~~W. Boon~~Draguleasa, Chief Financial Officer, Treasurer

~~Vince~~Mihai ~~W. Boon~~Draguleasa, age 4345, was appointed as the Company's Chief Financial Officer ~~on May 1, 2018~~ and Treasurer on ~~May~~November 1622, ~~2018~~2024. Mr. ~~Boon~~Draguleasa is a ~~chartered~~Chartered ~~accountant~~Professional Accountant (CPA - Canada) with over ~~twelve~~15 years of ~~professional~~ accounting experience ~~with~~including ~~private~~in ~~and~~the ~~public~~mining ~~companies~~and ~~focusing~~resource onsector. ~~financial~~His ~~reporting,~~career ~~regulatory~~developed ~~compliance,~~with ~~internal~~Deloitte ~~control~~LLP and ~~corporate~~Ernst ~~finance~~& ~~activities.~~Young ~~Mr.~~in ~~Boon's~~Vancouver, ~~experience~~British ~~includes~~Columbia. ~~financial~~His ~~reporting~~mining ~~for~~related ~~both~~financial ~~Canadian~~experience ~~and~~includes ~~U.S.~~financial ~~listed~~reporting, ~~companies~~corporate ~~with~~risk ~~international subsidiaries~~management, ~~strategic~~corporate ~~planning,~~strategy ~~tax~~and planning, ~~corporate~~and ~~governance,~~investment ~~equity~~evaluation. ~~financings~~In ~~and~~addition ~~due~~to ~~diligence~~being the CFO for ~~acquisitions.~~the Company, Mr. ~~Boon~~Draguleasa is also currently the CFO of ~~Japan~~Canagold ~~Gold~~Resources ~~Corp.,~~Ltd ~~a Director~~ and ~~CFO~~Valhalla ofMetals ~~Southern Arc Minerals~~ Inc., ~~and a Director and CFO of Lincoln Ventures Ltd.~~ Mr. ~~Boon~~Draguleasa holds a Bachelor of ~~Science~~Engineering degree from the University of ~~British~~Transylvania ~~Columbia and is a Chartered Professional Accountant, CPA, CA~~(Romania).

John G. Proust, Director

John G. Proust, age 65, was appointed a director on April 18, 2018. Mr. Proust has founded and managed a number of resource companies over the past 30 years. Mr. Proust has served on several boards and held senior operating positions and has directed and advised public and private companies regarding debt and equity financing, mergers and acquisitions and corporate restructuring since 1986. Mr. Proust is currently Chairman and CEO of Southern Arc Minerals Inc.; Chairman and CEO of Japan Gold Corp.; and President and a director of Lincoln Ventures Ltd. Mr. Proust has extensive experience in corporate governance, is a graduate of The Directors College, Michael G. De Groote School of Business at McMaster University and holds the designation of Chartered Director.

Benjamin W. Mossman, Director

Benjamin W. Mossman, PEng, age 47, was appointed to the Company's Board of Directors on August 1, 2016. He served as the Chief Executive Officer of the Company from August 1, 2016 until September 23, 2023 and as the President of the Company from April 20, 2017 until September 23, 2023. Mr. Mossman is a mining engineer with over 17 years of experience in the mining industry including experience in capital markets, project evaluation, acquisitions, mine operations and development. He was formerly the President, Chief Executive Officer and a director of Banks Island Gold Ltd., a dormant mining company, formerly listed on the TSX Venture Exchange and currently in receivership. Mr. Mossman provides advisory services to the Company relating to the Company's I-M Mine Property. See "Legal Proceedings" below.

Thomas I. Vehrs, Director

Dr. Thomas I. Vehrs, age 7778, was appointed to the Company's Board of Directors on April 20, 2017. Dr. Vehrs is a highly regarded and experienced exploration geologist with over 40 years of experience in the Americas. During his career, Dr. Vehrs has conducted and managed numerous exploration programs resulting in the discovery and delineation of major copper, gold and silver deposits, including the Los Pelambres porphyry copper deposit in Chile, the Northumberland sediment-hosted gold deposit in central Nevada, the Rio Blanco porphyry copper deposit in northern Peru and orogenic gold deposits in Central Guatemala. From 2006 to 2016, Dr. Vehrs held the position of Vice President of Exploration for Fortuna Silver Mines and was responsible for the development and execution of exploration programs at the Caylloma Mine in Peru and the San Jose Mine in southern Mexico. During this period, Fortuna Silver Mines was successful in expanding the resources, reserves and production rate at the San Jose Mine resulting in a market capitalization in excess of $1 billion. Dr. Vehrs holds a Ph.D. in geology from Syracuse University and served as an officer in the U.S. Army Corps of Engineers.

- 80 -

Murray G. Flanigan, Director

Murray G. Flanigan, age 58, was elected to the Company's Board of Directors on June 27, 2019. Mr. Flanigan is a management consultant providing financial advisory services to a number of public and private oil and gas, mining and technology companies in North America and abroad. Mr. Flanigan is a Chartered Professional Accountant and a Chartered Financial Analyst with expertise in corporate finance, mergers and acquisitions, international taxation, risk management, banking, treasury, corporate restructuring and accounting, and has served as Chief Financial Officer for various public and private companies. Mr. Flanigan was formerly a Managing Principal and the CFO of Kepis & Pobe Financial Group Inc., where he served for over ten years and was responsible for all aspects of the company's accounting, financing, treasury, tax, and legal affairs including overseeing the company's corporate development activities. Mr. Flanigan is also a director and Chairman of the audit committees for other reporting issuers, including Japan Gold Corp., Southern Arc Minerals Inc. and Lincoln Ventures Ltd. Prior to founding his own consulting company, Mr. Flanigan served as Senior Vice President, Corporate Development and CFO of Qwest Investment Management Corp., where he was responsible for regulatory reporting and corporate filings for over 15 private and publicly listed companies and limited partnerships in Qwest's portfolio, as well as arranging and closing numerous equity and debt financings. Mr. Flanigan also served as VP Corporate Development for Adelphia Communications Corporation, overseeing the company's financial restructuring and ultimate sale to Time Warner Inc. and Comcast Corporation for approximately US$18 billion.

Lawrence W. Lepard, Director

Lawrence W. Lepard, age 6768, was appointed to the Company's Board of Directors on August 22, 2019. Mr. Lepard is a Managing Partner and Founder of Equity Management Associates, LLC, an investment partnership which has focused on investing in precious metals since 2008. Prior to EMA, Mr. Lepard spent 25 years as a professional investor and venture capitalist. From 1991 to 2004 he was one of two Managing Partners at Geocapital Partners in New Jersey which managed six venture capital partnerships, the last of which was $250 million. Geocapital was very active in technology, software and computer investing and invested heavily in the internet starting in 1993. Geocapital was the lead investor in Netcom, Inc., the first internet service provider to complete an initial public offering in 1996. Prior to Geocapital, Mr. Lepard spent seven years as a General Partner at Summit Partners in Boston, MA a large venture capital and private equity firm. Mr. Lepard serves as a Director for Lavras Gold Corp. and Cabral Gold Inc. Mr. Lepard holds an MBA with Academic Distinction from Harvard Business School and a BA in Economics from Colgate University.

Daniel Oliver Jr., Director

Daniel Oliver Jr., age 5253, was appointed to the Company's Board of Directors on July 10, 2023. Mr. Oliver manages Myrmikan Gold Fund LLC, which makes investments in the precious metals mining sector. In addition to his finance background, Mr. Oliver brings legal expertise to the Board, having graduated from Columbia Law School with honors in 2001 and practiced law at Simpson Thacher & Bartlett in New York as well as at Wallison & Wallison, a boutique law firm specializing in high-dollar business litigation and appeals in the financial sector. Mr. Oliver obtained an MBA from INSEAD in 2005. After co-founding two venture companies, Mr. Oliver joined Bearing Capital, LLC, a private equity firm in Buenos Aires focused on Latin American commodities investments. He is also a director of Guanajuato Silver Co. Ltd and President of the Committee for Monetary Research & Education, an organization founded by prominent economists and businessmen in 1970 in opposition to the Bretton Woods monetary system.

- 8184 -

Clynton R. Nauman

Clynton R. Nauman, age 7576, was appointed to the Company's Board of Directors on September 7, 2023. Mr. Nauman has more than 45 years of diversified operating experience in the mining industry ranging from exploration to mine construction and mine operations as well as business development, mine financing and senior management in the precious metals, base metals and coal sectors. Mr. Nauman also co-founded and grew a successful industrial environmental services company focused on reclamation of historical mine-related liabilities in Canada and the United States. Mr. Nauman holds an Honors Bachelor of Science in Geology from Otago University, New Zealand.

~~None~~Other than Mr. Nauman, who serves as a director for Contango Ore, Inc., an NYSE listed company, none of our directors has been a director of any other company with a class of securities registered pursuant to section 12 of the Exchange Act or subject to the requirements of section 15(d) of the Exchange Act, or any company registered as an investment company under the Investment Company Act of 1940, during the past five years.

Family Relationships

There are no family relationships among any of our directors or executive officers.

Involvement in Certain Legal Proceedings

~~Except~~During ~~as disclosed below, during~~ the past ten years, none of the persons serving as our executive officers and/or directors have been the subject of any of the following legal proceedings that are required to be disclosed pursuant to Item 401(f) of Regulation S-K, including: (a) any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time; (b) any criminal convictions or any criminal proceedings in which the person is a named subject (excluding traffic violations and other minor offenses); (c) any order, judgment, or decree permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities, commodities or banking activities; (d) any finding by a court, the SEC or the ~~CFTC~~Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, any law or regulation respecting financial institutions or insurance companies, or any law or regulation prohibiting mail or wire fraud in connection with any business entity; or (e) any sanction or order of any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or other organization that has disciplinary authority over its members or persons associated with a member. Further, no such legal proceedings are believed to be contemplated by governmental authorities against any director or executive officer.

