# Jaguar Uranium (JAGU) 10-Q SEC filing - Q1 FY2026

- Filed: May 14, 2026, 4:01 PM EDT
- Fiscal quarter: Q1 FY2026
- Calendar quarter: Q1 2026
- Accession: 0001213900-26-056589
- OpenCapital page: https://www.opencapital.sh/filings/0001213900-26-056589
- Markdown URL: https://www.opencapital.sh/filings/0001213900-26-056589.md
- Official SEC filing index: https://www.sec.gov/Archives/edgar/data/2039273/000121390026056589/0001213900-26-056589-index.htm

## Filing documents

- [10-Q (ea0289361-10q_jaguar.htm)](https://www.sec.gov/Archives/edgar/data/2039273/000121390026056589/ea0289361-10q_jaguar.htm)

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## 10-Q

SEC source: [ea0289361-10q_jaguar.htm](https://www.sec.gov/Archives/edgar/data/2039273/000121390026056589/ea0289361-10q_jaguar.htm)

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**WASHINGTON, D.C. 20549**

**FORM 10-Q**

**☒****QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934**

For the quarterly period ended March 31, 2026

OR

**☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF
THE SECURITIES EXCHANGE ACT OF 1934**

Commission File Number 001-43094

**JAGUAR URANIUM CORP.**

(Exact name of registrant as specified in its charter)

**British Columbia** **Not applicable**

(State or other jurisdiction of incorporation or organization) (I.R.S. Employer Identification No.)

**3-1136 Centre Street   Thornhill, Ontario Canada** **L4J 3M8**

(Address of principal executive offices) (Zip Code)

(Registrant’s telephone number, including area
code): **(416) 648-4065**

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

**Title of Each Class** **Trading Symbol(s)** **Name of Each Exchange on Which Registered**

Class A common shares, no par value JAGU NYSE American LLC

Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 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 (§ 232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

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 ☐ Accelerated filer ☐

Non-accelerated filer ☒ Smaller reporting company ☒

Emerging growth company ☒

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
is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of May 14, 2026, there were 20,193,777
Class A common shares of the registrant, no par value per share, outstanding.

**JAGUAR URANIUM CORP.**

**TABLE OF CONTENTS**

| Part I. |  |  |
| --- | --- | --- |
| Item 1. | Financial Statements (Unaudited) | 1 |
|  | Condensed Consolidated Balance Sheets as of March 31, 2026 and March 31, 2025 | 1 |
|  | Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 | 2 |
|  | Condensed Consolidated Statement of Stockholders’ Equity for the Three Months Ended March 31, 2026 and 2025 | 3 |
|  | Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 | 4 |
|  | Notes to Condensed Consolidated Financial Statements | 5 |
| Item 2. | Management’s Discussion and Analysis of Financial Condition and Results of Operations | 15 |
| Item 3. | Quantitative and Qualitative Disclosures About Market Risk | 21 |
| Item 4. | Controls and Procedures | 21 |
| Part II. |  |  |
| Item 1. | Legal Proceedings | 22 |
| Item 1A. | Risk Factors | 22 |
| Item 2. | Unregistered Sales of Equity Securities and Use of Proceeds | 22 |
| Item 3. | Defaults Upon Senior Securities | 22 |
| Item 4. | Mine Safety Disclosures | 22 |
| Item 5. | Other Information | 22 |
| Item 6. | Exhibits | 22 |
| Signature |  | 23 |

i

**CAUTIONARY
NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This Quarterly Report on Form 10-Q, including
all documents incorporated by reference, contains forward-looking statements regarding Jaguar Uranium Corp. (the “*Company*,”
“*Jaguar Uranium*,” “*we*” or “*our*”) and represents our expectations and beliefs
concerning future events. These forward-looking statements are intended to be covered by the safe harbor for forward-looking statements
provided by the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks and uncertainties.
The forward-looking statements included herein, or incorporated herein by reference, include or may include, but are not limited to, (and
you should read carefully) statements that are predictive in nature, depend upon or refer to future events or conditions, or use or contain
words, terms, phrases, or expressions such as “achieve,” “forecast,” “plan,” “propose,”
“strategy,” “envision,” “hope,” “will,” “continue,” “potential,”
“expect,” “believe,” “anticipate,” “project,” “estimate,” “predict,”
“intend,” “should,” “could,” “may,” “might,” or similar words, terms, phrases
or expressions or the negative of any of these terms. Any statements in this Form 10-Q that are not based upon historical fact are forward-looking
statements and represent our best judgment as to what may occur in the future.

These forward-looking statements are based on
information available as of the date of this Quarterly Report on Form 10-Q and the Company managements’ current expectations, forecasts
and assumptions, and involve a number of judgments, known and unknown risks and uncertainties and other factors, many of which are outside
the control of the Company and its directors, officers and affiliates. Accordingly, forward-looking statements should not be relied upon
as representing the Company’s views as of any subsequent date. The Company does not undertake any obligations to update, add or to otherwise
correct any forward-looking statements contained herein to reflect events or circumstances after the date they were made, whether as a
result of new information, future events, inaccuracies that become apparent after the date hereof or otherwise, except as may be required
under applicable securities laws.

As a result of a number of known and unknown risks
and uncertainties, the Company’s results or performance may be materially different from those expressed or implied by these forward-looking
statements. Some factors that could cause actual results to differ are set forth under the heading “*Risk Factor Summary*”
those described under Part I, Item 1A. “*Risk Factors*” in our Annual Report on Form 10-K filed with the Securities and
Exchange Commission (the “*SEC*”) on March 27, 2026.

ii

**PART I. FINANCIAL INFORMATION**

## Item 1. Financial Statements (Unaudited)

**Item 1. Financial Statements**

**JAGUAR URANIUM CORP.**

**UNAUDITED CONDENSED CONSOLIDATED INTERIM BALANCE
SHEETS**

**AS OF MARCH 31, 2026 AND DECEMBER 31, 2025**

| Line item | March 31 / 2026 | December 31 / 2025 |
| --- | --- | --- |
| ASSETS |  |  |
| Current assets |  |  |
| Cash and cash equivalents | $20,155,926 | $82,444 |
| Prepaid expenses and other assets | 205,154 | 98,102 |
| Total current assets | 20,361,080 | 180,546 |
| Non-current assets |  |  |
| Mineral properties | 8,150,000 | 8,150,000 |
| Property and equipment, net | 37,527 | 38,865 |
|  | 8,187,527 | 8,188,865 |
| TOTAL ASSETS | $28,548,607 | $8,369,411 |
| LIABILITIES |  |  |
| Current liabilities |  |  |
| Accounts payable and other liabilities | $579,247 | $953,442 |
| Total current liabilities | 579,247 | 953,442 |
| Non-current liabilities: |  |  |
| Deferred tax liability | 1,400,000 | 1,400,000 |
| Convertible debentures | — | 150,000 |
| TOTAL LIABILITIES | 1,979,247 | 2,503,442 |
| SHAREHOLDERS’ EQUITY |  |  |
| Common stock, Class A, $ Nil par value: unlimited authorized, 20,193,777 (2025 - 9,057,020) shares issued and outstanding | — | — |
| Additional paid-in capital | 56,945,348 | 16,373,320 |
| Accumulated deficit | (30,375,988) | (10,507,351) |
| TOTAL SHAREHOLDERS’ EQUITY | 26,569,360 | 5,865,969 |
| TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY | $28,548,607 | $8,369,411 |

**The accompanying notes are an integral part
of these unaudited condensed consolidated interim financial statements.**

1

**JAGUAR URANIUM CORP.**

**UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS
OF OPERATIONS AND COMPREHENSIVE LOSS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND
2025**

| REVENUE | Three months ended March 31, 2026 / — | Three months ended March 31, 2025 / — |
| --- | --- | --- |
| OPERATING EXPENSES: |  |  |
| General and administrative expenses | 1,148,800 | 337,332 |
| Legal and professional fees | 165,038 | 113,856 |
| Mineral properties impairment | — | — |
| Depreciation | 1,674 | 1,250 |
| Exploration and evaluation expenditures | 106,412 | 54,676 |
| TOTAL OPERATING EXPENSES | 1,421,924 | 507,113 |
| OTHER INCOME AND EXPENSES |  |  |
| Interest and other (income) expense | (58,356) | 110 |
| Foreign exchange (gain) | 37,341 | 6,193 |
| Liquidity event deferred cash payment | 720,700 | — |
| Liquidity event and listing event shares | 17,747,028 | — |
| LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE | 19,868,637 | 513,416 |
| Deferred tax recovery | — | — |
| NET LOSS AND COMPREHENSIVE LOSS | $19,868,637 | $513,416 |
| BASIC AND DILUTED LOSS PER SHARE | $(1.33) | $(0.06) |
| WEIGHTED AVERAGE NUMBER OF COMMON SHARES OUTSTANDING, BASIC AND DILUTED | 14,942,326 | 8,604,353 |

