New Stratus Energy : F2025 Q3 FS

NEW STRATUS ENERGY INC.

INTERIM CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(UNAUDITED)

FOR THE THREE AND NINE MONTHS ENDED SEPTEMBER 30, 2025, AND 2024

NEW STRATUS ENERGY INC. Table of Contents Page 3 Management's Responsibility for Interim Condensed Consolidated Unaudited Financial Statements Page 4 Consolidated Statements of Financial Position Page 5 Consolidated Statements of Operations and Comprehensive Loss Page 6 Consolidated Statements of Changes in Equity Page 7 Consolidated Statements of Cash Flows Pages 8-21 Notes to the Consolidated Financial Statements Management's Responsibility for the Interim Condensed Consolidated Unaudited Financial Statements

The accompanying Condensed Consolidated Interim unaudited financial statements of New Stratus Energy Inc. Inc. (the "Company") are the responsibility of the Board of Directors.

These Condensed Consolidated Interim unaudited financial statements have been prepared by management on behalf of the Board of Directors based on the accounting policies disclosed in the notes to the financial statements. Where necessary, management has made informed judgments and estimates in accounting for incomplete transactions at the end of the reporting period. In the opinion of management, the financial statements have been prepared within acceptable limits of materiality. They are by International Financial Reporting Standards issued by the International Accounting Standards Board.

Management has established processes which are in place to provide it with sufficient knowledge to support management representations that it has exercised reasonable diligence that (i) financial statements do not contain any untrue statement of a material fact or omit to state a material fact required to be stated, or that is necessary to make a statement not misleading in light of the circumstances under which it is made, as of the date of, and for the periods presented by, the financial statements and (ii) the financial statements fairly present in all material respects the financial condition, results of operations and cash flows of the Company, as of the date of and for the periods presented by the Condensed Consolidated Interim unaudited financial statements.

The Board of Directors is responsible for reviewing and approving the company's Condensed Consolidated Interim unaudited financial statements and other financial information and ensuring management fulfills its financial reporting responsibilities. An Audit Committee assists the Board of Directors in fulfilling this responsibility. The Audit Committee meets with management to review the financial reporting process, financial statements, and other company financial information. The Audit Committee reports its findings to the Board of Directors for its consideration in approving the company's financial statements and other financial details for issuance to the shareholders.

Management recognizes its responsibility to conduct the Company's affairs in compliance with established financial standards and applicable laws and regulations and to maintain proper standards of conduct for its activities.

(signed) (signed)

Jose Francisco Arata Mario A. Miranda

Chief Executive Officer Chief Financial Officer

Toronto, Canada, November 28, 2025

Notice of Disclosure of Non-auditor Review of Condensed Interim Financial Statements

Under National Instrument 51-102, Part 4, subsection 4.3(3)(a) issued by the Canadian Securities Administrators, if an auditor has not reviewed the unaudited condensed interim financial statements, they must be accompanied by a notice indicating that an auditor has not reviewed them.

The accompanying unaudited condensed interim financial statements of the Company for the interim Periods ended September 30, 2025, and 2024 have been prepared by International Financial Reporting Standards ("IFRS") accounting principles and are the responsibility of the Company's management.

The Company's independent auditors, BDO, have not reviewed these condensed interim financial statements, following the standards established by the Chartered Professional Accountants of Canada for reviewing financial statements by an entity's auditor.

NEW STRATUS ENERGY INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

(Unaudited: in Canadian dollars)

		September 30,	December 31,
	Note	2025	2024
ASSETS
Current assets
Cash and cash equivalents		$ 798,781	$ 749,180
Restricted cash	5	10,000	100,000
Other receivables	6	6,541,738	6,858,824
Recoverable taxes	7	611,121	584,060
Prepaid and advance payments		115,611	21,478
		8,077,251	8,313,542
Non-current assets Property, plant, and equipment	8	126,790	574,436
Investments in joint venture and loan commitment	9	62,018,200	61,706,854
Other Assets		264,326	-
		62,409,316	62,281,290
Total assets		$ 70,486,567	$ 70,594,832
LIABILITIES AND (DEFICIT) EQUITY
Current liabilities
Trade and other payables	11 a	$ 9,982,988	$ 4,801,609
Loan commitment	11 b	41,763,000	40,003,230
Taxes payable		1,012,887	1,080,899
Employee benefit obligation	12	307,270	313,519
Defined benefit obligations	13	-	263,162
Asset retirement obligation	14	-	12,261
Subscription receipts		355,017	-
		53,421,162	46,474,680
Non-current liabilities
Other payables		28,676	-
Other liabilities	15	29,953,927	28,981,443
Total non-current liabilities		29,982,603	75,456,123
Total liabilities		83,403,765	75,456,123
Shareholders' (deficit) equity
Share capital	16	36,960,133	36,932,501
Contributed surplus	16	5,028,136	5,050,968
Cumulative translation adjustment		906,953	(130,236)
Deficit		(55,812,420)	(46,714,524)
Total (deficit)		(12,917,198)	(4,861,291)
Total liabilities and (deficit) equity		$ 70,486,567	$ 70,594,832
Commitments and Contingencies (Note 25)

Approved by the Board of Directors

See accompanying notes to the Consolidated Financial Statements.

4

NEW STRATUS ENERGY INC. INTERIM CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)

(Unaudited: in Canadian dollars)

Three months Nine months

Periods ended September 30,	Notes	2025	2024	2025	2024
General and administrative	17	$ (1,537,255)	$ (3,193,490)	$ (5,600,133)	$ (12,057,178)
Income from investments in Joint Venture	9	328,478	1,310,727	1,106,946	5,612,229
Stock-based compensation		-	(494,185)	-	(494,185)

Foreign exchange loss (gain) (612,250) (397,273) 335,744 (189,480)

Other income	19	56,459	206,548	320,025	819,755
Operating loss from operations		(1,764,568)	(2,567,673)	(3,837,418)	(6,308,859)
Financial cost, net	18	(654,608)	(752,222)	(2,123,713)	(1,811,382)
Accretion expenses on the loan commitment	11b	-	1,202,860	(3,129,663)	1,202,860
Net loss before income taxes from operations		(2,419,176)	(2,117,035)	(9,090,794)	(6,917,381)
Income tax expense		-	-	(7,102)	-
Net loss		(2,419,176)	(2,117,035)	(9,097,896)	(6,917,381)
Other comprehensive loss:
Items that may be subsequently reclassified to
profit or loss
Exchange differences in translation of the companies' subsidiaries.	(617,731)		314,433	1,037,189	357,235
Net loss and comprehensive loss	$ (3,036,907)		$ (1,802,602)	$ (8,060,707)	$ (6,560,146)

Net loss before per share
Basic	20	$ (0.02)	$ (0.02)	$ (0.07)	$ (0.05)
Diluted	20	$ (0.02)	$ (0.02)	$ (0.07)	$ (0.05)

See accompanying notes to the Consolidated Financial Statements.

5