Benjamin W. Mossman was a director and officer of Banks Island Gold Ltd. ("Banks"), a company formerly listed on the TSX Venture Exchange that traded under the symbol "BOZ", during the time it assigned itself into bankruptcy on January 7, 2016. Banks appointed D. Manning & Associates as trustee in the bankruptcy proceedings. Subsequent to the bankruptcy, FTI Consulting of Vancouver, BC, was appointed as receiver by a major secured creditor. The trustee subsequently applied to be discharged from its role as trustee, which was granted on April 4, 2018. To the best of Mr. Mossman's knowledge, the secured creditor has taken possession of the property as of this date. To date, Banks remains undischarged from the bankruptcy proceedings.

Mr. Mossman, Banks, and two other former employees of Banks, were subject to summary conviction proceedings commenced in August 2016 for alleged violations of the British Columbia provincial Environmental Management Act (the "EMA"), the Provincial Water Act, and the federal Fisheries Act. The charges are related to the active mining operations conducted by Banks at and on Banks Island, BC during the period from 2014 to 2016. The court found Mr. Mossman not guilty and acquitted him of all, but two, charges under the EMA and Fisheries Act. For those two minor offences, the court imposed a C$15,000 global fine against Mr. Mossman. All charges were dropped against one former employee and against Banks, and the court dismissed all charges against the other former employee for whom charges were not dropped.

- 82 -

In a second trial, the Crown charged Mr. Mossman with obstruction of justice related to the investigation of the underlying charges laid under the EMA and the other provincial and federal environmental regulations. The court acquitted him of that charge on March 6, 2019. No appeal of the acquittal was filed by the Crown.

Subsequent to the decision in the first trial, the Crown filed an appeal regarding certain of the original determinations as they relate to Mr. Mossman. He and the remaining employee cross-appealed the two convictions held against them. In February 2020, the court issued its decision and ordered a new trial in the matter for Mr. Mossman and the former employee. The two convictions and Mr. Mossman's C$15,000 fine relating to the incident were also set aside by the court. Counsel for Mr. Mossman sought leave to appeal the BC Supreme Court (the "BCSC") decision to the BC Court of Appeal (the "BCCA"), which was dismissed as part of the order for a new trial. The Supreme Court of Canada dismissed an application by Mr. Mossman to appeal the order for a new trial.

The new trial commenced in 2022 in which charges against the only remaining former employee of Banks, other than Mr. Mossman, were dropped, and concluded on July 26, 2023. Mr. Mossman was acquitted on charges of failing to report environment spills (the "Failure to Report Counts") and the dumping or discharging of mine wastes (the "Discharging Counts"), and conducting unauthorized work in or about a stream on the property. He was found guilty of 13 environmental violations in relation to certain waste discharges at the Banks mining site and on September 26, 2023, Mr. Mossman was fined approximately C$30,000 in connection with all of the offences.

Both Mr. Mossman and the Crown filed appeals with the BCSC from this decision, which on March 15, 2024 resulted in a dismissal of Mr. Mossman's appeal against his convictions and granting of the Crown's appeal with respect to the Failure to Report Counts and Discharge Counts. Mr. Mossman's counsel sought leave to appeal the BCSC decision to the BCCA, which was granted on June 21, 2024, and focused on the grounds for determining secondary liability. The matter has been remitted for a new trial with respect to the Crown's appeal, a date for which has not yet been set.

None of the Company's directors or executive officers has been involved in any transactions with the Corporation or any of its directors, executive officers, affiliates or associates which are required to be disclosed pursuant to the rules and regulations of the SEC.

Delinquent Section 16(a) Reports

Section 16(a) of the Exchange Act requires a company's directors and officers, and persons who own more than 10% of any class of a company's equity securities which are registered under Section 12 of the Exchange Act, to file with the SEC initial statements of beneficial ownership on Form 3, reports of changes in ownership on Form 4, and annual reports on Form 5 concerning their ownership of and transactions concerning our common stock and other equity securities. Such officers, directors and 10% stockholders are also required to furnish the company with copies of all Section 16(a) reports they file. Based solely on our review of the copies of such forms received by the company, or written representations from the reporting persons as of the date of this Report, management believes that all Section 16(a) filing requirements applicable to directors, officers and 10% stockholders with respect to the fiscal year ended July 31, 2024 have been fulfilled, except that (a) ~~Daniel~~Myrmikan ~~Oliver~~Gold Fund, LLC filed ~~two~~one late ~~reports~~report relating to ~~five~~one ~~transactions~~transaction, (b) ~~John~~Benjamin ~~Proust~~Mossman filed ~~one~~two late ~~report~~reports relating to ~~one~~four ~~transaction~~transactions, (c) Joseph Mullin filed one late report relating to one transaction, (ad) ~~Form~~Clynton 3Nauman -filed noone ~~transactions)~~late report relating to one transaction, (de) Lawrence Lepard filed one late report relating to one transaction, (ef) ~~Myrmikan~~Thomas ~~Gold~~Vehrs ~~Fund~~filed one late report relating to one transaction, ~~LLC~~(g) Daniel Oliver filed one late report relating to ~~two~~one ~~transactions~~transaction, and (fh) ~~VBS~~Mihai ~~Exchange~~Draguleasa ~~Pty~~filed ~~Ltd.~~a ~~filed~~late Form 3 (no transactions) and three late ~~reports~~Form ~~relating~~4s (three transactions) and did not file a Form 5 annual report to report those three transactions, because he had not yet obtained EDGAR filer codes.

- 8385 -

Audit Committee Financial Expert

~~Murray~~Daniel GOliver Jr. ~~Flanigan~~ is an "audit committee financial expert" within the meaning of Item 401(h)(1) of Regulation S-K. In general, an "audit committee financial expert" is an individual member of the audit committee who (a) understands generally accepted accounting principles and financial statements, (b) is able to assess the general application of such principles in connection with the accounting for estimates, reserves and accruals, (c) has experience preparing, auditing, analyzing or evaluating financial statements that present a breadth and level of complexity of accounting issues that are generally comparable to the breadth and complexity of issues that can reasonably be expected to be raised by our company's financial statements, (d) understands internal controls over financial reporting, and (e) understands audit committee functions. We have determined that Mr. ~~Flanigan~~Oliver is an independent director as defined in Nasdaq Listing Rule 5605(a)(2).

Nomination of Directors

The Company does not have a formal process or committee for proposing new nominees for election to the Board or for stockholders to make such nominations, and there has been no change in that regard since our last annual report on Form 10-K. Management is in contact with individuals involved in the mineral exploration sector, and in the event that we require any new directors, such individuals will be brought to the attention of the Board. Management will conduct reference and background checks on suitable candidates. New nominees generally must have a track record in business management, areas of strategic interest to our company, the ability to devote the time required to carry out the obligations and responsibilities of a director and a willingness to serve in that capacity.

Code of Ethics

During our fiscal year ended July 31, 2008, the Board of Directors adopted a written Code of Ethics within the meaning of Item 406(b) of Regulation S-K under the Securities Act. The Code of Ethics obligates our directors, officers and employees to disclose potential conflicts of interest and prohibits those persons from engaging in such transactions without the Board's consent.

The Board is also required to comply with the conflict of interest provisions of relevant corporate and securities laws and regulations in order to ensure that directors exercise independent judgment in considering transactions and agreements in respect of which a director or officer has a material interest.

-Insider 84Trading -Policies and Procedures

The Company's Code of Ethics (a copy of which is filed as Exhibit 13.1) contains provisions requiring the Company's executive officers to comply with certain insider trading requirements. The Company also follows certain practices that management believes are designed to promote compliance by its directors, officers and employees with insider trading laws, rules and regulations, including the listing standards of the CSE, but the Company has not formally adopted written insider trading policies and procedures. Management believes that the approach the Company has taken to date has been sufficient because the Company has a small number of directors, officers and employees who have been advised upon joining the Company about applicable insider trading prohibitions and are also notified of any mandated blackout periods The management and the Board of Directors are considering adopting formal insider trading policies and procedures.

- 86 -

Item 11. Executive Compensation.

The following table sets forth information with respect to the compensation awarded or paid to Joseph Mullin, our Chief Executive Officer and President, Benjamin W. Mossman, our former Chief Executive Officer and President, Mihai Draguleasa, our Chief Financial Officer and Treasurer, and Vince W. Boon, our former Chief Financial Officer and Treasurer (the "Named Executive Officers"), for all services rendered in all capacities to the Company during the past two fiscal years. As of July 31, ~~2024~~2025, we did not have any other executive officers or former executive officers who had received total compensation in excess of $100,000 during the fiscal year ended July 31, ~~2024~~2025. Pursuant to Item 402(m)(4) of Regulation S-K, we have omitted certain columns from the table since there was no compensation awarded to, earned by or paid to the Named Executive Officers that was required to be reported in such columns in either year.

Summary Compensation Table
Name and Principal Position	Year EndedJuly 31	Salary($)	Stock Awards($)	Option Awards(1) (2)($)	Total($)
Name and PrincipalPosition	Year EndedJuly 31	Salary($)	Stock Awards($)	Option Awards(1) (2) ($)	Total($)
Joseph Mullin, Chief Executive Officer	2024	112,933	Nil	26,280	139,213
Joseph Mullin,Chief Executive Officer	2025	132,000	Nil	508,167	640,167
Benjamin W. Mossman, Former Chief Executive Officer	2024	80,105 (3)	Nil	153,806	233,911
	2024	112,933	Nil	26,280	139,213
	2023	135,000	Nil	198,750	333,750
Benjamin W. Mossman,Former Chief Executive Officer	2025	Nil	Nil	106,859	106,859
Vince W. Boon,Chief Financial Officer	2024	43,452	Nil	7,800	51,252
	2024	80,105 (3)	Nil	153,806	233,911
	2023	46,787	Nil	39,750	86,537
Mihai Draguleasa,Chief Financial Officer	2025	53,474	Nil	10,908	64,382
	2024	Nil	Nil	Nil	Nil
Vince W. Boon,Former Chief Financial Officer	2025	21,513	Nil	Nil	21,513
	2024	43,452	Nil	7,800	51,252

(1) See Note 13 of the notes to the audited financial statements included in the Company's annual report on Form 10-K for the year ended July 31, ~~2024~~2025 for a description of the assumptions made in the valuation of option awards.