**The accompanying notes are an integral part
of these unaudited condensed consolidated interim financial statements.**

2

**JAGUAR URANIUM CORP.**

**UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENT
OF CHANGES IN SHAREHOLDERS’ EQUITY**

 **FOR THE THREE MONTHS ENDED MARCH 31, 2026
AND 2025**

| Line item | Number of Shares | Amount | Additional paid-in capital | Accumulated deficit | Total Shareholders’ Equity |
| --- | --- | --- | --- | --- | --- |
| BALANCE AT DECEMBER 31, 2025 | 9,057,020 | — | $16,373,320 | $(10,507,351) | $5,865,969 |
| Net proceeds on completion of IPO | 6,250,000 | — | 22,675,000 | — | 22,675,000 |
| Liquidity event and listing event shares | 4,836,757 | — | 17,747,028 | — | 17,747,028 |
| Conversion of convertible debenture | 50,000 | — | 150,000 | — | 150,000 |
| Share-based compensation | — | — | — | — | — |
| Net loss and comprehensive loss | — | — | — | (19,868,637) | (19,868,637) |
| BALANCE AT MARCH 31, 2026 | 20,193,777 | — | $56,945,348 | $(30,375,988) | $26,569,360 |

| Line item | Number of Shares | Amount | Additional paid-in capital | Accumulated deficit | Total Shareholders’ Equity |
| --- | --- | --- | --- | --- | --- |
| BALANCE AT DECEMBER 31, 2024 | 8,546,020 | — | $12,590,607 | $(5,853,606) | $6,737,001 |
| Share-based compensation | — | — | 284,822 | — | 284,822 |
| Shares issued for unit subscription | 70,000 | — | 350,000 | — | 350,000 |
| Net loss and comprehensive loss | — | — | — | (513,416) | (513,416) |
| BALANCE AT MARCH 31, 2025 | 8,616,020 | — | $13,225,429 | $(6,367,022) | $6,858,407 |

**The accompanying notes are an integral part
of these unaudited condensed consolidated interim financial statements.**

3

**JAGUAR URANIUM CORP.**

**UNAUDITED CONDENSED CONSOLIDATED INTERIM STATEMENTS
OF CASH FLOWS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND
2025**

| Line item | 2026 | 2025 |
| --- | --- | --- |
| CASH FLOWS FROM OPERATING ACTIVITIES: |  |  |
| Net loss | $(19,868,637) | $(513,416) |
| Adjustments to reconcile net loss to net cash used in operating activities: |  |  |
| Share-based payments | 17,747,028 | 284,822 |
| Depreciation | 1,674 | 1,250 |
| Changes in operating assets and liabilities: |  |  |
| Prepaid expenses and other assets | (107,052) | 20,083 |
| Accounts payable and other liabilities | (374,531) | (48,728) |
| Net cash used in operating activities | (2,601,518) | (255,990) |
| CASH FLOWS FROM FINANCING ACTIVITIES: |  |  |
| Proceeds from issuance of shares and units | 22,675,000 | 350,000 |
| Net cash from financing activities | 22,675,000 | 350,000 |
| INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | 20,073,482 | 94,010 |
| CASH AND CASH EQUIVALENTS AT THE BEGINNING OF YEAR | 82,444 | 103,884 |
| CASH AND CASH EQUIVALENTS AT THE END OF YEAR | $20,155,926 | $197,894 |
| SUPPLEMENTAL CASH FLOW INFORMATION: |  |  |
| Cash paid for interest | — | — |
| Cash paid for income taxes | — | — |

**The accompanying notes are an integral part
of these unaudited condensed consolidated interim financial statements.**

4

**JAGUAR URANIUM CORP.**

**NOTES TO UNAUDITED CONDENSED CONSOLIDATED INTERIM
FINANCIAL STATEMENTS**

**FOR THE THREE MONTHS ENDED MARCH 31, 2026 AND
2025**

### **NOTE 1: BUSINESS DESCRIPTION**

Jaguar Uranium Corp., (the “Company”)
is engaged in the acquisition and development of mining properties in Latin America. On December 8, 2023, the Company entered into a
definitive agreement with Green Shift Commodities Ltd. (“GCOM”) to acquire 100% of the issued and outstanding shares
of two wholly-owned subsidiaries of GCOM (collectively, the “Colombian Acquisition”):

- Gaia Energy Investments Ltd. (“Gaia BVI”), was incorporated on April 19, 2006 and restored on November 16, 2015, in the British Virgin Islands (“BVI”) registered in Colombia as Gaia Energy Investments Ltd. Sucursal Colombia (“Gaia Colombia”).
- Berlin (BVI) Limited (“Berlin BVI”) was incorporated on June 30, 2021, in the British Virgin Islands (“BVI”) and is registered in Colombia as Berlin (BVI) Limited Sucursal Colombia (“Berlin Colombia”), on May 17, 2022 in the Chamber of Commerce of Bogota.

Through the Colombian Acquisition, the Company
is the legal and beneficial owner of a 100% interest in certain mining concessions located in the “Berlin Project.” The Berlin
project is currently being explored and developed as an exploration stage uranium asset located in Caldas Province of Central Colombia.

On July 19, 2024, the Company closed on the acquisition
of 2847312 Ontario Inc. (“284 Ontario”), which registered in Argentina as 2847312 Ontario Inc. (Sucursal Argentina), whereby
it holds mineral rights in the Laguna Project and Huemul Projects in Argentina (the “Argentinian Acquisition”). 284 Ontario
was incorporated on June 14, 2021, in Ontario, Canada.

The Company was incorporated on December 16, 2022.

On February 11, 2026, the Company completed its
Initial Public Offering (“IPO”) and its Class A common shares (the “Common Shares”) commenced trading on the NYSE
American LLC under the symbol “JAGU”.

### **NOTE 2: BASIS OF PRESENTATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES**

**a.** **Basis of Presentation**

These unaudited condensed consolidated interim
financial statements are presented in U.S. dollars. These condensed consolidated financial statements include the Company’s subsidiaries,
as described in Note 1.

The accompanying unaudited condensed consolidated
interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S.
and the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. Accordingly, they do not
include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, shareholders’
deficiency, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments)
have been made which are necessary for a fair financial statement presentation. The unaudited condensed consolidated interim financial
statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited consolidated
financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended December 31,
2025. The interim results for the period ended March 31, 2026 are not necessarily indicative of the results for the full fiscal year.

5

**b.** **Principles of Consolidation**

These unaudited condensed consolidated interim
financial statements include the Company’s directly and indirectly wholly owned subsidiaries: Gaia Energy Investments Ltd., Berlin
(BVI) Limited and 2847312 Ontario Inc.

All inter-company transactions and balances have
been eliminated upon consolidation.

**c.** **Use of estimates in the preparation of financial statements**

The preparation of the Company’s financial
statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of liabilities and expenses. The estimates and associated assumptions are based on historical experience and various
other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments
about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in
the period in which the estimates are revised and in any future periods affected. On an ongoing basis, the Company evaluates estimates
used, which include, but are not limited to the: valuation of stock-based compensation; share-based consideration for acquisitions; and,
the impairment of long-lived assets, including mineral properties.

**d.** **Recent Accounting Standards**

As of March 31, 2026, there are no additional
recently issued or adopted accounting standard that could have a material impact on these consolidated financial statements.

**e.** **Contingent liabilities**

Contingent liabilities

Certain conditions may exist as of the date the
financial statements are issued, that may result in a loss to the Company but that will only be resolved when one or more future events
occur or fail to occur. Such losses are disclosed are contingent liabilities if it’s not both probable and reasonably estimable.
Our management assesses such contingent liabilities and estimated legal fees, if any. Such assessment inherently involves an exercise
of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that
may result in such proceedings. Our management evaluates the perceived merits of any legal proceedings or unasserted claims as well as
the perceived merits of the amount of relief sought or expected to be sought.

Management’s best estimates regarding the
restoration provisions are based on the current economic environment. Changes in estimates of contamination, restoration standards and
restoration activities result in changes to provisions from period to period. Actual restoration provisions will ultimately depend on
future market prices for future restoration obligations. Management has determined that the Company has no restoration obligations on
acquisition of the mineral properties and as at March 31, 2026.

