MAGELLAN COPPER? GOLD INC. 10-K

 false 2024 FY 0001515317

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 2024-10-01

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 UNITED STATES

 SECURITIES AND EXCHANGE COMMISSION

 Washington, D.C. 20549

 FORM 10-K

 ANNUAL REPORT UNDER SECTION
13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934

 For the fiscal year ended December 31, 2024

 TRANSITION REPORT
UNDER SECTION 13 OR 15(d) OF THE

 SECURITIES EXCHANGE ACT OF 1934

 For the transition period from ____________ to
____________

 Commission file number 000-54658

 MAGELLAN COPPER & GOLD Corp.
(Name of Registrant in its Charter)

 Nevada
(State or other jurisdiction

of incorporation or organization)

 27-3566922
I.R.S. Employer

Identification Number

 602 Cedar Street, Ste. 205, Wallace, ID 83873
(Address of principal executive offices) (Zip Code)

 Registrant's telephone number, including area code: ( 707)
 291-6198

 Securities registered under Section 12(b) of the Exchange Act: None

 Securities registered under Section 12(g) of the Exchange Act: None

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

 Indicate by check mark if the registrant is not
required to file reports pursuant to Section 13 or 15(d) of the Act. Yes No

 Indicate by check mark whether the registrant
(1) has filed all reports required to be filed by Section 13 or 15(d) of the 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 if disclosure of delinquent
filers pursuant to Item 405 of Regulation S-K (§ 229.405 of this chapter) is not contained herein, and will not be contained, to
the best of registrant's knowledge, in definitive proxy or information statements incorporated by reference in Part III of this
Form 10-K or any amendment to this Form 10-K.

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

 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
has filed a report on and attestation to its management's assessment of the effectiveness of its internal control over financial
reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or
issued its audit report. Yes No

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

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

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

 The aggregate market value of the 6,657,022 shares
of voting and non-voting common equity held by non-affiliates of the Company calculated by taking the last sales price of the Company's
common stock of $0.1391 on June 30, 2024 was $ 925,992.

 The number of shares outstanding of the registrant's common stock,
as of March 31, 2025 is 26,379,295.

 List hereunder the following documents if incorporated
by reference and the Part of the Form 10-K ( e.g., Part I, Part II, etc.) into which the document is incorporated: (1) Any annual
report to security holders; (2) Any proxy or information statement; and (3) Any prospectus filed pursuant to Rule 424(b) or (c) under
the Securities Act of 1933. The listed documents should be clearly described for identification purposes:

 None.

 Page No.

 Forward-looking Statements

 ii

 Item 1.

 Description of Business

 Item 1A.

 Risk Factors

 Item 1B.

 Unresolved Staff Comments

 Item 1C

 Cybersecurity

 Item 2

 Properties

 Item 3.

 Legal Proceedings

 Item 4.

 Mine Safety Disclosure

 Item 5.

 Market for the Registrant's Common Equity and Related Stockholder Matters

 Item 6.

 Selected Financial Data

 Item 7.

 Management's Discussion and Analysis of Financial Condition and Results of Operations

 Item 8.

 Financial Statements and Supplementary Data

 Item 9.

 Changes in and Disagreements on Accounting and Financial Disclosure

 Item 9A.

 Controls and Procedures

 Item 9B.

 Other Information

 Item 9C.

 Disclosure Regarding Foreign Jurisdiction that Prevents Inspections

 Item 10.

 Directors, Executive Officers and Corporate Governance

 Item 11.

 Executive Compensation

 Item 12.

 Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

 Item 13.

 Certain Relationships and Related Transactions, and Director Independence

 Item 14.

 Principal Accounting Fees and Services

 Item 15.

 Exhibits and Financial Statement Schedules

 Signatures

 i

 Forward-looking Statements

 In General

 Certain
matters discussed in this Annual Report on Form 10-K (this "Annual Report") may constitute forward-looking statements
for purposes of the Securities Act of 1933, as amended (the "Securities Act") and the Securities Exchange Act of 1934, as
amended (the "Exchange Act"), and involve known and unknown risks, uncertainties and other factors that may cause our actual
results, performance or achievements to be materially different from the future results, performance or achievements expressed or implied
by such forward-looking statements. The words "aim," "anticipate," "assume," "believe,"
"contemplate," "continue," "could," "design," "due," "estimate,"
"expect," "goal," "intend," "may," "objective," "plan," "positioned,"
"potential," "predict," "seek," "should," "target," "will," "would" and
similar expressions are generally intended to identify forward-looking statements. Our actual results may differ materially from the results
anticipated in these forward-looking statements due to a variety of factors, including, without limitation, those discussed under the
caption "Risk Factors," set forth in Part I, Item 1A of this Annual Report. Such forward-looking statements include, but are
not limited to, statements about our:

 risks and hazards inherent in the mining business (including environmental hazards, industrial accidents, weather or geologically related conditions);

 uncertainties inherent in our exploratory and developmental activities, including risks relating to permitting and regulatory delays;

 our future business plans and strategies;

 our ability to commercially develop our mining interests.;

 changes that could result from our future acquisition of new mining properties or businesses;

 expectations regarding competition from other companies;

 effects of environmental and other governmental regulations;

 potential economic downturns and difficult conditions in the global capital and credit markets; and

 our ability to raise additional financing necessary to conduct our business.

 Forward looking statements may include estimated
mineral reserves and resources which could differ materially from those projected in the forward-looking statements. The factors that
could cause actual results to differ materially from those projected in the forward-looking statements include:

 the risk factors set forth the caption under "Risk Factors," set forth in Part I, Item 1A of this Annual Report

 changes in the market prices of precious minerals, including gold; and

 uncertainties inherent in the estimation of ore reserves.

 We have based these forward-looking statements
largely on our current expectations, estimates, forecasts, and projections about future events and financial trends that we believe may
affect our financial condition, results of operations, business strategy, and financial needs. In light of the significant uncertainties
in these forward-looking statements, you should not rely upon forward-looking statements as predictions of future events. Although
we believe that we have a reasonable basis for each forward-looking statement contained in this prospectus, we cannot guarantee that
the future results, levels of activity, performance, or events and circumstances reflected in the forward-looking statements will
be achieved or occur at all. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material.
Except as required by law, we undertake no obligation to publicly update any forward-looking statements, whether as a result of new
information, future events or otherwise.

 ii

 ITEM 1.

 DESCRIPTION OF BUSINESS.

 THE COMPANY

 The Company was formed and organized on September
28, 2010 under the laws of the State of Nevada. We are an exploration stage company, and our principal business is the acquisition and
exploration of mineral projects. Presently our focus is on properties in the States of Idaho and California, but we are not limited geographically,
and may acquire additional mineral projects outside of these areas in the future. We have not presently determined whether the mineral
properties which we control contain mineral deposits that are economically recoverable.

 The Company's head office is located at
602 Cedar Street, Suite 205, Wallace, Idaho 83873.

 MINERAL PROPERTIES DISCUSSION

 ACQUISITION OF CLEARWATER GOLD CORPORATION

 On July 1, 2020, the Company entered into a Stock
Purchase Agreement to acquire Clearwater Gold Mining Corporation ("Clearwater") which owns certain unpatented mining claims
in Idaho County, Idaho that include the historic Center Star Gold Mine ("Center Star") near Elk City, Idaho. In conjunction
with the Clearwater acquisition, Gregory Schifrin, the sole shareholder of Clearwater, was appointed on July 1, 2020 to serve as a member
of the Company's Board. The Company acquired 100% of the issued and outstanding shares of Clearwater in consideration of 1,000,000
shares of Magellan common stock, a $125,000 convertible note and $25,000 in cash.

 The contracted share issuance was to be made in
increments as progress was achieved on gaining access to the mine. To date 750,000 shares have been issued and 250,000 shares are still
pending issuance. With respect to the convertible secured note, $125,000 plus accrued interest is currently due for payment. As of December
31, 2023, the Clearwater mineral rights and properties balance totaled $0. During the year ended December 31, 2023, the Company evaluated
the development costs for impairment and recorded an impairment expense of $194,274. As of December 31, 2023, the Company had $0 in capitalized
development cost to develop gold resources at Center Star Project.

 MINERAL PROJECTS ACQUIRED FROM GOLD EXPRESS
MINES, INC.

 On January 3, 2023, the Company entered into an
asset purchase agreement with Gold Express Mines, Inc ("Gold Express" or "Seller"). Pursuant to the agreement,
the Seller sold the following 1) the Golden, Idaho Project located in Idaho County, Idaho and consisting of seventy-two unpatented mining
claims; 2) the Seafoam District claims located in Custer County, Idaho and consisting of five unpatented mining claims; 3) the Blacktail
District claims located in Lemhi County, Idaho and consisting of eight unpatented mining claims; 4) the Big-It Project located in Shoshone
County, Idaho consisting of twenty-five Big-It Extension unpatented mining claims and a mineral lease termed the Big-It Lease Property
consisting of three unpatented mining claims and 94.86 acres of real property; and 5) the Terror Gulch Project located in Shoshone County,
Idaho consisting of twenty-six unpatented mining claims.

 As of March 31, 2023, the total purchase price
for the acquisition was determined to be $1,000,000 which consisted of 5,000,000 shares of common stock with a fair value of $1,000,000.
The Company concluded the purchase of a single set of assets qualified as an asset acquisition and all such acquisition costs have been
capitalized as mineral rights and properties on the balance sheet.

 In August 2023, the Company reduced the number
of claims at the Seafoam District to three claims, reduced the number of claims at the Blacktail District to five claims, reduced the
number of claims at the Big-It Extension claims from twenty-five to nine claims, and reduced the Golden Project claims from seventy-two
to forty-one claims. During the year ended December 31, 2023, the Company evaluated the mineral rights and properties for impairment and
recorded an impairment expense of $1,000,000. As of December 31, 2023, the Gold Express mineral rights and properties balance totaled
$0.

 KRIS PROJECT EARN-IN AGREEMENT

 On June 6, 2023, the Company entered a memorandum
of understanding ("MOU") to enter into a earn-in agreement with Gold Express Mines, Inc. In accordance with the MOU, the Company
agreed to earn-in for up to a 50% working interest in the Kris Project, which has 7 unpatented mining claims located in Plumas County,
CA.

 In March 2023, the Company paid Gold Express Mines,
Inc. $100,000, which was recorded as a deposit, and shall spend $400,000 on the Kris Project in allowable expenditures over the next thirty-six
months, assuming permitting for the work is obtained. If permitting delays the exploration and other work programs, the earn-in period
shall be extended accordingly. Allowable expenditures are sampling, drilling, assaying, geologic mapping, and mine site improvements made
or performed directly on the existing mine site or expanded mine site. Consulting fees for work directly benefiting the Project are also
allowed including management of work, preparation of reports, and planning for future work. Claim maintenance fees on the existing claims
are also allowable expenditures, as are the costs of future land acquisitions which are deemed to benefit the Kris Project, and which
are approved by both parties beforehand.

 As part of the MOU agreement, the Company shall
pay the Bureau of Land Management claim maintenance fees on the existing Kris Project claims by August 15 th in the ensuing
years during the earn-in period. The Company shall pay for the annual Plumas County "notice of intent to hold" recording costs
and any other Plumas County fees or taxes which accrue during the earn-in period. These holding costs shall be allowable expenses under
the earn-in agreement. As of December 31, 2024 and 2023, the $100,000 deposit paid to Golden Express for the MOU was reclassed to mineral
rights and properties on the balance sheet.

 The Company and Gold Express have not executed
the final Earn-In Agreement which will memorialize the terms of the MOU and describe the operating structure of the joint venture company
which will be formed upon completion of the earn-in agreement. The Company anticipates signing of the Earn-In Agreement by the end of
May 2024. The Company plans on beginning the required earn-in for the Kris Project in 2024 which will likely consist of additional drill
holes stepping out from successful drilling done by GEM in 2022. One drill pad at the Kris Project is permitted and available for the
drilling of additional drill holes. Further drilling from other newly proposed pads will require additional permitting with the U.S. Forest
Service.

 BLUE JACKET AND CUPRUM PROJECT

 On January 4, 2024, the Company entered into a
purchase agreement with GEM, pursuant to which, among other things (i) the Company agreed to purchase certain mineral assets owned and
controlled by GEM for a purchase price equal to 5,500,000 shares of the Company's common stock, par value $0.001 per share; and
(ii) GEM agreed to assign to the Company a certain lease for mineral properties for a purchase price of 500,000 shares of common stock.
As of December 31, 2024, the total purchase price for the acquisition was determined to be $422,565 which consisted of 5,500,000 shares
of common stock with a fair value of $422,565. As of the date of this filing, the Company and GEM have not completed the assignment of
leases and the 500,000 shares related to assignment have not been issued. The Company concluded the transaction qualified as an asset
acquisition and all such acquisition costs have been capitalized. The Company concluded the purchase of a single set of assets qualified
as an asset acquisition and all such acquisition costs have been capitalized as mineral rights and properties on the balance sheet. During
the year ended December 31, 2024, the Company evaluated the GEM mineral rights and properties for impairment and recorded an impairment
expense of $422,565. As of December 31, 2024, the GEM mineral rights and properties balance totaled $0.

 CABLE PROJECT

 On February 21, 2025 the Company entered a memorandum
of understanding ("MOU") to enter into an earn-in agreement with Gold Express Mines, Inc. In accordance with the MOU, the
Company agreed to earn-in up to 45% of the working interest in the Cable Mine Project and terminate the earn-in agreement on the Kris
project with Gold Express Mines, Inc. The Cable Mine Project consists of 480 acres of patented mining claims and 500 acres of unpatented
mining claims. Under the terms of the agreement over the next 24 months, after permitting is obtained, the Company will spend $500,000
on the project in allowable expenses. The Company will be credited with $100,000 from the termination of the Kris Project towards the
$500,00 work requirement, leaving a net of $400,000 owed towards the earn-in the Cable Project.

 ADDITIONAL INFORMATION ON KEY PROJECTS

 Key Projects

 The Company has determined that the Key Projects
of the Company are the Center Star Mine and the Kris Project. Both properties have substantial histories of development and production,
and both are viewed as having a shorter path to revenue than other projects in the portfolio of the Company. The additional projects of
the Company will be held for now, and work will be completed on these projects as time and funding allow. In the future the Company may
also choose to sell, lease or joint venture its non-focus projects to other companies or interested parties, as management and the board
of the Company may see fit.

 Center Star Mine

 Location, Access, and Logistics

 The Center Star Mine is located 42 miles southeast
of Grangeville, Idaho in Sections 26 and 35 of Township 29 N, Range 7 E.B.M. in the Ten Mile Mining District.

 Access to the property is gained by a paved state
highway connecting Grangeville and Elk City. A good mountain road approximately 5 miles in length extends from the highway to the mine.
The mountain road is of a sufficient quality to transport equipment and materials to the mine. The road is typically snowed-in during
winter months but could be maintained to allow for year-round access.

 Power to the mine site will initially be provided
by a diesel generator and a diesel compressor. In 1968 the mine site was connected to a 3-phase electrical power line. The power line
is no longer operable but can be repaired and re-electrified in the future. Water to the site is available from a year-round mountain
stream that should be adequate to meet the properties' needs.

 History

 The Center Star deposit was developed around 1915
as an underground mine. In the early 1930's the well-known mining entrepreneur Harry Day and associates did additional exploratory
work, which included the sinking of an incline winze to a depth of 150 feet. Mr. Day's interest in developing the property ended
in 1931. In the late 1930's additional outside investment resulted in a stamp mill being erected and more significant tonnages being
mined. However, the War Powers Act Order L-208 forced the stoppage of operations in 1942.

 After WWII ended, work went on from time-to-time
at the Center Star and this sporadic work continued into the 1960's. In 1968 a 6,800-foot power line was constructed and put into
operation bringing electric power to the site. From 1968 to 1970 the underground workings were advanced an additional 500 feet. In 1971
the Center Mine was placed on standby awaiting more favorable gold prices.

 In 1980 the Center Star Mine was again reopened.
Between 1980 and 1981 the Center Star completed a $500,000 mine renovation, sampling, and drilling program. Over 2,000 samples were taken
from various areas of the mine and the drill program resulted in defining an ore block estimated at 30,000 tons with grades between.46
and.63 ounces to the ton. Despite this progress, by 1984 the Center Star was once again placed on standby due to low gold prices. In
1985 the mill building, milling equipment and several buildings on the property were removed and salvaged.

 Clearwater Gold Corporation acquired
the property by staking unpatented mining claims over the unclaimed ground in the late 1990's and did some minor work on the project,
as well as accumulation and organization of historic data on the project. The Company acquired all the issued and outstanding shares of
Clearwater Gold Corporation as described above.

 Geology

 The Center Star Mine is in Idaho about midway
between Golden, Idaho and Elk City, Idaho. It is in the Central Idaho Belt Series rocks and is in the Ten-Mile Mining District. The mine
area is composed of banded Pre-Cambrian Belt gneisses and schists. The general area has been faulted, and intrusions of granite dikes
and hornblendite sills are prominent. A series of faults and brecciated zones cuts through the country rock. The general trend of the
faulted areas is approximately north 70 degrees east and dips 40 degrees or more to the southeast.

 Quartz follows faulted zones, forming elongated
veins and is also found as a replacement of gneiss. Sulfide mineralization is disseminated in the vein quartz and silicified wall rock
and fills small fractures and shattered zones. The most abundant of these are pyrite and chalcopyrite. However, galena and sphalerite
are commonly exposed in brecciated zones of quartz and wall rock.

 The ore is found as irregular and generally elongated
bodies following faults which strike approximately N70E. A shear zone 100 feet wide, extending from about 240 feet in the Weiss tunnel
contains all the ore to be seen in the present workings. A series of faults parallel each other within this zone. The country rock, surrounding
the shear zone, is composed of schist and gneiss. Intrusions of granite cutting the country rock are exposed in the Weiss tunnel. The
schists and gneisses grade into silicified rock at the contact of the shear zone.

 Drifting followed quartz veins which vary in thickness
from one inch to ten feet, averaging about five feet. The quartz veins pinch and swell throughout their exposed length with alternating
brecciation. Quartz in sometimes seen grading gradually into silicified wall rock where quartz veinlets may be observed extending into
the wall rock. It is these veinlets that often contain sulfides and free gold.

 Center Star Exploration Plans

 Past exploration, development and production on
the property has identified several ore bodies and targets for future exploration. Potential for additional mineralization is very good
as known veins and ore bodies appear to be open for expansion in all directions. We will use known mineralization areas from previous
geological reports to identify exploration targets.

 In 2024, we are using geological mapping, with
rock sampling and assaying programs that will focus on taking samples from rock exposures to test and verify historical assay reports.
Successful completion of the mapping and sampling program will help guide a drilling program to better define past reported ore blocks
and resource estimates.

 In 2025, we have been conducting three-dimensional
modeling and if we acquire additional funding we will be following through with sampling, assays, mapping, computer modeling,
and associated assays.

 Kris Project

 Location, Access, and Logistics

 The Kris Prospect is a zone of gold mineralization
in the upper plate of the Grizzly Mountain Thrust that stretches ten miles from Canyon Dam, California on the northwest to Crescent Mills,
California on the southeast. The project is entirely within Plumas County, California

 The Kris Prospect is located 109 road miles northwest
of Reno, Nevada in Plumas County, California. Reno is a major center for mining related activity in the USA and there are many assay labs,
metallurgical labs, service providers, drilling contractors and mineral industry consultants in the Greater Reno area.

 Nearer the Kris Project there are restaurants,
motels, a lumber yard, hardware outlets, and auto parts stores located in Chester, California, about 15 miles from the project.

 The prospect is accessed by numerous well maintained
Forest Service roads and a maze of lesser quality logging and mineral exploration drill roads. There is a rail siding on the Western Pacific
Railroad less than two miles from the property. There is a very adequate supply of water for mining operations and high voltage power
lines are within two miles of the property. Logging is the main industry of the area and there are many truck drivers and equipment operators
in the local community.

 The prospect is on forested land at an elevation
of 4500-5500 feet. Winter snowfalls can be significant, but mining operations can be maintained throughout the winter.

 The Company has no plans to proceed with the exploration
of the Kris Project.

 Land Status

 The Company has signed a Memorandum of Understanding
with Gold Express Mines, Inc. to enter a Joint Venture (please see the more detailed description above). With respect to Gold Express
Mines, Inc., it has entered into a lease with option to purchase agreement for the Kris Project with Robert Wetzel, a California based
geologist who staked the claims comprising the project.

 Mr. Wetzel staked and controls a total of 74 mining
claims through his Company, "Grizzly Creek Eco Gold". Mr. Wetzel located lode claims Kris #1-28, #41-57 and #61-66 to cover
the area around the Clear Creek Mine and Goldstripe Mine, and Kris #100-110, #114-120 to cover the area around the Cherokee Mine. In addition,
six "Kris Placer" claims have been located over the existing heap leach pad areas.

 Past Production and History

 There are at least ten historical mines along
the ten-mile mineral belt which hosts the Kris Project that have each produced from 10,000 to 100,000 ounces of gold, as well as numerous
smaller mines and prospects. Total production from this mineral trend, according to estimates presented in the California Division of
Mines and Geology Bulletin #193, was more than 250,000 ounces of gold. Most of this production occurred during the period from 1860-1900.
There was also significant mining activity from 1931-1942. Virtually all the historic production before WWII was by underground methods.

 With the rise in the price of gold in 1979, there
was renewed interest in the potential of this district, especially for development of open-pit, heap-leachable gold deposits. A brief
history of the exploration and mining conducted in the 1980s is presented below.

 Teck Resources dug and sampled about 6000'
of backhoe trenches in 1979 and NCA drilled 27 shallow rotary holes in 1980.

 Houston International carried out a comprehensive
exploration program focusing on the Clear Creek and Monkey James areas in 1980-81. Following mapping and sampling, they completed 10,600
feet of air track, rotary and diamond drilling. The NCA/Calgom Joint Venture acquired Houston International's properties in December
of 1981.

 Calgom conducted rotary drilling from June to
October 1981 focusing on the Goodwin, South Wolf Creek and Gold Queen areas. This drilling totaled 13,275 feet in 93 holes. The Wolf Creek
Adit was reopened and mapped and sampled in 1981. Significant property acquisitions were made in late 1981 and early 1982 bringing the
venture holdings to about 9800 acres.