(2) Represents share-based payments related to options vesting during the years presented.

(3) Out of this amount $22,500 represents salary paid, $23,855 vacation pay and $33,750 severance pay.

- 8587 -

Outstanding Equity Awards at Fiscal Year-End

The following table sets forth information relating to the options held by the Named Executive Officers as of July 31, ~~2024~~2025:

Outstanding Equity Awards at Fiscal Year-End
Option Awards				Stock Awards
Name	Number ofSecuritiesUnderlyingUnexercisedOptions(#) Exercisable	OptionExercisePrice	Option ExpirationDate	Number ofShares ThatHave NotVested (#)	Market Valueof Shares ThatHave NotVested ($)
Joseph Mullin, Chief Executive Officer	412,~~241~~2411,006,750812,4102,790,000	$0.17$0.10$0.10$0.10	May 1, ~~2029~~2029September 19, 2029March 25, 2030May 22, 2030	~~257,650~~Nil	~~$43,801~~Nil
Benjamin W. Mossman, former Chief Executive Officer	14,~~338,500300,000375,0004,~~640268,877502,~~238~~2381,006,750	$0.~~90$0.65$0.53$0.~~26$0.25$0.17$0.11	September 22, ~~2025February 7, 2027February 21, 2028September 22,~~ 2028December 12, 2028May 1, 2029October 21, 2029	Nil	Nil
Vince W. Boon	10,00040,00075,00030,000	C$0.70$0.65$0.53$0.26	August 21, 2024February 7, 2027February 21, 2028September 22, 2028	Nil	Nil
Mihai Draguleasa, Chief Financial Officer	60,00060,000	$0.10$0.10	March 25, 2030May 22, 2030	Nil	Nil

- 8688 -

Employment Agreements

Since September 23, 2023, Joseph Mullin has been providing services to the Company pursuant to a consulting agreement (the "Consulting Agreement"). Pursuant to the "Consulting Agreement" with an effective date as of September 23, 2023 (the "Effective Date") made among the Corporation, Mount Arvon Partners LLC (the "Consultant") and Joseph E. Mullin III, the owner of the Consultant, the Corporation engaged the Consultant to provide consulting services to the Corporation, including providing the services of Mr. Mullin on a 50% time commitment basis as the Corporation's Chief Executive Officer and President and, upon being elected or appointed as such, Director, of the Corporation. The term of the Consulting Agreement is on a month-to-month basis unless extended at any time by mutual agreement of the parties.

~~Until~~The ~~September~~Consulting 23Agreement provides that the Consultant shall be paid a monthly consulting fee of $11,000 ~~2023~~and ~~Benjamin~~may Walso be paid discretionary bonuses in cash and/or stock if approved by the Corporation's Board of Directors. ~~Mossman~~The ~~provided~~Corporation will reimburse the Consultant for reasonable travel and other business expenses incurred by the Consultant in the performance of services under the Consulting Agreement, provided that any such expenses totalling more than $4,500 in any calendar month must be preapproved by the Board of Directors. In addition, the Consulting Agreement provides that the Consultant will be granted stock options and/or restricted stock units ("RSUs") in accordance with the Corporation's stock option plan, subject to the ~~Company~~approval ~~pursuant~~of the Board of Directors and in accordance with the policies of the stock exchange on which the Corporation's shares are traded (the "Exchange"), and that all incentive awards granted to the Consultant will immediately become fully vested and exercisable on a change of control of the Corporation, subject to Exchange policies. The amount of the options and/or RSUs to be granted shall be targeted at 4% of the Corporation's shares on a fully diluted basis, with 1% vesting on the Effective Date and an ~~Executive~~additional ~~Employment~~0.5% vesting at the beginning of each of the first six calendar quarters following the Effective Date to the extent the Agreement remains in force. To the extent that the Corporation is not able to issue the full targeted amount of options and/or RSUs on the Effective Date, the Corporation has agreed to provide the Consultant with a "make whole" bonus to cover the value of the shortfall up to a maximum of $1 million.

The Consultant may terminate the Consulting Agreement at any time upon 30 days' written notice to the Corporation. If the effective date of such a termination is at least 12 months after the Effective Date, the Consultant will be entitled to receive additional compensation. Additional compensation ("Additional Compensation"), which is based on market capitalization benchmarks determined at the date of termination, is as follows: Three months' compensation if the Corporation's market capitalization exceeds $5 million, plus an additional six months' compensation if the Corporation's market capitalization exceeds $10 million, plus an additional six months' compensation if the Corporation's market capitalization exceeds $20 million, plus an additional eighteen months' compensation if the Corporation's market capitalization exceeds $30 million. The Corporation may terminate the Consulting Agreement at any time without cause immediately after delivery of written notice to the Consultant, provided that the Corporation pays the Consultant three months' compensation plus any Additional Compensation as described above. In the event of such a termination, the Consultant will also be entitled to exercise any vested stock options by the earlier of (i) the expiry date of the stock options, or (ii) 90 days from the termination date of the Consulting Agreement, unless another date is mutually agreed upon.

Subject only to any contrary agreement being established between the Corporation and the Consultant, if there is a change of control of the Corporation, the Consultant may receive, at the Consultant's option, upon the final court order and in advance of closing in a plan of arrangement, or after shareholder and court approval and within a three-month period of the change of control, the following additional compensation: Three months' compensation, plus an additional three months' compensation if the change of control occurs when the Corporation's market capitalization exceeds $5 million, plus an additional six months' compensation if the change of control occurs when the Corporation's market capitalization exceeds $10 million, plus an additional six months' compensation if the change of control occurs when the Corporation's market capitalization exceeds $20 million, plus an additional eighteen months' compensation if the change of control occurs when the Corporation's market capitalization exceeds $30 million.

- 89 -

Until September 23, 2023, Benjamin W. Mossman provided services to the Company pursuant to an Executive Employment Agreement. On April 19, 2017, the Corporation entered into an executive employment agreement with Mr. Mossman, which was amended on April 16, 2018 (the "Executive Employment Agreement"). The Executive Employment Agreement which commenced on May 1, 2017 provided for an annual salary of $135,000 per year. The Executive Employment Agreement included compensation provisions for Mr. Mossman if: there was a change of control, he was terminated without just cause, he resigned under circumstances contemplated in the Employment Agreement, or if he died while in the Corporation's employment.

The Corporation terminated the Executive Employment Agreement on September 23, 2023, but Mr. Mossman remained on the board of directors until October 30, 2024 and has served in an advisory capacity. Mr. Mossman received 3 months' severance and has continued for the 18 month period following termination, to participate in certain of the Corporation's benefits and stock option plans, as contemplated by the Executive Employment Agreement. On September 20, 2024, the Corporation entered into an Amending Agreement with Mr. Mossman to revise certain items within the Executive Employment Agreement which provides that Mr. Mossman will, subject to the terms of the stock option plan and stock exchange policies, be provided the opportunity, during the remainder of his 18 month termination benefit period, to be granted options from time to time, equal to 5% of any new issuance of common stock by the Corporation, excluding any shares of common stock issued by the Corporation as a result of the exercise of incentive stock options. Mr. Mossman currently holds options to acquire1,782,505 shares of Common Stock.

On September 24, 2024, the Corporation and Mr. Mossman also entered into a consulting services agreement whereby Mr. Mossman provides, at the request of the Corporation, advisory services relating to certain technical, strategic planning and general business advice (the "Services") to the Corporation. The term of the consulting services agreement is in effect for a period of five years at a maximum of 40 hours per year for the Services requested by the Corporation. The appointment will be without remuneration, except when the Corporation requests Services, which will be provided at customary market rates, as agreed to from time to time by Mr, Mossman and the Corporation. Mr. Mossman will be entitled to retain and be granted incentive stock options to purchase shares of the Corporation's common stock, pursuant to the terms of the Corporation's stock option plan.

Since November 22, 2025, Mihai Draguleasa has been providing services to the Company pursuant to a consulting agreement. Pursuant to a consulting services agreement dated November 14, 2024 (the "Stellar Agreement") with Stellar Strategy Business Services Inc ("Stellar") a management services company controlled by our CFO, Mihai Draguleasa, Stellar provides business advisory, finance, accounting, corporate administrative services as may be requested by the Corporation. Stellar also provided the Corporation with personnel for the positions of Chief Financial Officer, treasurer, controller and corporate secretary. The Stellar Agreement provided for a monthly fee of C$7,900 per month and continues on a month to month basis until terminated by the parties in accordance with its terms. In the event that either party wishes to terminate this Agreement, that party will be required to provide 60 days' written notice to the other party.

Mr. Mullin is expected to commit 50% of his working time to the Company. Other executive officers are expected to allocate approximately 25% of their working time to our business.

Benefit Plans

We do not currently have any pension plan, profit sharing plan or similar plan for the benefit of our officers, directors or employees; however, we may establish such plans in the future.

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Director Compensation

Our directors are compensated for serving on the Board of Directors. Management directors are not paid fees for services as a director; however, they may receive compensation for their services as employees or consultants.

The following table sets out compensation for the year ended July 31, ~~2024~~2025 of those individuals who served as directors during that year but did not qualify as Named Executive Officers.

Name	Fees Earned or Paid ~~in Cash~~inCash	Option Awards (1)	Total
Murray G. Flanigan	$20,000 (2)	$14,494 (3)	$34,494
Murray G. Flanigan (2)	$5,000 (3)	$Nil (4)	$5,000
Thomas I. Vehrs	$20,000 (23)	$2010,~~994~~908 (34)	$4030,~~994~~908
John G. Proust	$150,356 (4)	$45,694 (3)	$196,050
John G. Proust (5)	$69,539 (6)	$Nil (4)	$69,539
Lawrence W. Lepard	$20,000 (23)	$1410,~~494~~908 (34)	$3430,~~494~~908
Daniel Oliver Jr. (5)	$20,000 (2)	$77,008 (3)	$97,008
Daniel Oliver Jr.	$20,000 (3)	$26,379 (4)	$46,379
Clynton R. Nauman (6)	$18,022 (2)	$38,952 (3)	$56,974
Clynton R. Nauman	$20,000 (3)	$10,908 (4)	$30,908

(1) See Note 13 of the notes to the audited financial statements included in the Company's Form 10-K annual report for the year ended July 31, ~~2024~~2025 for a description of the assumptions made in the valuation of option awards.