6

### **NOTE 3:Purchase consideration paid in advance, advance to parent of acquiree AND THE ACQUISITIONS**

**The Colombian Acquisition**

During the period ended September 30, 2024, the
Company paid $188,381 to settle a portion of GAIA Colombia’s liabilities as part of its planned acquisition of GAIA BVI. The payment
is accounted for as an advance paid for the acquisition. The acquisition closed on April 9, 2024. During the period, the Company made
two more payments related to the same matter amounting to $189,188. Additionally, the Company also paid $200,000 to GCOM, the parent company
of GAIA BVI, in order to fund interim operations of GAIA Colombia; however, as the Company was able to arrange to pay these expenses directly,
these funds were returned to the Company in January 2024. On April 9, 2024, the Company issued 1,211,687 Common Shares to GCOM as consideration
for the Colombian Acquisition.

Of the Common Shares issued to GCOM, 500,000 Common
Shares are the initial consideration shares required under the terms of the agreement with GCOM. The additional Common Shares issued pertain
to the requirement for the Company to issue Additional Consideration Shares to GCOM. The Additional Consideration Shares were determined
based on when the Company undertook a liquidity event (the “Liquidity Event Shares”), the initial public offering of the Common
Shares on a national securities exchange. If the IPO was achieved within 12 months of the acquisition date, the Company would issue stock
equal to the greater of CAD$5,000,000 of Common Shares, based on the liquidity event price, or the number of Common Shares equal to 20%
of the post-closing Common Shares. As the IPO did not close by April 9, 2025, the forgoing is adjusted to CAD$6,000,000 or 25%, respectively.

Under the terms of the agreement, the Company
was required to provide an initial cash consideration of CAD$20,000; however, in addition to this, the Company also paid expenses on behalf
of GCOM related to the properties, amounting to $188,381 and $189,188, which are considered a part of the acquisition price. Further,
there are deferred cash payments (the “Deferred Cash Payments”) due to GCOM as follows: (i) CAD$1,000,000 due on the later
of March 1, 2024 and the earlier of 90 days after the rectification of the Berlin concession and five days after a liquidity event (the
“First Deferred Cash Payment”); and, (ii) CAD$5,000,000 upon the commencement of commercial operations of the Berlin project
(the “Second Deferred Cash Payment”). Finally, the Company also granted GCOM a 1.0% net smelter returns royalty, payable quarterly,
on all gross revenue in excess of allowable costs from the Berlin Project (the “Berlin Royalty”) pursuant to the Royalty Agreement
dated April 8, 2024. The impact of such royalty was not readily or reliably determinable under current circumstances.

The Company has accounted for this transaction
as an asset acquisition as the fair value of the assets are concentrated in the mineral rights of the respective entities. The Company
has recognized the assets acquired at the fair value of the liabilities assumed, cash paid and fair value of the equity instruments issued
as consideration, as these fair values are more clearly evident and reliably measured. As the acquisition has not been treated as a business
combination there is no corresponding goodwill, instead the amount of consideration will be allocated to the assets acquired, which consists
of the mineral properties.

The purchase price allocation is as follows:

| Consideration: |  |
| --- | --- |
| Initial Cash Consideration | $14,893 |
| Purchase consideration paid in advance | 188,381 |
| Additional consideration paid in advance | 189,188 |
| Initial consideration shares | 2,423,374 |
| Legal Costs | 20,455 |
| Total Consideration | $2,836,291 |
| Assets and Liabilities Assumed: |  |
| Accounts payable and accruals | $1,732,120 |
| Deferred tax liability | $2,459,914 |
| Mineral Properties | $7,028,325 |

7

The 1,211,687 Common Shares issued were valued
at $2 per share based on recent arm’s length private placements resulting in value of $2,423,374. On completion of the IPO the Company
issued an additional 3,836,757 Liquidity Event Shares to GCOM related to the Colombia Acquisition, which were valued at the IPO price
of $4, resulting in $15,347,028 of value attributable to the Liquidity Event Shares, which has been recognized in the condensed consolidated
interim statements of operations as Liquidity Event and Listing Event Shares as a component of Other Income and Expenses.

Further, five days after the IPO the Company made
payment of the First Deferred Cash Payment of $720,700 (CAD$1,000,000), which is recognized in the condensed consolidated interim statements
of operations as Liquidity Event Deferred Cash Payment as a component of Other Income and Expenses.

The First Deferred Cash Payment as well as the
Liquidity Event Shares were recognized as expenses during the period as a result of the fact that during the year ended December 31, 2024
the Company recognized an impairment on the Berlin asset, see Note 4. Including this consideration as an addition to the Berlin asset
would have the effect of reversing the previous impairment, which is prohibited, accordingly, the Company recognized these costs as expenses.

On May 9, 2025, the Company made a payment of
$60,000 to the Agencia Nacional De Mineria (“ANM”), which was the final payment for all overdue amounts owed by the previous
owners of the Colombia mineral properties to the ANM assumed by the Company at the acquisition date. In total, the Company paid the ANM$1,037,538
in respect of concession contract 664-17 and a further $217,866 in respect of concession contract 736-17 (collectively, the “Berlin
Concession Contracts”), all but $142,000 of which were paid during the period from the acquisition date to December 31, 2024.

Further, of the $1,732,120 of liabilities assumed
on the acquisition date, which included the amounts due to the ANM above, the Company successfully negotiated settlement of some of the
outstanding balances and as a result realized a gain of $327,458, which is included in interest and other income.

**The Argentina Acquisition**

Consideration for the acquisition consists of
2,000,000 Common Shares of the Company, which the Company issued upon closing on July 19, 2024, and contingent shares consisting of: (i)
“Listing Shares,” being 400,000 Common Shares if the IPO was not accomplished by the first anniversary from the closing date;
and, (ii) “Top Up Shares” in the event the IPO price was less than $5, based on a $10,000,000 valuation and minimum share
price of $4, if the IPO was accomplished by the first anniversary of the closing date, resulting in a maximum of 500,000 additional Top
Up Shares, increasing to a $12,000,000 valuation and maximum of 1,000,000 Common Shares if the IPO was accomplished thereafter. Finally,
the Company also granted a 1.0% net smelter returns royalty on the future production from certain land claim application at the Huemul
Project (the “Huemul II Royalty”) to Consolidated Uranium pursuant to the Royalty Agreement dated July 19, 2024
(the “Huemul II Royalty Agreement”) by and among the Company, as royalty payor, Consolidated Uranium, as royalty holder
and 284 Ontario, as guarantor; and (c) the grant of a 2.0% net smelter returns royalty on the future production from the Laguna Project
(the “Laguna Project Royalty”) to Consolidated Uranium pursuant to the Royalty Agreement dated July 19, 2024. The impact
of such royalty was not readily or reliably determinable under current circumstances.

The Company has accounted for this transaction
as an asset acquisition as the fair value of the assets are concentrated in the mineral rights of 2847312 Ontario Inc. The Company has
recognized the assets acquired at the fair value of the liabilities assumed and fair value of the equity instruments issued as consideration
as these fair values are more clearly evident and reliably measured. As the acquisition has not been treated as a business combination,
there is no corresponding goodwill, instead, the amount of consideration has been allocated to the assets acquired, which consist of the
mineral properties.

The purchase price allocation is as follows:

| Consideration: |  |
| --- | --- |
| Initial Share Consideration | $4,000,000 |
| Share Consideration - Listing Shares | 800,000 |
| Total Consideration | $4,800,000 |
| Assets and Liabilities Assumed: |  |
| Cash acquired | $18,014 |
| Prepaid and other assets | 39,862 |
| Mineral Properties | $4,742,124 |

8

The 2,000,000 Common Shares issued and the Listing
Shares were valued at $2 per share based on recent arm’s length private placements resulting in a value of $4,000,000. The 400,000
Listing Shares were valued at $2, as per above, and recognized as Common Shares to be issued as of the acquisition date based on the expected
timing of the IPO, which was estimated at over one year due to the anticipated timing of completing the registration process with the
Securities and Exchange Commission, completing the subsequent marketing of the IPO and the decline in the uranium market leading up to
the acquisition.

Upon completion of the IPO, the Company issued
the 400,000 Listing Shares that had previously been recognized as part of the consideration for the Argentina Acquisition. Further, as
the price of the IPO was $4 and the closing of the IPO was past the first anniversary of the closing date, the Company issued an additional
600,000 Top Up Shares which were valued at the IPO price of $4, resulting in $2,400,000 of value attributable to the Liquidity Event Shares,
which has been recognized in the condensed consolidated interim statements of operations as Liquidity Event and Listing Event Shares as
a component of Other Income and Expenses.

The Top Up Shares were recognized as expenses
during the period as a result of the fact that during the year ended December 31, 2024 the Company recognized an impairment on the Laguna
Salada and Huemul assets, see Note 4. Including this consideration as an addition to the Laguna Salada and Huemul assets would have the
effect of reversing the previous impairment, which is prohibited, accordingly, the Company recognized these costs as expenses.