 A major exploration effort was undertaken on the
Goldstripe project in 1982. A total of 43,965 feet of drilling in 338 rotary holes was completed. 299 of these holes were drilled using
conventional rotary and 39 were drilled using reverse circulation. Hole depths ranged from 40 to 320 feet. The Beatty ground between the
Clear Creek and Goodwin areas was acquired in October 1982 and drilling was initiated but not completed.

 Pincock, Allen and Holt prepared a feasibility
study in 1984 that showed a minable reserve for the known deposits of 1,546,115 tons of 0.071 opt Au. PAH projected a minable reserve
of 731,490 tons of 0.073 at a 4.2: 1 stripping ratio at the Clear Creek deposit, and 148,400 tons at 0.071 opt Au at a 5.5:1 stripping
ratio at the Monkey James deposit.

 Permits were acquired and mining started on the
Clear Creek deposit in 1985. Royal Gold of Denver acquired the project in 1987 and referred to the project as the Clear Creek Mine. According
to records of Mr. Z. A. Arlin, the mine manager at the time, 744,775 tons at a grade of 0.065 opt Au were mined from the Clear Creek deposit,
119,724 tons of 0.057 were mined from the Monkey James and 20,710 tons of 0.044 were mined at the Goodwin. In total, 56,250 oz of gold
in 885,209 ore tons at a grade of 0.064 ounces per ton were mined from 1985-89, along with 5,526,243 tons of waste rock.

 Limited leaching of the heaps continued after
mining stopped in 1989. The heaps were drilled in 1990 and were estimated to contain 894,000 tons with a residual grade of 0.033 opt Au.
In 1991, Royal Gold conducted preliminary reclamation work and then forfeited a $340,000 reclamation bond to the Forest Service, who completed
reclamation work. In 2010, the heaps are now well revegetated.

 The price of gold declined from about $500/oz
in 1982 to less than $350/oz in 1992. Virtually all the lode claims in the district were abandoned by 1994.

 Grizzly Creek Eco Gold began preliminary exploration
work in 2009 and began locating claims in May 2010. Mr. Wetzel undertook work on the project as time and funds allowed.

 Gold Express Mines leased the Kris Project and
two other California projects from Mr. Wetzel in 2021. Mr. Wetzel had previously obtained a drill permit on the Kris Project which was
available to be used by Gold Express Mines for drilling which occurred in October of 2022.

 Drilling at the project commenced on October 5,
2022, and was completed on October 21, 2022. All reclamation work required by the permit was also finished by the end of October. The
results from the drilling were exceptional and exceeded the expectations of Mr. Wetzel and Gold Express Mines personnel. Each of the three
holes had very good gold results. The highlights of the drilling were as follows:

 Drill hole K22C-1 had a total depth of 417.5 feet and had an interval of ten feet (from 235-245) that ran 0.445 ounces per ton gold;

 Drill hole K22C-2 had a total depth of 318.0 feet and had an interval of fifteen feet (from 245-260) that ran 0.340 ounces per ton gold;

 Drill hole K22C-3 had a total depth of 352.0 feet and had an interval of fifteen feet (from 270-285) that ran 0.246 ounces per ton gold.

 The true width intervals of each of the above
have not yet been calculated but are not far off the apparent widths due to known drilling and bedding geometries. These drill results
indicate that a high-grade gold system is present on the property which may be amenable to underground mining. The indicated widths of
the mineralized intervals were very good and highly positive for a potential future operation.

 Regional Geology and Deposit Type

 The rocks in the project area are primarily a
thick sequence of weakly metamorphosed middle to late Paleozoic peletic rocks with some volcanic interbeds. The dominant rock type at
both the Clear Creek and Cherokee mines is a thinly fissile phyllite/slate of the Permian Arlington Formation, which has been thrust over
a zone of serpentine ultramafic rocks and mixed intrusive rocks by the regional Grizzly Mountain Thrust Fault. The Grizzly Mtn. Thrust
is sympathetic and strikes parallel to the Melones (Mother Lode) Fault about 10 miles west of the project area.

 The Clear Creek-Cherokee mineralization is a classic
example of mesothermal shear zone hosted or "Mother Lode" type mineralization. Two main types of gold mineralization have
been noted in the district. The first is quartz veining with veins made up of ribbons of white to blue grey quartz separated by selvages
of sericite-chlorite+-carbon with minor pyrite and fine to coarse free gold. This veining often runs more than 0.4 opt Au. The ore shoots
of this type of mineralization are typically 2-10 feet wide, up to a few hundred feet along strike and of varying depth down rake. Most
of the historic mining targeted this type of mineralization.

 The second type of mineralization consists of
stockworks of quartz veinlets in strongly sericitized and albitite-phyllite or intrusive rock. Pyrite is common both in the quartz veinlets
and sericite-albitite rock. This mineralization can be spatially associated with the first type. Arsenic concentrations in both types
are typically less than 100 ppm. This type of mineralization can be 50 feet thick, more than a thousand feet along strike and very extensive
down dip and typically runs from 0.05- 0.40 opt Au. These zones can be stacked in the thrust fault zone that has an overall thickness
of hundreds of feet.

 Ribbon quartz veins have produced more than 10
million ounces of gold in the Grass Valley-Nevada City district and sericite-quartz+-albite-pyrite zones have produced plus large gold
deposits in many districts in California including Royal Mountain King, Jamestown, Plymouth-Jackson and Carson Hill. All of these districts
had production to depths of greater than 3000 feet with consistent grade.

 Where the zones of mineralization transect serpentine,
the rock has been strongly altered to an ankerite-fuchsite-quartz-pyrite assemblage. This rock typically shows erratic gold concentration
along the Goldstripe-Cherokee trend. Ankerite-fuchsite-quartz-pyrite rock constituted ore at many mines on the main Mother Lode especially
Carson Hill and the Pine Tree-Josephine.

 Like the Mother Lode, mineralization is associated
with a major regional reverse fault. Virtually all the gold mineralization in the Goldstripe-Cherokee belt is in the hanging wall or upper
plate of the northwest trending shallow to moderately southwest dipping 10 plus mile long Grizzly Mountain Thrust fault. The zones of
mineralization generally parallel the regional foliation which parallels the Grizzly Mountain Mtn. thrust. There are also zones of high
angle mineralization that cut the regional foliation. Mineralized zones hundreds of feet thick have been developed along the zone.

 Kris Exploration Plans

 Past exploration, development and production on
the property has identified several ore bodies and targets for future exploration. Potential for additional mineralization is very good
as known veins and ore bodies appear to be open for expansion in all directions. Drill targets for future potential gold mineralization
expansion are apparent, and one permitted drill pad is available for an immediate drill program. Snow levels in this area typically are
clear by early June and the area stays open for drilling activity until mid-November.

 The Company has no plans to proceed with the exploration
of the Kris Project.

 Cable Mine

 Cable Mine History

 The Cable Mine is widely considered one of Montana's
top tier bonanza-grade gold producers and is known for its museum quality specimen gold. The Cable lode was discovered in 1866 and saw
several periods of hard rock operation before being forced into dormancy by the War Powers Act of 1941. Review of Cable's production
records and proprietary data from recent exploration has identified the most viable lode and placer resources and are the basis for this
business plan.

 Property Description

 Merit Mines LLC has acquired exploration rights
and a purchase option for the Cable Gold Mine in Deer Lodge County, Montana. The Cable property consists of 480 acres of patented ground
and 500 acres of unpatented mining claims owned by Cable Mountain Mining Inc. ("CMMI"). Goods and services are available in
Anaconda and Philipsburg, 14 and 20 road miles distance, respectively. The most likely candidate for processing of Cable ore is the fully
permitted Contact Mill at Philipsburg; a Merit principal is the co-owner of this mill.

 Principal Asset

 Merit's Cable Project is focused on an underground
copper-gold resource. The resource block was initially explored in the early 1900s by longhole core drilling and was estimated to contain
207,000 tons grading 1.5 to 4% copper and 0.11 to 0.14 ounces gold per ton. To the best of our knowledge, this resource remains intact.
Modern core drilling at the margins of the block intercepted multiple 5-foot intervals grading 0.23 to 3.44 ounces gold per ton.

 Additional Assets

 The Cable property also offers significant potential
to host a deep bulk-mineable copper +/- gold porphyry deposit below the target Cu-Au resource block. This porphyry target has been reviewed
by two major mining companies and is likely to receive additional attention as metal prices continue to rise and viable projects on private
land become less available. Two placer deposits occur within the patented ground; modern drilling and trenching on these deposits have
yielded encouraging gold values. The recreation and real estate value of the Cable property is significant.

 OUR EXPLORATION PROCESS

 Our exploration program is designed to acquire,
explore, and evaluate exploration properties in an economically efficient manner. We have not at this time identified or delineated any
mineral reserves on any of our properties.

 We expect our exploration work on a given property
to proceed generally in three phases. Decisions about proceeding to each successive phase will take into consideration the completion
of the previous phases and our analysis of the results of those phases.

 The first phase is intended to determine whether
a prospect warrants further exploration and involves:

 researching the available geologic literature;

 interviewing geologists, mining engineers and others familiar with the prospect sites;

 conducting geologic mapping, geophysical testing, and geochemical testing;

 examining any existing workings, such as trenches, prospect pits, shafts, or tunnels;

 digging trenches that allow for an examination of surface vein structures as well as for efficient reclamation, contouring and re-seeding of disturbed areas; and

 analyzing samples for minerals that are known to have occurred in the test area.

 Subject to obtaining the necessary permits in
a timely manner, the first phase can typically be completed on an individual property in several months at a cost of less than $200,000.

 The second phase is intended to identify any mineral
deposits of potential economic importance and would involve:

 examining underground characteristics of mineralization that were previously identified;

 conducting more detailed geologic mapping;

 conducting more advanced geochemical and geophysical surveys;

 conducting more extensive trenching; and

 conducting exploratory drilling.

 Subject to obtaining the necessary permits in a timely manner,
the second phase can typically be completed on an individual property in nine to twelve months at a cost of less than $1 million. None
of our properties has reached the second phase.

 The third phase is intended to precisely define
depth, width, length, tonnage and value per ton of any deposit that has been identified and would involve:

 drilling to develop the mining site;

 conducting metallurgical testing; and

 obtaining other pertinent technical information required to define an ore reserve and complete a feasibility study depending upon the nature of the deposit, the third phase on any one property could take one to five years or more and cost well more than $1 million. None of our properties has reached the third phase.

 We intend to explore and develop our properties
ourselves, although our plans could change depending on the terms and availability of financing and the terms or merits of any joint venture
proposals.

 GOVERNMENT REGULATION

 General

 Our activities are and will be subject to extensive
federal, state, and local laws governing the protection of the environment, prospecting, mine development, production, taxes, labor standards,
occupational health, mine safety, toxic substances, and other matters. The costs associated with compliance with such regulatory requirements
are substantial and possible future legislation and regulations could cause additional expense, capital expenditures, restrictions and
delays in the development and continued operation of our properties, the extent of which cannot be predicted. In the context of environmental
permitting, including the approval of reclamation plans, we must comply with known standards and regulations which may entail significant
costs and delays.

 Although we are committed to environmental responsibility
and believe we are in substantial compliance with applicable laws and regulations, amendments to current laws and regulations, more stringent
implementation of these laws and regulations through judicial review or administrative action or the adoption of new laws could have a
materially adverse effect upon our results of operations.

 Federal Environmental Laws

 Certain mining wastes from extraction and beneficiation
of ores are currently exempt from the extensive set of Environmental Protection Agency ("EPA") regulations governing hazardous
waste, although such wastes may be subject to regulation under state law as a solid or hazardous waste. The EPA has worked on a program
to regulate these mining wastes pursuant to its solid waste management authority under the Resource Conservation and Recovery Act ("RCRA").
Certain ore processing and other wastes are currently regulated as hazardous wastes by the EPA under RCRA. If our future mine wastes,
if any, were treated as hazardous waste or such wastes resulted in operations being designated as a "Superfund" site under
the Comprehensive Environmental Response, Compensation and Liability Act ("CERCLA" or "Superfund") for cleanup,
material expenditures would be required for the construction of additional waste disposal facilities or for other remediation expenditures.
Under CERCLA, any present owner or operator of a Superfund site or an owner or operator at the time of its contamination generally may
be held liable and may be forced to undertake remedial cleanup action or to pay for the government's cleanup efforts. Such owner
or operator may also be liable to governmental entities for the cost of damages to natural resources, which may be substantial. Additional
regulations or requirements may also be imposed upon our future tailings and waste disposal, if any, in Nevada under the Federal Clean
Water Act ("CWA") and state law counterparts. We have reviewed and considered current federal legislation relating to climate
change and we do not believe it to have a material effect on our operations. Additional regulation or requirements under any of these
laws and regulations could have a materially adverse effect upon our results of operations.

 ITEM 1A.

 RISK FACTORS.

 Our business faces many risks. Any of the risks
discussed below, or elsewhere in this report or in our other filings with the SEC, could have a material impact on our business, financial
condition, or results of operations.

 An investment in our securities is speculative
and involves a high degree of risk. Please carefully consider the following risk factors, as well as the possibility of the loss of your
entire investment, before deciding to invest in our securities.

 Risks Related to our Business.

 Due to our history of operating losses our
auditors are uncertain that we will be able to continue as a going concern.

 Our financial statements have been prepared assuming
that we will continue as a going concern. Due to our continuing operating losses and negative cash flows from our operations, the reports
of our auditors issued in connection with our consolidated financial statements for the fiscal years ended December 31, 2024 and 2023,
contain explanatory paragraphs indicating that the foregoing matters raised substantial doubt about our ability to continue as a going
concern. We cannot provide any assurance that we will be able to continue as a going concern.

 We have no history of and limited experience
in mineral production.

 We have no history of and limited experience in
producing gold or other metals. In addition, our management has limited technical training and experience with exploring for, starting
and/or operating a mine. Our management may not be fully aware of many of the specific requirements related to working within this industry.
Their decisions and choices may not consider standard engineering or managerial approaches mineral exploration companies commonly use.
Our operations, earnings and ultimate financial success could suffer due to our management's limited experience in this industry.
As a result, we would be subject to all the risks associated with establishing a new mining operation and business enterprise. We may
never successfully establish mining operations, and any such operations may not achieve profitability.

 We have no proven or probable reserves.

 We are currently in the exploration stage and
have no proven or probable reserves, as those terms are defined by the Securities and Exchange Commission ("SEC") on any of
our properties.

 To demonstrate the existence of proven or probable
reserves under SEC guidelines, it would be necessary for us to advance the exploration of our properties by significant drilling to demonstrate
the existence of sufficient mineralized material with satisfactory continuity which would provide the basis for a feasibility study which
would demonstrate with reasonable certainty that the mineralized material can be economically extracted and produced. We do not have sufficient
data to support a feasibility study regarding the Properties, and to perform the drill work to support such feasibility study, we must
obtain the necessary permits and funds to continue our exploration efforts.

 It is possible that, even after we have obtained
sufficient geologic data to support a feasibility study on the Properties, such study will conclude that none of the identified mineral
deposits can be economically and legally extracted or produced. If we cannot adequately confirm or discover any mineral reserves of precious
metals on the Properties, we may not be able to generate any revenues. Even if we discover mineral reserves on the Properties in the future
that can be economically developed, the initial capital costs associated with development and production of any reserves found is such
that we might not be profitable for a significant time after the initiation of any development or production. The commercial viability
of a mineral deposit once discovered is dependent on several factors beyond our control, including attributes of the deposit such as size,
grade, and proximity to infrastructure, as well as metal prices. In addition, development of a project as significant as the ones we might
be planning will likely require significant debt financing, the terms of which could contribute to a delay of profitability.

 The exploration of mineral properties is highly speculative in nature,
involves substantial expenditures and is frequently non-productive.

 Mineral exploration is highly speculative in nature
and is frequently non-productive. Substantial expenditures are required to:

 establish ore reserves through drilling and metallurgical and other testing techniques;

 determine metal content and metallurgical recovery processes to extract metal from the ore; and

 design mining and processing facilities.

 If we discover ore at the Properties, we expect
that it would be several additional years from the initial phases of exploration until production is possible. During this time, the economic
feasibility of production could change. As a result of these uncertainties, there can be no assurance that our exploration programs will
result in proven and probable reserves in sufficient quantities to justify commercial operations.

 Even if our exploration efforts at the Properties
are successful, we may not be able to raise the funds necessary to develop the Properties.

 If our exploration efforts at our prospects are
successful, of which there can be no assurance, our current estimates indicate that we may be required to raise substantial external financing
to develop and construct the mines. Sources of external financing could include bank borrowings and debt and equity offerings, but financing
has become significantly more difficult to obtain in the current market environment. The failure to obtain financing would have a material
adverse effect on our growth strategy and our results of operations and financial condition. We currently have no specific plan to obtain
the necessary funding and there exist no agreements, commitments, or arrangements to provide us with the financing that we may need. There
can be no assurance that we will commence production at any of our Properties or generate sufficient revenues to meet our obligations
as they become due or obtain necessary financing on acceptable terms, if at all, and we may not be able to secure the financing necessary
to begin or sustain production at the Properties. Our failure to raise needed funding could also result in our inability to meet our future
royalty and work commitments under our mineral leases, which could result in a forfeiture of our mineral interest altogether and a default
under other financial commitments. In addition, should we incur significant losses in future periods, we may be unable to continue as
a going concern, and we may not be able to realize our assets and settle our liabilities in the normal course of business at amounts reflected
in our financial statements included or incorporated herein by reference.

 We may not be able to obtain permits required
for development of the Properties.

 In the ordinary course of business, mining companies
are required to seek governmental permits for expansion of existing operations or for the commencement of new operations. We will be required
to obtain numerous permits for our Properties. Obtaining the necessary governmental permits is a complex and time-consuming process involving
numerous jurisdictions and often involving public hearings and costly undertakings. Our efforts to develop the Properties may also be
opposed by environmental groups. In addition, mining projects require the evaluation of environmental impacts for air, water, vegetation,
wildlife, cultural, historical, geological, geotechnical, geochemical, soil and socioeconomic conditions. An Environmental Impact Statement
would be required before we could commence mine development or mining activities. Baseline environmental conditions are the basis on which
direct and indirect impacts of the Properties are evaluated and based on which potential mitigation measures would be proposed. If the
Properties were found to impact the baseline conditions significantly adversely, we could incur significant additional costs to avoid
or mitigate the adverse impact, and delays in the development of Properties could result.

 Permits would also be required for, among other
things, storm-water discharge; air quality; wetland disturbance; dam safety (for water storage and/or tailing storage); septic and sewage;
and water rights appropriation. In addition, compliance must be demonstrated with the Endangered Species Act and the National Historical
Preservation Act.

 The mining industry is intensely competitive.

 The mining industry is intensely competitive.
We may be at a competitive disadvantage because we must compete with other individuals and companies, many of which have greater financial
resources, operational experience, and technical capabilities than we do. Increased competition could adversely affect our ability to
attract necessary capital funding or acquire suitable producing properties or prospects for mineral exploration in the future. We may
also encounter increasing competition from other mining companies in our efforts to locate acquisition targets, hire experienced mining
professionals and acquire exploration resources.

 Our future success is subject to risks inherent in the mining industry.

 Our future mining operations, if any, would be
subject to all the hazards and risks normally incident to developing and operating mining properties. These risks include:

 insufficient ore reserves;

 fluctuations in metal prices and increase in production costs that may make mining of reserves uneconomic;

 significant environmental and other regulatory restrictions;

 labor disputes; geological problems;

 failure of underground stopes and/or surface dams;

 force majeure events; and

 the risk of injury to persons, property, or the environment.

 Our future profitability will be affected by changes in the prices
of metals.

 If we establish reserves, and complete development
of a mine, our profitability and long-term viability will depend, in large part, on the market price of gold. The market prices for metals
are volatile and are affected by numerous factors beyond our control, including:

 global or regional consumption patterns;

 supply of, and demand for, gold and other metals;

 speculative activities;

 expectations for inflation; and

 political and economic conditions.

 The aggregate effect of these factors on metals prices is impossible
for us to predict. Decreases in metals prices could adversely affect our ability to finance the exploration and development of our properties,
which would have a material adverse effect on our financial condition and results of operations and cash flows. There can be no assurance
that metals prices will not decline.

 The price of gold may decline in the future. If
the price of gold and silver is depressed for a sustained period, we may be forced to suspend operations until the prices increase, and
to record asset impairment write-downs. Any continued or increased net losses or asset impairments would adversely affect our financial
condition and results of operations.

 We are subject to significant governmental regulations.

 Our operations and exploration and development
activities are subject to extensive federal, state, and local laws and regulations governing various matters, including:

 environmental protection;

 management and use of toxic substances and explosives;

 management of natural resources;

 exploration and development of mines, production, and post-closure reclamation;

 taxation;

 labor standards and occupational health and safety, including mine safety; and

 historic and cultural preservation.

 Failure to comply with applicable laws and regulations
may result in civil or criminal fines or penalties or enforcement actions, including orders issued by regulatory or judicial authorities
enjoining or curtailing operations or requiring corrective measures, installation of additional equipment or remedial actions, any of
which could result in us incurring significant expenditures. We may also be required to compensate private parties suffering loss or damage
by reason of a breach of such laws, regulations or permitting requirements. It is also possible that future laws and regulations, or a
more stringent enforcement of current laws and regulations by governmental authorities, could cause additional expense, capital expenditures,
restrictions on or suspensions of any future operations and delays in the exploration of our properties.

 Changes in mining or environmental laws could
increase costs and impair our ability to develop our properties.

 From time to time the U.S. government may determine
to revise U.S. mining and environmental laws. It remains unclear to what extent new legislation or regulations may affect existing mining
claims or operations. The effect of any such revisions on our operations cannot be determined conclusively until such revision is enacted;
however, such legislation could materially increase costs on properties located on federal lands, such as ours, and such revision could
also impair our ability to develop the Properties and to explore and develop other mineral projects.

 Compliance with environmental regulations and litigation based on
environmental regulations could require significant expenditures.