(2) ~~Represents~~Mr. ~~directors'~~Flanigan ~~fees~~resigned as a director of the Company on October 30, 2024.

(3) Represents ~~share-based~~directors' ~~payments related to options granted during the year ended July 31, 2024~~fees.

(4) ~~$20,000~~Represents ~~represents~~share-based ~~director's~~payments ~~fees~~related ~~and $130,356 represents fees paid~~ to aoptions ~~management~~granted ~~services~~during ~~company~~the ~~owned~~year byended ~~John~~July G.31, ~~Proust~~2025.

(5) Mr. ~~Oliver~~Proust ~~became~~resigned as a director of the Company on ~~July~~October 1030, ~~2023~~2024.

(6) ~~Mr.~~$5,000 ~~Nauman~~represents ~~became~~director's fees and $64,539 represents fees paid to a ~~director~~management ofservices ~~the~~company ~~Company~~owned onby ~~September~~John 7,G. ~~2023~~Proust.

- 87 -

Item 12. Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.

The following table sets forth the beneficial ownership of our common stock as of October 2527, ~~2024~~2025 by (a) each person who serves as a director and/or is identified as a "Named Executive Officer" of Rise in Item 11, "Executive Compensation," above, and by all of our current directors and executive officers as a group, and (b) each person known by us to beneficially own more than 5.0% of any class of our voting securities.

A person or group of persons is considered to beneficially own any shares over which such person or group of persons, directly or indirectly, exercises sole or shared voting or investment power, or over which such person or group of persons has the right to acquire beneficial ownership at any time within 60 days through an exercise of stock options or warrants or otherwise. Unless otherwise indicated, voting and investment power relating to the shares shown in the table for our officers and directors is exercised solely by the beneficial owner thereof.

For the purposes of computing the percentage of outstanding shares of our common stock held by each person or group of persons named below, any shares that such person or group of persons has the right to acquire within 60 days of October 2527, ~~2024~~2025 is deemed to be outstanding, but is not deemed to be outstanding for the purpose of computing the percentage ownership of any other person. The inclusion herein of any shares listed as beneficially owned does not constitute an admission of beneficial ownership.

- 8891 -

Name and Address of Beneficial Owner	Amount and Nature of Beneficial Ownership	Percent ofClass (1)
Name and Address(11) of Beneficial Owner	Amount and Nature of Beneficial Ownership	Percent ofClass (1)
Daniel Oliver Jr. (Director)	9,767,182 (2)	17.4%
Equinox Partners Investment Management, LLC301 TRESSER BLVD, 13TH FLSTAMFORD CT 06901	24,104,425 (2)	19.99%
Myrmikan Gold Fund, LLC713 Silvermine RoadNew Canaan, Connecticut 06840	7,172,849 (3)	12.9%
Bilbo, LLC90 PARK AVE FL 29NEW YORK NY 10016-1318	26,566,167(10)	19.99%
Lawrence W. Lepard (Director)	5,257,851 (4)	9.3%
Daniel Oliver Jr. (Director)	16,442,914 (3)	13.6%
VBS Exchange Pty LtdLvl 12, 644 Chapel StreetSouth Yarra, MelbourneVictoria, Australia 3141	3,250,000 (5)	5.8%
Myrmikan Gold Fund, LLC713 Silvermine RoadNew Canaan, Connecticut 06840	14,663,191 (4)	12.2%
Benjamin W. Mossman (Director)	1,203,084 (6)	2.1%
Lawrence W. Lepard (Director)	5,209,101 (5)	4.3%
Joseph Mullin (CEO and President)	16,~~984~~153,~~780~~043 (76)	34.589%
Vince W. Boon (CFO and Treasurer)	145,000 (8)	*
Thomas I. Vehrs (Director)	437,775 (7)	*
Thomas I. Vehrs (Director)	330,275 (9)	*
Clynt Nauman (Director)	526,844 (8)	*
John G. Proust (Director)	2,375,174 (10)	4.2%
Mihai Draguleasa (CFO)	302,928 (9)	*
Murray G. Flanigan (Director)	450,900 (11)	*
Executive officers and directors as a group (6 persons)	29,072,605	22.72%
Clynt Nauman (Director)	406,844 (12)	*
Executive officers and directors as a group (9 persons)	21,921,090	36.0%

* Less than 1%

(1) Beneficial ownership is presented on a partially diluted basis, based on 55120,~~785~~370,~~106~~467 shares of common stock issued and outstanding as of ~~the~~October ~~date~~27, ~~of this proxy statement~~2025. Pursuant to applicable SEC rules, options, warrants or other convertible securities currently exercisable or convertible, or exercisable or convertible within 60 days, are counted as outstanding for computing the percentage of the person holding such options, warrants or other convertible securities, but are not counted as outstanding for computing the percentage of any other person.

(2) ~~Daniel~~Equinox ~~Oliver~~Partners ~~Jr.~~Investment Management, aLLC ~~director~~(“Equinox Partners”), ~~holds~~as ~~180~~the investment manager,~~000~~ controls and directs 23,892,684 shares of common stock. ~~Mr.~~acquired ~~Oliver~~through ~~also~~the ~~holds~~following ~~309,070~~funds ~~stock options~~(collectively, ~~94,070~~the of“Funds” ~~which~~-: ~~are~~Stichting ~~exercisable~~LGP; ~~into~~Equinox ~~common~~Partners, ~~stock~~LP; atMason aHill ~~price~~Partners, ofLP; ~~$0.26~~Equinox ~~per~~Partners ~~share~~Precious ~~until~~Metals ~~September~~Master 22Fund, ~~2028,~~LP; ~~200~~Lichfield,~~000~~ ofLP. ~~which~~The Funds are ~~exercisable~~the ~~into~~beneficial ~~common~~owners ~~stock~~under the control and direction of Equinox Partners of 9,146,342 warrants exercisable at a price of $0.2515 ~~per share~~ until ~~December~~May 128, 2028 and 155,600,000 ofwarrants ~~which are~~ exercisable ~~into common stock~~ at a price of $0.1745 per share until ~~May~~October 124, ~~2029~~2028. ~~Mr.~~ ~~Oliver~~Pursuant ~~has~~to ~~entered~~the ~~into~~terms aof ~~warrant~~the ~~standstill~~warrants, ~~agreement~~no ~~with~~shares ~~the~~of ~~company~~common ~~dated~~stock ~~April~~will 9,be ~~2024,~~issued asby ~~amended~~the Corporation on ~~April~~the ~~29,~~conversion ~~May~~of 1the ~~and September 12~~warrants, ~~2024~~if, ~~pursuant~~as toa ~~which~~result ~~Mr.~~of ~~Oliver has agreed not to exercise 755,526 warrants (~~the ~~"Oliver~~issuance ~~Warrants")~~of hesuch ~~holds,~~shares ~~115,000~~ of ~~which are exercisable into~~ common stock, atEquinox aPartners’ ~~price~~(together ofwith ~~$0.60~~its ~~per~~affiliates ~~share~~and ~~until~~any ~~February~~other ~~17,~~persons ~~2025,~~or ~~300,526~~entities ~~are~~acting ~~exercisable~~as ~~into~~a ~~common~~group ~~stock~~together atwith aEquinox ~~price~~Partners ofor ~~$0.158~~any ~~per~~of ~~share~~its ~~until April 29~~affiliates), ~~2027~~beneficial ~~and~~ownership ~~340,000~~of ~~are~~the ~~exercisable~~shares ~~into~~of common stock ~~at a price~~ of ~~$0.115~~the ~~per~~Corporation ~~share~~would ~~until~~exceed ~~September~~19.99% ~~12,~~(the ~~2028~~“Restrictions”). ~~The~~ ~~standstill~~With ~~agreement~~the ~~will~~Restrictions ~~remain~~ in effect, ~~until~~Equinox ~~terminated~~Partners byhas ~~Mr.~~direction ~~Oliver~~and ~~upon~~control 61over ~~days' written notice to the company. On that basis~~24,104,425 ~~Mr.~~shares ~~Oliver~~of ~~currently~~common ~~does~~stock ~~not~~ beneficially ~~own~~owned ~~the~~by ~~shares underlying~~ the ~~Oliver Warrants~~Funds, asrepresenting ~~defined~~in ~~for~~the ~~purposes~~aggregate of19.99% ~~Section 13(d)~~ of the ~~Securities Exchange Act of 1934~~120,370,467 asissued ~~amended~~and ~~(the~~outstanding ~~"Exchange~~shares ~~Act").~~of Ascommon ~~the~~stock ~~managing~~on ~~member~~a ofpartially ~~Eridanus~~diluted ~~Capital~~basis ~~LLC,~~after ~~Mr.~~giving ~~Oliver~~effect ~~is deemed~~ to ~~indirectly~~the ~~beneficially~~exercise ~~own~~of ~~2,105,263~~certain ~~shares~~ of ~~common~~the ~~stock~~warrants ~~that are~~ beneficially owned by ~~Eridanus~~the ~~Capital~~Funds ~~LLC.~~(for ~~Mr.~~certainty, ~~Oliver~~without isgiving ~~deemed~~effect to ~~indirectly beneficially own~~ the ~~securities~~exercise ~~that~~of ~~are~~any ~~beneficially~~other ~~owned~~securities byof ~~Myrmikan~~the ~~Gold Fund LLC. See note (3~~Corporation).