### **NOTE 4: EXPLORATION AND EVALUATION ASSETS AND EXPENSES**

The following is a summary of the carrying value
of the acquisition costs and expenditures on the Company’s exploration and evaluation assets:

| Exploration and Evaluation Assets | Berlin (Colombia) | Laguna Salada and Huemul (Argentina) | Total |
| --- | --- | --- | --- |
| Balance, December 31, 2024 | $4,000,000 | $4,150,000 | $8,150,000 |
| Mineral property impairment | — | — | — |
| Balance, December 31, 2025 and March 31, 2026 | $4,000,000 | $4,150,000 | $8,150,000 |

During the period after acquisition of the respective
mineral properties and December 31, 2024, the uranium spot price experienced a consistent decline month over month. As a result of that
decline, the Company conducted an impairment test effective December 31, 2024. The Company retained an external valuations expert who
evaluated the fair value of the mineral properties using both a cost approach and a market approach, which yielded values less than the
original carrying value. As the properties are not often traded, the Company used the fair value determined by the cost approach, in which
the primary input was the decline in the uranium spot price and long-term prices which constitute Level 3 inputs. For the Colombia properties
the decline in uranium spot price used as an input was approximately 12.4% and for 284 Ontario it was approximately 12.5%. Accordingly,
the related mineral properties were deemed to be impaired and the impairment losses, as disclosed above, were recognized, the majority
of the impairment is the result of the recognition of a $2,459,914 deferred tax liability on the Colombian Acquisition and a corresponding
increase in the impairment amount.

9

During the year ended December 31, 2025, and as
at December 31, 2025, the uranium spot price had recovered and has remained at consistent levels through March 31, 2026, management performed
a qualitative impairment assessment and concluded that a quantitative impairment analysis of the mineral properties was not required,
accordingly, there is no impairment of mineral properties during the year ended December 31, 2025 or the period ended March 31, 2026.

| Exploration and Evaluation Expenses | Berlin (Colombia) | Laguna Salada (Argentina) | Huemul (Argentina) | Period Ended March 31, 2026 |
| --- | --- | --- | --- | --- |
| Personnel | $32,193 | $3,561 | $3,561 | $39,314 |
| Geological | — | — | — | — |
| Land management | 5,829 | 12,031 | 46,688 | 64,548 |
| Other | — | 1,275 | 1,275 | 2,550 |
|  | $38,022 | $16,866 | $51,524 | $106,412 |

| Exploration and Evaluation Expenses | Berlin (Colombia) | Laguna Salada (Argentina) | Huemul (Argentina) | Period Ended March 31, 2025 |
| --- | --- | --- | --- | --- |
| Personnel | $12,330 | — | — | $12,330 |
| Geological | — | — | — | — |
| Land management | 11,014 | $19,705 | $8,348 | 39,066 |
| Other | — | $1,639 | $1,639 | 3,279 |
|  | $23,344 | $21,344 | $9,987 | $54,676 |

All claims are subject to minimum expenditure
commitments. The Company expects to incur the minimum expenditures to maintain the claims.

### **NOTE 5: PROPERTY AND EQUIPMENT**

| Line item | March 31, 2026 | December 31, 2025 |
| --- | --- | --- |
| Equipment | $47,910 | $47,910 |
|  | 47,910 | 47,910 |
| Accumulated depreciation | 10,383 | 9,045 |
| Balance | $37,527 | $38,865 |

Depreciation for the period ended March 31, 2026
was $1,674 (2025 - $1,250).

### **NOTE 6: CONVERTIBLE DEBENTURE**

On June 20, 2025, the Company finalized the terms
of a convertible debenture with an existing shareholder in the amount of $150,000. The convertible debenture is non-interest bearing,
with a two year maturity and is convertible into units at a price equal to the lower of $5 or at a 25% discount to the listing price,
being the price of the Common Shares once listed on a North American stock exchange. Each unit will consist of one common share and one
warrant, which warrants are exercisable into one common share for three years at a price of $5 per share.

As a result of the adoption of ASU 2020-06 in
the year ended December 31, 2024, having determined that the conversion option was not required to be accounted for separately under ASC
815-15 and that there was no substantial premium in the issuance of the convertible debenture, the Company has recognized the proceeds
allocated entirely to the convertible debenture.

The Company’s convertible debenture was
converted into 50,000 Common Shares based on the lesser of $5 or 75% of the IPO price, which was $4.

10

### **NOTE 7: EQUITY**

**a.** **Shares**

The Company executed subscription documents for
70,000 units valued at $5 per unit for gross proceeds of $350,000, from an existing shareholder, which were received on January 15, 2025.
The units consist of one Common Shares and one Common Shares purchase warrant, which were issued on January 15, 2025, with an exercise
price of $5.05 expiring in three years.

On February 11, 2026, the Company completed its
IPO resulting in the issuance of 6,250,000 Common Shares at $4 per share for gross proceeds of $25,000,000, incurring $1,875,000 in agent
fees and other expenses of approximately $450,000, of which $50,000 had been prepaid at December 31, 2025, resulting in net proceeds of
$22,725,000.

As a result of completing the IPO, the following
transactions were completed:

- The Company’s convertible debenture was converted into 50,000 Common Shares based on the lesser of $5 or 75% of the IPO price, which was $4.
- 400,000 Listing Shares and 600,000 Top Up Shares were issued related to the Argentina Acquisition.
- 3,836,757 Liquidity Event Shares were issued to GCOM related to the Colombia Acquisition.

As of March 31, 2026 and December 31, 2025 the
Company had an unlimited number of Common Shares authorized for issuance and 20,193,777 and 9,057,020 Common Shares issued, respectively.

**b.** **Rights attached to shares:**

The Common Shares confer upon their holders’
voting rights and the right to participate in shareholders’ meetings, the right to share, on a per share pro rata basis, in Bonus
Shares or Distributions (as defined in the Company’s Articles of Incorporation) as may be declared by the board of directors and
approved by the shareholders, if required (out of funds legally available therefore), and the right to a share in excess assets upon liquidation
of the Company – all as set forth in the Company’s Articles of Incorporation and in the Company’s Shareholders’
agreement.

**c.** **Warrants**

| Line item | Number of Warrants | Weighted Average Exercise Price | Weighted Average Remaining Life |
| --- | --- | --- | --- |
| Outstanding warrants, December 31, 2024 and March 31, 2025 | 2,000,500 | $1.00 | 2.00 |
| Exercised | (423,000) | $1.00 | 1.50 |
| Warrants – issued in units subscription | 70,000 | $5.05 | 2.04 |
| Warrants – issued as inducement | 1,269,000 | $5.05 | 2.46 |
| Outstanding warrants, December 31, 2025 and March 31, 2026 | 2,916,500 | 2.86 | 2.91 |

| Expiry | Number of / Warrants | Exercise Price | Weighted / Average / Remaining Life |
| --- | --- | --- | --- |
| December 14, 2026 | 100,000 | $1.00 | 0.71 |
| December 14, 2029 | 1,477,500 | $1.00 | 3.71 |
| January 15, 2028 | 70,000 | $5.05 | 1.79 |
| June 17, 2028 | 1,188,000 | $5.05 | 2.22 |
| July 15, 2028 | 81,000 | $5.05 | 2.29 |
| Outstanding warrants, March 31, 2026 | 2,916,500 | $2.86 | 2.91 |

Under ASC Topic 815, the warrants are recorded
as equity and included in additional paid-in capital.

11

**d.** **Stock Options**

Pursuant to the Company’s stock option plan
approved March 15, 2024, options may be granted to employees, directors or consultants of the Company and such options to purchase Common
Shares will have an exercise price not less than the “fair market value” of a Common Share on the date of grant. The total
number of Common Shares issuable pursuant to the option plan shall not exceed 10% of the aggregate number of Common Shares issued and
outstanding and the number of Common Shares reserved for issuance to any one person under options granted pursuant to the option plan
may not exceed 5% of the issued and outstanding Common Shares on a non-diluted basis. The exercise price, term and vesting of options
to purchase Common Shares shall otherwise be as approved by the Board. Unless otherwise determined by the Board, options to purchase Common
Shares typically vest and become exercisable 50% at the end of six months from grant date and 50% at the end of twelve months from grant
date.