 Mining exploration and mining are subject to the
potential risks and liabilities associated with pollution of the environment and the disposal of waste products occurring because of mineral
exploration and production. Insurance against environmental risk (including potential liability for pollution or other hazards because
of the disposal of waste products occurring from exploration and production) is not generally available to us (or to other companies in
the minerals industry) at a reasonable price.

 Environmental regulations mandate, among other
things, the maintenance of air and water quality standards and land reclamation. They also set forth limitations on the generation, transportation,
storage, and disposal of solid and hazardous waste. Environmental legislation is evolving in a manner which will require stricter standards
and enforcement, increased fines and penalties for non-compliance, more stringent environmental assessments of proposed projects, and
a heightened degree of responsibility for companies and their officers, directors, and employees.

 To the extent we are subject to environmental
liabilities, the settlement of such liabilities or the costs that we may incur to remedy environmental pollution would reduce funds otherwise
available to us and could have a material adverse effect on our financial condition and results of operations. If we are unable to fully
remedy an environmental problem, it might be required to suspend operations or enter interim compliance measures pending completion of
the required remedy. The environmental standards that may ultimately be imposed at a mine site impact the cost of remediation and may
exceed the financial accruals that have been made for such remediation. The potential exposure may be significant and could have a material
adverse effect on our financial condition and results of operations.

 Moreover, governmental authorities and private
parties may bring lawsuits based upon damage to property and injury to persons resulting from the environmental, health and safety impacts
of our operations, which could lead to the imposition of substantial fines, remediation costs, penalties, and other civil and criminal
sanctions. Substantial costs and liabilities, including for restoring the environment after the closure of mines, are inherent in our
proposed operations.

 Some mining wastes are currently exempt to a limited
extent from the extensive set of federal Environmental Protection Agency ("EPA") regulations governing hazardous waste under
the Resource Conservation and Recovery Act ("RCRA"). If the EPA designates these wastes as hazardous under RCRA, we may be
required to expend additional amounts on the handling of such wastes and to make significant expenditures to construct hazardous waste
disposal facilities. In addition, if any of these wastes causes contamination in or damage to the environment at a mining facility, such
facility may be designated as a "Superfund" site under the Comprehensive Environmental Response, Compensation and Liability
Act ("CERCLA"). Under CERCLA, any owner or operator of a Superfund site since the time of its contamination may be held liable
and may be forced to undertake extensive remedial cleanup action or to pay for the government's cleanup efforts. Such owner or operator
may also be liable to governmental entities for the cost of damages to natural resources, which may be substantial. Additional regulations
or requirements are also imposed under the federal Clean Water Act ("CWA"). The Company considers the current proposed federal
legislation relating to climate change and its potential enactment may have future impacts to the Company's operations in the United
States.

 In addition, there are numerous legislative and
regulatory proposals related to climate change, including legislation pending in the U.S. Congress to require reductions in greenhouse
gas emissions. The Company has reviewed and considered current federal legislation relating to climate change and does not believe it
to have a material effect on its operations, however, additional regulation or requirements under any of these laws and regulations could
have a materially adverse effect upon the Company and its results of operations.

 Compliance with CERCLA, the CWA and state environmental laws could
entail significant costs, which could have a material adverse effect on our operations.

 In the context of environmental permits, including
the approval of reclamation plans, we must comply with standards and regulations which entail significant costs and can entail significant
delays. Such costs and delays could have a dramatic impact on our operations. There is no assurance that future changes in environmental
regulation, if any, will not adversely affect our operations. We intend to fully comply with all applicable environmental regulations.

 We are required to obtain government permits to
begin new operations. The acquisition of such permits can be materially impacted by third party litigation seeking to prevent the issuance
of such permits. The costs and delays associated with such approvals could affect our operations, reduce our revenues, and negatively
affect our business.

 Mining companies are required to seek governmental
permits for the commencement of new operations. Obtaining the necessary governmental permits is a complex and time-consuming process involving
numerous jurisdictions and often involving public hearings and costly undertakings. The duration and success of permitting efforts are
contingent on many factors that are out of our control. The governmental approval process may increase costs and cause delays depending
on the nature of the activity to be permitted, and could cause us to not proceed with the development of a mine. Accordingly, this approval
process could harm our results of operations.

 Mineral exploration and development inherently involve significant
and irreducible financial risks. We may suffer from the failure to find and develop profitable mineral deposits.

 The exploration for and development of mineral
deposits involves significant financial risks, which even a combination of careful evaluation, experience and knowledge may not eliminate.
Unprofitable efforts may result from the failure to discover mineral deposits. Even if mineral deposits are found, such deposits may be
insufficient in quantity and quality to return a profit from production, or it may take several years until production is possible, during
which time the economic viability of the project may change. Few properties which are explored are ultimately developed into producing
mines. Mining companies rely on consultants and others for exploration, development, construction, and operating expertise.

 Substantial expenditures are required to establish
ore reserves, extract metals from ores and, in the case of new properties, to construct mining and processing facilities. The economic
feasibility of any development project is based upon, among other things, estimates of the size and grade of ore reserves, proximity to
infrastructures and other resources (such as water and power), metallurgical recoveries, production rates and capital and operating costs
of such development projects, and metals prices. Development projects are also subject to the completion of favorable feasibility studies,
issuance and maintenance of necessary permits and receipt of adequate financing.

 Once a mineral deposit is developed, whether it
will be commercially viable depends on several factors, including: the attributes of the deposit, such as size, grade, and proximity to
infrastructure; government regulations including taxes, royalties, and land tenure; land use, importing and exporting of minerals and
environmental protection; and mineral prices. Factors that affect adequacy of infrastructure include reliability of roads, bridges, power
sources and water supply; unusual or infrequent weather phenomena; sabotage; and government or other interference in the maintenance or
provision of such infrastructure. All these factors are highly cyclical. The exact effect of these factors cannot be accurately predicted,
but the combination may result in not receiving an adequate return on invested capital.

 Significant investment risks and operational
costs are associated with our exploration activities. These risks and costs may result in lower economic returns and may adversely affect
our business.

 Mineral exploration, particularly for gold, involves
many risks and is frequently unproductive. If mineralization is discovered, it may take several years until production is possible, during
which time the economic viability of the project may change.

 Development projects may have no operating history
upon which to base estimates of future operating costs and capital requirements. Development project items such as estimates of reserves,
metal recoveries and cash operating costs are largely based upon the interpretation of geologic data, obtained from a limited number of
drill holes and other sampling techniques, and feasibility studies. Estimates of cash operating costs are then derived based upon anticipated
tonnage and grades of ore to be mined and processed, the configuration of the ore body, expected recovery rates of metals from the ore,
comparable facility and equipment costs, anticipated climate conditions and other factors. As a result, actual cash operating costs and
economic returns of all development projects may materially differ from the costs and returns estimated, and accordingly, our financial
condition and results of operations may be negatively affected.

 Our failure to satisfy the financial commitments
under the agreements controlling our rights to explore on our current prospects could result in our loss of those potential opportunities.

 We hold all our mineral interests under agreements
and commitments that require ongoing financial obligations, including work commitments. Our failure to satisfy those obligations could
result in a loss of those interests. In such an event, we would be required to recognize an impairment of the assets currently reported
in our financial statements.

 We are required to obtain government permits
to begin new operations. The acquisition of such permits can be materially impacted by third party litigation seeking to prevent the issuance
of such permits. The costs and delays associated with such approvals could affect our operations, reduce our revenues, and negatively
affect our business.

 Mining companies are required to seek governmental
permits for the commencement of new operations. Obtaining the necessary governmental permits is a complex and time-consuming process involving
numerous jurisdictions and often involving public hearings and costly undertakings. The duration and success of permitting efforts are
contingent on many factors that are out of our control. The governmental approval process may increase costs and cause delays depending
on the nature of the activity to be permitted, and could cause us to not proceed with the development of a mine. Accordingly, this approval
process could harm our results of operations.

 Any of our future acquisitions may result in significant risks,
which may adversely affect our business.

 An important element of our business strategy
is the opportunistic acquisition of operating mines, properties and businesses or interests therein within our geographical area of interest.
While it is our practice to engage independent mining consultants to assist in evaluating and making acquisitions, any mining properties,
or interests therein we may acquire may not be developed profitably or, if profitable when acquired, that profitability might not be sustained.
In connection with any future acquisitions, we may incur indebtedness or issue equity securities, resulting in increased interest expense,
or dilution of the percentage ownership of existing shareholders. We cannot predict the impact of future acquisitions on the price of
our business or our common stock. Unprofitable acquisitions, or additional indebtedness or issuances of securities in connection with
such acquisitions, may impact the price of our common stock and negatively affect our results of operations.

 Our ability to find and acquire new mineral
properties is uncertain. Accordingly, our prospects are uncertain for the future growth of our business.

 Because mines have limited lives based on proven
and probable ore reserves, we may seek to replace and expand our future ore reserves, if any. Identifying promising mining properties
is difficult and speculative. Furthermore, we encounter strong competition from other mining companies in connection with the acquisition
of properties producing or capable of producing gold. Many of these companies have greater financial resources than we do. Consequently,
we may be unable to replace and expand future ore reserves through the acquisition of new mining properties or interests therein on terms
we consider acceptable. As a result, our future revenues from the sale of gold or other precious metals, if any, may decline, resulting
in lower income and reduced growth.

 Corporate and securities laws and regulations are likely to increase
our costs.

 The Sarbanes-Oxley Act of 2002 ("SOX"),
which became law in July 2002, has impacted our corporate governance, securities disclosure and compliance practices. In response to the
requirements of SOX, the SEC and major stock exchanges have promulgated rules and listing standards covering a variety of subjects. Compliance
with these rules and listing standards are likely to increase our general and administrative costs, and we expect these to continue to
increase in the future. We are required to include the management report on internal control as part of our annual reports pursuant to
Section 404 of SOX. We have evaluated our internal control systems in order (i) to allow management to report on our internal controls,
as required by these laws, rules and regulations, (ii) to provide reasonable assurance that our public disclosure will be accurate and
complete, and (iii) to comply with the other provisions of Section 404 of SOX. We cannot be certain as to the timing of the completion
of our evaluation, testing and remediation actions or the impact these may have on our operations. Furthermore, there is no precedent
available by which to measure compliance adequacy. If we are not able to implement the requirements relating to internal controls and
all other provisions of Section 404 in a timely fashion or achieve adequate compliance with these requirements or other requirements of
SOX, we might become subject to sanctions or investigation by regulatory authorities such as the SEC or FINRA. Any such action may materially
adversely affect our reputation, financial condition, and the value of our securities, including our common stock. SOX and these other
laws, rules and regulations have increased legal and financial compliance costs and have made our corporate governance activities more
difficult, time-consuming, and costly.

 If we fail to maintain an effective system
of internal controls, we may not be able to accurately report our financial results or prevent fraud. As a result, current and potential
shareholders could lose confidence in our financial reporting, this would harm our business and the trading price of our stock.

 Effective internal controls are necessary for
us to provide reliable financial reports and effectively prevent fraud. If we cannot provide financial reports or prevent fraud, our business
reputation and operating results could be harmed. Inferior internal controls could also cause investors to lose confidence in our reported
financial information, which could have a negative effect on the trading price of our stock.

 Nevada law and our by-laws protect our directors
from certain types of lawsuits.

 Nevada law provides that our directors will not
be liable to us or our stockholders for monetary damages for all but certain types of conduct as directors. Our by-laws require us to
indemnify our directors and officers against all damages incurred in connection with our business to the fullest extent provided or allowed
by law. The exculpation provisions may have the effect of preventing shareholders from recovering damages against our directors caused
by their negligence, poor judgment, or other circumstances. The indemnification provisions may require us to use our assets to defend
our directors and officers against claims, including claims arising out of their negligence, poor judgment, or other circumstances.

 The Company is subject to extensive government regulations and permit
requirements.

 Operations, development, and exploration on the
Company's properties are affected to varying degrees by political stability and government regulations relating to such matters
as environmental protection, health, safety and labor, mining law reform, restrictions on production, price controls, tax increases, maintenance
of claims, tenure, and expropriation of property. Failure to comply with applicable laws and regulations may result in fines or administrative
penalties or enforcement actions, including orders issued by regulatory or judicial authorities enjoining or curtailing operations or
requiring corrective measures, installation of additional equipment or remedial actions, any of which could result in the Company incurring
significant expenditures.

 The activities of the Company require licenses
and permits from various governmental authorities. The Company currently has been granted the requisite licenses and permits to enable
it to carry on its existing business and operations. There can be no assurance that the Company will be able to obtain all the necessary
licenses and permits which may be required to carry out exploration, development, and mining operations for its projects in the future.
The Company might find itself in situations where the state of compliance with regulation and permits can be subject to interpretation
and challenge from authorities that could carry risk of fines or temporary stoppage.

 Opposition of the Company's exploration,
development and operational activities may adversely affect the Company's reputation, its ability to receive mining rights or permits
and its current or future activities.

 Maintaining a positive relationship with the communities
in which the Company operates is critical to continuing successful exploration and development. Community support for operations is a
key component of a successful exploration or development project. Various international and national laws, codes, resolutions, conventions,
guidelines, and other materials relating to corporate social responsibility (including rights with respect to health and safety and the
environment) may also require government consultation with communities on a variety of issues affecting local stakeholders, including
the approval of mining rights or permits.

 The Company may come under pressure in the jurisdictions
in which it explores or develops to demonstrate that other stakeholders benefit and will continue to benefit from its commercial activities.
Local stakeholders and other groups may oppose the Company's current and future exploration, development, and operational activities
through legal or administrative proceedings, protests, roadblocks, or other forms of public expression against the Company's activities.
Opposition by such groups may have a negative impact on the Company's reputation and its ability to receive necessary mining rights
or permits. Opposition may also require the Company to modify its exploration, development or operational plans or enter into agreements
with local stakeholders or governments with respect to its projects, in some cases causing considerable project delays. Any of these outcomes
could have a material adverse effect on the Company's business, financial condition, results of operations and Common Share price.

 The title to the Company's properties could be challenged
or impugned.

 Although the Company has or will receive title
opinions for any properties in which it has a material interest, there is no guarantee that title to such properties will not be challenged
or impugned. The Company has not conducted surveys of the claims in which it holds direct or indirect interests and, therefore the
precise area and location of the properties may be in doubt. The Company's properties may be subject to prior unregistered agreements
or transfers, or native land claims and title may be affected by unidentified or unknown defects. Title insurance is generally not available
for mineral properties and the Company's ability to ensure that it has obtained secure claims to individual mineral properties or
mining concessions may be constrained. A successful challenge to the Company's title to a property or to the precise area and location
of a property could cause delays or stoppages to the Company's exploration, development, or operating activities without reimbursement
to the Company. Any such delays or stoppages could have a material adverse effect on the Company's business, financial condition,
and results of operations.

 Other Risks

 We are not insured against all possible losses
that could result from our mineral project development activities, including the operation of heavy equipment, and we may not be able
to defend against lawsuits or pay judgments rendered against us in connection with such activities.

 We do not currently insure against all the risks
and hazards of mineral exploration, development and mining operations. Our business is subject to a number of risks and hazards generally,
including adverse environmental conditions, industrial accidents, labor disputes, unusual or unexpected geological conditions, ground
or slope failures, cave-ins, changes in the regulatory environment, natural phenomena such as inclement weather conditions, floods and
earthquakes. Such occurrences could result in damage to our mineral properties or facilities, personal injury or death, environmental
damage to our properties or the properties of third parties, delays in the ability to undertake exploration, monetary losses and possible
legal liability for any of the foregoing.

 Although we may maintain insurance to protect
against certain risks in amounts that we consider reasonable, such insurance will not cover all risks associated with our activities.
We may be unable to maintain insurance to cover certain of these risks at economically feasible premiums or at all. Insurance coverage
may not continue to be available or may not be adequate to cover any resulting liability. Losses from these events may cause us to incur
significant costs that could have a material adverse effect upon our financial performance and results of operations.

 We rely on information technology systems which
are subject to disruption, damage, failure and other risks.

 Information technology systems are essential to
the conduct of our business. Our information technology systems, and the systems of any third parties that we may rely on in the future,
are subject to disruption, damage or failure due to computer viruses, security breaches, cyberattacks, natural disasters, design defects
and other risks. Cyberattacks, in particular, are sophisticated and continue to evolve, and may include, but are not limited to, malicious
software, attempts to gain unauthorized access to data and systems, and other electronic security breaches that could lead to disruptions
in our systems or the systems of third parties that we rely on, unauthorized releases of confidential or otherwise protected information
or the corruption of data. Given the ongoing and evolving nature of cyber threats and the unpredictability as to the timing, nature and
scope of information technology disruptions, we or the third party vendors we rely on may be subject to operational delays, the compromising
of confidential or otherwise protected information, the destruction or corruption of data, other security breaches, improper use of our
systems and networks, or financial losses from remedial actions relating to any of the foregoing, any of which could have a material adverse
effect on our business, financial condition, results of operations or prospects.

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

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

 Risks Related to Our Stock

 Future issuances of our common stock could dilute current shareholders
and adversely affect the market if it develops.

 We have the authority to issue up to one billion
shares of common stock and 25 million shares of preferred stock and to issue options and warrants to purchase shares of our common stock,
without shareholder approval. Future share issuances are likely due to our need to raise additional working capital in the future. Those
future issuances will likely result in dilution to our shareholders. In addition, we could issue large blocks of our common stock to fend
off unwanted tender offers or hostile takeovers without further shareholder approval, which would not only result in further dilution
to investors in this offering but could also depress the market value of our common stock, if a public trading market develops.

 We may issue preferred stock that would have
rights that are preferential to the rights of our common stock that could discourage potentially beneficial transactions to our common
shareholders.

 An issuance of shares of preferred stock could
result in a class of outstanding securities that would have preferences with respect to voting rights and dividends and in liquidation
over our common stock and could, upon conversion or otherwise, have all of the rights of our common stock. Our Board of Directors'
authority to issue preferred stock could discourage potential takeover attempts or could delay or prevent a change in control through
merger, tender offer, proxy contest or otherwise by making these attempts more difficult or costly to achieve. The issuance of preferred
stock could impair the voting, dividend, and liquidation rights of common stockholders without their approval.

 There is currently an illiquid market for our
common shares, and shareholders may be unable to sell their shares for an indefinite period.

 There is presently an illiquid market for our
common shares. There is no assurance that a liquid market for our common shares will ever develop in the United States or elsewhere, or
that if such a market does develop that it will continue.

 Over-the-counter stocks are subject to risks of high volatility
and price fluctuation.

 We have not applied to have our shares listed
on a major stock exchange such as NASDAQ, and we do not plan to do so in the foreseeable future. The OTC market for securities has experienced
extreme price and volume fluctuations during certain periods. These broad market fluctuations and other factors, such as commodity prices
and the investment markets generally, as well as economic conditions and quarterly variations in our results of operations, may adversely
affect the market price of our common stock and make it more difficult for investors to sell their shares.

 Trading in our securities is on the OTC PINK MARKET
which is an electronic trading platform established for securities that do not meet NASDAQ listing requirements. As a result, investors
will find it substantially more difficult to dispose of our securities. Investors may also find it difficult to obtain accurate information
and quotations as to the price of our common stock.

 Our stock price may be volatile and as a result,
shareholders could lose all or part of their investment. The value of our shares could decline due to the impact of any of the following
factors upon the market price of our common stock:

 failure to meet operating budget;

 decline in demand for our common stock;

 operating results failing to meet the expectations of securities analysts or investors in any quarter;

 downward revisions in securities analysts' estimates or changes in general market conditions;

 investor perception of the mining industry or our prospects; and

 general economic trends.

 In addition, stock markets have experienced extreme
price and volume fluctuations and the market prices of securities have been highly volatile. These fluctuations are often unrelated to
operating performance and may adversely affect the market price of our common stock.

 Outstanding shares that are eligible for future sale could adversely
impact a public trading market for our common stock.

 All the shares of common stock that were distributed
under the Athena spin-off dividend are free-trading shares. In addition, in the future, we may offer and sell shares without registration
under the Securities Act. All such shares will be "restricted securities" as defined by Rule 144 ("Rule 144")
under the Securities Act and cannot be resold without registration except in reliance on Rule 144 or another applicable exemption from
registration. Under Rule 144, our non-affiliates (who have not been affiliates within the past 90 days) can sell restricted shares held
for at least six months, subject only to the restriction that we made available public information as required by Rule 144 (which restriction
is not applicable after the shares have been held by non-affiliates for at least 12 months). Our affiliates can sell restricted securities
after they have been held for six months, subject to compliance with manner of sale, volume restrictions, Form 144 filing and current
public information requirements.

 No prediction can be made as to the effect, if
any, that future sales of restricted shares of common stock, or the availability of such common stock for sale, will have on the market
price of the common stock prevailing from time to time. Sales of substantial amounts of such common stock in the public market, or the
perception that such sales may occur, could adversely affect the then prevailing market price of the common stock.

 Owners of our common stock are subject to the "penny stock"
rules.

 Since our shares are not listed on a national
stock exchange or quoted on the Nasdaq Market within the United States, trading in our shares on the OTC market is subject to the extent
the market price for our shares is less than $5.00 per share, to several regulations known as the "penny stock rules".
The penny stock rules require a broker-dealer to deliver a standardized risk disclosure document prepared by the SEC, to provide the customer
with additional information including current bid and offer quotations for the penny stock, the compensation of the broker-dealer and
its salesperson in the transaction, monthly account statements showing the market value of each penny stock held in the customer's
account, and to make a special written determination that the penny stock is a suitable investment for the investor and receive the investor's
written agreement to the transaction. To the extent these requirements may be applicable they will reduce the level of trading activity
in the secondary market for our shares and may severely and adversely affect the ability of broker-dealers to sell our shares, if a publicly
traded market develops.

 We do not expect to pay cash dividends in the foreseeable future.
Any return on investment may be limited to the value of our stock.

 We have never paid any cash dividends on any shares
of our capital stock, and we do not anticipate that we will pay any dividends in the foreseeable future. Our current business plan is
to retain any future earnings to finance the expansion of our business. Any future determination to pay cash dividends will be at the
discretion of our Board of Directors, and will be dependent upon our financial condition, results of operations, capital requirements
and other factors as our board of directors may deem relevant at that time. If we do not pay cash dividends, our stock may be less valuable
because a return on your investment will only occur if our stock price appreciates.