- 8992 -

(3) ~~Myrmikan~~Daniel ~~Gold~~Oliver ~~Fund~~Jr., ~~LLC ("Myrmikan") has entered into~~ a ~~warrant~~director, ~~standstill~~holds ~~agreement with the company dated April 9~~1, ~~2024~~210,653 asshares ~~amended~~of ~~October~~common ~~10,~~stock. ~~2024~~Mr. ~~pursuant~~Oliver toalso ~~which~~holds ~~Myrmikan~~569,070 ~~has~~stock ~~agreed not to exercise 5~~options,~~310,014~~ ~~warrants (the "Myrmikan Warrants")~~94,070 of which ~~187,500~~ are exercisable into common stock at a price of $0.6026 per share until ~~January~~September 3122, ~~2025~~2028, ~~750~~200,000 of which are exercisable into common stock at a price of $0.2625 per share until ~~November~~December 712, ~~2025~~2028, ~~140~~15,000 of which are exercisable into common stock at a price of $0.2617 per share until ~~December~~May 71, ~~2025~~2029, 160,~~350,~~000 of which are exercisable into shares of common stock at a price of $0.~~158~~10 per share until ~~April~~March 925, ~~2027~~2030, and 2200,~~882,514~~000 of which are exercisable into shares of common stock at a price of $0.~~1735~~10 per share until ~~October~~May 1022, ~~2028~~2030. ~~The~~Mr. Oliver has entered into a warrant standstill agreement ~~will~~with ~~remain~~the incompany ~~effect~~dated ~~until~~April ~~terminated~~9, by2024, ~~Myrmikan~~as ~~upon~~amended 61on ~~days'~~April ~~written~~29, ~~notice~~May to1 ~~the~~and ~~company.~~September On12, ~~that~~2024 ~~basis~~and May 8, ~~Myrmikan~~2025, ~~currently~~pursuant ~~does~~to ~~not~~which ~~beneficially~~Mr. ~~own~~Oliver ~~the~~has ~~shares~~agreed ~~underlying~~not ~~any~~to ofexercise 945,326 warrants (the ~~Myrmikan~~"Oliver Warrants") he holds, asof ~~defined~~which 300,526 ~~for~~are ~~purposes~~exercisable ofinto ~~Section~~common ~~13(d)~~stock ofat ~~the~~a ~~Exchange~~price ~~Act~~of $0.158 ~~Daniel~~per ~~Oliver~~share ~~Jr.,~~until ~~one~~April of29, ~~our~~2027, ~~directors~~340,000 isare ~~the~~exercisable ~~managing~~into ~~member~~common stock at a price of ~~Myrmikan~~$0.115 ~~Myrmikan~~per ~~Capital~~share until September 12, ~~LLC~~2028, anand ~~investment adviser~~304,800 isare ~~the~~exercisable ~~manager~~into ofcommon ~~Myrmikan~~stock ~~(the~~at ~~"Manager").~~a Mrprice of $0.15 ~~Oliver~~per ~~owns~~share auntil 97May 8, 2028.5% The ~~membership~~standstill ~~interest~~agreement ~~in,~~will ~~and~~remain isin ~~the~~effect ~~manager~~until ~~of,~~terminated ~~the~~by ~~Manager~~Mr. AsOliver ~~the~~upon ~~manager~~61 ofdays' ~~Myrmikan,~~written notice to the ~~Manager~~company. isOn ~~deemed~~that tobasis, ~~share~~Mr. ~~beneficial~~Oliver ~~ownership~~currently ofdoes not beneficially own the shares ~~beneficially~~underlying ~~owned~~the byOliver ~~Myrmikan.~~Warrants, Asas ~~the~~defined ~~manager~~for purposes of Section 13(d) of the ~~Manager,~~Exchange Act. Mr. Oliver is ~~likewise~~ deemed to ~~share~~indirectly ~~beneficial~~beneficially ~~ownership~~own of the ~~shares~~securities that are beneficially owned by Myrmikan ~~and~~Gold ~~the~~Fund ~~Manager~~LLC. See note (114).

(4) ~~Lawrence~~Myrmikan W.Gold ~~Lepard~~Fund, aLLC ~~director,~~(“Myrmikan”) holds ~~977~~14,~~405~~663,191 shares of common stock. ~~and~~Myrmikan ~~indirectly~~has ~~beneficially~~entered ~~owns~~into ana ~~additional~~warrant ~~135,000~~standstill ~~shares~~agreement ofwith ~~common~~the ~~stock~~company ~~through~~dated ~~his~~April ~~children~~9, ~~and~~2024, ~~904~~as amended October 10,~~000~~ ~~shares~~2024 ofand ~~common~~May ~~stock~~8, ~~held~~2025 bypursuant ~~Sea~~to ~~View~~which ~~Investments,~~Myrmikan ~~LLC.~~has ~~Mr.~~agreed ~~Lepard~~not ~~also~~to ~~holds~~exercise ~~267~~9,~~775~~367,685 ~~stock~~warrants ~~options,~~(the ~~100~~“Myrmikan Warrants”),~~000~~ of which 750,000 are exercisable into common stock at a price of $0.6526 per share until ~~February~~November 7, ~~2027~~2025, ~~105~~140,000 ~~of which~~ are exercisable into common stock at a price of $0.5326 per share until ~~February~~December 217, ~~2028~~2025, 471,~~775~~350,000 ~~of which~~ are exercisable into common stock at a price of $0.25158 per share until ~~December~~April 129, ~~2028~~2027, ~~and 15~~2,~~000~~882,514 ~~of which~~ are exercisable into common stock at a price of $0.171735 per share until ~~May~~October 110, ~~2029. Mr. Lepard holds 117~~2028,~~765~~ ~~warrants~~3, 12245,~~500~~171 ~~of which~~ are exercisable into common stock at a price of $0.6015 per share until ~~February~~May 178, ~~2025~~2028, and ~~105~~1,~~265~~000,000 ~~of which~~ are exercisable into common stock at a price of $0.~~158~~45 per share until ~~April~~October 2924, ~~2027~~2025. ~~Mr.~~The ~~Lepard~~standstill isagreement ~~deemed~~will toremain ~~indirectly~~in ~~beneficially~~effect ~~own~~until ~~93,750~~terminated ~~warrants~~by ~~held~~Myrmikan byupon ~~Sea~~61 ~~View~~days' ~~Investments,~~written ~~LLC,~~notice ~~which~~to ~~are~~the ~~exercisable~~Corporation. ~~into~~On ~~common~~that ~~stock~~basis, atMyrmikan acurrently ~~price~~does ofnot ~~$0.60~~beneficially ~~per~~own ~~share~~the ~~until~~shares ~~February~~underlying ~~17,~~any ~~2025.~~of ~~Mr.~~the ~~Lepard~~Myrmikan isWarrants, ~~the~~as ~~sole~~defined ~~member~~for ~~and~~purposes aof ~~manager~~Section 13(d) of ~~EMA~~the ~~GARP~~Exchange ~~GP,~~Act. ~~LLC~~Daniel Oliver Jr., ~~which~~one of our directors, is the ~~general~~managing ~~partner~~member of ~~EMA~~Myrmikan. ~~GARP~~Myrmikan ~~FUND~~Capital, LPLLC, ~~and~~an asinvestment ~~such~~adviser, is ~~deemed~~the tomanager ~~indirectly~~of ~~beneficially~~Myrmikan ~~own~~ (the ~~securities~~"Manager"). ~~that~~Mr. ~~are~~Oliver ~~beneficially~~owns ~~owned~~a by97.5% ~~EMA~~membership ~~GARP~~interest ~~FUND~~in, ~~LP. EMA~~and ~~GARP~~is ~~FUND,~~the LPmanager ~~holds 2~~of,~~559,656~~ ~~shares~~the ofManager. ~~common~~As ~~stock~~the ~~and~~manager ~~202,500~~of ~~warrants~~Myrmikan, ~~62,500~~the ofManager ~~which~~is ~~are~~deemed ~~exercisable~~to ~~into~~share ~~common~~beneficial ~~stock~~ownership atof athe ~~price~~shares ofbeneficially ~~$0.60~~owned ~~per~~by ~~share~~Myrmikan. ~~until~~As ~~February~~the ~~17,~~manager ~~2025~~of ~~and~~the ~~140~~Manager,~~000~~ ofMr. ~~which~~Oliver ~~are~~is ~~exercisable~~likewise ~~into~~deemed ~~common~~to ~~stock~~share atbeneficial aownership ~~price~~ of ~~$0.26~~the ~~per~~shares ~~share~~beneficially ~~until~~owned ~~November~~by 7,Myrmikan ~~2025.~~and the Manager.

(5) ~~VBS~~Lawrence W. Lepard, a director, holds 977,405 shares of common stock and indirectly beneficially owns an additional 135,000 shares of common stock through his children and 904,000 shares of common stock held by Sea View Investments, ~~Pty~~LLC. ~~Ltd~~Mr. Lepard also holds 387,775 stock options, 100%,000 of ~~the~~which ~~issued~~are exercisable into common stock at a price of $0.65 per share ~~capital~~until inFebruary ~~VBS~~7, ~~Exchange~~2027, ~~Pty~~105,000 ~~Ltd~~of which are exercisable into common stock at a price of $0.53 per share until February 21, 2028, 47,775 of which are exercisable into common stock at a price of $0.25 per share until December 12, 2028, 15,000 of which are exercisable into common stock at a price of $0.17 per share until May 1, 2029, 60,000 of which are exercisable into common stock at a price of $0.10 per share until March 25, 2030, and ~~therefore~~60,000 ~~indirectly~~of ~~beneficially~~which ~~owns~~are ~~all~~exercisable into common stock at a price of ~~our~~$0.10 ~~equity~~per share until May 22, 2030. Mr. Lepard holds 105,265 warrants which are exercisable into common stock at a price of $0.158 per share until April 29, 2027. Mr. Lepard is the sole member and a manager of EMA GARP GP, LLC, which is the general partner of EMA GARP FUND, LP, and as such is deemed to indirectly beneficially own the securities that are beneficially owned by ~~VBS~~EMA ~~Exchange~~GARP ~~Pty~~FUND, ~~Ltd~~LP. ~~Includes~~EMA ~~250~~GARP FUND, LP holds 2,559,656 shares of common stock and 140,000 warrants which are exercisable into common stock at a price of $0.6026 per share until ~~January~~November 317, 2025.