The following table summarizes the stock option
activity for the period ended March 31, 2026:

| Grant Date | Expiry / Date | Number of / Options / Granted | Exercise / Price | Aggregate / Intrinsic / Value | Remaining / Contractual / Life |
| --- | --- | --- | --- | --- | --- |
| March 15, 2024 | March 15, 2029 | 180,000 | $2.00 | - | 2.96 |
| June 18, 2024 | June 18, 2029 | 90,000 | $4.00 | - | 3.22 |
| June 30, 2024 | June 30, 2029 | 320,000 | $4.00 | - | 3.25 |
| August 28, 2024 | August 28, 2029 | 25,000 | $5.00 | - | 3.41 |
| September 25, 2024 | September 25, 2029 | 243,000 | $5.00 | - | 3.49 |
| As of March 31, 2026 |  | 858,000 | $3.89 | - |  |

| Inputs into the Black-Scholes Model: |  |  |  |  |  |
| --- | --- | --- | --- | --- | --- |
| Grant Date | 15-Mar-24 | 18-Jun-24 | 30-Jun-24 | 28-Aug-24 | 25-Sep-24 |
| Share price | $$2.00 | $2.00 | $2.00 | $2.00 | 2.00 |
| Exercise price | $$2.00 | $4.00 | $4.00 | $5.00 | 5.00 |
| Term | 5 | 5 | 5 | 5 | 5 |
| Risk-Free Interest Rate | 3.53% | 3.19% | 3.43% | 2.91% | 2.76% |
| Volatility | 150.00% | 150.00% | 150.00% | 150.00% | 150.00% |

Given the lack of historical trading data for
the Common Shares, the volatility was estimated using comparable companies with publicly available volatility data. Also due to the lack
of historical trading data, the share price was determined using the price of the most recent (relative to the grant date) arm’s
length private placements to arrive at the $2 share price. The expected life represents the time that the options are expected to be outstanding,
which has been assumed to be their contractual term. The risk-free rate was based on U.S. Treasury Bond yields with an approximately equal
expected life of the options. Dividend yield and forfeiture rates not factored into the valuation as the Company does not expect to pay
cash dividends in the future and the Company has elected to account for forfeitures as they occur.

During the period ended March 31, 2026, the Company
recognized $nil (2025 - $284,822) in share-based compensation expense relating to the vesting of the options.

12

### **NOTE 8: RELATED PARTY TRANSACTIONS**

The Company had the following related party transactions
during the noted years:

| Line item | Period Ended March 31, 2026 | Accounts Payable - March 31, 2026 | Period Ended March 31, 2025 | Accounts Payable - March 31, 2025 |
| --- | --- | --- | --- | --- |
| Paid to the CEO or a company controlled by the CEO | $325,000 | $4,887 | $25,500 | $2,334 |
| Paid to the CFO or a company controlled by the CFO | $273,368 | - | $33,170 | - |
| Paid to the Executive Chairman | $249,700 | $20,833 | - | $3,709 |
| Paid to a law firm in which a director is a partner, for legal services – internal counsel and corporate secretary | $17,693 | $2,260 | $1,706 | - |

During the period ended March 31, 2026, Directors
were paid $32,857 (2025 - $nil) in director fees.

### **NOTE 9: SEGMENT INFORMATION**

The Company operates in one reportable segment
which is the exploration and evaluation of mineral properties. The Company has no revenues and incurs expenditures in various jurisdictions,
being Colombia, Argentina and North America (principally the U.S. and Canada, represented below as Jaguar Uranium Corp.).

The Company’s chief operating decision maker (“CODM”) is the senior executive committee that includes the chief executive officer, chief financial officer and the executive
chairman.

The accounting policies are consistent with those
described in the summary of significant accounting policies. The CODM evaluates performance and decides how to allocate resources based
on net loss and the measure of segment assets is the consolidated total assets, and specifically, the consolidated value of mineral properties
and consolidated cash and cash equivalents.

| Period ended March 31, 2026 | Gaia Colombia and Berlin Colombia | 284 Ontario | Jaguar Uranium Corp. | Total |
| --- | --- | --- | --- | --- |
| General and administrative expenses (a) | $10,397 | $17,995 | $1,120,408 | $1,148,800 |
| Legal and professional fees | 343 | — | 164,695 | 165,038 |
| Depreciation | 1,674 | — | — | 1,674 |
| Exploration and evaluation expenditures (see Note 4) | 38,022 | 16,866 | 51,524 | 106,412 |
| Interest and other (income) expense | — | — | (58,356) | (58,356) |
| Liquidity event deferred cash payment | — | — | 720,700 | 720,700 |
| Liquidity event and listing event shares | — | — | 17,747,028 | 17,747,028 |
| Foreign exchange (gain) loss | (2,665) | (2,424) | 42,430 | 37,341 |
| Net income (loss) before income tax expense (recovery) | $47,771 | $32,437 | $19,788,429 | $19,868,637 |
| Reconciliation of profit or loss: |  |  |  |  |
| Adjustments and reconciling items | — | — | — | — |
| Consolidated net income (loss) before income tax expense (recovery) | $47,771 | $32,437 | $19,788,429 | $19,868,637 |

| (a) General and Administrative (G&A) expenses | Gaia Colombia and Berlin Colombia | 284 Ontario | Jaguar Uranium Corp. | Total |
| --- | --- | --- | --- | --- |
| Travel | — | — | $45,788 | $45,788 |
| Compensation | — | — | 866,942 | 866,942 |
| Investor relations | — | — | 98,075 | 98,075 |
| Listing and filing fees | — | — | 108,197 | 108,197 |
| Other G&A | 10,397 | 17,995 | 1,406 | 29,798 |
| Total G&A | $10,397 | $17,995 | $1,120,408 | $1,148,800 |

13

| Period ended March 31, 2025 | Gaia Colombia and Berlin Colombia | 284 Ontario | Jaguar Uranium Corp. | Total |
| --- | --- | --- | --- | --- |
| General and administrative expenses (a) | $12,763 | $6,829 | $317,740 | $337,332 |
| Legal and professional fees | 391 | — | 113,465 | 113,856 |
| Depreciation | 1,250 | — | — | 1,250 |
| Exploration and evaluation expenditures (see Note 6) | — | — | 54,676 | 54,676 |
| Interest and other (income) expense | — | — | 110 | 110 |
| Liquidity event deferred cash payment | — | — | — | — |
| Liquidity event and listing event shares | — | — | — | — |
| Foreign exchange (gain) loss | 2,746 | (269) | 3,716 | 6,193 |
| Net income (loss) before income tax expense (recovery) | $17,150 | $6,560 | $489,706 | $513,416 |
| Reconciliation of profit or loss: |  |  |  |  |
| Adjustments and reconciling items | — | — | — | — |
| Consolidated net income (loss) before income tax expense (recovery) | $17,150 | $6,560 | $489,706 | $513,416 |

| (a) General and Administrative (G&A) expenses | Gaia Colombia and Berlin Colombia | 284 Ontario | Jaguar Uranium Corp. | Total |
| --- | --- | --- | --- | --- |
| Travel | — | — | $1,890 | $1,890 |
| Compensation | 12,763 | 6,829 | 315,197 | 334,789 |
| Other G&A | — | — | 653 | 653 |
| Total G&A | $12,763 | $6,829 | $317,740 | $337,332 |

| As at March 31, 2026 | Gaia Colombia and Berlin Colombia | 284 Ontario | Jaguar Uranium Corp. | Total |
| --- | --- | --- | --- | --- |
| Mineral properties | $4,000,000 | $4,150,000 | — | $8,150,000 |
| Property and equipment | 37,527 | — | — | 37,527 |
| Total Long-Lived Assets | $4,037,527 | $4,150,000 | — | $8,187,527 |

| As at December 31, 2025 | Gaia Colombia and Berlin Colombia | 284 Ontario | Jaguar Uranium Corp. | Total |
| --- | --- | --- | --- | --- |
| Mineral properties | $4,000,000 | $4,150,000 | — | $8,150,000 |
| Property and equipment | 38,865 | — | — | 38,865 |
| Total Long-Lived Assets | $4,038,865 | $4,150,000 | — | $8,188,865 |

### **NOTE 10: SUBSEQUENT EVENTS**

There are no reportable subsequent events as
of the date of these unaudited condensed consolidated interim financial statements.

14

## Item 2. Management’s Discussion and Analysis of Financial
Condition and Results of Operations**

*The following discussion should be read in
conjunction with the condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report
on Form 10-Q. In addition to historical information, this discussion contains forward-looking statements that involve risks, uncertainties
and assumptions that could cause actual results to differ materially from our management’s expectations. See “Cautionary Note
Regarding Forward-Looking Statements” contained above in this Quarterly Report on Form 10-Q. The Company assumes no obligation to
update any of these forward-looking statements, unless required to do so by applicable law.*

Unless the context otherwise requires, a reference
to a “Note” herein refers to the accompanying Notes to Condensed Consolidated Financial Statements (Unaudited) contained in
Part I, “Item 1. Financial Statements.”

