In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Green Glen Minerals Limited for the year ended 31 December 2025 which comprise, the statement of financial position, the statement of changes in equity, the statement of cash flows and the related notes from the company’s accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Green Glen Minerals Limited, as a body, in accordance with the terms of our engagement letter dated 1 November 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Green Glen Minerals Limited and state those matters that we have agreed to state to the board of directors of Green Glen Minerals Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Green Glen Minerals Limited and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Green Glen Minerals Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Green Glen Minerals Limited. You consider that Green Glen Minerals Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Green Glen Minerals Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

For the financial year ended 31 December 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The directors of the company have elected not to include a copy of the income statement within the financial statements.

Green Glen Minerals Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Threshing Barn, Manor Farm Barns, Coates Lane, High Wycombe, Buckinghamshire, HP13 5UX. The company's principal activities and nature of its operations are disclosed in the directors' report.

The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with the requirements of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.

The financial statements are prepared in pounds sterling ("£"), which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

The directors have at the time of approving the financial statements, a reasonable expectation that the truecompany has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

Intangible assets consist of capitalised exploration costs, capitalised in accordance with IFRS 6

"Exploration for and Evaluation of Mineral Resources". The Company recognises expenditure in Intangible assets when it reasonably expects that those assets will be successful in supporting the discovery of specific mineral assets. Intangible assets are initially measured at cost and are assessed for impairment when facts and circumstances suggest that the carrying amount of an asset may exceed its recoverable amount. Any impairment is recognised directly in profit or loss.

Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.

At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

Financial assets are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.

At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.

When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.

Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.

Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the company’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.

The company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.

Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.

The expected credit losses associated with these assets are estimated on a forward-looking basis. A broad range of information is considered when assessing credit risk and measuring expected credit losses, including past events, current conditions, and reasonable and supportable forecasts that affect the expected collectability of the future cash flows of the instrument.

Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.

The company recognises financial debt when the company becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.

Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.

Financial liabilities are derecognised when, and only when, the company’s obligations are discharged, cancelled, or they expire.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Equity-settled share-based payments are measured at fair value at the date of grant by reference to the fair value share price at the Company's last fundraises in January and March 2021. The fair value determined at the grant date is expensed on a straight-line basis over the vesting period, based on the estimate of shares that will eventually vest. A corresponding adjustment is made to equity.

When the terms and conditions of equity-settled share-based payments at the time they were granted are subsequently modified, the fair value of the share-based payment under the original terms and conditions and under the modified terms and conditions are both determined at the date of the modification. Any excess of the modified fair value over the original fair value is recognised over the remaining vesting period in addition to the grant date fair value of the original share-based payment. The share-based payment expense is not adjusted if the modified fair value is less than the original fair value.

Cancellations or settlements (including those resulting from employee redundancies) are treated as an acceleration of vesting and the amount that would have been recognised over the remaining vesting period is recognised immediately.

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

Segmental reporting

Operating segments are reported in a manner consistent with the internal reporting provided to the Directors, who are the chief operating decision-makers ('CODMs').

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.

The Directors have completed a review of the value of the intangible exploration assets in Scotland and are of the opinion that the value of these assets is stated in the Balance Sheet of the Company at 31 December 2025 at fair value since a 15-year definitive Prospecting Agreement was signed on 31 March 2023 with the landowner at the Lead Trial Prospect and a standard security over the lands has been lodged with the land registry. This agreement was kept in good standing with the annual fee paid in March 2025.

The Company is able to advance exploration on the property knowing that it has long term legal title and access to minerals subject to meeting terms and conditions of the Prospecting Agreement which the Directors to not consider to be onerous in any way. Exploration will advance at a pace determined by market and investor interest as further funding will be required to fund a major drilling campaign on the project. The Cononish gold mine, owned by Scotgold Resources and located 43km west of the Lead Trial Prospect, entered administration in late November 2023. This created some negative market reaction to Scottish resources projects through 2024 however the gold price has subsequently increased significantly approaching $3,000 / oz and a new investor has acquired 80% of the Cononish mine in March 2025. These events may provide a more favourable outlook for the Company and its project in what has been a difficult market for junior resource companies.

The Company operates principally in the UK, Scotland and Scandinavia, with operations managed on a project by project basis within each geographical area. Activities in the UK include the Head Office corporate and administrative costs, whilst the activities in Scotland and Scandinavia relate to exploration and evaluation work. The reports used by the Board and Management are based on these geographical segments.

Intangible assets comprise capitalised exploration and evaluation costs (direct costs, licence fees and fixed salary / consultant costs) of the Loch Tay project in Scotland.

The Directors have completed a review of the value of the intangible exploration assets in Scotland and are of the opinion that the value of these assets is stated in the Balance Sheet of the Company at 31 December 2025 at fair value. The Prospecting Agreement with the landowner in Scotland was fully executed. The Directors have no reason to impair the value of the assets at this time.

The average monthly number of persons (including directors) employed by the company during the year was:

The charge for the year can be reconciled to the loss per the income statement as follows:

Losses available to carry forward amount to £342,235 (2024: £336,353). No deferred tax asset has been recognised on these losses, as the probability of available future taxable profits is not currently quantifiable.

There is no difference between the basic and diluted earnings per share for the period ended 31 December 2025 or 2024 as the effect of the exercise of options would be anti-dilutive.

The directors consider that the carrying amount of trade and other receivables is approximately equal to their fair value.

Share options issued are being expensed over the relevant vesting period for the scheme.

The company has a share option scheme for all employees, directors and certain consultants. Options are exercisable at price equal to the Company's last fundraises in January and March 2021. The vesting period is three years from commencement of the scheme which was 12 March 2021, with the options vesting 1/3 on each anniversary. If options remain unexercised after a period of seven years from the date of grant the options expire. Options are forfeited if the employee leaves the company before the options vest.

Share options issued are being expensed over the relevant vesting period for the scheme.

The company is not subject to any externally imposed capital requirements.

The remuneration of key management personnel, including directors, is set out below in aggregate for each of the categories specified in IAS 24 Related Party Disclosures.

Remuneration of key management personnel include £nil (2024: £nil ) of costs capitalised and included within non-current assets. There were no amounts outstanding at the year end.

Purchases from related parties include £nil (2024: £nil) of costs capitalised and included within non-current assets.

Consultancy costs of key personnel include £nil (2024: £nil) of costs capitalised and included within non-current assets. Of the amount disclosed, £nil (2024: £nil) is included within accruals at the year-end.

The Prospecting Agreement with the main landowner over the Lead Trial prospect in Scotland (Loch Tay Project) was executed with a commencement date of 17 March 2023. This agreement has been kept in good standing, with the required annual payments made during the period and subsequently post year end. The agreement gives the Company full exclusive access and prospecting rights for a period of 15 years followed by, subject to planning permission, mining development rights on the same lands to extract gold, silver and base metals for a further 20 years. The details of the agreement remain confidential between the two parties; however, the Company considers the annual access fee to be affordable and representing only a small portion of any active exploration costs on the project. The agreement covers all known outcropping and inferred quartz veins at the Lead Trial prospect. In early 2026, the Company applied for the Mines Royal Option following the surrender of the licence by the previous joint venture partner. This application, if granted, would allow the Company to consolidate all mineral rights for the project and restart exploration activities, subject to the granting of the Mines Royal licence and a future fundraise. The Directors will continue to market the Company with a view to identifying a transaction that will realise value for shareholders.