 Nevada law and our by-laws protect our directors
from certain types of lawsuits.

 Nevada law provides that our directors will not
be liable to us or our stockholders for monetary damages for all but certain types of conduct as directors. Our by-laws require us to
indemnify our directors and officers against all damages incurred in connection with our business to the fullest extent provided or allowed
by law. The exculpation provisions may have the effect of preventing stockholders from recovering damages against our directors caused
by their negligence, poor judgment, or other circumstances. The indemnification provisions may require us to use our assets to defend
our directors and officers against claims, including claims arising out of their negligence, poor judgment, or other circumstances.

 ITEM 1B.

 UNRESOLVED STAFF COMMENTS.

 None.

 ITEM 1C.

 CYBERSECURITY.

 Risk Management and Strategy

 Our information security program is designed to
detect, respond to, and manage reasonably foreseeable cybersecurity risks and threats. To protect our systems from cybersecurity threats,
we use various security tools that help prevent, escalate, investigate, and recover from identified vulnerabilities and security incidents
in a timely manner.

 We regularly assess risks from cybersecurity and
technology threats and monitor our systems for potential vulnerabilities and exploit attempts. We use a widely adopted risk quantification
model to identify, measure, and prioritize cybersecurity and technology risks and develop related security controls and safeguards. We
take a risk-based approach to regular reviews and tests of our information security program and also leverage tabletop and other exercises
to evaluate the effectiveness of our information security program and improve our security measures and planning.

 In the last
two fiscal years, we have not identified cybersecurity threats that have materially affected, or are reasonably likely to materially affect,
our business, results of operations, or financial condition. Although we proactively attempt to prevent all threats, we are unable to
eliminate all risk from cybersecurity threats or provide assurance that we have not experienced an undetected cybersecurity incident.
For more information about these risks, please see Item 1A. Risk Factors " We rely on information technology systems which
are subject to disruption, damage, failure and other risks."

 Our board of directors is responsible for oversight
and risk management in genera. Our board of directors receives periodic updates from our management team regarding the overall state of
our technology management strategy and any relevant risks from cybersecurity threats and cybersecurity incidents.

 Our management team is responsible for assessing
and managing the material risks from cybersecurity threats. Our management team members have expertise in information systems, compliance
and corporate governance, which we believe are disciplines that are effective in the management of the Company's cybersecurity risk. Our management team is informed of and monitors the prevention, detection, and mitigation of cybersecurity threats and incidents.

 ITEM 2.

 PROPERTIES.

 Mining Properties

 Descriptions of our mining properties are contained in the Business
discussion in this Report.

 ITEM 3.

 LEGAL PROCEEDINGS.

 None

 ITEM 4.

 MINE SAFETY DISCLOSURES.

 None.

 ITEM 5.

 MARKET FOR REGISTRANT'S COMMON EQUITY AND RELATED STOCKHOLDER MATTERS.

 The OTC PINK MARKET is a registered quotation
service that displays real-time quotes, last sale prices and volume information in over the counter (OTC) securities. An OTC equity security
generally is any equity that is not listed or traded on NASDAQ or other national securities exchange. The OTC PINK MARKET is not an issuer
listing service, market, or exchange. Although the OTC PINK MARKET does not have any listing requirements, per se, to be eligible for
quotation on the OTC PINK MARKET, issuers must remain current in their filings with the SEC or applicable regulatory authority.

 Our Board of Directors may declare and pay dividends
on outstanding shares of common stock out of funds legally available therefore in its sole discretion; however, to date, no dividends
have been paid on common stock and we do not anticipate the payment of dividends in the foreseeable future.

 Trading in our common stock is subject to rules
adopted by the SEC regulating broker dealer practices in connection with transactions in "penny stocks." Those disclosure
rules applicable to penny stocks require a broker dealer, prior to a transaction in a penny stock not otherwise exempt from the rules,
to deliver a standardized risk disclosure document prepared by the SEC. That disclosure document advises an investor that investment in
penny stocks can be very risky, and that the investor's salesperson or broker is not an impartial advisor but rather paid to sell
the shares. The disclosure contains further warnings for the investor to exercise caution in connection with an investment in penny stocks,
to independently investigate the security, as well as the salesperson with whom the investor is working and to understand the risky nature
of an investment in this security. The broker dealer must also provide the customer with certain other information and must make a special
written determination that the penny stock is a suitable investment for the purchaser and receive the purchaser's written agreement
to the transaction. Further, the rules require that, following the proposed transaction, the broker provide the customer with monthly
account statements containing market information about the prices of the securities.

 Holders of Record of Our Common Stock

 As of March 31, 2025, there were approximately
84 holders of record of our common stock and two holders of record of our warrants. The actual number of shareholders is greater than
this number of record holders and includes shareholders who are beneficial owners but whose shares are held in street name by brokers
and other nominees.

 Dividend Policy

 We have historically not declared or paid cash
dividends on our capital stock. Any future determination regarding the declaration and payment of dividends, if any, will be at the discretion
of our board of directors and will depend on then-existing conditions, including our financial condition, operating results, contractual
restrictions, capital requirements, business prospects, and other factors our board of directors may deem relevant.

 Securities Authorized for Issuance Under Equity Compensation Plans

 Information about our equity compensation plans
is incorporated herein by reference to Part III, Item 12 of this Annual Report.

 Issuer Purchases of
Equity Securities

 None.

 Recent Sales of Unregistered Securities

 The following is a summary of sales of unregistered
securities undertaken by the Company. The share, per share and price per share information have been adjusted to give retroactive effect
to the Reverse Split.

 2023

 (a) On
January 3, 2023, the Company entered into an asset purchase agreement with Gold Express Mines, Inc ("Gold Express"). The total
purchase price for the acquisition was determined to be $1,000,000 which consisted of 5,000,000 shares of common stock with a fair value
of $1,000,000.

 (b) On
January 2, 2024, the Company issued 250,000 common shares to Gold Express for the assumption of the AJB Capital convertible note payable.

 (c) During
the year ended December 31, 2023, the Company entered into a subscription agreement with related parties for the issuance of 1,804,286
common shares and received cash proceeds of $252,600.

 2024

 (d) On
January 4, 2024, the Company entered into an asset purchase agreement with Gold Express Mines, Inc ("Gold Express"). The total
purchase price for the acquisition was determined to be $422,565 which consisted of 5,500,000 shares of common stock with a fair value
of $422,365.

 Unless otherwise noted, all of the foregoing transactions
were undertaken in reliance upon the exemption contained in Section 4(a)(2) of the Securities Act of 1933.

 ITEM 6.

 RESERVED.

 ITEM 7.

 MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS.

 We use the terms "Magellan," "we,"
"our," and "us" to refer to Magellan Copper & Gold Corp.

 The following discussion and analysis provide
information that management believes is relevant for an assessment and understanding of our results of operations and financial condition.
This information should be read in conjunction with our audited financial statements, which are included in our Annual Report on Form
10-K for the fiscal years ended December 31, 2024 and 2023.

 Forward-Looking Statements

 Some of the information presented in this Form
10-K constitutes "forward-looking statements". These forward-looking statements include, but are not limited to, statements
that include terms such as "may," "will," "intend," "anticipate," "estimate,"
"expect," "continue," "believe," "plan," or the like, as well as all statements that are
not historical facts. Forward-looking statements are inherently subject to risks and uncertainties that could cause actual results to
differ materially from current expectations. Although we believe our expectations are based on reasonable assumptions within the bounds
of our knowledge of our business and operations, there can be no assurance that actual results will not differ materially from expectations.

 All forward-looking statements speak only as of
the date on which they are made. We undertake no obligation to update such statements to reflect events that occur or circumstances that
exist after the date on which they are made.

 Overview

 We were incorporated on September 28, 2010, in
Nevada. Our principal business is the acquisition and exploration of mineral resources. We have not presently determined whether the properties
to which we have mineral rights contain mineral reserves that are economically recoverable.

 We have only had limited operations to date, and
we rely upon the sale of our securities and borrowings from significant investors to fund our operations, as we have not generated any
revenue.

 On July 1, 2020, the Company entered into a Stock
Purchase Agreement to acquire Clearwater Gold Mining Corporation ("Clearwater") which owns certain unpatented mining claims
in Idaho County, Idaho that include the historic Center Star Gold Mine ("Center Star") near Elk City, Idaho. In conjunction
with the Clearwater acquisition, Gregory Schifrin, the sole shareholder of Clearwater, was appointed on July 1, 2020 to serve as a member
of the Company's Board. The Company acquired 100% of the issued and outstanding shares of Clearwater in consideration of 1,000,000
shares of Magellan common stock, a $125,000 convertible note and $25,000 in cash.

 The contracted share issuance was to be made in
increments as progress was achieved on gaining access to the mine. To date 750,000 shares have been issued and 250,000 shares are still
pending issuance. With respect to the convertible secured note, $125,000 plus accrued interest is currently due for payment. As of December
31, 2023, the Clearwater mineral rights and properties balance totaled $0. As of December 31, 2023 and 2022, the Company had $0 in capitalized
development costs for the Center Star Project.

 On January 3, 2023, the Company entered into an
asset purchase agreement with Gold Express Mines, Inc ("Gold Express"). Pursuant to the agreement, the Seller sold the following
1) Golden, Idaho Project located in Idaho County, Idaho and consisting of seventy-two unpatented mining claims 2) Seafoam District - located
in Custer County, Idaho and consisting of five unpatented mining claims 3) Blacktail District - located in Lemhi County, Idaho and consisting
of eight unpatented mining claims 4) Big-it Project- located in Shoshone County, Idaho consisting of twenty-five unpatented mining claims
and a mineral lease over three unpatented mining claims and 94.86 acres of real property and 5) Terror Gulch (Capparelli Group) located
in Shoshone County, Idaho consisting of twelve unpatented mining claims. As of March 31, 2023, the total purchase price for the acquisition
was determined to be $1,000,000 which consisted of 5,000,000 shares of common stock with a fair value of $1,000,000. The Company concluded
the transaction qualified as an asset acquisition and all such acquisition costs have been capitalized. The Company concluded the purchase
of a single set of assets qualified as an asset acquisition and all such acquisition costs have been capitalized as mineral rights and
properties on the balance sheet. During the year ended December 31, 2023, the Company evaluated the mineral rights and properties for
impairment and recorded an impairment expense of $1,000,000. As of December 31, 2023, the Gold Express mineral rights and properties balance
totaled $0.

 On June 6, 2023, the Company entered a memorandum
of understanding for earn-in agreement("MOU") with Gold Express Mines, Inc. Per the MOU, the Company agreed to earn-in for
up to 50% working interest in Kris Project, which has 74 unpatented mining claims located in Plumas County, CA. In March 2023, the Company
paid Gold Express Mines, Inc. $100,000, which was recorded as a deposit, and shall spend $400,000 on the Kris Project in allowable expenditures
over the next thirty-six months, assuming permitting for the work is obtained. If permitting delays the exploration and other work programs,
the earn-in period shall be extended accordingly. Allowable expenditures are sampling, drilling, assaying, geologic mapping, and mine
site improvements made or performed directly on the existing mine site or expanded mine site. Consulting fees for work directly benefiting
the Project are also allowed including management of work, preparation of reports, and planning for Future work. Claim maintenance fees
on the existing claims are also allowable expenditures, as are the costs of future land acquisitions which are deemed to benefit the Kris
Project, and which are approved by both parties beforehand. As part of the agreement, the Company shall make the Bureau of Land Management
claim maintenance fees on the existing claims no later than August 15, 2023, and by August 15 th in ensuing years during the
earn-in period. The Company shall pay for the annual Plumas County "notice of intent to hold" recording costs and any other
Plumas County fees or taxes which accrue during the earn-in period. These shall all be allowable expenses under the earn-in agreement.
As of December 31, 2024 and 2023, the $100,000 deposit paid to Golden Express for the MOU was reclassed to mineral rights and properties
on the balance sheet.

 On January 4, 2024, the Company entered into a
purchase agreement with GEM, pursuant to which, among other things (i) the Company agreed to purchase certain mineral assets owned and
controlled by GEM for a purchase price equal to 5,500,000 shares of the Company's common stock, par value $0.001 per share; and
(ii) GEM agreed to assign to the Company a certain lease for mineral properties for a purchase price of 500,000 shares of common stock.
As of December 31, 2024, the total purchase price for the acquisition was determined to be $422,565 which consisted of 5,500,000 shares
of common stock with a fair value of $422,565. As of the date of this filing, the Company and GEM have not completed the assignment of
leases and the 500,000 shares related to assignment have not been issued. The Company concluded the transaction qualified as an asset
acquisition and all such acquisition costs have been capitalized. The Company concluded the purchase of a single set of assets qualified
as an asset acquisition and all such acquisition costs have been capitalized as mineral rights and properties on the balance sheet. During
the year ended December 31, 2024, the Company evaluated the GEM mineral rights and properties for impairment and recorded an impairment
expense of $422,565. As of December 31, 2024, the GEM mineral rights and properties balance totaled $0.

 Results of Operations for the Years Ended December 31, 2024 and
2023

 Years Ended December 31,

 2024

 2023

 Operating expenses:

 General and administrative expenses

 $
 319,938

 $
 230,062

 Impairment expense

 1,194,274

 Total operating expenses

 742,503

 1,424,336

 Operating loss

 (742,503
)

 (1,424,336
)

 Other income (expense):

 Interest expense

 (82,921
)

 (101,422
)

 Gain on conversion of debt

 16,329

 –

 Gain on change in derivative liability

 39,285

 61,722

 Total other income (expense)

 (27,307
)

 (39,700
)

 $
 (769,810
)

 $
 (1,464,036
)

 Operating expenses

 During the year ended December 31, 2024, our total
operating expenses included general and administrative expenses of $742,503 as compared to $1,424,336 during the year ended December 31,
2023. The $681,833 decrease is primarily associated with the $1,194,274 impairment expense related to the Golden Idaho project and development
costs during the year ended December 31, 2023.

 Other income (expenses)

 During the year ended December 31, 2024, total
other expenses were $27,307 as compared to $39,700 during the year ended December 31, 2023. The $12,393 change was related to a $18,501
decrease in interest expense, $22,437 decrease in derivative liability related to the gain in derivative liability in 2024 and a $16,329
increase in gain on conversion of debt.

 Liquidity and Capital Resources:

 Our audited consolidated financial statements
have been prepared on a going concern basis, which assumes that we will be able to meet our obligations and continue our operations during
the next fiscal year. Asset realization values may be significantly different from carrying values as shown in our consolidated financial
statements and do not give effect to adjustments that would be necessary to the carrying values of assets and liabilities should we be
unable to continue as a going concern. At December 31, 2024, we had not yet generated any revenues or achieved profitable operations and
we have accumulated losses of $21,763,588. We expect to incur further losses in the development of our business, all of which casts substantial
doubt about our ability to continue as a going concern. Our ability to continue as a going concern depends on our ability to generate
future profits and/or to obtain the necessary financing to meet our obligations arising from normal business operations when they come
due.

 During the year ended December 31, 2024, the Company
entered into unsecured promissory notes totaling $115,000 with a related party.

 During the year ended December 31, 2023, the Company
entered into unsecured promissory notes totaling $22,000.

 We anticipate that additional funding will be
in the form of additional loans from officers, directors or significant shareholders, or equity financing from the sale of our common
stock but cannot assure that any future financings will occur.

 Cash Flows

 A summary of our cash provided by and used in
operating, investing, and financing activities is as follows:

 Years ended December 31,

 2024

 2023

 Net cash used in operating activities

 $
 (142,703
)

 $
 (70,543
)

 Net cash used in investing

 –

 (100,000
)

 Net cash provided by financing

 143,500

 169,899

 Net change in cash

 (644
)

 Cash at beginning of period

 Cash at end of period

 $

 $

 At December 31, 2024, we had $896 in cash and a $1,981,883 working
capital deficit. This compares to $99 in cash and a working capital deficit of $1,784,671 at December 31, 2023.

 Net cash used in operating activities during the
year ended December 31, 2024 was $142,703 and was mainly comprised of our $769,810 net loss during the year, adjusted by $422,565 of impairment
expense, stock compensation of $61,983, $16,329 gain on conversion of debt and $39,285 gain on change in derivative liability. In addition,
it reflects changes in operating assets and liabilities of $198,173.

 Net cash used in operating activities during the
year ended December 31, 2023 was $70,543 and was mainly comprised of our $1,464,036 net loss during the year, adjusted by $1,194,274 of
impairment expense, stock compensation of $24,542, accretion of discounts on notes payable of $10,000 and $61,722 gain on change in derivative
liability. In addition, it reflects changes in operating assets and liabilities of $226,399.

 Net cash used in investing activities during
the year ended December 31, 2024 was $0. Net cash used in investing activities during the year ended December 31, 2023 was $100,000
which was comprised of cash payments for mineral properties.

 Net cash provided by financing activities during
the year ended December 31, 2024 was $143,500 comprised of $115,000 proceeds from notes payable from related parties and $29,500 proceeds
from advances which were offset by $1,000 repayment of notes payable.

 Net cash provided by financing activities during
the year ended December 31, 2023 was $169,899 comprised of $22,000 proceeds from notes payable and $252,600 proceeds from sale of common
stock which were offset by $100,000 repayment of convertible debt and the repayment of advances from related parties of $4,701.

 ITEM 8.

 FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA.

 The financial statements required by this item
are in Item 15 beginning on page F-1 of this Annual Report on Form 10-K and are incorporated herein by reference.

 ITEM 9.

 CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON ACCOUNTING AND FINANCIAL DISCLOSURE.

 None.

 ITEM 9A.

 CONTROLS AND PROCEDURES.

 The SEC, as required by Section 404 of the Sarbanes-Oxley
Act, adopted rules requiring every company that files report with the SEC to include a management report on the effectiveness of disclosure
controls and procedures in its periodic reports and an annual assessment of the effectiveness of its internal control over financial reporting
in its annual report.

 Disclosure Controls and Procedures

 Disclosure controls and procedures are designed
to ensure that information required to be disclosed in the reports filed or submitted under the Exchange Act is recorded, processed, summarized,
and reported, within the time period specified in the SEC's rules and forms, and that such information is accumulated and communicated
to management, including the CEO and CFO, as appropriate, to allow timely decisions regarding required disclosures. Our management necessarily
applied its judgment in assessing the costs and benefits of such controls and procedures, which, by their nature, can provide only reasonable
assurance regarding management's control objectives.

 Our management, with the participation of our
CEO, evaluated the effectiveness of the design and operation of our disclosure controls and procedures as of the end of the period covered
by this Report. Based upon this evaluation, our CEO concluded that our disclosure controls and procedures were not effective because of
the identification of material weaknesses in our internal control over financial reporting which are described below.

 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 Rule 13a-15(f). Our internal control
over financial reporting is a process designed to provide reasonable assurance to our management and board of directors regarding the
reliability of financial reporting and the preparation of the financial statements for external purposes in accordance with U.S. GAAP.

 Our internal control over financial reporting
includes those policies and procedures that (i) pertain to the maintenance of records that, in reasonable detail, accurately and fairly
reflect the transactions and dispositions of our assets; (ii) provide reasonable assurance that transactions are recorded as necessary
to permit preparation of financial statements in accordance with U.S. GAAP and our receipts and expenditures are being made only in accordance
with authorizations of our management and directors; and (iii) provide reasonable assurance regarding prevention or timely detection of
unauthorized acquisition, use, or disposition of our assets that could have a material effect on our consolidated financial statements.

 Because of its inherent limitations, internal
control over financial reporting may not prevent or detect misstatements. All internal control systems, no matter how well designed, have
inherent limitations, including the possibility of human error and the circumvention of overriding controls. Accordingly, even effective
internal control over financial reporting can provide only reasonable assurance with respect to financial statement preparation. 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 the policies or procedures may deteriorate.

 Our management assessed the effectiveness of our
internal control over financial reporting as of December 31, 2024. In making this assessment, it used the criteria set forth by the Committee
of Sponsoring Organizations of the Treadway Commission ("COSO") in Internal Control-Integrated Framework (2013). Based on
this evaluation, management concluded that that our internal control over financial reporting was not effective as of December 31, 2024.
Our management, with the participation of our Chief Executive Officer and our Chief Financial Officer, concluded we have a material weakness
due to lack of segregation of duties and a limited corporate governance structure. A material weakness is a deficiency, or a combination
of control deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement
of our annual or interim financial statements will not be prevented or detected on a timely basis.

 Our size has prevented us from being able to employ
sufficient resources to enable us to have an adequate level of supervision and segregation of duties within our system of internal control.
Therefore, while there are some compensating controls in place, it is difficult to ensure effective segregation of accounting and financial
reporting duties. Management reported material weaknesses related to the following:

 Lack of segregation of duties in certain accounting and financial reporting processes including the initiation, processing, recording and approval of disbursements;

 Lack of a formal review process that includes multiple levels of review.

 Lack of independent directors.

 While we strive to segregate duties as much as
practicable, there is an insufficient volume of transactions at this point in time to justify additional full-time staff. We believe that
this is typical in many exploration stage companies. We may not be able to fully remediate the material weakness until we commence mining
operations at which time we would expect to hire more staff. We will continue to monitor and assess the costs and benefits of additional
staffing.

 This Annual Report does not include an attestation
report of our registered public accounting firm regarding internal control over financial reporting. Management's report was not
subject to attestation by our registered public accounting firm pursuant to the SEC rules that permit us to provide only management's
report in this Annual Report.

 Conclusion Regarding the Effectiveness of Disclosure
Controls and Procedures:

 We maintain disclosure controls and procedures
that are designed to ensure that information required to be disclosed in our Exchange Act reports is recorded, processed, summarized,
and reported within the time periods specified in the SEC's rules and forms, and that such information is accumulated and communicated
to management, to allow timely decisions regarding required disclosure. Management necessarily applied its judgment in assessing the costs
and benefits of such controls and procedures, which, by their nature, can provide only reasonable assurance regarding management's
control objectives.