**Overview**

Jaguar Uranium is a uranium exploration and development
company focused on uranium discoveries. We are a junior miner engaged in uranium exploration. Our portfolio is comprised of two (2) uranium
exploration projects in Argentina and one (1) uranium exploration project in Colombia.

We maintain significant land holdings in Colombia
and Argentina, which offer substantial exploration potential. Our properties are located within mining-friendly jurisdictions and are
supported by established infrastructure. We intend to embark on an exploration program to establish and grow resource levels.

We control significant areas in one district in
Colombia referred to as the Berlin Project. In Argentina, we control concessions in the Chubut Province titled Laguna Salada and La Rosada,
and in the Mendoza Province titled Huemul. The areas controlled by the Company are known to have uranium indications as well as rare earth
metals and base metals, specifically copper in the Huemul Project. Upon the incorporation of the Company in December 2022, the Berlin
Project was acquired by the Company in April 2024 and the Argentina Projects were acquired in July 2024.

We are led by a management team with experience
across the natural resources sector, including permitting, corporate finance, resource extraction, and are supported by a well-respected
board of directors with involvement in both uranium and broader natural resources sectors worldwide. We are currently executing studies
across our properties to allow for an exploration program which will include trenching, sampling, drilling and pilot testing.

We have not yet generated any income. Total operating
expenses for the three months ended March 31, 2026 were $1,421,924, including approximately $165,038 in professional fees (including legal
fees, auditor fees, and accounting fees); $1,148,800 in general and administrative expenses; $106,412 in exploration and evaluation expenditures;
and, $1,674 in depreciation. Total operating expenses for the three months ended March 31, 2025 were $507,113, including approximately
$113,856 in professional fees (including legal fees, auditor fees, and accounting fees); $337,332 in general and administrative expenses;
$54,676 in exploration and evaluation expenditures; and, $1,250 in depreciation.

To date, our ongoing operations have been financed
by the sale of equity securities by way of private placements. We believe that we will be able to secure additional financings in the
future, but there can be no assurance that such financing will be available to us in sufficient amounts, on attractive terms, on a timely
basis, or at all.

During the balance of 2026, we anticipate that
we will continue our exploration and development of mineral interests, secure and maintain title to properties with the goal upon achieving
future profitable production. There is no assurance that we will succeed in this endeavor, achieve revenues in the future, achieve revenues
that exceed the cost of our expense in the future, or generate a profit, taking into account our expenses.

15

**Results of Operations**

Three months ended March 31, 2025 and March
31, 2026

The following financial data is derived from,
and should be read in conjunction with the quarterly financial statements. A summary of the Company’s operating results for the
three months ended March 31, 2025 and 2026 are as follows:

| REVENUE | Three months ended March 31, 2026 / — | Three months ended March 31, 2025 / — |
| --- | --- | --- |
| OPERATING EXPENSES: |  |  |
| General and administrative expenses | 1,148,800 | 337,332 |
| Legal and professional fees | 165,038 | 113,856 |
| Mineral properties impairment | — | — |
| Depreciation | 1,674 | 1,250 |
| Exploration and evaluation expenditures | 106,412 | 54,676 |
| TOTAL OPERATING EXPENSES | 1,421,924 | 507,113 |
| OTHER INCOME AND EXPENSES |  |  |
| Interest and other (income) expense | (58,356) | 110 |
| Foreign exchange (gain) | 37,341 | 6,193 |
| Liquidity event deferred cash payment | 720,700 | — |
| Liquidity event and listing event shares | 17,747,028 | — |
| LOSS FROM CONTINUING OPERATIONS BEFORE INCOME TAX EXPENSE | 19,868,637 | 513,416 |
| Deferred tax recovery | — | — |
| NET LOSS AND COMPREHENSIVE LOSS | $19,868,637 | $513,416 |

The following is an analysis of the Company’s
operations for the three months ended March 31, 2026 compared to the three months ended March 31, 2025. Significant items contributing
to the loss incurred during such period were as follows:

- General and administrative expenses totaling $1,148,800, compared to $337,300 for the three months ended March 31, 2025, mainly consisting of: $866,900 in compensation to consultants, directors and officers (March 31, 2025 - $334,800); $98,000 in investor relations expenses (March 31, 2025 - $nil); $108,000 in listing and filing fees (March 31, 2025 - $nil); $45,800 in travel costs (March 31, 2025 - $1,900); and other miscellaneous general and administrative expenses amounting to $29,800 (March 31, 2025 - $292). The increase in these expenses are due to the following: compensation increased as a result of the liquidity event bonuses, which were contractually due to management upon the IPO, which amounted to $525,000; investor relations expenses were previously not incurred until the completion of the IPO and the Company retained several service providers to provide services including online marketing, interviews and other coverage; listing and filing fees increased as a result of fees paid to our filing agent, which were previously not required to be paid and included several amounts that were due upon the IPO.
- Legal and professional fees for the three months ended March 31, 2026 were $165,000 compared to $113,000 for the three months ended March 31, 2025, mainly consisting of: $124,000 of audit and accounting fees (March 31, 2025 - $55,000); $24,000 of legal fees (March 31, 2025 - $26,000), which primarily relate to fees paid for securities counsel as part of pursuing the filing of a registration statement with the SEC, as well as ordinary corporate counsel fees. The increase in legal and professional costs is partiall offset by $33,000 of compensation costs for consulting related to the CFO, which were included in professional fees in the prior period, whereas in the current period the CFO was on payroll, which was included in General and Administrative expenses.

16

- Exploration and evaluation expenditures for the three months ended March 31, 2026, were $106,400 (March 31, 2025 - $54,700), consisting of:

| Exploration and Evaluation Expenses | Berlin (Colombia) | Laguna Salada (Argentina) | Huemul (Argentina) | Period Ended March 31, 2026 |
| --- | --- | --- | --- | --- |
| Personnel | $32,193 | $3,561 | $3,561 | $39,314 |
| Geological | — | — | — | — |
| Land management | 5,829 | 12,031 | 46,688 | 64,548 |
| Other | — | 1,275 | 1,275 | 2,550 |
|  | $38,022 | $16,866 | $51,524 | $106,412 |

| Exploration and Evaluation Expenses | Berlin (Colombia) | Laguna Salada (Argentina) | Huemul (Argentina) | Period Ended March 31, 2025 |
| --- | --- | --- | --- | --- |
| Personnel | $12,330 | — | — | $12,330 |
| Geological | — | — | — | — |
| Land management | 11,014 | $19,705 | $8,348 | 39,066 |
| Other | — | $1,639 | $1,639 | 3,279 |
|  | $23,344 | $21,344 | $9,987 | $54,676 |

- Personnel costs consist of the payments made to the consultants, who are managing the Company’s operations in Colombia and Argentina.
- Geological costs consist of the payments made to contractors who prepare the work plan for tour Properties, including surface geological exploration, subsoil exploration, geological assessment and modelling and financial and market analysis. During both the three months ended March 31, 2026 and 2025, no such costs were incurred.
- Land management costs consist of the costs related to keeping the claims in good standing with regulators and other claim management costs.
- Other costs consist of general operating costs, such as travel, small equipment rentals, and other miscellaneous costs.

For clarity, the Company has not conducted any
physical exploration work on any of the properties as we awaited the funds raised in our IPO. The amounts shown above, relate to exploration
and evaluation activities such as planning, geological assessments, and regulatory compliance in anticipation of the acquisition closing,
rather than field-based exploration.

Interest income for the three months ended March
31, 2026 was $58,000 (March 31, 2025 - interest expense $110). The interest income is generated by approximately 1.5 months of interest
generated on the funds deposited from the IPO net proceeds.

Foreign exchange losses for the three months ended
March 31, 2026 were $37,300 (March 31, 2025 - $6,200). The increase is due to primarily to fluctuations in the exchange rate on CAD denominated
accounts payable.

On completion of the IPO the Company issued an
additional 3,836,757 Liquidity Event Shares to GCOM related to the Colombia Acquisition, which were valued at the IPO price of $4, resulting
in $15,347,028 of value attributable to the Liquidity Event Shares, which has been recognized in the condensed consolidated interim statements
of operations as Liquidity Event and Listing Event Shares as a component of Other Income and Expenses. The Company also made the First
Deferred Cash Payment of $720,700 (CAD$1,000,000), which was due within five days of completing the Listing Event and is included in the
condensed consolidated interim statements of operations as Liquidity Event Deferred Cash Payment as a component of Other Income and Expenses

Further, as the share price of the Common Shares
as of the IPO was $4 and the closing of the IPO was past the first anniversary of the closing date of the Argentina Acquisition, the Company
issued an additional 600,000 Top Up Shares which were valued at the IPO share price of $4, resulting in $2,400,000 of value attributable
to the Liquidity Event Shares, which has been recognized in the condensed consolidated interim statements of operations as Liquidity Event
and Listing Event Shares as a component of Other Income and Expenses.