(6) ~~Benjamin~~Joseph ~~W. Mossman~~Mullin, ~~a director and~~ our ~~former~~ Chief Executive Officer, and President holds ~~377~~721,~~329~~095 shares of common stock, 50410,~~000~~547 warrants, 83,333 of which are exercisable into common stock at a price of $0.6026 per share until ~~January~~November 7, 312025, 105,263 of which are exercisable into common stock at a price of $0.158 per share until April 9, 2027, 121,951 of which are exercisable into common stock at a price of $0.15 per share until May 8, 2028, and 100,000 of which are exercisable into common stock at a share price of $0.45 until October 24, 2025 and ~~775~~5,~~755~~021,401 stock options held indirectly through Mount Arvon Partners LLC, 4a company wholly owned by Mr. Mullin,~~640~~ 412,241 of which are exercisable into shares of common stock at a price of $0.2617 per share until May 1, 2029, 1,006,750 of which are exercisable into shares of common stock at a price of $0.10 per share until September 2229, ~~2028~~2029, ~~268~~812,~~877~~410 of which are exercisable into shares of common stock at a price of $0.2510 per share until ~~December~~March 1225, ~~2028~~2030, and ~~502~~2,~~238~~790,000 of which are exercisable into shares of common stock at a price of $0.1710 per share until May 122, ~~2029~~2030.

~~(7) Joseph~~- ~~Mullin,~~93 our Chief Executive Officer and President holds 377,193 shares of common stock, 188,596 warrants, 83,333 of which are exercisable into common stock at a price of $0.26 per share until November 7, 2025 and 105,263 of which are exercisable into common stock at a price of $0.158 per share until April 9, 2027 and 1,418,991 stock options held indirectly through Mount Arvon Partners LLC, a company wholly owned by Mr. Mullin, 412,241 of which are exercisable into shares of common stock at a price of $0.17 per share until May 1, 2029 and 1,006,750 of which are exercisable into shares of common stock at a price of $0.10 per share until September 29, 2029. The stock options vest 25% on the date of grant and 12.5% at the beginning of each calendar quarter following the date of grant. -

-(7) Thomas 90I. -Vehrs, a director, holds 25,000 shares of common stock and 412,775 stock options, 100,000 of which are exercisable into common stock at a price of $0.65 per share until February 7, 2027, 105,000 of which are exercisable into common stock at a price of $0.53 per share until February 21, 2028, 25,000 of which are exercisable into common stock at a price of $0.26 per share until September 22, 2028, 47,775 of which are exercisable into common stock at a price of $0.25 per share until December 12, 2028, 15,000 of which are exercisable into common stock at a price of $0.17 per share until May 1, 2029, 60,000 of which are exercisable into common stock at a price of $0.10 per share until March 25, 2030, and 60,000 of which are exercisable into common stock at a price of $0.10 per share until May 22, 2030.

(8) ~~Vince~~Clynton WR. ~~Boon~~Nauman, ~~our~~a ~~Chief~~director, ~~Financial~~holds ~~Officer~~166,666 ~~and~~shares ~~Treasurer~~of common stock, ~~held~~83,333 ~~145~~warrants which are exercisable into common stock at a price of $0.26 per share until November 7,~~000~~ 2025 and 276,845 stock options, 4094,070 of which are exercisable into common stock at a price of $0.26 per share until September 22, 2028, 47,775 of which are exercisable into common stock at a price of $0.25 per share until December 12, 2028 and 15,000 of which are exercisable into common stock at a price of $0.6517 per share until ~~February~~May 71, ~~2027~~2029, 7560,000 of which are exercisable into common stock at a price of $0.5310 per share until ~~February~~March 2125, ~~2028~~2030, and 3060,000 of which are exercisable into common stock at a price of $0.2610 per share until ~~September~~May 22, ~~2028~~2030.

(9) ~~Thomas~~Mihai ~~I. Vehrs~~Draguleasa, aour ~~director,~~Chief ~~holds~~Financial ~~25,000~~Officer ~~shares~~and ~~of common stock~~Treasurer, ~~12,500~~holds ~~warrants which are exercisable into common stock at a price of $0.60 per share until January 31~~120,000 ~~2025 and 292,775~~ stock options, ~~100~~60,000 of which are exercisable into common stock at a price of $0.6510 per share until ~~February~~March 725, ~~2027,~~2030 ~~105~~and 60,000 of which are exercisable into common stock at a price of $0.5310 per share until ~~February~~May 2122, ~~2028,~~2030. ~~25,000~~Through ofa ~~which~~company, ~~are~~Lazuli ~~exercisable~~CPA ~~into~~Inc ~~common~~which ~~stock~~he atowns a100%, ~~price of $0~~Mr.26 ~~per~~Draguleasa ~~share~~indirectly ~~until~~beneficially ~~September~~owns ~~22,~~an ~~2028,~~additional 47121,~~775~~952 shares of ~~which are exercisable into~~ common stock ~~at a price of $0.25 per share until December 12, 2028~~ and 1560,~~000~~976 ofwarrants which are exercisable into common stock at a price of $0.1715 ~~per share~~ until May 18, ~~2029~~2025.

(10) ~~John~~Bilbo G.LLC ~~Proust,~~holds ~~a director~~14, ~~directly owns 36~~051,~~206~~868 shares of common stock and ~~indirectly beneficially owns 1~~14,~~623~~051,~~420~~868 ~~shares~~warrants ofexercisable ~~common~~at ~~stock.~~a ~~Mr.~~price ~~Proust~~of ~~indirectly~~$0.45 ~~beneficially~~per ~~owns~~share ~~327,773~~until ~~warrants,~~October ~~131~~24,~~305~~ of2028. ~~which~~Pursuant ~~are~~to ~~exercisable~~the ~~into~~terms ~~common~~of ~~stock~~the atwarrants, ano ~~price~~shares of ~~$0.60~~common ~~per~~stock ~~share~~will ~~until~~be ~~January~~issued ~~31,~~by ~~2025,~~the ~~196,468~~Corporation ofon ~~which~~the ~~are~~conversion ~~exercisable~~of ~~into~~the ~~common~~warrants, ~~stock~~if, atas a ~~price~~result of ~~$0.60~~the ~~per~~issuance ~~share~~of ~~until~~such ~~February~~shares ~~17,~~of ~~2025.~~common ~~Mr.~~stock, ~~Proust~~Bilbo ~~also~~LLC’s ~~holds~~(together ~~387,775~~with ~~stock~~its ~~options,~~affiliates ~~100,000~~and ofany ~~which~~other ~~are~~persons ~~exercisable~~or ~~into~~entities ~~common~~acting ~~stock~~as at a ~~price~~group oftogether ~~$0.65~~with ~~per~~Bilbo ~~share~~LLC ~~until~~or ~~February~~any 7,of ~~2027,~~its ~~105~~affiliates),~~000~~ ofbeneficial ~~which~~ownership ~~are~~of ~~exercisable~~the ~~into~~shares of common stock atof athe ~~price~~Corporation ofwould $0exceed 19.5399% ~~per~~(the ~~share~~“Restrictions”). ~~until~~With ~~February~~the ~~21,~~Restrictions ~~2028,~~in ~~120~~effect,~~000~~ ofBilbo ~~which~~LLC ~~are~~has ~~exercisable~~control ~~into~~over 26,566,167 shares of common stock, atrepresenting ain ~~price~~the ofaggregate $019.2699% ~~per~~of ~~share~~the ~~until September 22~~120, ~~2028~~370,467 ~~47,775~~issued ofand ~~which~~outstanding ~~are~~shares ~~exercisable~~of ~~into~~ common stock aton a ~~price~~partially ofdiluted ~~$0.25~~basis ~~per~~after ~~share~~giving ~~until~~effect ~~December~~to ~~12,~~the ~~2028~~exercise ~~and~~of ~~15,000~~certain of ~~which~~the ~~are~~warrants ~~exercisable~~beneficially ~~into~~owned ~~common~~by ~~stock~~Bilbo atLLC a(for ~~price~~certainty, ofwithout ~~$0.17~~giving ~~per~~effect ~~share~~to ~~until~~the ~~May~~exercise 1,of ~~2029~~any other securities of the Corporation).

(11) ~~Murray~~Except G.as ~~Flanigan,~~otherwise adisclosed ~~director,~~in ~~indirectly~~the ~~beneficially~~table ~~owns 138~~above,~~750~~ ~~shares~~the ofaddress ~~common stock and 44,375 warrants which are exercisable into common stock at a price~~ of ~~$0.60~~each ~~per~~person ~~share~~listed ~~until~~below ~~January~~is ~~31,~~c/o ~~2025. Mr.~~Rise ~~Flanigan~~Gold ~~also holds 267,775 stock options, 100,000 of which are exercisable into common stock at a price of $0~~Corp.~~65 per share until February 7~~, ~~2027,~~345 ~~105,000~~Crown ofPoint ~~which are exercisable into common stock at a price of $0.53 per share until February 21~~Circle, ~~2028,~~Suite ~~47,775~~600 ofGrass ~~which are exercisable into common stock at a price of $0.25 per share until December 12~~Valley, ~~2028~~CA ~~and 15,000 of which are exercisable into common stock at a price of $0~~95945.~~17 per share until May 1, 2029.~~

(12) Clynton R. Nauman, a director, holds 166,666 shares of common stock, 83,333 warrants which are exercisable into common stock at a price of $0.26 per share until November 7, 2025 and 156,845 stock options, 94,070 of which are exercisable into common stock at a price of $0.26 per share until September 22, 2028, 47,775 of which are exercisable into common stock at a price of $0.25 per share until December 12, 2028 and 15,000 of which are exercisable into common stock at a price of $0.17 per share until May 1, 2029.

Changes in Control

We are not aware of any arrangements, including any pledge by any person of its securities, the operation of which may at a subsequent date result in a change in control of our company.