 Our management, with the participation of our
Chief Executive Officer and our Chief Financial Officer, evaluated the effectiveness of the design and operation of our disclosure controls
and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of the end of the period covered by this report. Based on
this evaluation, management concluded that the design and operation of our disclosure controls and procedures were not effective as of
such date to provide assurance that information required to be disclosed by us in the reports that we file or submit under the Exchange
Act is recorded, processed, summarized and reported within the time periods specified in the rules and forms of the SEC, and that such
information is accumulated and communicated to management as appropriate, to allow timely decisions regarding disclosures.

 Changes in Internal Control Over Financial
Reporting

 There were no changes in our internal control
over financial reporting that occurred during the fiscal quarter ended December 31, 2024, that has materially affected, or is reasonably
likely to materially affect, our internal control over financial reporting.

 ITEM 9B.

 OTHER INFORMATION.

 During the quarter ended December 31, 2024,
no director or officer of the Company adopted or terminated a "Rule 10b5-1 trading arrangement" or "non-Rule 10b5-1
trading arrangement," as each term is defined in Item 408(a) of Regulation S-K.

 ITEM 9C.

 DISCLOSURE REGARDING FOREIGN JURISDICTION THAT PREVENTS INSPECTIONS.

 None.

 ITEM 10.

 DIRECTORS, EXECUTIVE OFFICERS AND CORPORATE GOVERNANCE.

 Directors and Executive Officers

 Our current executive officers and directors are:

 Name

 Age

 Position

 Michael Lavigne

 CEO & Director

 John Ryan

 CFO & Director

 Howard Crosby

 Director

 Greg Schifrin

 Director

 Gregory Schifrin, age 65, was appointed
Director on July 1, 2020.

 Mr. Schifrin, age 65, has been a Geologist for
more than 35 years, specializing in precious, base metals, rare earth and uranium exploration and development. Previously he served as
the CEO and a member of the Board of Director at Blackrock Gold Corp.

 Michael Lavigne, age 68, was appointed
CEO and Director on August 1, 2020.

 Mr. Lavigne has been involved in the mining industry
since 1975, when he worked underground for Hecla Mining Company. After completing law school, Mr. Lavigne started a registered broker-dealer
specializing in mining and resource companies. He was a member and on the board of directors for the Spokane Stock Exchange and was involved
in several financings for exploration-stage companies. Mr. Lavigne has served in management and board positions for several exploration
companies with projects in Idaho, Montana, Nevada, Utah, Wyoming and Alaska. Additionally, Mr. Lavigne is owner and Managing Partner of
Capital Peak Partners, LLC, which provides consulting services in the area of corporate and business development to a number of mining
companies. Mr. Lavigne received his BA in Accounting from the University of Idaho and JD from the Gonzaga University School of Law.

 John P. Ryan, age 63, was appointed
CFO and Director on December 27, 2023.

 Mr. Ryan has in numerous board and management
positions of junior resource companies for the past thirty years. Since May 2021 Mr. Ryan has served as the Secretary of Key Metals Corp.,
a mining company with development state projects in Chile. Since December 2021, Mr. Ryan has served as a Vice President and
Director of LGX Energy, Inc., an oil and gas exploration company. Since June 2020, Mr. Ryan has served as the Chief Executive
Officer and Chairman of the board of directors of Gold Express Mines, Inc., a multi-commodity mining company focused on the discovery,
development, and production of precious and base metal assets. Since September 2013, Mr. Ryan has served as Chief Executive Officer
of Premium Exploration, Inc., a gold exploration company. From November 2016 to September 2020, Mr. Ryan served as a director of
Bunker Hill Mining Corp., a development stage mining company, and for a portion of that time Mr. Ryan also served as Interim CEO. Mr. Ryan
obtained his Bachelor of Science degree in mining engineering from the University of Idaho in 1985, and his Juris Doctor from Boston College
Law School in 1992.

 Howard Crosby, age 72, was appointed Director
on December 27, 2023.

 Mr. Crosby has extensive experience as a
director and investor in mining companies and has extensive experience in corporate finance. Mr. Crosby founded LGX Energy Corp.,
an oil and gas exploration company, and since December 2021 has served as its Chief Executive Officer. Since 2000, Mr. Crosby
has served as the President of Crosby Enterprises, a consulting firm focused on the natural resources space including oil, gas, and mining.
Since September 2020, Mr. Crosby has served as Vice President and director of Gold Express Mines, Inc., a multi-commodity mining
company focused on the discovery, development, and production of precious and base metal assets, and since October 2014 has served
as the Chairman of the board of Desert Hawk Gold Corp., a gold mining company. From 2005 to 2016, Mr. Crosby served as a director
of White Mountain Titanium Corp., a titanium company, and a company he founded. From 2015 to 2018, Mr. Crosby served as director of Bunker
Hill Mining Corp., a mining company and from 2015 to 2018. From 2006 to 2009, he served as a director of U.S. Silver Corporation, a mining
company producing silver, lead, and zinc. From 2004 to 2006, Mr. Crosby served as a director of High Plains Uranium, Inc., a minerals
company, and from 1993 to 2005, he served as the Chief Executive Officer of Cadence Resources Corp., a natural resources company. Mr. Crosby
obtained his bachelor's degree in history from the University of Idaho in 1975.

 Involvement in Certain Legal Proceedings

 During the last 10 years, except as further discussed below,
none of our directors or officers has:

 a.

 had any bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy or within two years prior to that time;

 b.

 been convicted in a criminal proceeding or subject to a pending criminal proceeding;

 c.

 been subject to any order, judgment, or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities; or

 d.

 been found by a court of competent jurisdiction in a civil action, the Commission or the Commodity Futures Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended, or vacated.

 With respect to Mr. Crosby and Mr. Ryan, both
Mr. Crosby and Mr. Ryan were and are currently Directors of Premium Exploration (USA) Inc., a Nevada corporation and a subsidiary of Premium
Exploration, Inc., a British Columbia corporation. Premium Exploration (USA) Inc. filed for Chapter 11 bankruptcy protection in June 2015
and exited bankruptcy in August 2016. Mr. Crosby and Mr. Ryan were also Directors of Northstar Offshore Group LLC, an oil and gas development
company which entered bankruptcy in March 2016 and was liquidated in June 2017. Mr. Crosby and Mr. Ryan are also currently Directors of
Desert Hawk Gold Corp. a Nevada corporation which recently filed for Chapter 11 bankruptcy protection in April 2024.

 Family Relationships

 No family relationships exist among our directors.
Additionally, there do not exist any arrangements or understandings between any director and any other person pursuant to which any director
was elected as such.

 Director Independence

 Our common stock is listed on the OTC Pink Market
of the OTC Markets Group, Inc. inter-dealer quotation systems, which does not have director independence requirements. Nevertheless, for
purposes of determining director independence, we have applied the definition set forth in NASDAQ Rule 4200(a)(15). Two of our four
directors, Michael Lavigne and John Ryan, are officers of the corporation and are not considered independent.

 Board Meetings

 During the years ended December 31, 2024
and 2023, our Board members engaged in frequent informal discussions; and all Board actions have been undertaken by unanimous written
consent.

 Committees of the Board of Directors

 We currently do not have standing audit, compensation,
or nominating committees of the Board of Directors. We plan to form audit, compensation, and nominating committees when it is necessary
to do so to comply with federal securities laws or to meet listing requirements of a stock exchange or the Nasdaq Capital Market.

 Compliance with Section 16(a), Beneficial Ownership

 Under the Securities Laws of the United States,
our directors, executive (and certain other) officers, and any persons holding more than ten percent (10%) of our common stock during
any part of our most recent fiscal year are required to report their ownership of common stock and any changes in that ownership to the
SEC. Specific due dates for these reports have been established and we are required to report in this Report any failure to file by these
dates. During the year ended December 31, 2024, all these filing requirements were satisfied by our officers, directors, and ten-percent
holders. In making these statements, we have relied on the written representation of our directors and officers or copies of the reports
that they have filed with the Commission.

 Code of Ethics

 We have adopted a Code of Ethics that apples to,
among other persons, our company's principal executive officer, as well as persons performing similar functions. As adopted, our
Code of Ethics sets forth written guidelines to promote:

 honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

 full, fair, accurate, timely and understandable disclosure in all reports and documents that we file with, or submit to, the SEC and in other public communications made by us that are within the executive officer's area of responsibility;

 compliance with applicable governmental laws, rules, and regulations;

 the prompt internal reporting of violations of the Code; and

 accountability for adherence to the Code.

 Our Code of Ethics is on file with the SEC. We
will provide a copy of the Code of Ethics to any person without charge, upon request. Requests can be sent to: Magellan Copper & Gold
Corp., 602 Cedar St., Ste. 205, Wallace, ID 83873.

 ITEM 11.

 EXECUTIVE COMPENSATION.

 Director Compensation

 Our directors receive no compensation for their
services as director.

 Executive Compensation

 The following table sets forth all compensation
paid to our Named Executive Officers for the years ended December 31, 2024 and 2023:

 SUMMARY COMPENSATION TABLE

 Name and Principal

 Salary

 Bonus

 Stock

Awards

 Option

Awards

 Non equity
Incentive Plan Compensation

 Nonqualified Deferred Compensation
 Earnings

 All Other
Compensation

 Total

 Position

 Year

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 ($)

 Michael Lavigne,

 2024

 –

 –

 21,845

 –

 –

 –

 –

 21,845

 CEO and Director
 (1) (2)

 2023

 –

 –

 –

 –

 –

 –

 John Ryan,

 2024

 –

 –

 –

 –

 –

 –

 –

 –

 CFO and Director (3)

 2023

 –

 –

 –

 –

 –

 –

 –

 –

 __________________

 (1)

 Michael B. Lavigne was appointed CEO and as a Director on August 1, 2020.

 (2)

 Effective August 1, 2020, the Company and Michael B. Lavigne, executed a Restricted Stock Unit Agreement pursuant to which the Company agreed to grant to Mr. Lavigne, in consideration of services to be rendered as President, CEO and Director, restricted stock units consisting of 15,000 units for each month of service. The vested stock units will be settled in shares of Common Stock upon or as soon as practicable (a) upon written request any time after December 31, 2020 or (b) following the termination date, whichever occurs first. As of December 31, 2024, 795,000 restricted stock units may be settled in shares of Common Stock. During the year ended December 31, 2024, the Company recognized $21,845 of expense related to the agreement. As of December 31, 2023, 615,000 restricted stock units may be settled in shares of Common Stock. During the year ended December 31, 2023, the Company recognized $24,542 of expense related to the agreement.

 (3)

 John Ryan was appointed CFO and as a Director on December 27, 2023. As of the date of this filing the Board has not set his annual compensation and has not yet awarded Mr. Ryan stock and option awards.

 Restricted Stock Unit Agreement

 Effective August 1, 2020, the Company, and Michael
B. Lavigne executed a Restricted Stock Unit Agreement pursuant to which the Company agreed to grant to Mr. Lavigne, in consideration of
services to be rendered as President, CEO and Director, restricted stock units consisting of 15,000 units for each month of service. The
vested stock units will be settled in shares of common stock upon or as soon as practicable (a) upon written request any time after December
31, 2020 or (b) following the termination date, whichever occurs first. As of December 31, 2024 and 2023, 795,000 and 615,000 restricted
stock units may be settled in shares of common stock, respectively. During the years ended December 31, 2024 and 2023, the Company recognized
$21,845 and $24,542 of stock-based compensation related to the agreement, respectively.

 2017 Equity Incentive Plan

 The Board of Directors of the Company concluded,
to attract and hire key technical personnel and management, as our Company grows, it will be necessary to offer option packages in
order to compete effectively with other companies seeking the support of these highly qualified individuals. After careful consideration,
the Board recommended the approval of the Company's 2017 Equity Incentive Plan as being in the best interests of Stockholders.

 Effective September 1, 2017, the 2017 Equity Incentive
Plan was approved by written consent of stockholders holding 75% of the Company's outstanding common stock and was adopted by the
Board of Directors. The Company is authorized to grant rights to acquire up to a maximum of 200,000 shares of common stock under the Plan.
The Plan is authorized to grant incentive stock options that qualify under Section 422 of the Internal Revenue Code of 1986, as amended.

 The 2017 Plan provides for the grant of (1) both
incentive and non-statutory stock options, (2) stock bonuses, (3) rights to purchase restricted stock and (4) stock appreciation rights
(collectively, "Stock Awards"). Incentive stock options granted under the 2017 Plan are intended to qualify as "incentive
stock options" within the meaning of Section 422 of the Code. Non-statutory stock options granted under the 2017 Plan are intended
not to qualify as incentive stock options under the Code.

 As of the date of this Annual Report, there have been grants made under
the Plan except options to purchase 72,000 shares of common stock.

 Indemnification of Directors and Officers

 Nevada Revised Statutes provide that a corporation
may indemnify any person who was or is a party or is threatened to be made a party to any threatened, pending or completed action, suit
or proceeding, whether civil, criminal, administrative or investigative, except an action by or in the right of the corporation, by reason
of the fact that he is or was a director, officer, employee or agent of the corporation, or is or was serving at the request of the corporation
as a director, officer, employee or agent of another corporation, partnership, joint venture, trust or other enterprise, against expenses,
including attorneys' fees, judgments, fines and amounts paid in settlement actually and reasonably incurred by him in connection
with the action, suit or proceeding if he acted in good faith and in a manner which he reasonably believed to be in or not opposed to
the best interests of the corporation, and, with respect to any criminal action or proceeding, had no reasonable cause to believe his
conduct was unlawful.

 Nevada Revised Statutes also provide that to the
extent that a director, officer, employee, or agent of a corporation has been successful on the merits or otherwise in defense of any
action, suit or proceeding, or in defense of any claim, issue or matter therein, the corporation shall indemnify him against expenses,
including attorneys' fees, actually and reasonably incurred by him in connection with the defense.

 Our Articles of Incorporation authorize us to
indemnify our directors and officers to the fullest extent permitted under Nevada Revised Statutes. Our bylaws set forth the procedures
that must be followed for directors and officers to receive indemnity payments from us.

 Insider Trading Arrangements and Policies

 We are committed to promoting high standards of ethical business conduct
and compliance with applicable laws, rules and regulations. As part of this commitment, we have an Insider Trading Policy governing the
purchase, sale, and/or other dispositions of our securities by our directors, officers, employees and others that we believe is reasonably
designed to promote compliance with insider trading laws, rules and regulations. A copy of our Insider Trading Policy is filed as Exhibit
19 to this Annual Report on Form 10-K

 ITEM 12.

 SECURITY OWNERSHIP OF CERTAIN BENEFICIAL OWNERS AND MANAGEMENT AND RELATED STOCKHOLDER MATTERS.

 The following table sets forth information with
respect to beneficial ownership of our common stock by:

 *

 each person who beneficially owns more than 5% of our common stock;

 *

 each of our executive officers named in the Management section;

 *

 each of our directors; and

 *

 all executive officers and directors as a group.

 The following table shows the number of shares owned and the percentage
of outstanding common stock owned as of March 31, 2025. Each person has sole voting and investment power with respect to the shares
shown, except as noted.

 Name and Address of Beneficial Owner (1)

 Amount and Nature of Beneficial Ownership (2)

 Ownership as a Percentage of Outstanding Common Shares (3)

 John Gibbs

807 Wood N Creek

Ardmore, OK 73041

 4,331,775

 (4)

 16.42%

 Gold Express Mines, Inc.

 11,750,000

 44.54%

 Michael Lavigne (5)

 –

 (5)

 –%

 John Ryan

 –

 –%

 Greg Schifrin

 1,535,715

 5.81%

 Howard Crosby

 90,000

 0.34%

 All officers and directors as a group

(four persons)

 1,625,715

 6.16%

 __________________

 (1)

 Unless otherwise stated, address is 602 Cedar St., Ste. 205, Wallace, ID 83873

 (2)

 Under SEC Rules, we include in the number of shares owned by each person, the number of shares issuable under outstanding options or warrants if those options or warrants are exercisable within 60 days of the date of this Annual Report. In calculating percentage ownership, we calculate the ownership of each person who owns exercisable options by adding (i) the number of exercisable options for that person only to (ii) the number of total shares outstanding and dividing that result into (iii) the total number of shares and exercisable options owned by that person.

 (3)

 Shares and percentages beneficially owned are based upon 26,379,295 shares outstanding on March 31, 2025.

 (4)

 Includes 3,582,159 shares owned individually, warrant exercisable to purchase 25,000 shares of Common Stock at $0.20 per share, 1,000 shares owned by Redwood Microcap Fund, Inc. controlled by Mr. Gibbs. And 723,616 shares owned by Tri Power Resources, Inc., controlled by Mr. Gibbs.

 (5)

 Does not include an aggregate of 795,000 Restricted Stock Units that may be settled for shares of common stock under certain circumstances.

 Securities Authorized for Issuance Under Equity Compensation Plans

 The following table contains information about
our equity compensation plans as of December 31, 2024.

 Equity
 Compensation Plan Information

 Number of securities

 remaining available

 Weighted-

 for future issuance

 average

 under equity

 Number of securities to be

 exercise price of

 compensation plans

 issued upon exercise of

 outstanding

 (excluding securities

 outstanding options,

 options, warrants

 reflected in

 Plan Category

 warrants and rights

 and rights

 column (a))

 (a)

 (b)

 (c)

 Equity compensation plans approved by security holders

 –

 $

 –

 –

 Equity compensation plans not approved by security
 holders

 –

 $

 –

 –

 Total

 –

 $

 –

 –

 Our equity compensation plan is the 2017 Equity Incentive Plan.

 The Company does not have any policies or practices on the timing of
awards of options in relation to the disclosure of material nonpublic information by the Company. The Company did not issue any options
in 2024.

 ITEM 13.

 CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS AND DIRECTOR INDEPENDENCE.

 Except as disclosed herein, there have been no
transactions or proposed transactions in which the amount involved exceeds the lesser of $120,000 or one percent of the average of our
total assets at year-end for the last two completed fiscal years in which any of our directors, executive officers or beneficial holders
of more than 5% of the outstanding shares of our common stock, or any of their respective relatives, spouses, associates or affiliates,
has had or will have any direct or material indirect interest.

 Management Fees

 At December 31, 2024 and 2023, $7,000 of the management
fees owed to prior management had not been paid and are included in accounts payable on the accompanying consolidated balance sheets.

 Accrued Interest – Related Parties

 Accrued interest due to related parties is included in our consolidated
balance sheets as follows:

 2024

 2023

 Accrued interest payable – Mr. Gibbs

 $
 27,329

 $
 19,730

 Accrued interest payable – Mr. Joseph Lavigne

 7,037

 4,277

 Accrued interest payable – Mr. Schifrin

 16,880

 13,130

 Accrued interest payable – Gold Express Mines, Inc

 51,076

 –

 Accrued interest payable – Mr. Malhotra

 –

 2,641

 $
 102,322

 $
 39,778

 Notes Payable – Related Parties

 As of December 31, 2023, the notes payable –
related parties balance was $53,000, with accrued interest of $9,409. The promissory notes bear interest at 12% per annum and are payable
on demand. During the year ended December 31, 2024, the Company entered into four unsecured promissory notes with GEM totaling $115,000.
The promissory notes bear interest at 5% per annum and are payable on demand. As of December 31, 2024 and 2023, the notes payable –
related parties balance was $168,000 and $53,000, with accrued interest of $20,558 and $9,409, respectively.

 Unsecured advances – related party

 During the year ended December 31, 2024, a related
party paid $49,030 of expenses on the Company's behalf. As of December 31, 2024 and 2023, the advances related party balance totaled
$70,905 and $21,875, respectively.

 Series 2020A 8% Unsecured Convertible Notes

 In 2020, the Company sold $285,000 of Series 2020A
8% Unsecured Convertible Notes with a maturity date of November 30, 2020. The purchase price of the Note is equal to the principal amount
of the Note. The Series 2020A Notes are convertible into shares of Common Stock at a conversion price of $0.50 during the life of the
Note. The lenders were issued 142,500 common stock warrants with an exercise price of $0.50 per share for a term of 5 years. Two related
parties purchased $60,000 of the 2020A notes. The Company evaluated the conversion option and concluded a beneficial conversion feature
was present at issuance. The Company recognized the beneficial conversion feature as a debt discount and additional paid in capital as
of December 31, 2020. The $237,263 debt discount will be amortized over the term of the loan. The Notes will accrue interest at the rate
of 8% per annum, payable quarterly in arrears. In July 2020, $25,000 of Series 2020A 8% Unsecured Convertible Notes were converted into
50,000 shares of common stock at a conversion price of $0.50 per share. The Series 2020A 8% Unsecured Convertible Notes that were due
and payable in November 2020 and are currently past due. If a default notice is received the interest rate will be 12%. During the year
ended December 31, 2024, $10,000 was reclassed from convertible notes related party to convertible notes third party. As of December 31,
2024 and 2023, the balance due to a related party under these notes is $50,000 and $60,000, with accrued interest of $18,597 and $17,238,
respectively.

 3% Secured Convertible Note

 On July 1, 2020, the Company issued a $125,000
Secured Convertible Note to a related party as part of the purchase of Clearwater Mining Corporation. The convertible note is secured
by common stock of the Company, matures on July 1, 2022 and will accrue interest at the rate of 3% per annum, payable yearly in arrears
beginning July 1, 2021. The Note is convertible into shares of Common Stock at a conversion price of $0.50 during the life of the Note.
The Company evaluated the conversion option and concluded a beneficial conversion feature was present at issuance. The Company recognized
the beneficial conversion feature and relative fair value of the warrants as a debt discount and additional paid in capital in July 2019.
As of December 31, 2024 and 2023, the balance due to a related party under this note was $125,000, with accrued interest of $16,880 and
$13,130, respectively.