17

**Liquidity and Capital Resources**

A summary and discussion of our cash inflows and
outflows are as follows:

Operating Activities

For the three months ended March 31, 2026 and
2025, the Company used $2,601,518 and $255,990, respectively, in operations. The primary driver of the increase is the overall increase
in net loss of $19,868,637 for the three months ended March 31, 2026 (March 31, 2025 - $513,416), which is offset primarily by of the
increase in share-based payments of $17,747,028 for the three months ended March 31, 2026 (three months ended March 31, 2025 - $284,822),
which is principally due to the Liquidity Event and Listing Event Shares. The net loss was further increased by the Liquidity Event Deferred
Cash Payment of $720,700, as noted above, as well as the increases in expenses discussed in the forgoing discussion of the Results of
Operations. Further, with having received the IPO proceeds, the Company was able to make payments on a significant amount of the outstanding
accounts payable resulted in reduction of accounts payable and other liabilities of $374,531. Finally, there was $107,000 of cash used
in prepaid expenses, primarily this relates to prepaid investor relations services that will be incurred in the coming months.

Financing activities

Financing activities for the three months ended
March 31, 2026, provided cash, offsetting the above uses of cash, amounting to $22,675,000 which consisted of the net proceeds from the
IPO, whereas for the three months ended March 31, 2025 the Company received $350,000 of cash from the issuance of units.

Cash Resources and Going Concern

We have no revenue generating operations from
which we can internally generate funds. To date, our ongoing operations have been financed by the sale of our equity securities by way
of private placements. We believe that we will be able to secure additional financings in the future, but there can be no assurance that
such financing will be available to us in sufficient amounts, on attractive terms, on a timely basis, or at all. This situation is unlikely
to change until such time as we can develop a bankable feasibility study on one of our properties. When acquiring an interest in mineral
properties through purchase or option, we will sometimes issue Common Shares to the vendor or optionee of the property as partial or full
consideration for the property interest in order to conserve our cash.

On February 11, 2026, the Company completed its
IPO, which resulted in the receipt of net proceeds of $22.7 million. The continuing operations of the Company are dependent upon obtaining
necessary financing to meet our commitments as they come due, to finance future exploration and development of mineral interests and to
secure and maintain title to properties and upon future profitable production.

We anticipate that the proceeds of the IPO will
fund our capital requirements for the following 24 months from the IPO. The reason that we expect that the IPO will fund our capital requirements
for the next 24 months is based on the Company’s budget with regards to its anticipated exploration programs, workforce expansion
plans and general corporate activities such as legal counsel, accounting, investor relations and other typical expenditures. The categories
of expenditures expected by the Company are exploration expenditures and property maintenance fees, general administrative expenses and
working capital and general corporate purposes. We expect that we will operate at a loss for the foreseeable future and believe the current
cash and cash equivalents will be sufficient for us to maintain our currently held Properties, and fund our currently anticipated general
and administrative costs. In any event, we will be required to raise additional funds through future financings in order to continue our
business. Should such financing not be available in that time-frame or in reasonable and acceptable terms to us, we will be required to
reduce our operating activities.

Despite our success to date in raising capital
to fund our operations, there remains uncertainty that we will be able to secure any additional financing in the current or future equity
markets. See the information under the heading “*Risk Factors*” in our Annual Report on Form 10-K filed with the SEC
on March 27, 2026 for more information. Failure to obtain additional financing could have a material adverse effect on our financial condition
and results of operation and could cast uncertainty on our ability to continue as a going concern.

18

**Mineral Property Obligations**

We hold our property rights through the following
mining leases and option agreements.

Berlin Project

On April 8, 2024, we acquired a 100% indirect
interest in the Berlin Project pursuant to the Berlin Project SPA. Pursuant to the Berlin Project SPA, we acquired all of the issued and
outstanding shares of Gaia Energy from Green Shift on the Berlin Project Closing Date in consideration of (a) an initial cash payment
to Green Shift of CAD$20,000, (b) the issuance to Green Shift of 1,211,687 Common Shares, and (c) the grant of the Berlin Project Royalty
to Green Shift pursuant to the Berlin Project Royalty Agreement.

Pursuant to the Berlin Project SPA, as additional
consideration for the purchase of all of the issued and outstanding shares of Gaia Energy, we will no later than 30 days after the commencement
of commercial production at the Berlin Project, pay Green Shift a third cash payment of CAD$5 million. We have previously;

(a) paid to Green Shift a second cash payment of CAD$1 million; and

(b) issued to Green Shift such number of Common Share that would result in Green Shift owning an aggregate 25% of the issued shares of the issued and outstanding Common Shares (after giving effect to both the issuance to Green Shift and the completion of the Liquidity Event) at the price per share equal to the Offering Price.

Argentina Projects

On July 19, 2024, we acquired a 100% indirect
interest in the Argentina Projects pursuant to the Argentina Projects SPA. Pursuant to the Argentina Projects SPA, we acquired all of
the issued and outstanding shares of 284 Ontario from Consolidated Uranium on the Argentina Projects Closing Date in consideration of
(a) the issuance to Consolidated Uranium of 2,000,000 Common Shares, (b) the grant of the Huemul II Royalty to Consolidated Uranium pursuant
to the Huemul II Royalty Agreement; and (c) the grant of the LagunaProject Royalty to Consolidated Uranium pursuant to the
Laguna Project Royalty Agreement. Pursuant to the terms of the Laguna Project Royalty Agreement, we have the option to repurchase one-half
(1.0%) of the Laguna Project Royalty for a period of seven years fromthe Argentina Projects Closing Date for $2,500,000.
Pursuant to the terms of the Huemul II Royalty Agreement, Consolidated Uranium retained the Huemul Option that extends the royalty to
cover both the Huemul I and Huemul II Properties, in exchange for a payment of $1.0 million to the Company, provided the payment is made
prior to the execution of the Huemul I Buy Back Right Assignment Agreement. On March 10, 2025, the Huemul I Buy Back Right Assignment
Agreement was executed, and the Existing Huemul I Buy Back Right was assigned to Consolidated Uranium, resulting in the immediate termination
of the Huemul Option.

Prior to the execution of the Argentina Projects
SPA, 284 Ontario had entered into two net smelter return royalty agreements: Existing Huemul Royalty Agreement I and Existing Huemul Royalty
Agreement II, both dated July 31, 2023. Pursuant to the Existing Huemul Royalty Agreement I, 284 Ontario granted Minera Agauca S.A. a
2.0% net smelter return royalty on all future production from specific concessions of the Huemul Project, namely Cateo Huemul Norte, Cateo
Huemul Sur, Mina Huemul, MD Silvana, and MD Cerro Butalo. Under the terms of this agreement, 284 Ontario had the Existing Huemul I Buy
Back Right, which has been assigned to Consolidated Uranium on March 10, 2025. Pursuant to the Existing Huemul Royalty Agreement II, 284
Ontario granted NewEra Metal Resources Ltd. and Mr. Guillermo Wild Ceruzzi a 1.0% net smelter return royalty on future production from
the MD Mirano Norte and MD Carmencita concessions within the Huemul Project. This agreement grants 284 Ontario the exclusive and irrevocable
one-time right to repurchase the entire 1.0% royalty for a payment of $400,000, which can be exercised at any time, subject to a 15-day
notice requirement.

Pursuant to the Argentina Projects SPA, as additional
consideration for the purchase of all of the issued and outstanding shares of 284 Ontario, we have issued to Consolidated Uranium 400,000
Common Shares. Further, we have also issued to Consolidated Uranium Common Shares in an amount to reflect a $12,000,000 valuation of the
Argentina Projects at the offering price of $4.00.

19

Pursuant to the Argentina Projects SPA, we have
acquired a 100% indirect interest in the Sierra Pintada Project, in addition to the Argentina Projects. The Sierra Pintada Project consists
of 15 claims that grant us rights solely to explore for specified minerals; no rights to mine any minerals have been conferred. To date,
no material exploration work has been conducted on the Sierra Pintada Project, and we have no current plans to initiate exploration or
development activities. Accordingly, the Sierra Pintada Project remains, and is expected to remain for the foreseeable future, in an initial
exploration stage, with no drilling or geological data to support potential mineral findings, nor any economic assessments to indicate
value. The Sierra Pintada Project is not anticipated to impact our business operations, cash flow, or asset valuation in the foreseeable
future. We do not claim any mineral resources or reserves on the Sierra Pintada Project at this time, and there is no certainty that mineralized
material will be discovered.