Securities Authorized for Issuance Under Equity Compensation Plans

On March 23, 2016, the Board of Directors approved the adoption of an incentive stock option plan that provides for the granting of options representing up to 10% of our common stock to its directors, officers, employees and consultants (the "Plan"). As of July 31, ~~2024~~2025, options to purchase 58,~~578~~740,~~511~~371 shares at prices of between C$0.7010 and C$~~1.20 per share and at prices of between $~~0.65 ~~and $0.90~~ per share, are outstanding to 1511 persons under the Plan.

We- do94 ~~not have any other compensation plans under which our equity securities are authorized for issuance.~~-

On October 17, 2025, the Board of Directors adopted a new 10% rolling long-term 91incentive plan. Under the new proposed long-term incentive plan the Company may issue stock options, deferred share units, restricted share units, performance share units, and share appreciation rights. The plan will become effective if approved by the stockholders of the Company at the annual meeting scheduled for November 19, 2025.

Equity Compensation Plan Information

As of July 31, ~~2024~~2025

Plan Category	Number of securities tobe issueduponexerciseofoutstandingoptions,warrantsand rights	~~Number of securities tobe issueduponexerciseofoutstandingoptions,warrantsand rights~~	Weighted-averageexerciseprice ofoutstandingoptions,warrantsand rights	~~Weighted-averageexerciseprice~~Number ~~ofoutstandingoptions,warrantsand~~ofsecuritiesremainingavailable ~~rights~~forfuture issuance under theequitycompensationplans(excludingsecuritiesreflected incolumn (a))	~~Number ofsecuritiesremainingavailable forfutureissuance under equitycompensationplans(excludingsecuritiesreflected incolumn (a))~~
	(a)	~~(a)~~	(b)	(bc)	~~(c)~~
Equity compensation plans approved by shareholders	8,740,371	~~5,578,511~~	$0.15	~~C$0.69~~496,676	-
Equity compensation plans not approved by shareholders	-	-	-	-	-
Total	8,740,371	~~5,578,511~~	$0.15	~~C$0.69~~496,676	-

Item 13. Certain Relationships and Related Transactions, and Director Independence.

Certain Relationships and Related Transactions

On April 17, 2018, we entered into a consulting agreement with J. Proust & Associates Inc. ("JPA"), a management services company owned by one of our directors, John Proust. JPA agreed to provide the Company with such business advisory, finance, accounting and corporate administrative services as may be requested by the Company, including a Chief Financial Officer, a Controller and Corporate Secretary, plus use of a fully furnished office, for a monthly fee of C$7,100, or C$85,200 on an annualized basis. The agreement provides that the Company may grant stock options to JPA or its employees, as determined by the Board of Directors from time to time. The agreement had a one-year term that commenced on April 17, 2018. On December 13, 2018, the parties amended the agreement to increase the compensation to C$15,000 per month, or C$180,000 on an annualized basis, and to revise the term of the agreement, with a new one-year term commencing on January 1, 2019 that continues thereafter on a month-to-month basis, unless the agreement is terminated by the parties in accordance with its terms. During the year ended July 31, ~~2024~~2025, the Company paid $~~132~~64,~~421~~539 to JPA under this agreement. The agreement ended on January 31, 2025.

Daniel Oliver Jr. is the manager of Myrmikan Capital, LLC, which, in turn, is the manager of Eridanus Capital, LLC ("Eridanus"). Eridanus provided a secured loan to our wholly owned subsidiary, Rise Grass Valley in 2019. Mr. Oliver currently has a 20% membership interest in Eridanus. Mr. Oliver was appointed to our Board of Directors on July 10, 2023.

~~Rise~~- ~~Grass~~95 Valley and Eridanus entered into a loan agreement dated for reference August 30, 2019 (the "Loan Agreement") pursuant to which Eridanus provided a $1,000,000 secured loan (the "Loan") to Rise Grass Valley. As partial consideration for entering into the Loan Agreement, we issued 1,150,000 share purchase warrants to Eridanus. Each warrant entitled Eridanus to purchase one share of our common stock at a price of CAD$1.00 per share for a period of 3 years from the date of issuance of the warrants, which expiry date has been extended to September 9, 2024. Eridanus subsequently transferred its warrants to its members. As a result, Mr. Oliver acquired 374,000 of those warrants. The Loan Agreement provided for an initial term of two years, with interest payable at 10% per annum compounded monthly, and an option to extend the term for an additional two years with interest payable at 20% per annum compounded monthly for the third year and at 25% per annum compounded monthly for the fourth year. Rise Grass Valley exercised the option to extend the term of the loan. Pursuant to an agreement dated January 27, 2023, Eridanus agreed to extend the maturity date of the Loan by one year to September 4, 2024 and to reduce the interest rate from 25% to 15% per annum compounded monthly for a period of 12 months from February 17, 2023. After February 17, 2024, the rate of interest reverted to 25% per annum compounded monthly. We paid $250,000 to Eridanus to reduce the outstanding Loan and we issued an aggregate of 575,000 share purchase warrants to the members of Eridanus in proportion to their respective interests. As a member of Eridanus, Mr. Oliver acquired 115,000 of those warrants. Each warrant entitles the holder to acquire one share of our common stock at an exercise price of US$0.60 until February 17, 2025. Rise Grass Valley may prepay the Loan and accumulated interest in whole or in part.-

-Rise 92Grass -Valley and Eridanus entered into a loan agreement dated for reference August 30, 2019 (the "Loan Agreement") pursuant to which Eridanus provided a $1,000,000 secured loan (the "Loan") to Rise Grass Valley. As partial consideration for entering into the Loan Agreement, we issued 1,150,000 share purchase warrants to Eridanus. Each warrant entitled Eridanus to purchase one share of our common stock at a price of CAD$1.00 per share for a period of 3 years from the date of issuance of the warrants, which expiry date has been extended to September 9, 2024. Eridanus subsequently transferred its warrants to its members. As a result, Mr. Oliver acquired 374,000 of those warrants. The Loan Agreement provided for an initial term of two years, with interest payable at 10% per annum compounded monthly, and an option to extend the term for an additional two years with interest payable at 20% per annum compounded monthly for the third year and at 25% per annum compounded monthly for the fourth year. Rise Grass Valley exercised the option to extend the term of the loan. Pursuant to an agreement dated January 27, 2023, Eridanus agreed to extend the maturity date of the Loan by one year to September 4, 2024 and to reduce the interest rate from 25% to 15% per annum compounded monthly for a period of 12 months from February 17, 2023. After February 17, 2024, the rate of interest reverted to 25% per annum compounded monthly. We issued an aggregate of 575,000 share purchase warrants to the members of Eridanus in proportion to their respective interests. As a member of Eridanus, Mr. Oliver acquired 115,000 of those warrants. Each warrant entitles the holder to acquire one share of our common stock at an exercise price of US$0.60 until February 17, 2025. In May 2025, we repaid the outstanding balance of the loan. See note 10(a) of the July 31, 2025 audited financial statement for more details.

As at July 31, ~~2024~~2025, $~~1,625,060~~Nil was owed to Eridanus under the Loan Agreement.

On October 10, 2024, Rise Grass Valley finalized a secured loan agreement with Myrmikan Gold Fund, LLC ("Myrmikan") for a $500,000 loan which will be used for the Company's working capital. The Myrmikan loan has a term of 4 years with an interest rate of 15% per annum with interest accruing and payable along with the principal upon maturity. The Company issued 2,882,514 share purchase warrants at an exercise price of $0.1735 with a 4 year expiry period as additional consideration for advancing the Myrmikan loan. The Myrmikan loan may be repaid prior to the maturity date, in whole or in part, provided that all accrued interest is paid. The Myrmikan loan will be secured against the assets of the Company and its subsidiary. In May 2025, we repaid the outstanding balance of the loan. See note 10(b) of the July 31, 2025 audited financial statement for more details.

As at July 31, 2025, $Nil was owed to Myrmikan under the Loan Agreement.

Director Independence

Because our common stock is not currently listed on a national securities exchange, we currently use the definition in Nasdaq Listing Rule 5605(a)(2) for determining director independence, which provides that an "independent director" is a person other than an executive officer or employee of the company or any other individual having a relationship which, in the opinion of the company's Board of Directors, would interfere with the exercise of independent judgment in carrying out the responsibilities of a director. The Nasdaq listing rules provide that a director cannot be considered independent if:

the director is, or at any time during the past three years was, an employee of the company;

the director or a family member of the director accepted any compensation from the company in excess of $120,000 during any period of 12 consecutive months within the three years preceding the independence determination (subject to certain exclusions, including, among other things, compensation for board or board committee service);

a family member of the director is, or at any time during the past three years was, an executive officer of the company;

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the director or a family member of the director is a partner in, controlling stockholder of, or an executive officer of an entity to which the company made, or from which the company received, payments in the current or any of the past three fiscal years that exceed 5% of the recipient's consolidated gross revenue for that year or $200,000, whichever is greater (subject to certain exclusions);

the director or a family member of the director is employed as an executive officer of an entity where, at any time during the past three years, any of the executive officers of the company served on the compensation committee of such other entity; or

the director or a family member of the director is a current partner of the Company's outside auditor, or at any time during the past three years was a partner or employee of the company's outside auditor, and who worked on the company's audit.

We have determined that ~~Murray Flanigan~~, Lawrence Lepard, Clynton Nauman, Daniel Oliver, ~~John Proust,~~ and Thomas Vehrs meet this definition of independence.

Item 14. Principal Accountant Fees and Services.

The following table shows the fees billed by our company's auditor, Davidson & Company LLP Chartered Professional Accountants, for the fiscal years ended July 31, ~~2024~~2025 and ~~2023~~2024, and a summary of the services provided under each category follows the table:

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	July 31, 2025 (C$)	July 31, 2024 (C$)
Audit Fees	109,166	87,171
Audit-Related Fees	5,061	-
Tax Fees	-	-
All Other Fees	-	-

	July 31, 2024(C$)	July 31, 2023(C$)
Audit Fees	87,171	82,494
Audit-Related Fees	-	-
Tax Fees	-	-
All Other Fees	-	-

Audit Fees consist of fees billed for professional services rendered for the audit of the consolidated financial statements and review of the quarterly interim consolidated financial statements.