 Convertible Note

 On February 10, 2021, the Company entered into
a debt agreement to borrow $200,000. The secured note has an original issuance discount of $16,000 along with $9,000 in legal and finder
fees recorded as a discount, which will be amortized over the life of the note. The loan is secured by common stock of the Company, bears
interest at a rate of 10% and has a six-month maturity. In August 2021, the note was extended six months and the interest rate was increased
to 12%. The unpaid principal is convertible into shares of the Company's common stock at the conversion price. The conversion price
shall be the less of 90% of the lowest trading price during the previous twenty (20) trading day period ending on the issuance date, or
during the previous twenty (20) trading day period ending on date of conversion of this note. The Company issued the debt holder 266,667
common shares as a commitment fee. Due to the variable conversion feature the note conversion feature was bifurcated from the note and
recorded as a derivative liability. The day one derivative liability of $95,715 was recorded as a discount on the convertible notes payable.
On February 9, 2022, the Company extended the maturity to May 10, 2022. In consideration of the extension, the Company issued the debt
holder 180,000 shares of common stock valued at $54,000. The incremental value of the debt modification of $54,000 will be recorded over
the remaining life of the note ending May 10, 2022. On May 11, 2022, the Company agreed to a second amendment to extend the maturity of
the AJB note to August 10, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.30
per share for a total value of $70,000. The incremental value of the debt modification of $70,000 will be recorded over the remaining
life of the note ending August 10, 2022. On August 9, 2022, the Company agreed to a third amendment to extend the maturity of the AJB
note to November 9, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.24 per
share for a total value of $56,000. The incremental value of the debt modification of $56,000 will be recorded over the remaining life
of the note ending November 9, 2022. Th AJB Convertible Note is due and payable in November 2023. In January 2023, the Note was extended
to August 11, 2023 and is currently past due. In consideration for the extension, the principal amount of the note was increased by $10,000.
The incremental value of the debt modification of $10,000 will be recorded as a debt discount and amortized over the remaining life of
the note ending August 11, 2023. During the year ended December 31, 2023, the Company amortized $10,000 of debt discount. During the year
ended December 31, 2023, the Company repaid $100,000 of principal on this note. On January 2, 2024, GEM, a related party, assumed the
debt from AJB Capital Investments, LLC. For consideration for the assumption of debt, the Company issued 250,000 shares of common stock
at $0.0768 per share for total of $19,200 to GEM, for the assumption of the AJB convertible note.

 As of December 31, 2024, the total derivative
liability on the above note was adjusted to a fair value of $47,158. The fair value of the conversion option was estimated using the Black-Scholes
option pricing model and the following assumptions during the period: fair value of stock $0.085, volatility of 95.24%, expected term
of 0.50 years, risk-free rate of 4.24% and a dividend yield of 0%.

 As of December 31, 2024, the balance on the loan
was $110,000, with accrued interest of $46,287.

 Consulting Agreement

 On December 29, 2022, the Company entered into
a two-year consulting agreement with Rock Creek Mining Company commencing on December 1, 2022, to provide consulting and advisory services.
Michael Lavigne, the Company's CEO, is an officer and a Director of Rock Creek Mining Company. The consulting agreement provides
for compensation of $6,000 per month, payable on demand. During the years ended December 31, 2024 and 2023, the Company incurred consulting
fees of $72,000.

 On January 4, 2024, we entered into a purchase
agreement (the "Purchase Agreement") with GEM, pursuant to which, among other things (i) the Company agreed to purchase certain
mineral assets owned and controlled by GEM for a purchase price equal to 5,500,000 shares of the Company's common stock, par value
$0.001 per share (the "Common Stock"); and (ii) GEM agreed to assign to the Company a certain lease for mineral properties
(the "Cuprum Lease") for a purchase price of 500,000 shares of Common Stock (collectively, the "Transactions").

 The Purchase Agreement contains representations,
warranties and covenants customary for a transaction of this size and nature.

 John Ryan,
our CFO and a director, is the President, Chief Executive Officer and a director of GEM, and Howard Crosby, a director, is a director
of GEM. GEM owns 44.9% of our common stock.

 Deferred Compensation

 Effective August 1, 2020, the Company and Michael
Lavigne, executed a Restricted Stock Unit Agreement pursuant to which the Company agreed to grant to Mr. Lavigne, in consideration of
services to be rendered as President, CEO and Director, restricted stock units consisting of 15,000 units for each month of service. The
vested stock units will be settled in shares of common stock upon or as soon as practicable (a) upon written request any time after December
31, 2020 or (b) following the termination date, whichever occurs first. As of December 31, 2024 and 2023, 795,000 and 615,000 restricted
stock units may be settled in shares of common stock, respectively. During the years ended December 31, 2024 and 2023, the Company recognized
$21,845and $24,542 of stock-based compensation related to the agreement, respectively.

 Director Independence

 Our common stock is not listed on a national securities
exchange or inter-dealer quotation system. Under NASDAQ Rule 5605(a)(2) and Item 407(a) of Regulation S-K, a director is not considered
to be independent if he or she is also an executive officer of the corporation. Our director is considered an executive officer under
Rule 3b-7 of the Exchange Act. Therefore, our director is not independent.

 As a result of our limited operating history and
minimal resources, we believe that we will have difficulty in attracting independent directors. In addition, we would likely be required
to obtain directors' and officers' insurance coverage to attract and retain independent directors. We believe that the costs
associated with maintaining such insurance is prohibitive at this time.

 ITEM 14.

 PRINCIPAL ACCOUNTING FEES AND
SERVICES.

 We understand the need for our principal accountants
to maintain objectivity and independence in their audit of our financial statements. To minimize relationships that could appear to impair
the objectivity of our principal accountants, our Board of Directors has restricted the non-audit services that our principal accountants
may provide to us primarily to tax services and audit-related services. We are only to obtain non-audit services from our principal accountants
when the services offered by our principal accountants are more effective or economical than services available from other service providers,
and, to the extent possible, only after competitive bidding. These determinations are among the key practices adopted by the Board of
Directors. Our Board has adopted policies and procedures for pre-approving work performed by our principal accountants.

 The aggregate fees billed for the fiscal years
2024 and 2023 for professional services rendered by our principal accountants for the audit of our annual financial statements and review
of the financial statements included in our Quarterly Reports on Form 10-Q and services that are normally provided by our accountants
in connection with statutory and regulatory filings or engagements for these fiscal periods were as follows:

 2024

 2023

 Audit fees – audit of annual financial statements and review of financial statements included in our quarterly reports, services normally provided by the accountant in connection with statutory and regulatory filings

 $
 58,710

 $
 58,000

 Audit-related fees – related to the performance of audit or review of financial statements not reported under "audit fees"

 –

 –

 Tax fees – tax compliance, tax advice and tax planning

 –

 –

 All other fees – services provided by our principal accountants other than those identified above

 –

 –

 Total fees

 $
 58,710

 $
 58,000

 After careful consideration, the Board of Directors
has determined that payment of the audit fees is in conformance with the independent status of our principal independent accountants.

 ITEM 15.

 EXHIBITS AND FINANCIAL STATEMENT SCHEDULES.

 Ex. No.

 Title

 (1)

 3.1

 Certificate of Incorporation filed September 28, 2010

 (1)

 3.2

 Bylaws

 (4)

 3.3

 Amended and Restated Bylaws

 (6)

 3.4

 Second Amended and Restated Bylaws

 (1)

 4.1

 Specimen Common Stock Certificate

 (1)

 10.1

 Cowles' Option and Mining Lease

 (1)

 10.2

 Mining Lease – Randall Claims

 (1)

 10.3

 Assignment of Randall Mining Lease Agreement

 (1)

 10.4

 Mining Lease – Secret Claims

 (1)

 10.5

 Consulting Agreement

 (2)

 10.6

 Promissory Note Dated August 23, 2011, in favor of John C. Power

 (2)

 10.7

 Promissory Note Dated August 23, 2011, in favor of John D. Gibbs

 (3)

 10.8

 First Amendment to Mining Lease – Secret Claims

 (3)

 10.9

 Second Amendment to Mining Lease – Randall Claims

 (5)

 10.10

 Promissory Note Dated February 28,2012, in favor of John D. Gibbs

 (7)

 10.11

 Third Amendment to Mining Lease – Randall Claims

 (8)

 10.12

 Option Agreement – Columbus Silver

 (9)

 10.13

 Amendment No. 1 to Promissory Note in favor of John C. Power

 (10)

 10.14

 Credit Agreement dated December 31, 2012 in favor of John D. Gibbs

 (11)

 10.15

 Amendment No. 1 to Silver District Option Agreement

 (12)

 10.16

 Allonge and Modification Agreement with John D. Gibbs

 (13)

 10.17

 Promissory Note in favor of John Power

 (14)

 10.18

 Silver District / Columbus Silver Purchase Agreement

 (14)

 10.19

 Promissory Note in favor of Clifford Neuman

 (15)

 10.20

 Second Allonge and Modification Agreement with John D. Gibbs

 (16)

 10.21

 Employment Agreement – W. Pierce Carson

 (17)

 10.22

 Employment Agreement – W. Pierce Carson (Magellan)

 (18)

 10.23

 Agreement and Plan of Merger

 (19)

 10.24

 Mining Option Agreement

 (19)

 10.25

 Lock-Up/Voting Trust Agreement

 (19)

 10.26

 Intuitive Pty, Ltd. Agreement

 (19)

 10.27

 Mining Clip LLC Agreement

 (19)

 10.28

 (20)

 10.29

 Memorandum of Understanding

 (7)

 14.1

 Code of Ethics

 (21)

 10.30

 Consulting Agreement

 (21)

 10.31

 Promissory Note in favor of W. Pierce Carson

 (21)

 10.32

 Promissory Note in favor of John Power

 (21)

 10.33

 Promissory Note in favor of John Gibbs

 (22)

 10.34

 Promissory Note in favor of John Power

 (22)

 10.35

 Stock Pledge Agreement

 (23)

 10.36

 Amendment No. 1 to Memorandum of Understanding

 (24)

 10.37

 Stock Purchase Agreement

 (25)

 10.38

 Confirmation Letter

 (26)

 10.39

 Amendment to Stock Purchase Agreement

 (27)

 10.40

 Certificate of Amendment

 (28)

 10.41

 (28)

 10.42

 (29)

 10.43

 (29)

 10.44

 Ex. No.

 Title

 (30)

 10.45

 Interim Milling Agreement

 (31)

 10.46

 Amendment No. 2 to Stock Purchase Agreement

 (31)

 10.47

 Closing Escrow Agreement

 (31)

 10.48

 Form of Secured Note

 (31)

 10.49

 Form of Stock Pledge Agreement

 (31)

 10.5

 Form of Security Agreement

 (31)

 10.51

 Form of Collateral Agent Agreement

 (32)

 10.52

 Termination Agreement

 (33)

 10.53

 Combined financial statements of SDA Mill as of and for the periods ended November 30, 2017 and December 31, 2016

 (33)

 10.54

 Magellan Gold Corporation Unaudited Pro Forma Condensed Combined Financial Information

 (34)

 10.55

 Amendment No. 1 to EMA Financial Note

 (35)

 10.56

 Amendment No. 1 to Auctus Fund Note

 (36)

 10.57

 Agreement to Convert Debt

 (37)

 10.58

 Restricted Stock Award Agreement

 (38)

 10.59

 Convertible Promissory Note

 (39)

 10.6

 (40)

 10.61

 Agreement for Exploration

 (41)

 10.62

 Amendment to Agreement for Exploration

 (42)

 10.63

 EMA Amendment

 (43)

 10.64

 Auctus Amendment

 (44)

 10.65

 (45)

 10.66

 (46)

 10.67

 Amendment No. 1 Convertible Promissory Note

 (47)

 10.68

 Letter Agreement

 (48)

 10.69

 Form of 10% Convertible Promissory Note – Note Offering

 (49)

 10.7

 Form of 36% Convertible Promissory Note – Bridge Note Offering

 (50)

 10.71

 Restricted Stock Unit Agreement

 (51)

 10.72

 Deferred Compensation and Equity Award Plan

 (52)

 10.73

 Certificate of Designations – Series A Convertible Preferred Stock

 (53)

 10.74

 Option to Purchase Agreement

 (54)

 10.75

 Letter of Intent

 (55)

 10.76

 Agreement to Accept Collateral in Full Satisfaction of Obligations

 (56)

 10.77

 Share Purchase Agreement

 (57)

 10.78

 (58)

 10.79

 Stock Pledge Agreement

 (59)

 10.8

 Security Agreement

 (60)

 10.81

 Stock Purchase Agreement

 (61)

 10.82

 Restricted Stock Unit Agreement

 (62)

 10.83

 Restricted Stock Unit Agreement

 (63)

 10.84

 (64)

 10.85

 (65)

 10.86

 Agreement, dated as of December 29, 2023, by and between Magellan Gold Corporation and Gold Express Mines, Inc.

 (66)

 10.87

 Purchase Agreement, dated January 7, 2024, by and between Magellan Gold Corporation and Gold Express Mines, Inc.

 Insider Trading Policy and Procedures

 31.1

 Certification of Principal 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 Principal 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 Principal 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 Principal 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

 101.SCH

 101.CAL

 101.DEF

 101.LAB

 101.PRE

 (1)

 to Form S-1 as filed with the Commission on May 18, 2011.

 (2)

 Incorporated by reference to the Registrant's
 Current Report on Form 8-K, as filed with the Commission on August 25, 2011.

 (3)

 to Quarterly Report on Form 10-Q as filed with the Commission on November 14, 2011.

 (4)

 to Current Report on Form 8-K as filed with the Commission on February 7, 2012.

 (5)

 to Current Report on Form 8-K/A-1 as filed with the Commission on March 29, 2012.

 (6)

 to Current Report on Form 8-K as filed with the Commission on March 30, 2012.

 (7)

 to Annual Report on Form 10-K as filed with the Commission on March 30, 2012.

 (8)

 to Current Report on Form 8-K as filed with the Commission on August 30, 2012.

 (9)

 to Current Report on Form 8-K as filed with the Commission on February 4, 2013.

 (10)

 to Current Report on Form 8-K as filed with the Commission on February 4, 2013.

 (11)

 to Current Report on Form 8-K as filed with the Commission on August 23, 2013.

 (12)

 to Current Report on Form 8-K as filed with the Commission on January 2, 2014.

 (13)

 to Current Report on Form 8-K as filed with the Commission on April 29, 2014.

 (14)

 to Current Report on Form 8-K as filed with the Commission on October 2, 2014.

 (15)

 to Current Report on Form 8-K as filed with the Commission on February 3, 2015.

 (16)

 to Current Report on Form 8-K as filed with the Commission on June 11, 2015.

 (17)

 to Current Report on Form 8-K as filed with the Commission on June 2, 2016.

 (18)

 to Current Report on Form 8-K as filed with the Commission on July 27, 2016.

 (19)

 to Current Report on Form 8-K as filed with the Commission on October 27, 2016.

 (20)

 to Current Report on Form 8-K as filed with the Commission on March 7, 2017.

 (21)

 to Current Report on Form 8-K as filed with the Commission on June 20, 2017.

 (22)

 to Current Report on Form 8-K as filed with the Commission on July 21, 2017.

 (23)

 to Current Report on Form 8-K as filed with the Commission on August 1, 2017.

 (24)

 to Current Report on Form 8-K as filed with the Commission on September 12, 2017.

 (25)

 to Current Report on Form 8-K as filed with the Commission on October 11, 2017.

 (26)

 to Current Report on Form 8-K as filed with the Commission on October 18, 2017.

 (27)

 to Current Report on Form 8-K as filed with the Commission on October 30, 2017.

 (28)

 to Current Report on Form 8-K as filed with the Commission on November 6, 2017.

 (29)

 to Current Report on Form 8-K as filed with the Commission on November 7, 2017.

 (30)

 to Current Report on Form 8-K as filed with the Commission on November 8, 2017.

 (31)

 to Current Report on Form 8-K as filed with the Commission on December 6, 2017.

 (32)

 to Current Report on Form 8-K as filed with the Commission on January 10, 2018.

 (33)

 to Current Report on Form 8-K/A as filed with the Commission on April 24, 2018.

 (34)

 to Current Report on Form 8-K as filed with the Commission on June 19, 2018.

 (35)

 to Current Report on Form 8-K as filed with the Commission on June 19, 2018.

 (36)

 to Current Report on Form 8-K as filed with the Commission on July 30, 2018.

 (37)

 to Current Report on Form 8-K as filed with the Commission on July 30, 2018.

 (38)

 to Current Report on Form 8-K/A as filed with the Commission on August 1, 2018.

 (39)

 to Current Report on Form 8-K/A as filed with the Commission on August 1, 2018.

 (40)

 to Current Report on Form 8-K as filed with the Commission on August 20, 2018.

 (41)

 to Current Report on Form 8-K as filed with the Commission on August 20, 2018.

 (42)

 to Current Report on Form 8-K as filed with the Commission on August 24, 2018.

 (43)

 to Current Report on Form 8-K as filed with the Commission on August 24, 2018.

 (44)

 to Current Report on Form 8-K as filed with the Commission on August 24, 2018.

 (45)

 to Current Report on Form 8-K as filed with the Commission on August 24, 2018.

 (46)

 to Current Report on Form 8-K as filed with the Commission on September 5, 2018.

 (47)

 to Current Report on Form 8-K as filed with the Commission on September 25, 2018.

 (48)

 to Current Report on Form 8-K as filed with the Commission on November 6, 2018.

 (49)

 to Current Report on Form 8-K as filed with the Commission on November 6, 2018.

 (50)

 to Current Report on Form 8-K as filed with the Commission on June 26, 2019.

 (51)

 to Current Report on Form 8-K as filed with the Commission on June 26, 2019.

 (52)

 to Current Report on Form 8-K as filed with the Commission on October 7, 2019.

 (53)

 to Current Report on Form 8-K as filed with the Commission on October 18, 2019.

 (54)

 to Current Report on Form 8-K as filed with the Commission on January 15, 2020.

 (55)

 to Current Report on Form 8-K as filed with the Commission on May 7, 2020.

 (56), (57), (58), (59)

 to Current Report on Form 8-K as filed with the Commission on July 20, 2020.

 (60), (61)

 to Current Report on Form 8-K as filed with the Commission on July 30, 2020.

 (62)

 to Current Report on Form 8-K as filed with the Commission on November 12, 2020.

 (63), (64)

 to Current Report on Form 8-K as filed with the Commission on April 23, 2021.

 (65)

 to Current Report on Form 8-K as filed with the Commission on January 8, 2024.

 (66)

 to Current Report on Form 8-K as filed with the Commission on January 11, 2024.

 *

 Filed herewith.

 **

 Furnished, not filed.

 MAGELLAN COPPER & GOLD CORP.

 FINANCIAL STATEMENTS

 FOR THE YEARS ENDED DECEMBER 31, 2024 AND 2023

 MAGELLAN COPPER & GOLD CORP.

 Page

 Report of Independent Registered Public Accounting Firm (PCAOB ID 206)

 Consolidated Balance Sheets

 Consolidated Statements of Operations

 Consolidated Statements of Shareholders' Deficit

 Consolidated Statements of Cash Flows

 Notes to Consolidated Financial Statements

 F- 1

 REPORT
OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

 To the Shareholders and Board of Directors of

 Opinion on the Financial Statements

 We have audited the accompanying consolidated
balance sheets of Magellan Copper & Gold Corp. (the "Company") as of December 31, 2024 and 2023, and the related consolidated
statements of operations, share holders' deficit, and cash flows for the years then ended, and the related notes (collectively
referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects,
the financial position of the Company as of December 31, 2024 and 2023, and the results of its operations and its cash flows for the year
then ended, in conformity with accounting principles generally accepted in the United States of America.

 Going Concern Matter

 The accompanying financial statements
have been prepared assuming that the Company will continue as a going concern. As discussed in Note 2 to the financial statements, the
Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability
to continue as a going concern. Management's plans in regard to these matters are also described in Note 2. The financial statements do
not include any adjustments that might result from the outcome of this uncertainty.

 Basis
for Opinion

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

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

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

 Critical Audit Matters

 The critical audit matters are matters
arising from the current period audit of the financial statements that were communicated or required to be communicated to the audit committee
and that: (1) relate to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging,
subjective, or complex judgments. We determined that there were no critical audit matters.

 /s/ MaloneBailey, LLP

 www.malonebailey.com

 We have served as the Company's auditor
since 2011.