In connection with the Argentina Projects SPA,
we entered into the IsoEnergy IRA. Pursuant to the IsoEnergy IRA, IsoEnergy is entitled to participate in future equity financings, including
the issuance of equity securities or securities convertible into or exercisable for equity securities in any public or private offering,
on terms consistent with those offered to other investors, subject to certain exceptions, including issuances of securities (a) under
the Company’s existing or future share-based incentive plans, (b) upon the exercise or conversion of previously issued convertible
or exchangeable securities, (c) in connection with acquisitions, business combinations, or other asset transactions, and (d) through a
rights offering made available to all shareholders.

IsoEnergy is also entitled to nominate one director
to our board of directors following the IPO. The nominee, who may be a director or officer of IsoEnergy, is not required to meet independence
criteria. We are required to take all necessary steps to ensure the appointment of IsoEnergy’s nominee to our board of directors.

The IsoEnergy IRA will terminate when IsoEnergy’s
ownership percentage in the Company falls below 5%. Upon termination, all rights and obligations under the agreement will cease.

**Off-Balance Sheet Arrangements**

We do not have any off-balance sheet arrangements
that have, or are reasonably likely to have, a current or future effect on our financial condition, changes in financial condition, revenues
or expenses, results of operations, liquidity, capital expenditures or capital resources that are material to investors.

**Basis of Presentation**

The accompanying unaudited condensed consolidated
interim financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the U.S.
and the rules and regulations of the U.S. Securities and Exchange Commission for interim financial information. Accordingly, they do not
include all the information and footnotes necessary for a comprehensive presentation of financial position, results of operations, shareholders’
deficiency, or cash flows. It is management’s opinion, however, that all material adjustments (consisting of normal recurring adjustments)
have been made which are necessary for a fair financial statement presentation. The unaudited condensed consolidated interim financial
statements should be read in conjunction with the Company’s Annual Report on Form 10-K, which contains the annual audited consolidated
financial statements and notes thereto, together with the Management’s Discussion and Analysis, for the year ended December 31,
2025. The interim results for the period ended March 31, 2026 are not necessarily indicative of the results for the full fiscal year.

**Recently Adopted Accounting Pronouncements**

As of March 31, 2026, there are no additional
recently issued or adopted accounting standard that could have a material impact on these unaudited condensed consolidated interim financial
statements.

**Critical Accounting Estimates**

A summary of significant accounting policies of
the Company is presented in Note 3 of the unaudited condensed consolidated interim financial statements for the period ended March 31,
2026. The financial statements and notes are representations of our management, which is responsible for their integrity and objectivity.
These accounting policies conform to accounting principles under U.S. GAAP and have been consistently applied in the preparation of the
financial statements.

20

The below discussion highlights the accounting
policies having the greatest impact on the respective financial statements:

Principles of Consolidation

These unaudited condensed consolidated interim
financial statements include the Company’s directly and indirectly wholly owned subsidiaries: Gaia Energy Investments Ltd., Berlin
(BVI) Limited and 2847312 Ontario Inc.

All inter-company transactions and balances have
been eliminated upon consolidation.

Use of estimates in the preparation of financial
statements

The preparation of the Company’s financial
statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the
reported amounts of liabilities and expenses. The estimates and associated assumptions are based on historical experience and various
other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making the judgments
about carrying values of assets and liabilities that are not readily apparent from other sources. Actual results may differ from these
estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in
the period in which the estimates are revised and in any future periods affected. On an ongoing basis, the Company evaluates estimates
used, which include, but are not limited to the: valuation of stock-based compensation; share-based consideration for acquisitions; and,
the impairment of long-lived assets, including mineral properties.

Contingent liabilities

Certain conditions may exist as of the date the
financial statements are issued, that may result in a loss to the Company but that will only be resolved when one or more future events
occur or fail to occur. Such losses are disclosed are contingent liabilities if it’s not both probable and reasonably estimable.
Our management assesses such contingent liabilities and estimated legal fees, if any. Such assessment inherently involves an exercise
of judgment. In assessing loss contingencies related to legal proceedings that are pending against the Company or unasserted claims that
may result in such proceedings. Our management evaluates the perceived merits of any legal proceedings or unasserted claims as well as
the perceived merits of the amount of relief sought or expected to be sought.

Management’s best estimates regarding the
restoration provisions are based on the current economic environment. Changes in estimates of contamination, restoration standards and
restoration activities result in changes to provisions from period to period. Actual restoration provisions will ultimately depend on
future market prices for future restoration obligations. Management has determined that the Company has no restoration obligations on
acquisition of the mineral properties and as at March 31, 2026.

## Item 3. Quantitative and Qualitative Disclosures About Market Risk

Not applicable.

## Item 4. Controls and Procedures

*Evaluation of Disclosure Controls and Procedures*:
Our management carried out, as of March 31, 2026, with the participation of our President and Chief Executive Officer and our Chief Financial
Officer, an evaluation of the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under
the Securities Exchange Act of 1934, as amended (the “Exchange Act”)). Based on that evaluation, our President and Chief Executive
Officer and Chief Financial Officer concluded that, as of March 31, 2026, our disclosure controls and procedures were effective to provide
reasonable assurance that material information required to be disclosed by us in reports we file under the Exchange Act is recorded, processed,
summarized and reported within the time periods specified in the SEC rules and forms, and that information required to be disclosed by
us in the reports we file or submit under the Exchange Act is accumulated and communicated to our management, including our President
and Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.

*Management’s Report on Internal Control
Over Financial Reporting:* Our management is responsible for establishing and maintaining adequate internal control over financial
reporting, as such term is defined in Exchange Act Rules 13a-15(f) and 15d -15(f). Because of its inherent limitations, internal control
over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods
are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with existing
policies or procedures may deteriorate. Under the supervision and with the participation of our management, including our President and
Chief Executive Officer and Chief Financial Officer, our management conducted an evaluation of the effectiveness of our internal control
over financial reporting as of March 31, 2026 based on the framework in “*Internal Control-Integrated Framework (2013)*”
issued by the Committee of Sponsoring Organizations of the Treadway Commission. Based on that evaluation, our management concluded that
our internal control over financial reporting was effective as of March 31, 2026, and that no material weaknesses in internal control
over financial reporting were identified.

*Changes in Internal Control Over Financial
Reporting:* There were no changes in our internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f)) during
the first quarter of 2026 that have materially affected, or are reasonably likely to materially affect, our internal control over financial
reporting.

21

**Part II**

## Item 1. Legal Proceedings

There is no material litigation, arbitration or
governmental proceeding currently pending against us or any member of our management team in their capacity as such.

## Item 1A. Risk Factors

There have been no material changes from the risk factors previously
disclosed in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.

## Item 2. Unregistered Sales of Equity Securities
and Use of Proceeds**

No unregistered sales of equity securities occurred
during the three months ended March 31, 2026, that were not previously reported.

## Item 3. Defaults Upon Senior Securities

None.

## Item 4. Mine Safety Disclosures

Not applicable.

## Item 5. Other Information

*Rule 10b5-1 Trading Plans*

The Company’s executive officers and directors
may from time to time enter into plans or arrangements for the purchase or sale of its common shares that are intended to satisfy the
affirmative defense conditions of Rule 10b5-1(c) under the Exchange Act. During the three months ended March 31, 2026, no officers or
directors of the Company adopted, modified, or terminated a “Rule 10b5-1 trading arrangement” or a “non-Rule 10b5-1
trading arrangement,” as defined in Item 408 of Regulation S-K.

## Item 6. Exhibits

| Exhibit | Description |
| --- | --- |
| 31.1* | Certification of the Chief Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 31.2* | Certification of the Chief Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Securities Exchange Act of 1934, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002. |
| 32.1* | Certification 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* | Certification 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 | XBRL Instance Document. |
| 101.SCH | XBRL Taxonomy Extension Schema Document. |
| 101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document. |
| 101.LAB | XBRL Taxonomy Extension Label Linkbase Document. |
| 101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document. |
| 101.DEF | XBRL Taxonomy Extension Definition Document. |
| 104 | Cover Page Interactive Data File (formatted as inline XBRL with applicable taxonomy extension information contained in Exhibits 101) |

\* Filed herewith

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**SIGNATURES**

Pursuant to the requirements 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.

**JAGUAR URANIUM CORP.**

/s/ Steven Gold

Steven Gold     President, Chief Executive Officer and Director     (Principal Executive Officer)

/s/ William Avery

William Avery     Chief Financial Officer    (Principal Financial and Accounting Officer)

Date: May 14, 2026

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