Audit-Related fees consist of the review of SEC comment letters and management responses.

Tax Fees consist of tax compliance fees and other tax planning advisory services.

All Other Fees: There were no fees billed by Davidson & Company for professional services rendered for other compliance purposes for the years ended July 31, ~~2024~~2025 and ~~2023~~2024.

Our Board of Directors has established pre-approval policies and procedures, pursuant to which the Board approved the foregoing audit and audit-related services provided by Davidson & Company in fiscal years ~~2024~~2025 and ~~2023~~2024 consistent with the Board's responsibility for engaging our company's independent auditors.

PART IV

Item 15. Exhibits and Financial Statement Schedules.

(a) The following financial statements are being filed as part of this Report:

Consolidated Financial Statements of Rise Gold Corp.

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of July 31, 2024 and 2023

Consolidated Statement of Operations and Comprehensive Loss for the years ended July 31, 2024 and 2023

Consolidated Statement of Cash Flows for the years ended July 31, 2024 and 2023

Consolidated Statement of Stockholders' Equity (Deficit) for the years ended July 31, 2024 and 2023

Notes to the Consolidated Financial Statements

(b) The following exhibits are being filed as part of this Report:

Number	Exhibit Description
3.1	Articles of Incorporation, as amended through March 29, 2017 (1)
3.2	Certificate of Change made effective December 16, 2019 (2)
3.3	Certificate of Amendment dated September 18, 2020 (2)
3.4	Bylaws (3)
4.1	Description of Capital Stock (4)
10.1	Incentive Stock Option Plan dated March 23, 2016 (1)
10.2	Employment Agreement with Benjamin Mossman dated as of April 19, 2017 (1)

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10.3	April 16, 2018 Amendment to the Employment Agreement with Benjamin Mossman dated as of April 19, 2017 (5)
10.4	Consulting Agreement with J. Proust & Associates Inc., as amended, dated December 13, 2018 (6)
10.5	Loan Agreement between Rise Grass Valley Inc. and Eridanus Capital, LLC dated August 30, 2019 (7)
10.6	Collateral Agreement in favor of Eridanus Capital, LLC, dated August 30, 2019 (7)
10.7	Deed of Trust in favor of Jeremy A. M. Evans, as trustee, for the benefit of Eridanus Capital, LLC dated August 30, 2019 (7)
10.8	January 27, 2023 Amendment to the Loan Agreement dated August 30, 2019 between Rise Grass Valley Inc. and Eridanus Capital, LLC
14.1	Code of Ethics (8)
21.1	Subsidiaries of the registrant (1)
23.1	Consent of Davidson & Company
31.1	Certificate of the Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
31.2	Certificate of the Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002
32.1	Certificate of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
32.2	Certificate of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002
101.INS	Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document
101.SCH	XBRL Taxonomy Schema Linkbase Document
101.CAL	XBRL Taxonomy Extension Calculation Linkbase Document.
101.DEF	XBRL Taxonomy Extension Definition Linkbase Document
101.LAB	XBRL Taxonomy Extension Label Linkbase Document
101.PRE	XBRL Taxonomy Extension Presentation Linkbase Document
104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

_____________________

(1) Included as an exhibit to our registration statement on Form S-1 filed on September 5, 2017 and incorporated herein by reference.

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(2) Included as an exhibit to our Form 10-K annual report filed on October 29, 2020 and incorporated herein by reference.

(3) Included as an exhibit to our registration statement on Form S-1 filed on February 19, 2008 and incorporated herein by reference.

(4) Included as an exhibit to our Form 10-K annual report filed on October 29, 2019 and incorporated herein by reference.

(5) Included as an exhibit to our registration statement on Form S-1 filed on May 29, 2018 and incorporated herein by reference.

(6) Included as an exhibit to our Form S-1 registration statement filed on January 17, 2019 and incorporated herein by reference.

(7) Included as an exhibit to our Form S-1 registration statement filed on October 31, 2019 and incorporated herein by reference.

(8) Included as an exhibit to Amendment No. 1 to our Form 10-K annual report filed on October 30, 2008 and incorporated herein by reference.

Item 16. Form 10-K Summary.

Not applicable.

SIGNATURES

Pursuant to the requirements of Section 13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this Report to be signed on its behalf by the undersigned, thereunto duly authorized.

RISE GOLD CORP.

/s/ Joseph Mullin

Joseph Mullin

President and Chief Executive Officer

Date: October 29, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934, this Report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

/s/ Joseph Mullin

Joseph Mullin

President and Chief Executive Officer

(Principal Executive Officer)

October 29, 2024

/s/ Vince Boon

Vincent Boon

Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

October 29, 2024

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/s/ Murray Flanigan

Murray Flanigan

Director

October 29, 2024

/s/ John Proust

John Proust

Director

October 29, 2024

/s/ Benjamin Mossman

Benjamin Mossman

Director

October 29, 2024

/s/ Thomas Vehrs

Dr. Thomas Vehrs

Director

October 29, 2024

/s/ Lawrence Lepard

Lawrence Lepard

Director

October 29, 2024

/s/ Daniel Oliver Jr.

Daniel Oliver Jr.

Director

October 29, 2024

/s/ Clynt Nauman

Clynt Nauman

Director

October 29, 2024

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PART IV

Item 15. Exhibits and Financial Statement Schedules.

(a) The following financial statements are being filed as part of this Report:

Consolidated Financial Statements of Rise Gold Corp.

Report of Independent Registered Public Accounting Firm

Consolidated Balance Sheets as of July 31, 2025 and 2024

Consolidated Statement of Operations and Comprehensive Loss for the years ended July 31, 2025 and 2024

Consolidated Statement of Cash Flows for the years ended July 31, 2025 and 2024

Consolidated Statement of Stockholders' Equity (Deficit) for the years ended July 31, 2025 and 2024

Notes to the Consolidated Financial Statements

(b) The following exhibits are being filed as part of this Report:

Number	Exhibit Description

3.1	Articles of Incorporation, as amended through March 29, 2017 ⁽¹⁾

3.2	Certificate of Change made effective December 16, 2019 ⁽²⁾

3.3	Certificate of Amendment dated September 18, 2020 ⁽²⁾

3.4	Bylaws ⁽³⁾

4.1	Description of Capital Stock ⁽⁴⁾

10.1	Incentive Stock Option Plan dated March 23, 2016 ⁽¹⁾

10.2	Employment Agreement with Benjamin Mossman dated as of April 19, 2017 ⁽¹⁾

10.3	April 16, 2018 Amendment to the Employment Agreement with Benjamin Mossman dated as of April 19, 2017 ⁽⁵⁾

10.4	Consulting Agreement with Mount Arvon Partners LLC and Joseph Mullin dated as of September 23, 2023 for provision of Chief Executive Officer services ⁽⁶⁾

10.5	Consulting Agreement with Stellar Strategy Business Services Inc. dated November 14, 2024 for provision of Chief Financial Officer and Corporate Secretary services through Mihai Draguleasa and Catherine Cox ⁽⁶⁾

10.6	Material agreements related to our October 1, 2024 $2.5 million sale of land ⁽⁷⁾

10.7	Material agreements related to our October 1, 2024 $1.8 million sale of land ⁽⁷⁾

10.8	Option Agreement dated November 25, 2024 related to the buyback provision of 66 acres of land sold ⁽⁷⁾

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13.1	Code of Ethics ⁽⁸⁾

21.1	Subsidiaries of the registrant ⁽¹⁾

23.1	Consent of Davidson & Company

31.1	Certificate of the Chief Executive Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

31.2	Certificate of the Chief Financial Officer pursuant to Rule 13a-14(a) or 15d-14(a) under the Securities Exchange Act of 1934, as amended, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

32.1	Certificate of the Chief Executive Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2	Certificate of the Chief Financial Officer pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS	Inline XBRL Instance Document–the instance document does not appear in the Interactive Data File as its XBRL tags are embedded within the Inline XBRL document

101.SCH	Inline XBRL Taxonomy Schema Linkbase Document

101.CAL	Inline XBRL Taxonomy Extension Calculation Linkbase Document.

101.DEF	Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB	Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE	Inline XBRL Taxonomy Extension Presentation Linkbase Document

104	Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

_____________________

(1) Included as an exhibit to our registration statement on Form S-1 filed on September 5, 2017 and incorporated herein by reference.

(2) Included as an exhibit to our Form 10-K annual report filed on October 29, 2020 and incorporated herein by reference.

(3) Included as an exhibit to our registration statement on Form S-1 filed on February 19, 2008 and incorporated herein by reference.

(4) Included as an exhibit to our Form 10-K annual report filed on October 29, 2019 and incorporated herein by reference.

(5) Included as an exhibit to our registration statement on Form S-1 filed on May 29, 2018 and incorporated herein by reference.

(6) Included as an exhibit to our Form S-1 registration statement filed on July 14, 2025 and incorporated herein by reference.

(7) Included as an exhibit to our Form 10-Q Amendment No. 1 filed on April 18, 2025 and incorporated herein by reference.

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(8) Included as an exhibit to Amendment No. 1 to our Form 10-K annual report filed on October 30, 2008 and incorporated herein by reference.

Item 16. Form 10-K Summary.

Not applicable.

SIGNATURES

RISE GOLD CORP.

/s/ Joseph Mullin

Joseph Mullin

President and Chief Executive Officer

Date: October 27, 2025

/s/ Joseph Mullin

Joseph Mullin

President and Chief Executive Officer

(Principal Executive Officer)

October 27, 2025

/s/ Mihai Draguleasa

Mihai Draguleasa

Chief Financial Officer and Treasurer

(Principal Financial and Accounting Officer)

October 27, 2025

/s/ Thomas Vehrs

Dr. Thomas Vehrs

Director

October 27, 2025

/s/ Lawrence Lepard

Lawrence Lepard

Director

October 27, 2025

/s/ Daniel Oliver Jr.

Daniel Oliver Jr.

Director

October 27, 2025

/s/ Clynt Nauman

Clynt Nauman

Director

October 27, 2025

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Filing Compare · Rise Gold Corp.