 Houston, Texas

 F- 2

 Consolidated Balance Sheets

 December 31, 2024

 December 31, 2023

 ASSETS

 Current assets

 Cash

 $

 $

 Total current assets

 Mineral rights and properties

 100,000

 100,000

 Total assets

 $
 100,896

 $
 100,099

 LIABILITIES AND SHAREHOLDERS' DEFICIT

 Current liabilities:

 Accounts payable

 $
 205,835

 $
 236,322

 Accounts payable - related party

 145,750

 73,750

 Accrued liabilities

 214,089

 214,089

 Convertible note payable, net - related party

 285,000

 185,000

 Convertible note payable, net

 380,978

 530,978

 Accrued interest - related parties

 102,322

 39,778

 Accrued interest

 201,169

 204,197

 Advances payable - related party

 70,905

 21,875

 Advances payable

 93,573

 39,338

 Notes payable

 68,000

 100,000

 Notes payable - related party

 168,000

 53,000

 Derivative liability

 47,158

 86,443

 Total current liabilities

 1,982,779

 1,784,770

 Total liabilities

 1,982,779

 1,784,770

 Commitments and contingencies

 –

 –

 Shareholders' deficit:

 Preferred shares, 25,000,000 shares Series A preferred stock – $ 10.00 stated value; 2,500,000 authorized; 0 shares issued and outstanding

 –

 –

 Common shares, $ 0.001 par value; 1,000,000,000 shares authorized; 26,157,635 and 19,577,072 shares issued and outstanding, respectively

 26,158

 19,577

 Additional paid-in capital

 19,855,547

 19,289,530

 Accumulated deficit

 ( 21,763,588
)

 ( 20,993,778
)

 Shareholders' deficit:

 ( 1,881,883
)

 ( 1,684,671
)

 Total liabilities and shareholders' deficit

 $
 100,896

 $
 100,099

 See accompanying notes to the consolidated financial statements

 F- 3

 Consolidated Statements of Operations

 Years Ended December 31,

 2024

 2023

 Operating expenses:

 General and administrative expenses

 $
 319,938

 $
 230,062

 Impairment expense

 1,194,274

 Total operating expenses

 742,503

 1,424,336

 Operating loss

 ( 742,503
)

 ( 1,424,336
)

 Other income (expense):

 Interest expense

 ( 82,921
)

 ( 101,422
)

 Gain on conversion of debt

 16,329

 –

 Gain on change in derivative liability

 39,285

 61,722

 Total other income (expense)

 ( 27,307
)

 ( 39,700
)

 $
 ( 769,810
)

 $
 ( 1,464,036
)

 Basic net loss per common share

 $
 ( 0.03
)

 $
 ( 0.08
)

 Diluted net loss per common share

 $
 ( 0.03
)

 $
 ( 0.08
)

 Basic weighted average

 25,516,872

 19,220,493

 Diluted weighted average

 25,516,872

 19,220,493

 See accompanying notes to the consolidated financial statements

 F- 4

 Consolidated Statements of Shareholders' Deficit

 For the years ended December 31, 2024 and 2023

 Additional

 Common Stock

 Paid - in

 Accumulated

 Shares

 Par Value

 Capital

 Deficit

 Total

 Balance, December 31, 2022

 12,772,786

 $
 12,773

 $
 18,019,192

 $
 ( 19,529,742
)

 $
 ( 1,497,777
)

 Shares issued for cash

 1,804,286

 1,804

 250,796

 –

 252,600

 Shares issued for the acquisition of mineral properties

 5,000,000

 5,000

 995,000

 –

 1,000,000

 Stock based compensation

 –

 –

 –

 –

 –

 –

 ( 1,464,036
)

 ( 1,464,036
)

 Balance, December 31, 2023

 19,577,072

 19,577

 19,289,530

 ( 20,993,778
)

 ( 1,684,671
)

 Shares issued for the acquisition of mineral properties

 5,500,000

 5,500

 417,065

 –

 Shares issued for the conversion of debt and accrued interest

 745,563

 87,304

 –

 88,050

 Stock based compensation

 335,000

 61,648

 –

 61,983

 –

 –

 –

 ( 769,810
)

 ( 769,810
)

 Balance, December 31, 2024

 26,157,635

 $
 26,158

 $
 19,855,547

 $
 ( 21,763,588
)

 $
 ( 1,881,883
)

 See accompanying notes to the consolidated financial statements

 F- 5

 Consolidated Statements of Cash Flows

 Years Ended December 31,

 2024

 2024

 Operating activities:

 $
 ( 769,810
)

 $
 ( 1,464,036
)

 Adjustments to reconcile net loss to net cash used in operating activities:

 Impairment expense

 1,194,274

 Accretion of discounts on notes payable

 –

 10,000

 Stock based compensation

 61,983

 Gain on conversion of debt

 ( 16,329
)

 –

 Gain on change in derivative liability

 ( 39,285
)

 ( 61,722
)

 Changes in operating assets and liabilities:

 Prepaid expenses and other assets

 –

 5,950

 Accounts payable and accrued liabilities

 43,278

 75,026

 Accounts payable - related party

 54,000

 Accrued interest

 82,895

 91,423

 Net cash used in operating activities

 ( 142,703
)

 ( 70,543
)

 Investing activities:

 Cash paid for mineral rights

 –

 ( 100,000
)

 Net cash used in investing activities

 –

 ( 100,000
)

 Financing activities:

 Proceeds from notes payable from related parties

 115,000

 –

 Proceeds from notes payable from third parties

 –

 22,000

 Repayment of notes payable from third parties

 ( 1,000
)

 –

 Proceeds from advances from third parties

 29,500

 –

 Repayment of advances from third parties

 –

 ( 4,701
)

 Repayment of convertible debt

 –

 ( 100,000
)

 Proceeds from sale of common stock

 –

 252,600

 Net cash provided by financing activities

 143,500

 169,899

 Net change in cash

 ( 644
)

 Cash at beginning of period

 Cash at end of period

 $

 $

 Supplemental disclosure of cash flow information

 Cash paid for interest

 $
 –

 $
 –

 Cash paid for income taxes

 $
 –

 $
 –

 Non-cash financing and investing activities:

 Expenses paid on behalf of the Company

 $
 73,765

 $
 26,501

 Shares issued for the acquisition of mineral properties

 $

 $
 1,000,000

 Shares issued for the conversion of debt and accrued interest

 $
 104,379

 $
 –

 See accompanying notes to the unaudited consolidated financial statements

 F- 6

 MAGELLAN
COPPER & GOLD CORP.

 NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

 Note 1 – Organization, Basis of Presentation, and Nature of
Operations

 Organization and Nature of Operations

 Magellan Copper & Gold Corp. ("we"
"our", "us", the "Company" or "Magellan") was incorporated on September 28, 2010,
under the laws of the State of Nevada. Our principal business is the acquisition and exploration of mineral resources. We have not presently
determined whether the properties to which we have mining rights contain mineral reserves that are economically recoverable.

 Our primary focus is to explore and develop mineral
properties in the United States. Effective March 31, 2020, we divested our subsidiary holding all our international assets and plan to
advance our Center Star Gold Project and our Kris Project towards resource definition and eventual development, and possibly to acquire
additional mineral rights and conduct additional exploration, development and permitting activities. Our mineral lease payments, mineral
claim annual holding costs, permitting applications and exploration and development efforts will require additional capital. We rely upon
the sale of our securities as well as advances and loans from executive management and significant shareholders to fund our operations
as we have not generated any significant revenue.

 Note 2 – Summary of Significant Accounting Policies

 Basis of Presentation

 On July 1, 2020, the Company entered into a Stock
Purchase Agreement to acquire Clearwater Gold Mining Corporation ("Clearwater") which owns certain unpatented mining claims
in Idaho County, Idaho. The Company will be evaluating the historic mine data to assess the potential to develop a gold resource at Center
Star. The project area is located 45 miles from Grangeville, Idaho and near the town of Elk City, Idaho.

 On August 25, 2020, the Company, formed a new
wholly owned subsidiary, M Gold Royalty ("M Gold"), to expand into the royalty business. This subdivision of the Company may
be discontinued in the near future.

 Our consolidated financial statements include
our accounts and the accounts of our 100% owned subsidiary, Clearwater, and M Gold. All intercompany transactions and balances have been
eliminated. Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the
United States of America ("U.S. GAAP").

 Use of Estimates

 The preparation of financial statements in conformity
with U.S. GAAP requires us to make estimates, assumptions and judgments that affect the reported amounts of assets and liabilities and
disclosure of contingent assets and liabilities as of the date of the financial statements and the reported amounts of expenses during
the period presented.

 We make our estimate of the ultimate outcome for
these items based on historical trends and other information available when the financial statements are prepared. Changes in estimates
are recognized in accordance with the accounting rules for the estimate, which is typically in the period when new information becomes
available. We believe that our significant estimates, assumptions and judgments are reasonable, based upon information available at the
time they were made. Actual results could differ from these estimates, making it possible that a change in these estimates could occur
in the near term.

 F- 7

 Fair Value of Financial Instruments

 We value our financial assets and liabilities
using fair value measurements. Our financial instruments primarily consist of cash, prepaid expenses, other current assets, accounts payable,
accrued liabilities, amounts due to related parties and notes payable to related parties. Fair value is based on the price that would
be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement
date. The carrying amount of cash, accounts payable, accrued liabilities, notes payable to related parties and other amounts due to related
parties approximates fair value because of the short-term nature of these financial instruments.

 Concentrations of Credit Risk

 Our financial instruments which potentially subject us to credit risk
are our cash and cash equivalents. We maintain our cash and cash equivalents at reputable financial institutions and currently we are
not exposed to significant credit risk.

 Cash and Cash Equivalents

 We consider all amounts on deposit with financial
institutions and highly liquid investments with an original maturity of three months or less to be cash equivalents at the date of purchase.

 Mineral Rights

 We have determined that our mineral rights meet
the definition of mineral rights, as defined by accounting standards, and are tangible assets. As a result, our direct costs to acquire
or lease mineral rights are initially capitalized as tangible assets. Mineral rights include costs associated with leasing or acquiring
patented and unpatented mining claims; leasing mining rights including lease signature bonuses, lease rental payments and advance minimum
royalty payments; and options to purchase or lease mineral properties.

 If we establish proven and probable reserves for
a mineral property and establish that the mineral property can be economically developed, mineral rights will be amortized over the estimated
useful life of the property following the commencement of commercial production or expensed if it is determined that the mineral property
has no future economic value or if the property is sold or abandoned. For mineral rights in which proven and probable reserves have not
yet been established, we assess the carrying values for impairment at the end of each reporting period and whenever events or changes
in circumstances indicate that the carrying value may not be recoverable.

 The net carrying value of our mineral rights represents
the fair value at the time the mineral rights were acquired less accumulated depletion and any abandonment or impairment losses. Proven
and probable reserves have not been established for mineral rights as of December 31, 2024. During the years ended December 31, 2024 and
2023 the Company evaluated mineral rights and properties for impairment and recorded impairment expense of $ 422,565 and $ 1,194,274, respectively.

 Impairment of Long-lived Assets and Mining Rights

 We continually monitor events and changes in circumstances
that could indicate that our carrying amounts of long-lived assets, including mineral rights, may not be recoverable. When such events
or changes in circumstances occur, we assess the recoverability of long-lived assets by determining whether the carrying value of such
assets will be recovered through their undiscounted expected future cash flow. If the future undiscounted cash flow is less than the carrying
amount of these assets, we recognize an impairment loss based on the excess of the carrying amount over the fair value of the assets.

 F- 8

 Property and Equipment

 Property and equipment are recorded at cost, less
accumulated depreciation. Property and equipment is amortized on a straight-line basis over its estimated life:

 Office and Warehouse – 10 years

 Notes Payable – Related Parties

 Notes payable to related parties are classified
as current liabilities as either the note holders can control the repayment dates of the notes or maturity dates are within one year of
the reported balance sheet date.

 Exploration Costs

 Mineral exploration costs are expensed as incurred.
When it has been determined that it is economically feasible to extract minerals and the permitting process has been initiated, exploration
costs incurred to further delineate and develop the property are considered pre-commercial production costs and will be capitalized and
included as mine development costs in our balance sheets.

 Income Taxes

 We recognize deferred tax assets and liabilities
for temporary differences between the tax basis of assets and liabilities and the amounts at which they are carried in the financial statements
and the effect of net operating losses based upon the enacted tax rates in effect for the year in which the differences are expected to
reverse. A valuation allowance is established when necessary to reduce deferred tax assets to the amount expected to be realized. At December
31, 2024 and 2023, the Company had no uncertain tax positions.

 Net Loss per Common Share

 We compute basic net loss per common share by
dividing our net loss attributable to common shareholders by our weighted-average number of common shares outstanding during the period.
Computation of diluted net loss per common share adds the weighted-average number of potential common shares outstanding to the weighted-average
common shares outstanding, as calculated for basic net loss per share, except for instances in which there is a net loss. For the year
ended December 31, 2024, 72,000 stock options, 117,500 warrants, and 2,476,220 shares issuable from convertible notes were considered
for their dilutive effects. For the year ended December 31, 2023, 72,000 stock options, 117,500 warrants, and 2,991,341 shares issuable
from convertible notes were considered for their dilutive effects.

 Segments Reporting

 The Company manages its operations as a single
segment for the purpose of assessing performance and making operating decisions. The Company's Chief Operating Decision Maker ("CODM")
is its executive management committee. The CODM allocates resources and evaluates the performance of the Company using information about
combined net income from operations. All significant operating decisions are based upon an analysis of the Company as one operating
segment, which is the same as its reporting segment.

 F- 9

 Stock-based Compensation

 The Company determines the fair value of stock
option awards granted to employees and nonemployees in accordance with FASB ASC Topic 718 – 10. Compensation cost is measured at
the grant date based on the value of the award and is recognized over the service period, which is usually the vesting period.

 Derivative Financial Instruments

 Fair value accounting requires bifurcation of
embedded derivative instruments such as conversion features in convertible debt or equity instruments and measurement of their fair value
for accounting purposes. In assessing the convertible debt instruments, management determines if the convertible debt host instrument
is conventional convertible debt and further if there is a beneficial conversion feature requiring measurement. If the instrument is not
considered conventional convertible debt under ASC 470, the Company will continue its evaluation process of these instruments as derivative
financial instruments under ASC 815. The Company applies the guidance in ASC 815-40-35-12 to determine the order in which each convertible
instrument would be evaluated for derivative classification. The Company's sequencing policy is to evaluate for reclassification
contracts with the earliest maturity date first.

 Once determined, derivative liabilities are adjusted
to reflect fair value at each reporting period end, with any increase or decrease in the fair value being recorded in results of operations
as an adjustment to fair value of derivatives.

 Recent Accounting Pronouncements

 In November 2023, the FASB issued ASU No. 2023-07,
"Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosure." The ASU updates reportable segment disclosure
requirements, primarily through requiring enhanced disclosures about significant segment expenses and information used to assess segment
performance. The amendments do not change how segments are determined, aggregated, or how thresholds are applied to determine reportable
segments. We adopted ASU No. 2023-07 during the year ended December 31, 2024.

 The Company does not believe that any recently
issued effective pronouncements, or pronouncements issued but not yet effective, if adopted, would have a material effect on the accompanying
financial statements.

 Liquidity and Going Concern

 Our consolidated financial statements have been
prepared on a going concern basis, which assumes that we will be able to meet our obligations and continue our operations during the next
fiscal year. Asset realization values may be significantly different from carrying values as shown in our consolidated financial statements
and do not give effect to adjustments that would be necessary to the carrying values of assets and liabilities should we be unable to
continue as a going concern. At December 31, 2024, we had a working capital deficit of $ 1,981,883, we had not yet generated any significant
revenues or achieved profitable operations and we have accumulated losses of $ 21,763,588. We expect to incur further losses in the development
of our business, all of which raises substantial doubt as to our ability to continue as a going concern. Our ability to continue as a
going concern depends on our ability to generate future profits and/or to obtain the necessary financing to meet our obligations arising
from normal business operations when they come due.

 We anticipate that additional funding will be
in the form of additional loans from officers, directors or significant shareholders, or equity financing from the sale of our common
stock but cannot assure than any future financings will occur.

 F- 10

 Note 3 – Mineral Rights and Properties

 Center Star Gold Mine

 On July 1, 2020, the Company entered into a Stock
Purchase Agreement to acquire Clearwater Gold Mining Corporation ("Clearwater") which owns certain unpatented mining claims
in Idaho County, Idaho that include the historic Center Star Gold Mine ("Center Star") near Elk City, Idaho. In conjunction
with the Clearwater acquisition, Gregory Schifrin, the sole shareholder of Clearwater, was appointed to serve as a member of the Company's
Board on July 1, 2020. The Company acquired 100% of the issued and outstanding shares of Clearwater in consideration of 1,000,000 shares
of Magellan common stock, a $125,000 convertible note and $25,000 in cash.

 The contracted share issuance was to be made in
increments as progress was achieved on gaining access to the mine. To date 750,000 shares have been issued as follows and 250,000 shares
are still pending issuance. With respect to the convertible secured note, $125,000 plus accrued interest is currently due for payment.
As of December 31, 2023, the Clearwater mineral rights and properties balance totaled $ 0. During the year ended December 31, 2023, the
Company evaluated the development costs for impairment and recorded an impairment expense of $ 194,274. As of December 31, 2023, the Company
had $ 0 in capitalized development cost to develop gold resources at Center Star.

 Asset Purchase Agreement of January 2023

 On January 3, 2023, the Company entered into an
asset purchase agreement with Gold Express Mines, Inc ("Golden Express"). Pursuant to the agreement, the Seller sold the following
1) Golden, Idaho Project located in Idaho County, Idaho and consisting of seventy-two unpatented mining claims 2) Seafoam District –
located in Custer County, Idaho and consisting of five unpatented mining claims 3) Blacktail District – located in Lemhi County,
Idaho and consisting of eight unpatented mining claims 4) Big-it Project- located in Shoshone County, Idaho consisting of twenty-five
unpatented mining claims and a mineral lease over three unpatented mining claims and 94.86 acres of real property and 5) Terror Gulch
(Capparelli Group) located in Shoshone County, Idaho consisting of twenty-six unpatented mining claims. As of March 31, 2023, the total
purchase price for the acquisition was determined to be $ 1,000,000 which consisted of 5,000,000 shares of common stock with a fair value
of $ 1,000,000. The Company concluded the transaction qualified as an asset acquisition and all such acquisition costs have been capitalized.
The Company concluded the purchase of a single set of assets qualified as an asset acquisition and all such acquisition costs have been
capitalized as mineral rights and properties on the balance sheet.

 In August 2023, the Company reduced the number
of claims at the Seafoam District to three claims, reduced the number of claims at the Blacktail District to five claims, reduced the
number of claims at the Big-It Extension claims from twenty-five to nine claims, and reduced the Golden Project claims from seventy-two
to forty-one claims. During the year ended December 31, 2023, the Company evaluated the mineral rights and properties for impairment and
recorded an impairment expense of $ 1,000,000. As of December 31, 2023, the Gold Express mineral rights and properties balance totaled
$ 0.

 F- 11

 Kris Project

 On June 6, 2023, the Company entered a memorandum
of understanding for earn-in agreement("MOU") with Gold Express Mines, Inc. Per the MOU, the Company agreed to earn-in for
up to 50% working interest in Kris Project, which is comprised of 74 unpatented mining claims located in Plumas County, CA. In March 2023,
the Company paid Gold Express Mines, Inc. $ 100,000, which was recorded as a deposit, and shall spend $400,000 on the Kris Project in allowable
expenditures over the next thirty-six months, assuming permitting for the work is obtained. If permitting delays the exploration and other
work programs, the earn-in period shall be extended accordingly. Allowable expenditures are sampling, drilling, assaying, geologic mapping,
and mine site improvements made or performed directly on the existing mine site or expanded mine site. Consulting fees for work directly
benefiting the Project are also allowed including management of work, preparation of reports, and planning for Future work. Claim maintenance
fees on the existing claims are also allowable expenditures, as are the costs of future land acquisitions which are deemed to benefit
the Kris Project, and which are approved by both parties beforehand. As part of the agreement, the Company shall make the Bureau of Land
Management claim maintenance fees on the existing claims no later than August 15, 2023, and by August 15 th in ensuing years
during the earn-in period. The Company shall pay for the annual Plumas County "notice of intent to hold" recording costs and
any other Plumas County fees or taxes which accrue during the earn-in period. These shall all be allowable expenses under the earn-in
agreement. As of December 31, 2024 and 2023, the $ 100,000 deposit paid to Golden Express for the MOU was reclassed to mineral rights and
properties on the balance sheet.

 Blue Jacket and Cuprum Project

 On January 4, 2024, the Company entered into a
purchase agreement with GEM, pursuant to which, among other things (i) the Company agreed to purchase certain mineral assets owned and
controlled by GEM for a purchase price equal to 5,500,000 shares of the Company's common stock, par value $0.001 per share; and
(ii) GEM agreed to assign to the Company a certain lease for mineral properties for a purchase price of 500,000 shares of common stock.
As of December 31, 2024, the total purchase price for the acquisition was determined to be $ 422,565 which consisted of 5,500,000 shares
of common stock with a fair value of $ 422,565. As of the date of this filing, the Company and GEM have not completed the assignment of
leases and the 500,000 shares related to assignment have not been issued. The Company concluded the transaction qualified as an asset
acquisition and all such acquisition costs have been capitalized. The Company concluded the purchase of a single set of assets qualified
as an asset acquisition and all such acquisition costs have been capitalized as mineral rights and properties on the balance sheet. During
the year ended December 31, 2024, the Company evaluated the GEM mineral rights and properties for impairment and recorded an impairment
expense of $ 422,565. As of December 31, 2024, the GEM mineral rights and properties balance totaled $ 0.

 Note 4 – Fair Value of Financial Instruments

 Financial assets and liabilities recorded at fair
value in our consolidated balance sheets are categorized based upon a fair value hierarchy established by GAAP, which prioritizes the
inputs used to measure fair value into the following levels:

 Level 1 – Quoted market prices in active
markets for identical assets or liabilities at the measurement date.

 Level 2 – Quoted prices for similar
assets or liabilities in active markets; quoted prices for identical or similar assets and liabilities in markets that are not active;
or other inputs that are observable and can be corroborated by observable market data.

 Level 3 – Inputs reflecting management's
best estimates and assumptions of what market participants would use in pricing assets or liabilities at the measurement date. The inputs
are unobservable in the market and significant to the valuation of the instruments.

 A financial instrument's categorization
within the valuation hierarchy is based upon the lowest level of input that is significant to the fair value measurement.

 The carrying values for cash and cash equivalents,
accounts payable, advances payable, accrued interest, accrued liabilities, and notes payable approximate their fair value due to their
short-term maturities.

 F- 12

 Fair Value Measurements

 The Company's assets and liabilities recorded
at fair value have been categorized based upon a fair value hierarchy.

 The following table presents information about
the Company's liabilities measured at fair value on a recurring basis and the Company's estimated level within the fair value
hierarchy of those assets and liabilities as of December 31, 2024 and 2023:

 Schedule of fair value of liabilities

 Level 1

 Level 2

 Level 3

 Fair value at

December 31, 2024

 Liabilities:

 Derivative liability

 $

 –

 $

 –

 $

 47,158

 $

 47,158

 Level 1

 Level 2

 Level 3

 Fair value at

December 31, 2023

 Liabilities:

 Derivative liability

 $

 –

 $

 –

 $

 86,443

 $

 86,443

 There were no transfers between Level 1, 2 or
3 during the period.

 The table below presents the change in the fair
value of the derivative liability during the years ended December 31, 2024 and 2023:

 Schedule of fair value of the derivative liability

 Fair value as of December 31, 2022

 $

 148,165

 Gain on change in fair value of derivatives

 ( 61,722

)

 Fair value as of December 31, 2023

 86,443

 Gain on change in fair value of derivatives

 ( 39,285

)

 Fair value as of December 31, 2024

 $

 47,158

 F- 13

 Note 5 – Debt

 Unsecured advances

 During the year ended December 31, 2024, third
parties advanced $ 29,500 in cash and paid $ 24,735 of expenses on the Company's behalf. The advances are unsecured, non-interest
bearing and are payable on demand. During the year ended December 31, 2023, the Company received non-cash advances of $ 25,816 and repaid
$ 4,701. As of December 31, 2024 and 2023, the advances balance totaled $ 93,573 and $ 39,338, respectively.

 Notes payable

 On September 11, 2024, the Company entered into
a debt conversion agreement to issue a total of 265,693 shares of our common stock for the conversion of $ 31,000 in principal, $ 6,197
of interest and recognized a gain of $ 5,820. As of December 31, 2024 and 2023, the notes payable balance was $ 68,000 and $ 100,000, with
accrued interest of $ 21,877 and $ 17,301, respectively. The promissory notes bear interest at 12% per annum and are payable on demand.

 Series 2019A 10% Unsecured Convertible Notes

 In 2019, the Company sold $ 135,000 of Series 2019A
 10 % Unsecured Convertible Notes. The purchase price of the Note is equal to the principal amount of the Note. The Series 2019A Notes are
convertible into shares of Common Stock at a conversion price of $ 1.00 during the life of the Note. The lenders were issued 100,000 common
stock warrants with an exercise price of $2.00 per share. The Company evaluated the conversion option and concluded a beneficial conversion
feature was present at issuance. The Company recognized the beneficial conversion feature and relative fair value of the warrants as a
debt discount and additional paid in capital in August and December 2019. The $ 135,000 debt discount is amortized over the term of the
loan. The Notes will accrue interest at the rate of 10% per annum, payable quarterly in arrears. The Notes mature twelve (12) months from
the date of issue. The maturity date can be extended at the option of the Company for an additional one (1) year. There are two Series
2019A 10% Unsecured Convertible Notes that were due and payable in August 2020 and are currently past due and in default. The default
interest rate on the notes is 12%. As of December 31, 2024 and 2023, the balance due under these notes is $ 75,000, with accrued interest
of $ 44,481 and $ 35,481, respectively.

 On October 1, 2019, the Company sold a 10 % Unsecured
Convertible Note for $ 145,978 due on demand to settle accounts payable. The purchase price of the 10% Unsecured Convertible Note is equal
to the principal amount of the Note. The 10% Unsecured Convertible Note is convertible into shares of Common Stock at a conversion price
of $ 1.00 during the life of the Note. The Company evaluated the conversion option and concluded a beneficial conversion feature was present
at issuance. The Company recognized the beneficial conversion feature as a debt discount and additional paid in capital in October 2019.
The debt discount will be amortized over the term of the loan. The 10% Unsecured Convertible Note will accrue interest at the rate of
10% per annum payable quarterly, accruing from the date of issuance. As of December 31, 2024 and 2023, the balance due under this note
is $ 145,978, with accrued interest of $ 76,628 and $ 62,031, respectively.

 Series 2020A 8% Unsecured Convertible Notes

 In 2020, the Company sold $ 285,000 of Series 2020A
8% Unsecured Convertible Notes with a maturity date of November 30, 2020. The purchase price of the Note is equal to the principal amount
of the Note. The Series 2020A Notes are convertible into shares of Common Stock at a conversion price of $ 0.50 during the life of the
Note. The lenders were issued 142,500 common stock warrants with an exercise price of $0.50 per share for a term of 5 years. Two related
parties purchased $60,000 of the 2020A notes. The Company evaluated the conversion option and concluded a beneficial conversion feature
was present at issuance. The Company recognized the beneficial conversion feature as a debt discount and additional paid in capital as
of December 31, 2020. The $237,263 debt discount will be amortized over the term of the loan. The Notes will accrue interest at the rate
of 8% per annum, payable quarterly in arrears. In July 2020, $25,000 of Series 2020A 8% Unsecured Convertible Notes were converted into
50,000 shares of common stock at a conversion price of $0.50 per share. The Series 2020A 8% Unsecured Convertible Notes that were due
and payable in November 2020 and are currently past due. If a default notice is received the interest rate will be 12%. During the year
ended December 31, 2024, $ 10,000 was reclassed from convertible notes related party to convertible notes third party. On September 20,
2024, the Company entered into a debt conversion agreement to issue a total of 479,870 shares of our common stock for the conversion of
$ 50,000 in principal, $ 17,182 of interest and recognized a gain of $ 10,509. As of December 31, 2024 and 2023, the balance due to a third
party under these notes is $ 160,000 and $ 200,000, with accrued interest of $ 58,182 and $ 56,297, respectively.

 F- 14

 Convertible Note

 On February 10, 2021, the Company entered into
a debt agreement to borrow $ 200,000. The secured note has an original issuance discount of $ 16,000 along with $ 9,000 in legal and finder
fees recorded as a discount, which will be amortized over the life of the note. The loan is secured by common stock of the Company, bears
interest at a rate of 10% and has a six-month maturity. In August 2021, the note was extended six months and the interest rate was increased
to 12%. The unpaid principal is convertible into shares of the Company's common stock at the conversion price. The conversion price
shall be the less of 90% of the lowest trading price during the previous twenty (20) trading day period ending on the issuance date, or
during the previous twenty (20) trading day period ending on date of conversion of this note. The Company issued the debt holder 266,667
common shares as a commitment fee. Due to the variable conversion feature the note conversion feature was bifurcated from the note and
recorded as a derivative liability. The day one derivative liability of $ 95,715 was recorded as a discount on the convertible notes payable.
On February 9, 2022, the Company extended the maturity to May 10, 2022. In consideration of the extension, the Company issued the debt
holder 180,000 shares of common stock valued at $ 54,000. The incremental value of the debt modification of $54,000 will be recorded over
the remaining life of the note ending May 10, 2022. On May 11, 2022, the Company agreed to a second amendment to extend the maturity of
the AJB note to August 10, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.30
per share for a total value of $ 70,000. The incremental value of the debt modification of $ 70,000 will be recorded over the remaining
life of the note ending August 10, 2022. On August 9, 2022, the Company agreed to a third amendment to extend the maturity of the AJB
note to November 9, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.24 per
share for a total value of $ 56,000. The incremental value of the debt modification of $56,000 will be recorded over the remaining life
of the note ending November 9, 2022. Th AJB Convertible Note is due and payable in November 2023. In January 2023, the Note was extended
to August 11, 2023 and is currently past due. In consideration for the extension, the principal amount of the note was increased by $ 10,000.
The incremental value of the debt modification of $ 10,000 will be recorded as a debt discount and amortized over the remaining life of
the note ending August 11, 2023. During the year ended December 31, 2023, the Company amortized $ 10,000 of debt discount. During the year
ended December 31, 2023, the Company repaid $ 100,000 of principal on this note. On January 2, 2024, GEM, a related party, assumed the
debt from AJB Capital Investments, LLC. As of December 31, 2024 and 2023, the balance on the loan was $ 0 and $ 110,000, net of discount
of $ 0, with accrued interest of $ 0 and $ 33,087, respectively.

 Note 6 – Stockholders' Deficit

 Common Stock

 2024

 During the year ended December 31, 2024, the Company
issued 85,000 shares of common stock with a fair value of $ 20,938 to a board member of the Company for services provided.

 2023

 On January 12, 2023, the Company entered into
a subscription agreement with a related party to issue 714,286 shares of common stock at $0.14 per share for total cash proceeds of $ 100,000.

 On March 24, 2023, the Company entered into a
subscription agreement with Gold Express Mines, Inc. to issue 1,000,000 shares of common stock at $0.14 for total cash proceeds of $ 140,000.

 On September 19, 2023, the Company received proceeds
of $ 12,600 from an investor for the purchase of 90,000 shares of its common stock at a price of $0.14 per share.

 F- 15

 Stock Warrants, Stock Options, and the 2017
Equity Incentive Plan:

 Under the 2017 Equity Incentive Plan, the Company
is authorized to grant rights to acquire up to a maximum of 200,000 shares of common stock. The 2017 Plan provides for the grant of (1)
both incentive and non-statutory stock options, (2) stock bonuses, (3) rights to purchase restricted stock and (4) stock appreciation
rights. As of December 31, 2024, the Company had 128,000 shares available for future grant.

 Stock option activity within the 2017 Equity Incentive
Plan and warrant activity outside the plan, for the years ended December 31, 2024 and 2023 is as follows:

 Schedule of options and warrant activity

 Stock Options

 Stock Warrants

 Shares

 Weighted Average

Exercise Price

 Shares

 Weighted Average

Exercise Price

 Outstanding at December 31, 2022

 $

 2.00

 117,500

 $

 0.50

 Granted

 –

 –

 –

 –

 Cancelled

 –

 –

 –

 –

 Expired

 –

 –

 –

 –

 Exercised

 –

 –

 –

 –

 Outstanding at December 31, 2023

 2.00

 117,500

 0.50

 Granted

 –

 –

 –

 –

 Cancelled

 –

 –

 –

 –

 Expired

 –

 –

 –

 –

 Exercised

 –

 –

 –

 –

 Outstanding at December 31, 2024

 $

 2.00

 117,500

 $

 0.50

 Exercisable at December 31, 2024

 $

 2.00

 117,500

 $

 0.50

 As of December 31, 2024, the outstanding stock
options have a weighted average remaining term of 2.82 years and had no intrinsic value, and the outstanding stock warrants have a weighted
average remaining term of 0.43 years and had no intrinsic value. As of December 31, 2023, the outstanding stock options have a weighted
average remaining term of 3.82 years and had no intrinsic value, and the outstanding stock warrants have a weighted average remaining
term of 1.43 years and had no intrinsic value.

 Note 7 – Commitments and Contingencies

 Mining Claims

 We currently own directly or hold indirectly through
mineral leases or other contracts a total of 192 unpatented mining claims. To maintain these claims, annual payments are required to be
made to the United States Bureau of Land Management by the 1st of September of each year. Additionally, state laws impose additional filings
and fees which are required to be made with the Recorder's Office in the local county in which the claims are located. Additionally,
some counties impose property taxes on unpatented mining claims which are due at various dates. As of December 31, 2024, all the unpatented
mineral claims are believed by the Company Management to be in good standing.

 F- 16

 Note 8 – Executive Restricted Stock Unit
Agreement

 Effective August 1, 2020, the Company and Michael
Lavigne, executed a Restricted Stock Unit Agreement pursuant to which the Company agreed to grant to Mr. Lavigne, in consideration of
services to be rendered as President, CEO and Director, restricted stock units consisting of 15,000 units for each month of service. The
vested stock units will be settled in shares of common stock upon or as soon as practicable (a) upon written request any time after December
31, 2020 or (b) following the termination date, whichever occurs first. As of December 31, 2024 and 2023, 795,000 and 615,000 restricted
stock units may be settled in shares of common stock, respectively. During the years ended December 31, 2024 and 2023, the Company recognized
$ 21,845 and $ 24,542 of stock-based compensation related to the agreement, respectively.

 Note 9 – Related Party Transactions

 Notes Payable – Related Parties

 As of December 31, 2023, the notes payable –
related parties balance was $ 53,000, with accrued interest of $ 9,409. The promissory notes bear interest at 12% per annum and are payable
on demand. During the year ended December 31, 2024, the Company entered into four unsecured promissory notes with GEM totaling $ 115,000.
The promissory notes bear interest at 5 % per annum and are payable on demand. As of December 31, 2024 and 2023, the notes payable –
related parties balance was $ 168,000 and $ 53,000, with accrued interest of $ 20,558 and $ 9,409, respectively.

 Unsecured advances – related party

 During the year ended December 31, 2024, a related
party paid $ 49,030 of expenses on the Company's behalf. As of December 31, 2024 and 2023, the advances related party balance totaled
$ 70,905 and $ 21,875, respectively.

 Series 2020A 8% Unsecured Convertible Notes

 In 2020, the Company sold $285,000 of Series 2020A
8% Unsecured Convertible Notes with a maturity date of November 30, 2020. The purchase price of the Note is equal to the principal amount
of the Note. The Series 2020A Notes are convertible into shares of Common Stock at a conversion price of $0.50 during the life of the
Note. The lenders were issued 142,500 common stock warrants with an exercise price of $0.50 per share for a term of 5 years. Two related
parties purchased $60,000 of the 2020A notes. The Company evaluated the conversion option and concluded a beneficial conversion feature
was present at issuance. The Company recognized the beneficial conversion feature as a debt discount and additional paid in capital as
of December 31, 2020. The $237,263 debt discount will be amortized over the term of the loan. The Notes will accrue interest at the rate
of 8% per annum, payable quarterly in arrears. In July 2020, $25,000 of Series 2020A 8% Unsecured Convertible Notes were converted into
50,000 shares of common stock at a conversion price of $0.50 per share. The Series 2020A 8% Unsecured Convertible Notes that were due
and payable in November 2020 and are currently past due. If a default notice is received the interest rate will be 12%. During the year
ended December 31, 2024, $ 10,000 was reclassed from convertible notes related party to convertible notes third party. As of December 31,
2024 and 2023, the balance due to a related party under these notes is $ 50,000 and $ 60,000, with accrued interest of $ 18,597 and $ 17,238,
respectively.

 F- 17

 3% Secured Convertible Note

 On July 1, 2020, the Company issued a $125,000
Secured Convertible Note to a related party as part of the purchase of Clearwater Mining Corporation. The convertible note is secured
by common stock of the Company, matures on July 1, 2022 and will accrue interest at the rate of 3% per annum, payable yearly in arrears
beginning July 1, 2021. The Note is convertible into shares of Common Stock at a conversion price of $0.50 during the life of the Note.
The Company evaluated the conversion option and concluded a beneficial conversion feature was present at issuance. The Company recognized
the beneficial conversion feature and relative fair value of the warrants as a debt discount and additional paid in capital in July 2019.
As of December 31, 2024 and 2023, the balance due to a related party under this note was $ 125,000, with accrued interest of $ 16,880 and
$ 13,130, respectively.

 Convertible Note

 On February 10, 2021, the Company entered into
a debt agreement to borrow $ 200,000. The secured note has an original issuance discount of $ 16,000 along with $ 9,000 in legal and finder
fees recorded as a discount, which will be amortized over the life of the note. The loan is secured by common stock of the Company, bears
interest at a rate of 10% and has a six-month maturity. In August 2021, the note was extended six months and the interest rate was increased
to 12%. The unpaid principal is convertible into shares of the Company's common stock at the conversion price. The conversion price
shall be the less of 90% of the lowest trading price during the previous twenty (20) trading day period ending on the issuance date, or
during the previous twenty (20) trading day period ending on date of conversion of this note. The Company issued the debt holder 266,667
common shares as a commitment fee. Due to the variable conversion feature the note conversion feature was bifurcated from the note and
recorded as a derivative liability. The day one derivative liability of $ 95,715 was recorded as a discount on the convertible notes payable.
On February 9, 2022, the Company extended the maturity to May 10, 2022. In consideration of the extension, the Company issued the debt
holder 180,000 shares of common stock valued at $ 54,000. The incremental value of the debt modification of $54,000 will be recorded over
the remaining life of the note ending May 10, 2022. On May 11, 2022, the Company agreed to a second amendment to extend the maturity of
the AJB note to August 10, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.30
per share for a total value of $ 70,000. The incremental value of the debt modification of $ 70,000 will be recorded over the remaining
life of the note ending August 10, 2022. On August 9, 2022, the Company agreed to a third amendment to extend the maturity of the AJB
note to November 9, 2022. In consideration for the extension, the Company issued 233,334 shares of common stock at a price of $0.24 per
share for a total value of $ 56,000. The incremental value of the debt modification of $56,000 will be recorded over the remaining life
of the note ending November 9, 2022. Th AJB Convertible Note is due and payable in November 2023. In January 2023, the Note was extended
to August 11, 2023 and is currently past due. In consideration for the extension, the principal amount of the note was increased by $ 10,000.
The incremental value of the debt modification of $ 10,000 will be recorded as a debt discount and amortized over the remaining life of
the note ending August 11, 2023. During the year ended December 31, 2023, the Company amortized $ 10,000 of debt discount. During the year
ended December 31, 2023, the Company repaid $ 100,000 of principal on this note. On January 2, 2024, GEM, a related party, assumed the
debt from AJB Capital Investments, LLC. For consideration for the assumption of debt, the Company issued 250,000 shares of common stock
at $ 0.0768 per share for total of $ 19,200 to GEM, for the assumption of the AJB convertible note.

 As of December 31, 2024, the total derivative
liability on the above note was adjusted to a fair value of $ 47,158. The fair value of the conversion option was estimated using the Black-Scholes
option pricing model and the following assumptions during the period: fair value of stock $0.085, volatility of 95.24%, expected term
of 0.50 years, risk-free rate of 4.24% and a dividend yield of 0%.

 As of December 31, 2024, the balance on the loan
was $ 110,000, with accrued interest of $ 46,287.

 F- 18

 Consulting Agreement

 On December 29, 2022, the Company entered into
a two-year consulting agreement with Rock Creek Mining Company commencing on December 1, 2022, to provide consulting and advisory services.
Michael Lavigne, the Company's CEO, is an officer and a Director of Rock Creek Mining Company. The consulting agreement provides
for compensation of $6,000 per month, payable on demand. During the years ended December 31, 2024 and 2023, the Company incurred consulting
fees of $ 72,000.

 On January 4, 2024, we entered into a purchase
agreement (the "Purchase Agreement") with GEM, pursuant to which, among other things (i) the Company agreed to purchase certain
mineral assets owned and controlled by GEM for a purchase price equal to 5,500,000 shares of the Company's common stock, par value
$0.001 per share (the "Common Stock"); and (ii) GEM agreed to assign to the Company a certain lease for mineral properties
(the "Cuprum Lease") for a purchase price of 500,000 shares of Common Stock (collectively, the "Transactions").

 The Purchase Agreement contains representations,
warranties and covenants customary for a transaction of this size and nature.

 The Company expects the closing of the Transactions
to occur no later than January 31, 2024, subject to certain closing conditions, including, but not limited to, (i) GEM delivering a quitclaim
deed transferring the unpatented mining claims; and (ii) GEM receiving all required consents to transfer Cuprum Lease.

 John Ryan,
our CFO and a director, is the President, Chief Executive Officer and a director of GEM, and Howard Crosby, a director, is a director
of GEM. GEM owns 47.3% of our common stock.

 Conflicts of Interests

 Athena Silver Corporation ("Athena")
is a company under common control. Mr. Gibbs is a significant investor in both Magellan and Athena. Magellan and Athena are both exploration
stage companies involved in the business of acquisition and exploration of mineral resources.

 Silver Saddle Resources, LLC is also a company
under common control. Mr. Gibbs are significant investors and managing members of Silver Saddle. Magellan and Silver Saddle are both exploration
stage companies involved in the business of acquisition and exploration of mineral resources.

 Gold Express Mines, Inc. ("GEM") is
a company under common control. Mr. Crosby and Mr. Ryan are both on the board and/or hold management roles in both Magellan and GEM. Magellan
and GEM are both exploration stage companies involved in the business of acquisition and exploration of mineral resources.

 The existence of common ownership and common management
could result in significantly different operating results or financial positions from those that could have resulted had Magellan, Athena,
Silver Saddle and Gold Express been autonomous.

 F- 19

 Accrued Interest – Related Parties

 Accrued interest due to related parties is included in our consolidated
balance sheets as follows:

 Schedule of accrued interest due to related parties

 2024

 2023

 Accrued interest payable – Mr. Gibbs

 $
 27,329

 $
 19,730

 Accrued interest payable – Mr. Joseph Lavigne

 7,037

 4,277

 Accrued interest payable – Mr. Schifrin

 16,880

 13,130

 Accrued interest payable – Gold Express Mines, Inc

 51,076

 –

 Accrued interest payable – Mr. Malhotra

 –

 2,641

 $
 102,322

 $
 39,778

 Note 10 – Income Taxes

 Our net operating loss carry forward as of December
31, 2024 was $ 5,184,000, which may be used to offset future income taxes. Our net operating loss carry forward as of December 31, 2023
was $ 4,841,000, which may be used to offset future income taxes. Our reconciliation between the expected federal income tax benefit computed
by applying the federal statutory rate to our net loss and the actual benefit for taxes on net loss for 2024 and 2023 is as follows:

 Schedule of components of income tax benefit

 Years Ended December 31,

 2024

 2023

 Expected federal income tax benefit at statutory rate

 $
 72,035

 $
 62,358

 State taxes

 12,006

 10,393

 Change in valuation allowance

 ( 84,041
)

 ( 72,751
)

 Income tax benefit

 $
 –

 $
 –

 Our deferred tax assets as of December 31, 2024
and 2023 were as follows:

 Schedule of deferred tax assets

 2024

 2023

 Deferred tax asset

 $
 1,269,975

 $
 1,185,934

 Valuation allowance

 ( 1,269,975
)

 ( 1,185,934
)

 Deferred tax assets, net of allowance

 $
 –

 $
 –

 Note 11 – Subsequent Events

 On February 2, 2025 the Company entered a memorandum
of understanding ("MOU") to enter into an earn-in agreement with Gold Express Mines, Inc. In accordance with the MOU, the
Company agreed to earn-in up to 45% of the working interest in the Cable Mine Project and terminate the earn-in agreement on the Kris
project with Gold Express Mines, Inc. The Cable Mine Project consists of 480 acres of patented mining claims and 500 acres of unpatented
mining claims. Under the terms of the agreement over the next 24 months, after permitting is obtained, the Company will spend $500,000
on the project in allowable expenses. The Company will be credited with $100,000 from the termination of the Kris Project towards the
$500,00 work requirement, leaving a net of $400,000 owed towards the earn-in the Cable Project.

 On February 27, 2025, the Company entered into a debt conversion agreement
to issue a total of 221,660 shares of our common stock for the conversion of $23,000 in principal and $8,032 of interest.

 Subsequent to December 31, 2024, the Company has
received $112,000 in cash proceeds for the sale of common stock. As of the date of this report, no shares have been issued.

 F- 20

 SIGNATURES

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

 MAGELLAN COPPER & GOLD CORP.

 Date: March 31, 2025

 By: /s/ Michael B. Lavigne

 Chief Executive Officer, President and Director

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

 SIGNATURE

 TITLE

 DATE

 /s/ Michael B. Lavigne

 Chief Executive Officer, President and Director

 Michael B. Lavigne

 (Principal Executive Officer)

 /s/ John P. Ryan

 Chief Financial Officer and Director

 John P. Ryan

 (Principal Financial and Accounting Officer)

 /s/ Greg Schifrin

 Director

 Greg Schifrin

 /s/ Howard Crosby

 Director

 Howard Crosby